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"value": "NOTES TO THE CONSOLIDATED ACCOUNTSNOTE 1: CORPORATE INFORMATION AND PRINCIPAL ACTIVITY public limited companyForusparken 2, 4031 Stavanger, Norway.The Company is a leading owner and operator of o\ufb00shore accommodation vessels. The consolidated accounts for the year ended 31 December 2022 were approved and authorised for issue in accordance with a resolution of the Board of Directors on 28 March 2023. NOTE 2: STATEMENT OF COMPLIANCE AND BASIS OF PREPARATION The consolidated accounts have been prepared in accordance with International Financial Reporting Standards ('IFRS') endorsed by the European Union. The consolidated accounts have been prepared on a historical cost basis except as otherwise described in the notes below.The consolidated accounts are presented in US dollars (USD), and all amounts have been rounded to the nearest millions, unless otherwise indicated. Adding up rounded figures and calculating percentage rate of changes may result in slight di\ufb00erences compared with totals arrived at by adding up component figures which have not been rounded. The accounting policies adopted are consistent with those in the previous financial years. CRITICAL JUDGEMENTS, ESTIMATES AND ASSUMPTIONS The preparation of the Group\u2019s consolidated accounts requires Management to make critical judgments, estimates and assumptions that a\ufb00ect the reported amounts of revenue, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of the reporting period. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability a\ufb00ected in future periods. The estimates and assumptions are assessed on a continuous and regular basis. The estimates and assumptions which have the most significant e\ufb00ect on the amounts recognised in the financial statements are as follows: GOING CONCERN. During the year, the Group has won three long-term contracts for Safe Zephyrus, Safe Notos and Safe Eurus with Petrobras in Brazil, in addition to a contract for Safe Concordia in the US Gulf of Mexico. With these new contracts, the Group has increased its order books significantly from last year. Refer to note 4 for the Group\u2019s order book as at 31 December 2022. The new contracts require working capital and investments to prepare and mobilize the vessels during the first half of 2023. Approximately 75 percent of the cash from these contracts will only be received in the second half of 2023. Management also expects weak demand in the North Sea market in 2023, and there is an increased likelihood that currently o\ufb00-hire vessels will not contribute positively to cash\ufb02ow in 2023. Based on the Group's 12 months cash\ufb02ow forecast, management foresees a possible breach of the minimum liquidity covenant of USD 23 million from the second half of 2023. As a result, the USD 250 million and USD 93 million credit facilities may become due and payable. Refer to Note 14 for information on the minimum liquidity covenant.This results in material uncertainty related to the Group\u2019s ability to continue as a going concern and whether the Group will realise its assets and settle its liabilities in the ordinary course of business in the next twelve months. In response, management and the Board of Directors are pursuing various options to remain in compliance with the minimum liquidity covenant: \u2022 Further working capital management, cost savings, potential minor assetdisposals and fund raising to ensure su\ufb03cient liquidity\u2022 The Company may request a waiver of any potential breach of covenants whichwill require the consent of 2/3 of the lenders.Prosafe SE (the 'Company') is adomiciled in Norway. The registered o\ufb03ce of the Company isThe Company is listed on the Oslo Stock Exchange with ticker code 'PRS'. The consolidated accounts comprise the financial statements of the Company and its subsidiaries (together referred to as the 'Group'). Although it is too early to conclude what the outcome will be, the Board of Directors has determined that the actions taken and options available are su\ufb03cient to mitigate the uncertainty and has therefore prepared the financial reporting on a going concern basis. MODIFICATION OF DEBT. The Group fully implemented and completed a financial restructuring in 2021 whereby the majority of external debt was refinanced. The renegotiation of the terms of certain financial liabilities included issuing equity instruments to creditors to extinguish all or part of the liability. Management had identified loans that qualify for extinguishment and the recognition of the reinstated debt as a new liability. Management had assessed that the financial restructuring resulted in a substantial modification of debt due to substantially di\ufb00erent terms. The terms were substantially di\ufb00erent if the discounted present value of the cash \ufb02ows under the new terms, including any fees paid net of any fees received and discounted using the original e\ufb00ective interest rate, was at least 10% di\ufb00erent from the discounted present value of the remaining cash \ufb02ows of the original financial liability. In addition, other qualitative factors such as changes in the type of interest rate and change in covenants were also considered.Substantial modifications were treated as an extinguishment, and derecognition of the existing liability and recognition of a new liability at fair value based on the new contractual terms. Determining the fair value of the shares issued to creditors and the recognition of the reinstated debt required the use of judgement and estimates. The methods applied for fair value calculations included estimations that were based on publicly available data and managements own assumptions. The fair value of long-term debt was calculated by determining the net present value of estimated cash \ufb02ows applying an estimated market rate for the Group at initial recognition. The market rate estimate was determined by observing publicly available terms and conditions of relevant peers\u2019 for similar loans and adjusted for known di\ufb00erences from the Group\u2019s agreed credit facility terms, as well as the Group\u2019s new capitalization and value of the vessels. The basis for this estimated market rate, to which the fair value was sensitive, was not based on observable input and therefore the fair value of the debts were level 3 estimates. Upon derecognition of debt, the di\ufb00erence between the carrying amount of the original liability and the consideration paid was recognised in profit or loss. The consideration paid included equity instruments, cash transfers and the reinstated debt. Costs or fees incurred were also recognised within profit and loss as part of the gain or loss on extinguishment. DEPRECIATION. Estimated useful life of the Group's accommodation/service vessels is set at 35 years or less dependent on the age at the time of acquisition and subsequent refurbishments and as the economic life varies for the various components on a vessel. Individual components may, however, be depreciated over shorter periods of time. Refer to note 8 for details. IMPAIRMENT / REVERSAL OF IMPAIRMENT OF NON-FINANCIAL ASSETS. Management monitors the performance indicators on an ongoing basis. Every vessel is seen as an individual cash generating unit (CGU) as they generate cash in\ufb02ows that are largely independent of those from other assets or groups of assets. At each reporting date, management reviews and determines whether there is any indication of impairment or impairment reversal of the CGU. If any such indication exists, or when annual impairment testing for an asset is required, the asset\u2019s recoverable amount is estimated. Changes in the circumstances or expectations of future performance of an individual asset may be an indicator that the asset is impaired, requiring the carrying amount to be written down to its recoverable amount. Impairments are reversed if conditions for impairment are no longer present. Evaluating whether impairment indicators are present, if an asset is impaired or if an impairment should be reversed requires a high degree of judgement and estimates of recoverable amounts may to a large extent depend upon the selection of key assumptions about the future.Where recoverable amounts are based on estimated future cash \ufb02ows, re\ufb02ecting the Group\u2019s or market participants\u2019 assumptions about the future and discounted to their present value, the estimates involve complexity. Impairment testing requires long-term assumptions to be made concerning several economic factors such as future vessel day rates, operating costs, utilisation rate and discount rates, in order to establish relevant future cash \ufb02ows and their discounted amounts. Long-term assumptions for major economic factors are made at a group level. There is a high degree of reasoned judgement involved in establishing these assumptions, in determining other relevant factors such as vessel day rates and long-term growth rates, and in determining the residual value for computation of the ultimate terminal value of an asset. IMPAIRMENT OF SHARES IN SUBSIDIARIES. The recoverable amount of non-financial assets mentioned above impacts the estimated value of shares in vessel-owning subsidiaries. Hence, impairment of shares in subsidiaries is a significant estimate required for the preparation of the parent company accounts. CHANGES IN SIGNIFICANT ACCOUNTING POLICIES Changes to the Standards and interpretations of Standards that are required to be adopted in annual periods beginning on 1 January 2022 did not have any impact on the amounts recognised in prior periods and are not expected to have any significant impact to the current or future periods. Onerous contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37) The Group has adopted these amendments from 1 January 2022. The amendments specify which costs an entity includes in determining the cost of fulfilling a contract for the purpose of assessing whether the contract is onerous. This resulted in a change in accounting policy for performing an onerous contracts assessment. Previously, the Group included only incremental costs to fulfil a contract when determining whether that contract was onerous. The revised policy is to include both incremental costs and an allocation of other direct costs.The amendments apply to contracts existing at 1 January 2022. At the date of initial application, the cumulative e\ufb00ect of applying the amendments is recognised as an opening balance adjustment to retained earnings or other components of equity, as appropriate. The comparatives are not restated. The Group has analysed all contracts existing at 1 January 2022 and determined that none of them would be identified as onerous applying the revised accounting policy \u2013 i.e. there is no impact on the opening equity balances as at 1 January 2022 as a result of the change.Standards issued but not yet e\ufb00ective, which the Group has not yet adopted A number of amendments and improvements to standards have been issued and are e\ufb00ective for annual periods beginning after 1 January 2023 and earlier application is permitted; however, the Group has not adopted the new or amended standards in preparing these consolidated accounts earlier. The Group\u2019s assessment is that the following new or amended standards and interpretations are not expected to have a material impact to the Group in the current or future reporting periods or on foreseeable future transactions upon adoption:- Classification of Liabilities as Current or Non-current (Amendments to IAS 1)- Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)- Definition of Accounting Estimate (Amendments to IAS 8)NOTE 3: SIGNIFICANT ACCOUNTING POLICIES BASIS OF CONSOLIDATION. The consolidated accounts comprise the financial statements of the parent company and its subsidiaries. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. Associates are those entities in which the Group has significant in\ufb02uence, but not control or joint control, over the financial and operating policies. Interests in associates are accounted for using the equity method and are initially recognised at cost. Subsequent to initial recognition, the consolidated accounts include the Group\u2019s share of the profit or loss and other comprehensive income of equity-accounted investees, until the date on which significant in\ufb02uence ceases. All intra-group balances, income and expenses, unrealised gains and losses and dividends resulting from intra-group transactions are eliminated in full. The Group\u2019s interest in equity-accounted investees comprises interests in an associate. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.BUSINESS COMBINATIONS AND GOODWILL. Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value. Acquisition related costs incurred are expensed and included in administrative expenses.When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Goodwill is initially measured at cost being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the di\ufb00erence is recognised in profit and loss.After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.Where goodwill forms part of a cash generating unit and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and the portion of the cash generating unit retained.FOREIGN CURRENCY TRANSLATION. The presentation currency is USD. This is also the functional currency for the parent company. Transactions in other currencies than the functional currency are translated at the exchange rate prevailing at the transaction date. Monetary items in other currencies than the functional currency are translated to the functional currency at the exchange rate on the reporting date, and the currency di\ufb00erence is recognised in the profit and loss account. Non-monetary items in currencies other than the functional currency are translated at the exchange rate at the transaction date. When consolidating companies with a functional currency other than USD, profit and loss items are translated at the monthly average exchange rate, while balance sheet items are translated at the exchange rate on the reporting date. Translation di\ufb00erences are recognised in other comprehensive income. On disposal of a foreign operation, the deferred cumulative amount recognised in other comprehensive income relating to that particular operation, is recognised in the income statement.SEGMENT REPORTING. For management and monitoring purposes, the Group is organised into one segment; chartering and operation of accommodation/service vessels. For geographical information, reference is made to note 4. REVENUE RECOGNITION Nature and timing of satisfaction of performance, Type of Product/Serviceincluding significant payment termsRevenue recognition Charter Income/ The Group charters the accommodation vessels to customers The activities giving rise to mobilisation, demobilisation and Mobilisation Income/ for an agreed period. The Group does not convey the right to re-phasing are not a distinct performance obligation in itself Demobilisation Income/ control the use of the asset to the customers and none of the and are highly interdependent on the charter activities. These Lump Sum Feecontracts are accounted for as a lease. The invoices are issued activities are necessary for the Group to perform its service in on a monthly basis or based on the contractual terms and are providing the accommodation vessels to the customer.normally payable within 30 days.These incomes, together with charter income and bareboat income, are considered as a single performance obligation and the revenue are collectively recognised over the charter period. In addition, any additional fees arising from suspension or deferment of contracts will be deferred and amortised over the charter period when the performance obligations are met.The deferred revenue is included in the contract liabilities.Management, The Group provides optional services upon request from the These incomes are recognised over time when performance crew services, customer. The invoices are issued on a monthly basis or based on obligations are met. The related costs are recognised in profit or catering and the contractual terms and are payable normally within 30 days.loss when they are incurred.other related incomeThe Group has reviewed its contracts with customers and concluded that these contracts do not contain a lease. If another conclusion determined that these contracts contain a lease, there will not be any significant di\ufb00erence in the accounting of revenue. Interest incomeInterest income is recognised on a time-proportion basis using the e\ufb00ective interest method. Interest income is included in financial items in the income statement. Dividend incomeDividend income is recognised when the right to receive payment is established. 42PROVISIONS are recognised when, and only when, the Group has a present obligation as a result of events that have taken place, and it can be proven probable that a financial settlement will take place as a result of this liability, and that the size of the amount can be measured reliably. Provisions are reviewed on each balance sheet date and their level re\ufb02ects the best estimate of the liability. When the Group expects some or all of a provision to be reimbursed, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the income statement net of any reimbursement. For onerous contracts, provisions are made when unavoidable cost of meeting the obligations under the contract exceed the economic benefit to be received under the contract. The unavoidable costs under the contract are the lower of the cost of fulfilling the contract and any compensation or penalties arising from failure to fulfil the contract. Unavoidable cost are costs that would not incur for the entity if it did not have the contract.TANGIBLE ASSETS are recognised at cost less cumulative depreciation and accumulated impairment losses, if any. Assets are depreciated on a straight-line basis over their estimated useful lives, with account taken of their estimated residual value. Management makes annual assessments of residual value, methods of depreciation and the remaining useful life of the assets. Components of an asset which have an estimated shorter life than the main component of the asset are accordingly depreciated over this shorter period. Acquisition cost includes costs directly attributable to the acquisition of the assets. Subsequent expenditures are added to the book value of the asset or accounted for on a separate basis, when it is likely that future benefits would derive from the expenditures. The vessels are subject to a periodic survey every five years, and associated costs are amortised over the five-year period to the next survey. Other repair and maintenance costs are expensed in the period they are incurred. Expenditures for new builds are capitalised, including instalments paid to the yard, project management costs, and costs relating to the initial preparation, mobilisation and commissioning until the vessel is placed into service. In accordance with IAS 23, borrowing costs are capitalised on qualifying asset. Tangible fixed assets are depreciated on a straight-line basis over their useful lifetime as follows:\u2022 Semi-submersible vessels:\u2013 Superstructure: 35 years or less\u2013 Living quarters and other equipment: 5 to 35 years\u2013 Periodic maintenance: 5 years\u2022 Buildings: 20 to 30 years\u2022 Right-of-use assets (o\ufb03ce leases): 3 to 5 years\u2022 Equipment: 3 to 5 yearsIMPAIRMENT OF NON-FINANCIAL ASSETS. The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset's recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s or cash generating unit\u2019s fair value less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash in\ufb02ows that are largely independent of those from other assets or groups of assets. Every vessel is seen as an individual CGU. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a post-tax discount rate that re\ufb02ects current market assessments of the time value of money and risks specific to the asset. In determining fair value less costs to sell, recent market transactions are taken into account, if available. The Group bases its impairment calculation on a detailed forecast calculation which is prepared for the Group\u2019s cash generating units. The forecast calculation is generally covering a period of five years and a terminal value. In 2021 and 2022, there was no valuation-in-use calculation as there were no impairment indicators. The value-in-use calculation was last performed and disclosed in 2020.For non-financial assets except goodwill, an assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the asset\u2019s recoverable amount. A previously recognised impairment loss is reversed only if there has been a significant change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. The impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Management has not identified any indicators for reversal of impairment as at the end of the reporting period.FINANCIAL ASSETS Initial recognition Trade receivables are initially recognised when they are originated. All other financial assets are initially recognised when the Group becomes a party to the contractual provision of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) is initially measured at fair value plus, for an item not at fair value through profit or loss (\"FVTPL\"), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and measurement On initial recognition, a financial asset is classified as measured on following basis: 1) financial assets at amortised cost; and 2) financial assets at fair value through profit or loss \"FVTPL\". Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all a\ufb00ected financial assets are reclassified on the first day of the first reporting period following the changes in the business model. 1) Financial assets at amortised cost A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:- It is held within a business model whose objective is to hold assets to collect contractual cash \ufb02ows; and- Its contractual terms give rise on specified dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. 2) Financial assets at FVTPL All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost of a FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Derivative financial instrumentsThe Group uses derivative financial instruments such as forward currency contracts, interest rate cap, and interest rate swaps to hedge its foreign currency risk and interest rate risk. Such instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The derivative financial instruments are mainly used in economic hedges where the changes in fair value are taken directly through profit or loss. The fair value of forward currency contracts is the discounted di\ufb00erence between the forward exchange rate and the contract price. The fair value of interest rate caps and swaps contracts are calculated using inputs that are from observable market prices. Gains or losses arising from changes in fair value of derivative financial instruments that do not qualify for hedge accounting are taken to the profit and loss account. For cash \ufb02ow hedges, the e\ufb00ective portion of the gains or losses on the hedging instrument is recognised directly in other comprehensive income and accumulated in the hedging reserve, while the ine\ufb00ective portion is recognised in the profit and loss account. Amounts taken to other comprehensive income are reclassified to the profit and loss account when the hedged transaction a\ufb00ects the profit and loss account. For fair value hedges, changes in the fair value of the designated hedging instruments are recognised in the profit and loss account. The hedged item is adjusted to re\ufb02ect change in its fair value in respect of the risk hedged, with any gain or loss recognised in the profit and loss account.The Group documents at the inception of the transaction the relationship between the hedging instruments and hedged items, as well as its risk management objective and strategies for undertaking various transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives designated as hedging instruments are highly e\ufb00ective in o\ufb00setting changes in fair value or cash \ufb02ows of the hedged items. There are currently no hedged items in the periods covered within this financial statement. Current versus non-current classificationDerivative instruments that are not designated and e\ufb00ective hedging instruments are classified as current or non-current or separated into a current and non-current portion based on an assessment of the facts and circumstances. When the Group holds a derivative as an economic hedge for a period beyond 12 months after the balance sheet date or a derivative instrument is designated as an e\ufb00ective hedging instrument, the fair value of the derivative instrument is classified as current or non-current consistent with the classification of the underlying item. Economic hedges are not treated as hedging for accounting purposes.Subsequent measurement and gains and losses1) Financial assets at amortised costThese assets are subsequently measured at amortised cost using the e\ufb00ective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.2) Financial assets at FVTPLThese assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. Derecognition A financial asset is derecognised when the contractual rights to the cash \ufb02ows from the financial asset expire or it transfers the rights to receive the contractual cash \ufb02ows in a transaction which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Impairment of financial assets The Group recognises loss allowances for expected credit losses on:- Financial assets measured at amortised costLoss allowances for trade receivables and assets are always measured at an amount equal to lifetime expected credit losses.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Group considers reasonable and supportable information that is relevant and available without undue cost of e\ufb00ort. This includes both quantitative and qualitative information and analysis, based on the Group's historical experience and informed credit assessment and including forward-looking information.The Group considers a financial asset to be in default when:- The borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or - The financial asset is more than 90 days past due.Measurement of expected credit losses:- For trade receivables, the Group applies the simplified method of credit reserves, i.e. the reserve will correspond to the expected loss over the whole life of the trade receivable. In order to measure the credit losses, trade receivables are grouped based on credit risk characteristics of its customer. The Group applies forward-looking variables for expected credit losses. - Expected credit losses are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the di\ufb00erence between the cash \ufb02ows due to the entity in accordance with the contract and the cash \ufb02ows that the Group expects to receive).- Expected credit losses are discounted at the e\ufb00ective interest rate of the financial asset. At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired, which is when one or more events that have a detrimental impact on the estimated future cash \ufb02ow of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data:- Significant financial di\ufb03culty of the borrower or issuer;- A breach of contract such as default or being more than 90 days past due;- The restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;- It is probable that the borrower will enter bankruptcy or other financial reorganisation; or - The disappearance of an active market for a security because of financial di\ufb03culties.Loss allowances of expected credit losses for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets as in the statement of financial position. Derecognition of financial assetsThe gross carrying amount of a financial asset is written o\ufb00 when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For customers, the Group individually makes an assessment with respect to the timing and amount of write-o\ufb00 based on whether there is reasonable expectation of recovery. The Group expects no significant recovery from the amount written o\ufb00. However, financial assets that are written o\ufb00 could still be subject to enforcement activities in order to comply with the Group's procedures for recovery of amount due. FINANCIAL LIABILITIESInitial recognition Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss and financial liabilities measured at amortised cost. The Group determines the classification of its financial liabilities at initial recognition. Financial liabilities are recognised initially at fair value and, in case of loans and borrowings, net of directly attributable costs. The Group\u2019s financial liabilities include non-derivative financial instruments (trade and other payables, loans and borrowings, financial guarantee contracts) and derivative financial instruments. Subsequent measurement and gains and losses Financial liabilities at fair value through profit and loss are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the e\ufb00ective interest method. If there is a change in the timing or amount of estimated cash \ufb02ows, the amortised cost of the financial liability is adjusted in the period of change to re\ufb02ect the revised actual and estimated cash \ufb02ows, with a corresponding income or expense being recognised in profit or loss. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially di\ufb00erent terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the di\ufb00erence between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. FAIR VALUE OF FINANCIAL INSTRUMENTS. The fair value of financial instruments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date. For financial instruments where there is no active market, fair value is determined using valuation techniques. Such techniques may include using recent arm\u2019s length market transactions, reference to the current fair value of another instrument that is substantially the same, discounted cash \ufb02ow analysis or other valuation models.EMPLOYEE BENEFITS Defined contribution plans Companies within the Group make contributions to pension schemes that are defined contribution plans. The companies\u2019 payments are recognised in the income statement for the year to which the contribution applies. Share-based payment arrangements The Group operates an equity-settled, share-based compensation plan. The grant-date fair value of equity-settled share-based payment arrangements granted to employees is recognised as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognised as an expense is adjusted to re\ufb02ect the number of awards for which the related service are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service at the vesting date.At each balance sheet date, the Group revises its estimates of the number of shares under options that are expected to become exercisable on the vesting date and recognises the impact of the revision of the estimates in profit or loss, with a corresponding adjustment to the equity over the remaining vesting period. When the options are exercised, the proceeds received (net of transaction costs) and the related balance previously recognised in the equity are credited to the share capital account, when new ordinary shares are issued, or to the \u201ctreasury shares\u201d account, when treasury shares are re-issued to the employees.BORROWING COSTS. Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the respective assets. Capitalised borrowing costs are calculated using the e\ufb00ective interest method. LEASES. A lease is defined as a contract that conveys the right to control the use of an identified asset for a period in exchange for consideration. For each contract that meets this definition, the lessees will recognise a right-of-use asset and a lease liability in the balance sheet with certain exemptions for short term and low value leases. Lease payments are to be re\ufb02ected as interest expense and a reduction of lease liabilities, while the right-of-use assets are to be depreciated over the shorter of the lease term and the assets useful life. The portion of lease payments representing payments of lease liabilities and interest expense shall be classified in line with the policy elected for other interest payments in the statement of cash \ufb02ows. Lease liabilities are measured at the present value of remaining lease payments, discounted using the incremental borrowing rate. At initial recognition, right-of-use assets are measured at an amount equal to the lease liability. Major lease liabilities for the Group comprise of leases of chartered-in vessels, o\ufb03ce buildings, warehouses, transportation, logistics assets and other IT infrastructure and o\ufb03ce equipment. The Group separately expenses variable expense services and other non-lease components embedded in lease contracts for o\ufb03ce buildings and warehouses. For leases of other assets, the Group capitalises non-lease components subject to fixed payments as part of the lease. The Group applies the general short-term exemption for leases of chartered-in vessels, o\ufb03ce buildings, warehouses, transportation, logistics assets and other IT infrastructure and o\ufb03ce equipment. Leases with a lease term of 12 months or less that do not contain a purchase option are expensed as short-term leases.The Group also applies the general low value exemption for leases of o\ufb03ce equipment. This applies for all leases where the value of the underlying asset is below USD 5,000. These low value leases of such assets will not be capitalised and that lease payments are expensed in profit or loss.INCOME TAXES in the income statement include taxes payable and changes in deferred tax. Deferred tax is calculated based on temporary di\ufb00erences between book and tax values that exist at the end of the period. Deferred tax asset is recognised in the statement of financial position when it is probable that the tax benefit can be utilised. Deferred tax and deferred tax asset are measured at nominal value. Income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered or paid to the tax authorities. Deferred tax liabilities are measured at the tax rates that are expected to apply in the year when the liability is settled, based on tax rates that have been enacted or substantively enacted at the reporting date. Deferred tax is provided using the liability method. Deferred tax assets and liabilities are o\ufb00set if a legally enforceable right exists to set o\ufb00 current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same tax authority. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that su\ufb03cient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.CASH AND DEPOSITS comprise cash at banks and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value. DIVIDEND distribution to the shareholders is recognised in the financial statements on the date on which the shareholders' right to receive payment is established. SHAREHOLDER'S EQUITY. Any di\ufb00erence between the issue price of share capital and the nominal value is recognised as share premium. The costs incurred attributable to the issue of share capital are deducted from equity. Zero coupon convertible bonds and share options that will be settled by the Company by delivering a fixed number of its own equity instruments in exchange for a fixed amount of cash are equity instruments and recognised in equity. The translation reserve comprises all foreign currency di\ufb00erences arising from the translation of the financial statements of foreign operations. NOTE 4: SEGMENT REPORTING AND CONTRACT BALANCES The Group has one segment, which is chartering and operation of accommodation/service vessels. . Operating revenues by geographical location 2022 2021Brazil 52.7 43.6 Norway 17.2 0.0 Trinidad & Tobago 53.1 19.6 United Kingdom 75.9 77.9 Total operating revenues 198.9 141.1 The revenue allocation is based on place of operation of the vessel. Operating revenues by major customers: 2022 20211) 2)1)2) Europe 1 0.0 0.0% 31.5 22.3%Europe 2 29.5 14.8% 25.9 18.4%Europe 3 0.0 0.0% 19.6 13.9%Europe 4 46.9 23.6% 0.0 0.0%South America 1 52.7 26.5% 43.6 30.9%South America 2 43.3 21.8% 0.0 0.0%South America 3 9.8 4.9% 19.6 13.9%1) Operating revenues in USD million 2) Percentage of total revenues Total assets by geographical location 2022 2021Europe 164.1 173.9 South America 213.8 225.0 Asia 0.1 0.3 Total assets 378.0 399.2 Contract balances 31.12.22 31.12.21 01.01.21Trade receivables from charters 20.6 14.1 6.9 Contract assets 2.0 0.3 4.2 Contract liabilities 0.0 1.1 3.6 The contract assets relate to rights to consideration for work completed but not billed and deferred charter incentive as a result of contract modification. The contract assets are recognised as a deduction of revenue over the performance obligation of the contract. The contract liabilities relate to deferral fees or upfront consideration received from customers. The contract liabilities are recognised as revenue over the performance obligation of the contract.Significant changes in the contract assets and the contract liabilities during the year are as follows: 2022 2021 2022 2021Contract assets Contract liabilitiesRevenue from recognition of the opening balance 0.0 0.0 (1.1) (3.6)Revenue deduction from recognition of the opening balance (0.3) (4.2) 0.0 0.0 Consideration received during the year not recognised as revenue 0.0 0.0 0.0 1.1 Contract incentive as a result of contract modifications 0.0 0.3 0.0 0.0 Rights to consideration for work completed but not billed 2.0 0.0 0.0 0.0 The below table includes the Group's firm order book, consisting of performance obligations that are unsatisfied or partially satisfied as at the end of the reporting period.More Chartering and operation < 12 1-2 than of accommodation vesselsmonthsyears2 years Total31 December 2022 96.8 116.4 118.7 331.931 December 2021 119.9 6.1 0.0 126.0Variable considerations that are constrained and not considered in the transaction price are excluded from the table above. NOTE 5: OTHER OPERATING REVENUES2022 2021(Loss)/Gain on sale of non-current assets (0.5) 1.0 Management, crew services, catering and other related income 30.1 18.3 Total other operating revenues 29.6 19.3 NOTE 6: EMPLOYEE BENEFITS AND MANAGEMENT REMUNERATION 2022 2021Wages and salaries 19.1 13.4 Contract personnel 27.1 29.8 Other personnel-related expenses 7.0 3.9 Social security taxes 3.4 2.9 Pension expenses 1.2 0.4 Share-based payment expense 0.9 0.0 Other remuneration 0.5 0.2 Total employee benefits 59.2 50.6 Number of employeesThe average number of employees in the Group for 2022 was 192 (2021: 97). The average number of employees by legal entity was as follows: 2022 2021Prosafe O\ufb00shore Limited 79 37Prosafe Services Maritimos Ltda 88 35Prosafe AS 6 7Prosafe O\ufb00shore Holdings Pte. Ltd. 8 8Prosafe SE 2 2Safe Eurus Singapore Pte. Ltd. 9 8Total average number of employees 192 97 Bonus schemeThe CEO, CFO and COO hold incentive agreements which may lead to a bonus payment. The bonus depends on achieving defined targets relating to earnings, cost e\ufb03ciency targets, long-term strategic targets, operational performance and HSE performance. Severance payFor the CEO and the CFO, the Group guarantees a remuneration corresponding to the base salary received at the time of departure for a period of 5 months beyond a 4 month notice period and with a set o\ufb00 for the 5 months against any other income received. For the COO, the Group guarantees a remuneration corresponding to the base salary received at the time of departure for a period of 12 months beyond a 6 month notice period.In accordance with the code of practice for corporate governance recommended by the Oslo Stock Exchange, remuneration for the Board of Directors and Executive Management is specified below and in a separate report from the Board of Directors. Share options A. Description and fair value of share option programmes (equity-settled) On 10 February 2022, 11 May 2022 and 19 August 2022, the Group initiated a long-term incentive program where executive management and selected employees were granted options to subscribe for ordinary shares of Prosafe SE. The key terms and conditions are as follows:Executive Managment Employees Number of share options issued250 000 100 000 100 000Commencement date 10.02.22 19.08.22 11.05.22Grant date 11.05.22 19.08.22 11.05.22The options are vested equally over 24, 36 and 48 months from commencement date, respectively. Any options not exercised 60 months after the commencement date will be cancelled. As at 31 December 2022, a total of 450,000 options are issued, each option allowing the holder to subscribe to one ordinary share in the Company. B. Measurement of fair values The fair value of an option granted was estimated using the Black Scholes option-pricing model and the transactions are accounted for as equity-settled share-based payment. The inputs used in the measurement of the fair values at grant date of the equity-settled share-based payment plans were as follows.Executive Managment Employees Fair value at grant date (in NOK) 98.85 58.77 42.4Share price at grant date (in NOK) 178 237.5 178Exercise price (in NOK) 83 237.5 178Expected volatility 20 % 20 % 20 %Expected life 4.75 years 5 years 5 yearsRisk-free interest rate (based on government bonds at grant date) 2.76 % 3.18 % 2.76 %Expected volatility has been based on implied oil price volatility. The expected term of the instruments has been based on the maturity of options.C. Reconciliation of outstanding share options Weighted-Number average 2022of options exercise price Outstanding at 1 January - -Granted during the year 450 000 138Outstanding at 31 December 450 000 138Exercisable at 31 December - -The options outstanding at 31 December 2022 had an exercise price in the range of NOK 83.0 to NOK 237.5 and remaining contractual life in the range of 4.1 years to 4.6 years. There were no options exercised in 2022. D. Expense recognised in profit or loss A share-based payment expense of USD 0.9 million was recognised for 2022.Senior o\ufb03cersOther (USD 1 000) Year Salary Bonus Pensionbenefits TotalJesper Kragh Andresen CEO 2022 357 95 43 19 514 Reese McNeel CFO (from August 2022) 2022 131 60 17 0 208 Stig Harry ChristiansenDCEO/ CFO (to May 2022) 2022 141 0 17 8 166 Ryan Duncan Stewart COO 2022 342 95 34 2 473 Jesper Kragh Andresen CEO 2021 396 290 33 21 740 Stig Harry Christiansen DCEO/ CFO 2021 376 284 31 21 712 Ryan Duncan Stewart COO 2021 378 179 37 3 597 Board of directors(USD 1 000)Year Board feesGlen Ole R\u00f8dland (Chairman) 2022 115Alf C. Thorkildsen (Deputy Chairman) 2022 94Birgit Aagaard-Svendsen 2022 95Nina Udnes Tronstad 2022 85Halvard Idland (from May 2022) 2022 521)Total fees 441Glen Ole R\u00f8dland (Chairman) 2021 122Birgit Aagaard-Svendsen 2021 91Nina Udnes Tronstad 2021 84Alf C. Thorkildsen 2021 781)Total fees 3751) If applicable, figures include compensation from the audit committee and compensation committee.NOTE 7: OTHER OPERATING EXPENSES2022 2021Repair and maintenance 20.8 22.7 Other vessel operating expenses 52.0 38.4 1)General and administrative expenses 5.5 4.5 Total other operating expenses 78.3 65.6 Auditors' fees(USD 1 000)2022 2021Audit 375 374Fees for non-audit services 9 154Total auditors' fees 384 5281) Auditors' fees are included in general and administrative expenses. Fees for non-audit services in 2022: USD 9,000 were related to compliance and pre-liquidation stage services o\ufb00ered to the group companies by the statutory auditor (2021: USD 154,000 were mainly related to other assurance and audit-related services provided in relation to the financial restructuring o\ufb00ered to the group companies by the statutory auditor.) NOTE 8: TANGIBLE ASSETSRight-of-use Vessels New builds Equipment Buildingsassets TotalCost as at 31 December 2020 2,913.2 60.7 3.8 7.1 0.4 2,985.2 1Additions57.4 0.0 0.2 0.0 1.4 59.0 Disposals (367.8) 0.0 (0.3) (7.1) 0.0 (375.2)Cost as at 31 December 2021 2,602.8 60.7 3.7 0.0 1.8 2,669.0 2Additions9.0 0.0 0.0 0.0 0.0 9.0 Disposals (14.4) 0.0 0.0 0.0 0.0 (14.4)Currency translation di\ufb00erences 0.0 0.0 0.0 0.0 (0.2) (0.2)Cost as at 31 December 2022 2,597.4 60.7 3.7 0.0 1.6 2,663.4 Accumulated depreciation and impairment 31 December 2020 2,500.9 59.6 2.6 6.6 0.0 2,569.7 Depreciation for the year 32.1 0.0 0.5 0.0 0.4 33.0 Disposals (367.8) 0.0 (0.2) (6.6) 0.0 (374.6)Impairment for the year 40.6 1.1 0.0 0.0 0.0 41.7 Accumulated depreciation and impairment 31 December 2021 2,205.8 60.7 2.9 0.0 0.4 2,269.8 Depreciation for the year 28.7 0.0 0.4 0.0 0.4 29.5 Disposals (13.9) 0.0 0.0 0.0 0.0 (13.9)Accumulated depreciation and impairment 31 December 2022 2,220.6 60.7 3.3 0.0 0.8 2,285.4 Net carrying amount 31 December 2022 376.8 0.0 0.4 0.0 0.8 378.0 Net carrying amount 31 December 2021 397.0 0.0 0.8 0.0 1.4 399.2 Depreciation rate (%) 3-20 20-33 3-5 20-33Economically useful life (years) 5-35 3-5 20-30 3-51) Additions in 2021 included non-cash transactions of USD 40.6 million relating to the Westcon judgement (see below under Vessels for further information) andUSD 1.1 million of right-of-use assets addition.2) Additions in 2022 included non-cash transaction of -USD 1.2 million relating to the fair value change in sellers credit arising from revising estimates of repaymentschedule (See note 18).New builds New builds include prepayment to the yard, owner-furnished equipment and other project costs incurred. See note 22 for details relating to new builds. Buildings In 2021, the building held in Aberdeen was disposed o\ufb00. Vessels Estimated useful life for the semi-submersible accommodation vessels is set at 35 years or less dependent on the age at the time of the acquisition and subsequent refurbishments as the economic life varies for the various components on a vessel. Individual components may, however, be depreciated over shorter periods of time than the life of the vessel itself. The management has assessed the Group's vessels residual value to remain the same as prior year at USD 4.2 million based on the latest assumptions and factors from past recycling transactions. This estimate is primarily based on average steel prices and costs associated with scrapping and is reviewed on an annual basis. Management has performed an impairment assessment of its vessels in accordance with IAS 36. Each individual vessel is considered to be a cash generating unit.The key indicator assessment as at year-end 2022 is the development in the market environment for o\ufb00shore accommodation vessels.There is a significant improvement in demand and utilization in 2022, in part driven by activity previously deferred due to Covid-19.For 2023, the Group sees a slower North Sea market in 2023, and for some vessels work in other regions will lead to increased capex and mobilization spend in preparation for new contracts. Management has expectations of a positive development in long-term demand drivers in Brazil and North Sea supported also by increased tender activity expected based on ongoing client discussions for 2024 and beyond.Overall, the market has improved compared to the bottom in 2020, however, the visibility is still low and there is insu\ufb03cient data available to conclude that there is clear shift in day-rates and utilisation above the longer-term assumptions applied in prior years value-in-use calculations. Other external sources also include broker valuations of the accommodation vessels which also do not indicate a significant change from prior periods. On this basis, the Group has not identified indicators of impairment nor impairment reversal and hence no value-in-use calculation was performed. In April 2021, the Gulating Court of Appeal decided that Prosafe shall pay full payment to Westcon of the amount claimed. As a result, the Group has recognised USD 40.6 million as a fixed asset acquisition cost and consequently recognised an impairment loss of USD 40.6 million.NOTE 9: OTHER FINANCIAL ITEMS2022 2021Currency gain 0.6 1.8 1)Gain from extinguishment of debt 0.0 1,048.0 Other financial income 0.0 2.0 Total other financial income 0.6 1,051.8 Fair value adjustment interest rate swaps 0.0 (0.2)2)Other financial expenses (4.7) (33.9)Total other financial expenses (4.7) (34.1)1) In 2021, there was a gain from extinguishment of debt as a result of the completion of the financial restructuring process. See further details in note 14.2) In 2022, refinancing costs of USD 3.5 million incurred is related to the Cosco global deed settlement (2021: refinancing cost of USD 17.5 million incurred as a result of the financial restructuring process) and included in other financial expenses. See further details in note 14 relating to financial restructuring. NOTE 10: FINANCIAL ITEMS Financial assets Financial liabilitiesmeasured at measured at Year ended 31 December 2022amortised costamortised cost Total(a)Interest income 0.7 0.0 0.7 1)Currency gain 0.0 0.0 0.6 (b)Total other financial income 0.0 0.0 0.6 Amortisation of amortised costs (3.9) (3.9)Debts interest expenses (14.8) (14.8)(c)Total interest expenses (18.7) (18.7)Other financial expenses (4.7) (4.7)(d)Total other financial expenses (4.7) (4.7)(a)+(b)+(c)+(d)Net financial items 0.7 (23.4) (22.1)1) Excluded from the category breakdown but added to the total for net e\ufb00ect.Financial assets Fair value Financial liabilitiesmeasured at through profitmeasured at Year ended 31 December 2021amortised costand lossamortised cost Total(a)Interest income 1.0 1.0 0.0 1.0 1)Currency gain 0.0 0.0 0.0 1.8 Gain from extinguishment of debt 0.0 0.0 1,048.0 1,048.0 1)Other financial income 0.0 0.0 0.0 2.0 (b)Total other financial income 0.0 0.0 1,048.0 1,051.8 Amortisation of borrowing costs 0.0 (5.4) (5.4)Amortisation of amortised costs 0.0 (0.9) (0.9)Debts interest expenses 0.0 (31.6) (31.6)(c)Total interest expenses 0.0 (37.9) (37.9)Fair value adjustment interest rate swaps (0.2) 0.0 (0.2)2),3)Other financial expenses 0.0 (16.4) (33.9)(d)Total other financial expenses (0.2) (16.4) (34.1)(a)+(b)+(c)+(d)Net financial items 1.0 (0.2) 993.7 980.8 1) Excluded from the category breakdown but added to the total for net e\ufb00ect. 2) In April 2021, the Gulating Court of Appeal decided that Prosafe shall pay full payment to Westcon of the amount claimed. As a result, the Group recognised USD 13.8 million as other financial expenses.3) USD 17.5 million of refinancing costs were excluded from the category breakdown but added to the total for net e\ufb00ect. NOTE 11: TAXESIncome tax expenses 2022 2021Taxes in income statement:Taxes payable 8.3 3.1 Total taxes in income statement 8.3 3.1 Reconciliation of e\ufb00ective tax rate (IAS 12.81)Tax rate in Norway (parent company tax jurisdiction) 22.0% 22.0%Profit before taxes 9.8 931.0 Tax based on applicable tax rate 2.2 204.8 Tax on income not taxable in determining taxable profit (13.8) (226.7)Tax e\ufb00ect of non-deductible expenses 1.1 1.3 Tax e\ufb00ect due to changes in unrecognized deferred tax assets 10.5 20.6 E\ufb00ect of tax in other jurisdictions 8.3 3.1 Total taxes in income statement 8.3 3.1 Deferred tax - Specification and movements 2022 2021Temporary di\ufb00erences: Exit from Norwegian tonnage tax system 7.1 8.9 Vessel tax base exceeds net book value (535.7) (725.3) Tax loss carried forward (1,030.3) (949.7) Loss account for deferral (185.5) (259.2)Basis for deferred tax (1,744.4) (1,925.3)Recognised deferred tax asset 0.0 0.0 Deferred tax liability 1 January and 31 December 0.0 0.0 Tax payable as at 31 December 18.0 10.7 The corporate tax rate in Norway for 2022 is 22% (2021: 22%). Deferred income tax assets and liabilities are o\ufb00set as all the temporary di\ufb00erences are within the Norway tax resident entities that comprise a tax group. Within the tax group there is a legally enforceable right to set o\ufb00 current tax assets against current tax liabilities. There is no expiry date on the temporary di\ufb00erences and tax loss carried forward. The value of the deferred tax assets is not recognised in the accounts as the probability of having su\ufb03cient future taxable profit to utilise the deferred tax assets as tax deductions cannot be established. The total tax payable in the income statement and as at 31 December resulted from the Group's operations in other parts of the world which were subjected to tax in jurisdictions other than Norway. NOTE 12: EARNINGS PER SHARE Earnings per share are calculated by dividing net profit by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share are calculated by dividing net profit by the weighted average number of ordinary shares plus the number of potential shares relating to share options. 2022 2021Net profit 1.5 927.9 Weighted average number of outstanding shares 8,798,699 3,524,542Basic earnings per share 0.17 263.27 Weighted average number of outstanding and 1)potential shares 8,826,320 3,524,542Diluted earnings per share 0.17 263.27 1) In 2022, the weighted average number of outstanding and potential sharesincludes the average share capital of 8,798,699 and share options of 27,621(2021: average share capital of 3,524,542).NOTE 13: SHARE CAPITAL, SHAREHOLDER INFORMATION, CONVERTIBLE BONDS, WARRANTS AND SHARE-BASED PAYMENT2022 2021Issued and paid up number of ordinary shares 1)at 31 December 8,798,699 8,798,699,789Total authorised number of shares at 31 December 8,798,699 8,798,699,7892) 3) 4)Nominal value at 31 December EUR 1.25 EUR 0.05Number of shareholders at 31 December 4,834 4,8501) In 2021, the financial restructuring process was fully implemented andcompleted. As a result of conversion of convertible bonds in 2021 andequitisation of debts, the outstanding number of shares increased by 5,522,786and 8,710,712,791 respectively. See note 14 for details on the financialrestructuring.2) In 2021, the Company reduced the nominal value of its shares from EUR 0.10 toEUR 0.05 per share. As a result, there was a reduction in share capital by USD 4.8million and a corresponding increase in other equity.3) On 27 January 2022, the Company completed a 1,000:1 reverse split of theCompany's shares to satisfy the minimum requirement to market value of theissuer's shares for listed companies. After the reverse share split, 1,000 shareswith a nominal value of EUR 0.05 give 1 new share with a nominal value of EUR50.00. The number of outstanding shares in the Company after the reverse split is8,798,699. 4) At the AGM on 11 May 2022, the shareholders approved to reduce the sharecapital by reducing the nominal value of the shares from EUR 50.00 to EUR 1.25.As a result, the Company recorded a reduction in share capital by USD 485.1million and a corresponding increase in other equity.Largest shareholders as at 31 December 2022 No of shares PercentageNORTH SEA STRATEGIC INVESTMENTS AS 1,355,363 15.4 %HV VI INVEST SIERRA AS 1,116,565 12.7 %MH CAPITAL AS 804,581 9.1 %ALDEN AS 803,250 9.1 %MIDELFART CAPITAL AS 498,674 5.7 %The Bank of New York Mellon 306,247 3.5 %WESTCON YARDS AS 263,500 3.0 %VICAMA CAPITAL AS 236,533 2.7 %VICAMA AS 225,000 2.6 %SONGA CAPITAL AS 172,017 2.0 %UBS Switzerland AG 135,567 1.5 %VERDIPAPIRFONDET DNB SMB 132,531 1.5 %J.P. MORGAN SECURITIES PLC 127,601 1.5 %ENG INVEST AS 125,000 1.4 %DIMA AS 115,000 1.3 %GROSS MANAGEMENT AS 100,000 1.1 %RONGEV\u00c6R, OTTO 90,977 1.0 %VARDE NORGE AS 85,000 1.0 %CAM AS 80,000 0.9 %TRAPESA AS 74,171 0.8 %Total 20 largest shareholders/groups of shareholders 6,847,577 77.8 %All ordinary shares rank equally. Holders of these shares are entitled to one vote per share at general meetings of the Company. Convertible bonds The convertible bonds allow the bond holders to convert into shares at a conversion price of NOK 25 or NOK 30 per share. There is no contractual obligation to deliver cash or another financial asset as the conversion feature can only be settled through the issuance of a fixed amount of shares. Hence, the convertible bonds have been classified entirely as equity. All outstanding convertible bonds were converted in 2021 as part of the financial restructuring process and there was no convertible bond as of 31 December 2021 and 31 December 2022.Warrants As part of the USD 1,300 million credit facility refinancing concluded in 2018, the Group issued warrants to those lenders having elected to receive such instead of increased margins. The warrants give right to subscribe for one new share in the Group at a subscription price of NOK 21.37. In 2021, these warrants were cancelled as part of the financial restructuring and there are no warrants outstanding as of 31 December 2021 and 31 December 2022. See further details in note 14 relating to financial restructuring. Share-based payments Share-based payments in other equity comprises the cumulative value of services received from employees recorded on grant of equity-settled share options, The expense for service received is recognised over the vesting period. The amount in other equity is retained when the options are exercised or expire. See note 6 for details on share-based payments. NOTE 14: INTEREST-BEARING DEBT2022 2021Credit facilities - face value 344.2 343.4 Sellers' credits - face value 90.5 94.4 Di\ufb00erence between face value and carrying amount - sellers credit (13.3) (15.9)Lease liabilities 0.8 1.4 Total interest-bearing debt 422.2 423.3 Non-current interest-bearing debt 418.5 422.4 Current interest-bearing debt 3.7 0.9 Total interest-bearing debt 422.2 423.3 Reconciliation of movements of interest-bearing debt to cash \ufb02ows arising from financing activities 2022 2021Interest-bearing debt at 1 January 423.3 1,509.4 Changes from financing cash \ufb02ows- Repayments of interest-bearing debt (4.4) (77.6)- Interests paid (14.1) 0.0 - Refinancing costs paid (3.5) (17.5)Total changes from financing cash \ufb02ows (22.0) (95.1)Other liability-changes - Non-cash movement in interest bearing debt (1.3) 0.1 - Extinguishment of debt 0.0 (1,030.5)- Refinancing costs 3.5 0.0 - Westcon claim 0.0 55.0 - Debt equitized for shares 0.0 (59.3)- Interests expense 18.7 37.9 1)- Swaps termination 0.0 4.7 - New finance leases 0.0 1.1 Total liability-related changes 20.9 (991.0)Interest-bearing debt at 31 December 422.2 423.3 1) In 2021, interest rate swaps which were terminated by the swap banks were included as part of interest-bearing debt. Modification of debt When a debt instrument is restructured and the terms have been modified, it is necessary to assess whether the new terms are considered to have been substantially modified, and thereby conclude on the accounting treatment relating to the extinguishment of the existing liabilities and recognition of the modified liabilities (IFRS 9).2022 No debt instrument has been restructured nor any terms have been modified. 2021 On 20 December 2021, the financial restructuring process was fully implemented and completed. Management has assessed that the financial restructuring resulted in a substantial modification of debt due to substantially di\ufb00erent terms. The terms are substantially di\ufb00erent if the discounted present value of the cash \ufb02ows under the new terms, including any fees paid net of any fees received and discounted using the original e\ufb00ective interest rate, is at least 10% di\ufb00erent from the discounted present value of the remaining cash \ufb02ows of the original financial liability. In addition, other qualitative factors such as changes in the type of interest rate and change in covenants are also considered. Substantial modifications are treated as an extinguishment, and derecognition of the existing liability and recognition of a new liability at fair value based on the new contractual terms. Management has determined that the di\ufb00erence in the fair value and carrying value of the new loan is not material. The fair value of long-term debt is calculated by determining the net present value of estimated cash \ufb02ows applying an estimated market rate for the Group at initial recognition. The market rate estimate was determined by observing publicly available terms and conditions of relevant peers for similar loans and adjusted for known di\ufb00erences from the Group\u2019s agreed credit facility terms, as well as the Group\u2019s new capitalization and value of the vessels. The basis for this estimated market rate, to which the fair value is sensitive, is not based on observable input and therefore the fair value of the debts are level 3 estimates. Upon derecognition of debt, any di\ufb00erence is recognised as a gain or loss within profit or loss. Costs or fees incurred are also recognised within profit or loss as part of the gain or loss on extinguishment. A financial net gain of USD 1,030.5 million has been re\ufb02ected in the Consolidated Income Statement as shown below. Balance Balance beforeafter financial Cash Equitized financial 1)restructuringpaymentsto shares restructuringUSD 1,300 million credit facility 1,269.6 (38.0) (981.6) 250.0 USD 144 million credit facility 139.6 (9.0) (37.6) 93.0 Westcon claim 55.0 (28.5) (26.5) 0.0 Interest rate swap claim 42.0 0.0 (42.0) 0.0 Safe Notos Cosco sellers credit 19.6 0.0 (19.6) 0.0 1,525.8 (75.5) (1,107.3) 343.0 1)The Company has issued 8,710,712,791 shares (representing 99% of equity) aspart of the financial restructuring. Based on valuation done by an independentfinancial advisor, management has assessed that the fair value of the equityinstrument issued on 20 December 2021 is USD 59.3 million. The outstandingnumber of shares after the financial restructuring is 8,798,699,789.The net gain arising from the substantial modification of debt is as follows: Equitization of shares (1,107.3)Fair value of shares 59.3 Gain from extinguishment of debt (Note 9) (1,048.0)Refinancing costs (Note 9) 17.5Net gain from extinguishment of debt (1,030.5) USD 250 million credit facility The credit facility of USD 1,300 million was restructured in December 2021. USD 250 million was reinstated and an amount of USD 38 million was paid to lenders and the remaining outstanding amount was converted to equity in December 2021. The USD 250 million facility matures in 2025. USD 93 million credit facility This credit facility, which previously consisted of one tranche of USD 144 million (Safe Notos) was restructured in December 2021. The facility has USD 93 million outstanding. USD 9 million was paid to lenders in December 2021 and the remaining outstanding amount was converted to equity. The USD 93 million facility matures in 2025. Covenants as per amendment in December 2021: Minimum liquidity The Borrower shall procure that the Minimum Liquidity of the Group (for the avoidance of doubt, excluding the New Group (Prosafe O\ufb00shore Holdings Pte. Ltd., Safe Eurus Singapore Pte. Ltd., Axis Nova Singapore Pte. Ltd. and Axis Vega Singapore Pte. Ltd.) calculated on each quarter date does not fall below (i) USD 18 million to and including 31 December 2022; (ii) USD 23 million from and including 1 January 2023 to and including 31 December 2023 and (iii) USD 28 million from and including 1 January 2024 and thereafter. As at 31 December 2022, the Group Liquidity for the bank covenants is USD 80.0 million (2021: USD 67.9 million) and New Group is USD 11.6 million (2021: USD 6 million). Interest on credit facilities Interest is USD 3-month LIBOR plus margin of 2.50% on both credit facilities, the USD 250 million and the USD 93 million facilities. The transition from USD LIBOR to SOFR will take place on 31 March 2023 with credit adjustment spread of 0.26161% published by Bloomberg Index Services Limited on 5 March 2021. Excess cash sweepThere is an excess cash sweep with testing on 31 December each year. The cash sweep was tested on 31 December 2022 and there was no excess cash sweep on that testing date. The excess cash sweep amount means the amount that is equal to the lowest of the excess cash amount on the relevant testing date and any of the coming four quarter dates (based on the Group\u2019s firm liquidity forecast), subject always to a minimum of zero on each of those dates. Excess cash means, the sum of unrestricted cash, less the cash sweep threshold (USD 66 million), less cash interest payable on the next interest payment date and less any new shareholder contributions in the previous 12 months. Dividend distributionDividend distribution is restricted until 3 years elapsed from December 2021 unless share capital has been subsequently increased by an amount at least equal to the distribution and may only be paid with Majority of Lender's Approval. Majority Lender's Approval refers to 66 2/3 consent from the lenders of each of the USD 250 million and USD 93 million facilities. Financial indebtednessThe Group is restricted from incurring new debts unless the outstanding amount does not exceed USD 20 million in aggregate or after obtaining Majority Lender's Approval. Investment restrictionsThe Group is restricted from making any investments unless Majority Lender's Approval is obtained for the transaction or if the investment transaction in target is funded fully through share issuance or cash proceeds from equity o\ufb00ering, the target has positive cash \ufb02ows after debt service on 24 months forward looking pro-forma basis and does not have any financial indebtedness. The Majority Lender's Approval is required for the delivery of Safe Nova or Safe Vega Vessel. Sellers' creditsCOSCO (Qidong) O\ufb00shore Co. Ltd. (Cosco) granted a sellers\u2019 credit of USD 99.4 million on the final delivery instalment of the Safe Eurus in 2019. The Group is paying Cosco the minimum instalments under the Safe Eurus sellers' credit. As at 31 December 2022, USD 90.5 million (2021: USD 94.4 million) gross was outstanding. The Safe Notos seller credit (2nd priority) granted from Cosco was part of the restructuring that was completed in December 2021. There is nothing outstanding on the Safe Notos seller credit as of 31 December 2021, as Cosco has been granted shares as part of the equitisation of debt in December 2021. Di\ufb00erence between face value and carrying amount - Sellers Credits In 2019, Prosafe took delivery of Safe Eurus and issued a promissory note with a principal amount of USD 99.4 million to COSCO Shipping (Qidong) O\ufb00shore Co. Ltd. As the partial payment for the vessel was deferred beyond normal credit terms, the cost of the vessel was the cash price equivalent at the recognition date. The Safe Eurus promissory note was initially recognised at fair value and subsequently measured at amortised cost. The fair value of the below-market loan was measured as the present value of the expected future cash \ufb02ows, discounted using an appropriate market related rate. The initial applicable discounting rate was similar to the rate charged by the credit facilities lenders of 3-months USD Libor plus 3.35% per annum in 2019. The di\ufb00erence between the cash price equivalent and the principal amount of the promissory note was determined to be USD 25.4 million. This amount will be recognised as interest over the period of credit. The repayment schedule and interest expense on the promissory note depends on the financial performance of the vessel. In 2022, management revised the repayment schedule and interest expense on the promissory note based on the updated financial performance of the vessel. The revised expected maturity date is August 2028 (2021: December 2027). Subsequent to the revision in estimates of payment, a fair value decrease of USD 1.2 million was recognised in the carrying amount of Safe Eurus (See note 8). NOTE 15: OTHER CURRENT LIABILITIES2022 2021Various accrued costs 17.5 17.4 Contract liabilities 0.0 1.1 Total interest-free current liabilities 17.5 18.5 NOTE 16: MORTGAGES AND GUARANTEES2022 As at 31 December 2022, the Group\u2019s interest-bearing debt secured by mortgages totalled USD 344.2 million. The debt was secured by mortgages on the accommodation/service vessels Safe Caledonia, Safe Concordia, Safe Scandinavia, Safe Boreas, Safe Zephyrus and Safe Notos (net carrying value USD 283.5 million). Negative pledge clauses apply on shares in the vessel owning subsidiaries. Earnings accounts are pledged as security for the credit facilities, but cash will only be restricted if a continuing event of default occurs and the bank sends notice on that. As at 31 December 2022, the Group had issued parent company guarantees to clients on behalf of its subsidiaries in connection with the award and performance of contracts and Cosco (Qidong) Co., Ltd approximately USD 35 million and USD 60 million respectively. The amounts specified with regard to parent company guarantees re\ufb02ect the sum of the estimated capped liability under the relevant agreements. 2021 As at 31 December 2021, the Group\u2019s interest-bearing debt secured by mortgages totalled USD 343.4 million. The debt was secured by mortgages on the accommodation/service vessels Safe Caledonia, Safe Concordia, Safe Scandinavia, Safe Boreas, Safe Zephyrus and Safe Notos (net carrying value USD 298.2 million). Negative pledge clauses apply on shares in the vessel owning subsidiaries. Earnings accounts are pledged as security for the credit facilities, but cash will only be restricted if a continuing event of default occurs and the bank sends notice on that. As at 31 December 2021, the Group had issued parent company guarantees to clients on behalf of its subsidiaries in connection with the award and performance of contracts and Cosco (Qidong) Co., Ltd approximately USD 94.3 million and 79.7 million respectively. The amounts specified with regard to parent company guarantees re\ufb02ect the sum of the estimated capped liability under the relevant agreements. NOTE 17: FINANCIAL ASSETS AND LIABILITIESAs at 31 December 2022, the Group had financial assets and liabilities in the following categories: Financial assets Financial liabilities measured at measured at Year ended 31 December 2022amortised costamortised cost Carrying value Fair valueCash and deposits 91.6 0.0 91.6 91.6 Accounts receivable 20.6 0.0 20.6 20.6 Other current assets 3.5 0.0 3.5 3.5 Total financial assets 115.7 0.0 115.7 115.7 1)Interest-bearing debt 422.2 422.2 422.2 Accounts payable 3.1 3.1 3.1 Other current liabilities 17.5 17.5 17.5 Other non-current liabilities 1.9 1.9 1.9 Total financial liabilities 444.7 444.7 444.7 1)Refer to note 14 for details on interest-bearing debt.Management assessed the cash and deposits, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments. As at 31 December 2021, the Group had financial assets and liabilities in the following categories: Financial assets Financial liabilities measured at measured at Year ended 31 December 2021amortised costamortised cost Carrying value Fair valueCash and deposits 73.9 0.0 73.9 73.9 Accounts receivable 14.1 0.0 14.1 14.1 Other current assets 3.5 0.0 3.5 3.5 Total financial assets 91.5 0.0 91.5 91.5 1)Interest-bearing debt 423.3 423.3 423.3 Accounts payable 1.8 1.8 1.8 Other current liabilities 18.5 18.5 18.5 Other non-current liabilities 2.2 2.2 2.2 Total financial liabilities 445.8 445.8 445.8 1) Refer to note 14 for details on interest-bearing debt. Management assessed the cash and deposits, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments. As at 31 December 2021, the fair value of the interest rate caps amounted to less than USD 0.1 million of the financial assets and was not material for further disclosure. NOTE 18: FINANCIAL RISKS The Group operates on a global basis with cash \ufb02ows and financing in various currencies. This means that the Group is exposed to market risks related to \ufb02uctuations in exchange rates and interest rates. The Group's presentation currency is USD, and financial risk exposure is managed with financial instruments in accordance with internal policies and standards approved by the Board of Directors. After restructuring in 2021, there are no credit lines available for hedging of financial risks and consequently such risks remained unhedged in 2022.Currency risk The Group is exposed to currencies other than USD associated with operating expenditure, capital expenditure, tax, cash and deposits. Operating expenditure, capital expenditure and tax are mainly denominated in GBP, BRL and NOK. Cash and deposits are mainly denominated in USD, GBP, BRL and NOK. Currency risk - sensitivity The sensitivity analysis is based on a reasonably possible change in the relevant exchange rates and re\ufb02ects the main e\ufb00ects on profit or loss and equity assuming that the change had occurred at the balance sheet date. A 10% strengthening/weakening of the USD against GBP, BRL and NOK will have the following e\ufb00ects. Exposures to foreign currency changes for all other currencies are not material. Pre-tax e\ufb00ects on income statement 2022 2021USD +10%Re-valuation cash and deposits (2.5) (1.8)USD -10%Re-valuation cash and deposits 2.5 1.8 Interest rate riskCash \ufb02ow interest rate risk is the risk that the future cash \ufb02ows of a financial instrument will \ufb02uctuate because of changes in market interest rates. Fair value interest rate risk is that the fair value of a financial instrument will \ufb02uctuate due to changes in market interest rates.The Group's interest rate risks arise primarily from its variable rate credit facilities. As at 31 December 2022, the Group has not entered into arrangements to hedge the \ufb02oating interest rate (As at 31 December 2021, interest on debt is in principle \ufb02oating but had been hedged to reduce the variability of cash \ufb02ows in the interest payments through the use of interest rate cap and interest rate swap agreements). The interest rate swaps were terminated in 2021 and the interest rate cap has matured in February 2022. The Group evaluates the hedge profile in relation to the repayment schedule of its loans. Due to current unfavourable pricing of the interest rate swap and short maturity of the interest bearing debt, the Group has decided not to hedge the \ufb02oating interest rate. After restructuring in 2021, there are no credit lines available for hedging of financial risks and consequently such risks remained unhedged in 2022. Interest rate caps As at 31 December 2021, the Group had interest rate caps with notional amount of USD 120 million, capped rate of 3.0000% and mature in February 2022. The fair value of these interest rate caps amounted to less than USD 1,000 and was not material for further disclosure in 2021. Interest rate swaps The interest rate swaps were terminated in 2021. The terminated amount was not paid to the counterparties as part of the financial restructuring agreement. The terminated amount was reclassified to the interest-bearing debt. Terminated Notional amount Fixed rate Maturity Swap typevalue2021USD 120 million 1.5330 % 2022 Bullet (4.7)Interest rate risk - sensitivityThe sensitivity analysis is based on a reasonably possible change in the relevant interest rate and re\ufb02ects the main e\ufb00ects on profit or loss and equity assuming that the change had occurred at the balance sheet date. In 2021, a forward curve shift of \u00b150bps was applied in the sensitivity analysis and there is no material impact to the outstanding interest rate cap. A \u00b150bps change in interest rate will have the following e\ufb00ects in 2022.Pre-tax e\ufb00ects on income statement 2022US LIBOR +50bpsInterest expense on credit facilities 1.7US LIBOR -50bpsInterest expense on credit facilities (1.7) Managing interest rate benchmark reform and associated risks A fundamental reform of major interest rate benchmarks is being undertaken globally, including the replacement of some interbank o\ufb00ered rates (IBORs) with alternative nearly risk-free rates (referred to as \u2018IBOR reform\u2019). As at 31 December 2022, the Group\u2019s IBOR exposure is indexed to US dollar LIBOR. The alternative reference rate for US dollar LIBOR is the Secured Overnight Financing Rate (SOFR). The Group has entered into fallback clauses for the Group's US dollar LIBOR indexed exposures. These clauses switch the instrument from USD LIBOR to SOFR on 31 March 2023 with credit adjustment spread of 0.26161% published by Bloomberg Index Services Limited on 5 March 2021. Management monitors and manages the transition to alternative risk-free rates. Management evaluates whether the contracts which are referenced to IBORs will need to be amended as a result of IBOR reform and how to manage such communication with the counterparties. Non-derivative financial liabilities The Group\u2019s IBOR exposures to non-derivative financial liabilities as at 31 December 2022 included USD 343 million credit facility indexed to USD LIBOR. The transition from USD LIBOR to SOFR will take place on 31 March 2023 with credit adjustment spread of 0.26161% published by Bloomberg Index Services Limited on 5 March 2021. Total amounts of unreformed contracts, including those with an appropriate fallback clause The Group monitors the progress of transition from IBORs to new benchmark rates by reviewing the total amounts of contracts that have yet to transition to an alternative benchmark rate and the amounts of such contracts that include an appropriate fallback clause. The Group considers that a contract is not yet transitioned to an alternative benchmark rate when interest under the contract is indexed to a benchmark rate that is still subject to IBOR reform, even if it includes a fallback clause that deals with the cessation of the existing IBOR (referred to as an \u2018unreformed contract\u2019). The following table shows the total carrying amounts of unreformed contracts and those with appropriate fallback clauses at 31 December 2022 and at 1 January 2022. Total amount Amount with of unreformed appropriate USD LIBORcontractsfallback clause31 December 2022Financial liabilitiesCredit facilities - face value 344.2 344.2 1 January 2022Financial liabilitiesCredit facilities - face value 343.4 343.4 Credit riskIn line with industry practice, other contracts normally contain clauses which give the customer an opportunity for early cancellation under specified conditions. Providing the Group has not acted negligently, however, the e\ufb00ect on results in such cases will normally be wholly or partly o\ufb00set by a financial settlement in the Group\u2019s favour. Credit assessment of financial institutions issuing guarantees in favour of the Group, yards, sub-contractors and equipment suppliers is part of the Group\u2019s project evaluations and risk analyses. The counterparty risk is in general limited when it comes to the Group\u2019s clients, since these are typically major oil companies and national oil companies. The Group held cash and deposits of USD 91.6 million as at 31 December 2022 (2021: USD 73.9 million) with banks with high credit-ratings assigned by international credit-rating agencies. The cash balances are measured on 12-month expected credit losses and subject to immaterial credit loss. For trade receivables, the Group applies the simplified method of credit reserves, i.e. the reserve will correspond to the expected loss over the whole life of the trade receivable. In order to measure the credit losses, trade receivables are grouped based on credit risk characteristics of its customers. The Group applies forward-looking variables for expected credit losses. As at 31 December 2022, no credit reserve has been recorded as the Group's clients are typically major oil companies and national oil companies and the receivables are usually received within 3 months. The receivables over 60 days have been fully received as of the date of financial statements. Based on the Group's assessment, the expected credit loss is not material.Not < 30 30-60 61-90 > 90 Accounts receivables Totalduedaysdaysdaysdays31 December 2022 20.6 11.8 6.9 0.0 1.2 0.7 31 December 2021 14.1 13.7 0.4 0.0 0.0 0.0 Liquidity risk The Group is exposed to liquidity risk in a scenario when the Group's cash \ufb02ow from operations is insu\ufb03cient to cover payments of financial liabilities. In order to mitigate the liquidity risk, the Group monitors the liquidity development and the risk of insu\ufb03cient capital by rolling cash \ufb02ow forecasts to determine whether the Group's liquidity position is above the minimum cash covenant as per the loan agreements. Given the significant investments needed to prepare for the new contracts in 2023, there is uncertainty as to whether the Group will be in compliance with the minimum liquidity covenant from late 2023. The management is pursuing di\ufb00erent initiatives to mitigate a potential shortfall and with the objective to remain in compliance taken as described in Note 2 of the consolidated accounts- Going Concern. The Board of Directors has a reasonable expectation that the Group has adequate resources to mitigate the uncertainty. As at 31 December 2022, the Group's main financial liabilities had the following remaining contractual maturities: Per year 2023 2024 2025 2026 2027\u21921)Interest-bearing debt (repayments) 6.3 6.3 349.7 7.0 65.0 2)Interests 26.0 22.7 20.3 1.4 1.9 Taxes 18.0 0.0 0.0 0.0 0.0 Accounts payable and other current liabilities 20.6 0.0 0.0 0.0 0.0 Total 70.9 29.0 370.0 8.4 66.9 1)Interest-bearing debt includes lease liabilities, credit facilities and seller credit from Cosco. The credit facilities mature in 2025. Assuming only the firm contracts, there will be no cash sweep under the credit facilities prior to maturity. The Group is paying the minimum instalments agreed with Cosco under the Safe Eurus seller credit which matures approximately in 2028. 2)Interest on lease liabilities, credit facilities and seller credits. Based on current agreed creditmargin plus USD 3M LIBOR and SOFR forward curve as at 31 December 2022, and the expected cash \ufb02ows under the seller credit terms. As at 31 December 2021, the Group's main financial liabilities had the following remaining contractual maturities: Per year 2022 2023 2024 2025 2026\u21921)Interest-bearing debt (repayments) 4.0 6.0 6.0 349.5 71.9 2)Interests 10.0 13.0 15.8 17.5 4.0 Taxes 10.7 0.0 0.0 0.0 0.0 Accounts payable and other current liabilities 20.3 0.0 0.0 0.0 0.0 Total 45.0 19.0 21.8 367.0 75.9 1)Interest-bearing debt includes credit facilities and seller credit from Cosco. The credit facilities mature in 2025. Assuming only the firm contracts, there will be no cash sweep under the creditfacilities prior to maturity. The Group is paying the minimum instalments agreed with Cosco under the Safe Eurus seller credit which matures approximately in 2028. 2)Interest on credit facilities and seller credits. Based on current agreed credit margin plus USD 3M LIBOR forward curve as at 31 December 2021 and the expected cash \ufb02ows under the seller credit terms.Capital managementThe primary objective of the Group's capital management is to ensure that it maintains a healthy capital structure in line with economic conditions. The Group manages the total of shareholders' equity and long-term debt as their capital. Normally the Group's main tool to assess its capital structure is the leverage ratio, which is calculated by dividing net interest-bearing debt including bank guarantees, by Group gross profit before depreciation and impairment over the last 12 months. As a result of the completion of the financial restructuring process in 2021, the capital structure of the Group has improved. There was a significant de-leveraging of the balance sheet with approximately 75 per cent of debt reduction, a corresponding reduction in annual debt service, and in sum a significantly improved balance sheet and improved financial \ufb02exibility. NOTE 19: CASH AND DEPOSITS2022 2021Restricted cash deposits 2.2 2.4 Cash held in New Group 11.6 6.0Free cash and short-term deposits 77.8 65.5 Total cash and deposits 91.6 73.9 Under the existing credit facility agreements, the Group is required to maintain a minimum liquidity of USD 18 million to and including 31 December 2022. See note 14 for details on financial covenants.NOTE 20: OTHER CURRENT ASSETS2022 2021Other receivables 0.9 1.6 Prepayments 1.5 1.4 Stock 4.8 0.7 Other current assets 0.6 1.6 Contract assets 2.0 0.3 Total other current assets 9.8 5.6 NOTE 21: RELATED PARTY DISCLOSURESThe financial statements comprise the parent company, Prosafe SE, and the subsidiaries listed below. CountryVotingCompany nameof incorporation OwnershipshareProsafe Services Maritimos Ltda Brazil 100 % 100 %Prosafe O\ufb00shore BV Netherlands 100 % 100 %Prosafe AS Norway 100 % 100 %Axis Nova Singapore Pte. Ltd. Singapore 100 % 100 %Axis Vega Singapore Pte. Ltd. Singapore 100 % 100 %Prosafe O\ufb00shore Holdings Pte. Ltd. Singapore 100 % 100 %Prosafe O\ufb00shore Pte. Ltd. Singapore 100 % 100 %Prosafe Rigs Pte. Ltd. Singapore 100 % 100 %Safe Eurus Singapore Pte. Ltd. Singapore 100 % 100 %Prosafe (UK) Holdings Ltd. United Kingdom 100 % 100 %Prosafe O\ufb00shore Ltd. United Kingdom 100 % 100 %Prosafe Rigs Ltd. United Kingdom 100 % 100 %Transactions and outstanding balances within the Group have been eliminated in full. Shares owned by senior o\ufb03cers and directors at 31 December 2022: (includes shares owned by close family/relatives and wholly-owned companies)SharesDirectors:1)Glen Ole R\u00f8dland - Chairman 100,0002)Alf C. Thorkildsen - Deputy Chairman 0Birgit Aagaard-Svendsen - Director 3 Nina Udnes Tronstad - Director 6,000 Halvard Idland - Director (from May 2022) 01) Mr R\u00f8dland has an indirect ownership interest in Prosafe due to his ownershipinterest in North Sea Strategic Investments.2) Mr Thorkildsen has an indirect ownership interest in Prosafe due to his ownershipinterest in North Sea Strategic Investments and HitecVision VI Invest Sierra.Related party transactions The Group has an agreement with OMP Management AS for the purpose of providing advice and support in regards to industry analysis and potential M&A transactions. OMP Management AS is a Norwegian company that is controlled by HitecVision VI Invest Sierra, which together with another HitecVision fund (North Sea Strategic Investments) are major shareholders in the Group. The fee payable by the Group is USD 17,500 per month up to September 2022 and USD 10,000 per month from October to December 2022 and a success fee if a transaction, as defined in the engagement letter, should occur with the involvement of OMP Management AS. The success fee shall be calculated on the basis of the enterprise value of the company or asset(s) acquired and be between 0.75%-1.25% of the total enterprise value, depending on the size of the transaction. The success fee shall furthermore in all circumstances be capped at USD 3.5 million in any single transaction. In 2022, the transacted amount was USD 0.2 million (2021: USD 0.2 million). The outstanding balance as of 31 December 2021 and 31 December 2022 is below USD 50,000. The agreement was terminated in January 2023.The Group has a framework agreement with Global Maritime. Under the framework agreement, the Group has engaged Global Maritime to undertake projects for the Group's vessels. Global Maritime is majority-owned by HitecVision, which through one or more entities is a major shareholder of the Company. The Global Maritime projects value is about USD 1.7 million, of which USD 0.5 million was transacted during the year (2021: USD 0.7 million) and there is no outstanding balance as of 31 December 2022 (outstanding balance of USD 0.4 million as of 31 December 2021 were due and payable under normal payment terms). NOTE 22: CAPITAL COMMITMENTSNew buildsAs at 31 December 2022, the Group had two (2021: two) undelivered completed new builds residing at Cosco's Qidong shipyard in China; Safe Nova and Safe Vega. Safe Nova and Safe VegaThe Group is committed to pay USD 25 million upon delivery of each of the vessels and the remainder of the costs will be financed by Cosco. The repayment of Cosco financing and interest rates are linked to respective vessel future earnings and day rate. The Group received Force Majeure delay notice from Cosco on 20 September 2022 notifying the damage made on Safe Nova and Safe Vega caused by Typhoon Muifa in China and requires a lengthy time to repair both vessels. The yard has started to undertake repairs. The Group is in discussion with Cosco on the revised delivery date of the vessels. The Group will also be required to fund any mobilization costs required post delivery of the rigs which is currently estimated to be approximately USD 20 million. ",
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"value": "NOTE 1: CORPORATE INFORMATION AND PRINCIPAL ACTIVITY public limited companyForusparken 2, 4031 Stavanger, Norway.The Company is a leading owner and operator of o\ufb00shore accommodation vessels. The consolidated accounts for the year ended 31 December 2022 were approved and authorised for issue in accordance with a resolution of the Board of Directors on 28 March 2023. Prosafe SE (the 'Company') is adomiciled in Norway. The registered o\ufb03ce of the Company isThe Company is listed on the Oslo Stock Exchange with ticker code 'PRS'. The consolidated accounts comprise the financial statements of the Company and its subsidiaries (together referred to as the 'Group'). ",
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"value": "Forusparken 2, 4031 Stavanger, Norway.",
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"value": "The Company is a leading owner and operator of o\ufb00shore accommodation vessels. ",
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"value": "The consolidated accounts for the year ended 31 December 2022 were approved and authorised for issue in accordance with a resolution of the Board of Directors on 28 March 2023. ",
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"value": "NOTE 2: STATEMENT OF COMPLIANCE AND BASIS OF PREPARATION The consolidated accounts have been prepared in accordance with International Financial Reporting Standards ('IFRS') endorsed by the European Union. The consolidated accounts have been prepared on a historical cost basis except as otherwise described in the notes below.The consolidated accounts are presented in US dollars (USD), and all amounts have been rounded to the nearest millions, unless otherwise indicated. Adding up rounded figures and calculating percentage rate of changes may result in slight di\ufb00erences compared with totals arrived at by adding up component figures which have not been rounded. The accounting policies adopted are consistent with those in the previous financial years. CRITICAL JUDGEMENTS, ESTIMATES AND ASSUMPTIONS The preparation of the Group\u2019s consolidated accounts requires Management to make critical judgments, estimates and assumptions that a\ufb00ect the reported amounts of revenue, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of the reporting period. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability a\ufb00ected in future periods. The estimates and assumptions are assessed on a continuous and regular basis. The estimates and assumptions which have the most significant e\ufb00ect on the amounts recognised in the financial statements are as follows: GOING CONCERN. During the year, the Group has won three long-term contracts for Safe Zephyrus, Safe Notos and Safe Eurus with Petrobras in Brazil, in addition to a contract for Safe Concordia in the US Gulf of Mexico. With these new contracts, the Group has increased its order books significantly from last year. Refer to note 4 for the Group\u2019s order book as at 31 December 2022. The new contracts require working capital and investments to prepare and mobilize the vessels during the first half of 2023. Approximately 75 percent of the cash from these contracts will only be received in the second half of 2023. Management also expects weak demand in the North Sea market in 2023, and there is an increased likelihood that currently o\ufb00-hire vessels will not contribute positively to cash\ufb02ow in 2023. Based on the Group's 12 months cash\ufb02ow forecast, management foresees a possible breach of the minimum liquidity covenant of USD 23 million from the second half of 2023. As a result, the USD 250 million and USD 93 million credit facilities may become due and payable. Refer to Note 14 for information on the minimum liquidity covenant.This results in material uncertainty related to the Group\u2019s ability to continue as a going concern and whether the Group will realise its assets and settle its liabilities in the ordinary course of business in the next twelve months. In response, management and the Board of Directors are pursuing various options to remain in compliance with the minimum liquidity covenant: \u2022 Further working capital management, cost savings, potential minor assetdisposals and fund raising to ensure su\ufb03cient liquidity\u2022 The Company may request a waiver of any potential breach of covenants whichwill require the consent of 2/3 of the lenders.Although it is too early to conclude what the outcome will be, the Board of Directors has determined that the actions taken and options available are su\ufb03cient to mitigate the uncertainty and has therefore prepared the financial reporting on a going concern basis. MODIFICATION OF DEBT. The Group fully implemented and completed a financial restructuring in 2021 whereby the majority of external debt was refinanced. The renegotiation of the terms of certain financial liabilities included issuing equity instruments to creditors to extinguish all or part of the liability. Management had identified loans that qualify for extinguishment and the recognition of the reinstated debt as a new liability. Management had assessed that the financial restructuring resulted in a substantial modification of debt due to substantially di\ufb00erent terms. The terms were substantially di\ufb00erent if the discounted present value of the cash \ufb02ows under the new terms, including any fees paid net of any fees received and discounted using the original e\ufb00ective interest rate, was at least 10% di\ufb00erent from the discounted present value of the remaining cash \ufb02ows of the original financial liability. In addition, other qualitative factors such as changes in the type of interest rate and change in covenants were also considered.Substantial modifications were treated as an extinguishment, and derecognition of the existing liability and recognition of a new liability at fair value based on the new contractual terms. Determining the fair value of the shares issued to creditors and the recognition of the reinstated debt required the use of judgement and estimates. The methods applied for fair value calculations included estimations that were based on publicly available data and managements own assumptions. The fair value of long-term debt was calculated by determining the net present value of estimated cash \ufb02ows applying an estimated market rate for the Group at initial recognition. The market rate estimate was determined by observing publicly available terms and conditions of relevant peers\u2019 for similar loans and adjusted for known di\ufb00erences from the Group\u2019s agreed credit facility terms, as well as the Group\u2019s new capitalization and value of the vessels. The basis for this estimated market rate, to which the fair value was sensitive, was not based on observable input and therefore the fair value of the debts were level 3 estimates. Upon derecognition of debt, the di\ufb00erence between the carrying amount of the original liability and the consideration paid was recognised in profit or loss. The consideration paid included equity instruments, cash transfers and the reinstated debt. Costs or fees incurred were also recognised within profit and loss as part of the gain or loss on extinguishment. DEPRECIATION. Estimated useful life of the Group's accommodation/service vessels is set at 35 years or less dependent on the age at the time of acquisition and subsequent refurbishments and as the economic life varies for the various components on a vessel. Individual components may, however, be depreciated over shorter periods of time. Refer to note 8 for details. IMPAIRMENT / REVERSAL OF IMPAIRMENT OF NON-FINANCIAL ASSETS. Management monitors the performance indicators on an ongoing basis. Every vessel is seen as an individual cash generating unit (CGU) as they generate cash in\ufb02ows that are largely independent of those from other assets or groups of assets. At each reporting date, management reviews and determines whether there is any indication of impairment or impairment reversal of the CGU. If any such indication exists, or when annual impairment testing for an asset is required, the asset\u2019s recoverable amount is estimated. Changes in the circumstances or expectations of future performance of an individual asset may be an indicator that the asset is impaired, requiring the carrying amount to be written down to its recoverable amount. Impairments are reversed if conditions for impairment are no longer present. Evaluating whether impairment indicators are present, if an asset is impaired or if an impairment should be reversed requires a high degree of judgement and estimates of recoverable amounts may to a large extent depend upon the selection of key assumptions about the future.Where recoverable amounts are based on estimated future cash \ufb02ows, re\ufb02ecting the Group\u2019s or market participants\u2019 assumptions about the future and discounted to their present value, the estimates involve complexity. Impairment testing requires long-term assumptions to be made concerning several economic factors such as future vessel day rates, operating costs, utilisation rate and discount rates, in order to establish relevant future cash \ufb02ows and their discounted amounts. Long-term assumptions for major economic factors are made at a group level. There is a high degree of reasoned judgement involved in establishing these assumptions, in determining other relevant factors such as vessel day rates and long-term growth rates, and in determining the residual value for computation of the ultimate terminal value of an asset. IMPAIRMENT OF SHARES IN SUBSIDIARIES. The recoverable amount of non-financial assets mentioned above impacts the estimated value of shares in vessel-owning subsidiaries. Hence, impairment of shares in subsidiaries is a significant estimate required for the preparation of the parent company accounts. CHANGES IN SIGNIFICANT ACCOUNTING POLICIES Changes to the Standards and interpretations of Standards that are required to be adopted in annual periods beginning on 1 January 2022 did not have any impact on the amounts recognised in prior periods and are not expected to have any significant impact to the current or future periods. Onerous contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37) The Group has adopted these amendments from 1 January 2022. The amendments specify which costs an entity includes in determining the cost of fulfilling a contract for the purpose of assessing whether the contract is onerous. This resulted in a change in accounting policy for performing an onerous contracts assessment. Previously, the Group included only incremental costs to fulfil a contract when determining whether that contract was onerous. The revised policy is to include both incremental costs and an allocation of other direct costs.The amendments apply to contracts existing at 1 January 2022. At the date of initial application, the cumulative e\ufb00ect of applying the amendments is recognised as an opening balance adjustment to retained earnings or other components of equity, as appropriate. The comparatives are not restated. The Group has analysed all contracts existing at 1 January 2022 and determined that none of them would be identified as onerous applying the revised accounting policy \u2013 i.e. there is no impact on the opening equity balances as at 1 January 2022 as a result of the change.Standards issued but not yet e\ufb00ective, which the Group has not yet adopted A number of amendments and improvements to standards have been issued and are e\ufb00ective for annual periods beginning after 1 January 2023 and earlier application is permitted; however, the Group has not adopted the new or amended standards in preparing these consolidated accounts earlier. The Group\u2019s assessment is that the following new or amended standards and interpretations are not expected to have a material impact to the Group in the current or future reporting periods or on foreseeable future transactions upon adoption:- Classification of Liabilities as Current or Non-current (Amendments to IAS 1)- Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)- Definition of Accounting Estimate (Amendments to IAS 8)",
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"value": "The consolidated accounts have been prepared in accordance with International Financial Reporting Standards ('IFRS') endorsed by the European Union. The consolidated accounts have been prepared on a historical cost basis except as otherwise described in the notes below.",
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"value": "CRITICAL JUDGEMENTS, ESTIMATES AND ASSUMPTIONS The preparation of the Group\u2019s consolidated accounts requires Management to make critical judgments, estimates and assumptions that a\ufb00ect the reported amounts of revenue, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of the reporting period. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability a\ufb00ected in future periods. The estimates and assumptions are assessed on a continuous and regular basis. The estimates and assumptions which have the most significant e\ufb00ect on the amounts recognised in the financial statements are as follows: GOING CONCERN. During the year, the Group has won three long-term contracts for Safe Zephyrus, Safe Notos and Safe Eurus with Petrobras in Brazil, in addition to a contract for Safe Concordia in the US Gulf of Mexico. With these new contracts, the Group has increased its order books significantly from last year. Refer to note 4 for the Group\u2019s order book as at 31 December 2022. The new contracts require working capital and investments to prepare and mobilize the vessels during the first half of 2023. Approximately 75 percent of the cash from these contracts will only be received in the second half of 2023. Management also expects weak demand in the North Sea market in 2023, and there is an increased likelihood that currently o\ufb00-hire vessels will not contribute positively to cash\ufb02ow in 2023. Based on the Group's 12 months cash\ufb02ow forecast, management foresees a possible breach of the minimum liquidity covenant of USD 23 million from the second half of 2023. As a result, the USD 250 million and USD 93 million credit facilities may become due and payable. Refer to Note 14 for information on the minimum liquidity covenant.This results in material uncertainty related to the Group\u2019s ability to continue as a going concern and whether the Group will realise its assets and settle its liabilities in the ordinary course of business in the next twelve months. In response, management and the Board of Directors are pursuing various options to remain in compliance with the minimum liquidity covenant: \u2022 Further working capital management, cost savings, potential minor assetdisposals and fund raising to ensure su\ufb03cient liquidity\u2022 The Company may request a waiver of any potential breach of covenants whichwill require the consent of 2/3 of the lenders.Although it is too early to conclude what the outcome will be, the Board of Directors has determined that the actions taken and options available are su\ufb03cient to mitigate the uncertainty and has therefore prepared the financial reporting on a going concern basis. MODIFICATION OF DEBT. The Group fully implemented and completed a financial restructuring in 2021 whereby the majority of external debt was refinanced. The renegotiation of the terms of certain financial liabilities included issuing equity instruments to creditors to extinguish all or part of the liability. Management had identified loans that qualify for extinguishment and the recognition of the reinstated debt as a new liability. Management had assessed that the financial restructuring resulted in a substantial modification of debt due to substantially di\ufb00erent terms. The terms were substantially di\ufb00erent if the discounted present value of the cash \ufb02ows under the new terms, including any fees paid net of any fees received and discounted using the original e\ufb00ective interest rate, was at least 10% di\ufb00erent from the discounted present value of the remaining cash \ufb02ows of the original financial liability. In addition, other qualitative factors such as changes in the type of interest rate and change in covenants were also considered.Substantial modifications were treated as an extinguishment, and derecognition of the existing liability and recognition of a new liability at fair value based on the new contractual terms. Determining the fair value of the shares issued to creditors and the recognition of the reinstated debt required the use of judgement and estimates. The methods applied for fair value calculations included estimations that were based on publicly available data and managements own assumptions. The fair value of long-term debt was calculated by determining the net present value of estimated cash \ufb02ows applying an estimated market rate for the Group at initial recognition. The market rate estimate was determined by observing publicly available terms and conditions of relevant peers\u2019 for similar loans and adjusted for known di\ufb00erences from the Group\u2019s agreed credit facility terms, as well as the Group\u2019s new capitalization and value of the vessels. The basis for this estimated market rate, to which the fair value was sensitive, was not based on observable input and therefore the fair value of the debts were level 3 estimates. Upon derecognition of debt, the di\ufb00erence between the carrying amount of the original liability and the consideration paid was recognised in profit or loss. The consideration paid included equity instruments, cash transfers and the reinstated debt. Costs or fees incurred were also recognised within profit and loss as part of the gain or loss on extinguishment. DEPRECIATION. Estimated useful life of the Group's accommodation/service vessels is set at 35 years or less dependent on the age at the time of acquisition and subsequent refurbishments and as the economic life varies for the various components on a vessel. Individual components may, however, be depreciated over shorter periods of time. Refer to note 8 for details. IMPAIRMENT / REVERSAL OF IMPAIRMENT OF NON-FINANCIAL ASSETS. Management monitors the performance indicators on an ongoing basis. Every vessel is seen as an individual cash generating unit (CGU) as they generate cash in\ufb02ows that are largely independent of those from other assets or groups of assets. At each reporting date, management reviews and determines whether there is any indication of impairment or impairment reversal of the CGU. If any such indication exists, or when annual impairment testing for an asset is required, the asset\u2019s recoverable amount is estimated. Changes in the circumstances or expectations of future performance of an individual asset may be an indicator that the asset is impaired, requiring the carrying amount to be written down to its recoverable amount. Impairments are reversed if conditions for impairment are no longer present. Evaluating whether impairment indicators are present, if an asset is impaired or if an impairment should be reversed requires a high degree of judgement and estimates of recoverable amounts may to a large extent depend upon the selection of key assumptions about the future.Where recoverable amounts are based on estimated future cash \ufb02ows, re\ufb02ecting the Group\u2019s or market participants\u2019 assumptions about the future and discounted to their present value, the estimates involve complexity. Impairment testing requires long-term assumptions to be made concerning several economic factors such as future vessel day rates, operating costs, utilisation rate and discount rates, in order to establish relevant future cash \ufb02ows and their discounted amounts. Long-term assumptions for major economic factors are made at a group level. There is a high degree of reasoned judgement involved in establishing these assumptions, in determining other relevant factors such as vessel day rates and long-term growth rates, and in determining the residual value for computation of the ultimate terminal value of an asset. IMPAIRMENT OF SHARES IN SUBSIDIARIES. The recoverable amount of non-financial assets mentioned above impacts the estimated value of shares in vessel-owning subsidiaries. Hence, impairment of shares in subsidiaries is a significant estimate required for the preparation of the parent company accounts. ",
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"value": "GOING CONCERN. During the year, the Group has won three long-term contracts for Safe Zephyrus, Safe Notos and Safe Eurus with Petrobras in Brazil, in addition to a contract for Safe Concordia in the US Gulf of Mexico. With these new contracts, the Group has increased its order books significantly from last year. Refer to note 4 for the Group\u2019s order book as at 31 December 2022. The new contracts require working capital and investments to prepare and mobilize the vessels during the first half of 2023. Approximately 75 percent of the cash from these contracts will only be received in the second half of 2023. Management also expects weak demand in the North Sea market in 2023, and there is an increased likelihood that currently o\ufb00-hire vessels will not contribute positively to cash\ufb02ow in 2023. Based on the Group's 12 months cash\ufb02ow forecast, management foresees a possible breach of the minimum liquidity covenant of USD 23 million from the second half of 2023. As a result, the USD 250 million and USD 93 million credit facilities may become due and payable. Refer to Note 14 for information on the minimum liquidity covenant.This results in material uncertainty related to the Group\u2019s ability to continue as a going concern and whether the Group will realise its assets and settle its liabilities in the ordinary course of business in the next twelve months. In response, management and the Board of Directors are pursuing various options to remain in compliance with the minimum liquidity covenant: \u2022 Further working capital management, cost savings, potential minor assetdisposals and fund raising to ensure su\ufb03cient liquidity\u2022 The Company may request a waiver of any potential breach of covenants whichwill require the consent of 2/3 of the lenders.Although it is too early to conclude what the outcome will be, the Board of Directors has determined that the actions taken and options available are su\ufb03cient to mitigate the uncertainty and has therefore prepared the financial reporting on a going concern basis. ",
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"value": "CHANGES IN SIGNIFICANT ACCOUNTING POLICIES Changes to the Standards and interpretations of Standards that are required to be adopted in annual periods beginning on 1 January 2022 did not have any impact on the amounts recognised in prior periods and are not expected to have any significant impact to the current or future periods. Onerous contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37) The Group has adopted these amendments from 1 January 2022. The amendments specify which costs an entity includes in determining the cost of fulfilling a contract for the purpose of assessing whether the contract is onerous. This resulted in a change in accounting policy for performing an onerous contracts assessment. Previously, the Group included only incremental costs to fulfil a contract when determining whether that contract was onerous. The revised policy is to include both incremental costs and an allocation of other direct costs.The amendments apply to contracts existing at 1 January 2022. At the date of initial application, the cumulative e\ufb00ect of applying the amendments is recognised as an opening balance adjustment to retained earnings or other components of equity, as appropriate. The comparatives are not restated. The Group has analysed all contracts existing at 1 January 2022 and determined that none of them would be identified as onerous applying the revised accounting policy \u2013 i.e. there is no impact on the opening equity balances as at 1 January 2022 as a result of the change.Standards issued but not yet e\ufb00ective, which the Group has not yet adopted A number of amendments and improvements to standards have been issued and are e\ufb00ective for annual periods beginning after 1 January 2023 and earlier application is permitted; however, the Group has not adopted the new or amended standards in preparing these consolidated accounts earlier. The Group\u2019s assessment is that the following new or amended standards and interpretations are not expected to have a material impact to the Group in the current or future reporting periods or on foreseeable future transactions upon adoption:- Classification of Liabilities as Current or Non-current (Amendments to IAS 1)- Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)- Definition of Accounting Estimate (Amendments to IAS 8)",
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},
"pp-value-27-4": {
"value": "CHANGES IN SIGNIFICANT ACCOUNTING POLICIES Changes to the Standards and interpretations of Standards that are required to be adopted in annual periods beginning on 1 January 2022 did not have any impact on the amounts recognised in prior periods and are not expected to have any significant impact to the current or future periods. Onerous contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37) The Group has adopted these amendments from 1 January 2022. The amendments specify which costs an entity includes in determining the cost of fulfilling a contract for the purpose of assessing whether the contract is onerous. This resulted in a change in accounting policy for performing an onerous contracts assessment. Previously, the Group included only incremental costs to fulfil a contract when determining whether that contract was onerous. The revised policy is to include both incremental costs and an allocation of other direct costs.The amendments apply to contracts existing at 1 January 2022. At the date of initial application, the cumulative e\ufb00ect of applying the amendments is recognised as an opening balance adjustment to retained earnings or other components of equity, as appropriate. The comparatives are not restated. The Group has analysed all contracts existing at 1 January 2022 and determined that none of them would be identified as onerous applying the revised accounting policy \u2013 i.e. there is no impact on the opening equity balances as at 1 January 2022 as a result of the change.Standards issued but not yet e\ufb00ective, which the Group has not yet adopted A number of amendments and improvements to standards have been issued and are e\ufb00ective for annual periods beginning after 1 January 2023 and earlier application is permitted; however, the Group has not adopted the new or amended standards in preparing these consolidated accounts earlier. The Group\u2019s assessment is that the following new or amended standards and interpretations are not expected to have a material impact to the Group in the current or future reporting periods or on foreseeable future transactions upon adoption:- Classification of Liabilities as Current or Non-current (Amendments to IAS 1)- Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)- Definition of Accounting Estimate (Amendments to IAS 8)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-29-2": {
"value": "NOTE 3: SIGNIFICANT ACCOUNTING POLICIES BASIS OF CONSOLIDATION. The consolidated accounts comprise the financial statements of the parent company and its subsidiaries. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. Associates are those entities in which the Group has significant in\ufb02uence, but not control or joint control, over the financial and operating policies. Interests in associates are accounted for using the equity method and are initially recognised at cost. Subsequent to initial recognition, the consolidated accounts include the Group\u2019s share of the profit or loss and other comprehensive income of equity-accounted investees, until the date on which significant in\ufb02uence ceases. All intra-group balances, income and expenses, unrealised gains and losses and dividends resulting from intra-group transactions are eliminated in full. The Group\u2019s interest in equity-accounted investees comprises interests in an associate. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.BUSINESS COMBINATIONS AND GOODWILL. Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value. Acquisition related costs incurred are expensed and included in administrative expenses.When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Goodwill is initially measured at cost being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the di\ufb00erence is recognised in profit and loss.After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.Where goodwill forms part of a cash generating unit and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and the portion of the cash generating unit retained.FOREIGN CURRENCY TRANSLATION. The presentation currency is USD. This is also the functional currency for the parent company. Transactions in other currencies than the functional currency are translated at the exchange rate prevailing at the transaction date. Monetary items in other currencies than the functional currency are translated to the functional currency at the exchange rate on the reporting date, and the currency di\ufb00erence is recognised in the profit and loss account. Non-monetary items in currencies other than the functional currency are translated at the exchange rate at the transaction date. When consolidating companies with a functional currency other than USD, profit and loss items are translated at the monthly average exchange rate, while balance sheet items are translated at the exchange rate on the reporting date. Translation di\ufb00erences are recognised in other comprehensive income. On disposal of a foreign operation, the deferred cumulative amount recognised in other comprehensive income relating to that particular operation, is recognised in the income statement.SEGMENT REPORTING. For management and monitoring purposes, the Group is organised into one segment; chartering and operation of accommodation/service vessels. For geographical information, reference is made to note 4. REVENUE RECOGNITION Nature and timing of satisfaction of performance, Type of Product/Serviceincluding significant payment termsRevenue recognition Charter Income/ The Group charters the accommodation vessels to customers The activities giving rise to mobilisation, demobilisation and Mobilisation Income/ for an agreed period. The Group does not convey the right to re-phasing are not a distinct performance obligation in itself Demobilisation Income/ control the use of the asset to the customers and none of the and are highly interdependent on the charter activities. These Lump Sum Feecontracts are accounted for as a lease. The invoices are issued activities are necessary for the Group to perform its service in on a monthly basis or based on the contractual terms and are providing the accommodation vessels to the customer.normally payable within 30 days.These incomes, together with charter income and bareboat income, are considered as a single performance obligation and the revenue are collectively recognised over the charter period. In addition, any additional fees arising from suspension or deferment of contracts will be deferred and amortised over the charter period when the performance obligations are met.The deferred revenue is included in the contract liabilities.Management, The Group provides optional services upon request from the These incomes are recognised over time when performance crew services, customer. The invoices are issued on a monthly basis or based on obligations are met. The related costs are recognised in profit or catering and the contractual terms and are payable normally within 30 days.loss when they are incurred.other related incomeThe Group has reviewed its contracts with customers and concluded that these contracts do not contain a lease. If another conclusion determined that these contracts contain a lease, there will not be any significant di\ufb00erence in the accounting of revenue. Interest incomeInterest income is recognised on a time-proportion basis using the e\ufb00ective interest method. Interest income is included in financial items in the income statement. Dividend incomeDividend income is recognised when the right to receive payment is established. 42PROVISIONS are recognised when, and only when, the Group has a present obligation as a result of events that have taken place, and it can be proven probable that a financial settlement will take place as a result of this liability, and that the size of the amount can be measured reliably. Provisions are reviewed on each balance sheet date and their level re\ufb02ects the best estimate of the liability. When the Group expects some or all of a provision to be reimbursed, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the income statement net of any reimbursement. For onerous contracts, provisions are made when unavoidable cost of meeting the obligations under the contract exceed the economic benefit to be received under the contract. The unavoidable costs under the contract are the lower of the cost of fulfilling the contract and any compensation or penalties arising from failure to fulfil the contract. Unavoidable cost are costs that would not incur for the entity if it did not have the contract.TANGIBLE ASSETS are recognised at cost less cumulative depreciation and accumulated impairment losses, if any. Assets are depreciated on a straight-line basis over their estimated useful lives, with account taken of their estimated residual value. Management makes annual assessments of residual value, methods of depreciation and the remaining useful life of the assets. Components of an asset which have an estimated shorter life than the main component of the asset are accordingly depreciated over this shorter period. Acquisition cost includes costs directly attributable to the acquisition of the assets. Subsequent expenditures are added to the book value of the asset or accounted for on a separate basis, when it is likely that future benefits would derive from the expenditures. The vessels are subject to a periodic survey every five years, and associated costs are amortised over the five-year period to the next survey. Other repair and maintenance costs are expensed in the period they are incurred. Expenditures for new builds are capitalised, including instalments paid to the yard, project management costs, and costs relating to the initial preparation, mobilisation and commissioning until the vessel is placed into service. In accordance with IAS 23, borrowing costs are capitalised on qualifying asset. Tangible fixed assets are depreciated on a straight-line basis over their useful lifetime as follows:\u2022 Semi-submersible vessels:\u2013 Superstructure: 35 years or less\u2013 Living quarters and other equipment: 5 to 35 years\u2013 Periodic maintenance: 5 years\u2022 Buildings: 20 to 30 years\u2022 Right-of-use assets (o\ufb03ce leases): 3 to 5 years\u2022 Equipment: 3 to 5 yearsIMPAIRMENT OF NON-FINANCIAL ASSETS. The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset's recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s or cash generating unit\u2019s fair value less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash in\ufb02ows that are largely independent of those from other assets or groups of assets. Every vessel is seen as an individual CGU. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a post-tax discount rate that re\ufb02ects current market assessments of the time value of money and risks specific to the asset. In determining fair value less costs to sell, recent market transactions are taken into account, if available. The Group bases its impairment calculation on a detailed forecast calculation which is prepared for the Group\u2019s cash generating units. The forecast calculation is generally covering a period of five years and a terminal value. In 2021 and 2022, there was no valuation-in-use calculation as there were no impairment indicators. The value-in-use calculation was last performed and disclosed in 2020.For non-financial assets except goodwill, an assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the asset\u2019s recoverable amount. A previously recognised impairment loss is reversed only if there has been a significant change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. The impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Management has not identified any indicators for reversal of impairment as at the end of the reporting period.FINANCIAL ASSETS Initial recognition Trade receivables are initially recognised when they are originated. All other financial assets are initially recognised when the Group becomes a party to the contractual provision of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) is initially measured at fair value plus, for an item not at fair value through profit or loss (\"FVTPL\"), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and measurement On initial recognition, a financial asset is classified as measured on following basis: 1) financial assets at amortised cost; and 2) financial assets at fair value through profit or loss \"FVTPL\". Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all a\ufb00ected financial assets are reclassified on the first day of the first reporting period following the changes in the business model. 1) Financial assets at amortised cost A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:- It is held within a business model whose objective is to hold assets to collect contractual cash \ufb02ows; and- Its contractual terms give rise on specified dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. 2) Financial assets at FVTPL All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost of a FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Derivative financial instrumentsThe Group uses derivative financial instruments such as forward currency contracts, interest rate cap, and interest rate swaps to hedge its foreign currency risk and interest rate risk. Such instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The derivative financial instruments are mainly used in economic hedges where the changes in fair value are taken directly through profit or loss. The fair value of forward currency contracts is the discounted di\ufb00erence between the forward exchange rate and the contract price. The fair value of interest rate caps and swaps contracts are calculated using inputs that are from observable market prices. Gains or losses arising from changes in fair value of derivative financial instruments that do not qualify for hedge accounting are taken to the profit and loss account. For cash \ufb02ow hedges, the e\ufb00ective portion of the gains or losses on the hedging instrument is recognised directly in other comprehensive income and accumulated in the hedging reserve, while the ine\ufb00ective portion is recognised in the profit and loss account. Amounts taken to other comprehensive income are reclassified to the profit and loss account when the hedged transaction a\ufb00ects the profit and loss account. For fair value hedges, changes in the fair value of the designated hedging instruments are recognised in the profit and loss account. The hedged item is adjusted to re\ufb02ect change in its fair value in respect of the risk hedged, with any gain or loss recognised in the profit and loss account.The Group documents at the inception of the transaction the relationship between the hedging instruments and hedged items, as well as its risk management objective and strategies for undertaking various transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives designated as hedging instruments are highly e\ufb00ective in o\ufb00setting changes in fair value or cash \ufb02ows of the hedged items. There are currently no hedged items in the periods covered within this financial statement. Current versus non-current classificationDerivative instruments that are not designated and e\ufb00ective hedging instruments are classified as current or non-current or separated into a current and non-current portion based on an assessment of the facts and circumstances. When the Group holds a derivative as an economic hedge for a period beyond 12 months after the balance sheet date or a derivative instrument is designated as an e\ufb00ective hedging instrument, the fair value of the derivative instrument is classified as current or non-current consistent with the classification of the underlying item. Economic hedges are not treated as hedging for accounting purposes.Subsequent measurement and gains and losses1) Financial assets at amortised costThese assets are subsequently measured at amortised cost using the e\ufb00ective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.2) Financial assets at FVTPLThese assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. Derecognition A financial asset is derecognised when the contractual rights to the cash \ufb02ows from the financial asset expire or it transfers the rights to receive the contractual cash \ufb02ows in a transaction which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Impairment of financial assets The Group recognises loss allowances for expected credit losses on:- Financial assets measured at amortised costLoss allowances for trade receivables and assets are always measured at an amount equal to lifetime expected credit losses.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Group considers reasonable and supportable information that is relevant and available without undue cost of e\ufb00ort. This includes both quantitative and qualitative information and analysis, based on the Group's historical experience and informed credit assessment and including forward-looking information.The Group considers a financial asset to be in default when:- The borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or - The financial asset is more than 90 days past due.Measurement of expected credit losses:- For trade receivables, the Group applies the simplified method of credit reserves, i.e. the reserve will correspond to the expected loss over the whole life of the trade receivable. In order to measure the credit losses, trade receivables are grouped based on credit risk characteristics of its customer. The Group applies forward-looking variables for expected credit losses. - Expected credit losses are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the di\ufb00erence between the cash \ufb02ows due to the entity in accordance with the contract and the cash \ufb02ows that the Group expects to receive).- Expected credit losses are discounted at the e\ufb00ective interest rate of the financial asset. At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired, which is when one or more events that have a detrimental impact on the estimated future cash \ufb02ow of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data:- Significant financial di\ufb03culty of the borrower or issuer;- A breach of contract such as default or being more than 90 days past due;- The restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;- It is probable that the borrower will enter bankruptcy or other financial reorganisation; or - The disappearance of an active market for a security because of financial di\ufb03culties.Loss allowances of expected credit losses for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets as in the statement of financial position. Derecognition of financial assetsThe gross carrying amount of a financial asset is written o\ufb00 when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For customers, the Group individually makes an assessment with respect to the timing and amount of write-o\ufb00 based on whether there is reasonable expectation of recovery. The Group expects no significant recovery from the amount written o\ufb00. However, financial assets that are written o\ufb00 could still be subject to enforcement activities in order to comply with the Group's procedures for recovery of amount due. FINANCIAL LIABILITIESInitial recognition Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss and financial liabilities measured at amortised cost. The Group determines the classification of its financial liabilities at initial recognition. Financial liabilities are recognised initially at fair value and, in case of loans and borrowings, net of directly attributable costs. The Group\u2019s financial liabilities include non-derivative financial instruments (trade and other payables, loans and borrowings, financial guarantee contracts) and derivative financial instruments. Subsequent measurement and gains and losses Financial liabilities at fair value through profit and loss are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the e\ufb00ective interest method. If there is a change in the timing or amount of estimated cash \ufb02ows, the amortised cost of the financial liability is adjusted in the period of change to re\ufb02ect the revised actual and estimated cash \ufb02ows, with a corresponding income or expense being recognised in profit or loss. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially di\ufb00erent terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the di\ufb00erence between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. FAIR VALUE OF FINANCIAL INSTRUMENTS. The fair value of financial instruments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date. For financial instruments where there is no active market, fair value is determined using valuation techniques. Such techniques may include using recent arm\u2019s length market transactions, reference to the current fair value of another instrument that is substantially the same, discounted cash \ufb02ow analysis or other valuation models.EMPLOYEE BENEFITS Defined contribution plans Companies within the Group make contributions to pension schemes that are defined contribution plans. The companies\u2019 payments are recognised in the income statement for the year to which the contribution applies. Share-based payment arrangements The Group operates an equity-settled, share-based compensation plan. The grant-date fair value of equity-settled share-based payment arrangements granted to employees is recognised as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognised as an expense is adjusted to re\ufb02ect the number of awards for which the related service are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service at the vesting date.At each balance sheet date, the Group revises its estimates of the number of shares under options that are expected to become exercisable on the vesting date and recognises the impact of the revision of the estimates in profit or loss, with a corresponding adjustment to the equity over the remaining vesting period. When the options are exercised, the proceeds received (net of transaction costs) and the related balance previously recognised in the equity are credited to the share capital account, when new ordinary shares are issued, or to the \u201ctreasury shares\u201d account, when treasury shares are re-issued to the employees.BORROWING COSTS. Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the respective assets. Capitalised borrowing costs are calculated using the e\ufb00ective interest method. LEASES. A lease is defined as a contract that conveys the right to control the use of an identified asset for a period in exchange for consideration. For each contract that meets this definition, the lessees will recognise a right-of-use asset and a lease liability in the balance sheet with certain exemptions for short term and low value leases. Lease payments are to be re\ufb02ected as interest expense and a reduction of lease liabilities, while the right-of-use assets are to be depreciated over the shorter of the lease term and the assets useful life. The portion of lease payments representing payments of lease liabilities and interest expense shall be classified in line with the policy elected for other interest payments in the statement of cash \ufb02ows. Lease liabilities are measured at the present value of remaining lease payments, discounted using the incremental borrowing rate. At initial recognition, right-of-use assets are measured at an amount equal to the lease liability. Major lease liabilities for the Group comprise of leases of chartered-in vessels, o\ufb03ce buildings, warehouses, transportation, logistics assets and other IT infrastructure and o\ufb03ce equipment. The Group separately expenses variable expense services and other non-lease components embedded in lease contracts for o\ufb03ce buildings and warehouses. For leases of other assets, the Group capitalises non-lease components subject to fixed payments as part of the lease. The Group applies the general short-term exemption for leases of chartered-in vessels, o\ufb03ce buildings, warehouses, transportation, logistics assets and other IT infrastructure and o\ufb03ce equipment. Leases with a lease term of 12 months or less that do not contain a purchase option are expensed as short-term leases.The Group also applies the general low value exemption for leases of o\ufb03ce equipment. This applies for all leases where the value of the underlying asset is below USD 5,000. These low value leases of such assets will not be capitalised and that lease payments are expensed in profit or loss.INCOME TAXES in the income statement include taxes payable and changes in deferred tax. Deferred tax is calculated based on temporary di\ufb00erences between book and tax values that exist at the end of the period. Deferred tax asset is recognised in the statement of financial position when it is probable that the tax benefit can be utilised. Deferred tax and deferred tax asset are measured at nominal value. Income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered or paid to the tax authorities. Deferred tax liabilities are measured at the tax rates that are expected to apply in the year when the liability is settled, based on tax rates that have been enacted or substantively enacted at the reporting date. Deferred tax is provided using the liability method. Deferred tax assets and liabilities are o\ufb00set if a legally enforceable right exists to set o\ufb00 current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same tax authority. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that su\ufb03cient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.CASH AND DEPOSITS comprise cash at banks and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value. DIVIDEND distribution to the shareholders is recognised in the financial statements on the date on which the shareholders' right to receive payment is established. SHAREHOLDER'S EQUITY. Any di\ufb00erence between the issue price of share capital and the nominal value is recognised as share premium. The costs incurred attributable to the issue of share capital are deducted from equity. Zero coupon convertible bonds and share options that will be settled by the Company by delivering a fixed number of its own equity instruments in exchange for a fixed amount of cash are equity instruments and recognised in equity. The translation reserve comprises all foreign currency di\ufb00erences arising from the translation of the financial statements of foreign operations. NOTE 12: EARNINGS PER SHARE Earnings per share are calculated by dividing net profit by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share are calculated by dividing net profit by the weighted average number of ordinary shares plus the number of potential shares relating to share options. 2022 2021Net profit 1.5 927.9 Weighted average number of outstanding shares 8,798,699 3,524,542Basic earnings per share 0.17 263.27 Weighted average number of outstanding and 1)potential shares 8,826,320 3,524,542Diluted earnings per share 0.17 263.27 1) In 2022, the weighted average number of outstanding and potential sharesincludes the average share capital of 8,798,699 and share options of 27,621(2021: average share capital of 3,524,542).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-30-2": {
"value": "BASIS OF CONSOLIDATION. The consolidated accounts comprise the financial statements of the parent company and its subsidiaries. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. Associates are those entities in which the Group has significant in\ufb02uence, but not control or joint control, over the financial and operating policies. Interests in associates are accounted for using the equity method and are initially recognised at cost. Subsequent to initial recognition, the consolidated accounts include the Group\u2019s share of the profit or loss and other comprehensive income of equity-accounted investees, until the date on which significant in\ufb02uence ceases. All intra-group balances, income and expenses, unrealised gains and losses and dividends resulting from intra-group transactions are eliminated in full. The Group\u2019s interest in equity-accounted investees comprises interests in an associate. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-32-3": {
"value": "BUSINESS COMBINATIONS AND GOODWILL. Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value. Acquisition related costs incurred are expensed and included in administrative expenses.When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Goodwill is initially measured at cost being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the di\ufb00erence is recognised in profit and loss.After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.Where goodwill forms part of a cash generating unit and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and the portion of the cash generating unit retained.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-32-4": {
"value": "BUSINESS COMBINATIONS AND GOODWILL. Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value. Acquisition related costs incurred are expensed and included in administrative expenses.When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Goodwill is initially measured at cost being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the di\ufb00erence is recognised in profit and loss.After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.Where goodwill forms part of a cash generating unit and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and the portion of the cash generating unit retained.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-32-5": {
"value": "BUSINESS COMBINATIONS AND GOODWILL. Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value. Acquisition related costs incurred are expensed and included in administrative expenses.When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Goodwill is initially measured at cost being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the di\ufb00erence is recognised in profit and loss.After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.Where goodwill forms part of a cash generating unit and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and the portion of the cash generating unit retained.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-34-3": {
"value": "FOREIGN CURRENCY TRANSLATION. The presentation currency is USD. This is also the functional currency for the parent company. Transactions in other currencies than the functional currency are translated at the exchange rate prevailing at the transaction date. Monetary items in other currencies than the functional currency are translated to the functional currency at the exchange rate on the reporting date, and the currency di\ufb00erence is recognised in the profit and loss account. Non-monetary items in currencies other than the functional currency are translated at the exchange rate at the transaction date. When consolidating companies with a functional currency other than USD, profit and loss items are translated at the monthly average exchange rate, while balance sheet items are translated at the exchange rate on the reporting date. Translation di\ufb00erences are recognised in other comprehensive income. On disposal of a foreign operation, the deferred cumulative amount recognised in other comprehensive income relating to that particular operation, is recognised in the income statement.SHAREHOLDER'S EQUITY. Any di\ufb00erence between the issue price of share capital and the nominal value is recognised as share premium. The costs incurred attributable to the issue of share capital are deducted from equity. Zero coupon convertible bonds and share options that will be settled by the Company by delivering a fixed number of its own equity instruments in exchange for a fixed amount of cash are equity instruments and recognised in equity. The translation reserve comprises all foreign currency di\ufb00erences arising from the translation of the financial statements of foreign operations. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-34-4": {
"value": "FOREIGN CURRENCY TRANSLATION. The presentation currency is USD. This is also the functional currency for the parent company. Transactions in other currencies than the functional currency are translated at the exchange rate prevailing at the transaction date. Monetary items in other currencies than the functional currency are translated to the functional currency at the exchange rate on the reporting date, and the currency di\ufb00erence is recognised in the profit and loss account. Non-monetary items in currencies other than the functional currency are translated at the exchange rate at the transaction date. When consolidating companies with a functional currency other than USD, profit and loss items are translated at the monthly average exchange rate, while balance sheet items are translated at the exchange rate on the reporting date. Translation di\ufb00erences are recognised in other comprehensive income. On disposal of a foreign operation, the deferred cumulative amount recognised in other comprehensive income relating to that particular operation, is recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-35-3": {
"value": "SEGMENT REPORTING. For management and monitoring purposes, the Group is organised into one segment; chartering and operation of accommodation/service vessels. For geographical information, reference is made to note 4. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-36-3": {
"value": "REVENUE RECOGNITION Nature and timing of satisfaction of performance, Type of Product/Serviceincluding significant payment termsRevenue recognition Charter Income/ The Group charters the accommodation vessels to customers The activities giving rise to mobilisation, demobilisation and Mobilisation Income/ for an agreed period. The Group does not convey the right to re-phasing are not a distinct performance obligation in itself Demobilisation Income/ control the use of the asset to the customers and none of the and are highly interdependent on the charter activities. These Lump Sum Feecontracts are accounted for as a lease. The invoices are issued activities are necessary for the Group to perform its service in on a monthly basis or based on the contractual terms and are providing the accommodation vessels to the customer.normally payable within 30 days.These incomes, together with charter income and bareboat income, are considered as a single performance obligation and the revenue are collectively recognised over the charter period. In addition, any additional fees arising from suspension or deferment of contracts will be deferred and amortised over the charter period when the performance obligations are met.The deferred revenue is included in the contract liabilities.Management, The Group provides optional services upon request from the These incomes are recognised over time when performance crew services, customer. The invoices are issued on a monthly basis or based on obligations are met. The related costs are recognised in profit or catering and the contractual terms and are payable normally within 30 days.loss when they are incurred.other related incomeThe Group has reviewed its contracts with customers and concluded that these contracts do not contain a lease. If another conclusion determined that these contracts contain a lease, there will not be any significant di\ufb00erence in the accounting of revenue. Interest incomeInterest income is recognised on a time-proportion basis using the e\ufb00ective interest method. Interest income is included in financial items in the income statement. Dividend incomeDividend income is recognised when the right to receive payment is established. 42",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-37-3": {
"value": "PROVISIONS are recognised when, and only when, the Group has a present obligation as a result of events that have taken place, and it can be proven probable that a financial settlement will take place as a result of this liability, and that the size of the amount can be measured reliably. Provisions are reviewed on each balance sheet date and their level re\ufb02ects the best estimate of the liability. When the Group expects some or all of a provision to be reimbursed, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the income statement net of any reimbursement. For onerous contracts, provisions are made when unavoidable cost of meeting the obligations under the contract exceed the economic benefit to be received under the contract. The unavoidable costs under the contract are the lower of the cost of fulfilling the contract and any compensation or penalties arising from failure to fulfil the contract. Unavoidable cost are costs that would not incur for the entity if it did not have the contract.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-38-3": {
"value": "TANGIBLE ASSETS are recognised at cost less cumulative depreciation and accumulated impairment losses, if any. Assets are depreciated on a straight-line basis over their estimated useful lives, with account taken of their estimated residual value. Management makes annual assessments of residual value, methods of depreciation and the remaining useful life of the assets. Components of an asset which have an estimated shorter life than the main component of the asset are accordingly depreciated over this shorter period. Acquisition cost includes costs directly attributable to the acquisition of the assets. Subsequent expenditures are added to the book value of the asset or accounted for on a separate basis, when it is likely that future benefits would derive from the expenditures. The vessels are subject to a periodic survey every five years, and associated costs are amortised over the five-year period to the next survey. Other repair and maintenance costs are expensed in the period they are incurred. Expenditures for new builds are capitalised, including instalments paid to the yard, project management costs, and costs relating to the initial preparation, mobilisation and commissioning until the vessel is placed into service. In accordance with IAS 23, borrowing costs are capitalised on qualifying asset. Tangible fixed assets are depreciated on a straight-line basis over their useful lifetime as follows:\u2022 Semi-submersible vessels:\u2013 Superstructure: 35 years or less\u2013 Living quarters and other equipment: 5 to 35 years\u2013 Periodic maintenance: 5 years\u2022 Buildings: 20 to 30 years\u2022 Right-of-use assets (o\ufb03ce leases): 3 to 5 years\u2022 Equipment: 3 to 5 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-38-4": {
"value": "TANGIBLE ASSETS are recognised at cost less cumulative depreciation and accumulated impairment losses, if any. Assets are depreciated on a straight-line basis over their estimated useful lives, with account taken of their estimated residual value. Management makes annual assessments of residual value, methods of depreciation and the remaining useful life of the assets. Components of an asset which have an estimated shorter life than the main component of the asset are accordingly depreciated over this shorter period. Acquisition cost includes costs directly attributable to the acquisition of the assets. Subsequent expenditures are added to the book value of the asset or accounted for on a separate basis, when it is likely that future benefits would derive from the expenditures. The vessels are subject to a periodic survey every five years, and associated costs are amortised over the five-year period to the next survey. Other repair and maintenance costs are expensed in the period they are incurred. Expenditures for new builds are capitalised, including instalments paid to the yard, project management costs, and costs relating to the initial preparation, mobilisation and commissioning until the vessel is placed into service. In accordance with IAS 23, borrowing costs are capitalised on qualifying asset. Tangible fixed assets are depreciated on a straight-line basis over their useful lifetime as follows:\u2022 Semi-submersible vessels:\u2013 Superstructure: 35 years or less\u2013 Living quarters and other equipment: 5 to 35 years\u2013 Periodic maintenance: 5 years\u2022 Buildings: 20 to 30 years\u2022 Right-of-use assets (o\ufb03ce leases): 3 to 5 years\u2022 Equipment: 3 to 5 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-38-5": {
"value": "TANGIBLE ASSETS are recognised at cost less cumulative depreciation and accumulated impairment losses, if any. Assets are depreciated on a straight-line basis over their estimated useful lives, with account taken of their estimated residual value. Management makes annual assessments of residual value, methods of depreciation and the remaining useful life of the assets. Components of an asset which have an estimated shorter life than the main component of the asset are accordingly depreciated over this shorter period. Acquisition cost includes costs directly attributable to the acquisition of the assets. Subsequent expenditures are added to the book value of the asset or accounted for on a separate basis, when it is likely that future benefits would derive from the expenditures. The vessels are subject to a periodic survey every five years, and associated costs are amortised over the five-year period to the next survey. Other repair and maintenance costs are expensed in the period they are incurred. Expenditures for new builds are capitalised, including instalments paid to the yard, project management costs, and costs relating to the initial preparation, mobilisation and commissioning until the vessel is placed into service. In accordance with IAS 23, borrowing costs are capitalised on qualifying asset. Tangible fixed assets are depreciated on a straight-line basis over their useful lifetime as follows:\u2022 Semi-submersible vessels:\u2013 Superstructure: 35 years or less\u2013 Living quarters and other equipment: 5 to 35 years\u2013 Periodic maintenance: 5 years\u2022 Buildings: 20 to 30 years\u2022 Right-of-use assets (o\ufb03ce leases): 3 to 5 years\u2022 Equipment: 3 to 5 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-38-6": {
"value": "TANGIBLE ASSETS are recognised at cost less cumulative depreciation and accumulated impairment losses, if any. Assets are depreciated on a straight-line basis over their estimated useful lives, with account taken of their estimated residual value. Management makes annual assessments of residual value, methods of depreciation and the remaining useful life of the assets. Components of an asset which have an estimated shorter life than the main component of the asset are accordingly depreciated over this shorter period. Acquisition cost includes costs directly attributable to the acquisition of the assets. Subsequent expenditures are added to the book value of the asset or accounted for on a separate basis, when it is likely that future benefits would derive from the expenditures. The vessels are subject to a periodic survey every five years, and associated costs are amortised over the five-year period to the next survey. Other repair and maintenance costs are expensed in the period they are incurred. Expenditures for new builds are capitalised, including instalments paid to the yard, project management costs, and costs relating to the initial preparation, mobilisation and commissioning until the vessel is placed into service. In accordance with IAS 23, borrowing costs are capitalised on qualifying asset. Tangible fixed assets are depreciated on a straight-line basis over their useful lifetime as follows:\u2022 Semi-submersible vessels:\u2013 Superstructure: 35 years or less\u2013 Living quarters and other equipment: 5 to 35 years\u2013 Periodic maintenance: 5 years\u2022 Buildings: 20 to 30 years\u2022 Right-of-use assets (o\ufb03ce leases): 3 to 5 years\u2022 Equipment: 3 to 5 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-40-3": {
"value": "IMPAIRMENT OF NON-FINANCIAL ASSETS. The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset's recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s or cash generating unit\u2019s fair value less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash in\ufb02ows that are largely independent of those from other assets or groups of assets. Every vessel is seen as an individual CGU. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a post-tax discount rate that re\ufb02ects current market assessments of the time value of money and risks specific to the asset. In determining fair value less costs to sell, recent market transactions are taken into account, if available. The Group bases its impairment calculation on a detailed forecast calculation which is prepared for the Group\u2019s cash generating units. The forecast calculation is generally covering a period of five years and a terminal value. In 2021 and 2022, there was no valuation-in-use calculation as there were no impairment indicators. The value-in-use calculation was last performed and disclosed in 2020.For non-financial assets except goodwill, an assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the asset\u2019s recoverable amount. A previously recognised impairment loss is reversed only if there has been a significant change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. The impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Management has not identified any indicators for reversal of impairment as at the end of the reporting period.FINANCIAL ASSETS Initial recognition Trade receivables are initially recognised when they are originated. All other financial assets are initially recognised when the Group becomes a party to the contractual provision of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) is initially measured at fair value plus, for an item not at fair value through profit or loss (\"FVTPL\"), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and measurement On initial recognition, a financial asset is classified as measured on following basis: 1) financial assets at amortised cost; and 2) financial assets at fair value through profit or loss \"FVTPL\". Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all a\ufb00ected financial assets are reclassified on the first day of the first reporting period following the changes in the business model. 1) Financial assets at amortised cost A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:- It is held within a business model whose objective is to hold assets to collect contractual cash \ufb02ows; and- Its contractual terms give rise on specified dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. 2) Financial assets at FVTPL All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost of a FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Derivative financial instrumentsThe Group uses derivative financial instruments such as forward currency contracts, interest rate cap, and interest rate swaps to hedge its foreign currency risk and interest rate risk. Such instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The derivative financial instruments are mainly used in economic hedges where the changes in fair value are taken directly through profit or loss. The fair value of forward currency contracts is the discounted di\ufb00erence between the forward exchange rate and the contract price. The fair value of interest rate caps and swaps contracts are calculated using inputs that are from observable market prices. Gains or losses arising from changes in fair value of derivative financial instruments that do not qualify for hedge accounting are taken to the profit and loss account. For cash \ufb02ow hedges, the e\ufb00ective portion of the gains or losses on the hedging instrument is recognised directly in other comprehensive income and accumulated in the hedging reserve, while the ine\ufb00ective portion is recognised in the profit and loss account. Amounts taken to other comprehensive income are reclassified to the profit and loss account when the hedged transaction a\ufb00ects the profit and loss account. For fair value hedges, changes in the fair value of the designated hedging instruments are recognised in the profit and loss account. The hedged item is adjusted to re\ufb02ect change in its fair value in respect of the risk hedged, with any gain or loss recognised in the profit and loss account.The Group documents at the inception of the transaction the relationship between the hedging instruments and hedged items, as well as its risk management objective and strategies for undertaking various transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives designated as hedging instruments are highly e\ufb00ective in o\ufb00setting changes in fair value or cash \ufb02ows of the hedged items. There are currently no hedged items in the periods covered within this financial statement. Current versus non-current classificationDerivative instruments that are not designated and e\ufb00ective hedging instruments are classified as current or non-current or separated into a current and non-current portion based on an assessment of the facts and circumstances. When the Group holds a derivative as an economic hedge for a period beyond 12 months after the balance sheet date or a derivative instrument is designated as an e\ufb00ective hedging instrument, the fair value of the derivative instrument is classified as current or non-current consistent with the classification of the underlying item. Economic hedges are not treated as hedging for accounting purposes.Subsequent measurement and gains and losses1) Financial assets at amortised costThese assets are subsequently measured at amortised cost using the e\ufb00ective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.2) Financial assets at FVTPLThese assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. Derecognition A financial asset is derecognised when the contractual rights to the cash \ufb02ows from the financial asset expire or it transfers the rights to receive the contractual cash \ufb02ows in a transaction which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Impairment of financial assets The Group recognises loss allowances for expected credit losses on:- Financial assets measured at amortised costLoss allowances for trade receivables and assets are always measured at an amount equal to lifetime expected credit losses.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Group considers reasonable and supportable information that is relevant and available without undue cost of e\ufb00ort. This includes both quantitative and qualitative information and analysis, based on the Group's historical experience and informed credit assessment and including forward-looking information.The Group considers a financial asset to be in default when:- The borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or - The financial asset is more than 90 days past due.Measurement of expected credit losses:- For trade receivables, the Group applies the simplified method of credit reserves, i.e. the reserve will correspond to the expected loss over the whole life of the trade receivable. In order to measure the credit losses, trade receivables are grouped based on credit risk characteristics of its customer. The Group applies forward-looking variables for expected credit losses. - Expected credit losses are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the di\ufb00erence between the cash \ufb02ows due to the entity in accordance with the contract and the cash \ufb02ows that the Group expects to receive).- Expected credit losses are discounted at the e\ufb00ective interest rate of the financial asset. At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired, which is when one or more events that have a detrimental impact on the estimated future cash \ufb02ow of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data:- Significant financial di\ufb03culty of the borrower or issuer;- A breach of contract such as default or being more than 90 days past due;- The restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;- It is probable that the borrower will enter bankruptcy or other financial reorganisation; or - The disappearance of an active market for a security because of financial di\ufb03culties.Loss allowances of expected credit losses for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets as in the statement of financial position. Derecognition of financial assetsThe gross carrying amount of a financial asset is written o\ufb00 when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For customers, the Group individually makes an assessment with respect to the timing and amount of write-o\ufb00 based on whether there is reasonable expectation of recovery. The Group expects no significant recovery from the amount written o\ufb00. However, financial assets that are written o\ufb00 could still be subject to enforcement activities in order to comply with the Group's procedures for recovery of amount due. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-40-4": {
"value": "IMPAIRMENT OF NON-FINANCIAL ASSETS. The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset's recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s or cash generating unit\u2019s fair value less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash in\ufb02ows that are largely independent of those from other assets or groups of assets. Every vessel is seen as an individual CGU. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash \ufb02ows are discounted to their present value using a post-tax discount rate that re\ufb02ects current market assessments of the time value of money and risks specific to the asset. In determining fair value less costs to sell, recent market transactions are taken into account, if available. The Group bases its impairment calculation on a detailed forecast calculation which is prepared for the Group\u2019s cash generating units. The forecast calculation is generally covering a period of five years and a terminal value. In 2021 and 2022, there was no valuation-in-use calculation as there were no impairment indicators. The value-in-use calculation was last performed and disclosed in 2020.For non-financial assets except goodwill, an assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the asset\u2019s recoverable amount. A previously recognised impairment loss is reversed only if there has been a significant change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. The impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Management has not identified any indicators for reversal of impairment as at the end of the reporting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-42-4": {
"value": "FINANCIAL ASSETS Initial recognition Trade receivables are initially recognised when they are originated. All other financial assets are initially recognised when the Group becomes a party to the contractual provision of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) is initially measured at fair value plus, for an item not at fair value through profit or loss (\"FVTPL\"), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and measurement On initial recognition, a financial asset is classified as measured on following basis: 1) financial assets at amortised cost; and 2) financial assets at fair value through profit or loss \"FVTPL\". Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all a\ufb00ected financial assets are reclassified on the first day of the first reporting period following the changes in the business model. 1) Financial assets at amortised cost A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:- It is held within a business model whose objective is to hold assets to collect contractual cash \ufb02ows; and- Its contractual terms give rise on specified dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. 2) Financial assets at FVTPL All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost of a FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Derivative financial instrumentsThe Group uses derivative financial instruments such as forward currency contracts, interest rate cap, and interest rate swaps to hedge its foreign currency risk and interest rate risk. Such instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The derivative financial instruments are mainly used in economic hedges where the changes in fair value are taken directly through profit or loss. The fair value of forward currency contracts is the discounted di\ufb00erence between the forward exchange rate and the contract price. The fair value of interest rate caps and swaps contracts are calculated using inputs that are from observable market prices. Gains or losses arising from changes in fair value of derivative financial instruments that do not qualify for hedge accounting are taken to the profit and loss account. For cash \ufb02ow hedges, the e\ufb00ective portion of the gains or losses on the hedging instrument is recognised directly in other comprehensive income and accumulated in the hedging reserve, while the ine\ufb00ective portion is recognised in the profit and loss account. Amounts taken to other comprehensive income are reclassified to the profit and loss account when the hedged transaction a\ufb00ects the profit and loss account. For fair value hedges, changes in the fair value of the designated hedging instruments are recognised in the profit and loss account. The hedged item is adjusted to re\ufb02ect change in its fair value in respect of the risk hedged, with any gain or loss recognised in the profit and loss account.The Group documents at the inception of the transaction the relationship between the hedging instruments and hedged items, as well as its risk management objective and strategies for undertaking various transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives designated as hedging instruments are highly e\ufb00ective in o\ufb00setting changes in fair value or cash \ufb02ows of the hedged items. There are currently no hedged items in the periods covered within this financial statement. Current versus non-current classificationDerivative instruments that are not designated and e\ufb00ective hedging instruments are classified as current or non-current or separated into a current and non-current portion based on an assessment of the facts and circumstances. When the Group holds a derivative as an economic hedge for a period beyond 12 months after the balance sheet date or a derivative instrument is designated as an e\ufb00ective hedging instrument, the fair value of the derivative instrument is classified as current or non-current consistent with the classification of the underlying item. Economic hedges are not treated as hedging for accounting purposes.Subsequent measurement and gains and losses1) Financial assets at amortised costThese assets are subsequently measured at amortised cost using the e\ufb00ective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.2) Financial assets at FVTPLThese assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. Derecognition A financial asset is derecognised when the contractual rights to the cash \ufb02ows from the financial asset expire or it transfers the rights to receive the contractual cash \ufb02ows in a transaction which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Impairment of financial assets The Group recognises loss allowances for expected credit losses on:- Financial assets measured at amortised costLoss allowances for trade receivables and assets are always measured at an amount equal to lifetime expected credit losses.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Group considers reasonable and supportable information that is relevant and available without undue cost of e\ufb00ort. This includes both quantitative and qualitative information and analysis, based on the Group's historical experience and informed credit assessment and including forward-looking information.The Group considers a financial asset to be in default when:- The borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or - The financial asset is more than 90 days past due.Measurement of expected credit losses:- For trade receivables, the Group applies the simplified method of credit reserves, i.e. the reserve will correspond to the expected loss over the whole life of the trade receivable. In order to measure the credit losses, trade receivables are grouped based on credit risk characteristics of its customer. The Group applies forward-looking variables for expected credit losses. - Expected credit losses are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the di\ufb00erence between the cash \ufb02ows due to the entity in accordance with the contract and the cash \ufb02ows that the Group expects to receive).- Expected credit losses are discounted at the e\ufb00ective interest rate of the financial asset. At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired, which is when one or more events that have a detrimental impact on the estimated future cash \ufb02ow of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data:- Significant financial di\ufb03culty of the borrower or issuer;- A breach of contract such as default or being more than 90 days past due;- The restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;- It is probable that the borrower will enter bankruptcy or other financial reorganisation; or - The disappearance of an active market for a security because of financial di\ufb03culties.Loss allowances of expected credit losses for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets as in the statement of financial position. Derecognition of financial assetsThe gross carrying amount of a financial asset is written o\ufb00 when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For customers, the Group individually makes an assessment with respect to the timing and amount of write-o\ufb00 based on whether there is reasonable expectation of recovery. The Group expects no significant recovery from the amount written o\ufb00. However, financial assets that are written o\ufb00 could still be subject to enforcement activities in order to comply with the Group's procedures for recovery of amount due. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-42-5": {
"value": "FINANCIAL ASSETS Initial recognition Trade receivables are initially recognised when they are originated. All other financial assets are initially recognised when the Group becomes a party to the contractual provision of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) is initially measured at fair value plus, for an item not at fair value through profit or loss (\"FVTPL\"), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and measurement On initial recognition, a financial asset is classified as measured on following basis: 1) financial assets at amortised cost; and 2) financial assets at fair value through profit or loss \"FVTPL\". Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all a\ufb00ected financial assets are reclassified on the first day of the first reporting period following the changes in the business model. 1) Financial assets at amortised cost A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:- It is held within a business model whose objective is to hold assets to collect contractual cash \ufb02ows; and- Its contractual terms give rise on specified dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. 2) Financial assets at FVTPL All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost of a FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Derivative financial instrumentsThe Group uses derivative financial instruments such as forward currency contracts, interest rate cap, and interest rate swaps to hedge its foreign currency risk and interest rate risk. Such instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The derivative financial instruments are mainly used in economic hedges where the changes in fair value are taken directly through profit or loss. The fair value of forward currency contracts is the discounted di\ufb00erence between the forward exchange rate and the contract price. The fair value of interest rate caps and swaps contracts are calculated using inputs that are from observable market prices. Gains or losses arising from changes in fair value of derivative financial instruments that do not qualify for hedge accounting are taken to the profit and loss account. For cash \ufb02ow hedges, the e\ufb00ective portion of the gains or losses on the hedging instrument is recognised directly in other comprehensive income and accumulated in the hedging reserve, while the ine\ufb00ective portion is recognised in the profit and loss account. Amounts taken to other comprehensive income are reclassified to the profit and loss account when the hedged transaction a\ufb00ects the profit and loss account. For fair value hedges, changes in the fair value of the designated hedging instruments are recognised in the profit and loss account. The hedged item is adjusted to re\ufb02ect change in its fair value in respect of the risk hedged, with any gain or loss recognised in the profit and loss account.The Group documents at the inception of the transaction the relationship between the hedging instruments and hedged items, as well as its risk management objective and strategies for undertaking various transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives designated as hedging instruments are highly e\ufb00ective in o\ufb00setting changes in fair value or cash \ufb02ows of the hedged items. There are currently no hedged items in the periods covered within this financial statement. Current versus non-current classificationDerivative instruments that are not designated and e\ufb00ective hedging instruments are classified as current or non-current or separated into a current and non-current portion based on an assessment of the facts and circumstances. When the Group holds a derivative as an economic hedge for a period beyond 12 months after the balance sheet date or a derivative instrument is designated as an e\ufb00ective hedging instrument, the fair value of the derivative instrument is classified as current or non-current consistent with the classification of the underlying item. Economic hedges are not treated as hedging for accounting purposes.Subsequent measurement and gains and losses1) Financial assets at amortised costThese assets are subsequently measured at amortised cost using the e\ufb00ective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.2) Financial assets at FVTPLThese assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. Derecognition A financial asset is derecognised when the contractual rights to the cash \ufb02ows from the financial asset expire or it transfers the rights to receive the contractual cash \ufb02ows in a transaction which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Impairment of financial assets The Group recognises loss allowances for expected credit losses on:- Financial assets measured at amortised costLoss allowances for trade receivables and assets are always measured at an amount equal to lifetime expected credit losses.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Group considers reasonable and supportable information that is relevant and available without undue cost of e\ufb00ort. This includes both quantitative and qualitative information and analysis, based on the Group's historical experience and informed credit assessment and including forward-looking information.The Group considers a financial asset to be in default when:- The borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or - The financial asset is more than 90 days past due.Measurement of expected credit losses:- For trade receivables, the Group applies the simplified method of credit reserves, i.e. the reserve will correspond to the expected loss over the whole life of the trade receivable. In order to measure the credit losses, trade receivables are grouped based on credit risk characteristics of its customer. The Group applies forward-looking variables for expected credit losses. - Expected credit losses are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the di\ufb00erence between the cash \ufb02ows due to the entity in accordance with the contract and the cash \ufb02ows that the Group expects to receive).- Expected credit losses are discounted at the e\ufb00ective interest rate of the financial asset. At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired, which is when one or more events that have a detrimental impact on the estimated future cash \ufb02ow of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data:- Significant financial di\ufb03culty of the borrower or issuer;- A breach of contract such as default or being more than 90 days past due;- The restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;- It is probable that the borrower will enter bankruptcy or other financial reorganisation; or - The disappearance of an active market for a security because of financial di\ufb03culties.Loss allowances of expected credit losses for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets as in the statement of financial position. Derecognition of financial assetsThe gross carrying amount of a financial asset is written o\ufb00 when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For customers, the Group individually makes an assessment with respect to the timing and amount of write-o\ufb00 based on whether there is reasonable expectation of recovery. The Group expects no significant recovery from the amount written o\ufb00. However, financial assets that are written o\ufb00 could still be subject to enforcement activities in order to comply with the Group's procedures for recovery of amount due. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-42-6": {
"value": "FINANCIAL ASSETS Initial recognition Trade receivables are initially recognised when they are originated. All other financial assets are initially recognised when the Group becomes a party to the contractual provision of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) is initially measured at fair value plus, for an item not at fair value through profit or loss (\"FVTPL\"), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and measurement On initial recognition, a financial asset is classified as measured on following basis: 1) financial assets at amortised cost; and 2) financial assets at fair value through profit or loss \"FVTPL\". Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all a\ufb00ected financial assets are reclassified on the first day of the first reporting period following the changes in the business model. 1) Financial assets at amortised cost A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:- It is held within a business model whose objective is to hold assets to collect contractual cash \ufb02ows; and- Its contractual terms give rise on specified dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. 2) Financial assets at FVTPL All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost of a FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Derivative financial instrumentsThe Group uses derivative financial instruments such as forward currency contracts, interest rate cap, and interest rate swaps to hedge its foreign currency risk and interest rate risk. Such instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The derivative financial instruments are mainly used in economic hedges where the changes in fair value are taken directly through profit or loss. The fair value of forward currency contracts is the discounted di\ufb00erence between the forward exchange rate and the contract price. The fair value of interest rate caps and swaps contracts are calculated using inputs that are from observable market prices. Gains or losses arising from changes in fair value of derivative financial instruments that do not qualify for hedge accounting are taken to the profit and loss account. For cash \ufb02ow hedges, the e\ufb00ective portion of the gains or losses on the hedging instrument is recognised directly in other comprehensive income and accumulated in the hedging reserve, while the ine\ufb00ective portion is recognised in the profit and loss account. Amounts taken to other comprehensive income are reclassified to the profit and loss account when the hedged transaction a\ufb00ects the profit and loss account. For fair value hedges, changes in the fair value of the designated hedging instruments are recognised in the profit and loss account. The hedged item is adjusted to re\ufb02ect change in its fair value in respect of the risk hedged, with any gain or loss recognised in the profit and loss account.The Group documents at the inception of the transaction the relationship between the hedging instruments and hedged items, as well as its risk management objective and strategies for undertaking various transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives designated as hedging instruments are highly e\ufb00ective in o\ufb00setting changes in fair value or cash \ufb02ows of the hedged items. There are currently no hedged items in the periods covered within this financial statement. Current versus non-current classificationDerivative instruments that are not designated and e\ufb00ective hedging instruments are classified as current or non-current or separated into a current and non-current portion based on an assessment of the facts and circumstances. When the Group holds a derivative as an economic hedge for a period beyond 12 months after the balance sheet date or a derivative instrument is designated as an e\ufb00ective hedging instrument, the fair value of the derivative instrument is classified as current or non-current consistent with the classification of the underlying item. Economic hedges are not treated as hedging for accounting purposes.Subsequent measurement and gains and losses1) Financial assets at amortised costThese assets are subsequently measured at amortised cost using the e\ufb00ective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.2) Financial assets at FVTPLThese assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. Derecognition A financial asset is derecognised when the contractual rights to the cash \ufb02ows from the financial asset expire or it transfers the rights to receive the contractual cash \ufb02ows in a transaction which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Impairment of financial assets The Group recognises loss allowances for expected credit losses on:- Financial assets measured at amortised costLoss allowances for trade receivables and assets are always measured at an amount equal to lifetime expected credit losses.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Group considers reasonable and supportable information that is relevant and available without undue cost of e\ufb00ort. This includes both quantitative and qualitative information and analysis, based on the Group's historical experience and informed credit assessment and including forward-looking information.The Group considers a financial asset to be in default when:- The borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or - The financial asset is more than 90 days past due.Measurement of expected credit losses:- For trade receivables, the Group applies the simplified method of credit reserves, i.e. the reserve will correspond to the expected loss over the whole life of the trade receivable. In order to measure the credit losses, trade receivables are grouped based on credit risk characteristics of its customer. The Group applies forward-looking variables for expected credit losses. - Expected credit losses are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the di\ufb00erence between the cash \ufb02ows due to the entity in accordance with the contract and the cash \ufb02ows that the Group expects to receive).- Expected credit losses are discounted at the e\ufb00ective interest rate of the financial asset. At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired, which is when one or more events that have a detrimental impact on the estimated future cash \ufb02ow of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data:- Significant financial di\ufb03culty of the borrower or issuer;- A breach of contract such as default or being more than 90 days past due;- The restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;- It is probable that the borrower will enter bankruptcy or other financial reorganisation; or - The disappearance of an active market for a security because of financial di\ufb03culties.Loss allowances of expected credit losses for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets as in the statement of financial position. Derecognition of financial assetsThe gross carrying amount of a financial asset is written o\ufb00 when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For customers, the Group individually makes an assessment with respect to the timing and amount of write-o\ufb00 based on whether there is reasonable expectation of recovery. The Group expects no significant recovery from the amount written o\ufb00. However, financial assets that are written o\ufb00 could still be subject to enforcement activities in order to comply with the Group's procedures for recovery of amount due. FINANCIAL LIABILITIESInitial recognition Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss and financial liabilities measured at amortised cost. The Group determines the classification of its financial liabilities at initial recognition. Financial liabilities are recognised initially at fair value and, in case of loans and borrowings, net of directly attributable costs. The Group\u2019s financial liabilities include non-derivative financial instruments (trade and other payables, loans and borrowings, financial guarantee contracts) and derivative financial instruments. Subsequent measurement and gains and losses Financial liabilities at fair value through profit and loss are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the e\ufb00ective interest method. If there is a change in the timing or amount of estimated cash \ufb02ows, the amortised cost of the financial liability is adjusted in the period of change to re\ufb02ect the revised actual and estimated cash \ufb02ows, with a corresponding income or expense being recognised in profit or loss. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially di\ufb00erent terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the di\ufb00erence between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-42-7": {
"value": "FINANCIAL ASSETS Initial recognition Trade receivables are initially recognised when they are originated. All other financial assets are initially recognised when the Group becomes a party to the contractual provision of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) is initially measured at fair value plus, for an item not at fair value through profit or loss (\"FVTPL\"), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and measurement On initial recognition, a financial asset is classified as measured on following basis: 1) financial assets at amortised cost; and 2) financial assets at fair value through profit or loss \"FVTPL\". Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all a\ufb00ected financial assets are reclassified on the first day of the first reporting period following the changes in the business model. 1) Financial assets at amortised cost A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:- It is held within a business model whose objective is to hold assets to collect contractual cash \ufb02ows; and- Its contractual terms give rise on specified dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. 2) Financial assets at FVTPL All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost of a FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Derivative financial instrumentsThe Group uses derivative financial instruments such as forward currency contracts, interest rate cap, and interest rate swaps to hedge its foreign currency risk and interest rate risk. Such instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The derivative financial instruments are mainly used in economic hedges where the changes in fair value are taken directly through profit or loss. The fair value of forward currency contracts is the discounted di\ufb00erence between the forward exchange rate and the contract price. The fair value of interest rate caps and swaps contracts are calculated using inputs that are from observable market prices. Gains or losses arising from changes in fair value of derivative financial instruments that do not qualify for hedge accounting are taken to the profit and loss account. For cash \ufb02ow hedges, the e\ufb00ective portion of the gains or losses on the hedging instrument is recognised directly in other comprehensive income and accumulated in the hedging reserve, while the ine\ufb00ective portion is recognised in the profit and loss account. Amounts taken to other comprehensive income are reclassified to the profit and loss account when the hedged transaction a\ufb00ects the profit and loss account. For fair value hedges, changes in the fair value of the designated hedging instruments are recognised in the profit and loss account. The hedged item is adjusted to re\ufb02ect change in its fair value in respect of the risk hedged, with any gain or loss recognised in the profit and loss account.The Group documents at the inception of the transaction the relationship between the hedging instruments and hedged items, as well as its risk management objective and strategies for undertaking various transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives designated as hedging instruments are highly e\ufb00ective in o\ufb00setting changes in fair value or cash \ufb02ows of the hedged items. There are currently no hedged items in the periods covered within this financial statement. Current versus non-current classificationDerivative instruments that are not designated and e\ufb00ective hedging instruments are classified as current or non-current or separated into a current and non-current portion based on an assessment of the facts and circumstances. When the Group holds a derivative as an economic hedge for a period beyond 12 months after the balance sheet date or a derivative instrument is designated as an e\ufb00ective hedging instrument, the fair value of the derivative instrument is classified as current or non-current consistent with the classification of the underlying item. Economic hedges are not treated as hedging for accounting purposes.Subsequent measurement and gains and losses1) Financial assets at amortised costThese assets are subsequently measured at amortised cost using the e\ufb00ective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.2) Financial assets at FVTPLThese assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. Derecognition A financial asset is derecognised when the contractual rights to the cash \ufb02ows from the financial asset expire or it transfers the rights to receive the contractual cash \ufb02ows in a transaction which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Impairment of financial assets The Group recognises loss allowances for expected credit losses on:- Financial assets measured at amortised costLoss allowances for trade receivables and assets are always measured at an amount equal to lifetime expected credit losses.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Group considers reasonable and supportable information that is relevant and available without undue cost of e\ufb00ort. This includes both quantitative and qualitative information and analysis, based on the Group's historical experience and informed credit assessment and including forward-looking information.The Group considers a financial asset to be in default when:- The borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or - The financial asset is more than 90 days past due.Measurement of expected credit losses:- For trade receivables, the Group applies the simplified method of credit reserves, i.e. the reserve will correspond to the expected loss over the whole life of the trade receivable. In order to measure the credit losses, trade receivables are grouped based on credit risk characteristics of its customer. The Group applies forward-looking variables for expected credit losses. - Expected credit losses are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the di\ufb00erence between the cash \ufb02ows due to the entity in accordance with the contract and the cash \ufb02ows that the Group expects to receive).- Expected credit losses are discounted at the e\ufb00ective interest rate of the financial asset. At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired, which is when one or more events that have a detrimental impact on the estimated future cash \ufb02ow of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data:- Significant financial di\ufb03culty of the borrower or issuer;- A breach of contract such as default or being more than 90 days past due;- The restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;- It is probable that the borrower will enter bankruptcy or other financial reorganisation; or - The disappearance of an active market for a security because of financial di\ufb03culties.Loss allowances of expected credit losses for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets as in the statement of financial position. Derecognition of financial assetsThe gross carrying amount of a financial asset is written o\ufb00 when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For customers, the Group individually makes an assessment with respect to the timing and amount of write-o\ufb00 based on whether there is reasonable expectation of recovery. The Group expects no significant recovery from the amount written o\ufb00. However, financial assets that are written o\ufb00 could still be subject to enforcement activities in order to comply with the Group's procedures for recovery of amount due. FINANCIAL LIABILITIESInitial recognition Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss and financial liabilities measured at amortised cost. The Group determines the classification of its financial liabilities at initial recognition. Financial liabilities are recognised initially at fair value and, in case of loans and borrowings, net of directly attributable costs. The Group\u2019s financial liabilities include non-derivative financial instruments (trade and other payables, loans and borrowings, financial guarantee contracts) and derivative financial instruments. Subsequent measurement and gains and losses Financial liabilities at fair value through profit and loss are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the e\ufb00ective interest method. If there is a change in the timing or amount of estimated cash \ufb02ows, the amortised cost of the financial liability is adjusted in the period of change to re\ufb02ect the revised actual and estimated cash \ufb02ows, with a corresponding income or expense being recognised in profit or loss. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially di\ufb00erent terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the di\ufb00erence between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-42-8": {
"value": "FINANCIAL ASSETS Initial recognition Trade receivables are initially recognised when they are originated. All other financial assets are initially recognised when the Group becomes a party to the contractual provision of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) is initially measured at fair value plus, for an item not at fair value through profit or loss (\"FVTPL\"), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and measurement On initial recognition, a financial asset is classified as measured on following basis: 1) financial assets at amortised cost; and 2) financial assets at fair value through profit or loss \"FVTPL\". Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all a\ufb00ected financial assets are reclassified on the first day of the first reporting period following the changes in the business model. 1) Financial assets at amortised cost A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:- It is held within a business model whose objective is to hold assets to collect contractual cash \ufb02ows; and- Its contractual terms give rise on specified dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. 2) Financial assets at FVTPL All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost of a FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Derivative financial instrumentsThe Group uses derivative financial instruments such as forward currency contracts, interest rate cap, and interest rate swaps to hedge its foreign currency risk and interest rate risk. Such instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The derivative financial instruments are mainly used in economic hedges where the changes in fair value are taken directly through profit or loss. The fair value of forward currency contracts is the discounted di\ufb00erence between the forward exchange rate and the contract price. The fair value of interest rate caps and swaps contracts are calculated using inputs that are from observable market prices. Gains or losses arising from changes in fair value of derivative financial instruments that do not qualify for hedge accounting are taken to the profit and loss account. For cash \ufb02ow hedges, the e\ufb00ective portion of the gains or losses on the hedging instrument is recognised directly in other comprehensive income and accumulated in the hedging reserve, while the ine\ufb00ective portion is recognised in the profit and loss account. Amounts taken to other comprehensive income are reclassified to the profit and loss account when the hedged transaction a\ufb00ects the profit and loss account. For fair value hedges, changes in the fair value of the designated hedging instruments are recognised in the profit and loss account. The hedged item is adjusted to re\ufb02ect change in its fair value in respect of the risk hedged, with any gain or loss recognised in the profit and loss account.The Group documents at the inception of the transaction the relationship between the hedging instruments and hedged items, as well as its risk management objective and strategies for undertaking various transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives designated as hedging instruments are highly e\ufb00ective in o\ufb00setting changes in fair value or cash \ufb02ows of the hedged items. There are currently no hedged items in the periods covered within this financial statement. Current versus non-current classificationDerivative instruments that are not designated and e\ufb00ective hedging instruments are classified as current or non-current or separated into a current and non-current portion based on an assessment of the facts and circumstances. When the Group holds a derivative as an economic hedge for a period beyond 12 months after the balance sheet date or a derivative instrument is designated as an e\ufb00ective hedging instrument, the fair value of the derivative instrument is classified as current or non-current consistent with the classification of the underlying item. Economic hedges are not treated as hedging for accounting purposes.Subsequent measurement and gains and losses1) Financial assets at amortised costThese assets are subsequently measured at amortised cost using the e\ufb00ective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.2) Financial assets at FVTPLThese assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. Derecognition A financial asset is derecognised when the contractual rights to the cash \ufb02ows from the financial asset expire or it transfers the rights to receive the contractual cash \ufb02ows in a transaction which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Impairment of financial assets The Group recognises loss allowances for expected credit losses on:- Financial assets measured at amortised costLoss allowances for trade receivables and assets are always measured at an amount equal to lifetime expected credit losses.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Group considers reasonable and supportable information that is relevant and available without undue cost of e\ufb00ort. This includes both quantitative and qualitative information and analysis, based on the Group's historical experience and informed credit assessment and including forward-looking information.The Group considers a financial asset to be in default when:- The borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or - The financial asset is more than 90 days past due.Measurement of expected credit losses:- For trade receivables, the Group applies the simplified method of credit reserves, i.e. the reserve will correspond to the expected loss over the whole life of the trade receivable. In order to measure the credit losses, trade receivables are grouped based on credit risk characteristics of its customer. The Group applies forward-looking variables for expected credit losses. - Expected credit losses are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the di\ufb00erence between the cash \ufb02ows due to the entity in accordance with the contract and the cash \ufb02ows that the Group expects to receive).- Expected credit losses are discounted at the e\ufb00ective interest rate of the financial asset. At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired, which is when one or more events that have a detrimental impact on the estimated future cash \ufb02ow of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data:- Significant financial di\ufb03culty of the borrower or issuer;- A breach of contract such as default or being more than 90 days past due;- The restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;- It is probable that the borrower will enter bankruptcy or other financial reorganisation; or - The disappearance of an active market for a security because of financial di\ufb03culties.Loss allowances of expected credit losses for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets as in the statement of financial position. Derecognition of financial assetsThe gross carrying amount of a financial asset is written o\ufb00 when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For customers, the Group individually makes an assessment with respect to the timing and amount of write-o\ufb00 based on whether there is reasonable expectation of recovery. The Group expects no significant recovery from the amount written o\ufb00. However, financial assets that are written o\ufb00 could still be subject to enforcement activities in order to comply with the Group's procedures for recovery of amount due. FINANCIAL LIABILITIESInitial recognition Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss and financial liabilities measured at amortised cost. The Group determines the classification of its financial liabilities at initial recognition. Financial liabilities are recognised initially at fair value and, in case of loans and borrowings, net of directly attributable costs. The Group\u2019s financial liabilities include non-derivative financial instruments (trade and other payables, loans and borrowings, financial guarantee contracts) and derivative financial instruments. Subsequent measurement and gains and losses Financial liabilities at fair value through profit and loss are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the e\ufb00ective interest method. If there is a change in the timing or amount of estimated cash \ufb02ows, the amortised cost of the financial liability is adjusted in the period of change to re\ufb02ect the revised actual and estimated cash \ufb02ows, with a corresponding income or expense being recognised in profit or loss. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially di\ufb00erent terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the di\ufb00erence between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-42-9": {
"value": "FINANCIAL ASSETS Initial recognition Trade receivables are initially recognised when they are originated. All other financial assets are initially recognised when the Group becomes a party to the contractual provision of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) is initially measured at fair value plus, for an item not at fair value through profit or loss (\"FVTPL\"), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and measurement On initial recognition, a financial asset is classified as measured on following basis: 1) financial assets at amortised cost; and 2) financial assets at fair value through profit or loss \"FVTPL\". Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all a\ufb00ected financial assets are reclassified on the first day of the first reporting period following the changes in the business model. 1) Financial assets at amortised cost A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:- It is held within a business model whose objective is to hold assets to collect contractual cash \ufb02ows; and- Its contractual terms give rise on specified dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. 2) Financial assets at FVTPL All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost of a FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Derivative financial instrumentsThe Group uses derivative financial instruments such as forward currency contracts, interest rate cap, and interest rate swaps to hedge its foreign currency risk and interest rate risk. Such instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The derivative financial instruments are mainly used in economic hedges where the changes in fair value are taken directly through profit or loss. The fair value of forward currency contracts is the discounted di\ufb00erence between the forward exchange rate and the contract price. The fair value of interest rate caps and swaps contracts are calculated using inputs that are from observable market prices. Gains or losses arising from changes in fair value of derivative financial instruments that do not qualify for hedge accounting are taken to the profit and loss account. For cash \ufb02ow hedges, the e\ufb00ective portion of the gains or losses on the hedging instrument is recognised directly in other comprehensive income and accumulated in the hedging reserve, while the ine\ufb00ective portion is recognised in the profit and loss account. Amounts taken to other comprehensive income are reclassified to the profit and loss account when the hedged transaction a\ufb00ects the profit and loss account. For fair value hedges, changes in the fair value of the designated hedging instruments are recognised in the profit and loss account. The hedged item is adjusted to re\ufb02ect change in its fair value in respect of the risk hedged, with any gain or loss recognised in the profit and loss account.The Group documents at the inception of the transaction the relationship between the hedging instruments and hedged items, as well as its risk management objective and strategies for undertaking various transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives designated as hedging instruments are highly e\ufb00ective in o\ufb00setting changes in fair value or cash \ufb02ows of the hedged items. There are currently no hedged items in the periods covered within this financial statement. Current versus non-current classificationDerivative instruments that are not designated and e\ufb00ective hedging instruments are classified as current or non-current or separated into a current and non-current portion based on an assessment of the facts and circumstances. When the Group holds a derivative as an economic hedge for a period beyond 12 months after the balance sheet date or a derivative instrument is designated as an e\ufb00ective hedging instrument, the fair value of the derivative instrument is classified as current or non-current consistent with the classification of the underlying item. Economic hedges are not treated as hedging for accounting purposes.Subsequent measurement and gains and losses1) Financial assets at amortised costThese assets are subsequently measured at amortised cost using the e\ufb00ective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.2) Financial assets at FVTPLThese assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. Derecognition A financial asset is derecognised when the contractual rights to the cash \ufb02ows from the financial asset expire or it transfers the rights to receive the contractual cash \ufb02ows in a transaction which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Impairment of financial assets The Group recognises loss allowances for expected credit losses on:- Financial assets measured at amortised costLoss allowances for trade receivables and assets are always measured at an amount equal to lifetime expected credit losses.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Group considers reasonable and supportable information that is relevant and available without undue cost of e\ufb00ort. This includes both quantitative and qualitative information and analysis, based on the Group's historical experience and informed credit assessment and including forward-looking information.The Group considers a financial asset to be in default when:- The borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or - The financial asset is more than 90 days past due.Measurement of expected credit losses:- For trade receivables, the Group applies the simplified method of credit reserves, i.e. the reserve will correspond to the expected loss over the whole life of the trade receivable. In order to measure the credit losses, trade receivables are grouped based on credit risk characteristics of its customer. The Group applies forward-looking variables for expected credit losses. - Expected credit losses are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the di\ufb00erence between the cash \ufb02ows due to the entity in accordance with the contract and the cash \ufb02ows that the Group expects to receive).- Expected credit losses are discounted at the e\ufb00ective interest rate of the financial asset. At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired, which is when one or more events that have a detrimental impact on the estimated future cash \ufb02ow of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data:- Significant financial di\ufb03culty of the borrower or issuer;- A breach of contract such as default or being more than 90 days past due;- The restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;- It is probable that the borrower will enter bankruptcy or other financial reorganisation; or - The disappearance of an active market for a security because of financial di\ufb03culties.Loss allowances of expected credit losses for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets as in the statement of financial position. Derecognition of financial assetsThe gross carrying amount of a financial asset is written o\ufb00 when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For customers, the Group individually makes an assessment with respect to the timing and amount of write-o\ufb00 based on whether there is reasonable expectation of recovery. The Group expects no significant recovery from the amount written o\ufb00. However, financial assets that are written o\ufb00 could still be subject to enforcement activities in order to comply with the Group's procedures for recovery of amount due. FINANCIAL LIABILITIESInitial recognition Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss and financial liabilities measured at amortised cost. The Group determines the classification of its financial liabilities at initial recognition. Financial liabilities are recognised initially at fair value and, in case of loans and borrowings, net of directly attributable costs. The Group\u2019s financial liabilities include non-derivative financial instruments (trade and other payables, loans and borrowings, financial guarantee contracts) and derivative financial instruments. Subsequent measurement and gains and losses Financial liabilities at fair value through profit and loss are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the e\ufb00ective interest method. If there is a change in the timing or amount of estimated cash \ufb02ows, the amortised cost of the financial liability is adjusted in the period of change to re\ufb02ect the revised actual and estimated cash \ufb02ows, with a corresponding income or expense being recognised in profit or loss. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially di\ufb00erent terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the di\ufb00erence between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-42-10": {
"value": "FINANCIAL ASSETS Initial recognition Trade receivables are initially recognised when they are originated. All other financial assets are initially recognised when the Group becomes a party to the contractual provision of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) is initially measured at fair value plus, for an item not at fair value through profit or loss (\"FVTPL\"), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and measurement On initial recognition, a financial asset is classified as measured on following basis: 1) financial assets at amortised cost; and 2) financial assets at fair value through profit or loss \"FVTPL\". Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all a\ufb00ected financial assets are reclassified on the first day of the first reporting period following the changes in the business model. 1) Financial assets at amortised cost A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:- It is held within a business model whose objective is to hold assets to collect contractual cash \ufb02ows; and- Its contractual terms give rise on specified dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. 2) Financial assets at FVTPL All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost of a FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Derivative financial instrumentsThe Group uses derivative financial instruments such as forward currency contracts, interest rate cap, and interest rate swaps to hedge its foreign currency risk and interest rate risk. Such instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The derivative financial instruments are mainly used in economic hedges where the changes in fair value are taken directly through profit or loss. The fair value of forward currency contracts is the discounted di\ufb00erence between the forward exchange rate and the contract price. The fair value of interest rate caps and swaps contracts are calculated using inputs that are from observable market prices. Gains or losses arising from changes in fair value of derivative financial instruments that do not qualify for hedge accounting are taken to the profit and loss account. For cash \ufb02ow hedges, the e\ufb00ective portion of the gains or losses on the hedging instrument is recognised directly in other comprehensive income and accumulated in the hedging reserve, while the ine\ufb00ective portion is recognised in the profit and loss account. Amounts taken to other comprehensive income are reclassified to the profit and loss account when the hedged transaction a\ufb00ects the profit and loss account. For fair value hedges, changes in the fair value of the designated hedging instruments are recognised in the profit and loss account. The hedged item is adjusted to re\ufb02ect change in its fair value in respect of the risk hedged, with any gain or loss recognised in the profit and loss account.The Group documents at the inception of the transaction the relationship between the hedging instruments and hedged items, as well as its risk management objective and strategies for undertaking various transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives designated as hedging instruments are highly e\ufb00ective in o\ufb00setting changes in fair value or cash \ufb02ows of the hedged items. There are currently no hedged items in the periods covered within this financial statement. Current versus non-current classificationDerivative instruments that are not designated and e\ufb00ective hedging instruments are classified as current or non-current or separated into a current and non-current portion based on an assessment of the facts and circumstances. When the Group holds a derivative as an economic hedge for a period beyond 12 months after the balance sheet date or a derivative instrument is designated as an e\ufb00ective hedging instrument, the fair value of the derivative instrument is classified as current or non-current consistent with the classification of the underlying item. Economic hedges are not treated as hedging for accounting purposes.Subsequent measurement and gains and losses1) Financial assets at amortised costThese assets are subsequently measured at amortised cost using the e\ufb00ective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.2) Financial assets at FVTPLThese assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. Derecognition A financial asset is derecognised when the contractual rights to the cash \ufb02ows from the financial asset expire or it transfers the rights to receive the contractual cash \ufb02ows in a transaction which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Impairment of financial assets The Group recognises loss allowances for expected credit losses on:- Financial assets measured at amortised costLoss allowances for trade receivables and assets are always measured at an amount equal to lifetime expected credit losses.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Group considers reasonable and supportable information that is relevant and available without undue cost of e\ufb00ort. This includes both quantitative and qualitative information and analysis, based on the Group's historical experience and informed credit assessment and including forward-looking information.The Group considers a financial asset to be in default when:- The borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or - The financial asset is more than 90 days past due.Measurement of expected credit losses:- For trade receivables, the Group applies the simplified method of credit reserves, i.e. the reserve will correspond to the expected loss over the whole life of the trade receivable. In order to measure the credit losses, trade receivables are grouped based on credit risk characteristics of its customer. The Group applies forward-looking variables for expected credit losses. - Expected credit losses are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the di\ufb00erence between the cash \ufb02ows due to the entity in accordance with the contract and the cash \ufb02ows that the Group expects to receive).- Expected credit losses are discounted at the e\ufb00ective interest rate of the financial asset. At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired, which is when one or more events that have a detrimental impact on the estimated future cash \ufb02ow of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data:- Significant financial di\ufb03culty of the borrower or issuer;- A breach of contract such as default or being more than 90 days past due;- The restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;- It is probable that the borrower will enter bankruptcy or other financial reorganisation; or - The disappearance of an active market for a security because of financial di\ufb03culties.Loss allowances of expected credit losses for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets as in the statement of financial position. Derecognition of financial assetsThe gross carrying amount of a financial asset is written o\ufb00 when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For customers, the Group individually makes an assessment with respect to the timing and amount of write-o\ufb00 based on whether there is reasonable expectation of recovery. The Group expects no significant recovery from the amount written o\ufb00. However, financial assets that are written o\ufb00 could still be subject to enforcement activities in order to comply with the Group's procedures for recovery of amount due. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-42-11": {
"value": "FINANCIAL ASSETS Initial recognition Trade receivables are initially recognised when they are originated. All other financial assets are initially recognised when the Group becomes a party to the contractual provision of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) is initially measured at fair value plus, for an item not at fair value through profit or loss (\"FVTPL\"), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. Classification and measurement On initial recognition, a financial asset is classified as measured on following basis: 1) financial assets at amortised cost; and 2) financial assets at fair value through profit or loss \"FVTPL\". Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all a\ufb00ected financial assets are reclassified on the first day of the first reporting period following the changes in the business model. 1) Financial assets at amortised cost A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:- It is held within a business model whose objective is to hold assets to collect contractual cash \ufb02ows; and- Its contractual terms give rise on specified dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. 2) Financial assets at FVTPL All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost of a FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Derivative financial instrumentsThe Group uses derivative financial instruments such as forward currency contracts, interest rate cap, and interest rate swaps to hedge its foreign currency risk and interest rate risk. Such instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. The derivative financial instruments are mainly used in economic hedges where the changes in fair value are taken directly through profit or loss. The fair value of forward currency contracts is the discounted di\ufb00erence between the forward exchange rate and the contract price. The fair value of interest rate caps and swaps contracts are calculated using inputs that are from observable market prices. Gains or losses arising from changes in fair value of derivative financial instruments that do not qualify for hedge accounting are taken to the profit and loss account. For cash \ufb02ow hedges, the e\ufb00ective portion of the gains or losses on the hedging instrument is recognised directly in other comprehensive income and accumulated in the hedging reserve, while the ine\ufb00ective portion is recognised in the profit and loss account. Amounts taken to other comprehensive income are reclassified to the profit and loss account when the hedged transaction a\ufb00ects the profit and loss account. For fair value hedges, changes in the fair value of the designated hedging instruments are recognised in the profit and loss account. The hedged item is adjusted to re\ufb02ect change in its fair value in respect of the risk hedged, with any gain or loss recognised in the profit and loss account.The Group documents at the inception of the transaction the relationship between the hedging instruments and hedged items, as well as its risk management objective and strategies for undertaking various transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives designated as hedging instruments are highly e\ufb00ective in o\ufb00setting changes in fair value or cash \ufb02ows of the hedged items. There are currently no hedged items in the periods covered within this financial statement. Current versus non-current classificationDerivative instruments that are not designated and e\ufb00ective hedging instruments are classified as current or non-current or separated into a current and non-current portion based on an assessment of the facts and circumstances. When the Group holds a derivative as an economic hedge for a period beyond 12 months after the balance sheet date or a derivative instrument is designated as an e\ufb00ective hedging instrument, the fair value of the derivative instrument is classified as current or non-current consistent with the classification of the underlying item. Economic hedges are not treated as hedging for accounting purposes.Subsequent measurement and gains and losses1) Financial assets at amortised costThese assets are subsequently measured at amortised cost using the e\ufb00ective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.2) Financial assets at FVTPLThese assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. Derecognition A financial asset is derecognised when the contractual rights to the cash \ufb02ows from the financial asset expire or it transfers the rights to receive the contractual cash \ufb02ows in a transaction which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Impairment of financial assets The Group recognises loss allowances for expected credit losses on:- Financial assets measured at amortised costLoss allowances for trade receivables and assets are always measured at an amount equal to lifetime expected credit losses.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Group considers reasonable and supportable information that is relevant and available without undue cost of e\ufb00ort. This includes both quantitative and qualitative information and analysis, based on the Group's historical experience and informed credit assessment and including forward-looking information.The Group considers a financial asset to be in default when:- The borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or - The financial asset is more than 90 days past due.Measurement of expected credit losses:- For trade receivables, the Group applies the simplified method of credit reserves, i.e. the reserve will correspond to the expected loss over the whole life of the trade receivable. In order to measure the credit losses, trade receivables are grouped based on credit risk characteristics of its customer. The Group applies forward-looking variables for expected credit losses. - Expected credit losses are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the di\ufb00erence between the cash \ufb02ows due to the entity in accordance with the contract and the cash \ufb02ows that the Group expects to receive).- Expected credit losses are discounted at the e\ufb00ective interest rate of the financial asset. At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired, which is when one or more events that have a detrimental impact on the estimated future cash \ufb02ow of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data:- Significant financial di\ufb03culty of the borrower or issuer;- A breach of contract such as default or being more than 90 days past due;- The restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;- It is probable that the borrower will enter bankruptcy or other financial reorganisation; or - The disappearance of an active market for a security because of financial di\ufb03culties.Loss allowances of expected credit losses for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets as in the statement of financial position. Derecognition of financial assetsThe gross carrying amount of a financial asset is written o\ufb00 when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For customers, the Group individually makes an assessment with respect to the timing and amount of write-o\ufb00 based on whether there is reasonable expectation of recovery. The Group expects no significant recovery from the amount written o\ufb00. However, financial assets that are written o\ufb00 could still be subject to enforcement activities in order to comply with the Group's procedures for recovery of amount due. FINANCIAL LIABILITIESInitial recognition Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss and financial liabilities measured at amortised cost. The Group determines the classification of its financial liabilities at initial recognition. Financial liabilities are recognised initially at fair value and, in case of loans and borrowings, net of directly attributable costs. The Group\u2019s financial liabilities include non-derivative financial instruments (trade and other payables, loans and borrowings, financial guarantee contracts) and derivative financial instruments. Subsequent measurement and gains and losses Financial liabilities at fair value through profit and loss are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the e\ufb00ective interest method. If there is a change in the timing or amount of estimated cash \ufb02ows, the amortised cost of the financial liability is adjusted in the period of change to re\ufb02ect the revised actual and estimated cash \ufb02ows, with a corresponding income or expense being recognised in profit or loss. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially di\ufb00erent terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the di\ufb00erence between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-48-8": {
"value": "FINANCIAL LIABILITIESInitial recognition Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss and financial liabilities measured at amortised cost. The Group determines the classification of its financial liabilities at initial recognition. Financial liabilities are recognised initially at fair value and, in case of loans and borrowings, net of directly attributable costs. The Group\u2019s financial liabilities include non-derivative financial instruments (trade and other payables, loans and borrowings, financial guarantee contracts) and derivative financial instruments. Subsequent measurement and gains and losses Financial liabilities at fair value through profit and loss are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the e\ufb00ective interest method. If there is a change in the timing or amount of estimated cash \ufb02ows, the amortised cost of the financial liability is adjusted in the period of change to re\ufb02ect the revised actual and estimated cash \ufb02ows, with a corresponding income or expense being recognised in profit or loss. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially di\ufb00erent terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the di\ufb00erence between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-48-9": {
"value": "FINANCIAL LIABILITIESInitial recognition Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss and financial liabilities measured at amortised cost. The Group determines the classification of its financial liabilities at initial recognition. Financial liabilities are recognised initially at fair value and, in case of loans and borrowings, net of directly attributable costs. The Group\u2019s financial liabilities include non-derivative financial instruments (trade and other payables, loans and borrowings, financial guarantee contracts) and derivative financial instruments. Subsequent measurement and gains and losses Financial liabilities at fair value through profit and loss are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the e\ufb00ective interest method. If there is a change in the timing or amount of estimated cash \ufb02ows, the amortised cost of the financial liability is adjusted in the period of change to re\ufb02ect the revised actual and estimated cash \ufb02ows, with a corresponding income or expense being recognised in profit or loss. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially di\ufb00erent terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the di\ufb00erence between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-48-10": {
"value": "FINANCIAL LIABILITIESInitial recognition Financial liabilities within the scope of IFRS 9 are classified as financial liabilities at fair value through profit or loss and financial liabilities measured at amortised cost. The Group determines the classification of its financial liabilities at initial recognition. Financial liabilities are recognised initially at fair value and, in case of loans and borrowings, net of directly attributable costs. The Group\u2019s financial liabilities include non-derivative financial instruments (trade and other payables, loans and borrowings, financial guarantee contracts) and derivative financial instruments. Subsequent measurement and gains and losses Financial liabilities at fair value through profit and loss are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the e\ufb00ective interest method. If there is a change in the timing or amount of estimated cash \ufb02ows, the amortised cost of the financial liability is adjusted in the period of change to re\ufb02ect the revised actual and estimated cash \ufb02ows, with a corresponding income or expense being recognised in profit or loss. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially di\ufb00erent terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the di\ufb00erence between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-50-3": {
"value": "FAIR VALUE OF FINANCIAL INSTRUMENTS. The fair value of financial instruments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date. For financial instruments where there is no active market, fair value is determined using valuation techniques. Such techniques may include using recent arm\u2019s length market transactions, reference to the current fair value of another instrument that is substantially the same, discounted cash \ufb02ow analysis or other valuation models.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-51-3": {
"value": "EMPLOYEE BENEFITS Defined contribution plans Companies within the Group make contributions to pension schemes that are defined contribution plans. The companies\u2019 payments are recognised in the income statement for the year to which the contribution applies. Share-based payment arrangements The Group operates an equity-settled, share-based compensation plan. The grant-date fair value of equity-settled share-based payment arrangements granted to employees is recognised as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognised as an expense is adjusted to re\ufb02ect the number of awards for which the related service are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service at the vesting date.At each balance sheet date, the Group revises its estimates of the number of shares under options that are expected to become exercisable on the vesting date and recognises the impact of the revision of the estimates in profit or loss, with a corresponding adjustment to the equity over the remaining vesting period. When the options are exercised, the proceeds received (net of transaction costs) and the related balance previously recognised in the equity are credited to the share capital account, when new ordinary shares are issued, or to the \u201ctreasury shares\u201d account, when treasury shares are re-issued to the employees.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-51-4": {
"value": "EMPLOYEE BENEFITS Defined contribution plans Companies within the Group make contributions to pension schemes that are defined contribution plans. The companies\u2019 payments are recognised in the income statement for the year to which the contribution applies. Share-based payment arrangements The Group operates an equity-settled, share-based compensation plan. The grant-date fair value of equity-settled share-based payment arrangements granted to employees is recognised as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognised as an expense is adjusted to re\ufb02ect the number of awards for which the related service are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service at the vesting date.At each balance sheet date, the Group revises its estimates of the number of shares under options that are expected to become exercisable on the vesting date and recognises the impact of the revision of the estimates in profit or loss, with a corresponding adjustment to the equity over the remaining vesting period. When the options are exercised, the proceeds received (net of transaction costs) and the related balance previously recognised in the equity are credited to the share capital account, when new ordinary shares are issued, or to the \u201ctreasury shares\u201d account, when treasury shares are re-issued to the employees.SHAREHOLDER'S EQUITY. Any di\ufb00erence between the issue price of share capital and the nominal value is recognised as share premium. The costs incurred attributable to the issue of share capital are deducted from equity. Zero coupon convertible bonds and share options that will be settled by the Company by delivering a fixed number of its own equity instruments in exchange for a fixed amount of cash are equity instruments and recognised in equity. The translation reserve comprises all foreign currency di\ufb00erences arising from the translation of the financial statements of foreign operations. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-53-3": {
"value": "BORROWING COSTS. Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the respective assets. Capitalised borrowing costs are calculated using the e\ufb00ective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-54-3": {
"value": "LEASES. A lease is defined as a contract that conveys the right to control the use of an identified asset for a period in exchange for consideration. For each contract that meets this definition, the lessees will recognise a right-of-use asset and a lease liability in the balance sheet with certain exemptions for short term and low value leases. Lease payments are to be re\ufb02ected as interest expense and a reduction of lease liabilities, while the right-of-use assets are to be depreciated over the shorter of the lease term and the assets useful life. The portion of lease payments representing payments of lease liabilities and interest expense shall be classified in line with the policy elected for other interest payments in the statement of cash \ufb02ows. Lease liabilities are measured at the present value of remaining lease payments, discounted using the incremental borrowing rate. At initial recognition, right-of-use assets are measured at an amount equal to the lease liability. Major lease liabilities for the Group comprise of leases of chartered-in vessels, o\ufb03ce buildings, warehouses, transportation, logistics assets and other IT infrastructure and o\ufb03ce equipment. The Group separately expenses variable expense services and other non-lease components embedded in lease contracts for o\ufb03ce buildings and warehouses. For leases of other assets, the Group capitalises non-lease components subject to fixed payments as part of the lease. The Group applies the general short-term exemption for leases of chartered-in vessels, o\ufb03ce buildings, warehouses, transportation, logistics assets and other IT infrastructure and o\ufb03ce equipment. Leases with a lease term of 12 months or less that do not contain a purchase option are expensed as short-term leases.The Group also applies the general low value exemption for leases of o\ufb03ce equipment. This applies for all leases where the value of the underlying asset is below USD 5,000. These low value leases of such assets will not be capitalised and that lease payments are expensed in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-56-3": {
"value": "INCOME TAXES in the income statement include taxes payable and changes in deferred tax. Deferred tax is calculated based on temporary di\ufb00erences between book and tax values that exist at the end of the period. Deferred tax asset is recognised in the statement of financial position when it is probable that the tax benefit can be utilised. Deferred tax and deferred tax asset are measured at nominal value. Income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered or paid to the tax authorities. Deferred tax liabilities are measured at the tax rates that are expected to apply in the year when the liability is settled, based on tax rates that have been enacted or substantively enacted at the reporting date. Deferred tax is provided using the liability method. Deferred tax assets and liabilities are o\ufb00set if a legally enforceable right exists to set o\ufb00 current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same tax authority. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that su\ufb03cient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-56-4": {
"value": "INCOME TAXES in the income statement include taxes payable and changes in deferred tax. Deferred tax is calculated based on temporary di\ufb00erences between book and tax values that exist at the end of the period. Deferred tax asset is recognised in the statement of financial position when it is probable that the tax benefit can be utilised. Deferred tax and deferred tax asset are measured at nominal value. Income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered or paid to the tax authorities. Deferred tax liabilities are measured at the tax rates that are expected to apply in the year when the liability is settled, based on tax rates that have been enacted or substantively enacted at the reporting date. Deferred tax is provided using the liability method. Deferred tax assets and liabilities are o\ufb00set if a legally enforceable right exists to set o\ufb00 current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same tax authority. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that su\ufb03cient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-57-3": {
"value": "CASH AND DEPOSITS comprise cash at banks and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-58-3": {
"value": "DIVIDEND distribution to the shareholders is recognised in the financial statements on the date on which the shareholders' right to receive payment is established. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-59-5": {
"value": "SHAREHOLDER'S EQUITY. Any di\ufb00erence between the issue price of share capital and the nominal value is recognised as share premium. The costs incurred attributable to the issue of share capital are deducted from equity. Zero coupon convertible bonds and share options that will be settled by the Company by delivering a fixed number of its own equity instruments in exchange for a fixed amount of cash are equity instruments and recognised in equity. The translation reserve comprises all foreign currency di\ufb00erences arising from the translation of the financial statements of foreign operations. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-60-2": {
"value": "NOTE 4: SEGMENT REPORTING AND CONTRACT BALANCES The Group has one segment, which is chartering and operation of accommodation/service vessels. . Operating revenues by geographical location 2022 2021Brazil 52.7 43.6 Norway 17.2 0.0 Trinidad & Tobago 53.1 19.6 United Kingdom 75.9 77.9 Total operating revenues 198.9 141.1 The revenue allocation is based on place of operation of the vessel. Operating revenues by major customers: 2022 20211) 2)1)2) Europe 1 0.0 0.0% 31.5 22.3%Europe 2 29.5 14.8% 25.9 18.4%Europe 3 0.0 0.0% 19.6 13.9%Europe 4 46.9 23.6% 0.0 0.0%South America 1 52.7 26.5% 43.6 30.9%South America 2 43.3 21.8% 0.0 0.0%South America 3 9.8 4.9% 19.6 13.9%1) Operating revenues in USD million 2) Percentage of total revenues Total assets by geographical location 2022 2021Europe 164.1 173.9 South America 213.8 225.0 Asia 0.1 0.3 Total assets 378.0 399.2 Contract balances 31.12.22 31.12.21 01.01.21Trade receivables from charters 20.6 14.1 6.9 Contract assets 2.0 0.3 4.2 Contract liabilities 0.0 1.1 3.6 The contract assets relate to rights to consideration for work completed but not billed and deferred charter incentive as a result of contract modification. The contract assets are recognised as a deduction of revenue over the performance obligation of the contract. The contract liabilities relate to deferral fees or upfront consideration received from customers. The contract liabilities are recognised as revenue over the performance obligation of the contract.Significant changes in the contract assets and the contract liabilities during the year are as follows: 2022 2021 2022 2021Contract assets Contract liabilitiesRevenue from recognition of the opening balance 0.0 0.0 (1.1) (3.6)Revenue deduction from recognition of the opening balance (0.3) (4.2) 0.0 0.0 Consideration received during the year not recognised as revenue 0.0 0.0 0.0 1.1 Contract incentive as a result of contract modifications 0.0 0.3 0.0 0.0 Rights to consideration for work completed but not billed 2.0 0.0 0.0 0.0 The below table includes the Group's firm order book, consisting of performance obligations that are unsatisfied or partially satisfied as at the end of the reporting period.More Chartering and operation < 12 1-2 than of accommodation vesselsmonthsyears2 years Total31 December 2022 96.8 116.4 118.7 331.931 December 2021 119.9 6.1 0.0 126.0Variable considerations that are constrained and not considered in the transaction price are excluded from the table above. NOTE 5: OTHER OPERATING REVENUES2022 2021(Loss)/Gain on sale of non-current assets (0.5) 1.0 Management, crew services, catering and other related income 30.1 18.3 Total other operating revenues 29.6 19.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-60-3": {
"value": "NOTE 4: SEGMENT REPORTING AND CONTRACT BALANCES The Group has one segment, which is chartering and operation of accommodation/service vessels. . Operating revenues by geographical location 2022 2021Brazil 52.7 43.6 Norway 17.2 0.0 Trinidad & Tobago 53.1 19.6 United Kingdom 75.9 77.9 Total operating revenues 198.9 141.1 The revenue allocation is based on place of operation of the vessel. Operating revenues by major customers: 2022 20211) 2)1)2) Europe 1 0.0 0.0% 31.5 22.3%Europe 2 29.5 14.8% 25.9 18.4%Europe 3 0.0 0.0% 19.6 13.9%Europe 4 46.9 23.6% 0.0 0.0%South America 1 52.7 26.5% 43.6 30.9%South America 2 43.3 21.8% 0.0 0.0%South America 3 9.8 4.9% 19.6 13.9%1) Operating revenues in USD million 2) Percentage of total revenues Total assets by geographical location 2022 2021Europe 164.1 173.9 South America 213.8 225.0 Asia 0.1 0.3 Total assets 378.0 399.2 Contract balances 31.12.22 31.12.21 01.01.21Trade receivables from charters 20.6 14.1 6.9 Contract assets 2.0 0.3 4.2 Contract liabilities 0.0 1.1 3.6 The contract assets relate to rights to consideration for work completed but not billed and deferred charter incentive as a result of contract modification. The contract assets are recognised as a deduction of revenue over the performance obligation of the contract. The contract liabilities relate to deferral fees or upfront consideration received from customers. The contract liabilities are recognised as revenue over the performance obligation of the contract.Significant changes in the contract assets and the contract liabilities during the year are as follows: 2022 2021 2022 2021Contract assets Contract liabilitiesRevenue from recognition of the opening balance 0.0 0.0 (1.1) (3.6)Revenue deduction from recognition of the opening balance (0.3) (4.2) 0.0 0.0 Consideration received during the year not recognised as revenue 0.0 0.0 0.0 1.1 Contract incentive as a result of contract modifications 0.0 0.3 0.0 0.0 Rights to consideration for work completed but not billed 2.0 0.0 0.0 0.0 The below table includes the Group's firm order book, consisting of performance obligations that are unsatisfied or partially satisfied as at the end of the reporting period.More Chartering and operation < 12 1-2 than of accommodation vesselsmonthsyears2 years Total31 December 2022 96.8 116.4 118.7 331.931 December 2021 119.9 6.1 0.0 126.0Variable considerations that are constrained and not considered in the transaction price are excluded from the table above. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-60-4": {
"value": "NOTE 4: SEGMENT REPORTING AND CONTRACT BALANCES The Group has one segment, which is chartering and operation of accommodation/service vessels. . Operating revenues by geographical location 2022 2021Brazil 52.7 43.6 Norway 17.2 0.0 Trinidad & Tobago 53.1 19.6 United Kingdom 75.9 77.9 Total operating revenues 198.9 141.1 The revenue allocation is based on place of operation of the vessel. Operating revenues by major customers: 2022 20211) 2)1)2) Europe 1 0.0 0.0% 31.5 22.3%Europe 2 29.5 14.8% 25.9 18.4%Europe 3 0.0 0.0% 19.6 13.9%Europe 4 46.9 23.6% 0.0 0.0%South America 1 52.7 26.5% 43.6 30.9%South America 2 43.3 21.8% 0.0 0.0%South America 3 9.8 4.9% 19.6 13.9%1) Operating revenues in USD million 2) Percentage of total revenues Total assets by geographical location 2022 2021Europe 164.1 173.9 South America 213.8 225.0 Asia 0.1 0.3 Total assets 378.0 399.2 Contract balances 31.12.22 31.12.21 01.01.21Trade receivables from charters 20.6 14.1 6.9 Contract assets 2.0 0.3 4.2 Contract liabilities 0.0 1.1 3.6 The contract assets relate to rights to consideration for work completed but not billed and deferred charter incentive as a result of contract modification. The contract assets are recognised as a deduction of revenue over the performance obligation of the contract. The contract liabilities relate to deferral fees or upfront consideration received from customers. The contract liabilities are recognised as revenue over the performance obligation of the contract.Significant changes in the contract assets and the contract liabilities during the year are as follows: 2022 2021 2022 2021Contract assets Contract liabilitiesRevenue from recognition of the opening balance 0.0 0.0 (1.1) (3.6)Revenue deduction from recognition of the opening balance (0.3) (4.2) 0.0 0.0 Consideration received during the year not recognised as revenue 0.0 0.0 0.0 1.1 Contract incentive as a result of contract modifications 0.0 0.3 0.0 0.0 Rights to consideration for work completed but not billed 2.0 0.0 0.0 0.0 The below table includes the Group's firm order book, consisting of performance obligations that are unsatisfied or partially satisfied as at the end of the reporting period.More Chartering and operation < 12 1-2 than of accommodation vesselsmonthsyears2 years Total31 December 2022 96.8 116.4 118.7 331.931 December 2021 119.9 6.1 0.0 126.0Variable considerations that are constrained and not considered in the transaction price are excluded from the table above. ",
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"pp-value-60-5": {
"value": "NOTE 4: SEGMENT REPORTING AND CONTRACT BALANCES The Group has one segment, which is chartering and operation of accommodation/service vessels. . Operating revenues by geographical location 2022 2021Brazil 52.7 43.6 Norway 17.2 0.0 Trinidad & Tobago 53.1 19.6 United Kingdom 75.9 77.9 Total operating revenues 198.9 141.1 The revenue allocation is based on place of operation of the vessel. Operating revenues by major customers: 2022 20211) 2)1)2) Europe 1 0.0 0.0% 31.5 22.3%Europe 2 29.5 14.8% 25.9 18.4%Europe 3 0.0 0.0% 19.6 13.9%Europe 4 46.9 23.6% 0.0 0.0%South America 1 52.7 26.5% 43.6 30.9%South America 2 43.3 21.8% 0.0 0.0%South America 3 9.8 4.9% 19.6 13.9%1) Operating revenues in USD million 2) Percentage of total revenues Total assets by geographical location 2022 2021Europe 164.1 173.9 South America 213.8 225.0 Asia 0.1 0.3 Total assets 378.0 399.2 Contract balances 31.12.22 31.12.21 01.01.21Trade receivables from charters 20.6 14.1 6.9 Contract assets 2.0 0.3 4.2 Contract liabilities 0.0 1.1 3.6 The contract assets relate to rights to consideration for work completed but not billed and deferred charter incentive as a result of contract modification. The contract assets are recognised as a deduction of revenue over the performance obligation of the contract. The contract liabilities relate to deferral fees or upfront consideration received from customers. The contract liabilities are recognised as revenue over the performance obligation of the contract.Significant changes in the contract assets and the contract liabilities during the year are as follows: 2022 2021 2022 2021Contract assets Contract liabilitiesRevenue from recognition of the opening balance 0.0 0.0 (1.1) (3.6)Revenue deduction from recognition of the opening balance (0.3) (4.2) 0.0 0.0 Consideration received during the year not recognised as revenue 0.0 0.0 0.0 1.1 Contract incentive as a result of contract modifications 0.0 0.3 0.0 0.0 Rights to consideration for work completed but not billed 2.0 0.0 0.0 0.0 The below table includes the Group's firm order book, consisting of performance obligations that are unsatisfied or partially satisfied as at the end of the reporting period.More Chartering and operation < 12 1-2 than of accommodation vesselsmonthsyears2 years Total31 December 2022 96.8 116.4 118.7 331.931 December 2021 119.9 6.1 0.0 126.0Variable considerations that are constrained and not considered in the transaction price are excluded from the table above. NOTE 15: OTHER CURRENT LIABILITIES2022 2021Various accrued costs 17.5 17.4 Contract liabilities 0.0 1.1 Total interest-free current liabilities 17.5 18.5 ",
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"pp-value-63-3": {
"value": "NOTE 5: OTHER OPERATING REVENUES2022 2021(Loss)/Gain on sale of non-current assets (0.5) 1.0 Management, crew services, catering and other related income 30.1 18.3 Total other operating revenues 29.6 19.3 NOTE 7: OTHER OPERATING EXPENSES2022 2021Repair and maintenance 20.8 22.7 Other vessel operating expenses 52.0 38.4 1)General and administrative expenses 5.5 4.5 Total other operating expenses 78.3 65.6 Auditors' fees(USD 1 000)2022 2021Audit 375 374Fees for non-audit services 9 154Total auditors' fees 384 5281) Auditors' fees are included in general and administrative expenses. Fees for non-audit services in 2022: USD 9,000 were related to compliance and pre-liquidation stage services o\ufb00ered to the group companies by the statutory auditor (2021: USD 154,000 were mainly related to other assurance and audit-related services provided in relation to the financial restructuring o\ufb00ered to the group companies by the statutory auditor.) ",
"dimensions": {
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-63-4": {
"value": "NOTE 5: OTHER OPERATING REVENUES2022 2021(Loss)/Gain on sale of non-current assets (0.5) 1.0 Management, crew services, catering and other related income 30.1 18.3 Total other operating revenues 29.6 19.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-64-2": {
"value": "NOTE 6: EMPLOYEE BENEFITS AND MANAGEMENT REMUNERATION 2022 2021Wages and salaries 19.1 13.4 Contract personnel 27.1 29.8 Other personnel-related expenses 7.0 3.9 Social security taxes 3.4 2.9 Pension expenses 1.2 0.4 Share-based payment expense 0.9 0.0 Other remuneration 0.5 0.2 Total employee benefits 59.2 50.6 Number of employeesThe average number of employees in the Group for 2022 was 192 (2021: 97). The average number of employees by legal entity was as follows: 2022 2021Prosafe O\ufb00shore Limited 79 37Prosafe Services Maritimos Ltda 88 35Prosafe AS 6 7Prosafe O\ufb00shore Holdings Pte. Ltd. 8 8Prosafe SE 2 2Safe Eurus Singapore Pte. Ltd. 9 8Total average number of employees 192 97 Bonus schemeThe CEO, CFO and COO hold incentive agreements which may lead to a bonus payment. The bonus depends on achieving defined targets relating to earnings, cost e\ufb03ciency targets, long-term strategic targets, operational performance and HSE performance. Severance payFor the CEO and the CFO, the Group guarantees a remuneration corresponding to the base salary received at the time of departure for a period of 5 months beyond a 4 month notice period and with a set o\ufb00 for the 5 months against any other income received. For the COO, the Group guarantees a remuneration corresponding to the base salary received at the time of departure for a period of 12 months beyond a 6 month notice period.In accordance with the code of practice for corporate governance recommended by the Oslo Stock Exchange, remuneration for the Board of Directors and Executive Management is specified below and in a separate report from the Board of Directors. Share options A. Description and fair value of share option programmes (equity-settled) On 10 February 2022, 11 May 2022 and 19 August 2022, the Group initiated a long-term incentive program where executive management and selected employees were granted options to subscribe for ordinary shares of Prosafe SE. The key terms and conditions are as follows:Executive Managment Employees Number of share options issued250 000 100 000 100 000Commencement date 10.02.22 19.08.22 11.05.22Grant date 11.05.22 19.08.22 11.05.22The options are vested equally over 24, 36 and 48 months from commencement date, respectively. Any options not exercised 60 months after the commencement date will be cancelled. As at 31 December 2022, a total of 450,000 options are issued, each option allowing the holder to subscribe to one ordinary share in the Company. B. Measurement of fair values The fair value of an option granted was estimated using the Black Scholes option-pricing model and the transactions are accounted for as equity-settled share-based payment. The inputs used in the measurement of the fair values at grant date of the equity-settled share-based payment plans were as follows.Executive Managment Employees Fair value at grant date (in NOK) 98.85 58.77 42.4Share price at grant date (in NOK) 178 237.5 178Exercise price (in NOK) 83 237.5 178Expected volatility 20 % 20 % 20 %Expected life 4.75 years 5 years 5 yearsRisk-free interest rate (based on government bonds at grant date) 2.76 % 3.18 % 2.76 %Expected volatility has been based on implied oil price volatility. The expected term of the instruments has been based on the maturity of options.C. Reconciliation of outstanding share options Weighted-Number average 2022of options exercise price Outstanding at 1 January - -Granted during the year 450 000 138Outstanding at 31 December 450 000 138Exercisable at 31 December - -The options outstanding at 31 December 2022 had an exercise price in the range of NOK 83.0 to NOK 237.5 and remaining contractual life in the range of 4.1 years to 4.6 years. There were no options exercised in 2022. D. Expense recognised in profit or loss A share-based payment expense of USD 0.9 million was recognised for 2022.Senior o\ufb03cersOther (USD 1 000) Year Salary Bonus Pensionbenefits TotalJesper Kragh Andresen CEO 2022 357 95 43 19 514 Reese McNeel CFO (from August 2022) 2022 131 60 17 0 208 Stig Harry ChristiansenDCEO/ CFO (to May 2022) 2022 141 0 17 8 166 Ryan Duncan Stewart COO 2022 342 95 34 2 473 Jesper Kragh Andresen CEO 2021 396 290 33 21 740 Stig Harry Christiansen DCEO/ CFO 2021 376 284 31 21 712 Ryan Duncan Stewart COO 2021 378 179 37 3 597 Board of directors(USD 1 000)Year Board feesGlen Ole R\u00f8dland (Chairman) 2022 115Alf C. Thorkildsen (Deputy Chairman) 2022 94Birgit Aagaard-Svendsen 2022 95Nina Udnes Tronstad 2022 85Halvard Idland (from May 2022) 2022 521)Total fees 441Glen Ole R\u00f8dland (Chairman) 2021 122Birgit Aagaard-Svendsen 2021 91Nina Udnes Tronstad 2021 84Alf C. Thorkildsen 2021 781)Total fees 3751) If applicable, figures include compensation from the audit committee and compensation committee.",
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"entity": "scheme:2138001LK2Z2HSER4U15",
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"pp-value-64-3": {
"value": "NOTE 6: EMPLOYEE BENEFITS AND MANAGEMENT REMUNERATION 2022 2021Wages and salaries 19.1 13.4 Contract personnel 27.1 29.8 Other personnel-related expenses 7.0 3.9 Social security taxes 3.4 2.9 Pension expenses 1.2 0.4 Share-based payment expense 0.9 0.0 Other remuneration 0.5 0.2 Total employee benefits 59.2 50.6 Number of employeesThe average number of employees in the Group for 2022 was 192 (2021: 97). The average number of employees by legal entity was as follows: 2022 2021Prosafe O\ufb00shore Limited 79 37Prosafe Services Maritimos Ltda 88 35Prosafe AS 6 7Prosafe O\ufb00shore Holdings Pte. Ltd. 8 8Prosafe SE 2 2Safe Eurus Singapore Pte. Ltd. 9 8Total average number of employees 192 97 Bonus schemeThe CEO, CFO and COO hold incentive agreements which may lead to a bonus payment. The bonus depends on achieving defined targets relating to earnings, cost e\ufb03ciency targets, long-term strategic targets, operational performance and HSE performance. Severance payFor the CEO and the CFO, the Group guarantees a remuneration corresponding to the base salary received at the time of departure for a period of 5 months beyond a 4 month notice period and with a set o\ufb00 for the 5 months against any other income received. For the COO, the Group guarantees a remuneration corresponding to the base salary received at the time of departure for a period of 12 months beyond a 6 month notice period.In accordance with the code of practice for corporate governance recommended by the Oslo Stock Exchange, remuneration for the Board of Directors and Executive Management is specified below and in a separate report from the Board of Directors. Share options A. Description and fair value of share option programmes (equity-settled) On 10 February 2022, 11 May 2022 and 19 August 2022, the Group initiated a long-term incentive program where executive management and selected employees were granted options to subscribe for ordinary shares of Prosafe SE. The key terms and conditions are as follows:Executive Managment Employees Number of share options issued250 000 100 000 100 000Commencement date 10.02.22 19.08.22 11.05.22Grant date 11.05.22 19.08.22 11.05.22The options are vested equally over 24, 36 and 48 months from commencement date, respectively. Any options not exercised 60 months after the commencement date will be cancelled. As at 31 December 2022, a total of 450,000 options are issued, each option allowing the holder to subscribe to one ordinary share in the Company. B. Measurement of fair values The fair value of an option granted was estimated using the Black Scholes option-pricing model and the transactions are accounted for as equity-settled share-based payment. The inputs used in the measurement of the fair values at grant date of the equity-settled share-based payment plans were as follows.Executive Managment Employees Fair value at grant date (in NOK) 98.85 58.77 42.4Share price at grant date (in NOK) 178 237.5 178Exercise price (in NOK) 83 237.5 178Expected volatility 20 % 20 % 20 %Expected life 4.75 years 5 years 5 yearsRisk-free interest rate (based on government bonds at grant date) 2.76 % 3.18 % 2.76 %Expected volatility has been based on implied oil price volatility. The expected term of the instruments has been based on the maturity of options.C. Reconciliation of outstanding share options Weighted-Number average 2022of options exercise price Outstanding at 1 January - -Granted during the year 450 000 138Outstanding at 31 December 450 000 138Exercisable at 31 December - -The options outstanding at 31 December 2022 had an exercise price in the range of NOK 83.0 to NOK 237.5 and remaining contractual life in the range of 4.1 years to 4.6 years. There were no options exercised in 2022. D. Expense recognised in profit or loss A share-based payment expense of USD 0.9 million was recognised for 2022.Senior o\ufb03cersOther (USD 1 000) Year Salary Bonus Pensionbenefits TotalJesper Kragh Andresen CEO 2022 357 95 43 19 514 Reese McNeel CFO (from August 2022) 2022 131 60 17 0 208 Stig Harry ChristiansenDCEO/ CFO (to May 2022) 2022 141 0 17 8 166 Ryan Duncan Stewart COO 2022 342 95 34 2 473 Jesper Kragh Andresen CEO 2021 396 290 33 21 740 Stig Harry Christiansen DCEO/ CFO 2021 376 284 31 21 712 Ryan Duncan Stewart COO 2021 378 179 37 3 597 Board of directors(USD 1 000)Year Board feesGlen Ole R\u00f8dland (Chairman) 2022 115Alf C. Thorkildsen (Deputy Chairman) 2022 94Birgit Aagaard-Svendsen 2022 95Nina Udnes Tronstad 2022 85Halvard Idland (from May 2022) 2022 521)Total fees 441Glen Ole R\u00f8dland (Chairman) 2021 122Birgit Aagaard-Svendsen 2021 91Nina Udnes Tronstad 2021 84Alf C. Thorkildsen 2021 781)Total fees 3751) If applicable, figures include compensation from the audit committee and compensation committee.",
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"pp-value-64-4": {
"value": "NOTE 6: EMPLOYEE BENEFITS AND MANAGEMENT REMUNERATION 2022 2021Wages and salaries 19.1 13.4 Contract personnel 27.1 29.8 Other personnel-related expenses 7.0 3.9 Social security taxes 3.4 2.9 Pension expenses 1.2 0.4 Share-based payment expense 0.9 0.0 Other remuneration 0.5 0.2 Total employee benefits 59.2 50.6 Number of employeesThe average number of employees in the Group for 2022 was 192 (2021: 97). The average number of employees by legal entity was as follows: 2022 2021Prosafe O\ufb00shore Limited 79 37Prosafe Services Maritimos Ltda 88 35Prosafe AS 6 7Prosafe O\ufb00shore Holdings Pte. Ltd. 8 8Prosafe SE 2 2Safe Eurus Singapore Pte. Ltd. 9 8Total average number of employees 192 97 Bonus schemeThe CEO, CFO and COO hold incentive agreements which may lead to a bonus payment. The bonus depends on achieving defined targets relating to earnings, cost e\ufb03ciency targets, long-term strategic targets, operational performance and HSE performance. Severance payFor the CEO and the CFO, the Group guarantees a remuneration corresponding to the base salary received at the time of departure for a period of 5 months beyond a 4 month notice period and with a set o\ufb00 for the 5 months against any other income received. For the COO, the Group guarantees a remuneration corresponding to the base salary received at the time of departure for a period of 12 months beyond a 6 month notice period.In accordance with the code of practice for corporate governance recommended by the Oslo Stock Exchange, remuneration for the Board of Directors and Executive Management is specified below and in a separate report from the Board of Directors. Share options A. Description and fair value of share option programmes (equity-settled) On 10 February 2022, 11 May 2022 and 19 August 2022, the Group initiated a long-term incentive program where executive management and selected employees were granted options to subscribe for ordinary shares of Prosafe SE. The key terms and conditions are as follows:Executive Managment Employees Number of share options issued250 000 100 000 100 000Commencement date 10.02.22 19.08.22 11.05.22Grant date 11.05.22 19.08.22 11.05.22The options are vested equally over 24, 36 and 48 months from commencement date, respectively. Any options not exercised 60 months after the commencement date will be cancelled. As at 31 December 2022, a total of 450,000 options are issued, each option allowing the holder to subscribe to one ordinary share in the Company. B. Measurement of fair values The fair value of an option granted was estimated using the Black Scholes option-pricing model and the transactions are accounted for as equity-settled share-based payment. The inputs used in the measurement of the fair values at grant date of the equity-settled share-based payment plans were as follows.Executive Managment Employees Fair value at grant date (in NOK) 98.85 58.77 42.4Share price at grant date (in NOK) 178 237.5 178Exercise price (in NOK) 83 237.5 178Expected volatility 20 % 20 % 20 %Expected life 4.75 years 5 years 5 yearsRisk-free interest rate (based on government bonds at grant date) 2.76 % 3.18 % 2.76 %Expected volatility has been based on implied oil price volatility. The expected term of the instruments has been based on the maturity of options.C. Reconciliation of outstanding share options Weighted-Number average 2022of options exercise price Outstanding at 1 January - -Granted during the year 450 000 138Outstanding at 31 December 450 000 138Exercisable at 31 December - -The options outstanding at 31 December 2022 had an exercise price in the range of NOK 83.0 to NOK 237.5 and remaining contractual life in the range of 4.1 years to 4.6 years. There were no options exercised in 2022. D. Expense recognised in profit or loss A share-based payment expense of USD 0.9 million was recognised for 2022.Senior o\ufb03cersOther (USD 1 000) Year Salary Bonus Pensionbenefits TotalJesper Kragh Andresen CEO 2022 357 95 43 19 514 Reese McNeel CFO (from August 2022) 2022 131 60 17 0 208 Stig Harry ChristiansenDCEO/ CFO (to May 2022) 2022 141 0 17 8 166 Ryan Duncan Stewart COO 2022 342 95 34 2 473 Jesper Kragh Andresen CEO 2021 396 290 33 21 740 Stig Harry Christiansen DCEO/ CFO 2021 376 284 31 21 712 Ryan Duncan Stewart COO 2021 378 179 37 3 597 Board of directors(USD 1 000)Year Board feesGlen Ole R\u00f8dland (Chairman) 2022 115Alf C. Thorkildsen (Deputy Chairman) 2022 94Birgit Aagaard-Svendsen 2022 95Nina Udnes Tronstad 2022 85Halvard Idland (from May 2022) 2022 521)Total fees 441Glen Ole R\u00f8dland (Chairman) 2021 122Birgit Aagaard-Svendsen 2021 91Nina Udnes Tronstad 2021 84Alf C. Thorkildsen 2021 781)Total fees 3751) If applicable, figures include compensation from the audit committee and compensation committee.NOTE 21: RELATED PARTY DISCLOSURESThe financial statements comprise the parent company, Prosafe SE, and the subsidiaries listed below. CountryVotingCompany nameof incorporation OwnershipshareProsafe Services Maritimos Ltda Brazil 100 % 100 %Prosafe O\ufb00shore BV Netherlands 100 % 100 %Prosafe AS Norway 100 % 100 %Axis Nova Singapore Pte. Ltd. Singapore 100 % 100 %Axis Vega Singapore Pte. Ltd. Singapore 100 % 100 %Prosafe O\ufb00shore Holdings Pte. Ltd. Singapore 100 % 100 %Prosafe O\ufb00shore Pte. Ltd. Singapore 100 % 100 %Prosafe Rigs Pte. Ltd. Singapore 100 % 100 %Safe Eurus Singapore Pte. Ltd. Singapore 100 % 100 %Prosafe (UK) Holdings Ltd. United Kingdom 100 % 100 %Prosafe O\ufb00shore Ltd. United Kingdom 100 % 100 %Prosafe Rigs Ltd. United Kingdom 100 % 100 %Transactions and outstanding balances within the Group have been eliminated in full. Shares owned by senior o\ufb03cers and directors at 31 December 2022: (includes shares owned by close family/relatives and wholly-owned companies)SharesDirectors:1)Glen Ole R\u00f8dland - Chairman 100,0002)Alf C. Thorkildsen - Deputy Chairman 0Birgit Aagaard-Svendsen - Director 3 Nina Udnes Tronstad - Director 6,000 Halvard Idland - Director (from May 2022) 01) Mr R\u00f8dland has an indirect ownership interest in Prosafe due to his ownershipinterest in North Sea Strategic Investments.2) Mr Thorkildsen has an indirect ownership interest in Prosafe due to his ownershipinterest in North Sea Strategic Investments and HitecVision VI Invest Sierra.Related party transactions The Group has an agreement with OMP Management AS for the purpose of providing advice and support in regards to industry analysis and potential M&A transactions. OMP Management AS is a Norwegian company that is controlled by HitecVision VI Invest Sierra, which together with another HitecVision fund (North Sea Strategic Investments) are major shareholders in the Group. The fee payable by the Group is USD 17,500 per month up to September 2022 and USD 10,000 per month from October to December 2022 and a success fee if a transaction, as defined in the engagement letter, should occur with the involvement of OMP Management AS. The success fee shall be calculated on the basis of the enterprise value of the company or asset(s) acquired and be between 0.75%-1.25% of the total enterprise value, depending on the size of the transaction. The success fee shall furthermore in all circumstances be capped at USD 3.5 million in any single transaction. In 2022, the transacted amount was USD 0.2 million (2021: USD 0.2 million). The outstanding balance as of 31 December 2021 and 31 December 2022 is below USD 50,000. The agreement was terminated in January 2023.The Group has a framework agreement with Global Maritime. Under the framework agreement, the Group has engaged Global Maritime to undertake projects for the Group's vessels. Global Maritime is majority-owned by HitecVision, which through one or more entities is a major shareholder of the Company. The Global Maritime projects value is about USD 1.7 million, of which USD 0.5 million was transacted during the year (2021: USD 0.7 million) and there is no outstanding balance as of 31 December 2022 (outstanding balance of USD 0.4 million as of 31 December 2021 were due and payable under normal payment terms). ",
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},
"pp-value-64-5": {
"value": "NOTE 6: EMPLOYEE BENEFITS AND MANAGEMENT REMUNERATION 2022 2021Wages and salaries 19.1 13.4 Contract personnel 27.1 29.8 Other personnel-related expenses 7.0 3.9 Social security taxes 3.4 2.9 Pension expenses 1.2 0.4 Share-based payment expense 0.9 0.0 Other remuneration 0.5 0.2 Total employee benefits 59.2 50.6 Number of employeesThe average number of employees in the Group for 2022 was 192 (2021: 97). The average number of employees by legal entity was as follows: 2022 2021Prosafe O\ufb00shore Limited 79 37Prosafe Services Maritimos Ltda 88 35Prosafe AS 6 7Prosafe O\ufb00shore Holdings Pte. Ltd. 8 8Prosafe SE 2 2Safe Eurus Singapore Pte. Ltd. 9 8Total average number of employees 192 97 Bonus schemeThe CEO, CFO and COO hold incentive agreements which may lead to a bonus payment. The bonus depends on achieving defined targets relating to earnings, cost e\ufb03ciency targets, long-term strategic targets, operational performance and HSE performance. Severance payFor the CEO and the CFO, the Group guarantees a remuneration corresponding to the base salary received at the time of departure for a period of 5 months beyond a 4 month notice period and with a set o\ufb00 for the 5 months against any other income received. For the COO, the Group guarantees a remuneration corresponding to the base salary received at the time of departure for a period of 12 months beyond a 6 month notice period.In accordance with the code of practice for corporate governance recommended by the Oslo Stock Exchange, remuneration for the Board of Directors and Executive Management is specified below and in a separate report from the Board of Directors. Share options A. Description and fair value of share option programmes (equity-settled) On 10 February 2022, 11 May 2022 and 19 August 2022, the Group initiated a long-term incentive program where executive management and selected employees were granted options to subscribe for ordinary shares of Prosafe SE. The key terms and conditions are as follows:Executive Managment Employees Number of share options issued250 000 100 000 100 000Commencement date 10.02.22 19.08.22 11.05.22Grant date 11.05.22 19.08.22 11.05.22The options are vested equally over 24, 36 and 48 months from commencement date, respectively. Any options not exercised 60 months after the commencement date will be cancelled. As at 31 December 2022, a total of 450,000 options are issued, each option allowing the holder to subscribe to one ordinary share in the Company. B. Measurement of fair values The fair value of an option granted was estimated using the Black Scholes option-pricing model and the transactions are accounted for as equity-settled share-based payment. The inputs used in the measurement of the fair values at grant date of the equity-settled share-based payment plans were as follows.Executive Managment Employees Fair value at grant date (in NOK) 98.85 58.77 42.4Share price at grant date (in NOK) 178 237.5 178Exercise price (in NOK) 83 237.5 178Expected volatility 20 % 20 % 20 %Expected life 4.75 years 5 years 5 yearsRisk-free interest rate (based on government bonds at grant date) 2.76 % 3.18 % 2.76 %Expected volatility has been based on implied oil price volatility. The expected term of the instruments has been based on the maturity of options.C. Reconciliation of outstanding share options Weighted-Number average 2022of options exercise price Outstanding at 1 January - -Granted during the year 450 000 138Outstanding at 31 December 450 000 138Exercisable at 31 December - -The options outstanding at 31 December 2022 had an exercise price in the range of NOK 83.0 to NOK 237.5 and remaining contractual life in the range of 4.1 years to 4.6 years. There were no options exercised in 2022. D. Expense recognised in profit or loss A share-based payment expense of USD 0.9 million was recognised for 2022.Senior o\ufb03cersOther (USD 1 000) Year Salary Bonus Pensionbenefits TotalJesper Kragh Andresen CEO 2022 357 95 43 19 514 Reese McNeel CFO (from August 2022) 2022 131 60 17 0 208 Stig Harry ChristiansenDCEO/ CFO (to May 2022) 2022 141 0 17 8 166 Ryan Duncan Stewart COO 2022 342 95 34 2 473 Jesper Kragh Andresen CEO 2021 396 290 33 21 740 Stig Harry Christiansen DCEO/ CFO 2021 376 284 31 21 712 Ryan Duncan Stewart COO 2021 378 179 37 3 597 Board of directors(USD 1 000)Year Board feesGlen Ole R\u00f8dland (Chairman) 2022 115Alf C. Thorkildsen (Deputy Chairman) 2022 94Birgit Aagaard-Svendsen 2022 95Nina Udnes Tronstad 2022 85Halvard Idland (from May 2022) 2022 521)Total fees 441Glen Ole R\u00f8dland (Chairman) 2021 122Birgit Aagaard-Svendsen 2021 91Nina Udnes Tronstad 2021 84Alf C. Thorkildsen 2021 781)Total fees 3751) If applicable, figures include compensation from the audit committee and compensation committee.",
"dimensions": {
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"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-69-3": {
"value": "NOTE 7: OTHER OPERATING EXPENSES2022 2021Repair and maintenance 20.8 22.7 Other vessel operating expenses 52.0 38.4 1)General and administrative expenses 5.5 4.5 Total other operating expenses 78.3 65.6 Auditors' fees(USD 1 000)2022 2021Audit 375 374Fees for non-audit services 9 154Total auditors' fees 384 5281) Auditors' fees are included in general and administrative expenses. Fees for non-audit services in 2022: USD 9,000 were related to compliance and pre-liquidation stage services o\ufb00ered to the group companies by the statutory auditor (2021: USD 154,000 were mainly related to other assurance and audit-related services provided in relation to the financial restructuring o\ufb00ered to the group companies by the statutory auditor.) ",
"dimensions": {
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"pp-value-69-4": {
"value": "NOTE 7: OTHER OPERATING EXPENSES2022 2021Repair and maintenance 20.8 22.7 Other vessel operating expenses 52.0 38.4 1)General and administrative expenses 5.5 4.5 Total other operating expenses 78.3 65.6 Auditors' fees(USD 1 000)2022 2021Audit 375 374Fees for non-audit services 9 154Total auditors' fees 384 5281) Auditors' fees are included in general and administrative expenses. Fees for non-audit services in 2022: USD 9,000 were related to compliance and pre-liquidation stage services o\ufb00ered to the group companies by the statutory auditor (2021: USD 154,000 were mainly related to other assurance and audit-related services provided in relation to the financial restructuring o\ufb00ered to the group companies by the statutory auditor.) NOTE 8: TANGIBLE ASSETSRight-of-use Vessels New builds Equipment Buildingsassets TotalCost as at 31 December 2020 2,913.2 60.7 3.8 7.1 0.4 2,985.2 1Additions57.4 0.0 0.2 0.0 1.4 59.0 Disposals (367.8) 0.0 (0.3) (7.1) 0.0 (375.2)Cost as at 31 December 2021 2,602.8 60.7 3.7 0.0 1.8 2,669.0 2Additions9.0 0.0 0.0 0.0 0.0 9.0 Disposals (14.4) 0.0 0.0 0.0 0.0 (14.4)Currency translation di\ufb00erences 0.0 0.0 0.0 0.0 (0.2) (0.2)Cost as at 31 December 2022 2,597.4 60.7 3.7 0.0 1.6 2,663.4 Accumulated depreciation and impairment 31 December 2020 2,500.9 59.6 2.6 6.6 0.0 2,569.7 Depreciation for the year 32.1 0.0 0.5 0.0 0.4 33.0 Disposals (367.8) 0.0 (0.2) (6.6) 0.0 (374.6)Impairment for the year 40.6 1.1 0.0 0.0 0.0 41.7 Accumulated depreciation and impairment 31 December 2021 2,205.8 60.7 2.9 0.0 0.4 2,269.8 Depreciation for the year 28.7 0.0 0.4 0.0 0.4 29.5 Disposals (13.9) 0.0 0.0 0.0 0.0 (13.9)Accumulated depreciation and impairment 31 December 2022 2,220.6 60.7 3.3 0.0 0.8 2,285.4 Net carrying amount 31 December 2022 376.8 0.0 0.4 0.0 0.8 378.0 Net carrying amount 31 December 2021 397.0 0.0 0.8 0.0 1.4 399.2 Depreciation rate (%) 3-20 20-33 3-5 20-33Economically useful life (years) 5-35 3-5 20-30 3-51) Additions in 2021 included non-cash transactions of USD 40.6 million relating to the Westcon judgement (see below under Vessels for further information) andUSD 1.1 million of right-of-use assets addition.2) Additions in 2022 included non-cash transaction of -USD 1.2 million relating to the fair value change in sellers credit arising from revising estimates of repaymentschedule (See note 18).New builds New builds include prepayment to the yard, owner-furnished equipment and other project costs incurred. See note 22 for details relating to new builds. Buildings In 2021, the building held in Aberdeen was disposed o\ufb00. Vessels Estimated useful life for the semi-submersible accommodation vessels is set at 35 years or less dependent on the age at the time of the acquisition and subsequent refurbishments as the economic life varies for the various components on a vessel. Individual components may, however, be depreciated over shorter periods of time than the life of the vessel itself. The management has assessed the Group's vessels residual value to remain the same as prior year at USD 4.2 million based on the latest assumptions and factors from past recycling transactions. This estimate is primarily based on average steel prices and costs associated with scrapping and is reviewed on an annual basis. Management has performed an impairment assessment of its vessels in accordance with IAS 36. Each individual vessel is considered to be a cash generating unit.The key indicator assessment as at year-end 2022 is the development in the market environment for o\ufb00shore accommodation vessels.There is a significant improvement in demand and utilization in 2022, in part driven by activity previously deferred due to Covid-19.For 2023, the Group sees a slower North Sea market in 2023, and for some vessels work in other regions will lead to increased capex and mobilization spend in preparation for new contracts. Management has expectations of a positive development in long-term demand drivers in Brazil and North Sea supported also by increased tender activity expected based on ongoing client discussions for 2024 and beyond.Overall, the market has improved compared to the bottom in 2020, however, the visibility is still low and there is insu\ufb03cient data available to conclude that there is clear shift in day-rates and utilisation above the longer-term assumptions applied in prior years value-in-use calculations. Other external sources also include broker valuations of the accommodation vessels which also do not indicate a significant change from prior periods. On this basis, the Group has not identified indicators of impairment nor impairment reversal and hence no value-in-use calculation was performed. In April 2021, the Gulating Court of Appeal decided that Prosafe shall pay full payment to Westcon of the amount claimed. As a result, the Group has recognised USD 40.6 million as a fixed asset acquisition cost and consequently recognised an impairment loss of USD 40.6 million.",
"dimensions": {
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"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-69-5": {
"value": "NOTE 7: OTHER OPERATING EXPENSES2022 2021Repair and maintenance 20.8 22.7 Other vessel operating expenses 52.0 38.4 1)General and administrative expenses 5.5 4.5 Total other operating expenses 78.3 65.6 Auditors' fees(USD 1 000)2022 2021Audit 375 374Fees for non-audit services 9 154Total auditors' fees 384 5281) Auditors' fees are included in general and administrative expenses. Fees for non-audit services in 2022: USD 9,000 were related to compliance and pre-liquidation stage services o\ufb00ered to the group companies by the statutory auditor (2021: USD 154,000 were mainly related to other assurance and audit-related services provided in relation to the financial restructuring o\ufb00ered to the group companies by the statutory auditor.) NOTE 8: TANGIBLE ASSETSRight-of-use Vessels New builds Equipment Buildingsassets TotalCost as at 31 December 2020 2,913.2 60.7 3.8 7.1 0.4 2,985.2 1Additions57.4 0.0 0.2 0.0 1.4 59.0 Disposals (367.8) 0.0 (0.3) (7.1) 0.0 (375.2)Cost as at 31 December 2021 2,602.8 60.7 3.7 0.0 1.8 2,669.0 2Additions9.0 0.0 0.0 0.0 0.0 9.0 Disposals (14.4) 0.0 0.0 0.0 0.0 (14.4)Currency translation di\ufb00erences 0.0 0.0 0.0 0.0 (0.2) (0.2)Cost as at 31 December 2022 2,597.4 60.7 3.7 0.0 1.6 2,663.4 Accumulated depreciation and impairment 31 December 2020 2,500.9 59.6 2.6 6.6 0.0 2,569.7 Depreciation for the year 32.1 0.0 0.5 0.0 0.4 33.0 Disposals (367.8) 0.0 (0.2) (6.6) 0.0 (374.6)Impairment for the year 40.6 1.1 0.0 0.0 0.0 41.7 Accumulated depreciation and impairment 31 December 2021 2,205.8 60.7 2.9 0.0 0.4 2,269.8 Depreciation for the year 28.7 0.0 0.4 0.0 0.4 29.5 Disposals (13.9) 0.0 0.0 0.0 0.0 (13.9)Accumulated depreciation and impairment 31 December 2022 2,220.6 60.7 3.3 0.0 0.8 2,285.4 Net carrying amount 31 December 2022 376.8 0.0 0.4 0.0 0.8 378.0 Net carrying amount 31 December 2021 397.0 0.0 0.8 0.0 1.4 399.2 Depreciation rate (%) 3-20 20-33 3-5 20-33Economically useful life (years) 5-35 3-5 20-30 3-51) Additions in 2021 included non-cash transactions of USD 40.6 million relating to the Westcon judgement (see below under Vessels for further information) andUSD 1.1 million of right-of-use assets addition.2) Additions in 2022 included non-cash transaction of -USD 1.2 million relating to the fair value change in sellers credit arising from revising estimates of repaymentschedule (See note 18).New builds New builds include prepayment to the yard, owner-furnished equipment and other project costs incurred. See note 22 for details relating to new builds. Buildings In 2021, the building held in Aberdeen was disposed o\ufb00. Vessels Estimated useful life for the semi-submersible accommodation vessels is set at 35 years or less dependent on the age at the time of the acquisition and subsequent refurbishments as the economic life varies for the various components on a vessel. Individual components may, however, be depreciated over shorter periods of time than the life of the vessel itself. The management has assessed the Group's vessels residual value to remain the same as prior year at USD 4.2 million based on the latest assumptions and factors from past recycling transactions. This estimate is primarily based on average steel prices and costs associated with scrapping and is reviewed on an annual basis. Management has performed an impairment assessment of its vessels in accordance with IAS 36. Each individual vessel is considered to be a cash generating unit.The key indicator assessment as at year-end 2022 is the development in the market environment for o\ufb00shore accommodation vessels.There is a significant improvement in demand and utilization in 2022, in part driven by activity previously deferred due to Covid-19.For 2023, the Group sees a slower North Sea market in 2023, and for some vessels work in other regions will lead to increased capex and mobilization spend in preparation for new contracts. Management has expectations of a positive development in long-term demand drivers in Brazil and North Sea supported also by increased tender activity expected based on ongoing client discussions for 2024 and beyond.Overall, the market has improved compared to the bottom in 2020, however, the visibility is still low and there is insu\ufb03cient data available to conclude that there is clear shift in day-rates and utilisation above the longer-term assumptions applied in prior years value-in-use calculations. Other external sources also include broker valuations of the accommodation vessels which also do not indicate a significant change from prior periods. On this basis, the Group has not identified indicators of impairment nor impairment reversal and hence no value-in-use calculation was performed. In April 2021, the Gulating Court of Appeal decided that Prosafe shall pay full payment to Westcon of the amount claimed. As a result, the Group has recognised USD 40.6 million as a fixed asset acquisition cost and consequently recognised an impairment loss of USD 40.6 million.",
"dimensions": {
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"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "NOTE 7: OTHER OPERATING EXPENSES2022 2021Repair and maintenance 20.8 22.7 Other vessel operating expenses 52.0 38.4 1)General and administrative expenses 5.5 4.5 Total other operating expenses 78.3 65.6 Auditors' fees(USD 1 000)2022 2021Audit 375 374Fees for non-audit services 9 154Total auditors' fees 384 5281) Auditors' fees are included in general and administrative expenses. Fees for non-audit services in 2022: USD 9,000 were related to compliance and pre-liquidation stage services o\ufb00ered to the group companies by the statutory auditor (2021: USD 154,000 were mainly related to other assurance and audit-related services provided in relation to the financial restructuring o\ufb00ered to the group companies by the statutory auditor.) ",
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"language": "en",
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"pp-value-69-7": {
"value": "NOTE 7: OTHER OPERATING EXPENSES2022 2021Repair and maintenance 20.8 22.7 Other vessel operating expenses 52.0 38.4 1)General and administrative expenses 5.5 4.5 Total other operating expenses 78.3 65.6 Auditors' fees(USD 1 000)2022 2021Audit 375 374Fees for non-audit services 9 154Total auditors' fees 384 5281) Auditors' fees are included in general and administrative expenses. Fees for non-audit services in 2022: USD 9,000 were related to compliance and pre-liquidation stage services o\ufb00ered to the group companies by the statutory auditor (2021: USD 154,000 were mainly related to other assurance and audit-related services provided in relation to the financial restructuring o\ufb00ered to the group companies by the statutory auditor.) ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-70-4": {
"value": "NOTE 8: TANGIBLE ASSETSRight-of-use Vessels New builds Equipment Buildingsassets TotalCost as at 31 December 2020 2,913.2 60.7 3.8 7.1 0.4 2,985.2 1Additions57.4 0.0 0.2 0.0 1.4 59.0 Disposals (367.8) 0.0 (0.3) (7.1) 0.0 (375.2)Cost as at 31 December 2021 2,602.8 60.7 3.7 0.0 1.8 2,669.0 2Additions9.0 0.0 0.0 0.0 0.0 9.0 Disposals (14.4) 0.0 0.0 0.0 0.0 (14.4)Currency translation di\ufb00erences 0.0 0.0 0.0 0.0 (0.2) (0.2)Cost as at 31 December 2022 2,597.4 60.7 3.7 0.0 1.6 2,663.4 Accumulated depreciation and impairment 31 December 2020 2,500.9 59.6 2.6 6.6 0.0 2,569.7 Depreciation for the year 32.1 0.0 0.5 0.0 0.4 33.0 Disposals (367.8) 0.0 (0.2) (6.6) 0.0 (374.6)Impairment for the year 40.6 1.1 0.0 0.0 0.0 41.7 Accumulated depreciation and impairment 31 December 2021 2,205.8 60.7 2.9 0.0 0.4 2,269.8 Depreciation for the year 28.7 0.0 0.4 0.0 0.4 29.5 Disposals (13.9) 0.0 0.0 0.0 0.0 (13.9)Accumulated depreciation and impairment 31 December 2022 2,220.6 60.7 3.3 0.0 0.8 2,285.4 Net carrying amount 31 December 2022 376.8 0.0 0.4 0.0 0.8 378.0 Net carrying amount 31 December 2021 397.0 0.0 0.8 0.0 1.4 399.2 Depreciation rate (%) 3-20 20-33 3-5 20-33Economically useful life (years) 5-35 3-5 20-30 3-51) Additions in 2021 included non-cash transactions of USD 40.6 million relating to the Westcon judgement (see below under Vessels for further information) andUSD 1.1 million of right-of-use assets addition.2) Additions in 2022 included non-cash transaction of -USD 1.2 million relating to the fair value change in sellers credit arising from revising estimates of repaymentschedule (See note 18).New builds New builds include prepayment to the yard, owner-furnished equipment and other project costs incurred. See note 22 for details relating to new builds. Buildings In 2021, the building held in Aberdeen was disposed o\ufb00. Vessels Estimated useful life for the semi-submersible accommodation vessels is set at 35 years or less dependent on the age at the time of the acquisition and subsequent refurbishments as the economic life varies for the various components on a vessel. Individual components may, however, be depreciated over shorter periods of time than the life of the vessel itself. The management has assessed the Group's vessels residual value to remain the same as prior year at USD 4.2 million based on the latest assumptions and factors from past recycling transactions. This estimate is primarily based on average steel prices and costs associated with scrapping and is reviewed on an annual basis. Management has performed an impairment assessment of its vessels in accordance with IAS 36. Each individual vessel is considered to be a cash generating unit.The key indicator assessment as at year-end 2022 is the development in the market environment for o\ufb00shore accommodation vessels.There is a significant improvement in demand and utilization in 2022, in part driven by activity previously deferred due to Covid-19.For 2023, the Group sees a slower North Sea market in 2023, and for some vessels work in other regions will lead to increased capex and mobilization spend in preparation for new contracts. Management has expectations of a positive development in long-term demand drivers in Brazil and North Sea supported also by increased tender activity expected based on ongoing client discussions for 2024 and beyond.Overall, the market has improved compared to the bottom in 2020, however, the visibility is still low and there is insu\ufb03cient data available to conclude that there is clear shift in day-rates and utilisation above the longer-term assumptions applied in prior years value-in-use calculations. Other external sources also include broker valuations of the accommodation vessels which also do not indicate a significant change from prior periods. On this basis, the Group has not identified indicators of impairment nor impairment reversal and hence no value-in-use calculation was performed. In April 2021, the Gulating Court of Appeal decided that Prosafe shall pay full payment to Westcon of the amount claimed. As a result, the Group has recognised USD 40.6 million as a fixed asset acquisition cost and consequently recognised an impairment loss of USD 40.6 million.",
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"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-70-5": {
"value": "NOTE 8: TANGIBLE ASSETSRight-of-use Vessels New builds Equipment Buildingsassets TotalCost as at 31 December 2020 2,913.2 60.7 3.8 7.1 0.4 2,985.2 1Additions57.4 0.0 0.2 0.0 1.4 59.0 Disposals (367.8) 0.0 (0.3) (7.1) 0.0 (375.2)Cost as at 31 December 2021 2,602.8 60.7 3.7 0.0 1.8 2,669.0 2Additions9.0 0.0 0.0 0.0 0.0 9.0 Disposals (14.4) 0.0 0.0 0.0 0.0 (14.4)Currency translation di\ufb00erences 0.0 0.0 0.0 0.0 (0.2) (0.2)Cost as at 31 December 2022 2,597.4 60.7 3.7 0.0 1.6 2,663.4 Accumulated depreciation and impairment 31 December 2020 2,500.9 59.6 2.6 6.6 0.0 2,569.7 Depreciation for the year 32.1 0.0 0.5 0.0 0.4 33.0 Disposals (367.8) 0.0 (0.2) (6.6) 0.0 (374.6)Impairment for the year 40.6 1.1 0.0 0.0 0.0 41.7 Accumulated depreciation and impairment 31 December 2021 2,205.8 60.7 2.9 0.0 0.4 2,269.8 Depreciation for the year 28.7 0.0 0.4 0.0 0.4 29.5 Disposals (13.9) 0.0 0.0 0.0 0.0 (13.9)Accumulated depreciation and impairment 31 December 2022 2,220.6 60.7 3.3 0.0 0.8 2,285.4 Net carrying amount 31 December 2022 376.8 0.0 0.4 0.0 0.8 378.0 Net carrying amount 31 December 2021 397.0 0.0 0.8 0.0 1.4 399.2 Depreciation rate (%) 3-20 20-33 3-5 20-33Economically useful life (years) 5-35 3-5 20-30 3-51) Additions in 2021 included non-cash transactions of USD 40.6 million relating to the Westcon judgement (see below under Vessels for further information) andUSD 1.1 million of right-of-use assets addition.2) Additions in 2022 included non-cash transaction of -USD 1.2 million relating to the fair value change in sellers credit arising from revising estimates of repaymentschedule (See note 18).New builds New builds include prepayment to the yard, owner-furnished equipment and other project costs incurred. See note 22 for details relating to new builds. Buildings In 2021, the building held in Aberdeen was disposed o\ufb00. Vessels Estimated useful life for the semi-submersible accommodation vessels is set at 35 years or less dependent on the age at the time of the acquisition and subsequent refurbishments as the economic life varies for the various components on a vessel. Individual components may, however, be depreciated over shorter periods of time than the life of the vessel itself. The management has assessed the Group's vessels residual value to remain the same as prior year at USD 4.2 million based on the latest assumptions and factors from past recycling transactions. This estimate is primarily based on average steel prices and costs associated with scrapping and is reviewed on an annual basis. Management has performed an impairment assessment of its vessels in accordance with IAS 36. Each individual vessel is considered to be a cash generating unit.The key indicator assessment as at year-end 2022 is the development in the market environment for o\ufb00shore accommodation vessels.There is a significant improvement in demand and utilization in 2022, in part driven by activity previously deferred due to Covid-19.For 2023, the Group sees a slower North Sea market in 2023, and for some vessels work in other regions will lead to increased capex and mobilization spend in preparation for new contracts. Management has expectations of a positive development in long-term demand drivers in Brazil and North Sea supported also by increased tender activity expected based on ongoing client discussions for 2024 and beyond.Overall, the market has improved compared to the bottom in 2020, however, the visibility is still low and there is insu\ufb03cient data available to conclude that there is clear shift in day-rates and utilisation above the longer-term assumptions applied in prior years value-in-use calculations. Other external sources also include broker valuations of the accommodation vessels which also do not indicate a significant change from prior periods. On this basis, the Group has not identified indicators of impairment nor impairment reversal and hence no value-in-use calculation was performed. In April 2021, the Gulating Court of Appeal decided that Prosafe shall pay full payment to Westcon of the amount claimed. As a result, the Group has recognised USD 40.6 million as a fixed asset acquisition cost and consequently recognised an impairment loss of USD 40.6 million.",
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},
"pp-value-70-6": {
"value": "NOTE 8: TANGIBLE ASSETSRight-of-use Vessels New builds Equipment Buildingsassets TotalCost as at 31 December 2020 2,913.2 60.7 3.8 7.1 0.4 2,985.2 1Additions57.4 0.0 0.2 0.0 1.4 59.0 Disposals (367.8) 0.0 (0.3) (7.1) 0.0 (375.2)Cost as at 31 December 2021 2,602.8 60.7 3.7 0.0 1.8 2,669.0 2Additions9.0 0.0 0.0 0.0 0.0 9.0 Disposals (14.4) 0.0 0.0 0.0 0.0 (14.4)Currency translation di\ufb00erences 0.0 0.0 0.0 0.0 (0.2) (0.2)Cost as at 31 December 2022 2,597.4 60.7 3.7 0.0 1.6 2,663.4 Accumulated depreciation and impairment 31 December 2020 2,500.9 59.6 2.6 6.6 0.0 2,569.7 Depreciation for the year 32.1 0.0 0.5 0.0 0.4 33.0 Disposals (367.8) 0.0 (0.2) (6.6) 0.0 (374.6)Impairment for the year 40.6 1.1 0.0 0.0 0.0 41.7 Accumulated depreciation and impairment 31 December 2021 2,205.8 60.7 2.9 0.0 0.4 2,269.8 Depreciation for the year 28.7 0.0 0.4 0.0 0.4 29.5 Disposals (13.9) 0.0 0.0 0.0 0.0 (13.9)Accumulated depreciation and impairment 31 December 2022 2,220.6 60.7 3.3 0.0 0.8 2,285.4 Net carrying amount 31 December 2022 376.8 0.0 0.4 0.0 0.8 378.0 Net carrying amount 31 December 2021 397.0 0.0 0.8 0.0 1.4 399.2 Depreciation rate (%) 3-20 20-33 3-5 20-33Economically useful life (years) 5-35 3-5 20-30 3-51) Additions in 2021 included non-cash transactions of USD 40.6 million relating to the Westcon judgement (see below under Vessels for further information) andUSD 1.1 million of right-of-use assets addition.2) Additions in 2022 included non-cash transaction of -USD 1.2 million relating to the fair value change in sellers credit arising from revising estimates of repaymentschedule (See note 18).New builds New builds include prepayment to the yard, owner-furnished equipment and other project costs incurred. See note 22 for details relating to new builds. Buildings In 2021, the building held in Aberdeen was disposed o\ufb00. Vessels Estimated useful life for the semi-submersible accommodation vessels is set at 35 years or less dependent on the age at the time of the acquisition and subsequent refurbishments as the economic life varies for the various components on a vessel. Individual components may, however, be depreciated over shorter periods of time than the life of the vessel itself. The management has assessed the Group's vessels residual value to remain the same as prior year at USD 4.2 million based on the latest assumptions and factors from past recycling transactions. This estimate is primarily based on average steel prices and costs associated with scrapping and is reviewed on an annual basis. Management has performed an impairment assessment of its vessels in accordance with IAS 36. Each individual vessel is considered to be a cash generating unit.The key indicator assessment as at year-end 2022 is the development in the market environment for o\ufb00shore accommodation vessels.There is a significant improvement in demand and utilization in 2022, in part driven by activity previously deferred due to Covid-19.For 2023, the Group sees a slower North Sea market in 2023, and for some vessels work in other regions will lead to increased capex and mobilization spend in preparation for new contracts. Management has expectations of a positive development in long-term demand drivers in Brazil and North Sea supported also by increased tender activity expected based on ongoing client discussions for 2024 and beyond.Overall, the market has improved compared to the bottom in 2020, however, the visibility is still low and there is insu\ufb03cient data available to conclude that there is clear shift in day-rates and utilisation above the longer-term assumptions applied in prior years value-in-use calculations. Other external sources also include broker valuations of the accommodation vessels which also do not indicate a significant change from prior periods. On this basis, the Group has not identified indicators of impairment nor impairment reversal and hence no value-in-use calculation was performed. In April 2021, the Gulating Court of Appeal decided that Prosafe shall pay full payment to Westcon of the amount claimed. As a result, the Group has recognised USD 40.6 million as a fixed asset acquisition cost and consequently recognised an impairment loss of USD 40.6 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-70-7": {
"value": "NOTE 8: TANGIBLE ASSETSRight-of-use Vessels New builds Equipment Buildingsassets TotalCost as at 31 December 2020 2,913.2 60.7 3.8 7.1 0.4 2,985.2 1Additions57.4 0.0 0.2 0.0 1.4 59.0 Disposals (367.8) 0.0 (0.3) (7.1) 0.0 (375.2)Cost as at 31 December 2021 2,602.8 60.7 3.7 0.0 1.8 2,669.0 2Additions9.0 0.0 0.0 0.0 0.0 9.0 Disposals (14.4) 0.0 0.0 0.0 0.0 (14.4)Currency translation di\ufb00erences 0.0 0.0 0.0 0.0 (0.2) (0.2)Cost as at 31 December 2022 2,597.4 60.7 3.7 0.0 1.6 2,663.4 Accumulated depreciation and impairment 31 December 2020 2,500.9 59.6 2.6 6.6 0.0 2,569.7 Depreciation for the year 32.1 0.0 0.5 0.0 0.4 33.0 Disposals (367.8) 0.0 (0.2) (6.6) 0.0 (374.6)Impairment for the year 40.6 1.1 0.0 0.0 0.0 41.7 Accumulated depreciation and impairment 31 December 2021 2,205.8 60.7 2.9 0.0 0.4 2,269.8 Depreciation for the year 28.7 0.0 0.4 0.0 0.4 29.5 Disposals (13.9) 0.0 0.0 0.0 0.0 (13.9)Accumulated depreciation and impairment 31 December 2022 2,220.6 60.7 3.3 0.0 0.8 2,285.4 Net carrying amount 31 December 2022 376.8 0.0 0.4 0.0 0.8 378.0 Net carrying amount 31 December 2021 397.0 0.0 0.8 0.0 1.4 399.2 Depreciation rate (%) 3-20 20-33 3-5 20-33Economically useful life (years) 5-35 3-5 20-30 3-51) Additions in 2021 included non-cash transactions of USD 40.6 million relating to the Westcon judgement (see below under Vessels for further information) andUSD 1.1 million of right-of-use assets addition.2) Additions in 2022 included non-cash transaction of -USD 1.2 million relating to the fair value change in sellers credit arising from revising estimates of repaymentschedule (See note 18).New builds New builds include prepayment to the yard, owner-furnished equipment and other project costs incurred. See note 22 for details relating to new builds. Buildings In 2021, the building held in Aberdeen was disposed o\ufb00. Vessels Estimated useful life for the semi-submersible accommodation vessels is set at 35 years or less dependent on the age at the time of the acquisition and subsequent refurbishments as the economic life varies for the various components on a vessel. Individual components may, however, be depreciated over shorter periods of time than the life of the vessel itself. The management has assessed the Group's vessels residual value to remain the same as prior year at USD 4.2 million based on the latest assumptions and factors from past recycling transactions. This estimate is primarily based on average steel prices and costs associated with scrapping and is reviewed on an annual basis. Management has performed an impairment assessment of its vessels in accordance with IAS 36. Each individual vessel is considered to be a cash generating unit.The key indicator assessment as at year-end 2022 is the development in the market environment for o\ufb00shore accommodation vessels.There is a significant improvement in demand and utilization in 2022, in part driven by activity previously deferred due to Covid-19.For 2023, the Group sees a slower North Sea market in 2023, and for some vessels work in other regions will lead to increased capex and mobilization spend in preparation for new contracts. Management has expectations of a positive development in long-term demand drivers in Brazil and North Sea supported also by increased tender activity expected based on ongoing client discussions for 2024 and beyond.Overall, the market has improved compared to the bottom in 2020, however, the visibility is still low and there is insu\ufb03cient data available to conclude that there is clear shift in day-rates and utilisation above the longer-term assumptions applied in prior years value-in-use calculations. Other external sources also include broker valuations of the accommodation vessels which also do not indicate a significant change from prior periods. On this basis, the Group has not identified indicators of impairment nor impairment reversal and hence no value-in-use calculation was performed. In April 2021, the Gulating Court of Appeal decided that Prosafe shall pay full payment to Westcon of the amount claimed. As a result, the Group has recognised USD 40.6 million as a fixed asset acquisition cost and consequently recognised an impairment loss of USD 40.6 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-73-2": {
"value": "NOTE 9: OTHER FINANCIAL ITEMS2022 2021Currency gain 0.6 1.8 1)Gain from extinguishment of debt 0.0 1,048.0 Other financial income 0.0 2.0 Total other financial income 0.6 1,051.8 Fair value adjustment interest rate swaps 0.0 (0.2)2)Other financial expenses (4.7) (33.9)Total other financial expenses (4.7) (34.1)1) In 2021, there was a gain from extinguishment of debt as a result of the completion of the financial restructuring process. See further details in note 14.2) In 2022, refinancing costs of USD 3.5 million incurred is related to the Cosco global deed settlement (2021: refinancing cost of USD 17.5 million incurred as a result of the financial restructuring process) and included in other financial expenses. See further details in note 14 relating to financial restructuring. NOTE 10: FINANCIAL ITEMS Financial assets Financial liabilitiesmeasured at measured at Year ended 31 December 2022amortised costamortised cost Total(a)Interest income 0.7 0.0 0.7 1)Currency gain 0.0 0.0 0.6 (b)Total other financial income 0.0 0.0 0.6 Amortisation of amortised costs (3.9) (3.9)Debts interest expenses (14.8) (14.8)(c)Total interest expenses (18.7) (18.7)Other financial expenses (4.7) (4.7)(d)Total other financial expenses (4.7) (4.7)(a)+(b)+(c)+(d)Net financial items 0.7 (23.4) (22.1)1) Excluded from the category breakdown but added to the total for net e\ufb00ect.Financial assets Fair value Financial liabilitiesmeasured at through profitmeasured at Year ended 31 December 2021amortised costand lossamortised cost Total(a)Interest income 1.0 1.0 0.0 1.0 1)Currency gain 0.0 0.0 0.0 1.8 Gain from extinguishment of debt 0.0 0.0 1,048.0 1,048.0 1)Other financial income 0.0 0.0 0.0 2.0 (b)Total other financial income 0.0 0.0 1,048.0 1,051.8 Amortisation of borrowing costs 0.0 (5.4) (5.4)Amortisation of amortised costs 0.0 (0.9) (0.9)Debts interest expenses 0.0 (31.6) (31.6)(c)Total interest expenses 0.0 (37.9) (37.9)Fair value adjustment interest rate swaps (0.2) 0.0 (0.2)2),3)Other financial expenses 0.0 (16.4) (33.9)(d)Total other financial expenses (0.2) (16.4) (34.1)(a)+(b)+(c)+(d)Net financial items 1.0 (0.2) 993.7 980.8 1) Excluded from the category breakdown but added to the total for net e\ufb00ect. 2) In April 2021, the Gulating Court of Appeal decided that Prosafe shall pay full payment to Westcon of the amount claimed. As a result, the Group recognised USD 13.8 million as other financial expenses.3) USD 17.5 million of refinancing costs were excluded from the category breakdown but added to the total for net e\ufb00ect. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-73-3": {
"value": "NOTE 9: OTHER FINANCIAL ITEMS2022 2021Currency gain 0.6 1.8 1)Gain from extinguishment of debt 0.0 1,048.0 Other financial income 0.0 2.0 Total other financial income 0.6 1,051.8 Fair value adjustment interest rate swaps 0.0 (0.2)2)Other financial expenses (4.7) (33.9)Total other financial expenses (4.7) (34.1)1) In 2021, there was a gain from extinguishment of debt as a result of the completion of the financial restructuring process. See further details in note 14.2) In 2022, refinancing costs of USD 3.5 million incurred is related to the Cosco global deed settlement (2021: refinancing cost of USD 17.5 million incurred as a result of the financial restructuring process) and included in other financial expenses. See further details in note 14 relating to financial restructuring. NOTE 10: FINANCIAL ITEMS Financial assets Financial liabilitiesmeasured at measured at Year ended 31 December 2022amortised costamortised cost Total(a)Interest income 0.7 0.0 0.7 1)Currency gain 0.0 0.0 0.6 (b)Total other financial income 0.0 0.0 0.6 Amortisation of amortised costs (3.9) (3.9)Debts interest expenses (14.8) (14.8)(c)Total interest expenses (18.7) (18.7)Other financial expenses (4.7) (4.7)(d)Total other financial expenses (4.7) (4.7)(a)+(b)+(c)+(d)Net financial items 0.7 (23.4) (22.1)1) Excluded from the category breakdown but added to the total for net e\ufb00ect.Financial assets Fair value Financial liabilitiesmeasured at through profitmeasured at Year ended 31 December 2021amortised costand lossamortised cost Total(a)Interest income 1.0 1.0 0.0 1.0 1)Currency gain 0.0 0.0 0.0 1.8 Gain from extinguishment of debt 0.0 0.0 1,048.0 1,048.0 1)Other financial income 0.0 0.0 0.0 2.0 (b)Total other financial income 0.0 0.0 1,048.0 1,051.8 Amortisation of borrowing costs 0.0 (5.4) (5.4)Amortisation of amortised costs 0.0 (0.9) (0.9)Debts interest expenses 0.0 (31.6) (31.6)(c)Total interest expenses 0.0 (37.9) (37.9)Fair value adjustment interest rate swaps (0.2) 0.0 (0.2)2),3)Other financial expenses 0.0 (16.4) (33.9)(d)Total other financial expenses (0.2) (16.4) (34.1)(a)+(b)+(c)+(d)Net financial items 1.0 (0.2) 993.7 980.8 1) Excluded from the category breakdown but added to the total for net e\ufb00ect. 2) In April 2021, the Gulating Court of Appeal decided that Prosafe shall pay full payment to Westcon of the amount claimed. As a result, the Group recognised USD 13.8 million as other financial expenses.3) USD 17.5 million of refinancing costs were excluded from the category breakdown but added to the total for net e\ufb00ect. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-73-4": {
"value": "NOTE 9: OTHER FINANCIAL ITEMS2022 2021Currency gain 0.6 1.8 1)Gain from extinguishment of debt 0.0 1,048.0 Other financial income 0.0 2.0 Total other financial income 0.6 1,051.8 Fair value adjustment interest rate swaps 0.0 (0.2)2)Other financial expenses (4.7) (33.9)Total other financial expenses (4.7) (34.1)1) In 2021, there was a gain from extinguishment of debt as a result of the completion of the financial restructuring process. See further details in note 14.2) In 2022, refinancing costs of USD 3.5 million incurred is related to the Cosco global deed settlement (2021: refinancing cost of USD 17.5 million incurred as a result of the financial restructuring process) and included in other financial expenses. See further details in note 14 relating to financial restructuring. NOTE 10: FINANCIAL ITEMS Financial assets Financial liabilitiesmeasured at measured at Year ended 31 December 2022amortised costamortised cost Total(a)Interest income 0.7 0.0 0.7 1)Currency gain 0.0 0.0 0.6 (b)Total other financial income 0.0 0.0 0.6 Amortisation of amortised costs (3.9) (3.9)Debts interest expenses (14.8) (14.8)(c)Total interest expenses (18.7) (18.7)Other financial expenses (4.7) (4.7)(d)Total other financial expenses (4.7) (4.7)(a)+(b)+(c)+(d)Net financial items 0.7 (23.4) (22.1)1) Excluded from the category breakdown but added to the total for net e\ufb00ect.Financial assets Fair value Financial liabilitiesmeasured at through profitmeasured at Year ended 31 December 2021amortised costand lossamortised cost Total(a)Interest income 1.0 1.0 0.0 1.0 1)Currency gain 0.0 0.0 0.0 1.8 Gain from extinguishment of debt 0.0 0.0 1,048.0 1,048.0 1)Other financial income 0.0 0.0 0.0 2.0 (b)Total other financial income 0.0 0.0 1,048.0 1,051.8 Amortisation of borrowing costs 0.0 (5.4) (5.4)Amortisation of amortised costs 0.0 (0.9) (0.9)Debts interest expenses 0.0 (31.6) (31.6)(c)Total interest expenses 0.0 (37.9) (37.9)Fair value adjustment interest rate swaps (0.2) 0.0 (0.2)2),3)Other financial expenses 0.0 (16.4) (33.9)(d)Total other financial expenses (0.2) (16.4) (34.1)(a)+(b)+(c)+(d)Net financial items 1.0 (0.2) 993.7 980.8 1) Excluded from the category breakdown but added to the total for net e\ufb00ect. 2) In April 2021, the Gulating Court of Appeal decided that Prosafe shall pay full payment to Westcon of the amount claimed. As a result, the Group recognised USD 13.8 million as other financial expenses.3) USD 17.5 million of refinancing costs were excluded from the category breakdown but added to the total for net e\ufb00ect. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-74-5": {
"value": "NOTE 10: FINANCIAL ITEMS Financial assets Financial liabilitiesmeasured at measured at Year ended 31 December 2022amortised costamortised cost Total(a)Interest income 0.7 0.0 0.7 1)Currency gain 0.0 0.0 0.6 (b)Total other financial income 0.0 0.0 0.6 Amortisation of amortised costs (3.9) (3.9)Debts interest expenses (14.8) (14.8)(c)Total interest expenses (18.7) (18.7)Other financial expenses (4.7) (4.7)(d)Total other financial expenses (4.7) (4.7)(a)+(b)+(c)+(d)Net financial items 0.7 (23.4) (22.1)1) Excluded from the category breakdown but added to the total for net e\ufb00ect.Financial assets Fair value Financial liabilitiesmeasured at through profitmeasured at Year ended 31 December 2021amortised costand lossamortised cost Total(a)Interest income 1.0 1.0 0.0 1.0 1)Currency gain 0.0 0.0 0.0 1.8 Gain from extinguishment of debt 0.0 0.0 1,048.0 1,048.0 1)Other financial income 0.0 0.0 0.0 2.0 (b)Total other financial income 0.0 0.0 1,048.0 1,051.8 Amortisation of borrowing costs 0.0 (5.4) (5.4)Amortisation of amortised costs 0.0 (0.9) (0.9)Debts interest expenses 0.0 (31.6) (31.6)(c)Total interest expenses 0.0 (37.9) (37.9)Fair value adjustment interest rate swaps (0.2) 0.0 (0.2)2),3)Other financial expenses 0.0 (16.4) (33.9)(d)Total other financial expenses (0.2) (16.4) (34.1)(a)+(b)+(c)+(d)Net financial items 1.0 (0.2) 993.7 980.8 1) Excluded from the category breakdown but added to the total for net e\ufb00ect. 2) In April 2021, the Gulating Court of Appeal decided that Prosafe shall pay full payment to Westcon of the amount claimed. As a result, the Group recognised USD 13.8 million as other financial expenses.3) USD 17.5 million of refinancing costs were excluded from the category breakdown but added to the total for net e\ufb00ect. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-74-6": {
"value": "NOTE 10: FINANCIAL ITEMS Financial assets Financial liabilitiesmeasured at measured at Year ended 31 December 2022amortised costamortised cost Total(a)Interest income 0.7 0.0 0.7 1)Currency gain 0.0 0.0 0.6 (b)Total other financial income 0.0 0.0 0.6 Amortisation of amortised costs (3.9) (3.9)Debts interest expenses (14.8) (14.8)(c)Total interest expenses (18.7) (18.7)Other financial expenses (4.7) (4.7)(d)Total other financial expenses (4.7) (4.7)(a)+(b)+(c)+(d)Net financial items 0.7 (23.4) (22.1)1) Excluded from the category breakdown but added to the total for net e\ufb00ect.Financial assets Fair value Financial liabilitiesmeasured at through profitmeasured at Year ended 31 December 2021amortised costand lossamortised cost Total(a)Interest income 1.0 1.0 0.0 1.0 1)Currency gain 0.0 0.0 0.0 1.8 Gain from extinguishment of debt 0.0 0.0 1,048.0 1,048.0 1)Other financial income 0.0 0.0 0.0 2.0 (b)Total other financial income 0.0 0.0 1,048.0 1,051.8 Amortisation of borrowing costs 0.0 (5.4) (5.4)Amortisation of amortised costs 0.0 (0.9) (0.9)Debts interest expenses 0.0 (31.6) (31.6)(c)Total interest expenses 0.0 (37.9) (37.9)Fair value adjustment interest rate swaps (0.2) 0.0 (0.2)2),3)Other financial expenses 0.0 (16.4) (33.9)(d)Total other financial expenses (0.2) (16.4) (34.1)(a)+(b)+(c)+(d)Net financial items 1.0 (0.2) 993.7 980.8 1) Excluded from the category breakdown but added to the total for net e\ufb00ect. 2) In April 2021, the Gulating Court of Appeal decided that Prosafe shall pay full payment to Westcon of the amount claimed. As a result, the Group recognised USD 13.8 million as other financial expenses.3) USD 17.5 million of refinancing costs were excluded from the category breakdown but added to the total for net e\ufb00ect. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-74-7": {
"value": "NOTE 10: FINANCIAL ITEMS Financial assets Financial liabilitiesmeasured at measured at Year ended 31 December 2022amortised costamortised cost Total(a)Interest income 0.7 0.0 0.7 1)Currency gain 0.0 0.0 0.6 (b)Total other financial income 0.0 0.0 0.6 Amortisation of amortised costs (3.9) (3.9)Debts interest expenses (14.8) (14.8)(c)Total interest expenses (18.7) (18.7)Other financial expenses (4.7) (4.7)(d)Total other financial expenses (4.7) (4.7)(a)+(b)+(c)+(d)Net financial items 0.7 (23.4) (22.1)1) Excluded from the category breakdown but added to the total for net e\ufb00ect.Financial assets Fair value Financial liabilitiesmeasured at through profitmeasured at Year ended 31 December 2021amortised costand lossamortised cost Total(a)Interest income 1.0 1.0 0.0 1.0 1)Currency gain 0.0 0.0 0.0 1.8 Gain from extinguishment of debt 0.0 0.0 1,048.0 1,048.0 1)Other financial income 0.0 0.0 0.0 2.0 (b)Total other financial income 0.0 0.0 1,048.0 1,051.8 Amortisation of borrowing costs 0.0 (5.4) (5.4)Amortisation of amortised costs 0.0 (0.9) (0.9)Debts interest expenses 0.0 (31.6) (31.6)(c)Total interest expenses 0.0 (37.9) (37.9)Fair value adjustment interest rate swaps (0.2) 0.0 (0.2)2),3)Other financial expenses 0.0 (16.4) (33.9)(d)Total other financial expenses (0.2) (16.4) (34.1)(a)+(b)+(c)+(d)Net financial items 1.0 (0.2) 993.7 980.8 1) Excluded from the category breakdown but added to the total for net e\ufb00ect. 2) In April 2021, the Gulating Court of Appeal decided that Prosafe shall pay full payment to Westcon of the amount claimed. As a result, the Group recognised USD 13.8 million as other financial expenses.3) USD 17.5 million of refinancing costs were excluded from the category breakdown but added to the total for net e\ufb00ect. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-74-8": {
"value": "NOTE 10: FINANCIAL ITEMS Financial assets Financial liabilitiesmeasured at measured at Year ended 31 December 2022amortised costamortised cost Total(a)Interest income 0.7 0.0 0.7 1)Currency gain 0.0 0.0 0.6 (b)Total other financial income 0.0 0.0 0.6 Amortisation of amortised costs (3.9) (3.9)Debts interest expenses (14.8) (14.8)(c)Total interest expenses (18.7) (18.7)Other financial expenses (4.7) (4.7)(d)Total other financial expenses (4.7) (4.7)(a)+(b)+(c)+(d)Net financial items 0.7 (23.4) (22.1)1) Excluded from the category breakdown but added to the total for net e\ufb00ect.Financial assets Fair value Financial liabilitiesmeasured at through profitmeasured at Year ended 31 December 2021amortised costand lossamortised cost Total(a)Interest income 1.0 1.0 0.0 1.0 1)Currency gain 0.0 0.0 0.0 1.8 Gain from extinguishment of debt 0.0 0.0 1,048.0 1,048.0 1)Other financial income 0.0 0.0 0.0 2.0 (b)Total other financial income 0.0 0.0 1,048.0 1,051.8 Amortisation of borrowing costs 0.0 (5.4) (5.4)Amortisation of amortised costs 0.0 (0.9) (0.9)Debts interest expenses 0.0 (31.6) (31.6)(c)Total interest expenses 0.0 (37.9) (37.9)Fair value adjustment interest rate swaps (0.2) 0.0 (0.2)2),3)Other financial expenses 0.0 (16.4) (33.9)(d)Total other financial expenses (0.2) (16.4) (34.1)(a)+(b)+(c)+(d)Net financial items 1.0 (0.2) 993.7 980.8 1) Excluded from the category breakdown but added to the total for net e\ufb00ect. 2) In April 2021, the Gulating Court of Appeal decided that Prosafe shall pay full payment to Westcon of the amount claimed. As a result, the Group recognised USD 13.8 million as other financial expenses.3) USD 17.5 million of refinancing costs were excluded from the category breakdown but added to the total for net e\ufb00ect. NOTE 17: FINANCIAL ASSETS AND LIABILITIESAs at 31 December 2022, the Group had financial assets and liabilities in the following categories: Financial assets Financial liabilities measured at measured at Year ended 31 December 2022amortised costamortised cost Carrying value Fair valueCash and deposits 91.6 0.0 91.6 91.6 Accounts receivable 20.6 0.0 20.6 20.6 Other current assets 3.5 0.0 3.5 3.5 Total financial assets 115.7 0.0 115.7 115.7 1)Interest-bearing debt 422.2 422.2 422.2 Accounts payable 3.1 3.1 3.1 Other current liabilities 17.5 17.5 17.5 Other non-current liabilities 1.9 1.9 1.9 Total financial liabilities 444.7 444.7 444.7 1)Refer to note 14 for details on interest-bearing debt.Management assessed the cash and deposits, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments. As at 31 December 2021, the Group had financial assets and liabilities in the following categories: Financial assets Financial liabilities measured at measured at Year ended 31 December 2021amortised costamortised cost Carrying value Fair valueCash and deposits 73.9 0.0 73.9 73.9 Accounts receivable 14.1 0.0 14.1 14.1 Other current assets 3.5 0.0 3.5 3.5 Total financial assets 91.5 0.0 91.5 91.5 1)Interest-bearing debt 423.3 423.3 423.3 Accounts payable 1.8 1.8 1.8 Other current liabilities 18.5 18.5 18.5 Other non-current liabilities 2.2 2.2 2.2 Total financial liabilities 445.8 445.8 445.8 1) Refer to note 14 for details on interest-bearing debt. Management assessed the cash and deposits, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments. As at 31 December 2021, the fair value of the interest rate caps amounted to less than USD 0.1 million of the financial assets and was not material for further disclosure. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-74-9": {
"value": "NOTE 10: FINANCIAL ITEMS Financial assets Financial liabilitiesmeasured at measured at Year ended 31 December 2022amortised costamortised cost Total(a)Interest income 0.7 0.0 0.7 1)Currency gain 0.0 0.0 0.6 (b)Total other financial income 0.0 0.0 0.6 Amortisation of amortised costs (3.9) (3.9)Debts interest expenses (14.8) (14.8)(c)Total interest expenses (18.7) (18.7)Other financial expenses (4.7) (4.7)(d)Total other financial expenses (4.7) (4.7)(a)+(b)+(c)+(d)Net financial items 0.7 (23.4) (22.1)1) Excluded from the category breakdown but added to the total for net e\ufb00ect.Financial assets Fair value Financial liabilitiesmeasured at through profitmeasured at Year ended 31 December 2021amortised costand lossamortised cost Total(a)Interest income 1.0 1.0 0.0 1.0 1)Currency gain 0.0 0.0 0.0 1.8 Gain from extinguishment of debt 0.0 0.0 1,048.0 1,048.0 1)Other financial income 0.0 0.0 0.0 2.0 (b)Total other financial income 0.0 0.0 1,048.0 1,051.8 Amortisation of borrowing costs 0.0 (5.4) (5.4)Amortisation of amortised costs 0.0 (0.9) (0.9)Debts interest expenses 0.0 (31.6) (31.6)(c)Total interest expenses 0.0 (37.9) (37.9)Fair value adjustment interest rate swaps (0.2) 0.0 (0.2)2),3)Other financial expenses 0.0 (16.4) (33.9)(d)Total other financial expenses (0.2) (16.4) (34.1)(a)+(b)+(c)+(d)Net financial items 1.0 (0.2) 993.7 980.8 1) Excluded from the category breakdown but added to the total for net e\ufb00ect. 2) In April 2021, the Gulating Court of Appeal decided that Prosafe shall pay full payment to Westcon of the amount claimed. As a result, the Group recognised USD 13.8 million as other financial expenses.3) USD 17.5 million of refinancing costs were excluded from the category breakdown but added to the total for net e\ufb00ect. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-76-2": {
"value": "NOTE 11: TAXESIncome tax expenses 2022 2021Taxes in income statement:Taxes payable 8.3 3.1 Total taxes in income statement 8.3 3.1 Reconciliation of e\ufb00ective tax rate (IAS 12.81)Tax rate in Norway (parent company tax jurisdiction) 22.0% 22.0%Profit before taxes 9.8 931.0 Tax based on applicable tax rate 2.2 204.8 Tax on income not taxable in determining taxable profit (13.8) (226.7)Tax e\ufb00ect of non-deductible expenses 1.1 1.3 Tax e\ufb00ect due to changes in unrecognized deferred tax assets 10.5 20.6 E\ufb00ect of tax in other jurisdictions 8.3 3.1 Total taxes in income statement 8.3 3.1 Deferred tax - Specification and movements 2022 2021Temporary di\ufb00erences: Exit from Norwegian tonnage tax system 7.1 8.9 Vessel tax base exceeds net book value (535.7) (725.3) Tax loss carried forward (1,030.3) (949.7) Loss account for deferral (185.5) (259.2)Basis for deferred tax (1,744.4) (1,925.3)Recognised deferred tax asset 0.0 0.0 Deferred tax liability 1 January and 31 December 0.0 0.0 Tax payable as at 31 December 18.0 10.7 The corporate tax rate in Norway for 2022 is 22% (2021: 22%). Deferred income tax assets and liabilities are o\ufb00set as all the temporary di\ufb00erences are within the Norway tax resident entities that comprise a tax group. Within the tax group there is a legally enforceable right to set o\ufb00 current tax assets against current tax liabilities. There is no expiry date on the temporary di\ufb00erences and tax loss carried forward. The value of the deferred tax assets is not recognised in the accounts as the probability of having su\ufb03cient future taxable profit to utilise the deferred tax assets as tax deductions cannot be established. The total tax payable in the income statement and as at 31 December resulted from the Group's operations in other parts of the world which were subjected to tax in jurisdictions other than Norway. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-76-3": {
"value": "NOTE 11: TAXESIncome tax expenses 2022 2021Taxes in income statement:Taxes payable 8.3 3.1 Total taxes in income statement 8.3 3.1 Reconciliation of e\ufb00ective tax rate (IAS 12.81)Tax rate in Norway (parent company tax jurisdiction) 22.0% 22.0%Profit before taxes 9.8 931.0 Tax based on applicable tax rate 2.2 204.8 Tax on income not taxable in determining taxable profit (13.8) (226.7)Tax e\ufb00ect of non-deductible expenses 1.1 1.3 Tax e\ufb00ect due to changes in unrecognized deferred tax assets 10.5 20.6 E\ufb00ect of tax in other jurisdictions 8.3 3.1 Total taxes in income statement 8.3 3.1 Deferred tax - Specification and movements 2022 2021Temporary di\ufb00erences: Exit from Norwegian tonnage tax system 7.1 8.9 Vessel tax base exceeds net book value (535.7) (725.3) Tax loss carried forward (1,030.3) (949.7) Loss account for deferral (185.5) (259.2)Basis for deferred tax (1,744.4) (1,925.3)Recognised deferred tax asset 0.0 0.0 Deferred tax liability 1 January and 31 December 0.0 0.0 Tax payable as at 31 December 18.0 10.7 The corporate tax rate in Norway for 2022 is 22% (2021: 22%). Deferred income tax assets and liabilities are o\ufb00set as all the temporary di\ufb00erences are within the Norway tax resident entities that comprise a tax group. Within the tax group there is a legally enforceable right to set o\ufb00 current tax assets against current tax liabilities. There is no expiry date on the temporary di\ufb00erences and tax loss carried forward. The value of the deferred tax assets is not recognised in the accounts as the probability of having su\ufb03cient future taxable profit to utilise the deferred tax assets as tax deductions cannot be established. The total tax payable in the income statement and as at 31 December resulted from the Group's operations in other parts of the world which were subjected to tax in jurisdictions other than Norway. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-76-4": {
"value": "NOTE 11: TAXESIncome tax expenses 2022 2021Taxes in income statement:Taxes payable 8.3 3.1 Total taxes in income statement 8.3 3.1 Reconciliation of e\ufb00ective tax rate (IAS 12.81)Tax rate in Norway (parent company tax jurisdiction) 22.0% 22.0%Profit before taxes 9.8 931.0 Tax based on applicable tax rate 2.2 204.8 Tax on income not taxable in determining taxable profit (13.8) (226.7)Tax e\ufb00ect of non-deductible expenses 1.1 1.3 Tax e\ufb00ect due to changes in unrecognized deferred tax assets 10.5 20.6 E\ufb00ect of tax in other jurisdictions 8.3 3.1 Total taxes in income statement 8.3 3.1 Deferred tax - Specification and movements 2022 2021Temporary di\ufb00erences: Exit from Norwegian tonnage tax system 7.1 8.9 Vessel tax base exceeds net book value (535.7) (725.3) Tax loss carried forward (1,030.3) (949.7) Loss account for deferral (185.5) (259.2)Basis for deferred tax (1,744.4) (1,925.3)Recognised deferred tax asset 0.0 0.0 Deferred tax liability 1 January and 31 December 0.0 0.0 Tax payable as at 31 December 18.0 10.7 The corporate tax rate in Norway for 2022 is 22% (2021: 22%). Deferred income tax assets and liabilities are o\ufb00set as all the temporary di\ufb00erences are within the Norway tax resident entities that comprise a tax group. Within the tax group there is a legally enforceable right to set o\ufb00 current tax assets against current tax liabilities. There is no expiry date on the temporary di\ufb00erences and tax loss carried forward. The value of the deferred tax assets is not recognised in the accounts as the probability of having su\ufb03cient future taxable profit to utilise the deferred tax assets as tax deductions cannot be established. The total tax payable in the income statement and as at 31 December resulted from the Group's operations in other parts of the world which were subjected to tax in jurisdictions other than Norway. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-78-2": {
"value": "NOTE 12: EARNINGS PER SHARE Earnings per share are calculated by dividing net profit by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share are calculated by dividing net profit by the weighted average number of ordinary shares plus the number of potential shares relating to share options. 2022 2021Net profit 1.5 927.9 Weighted average number of outstanding shares 8,798,699 3,524,542Basic earnings per share 0.17 263.27 Weighted average number of outstanding and 1)potential shares 8,826,320 3,524,542Diluted earnings per share 0.17 263.27 1) In 2022, the weighted average number of outstanding and potential sharesincludes the average share capital of 8,798,699 and share options of 27,621(2021: average share capital of 3,524,542).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-78-4": {
"value": "NOTE 12: EARNINGS PER SHARE Earnings per share are calculated by dividing net profit by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share are calculated by dividing net profit by the weighted average number of ordinary shares plus the number of potential shares relating to share options. 2022 2021Net profit 1.5 927.9 Weighted average number of outstanding shares 8,798,699 3,524,542Basic earnings per share 0.17 263.27 Weighted average number of outstanding and 1)potential shares 8,826,320 3,524,542Diluted earnings per share 0.17 263.27 1) In 2022, the weighted average number of outstanding and potential sharesincludes the average share capital of 8,798,699 and share options of 27,621(2021: average share capital of 3,524,542).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-79-2": {
"value": "NOTE 13: SHARE CAPITAL, SHAREHOLDER INFORMATION, CONVERTIBLE BONDS, WARRANTS AND SHARE-BASED PAYMENT2022 2021Issued and paid up number of ordinary shares 1)at 31 December 8,798,699 8,798,699,789Total authorised number of shares at 31 December 8,798,699 8,798,699,7892) 3) 4)Nominal value at 31 December EUR 1.25 EUR 0.05Number of shareholders at 31 December 4,834 4,8501) In 2021, the financial restructuring process was fully implemented andcompleted. As a result of conversion of convertible bonds in 2021 andequitisation of debts, the outstanding number of shares increased by 5,522,786and 8,710,712,791 respectively. See note 14 for details on the financialrestructuring.2) In 2021, the Company reduced the nominal value of its shares from EUR 0.10 toEUR 0.05 per share. As a result, there was a reduction in share capital by USD 4.8million and a corresponding increase in other equity.3) On 27 January 2022, the Company completed a 1,000:1 reverse split of theCompany's shares to satisfy the minimum requirement to market value of theissuer's shares for listed companies. After the reverse share split, 1,000 shareswith a nominal value of EUR 0.05 give 1 new share with a nominal value of EUR50.00. The number of outstanding shares in the Company after the reverse split is8,798,699. 4) At the AGM on 11 May 2022, the shareholders approved to reduce the sharecapital by reducing the nominal value of the shares from EUR 50.00 to EUR 1.25.As a result, the Company recorded a reduction in share capital by USD 485.1million and a corresponding increase in other equity.Largest shareholders as at 31 December 2022 No of shares PercentageNORTH SEA STRATEGIC INVESTMENTS AS 1,355,363 15.4 %HV VI INVEST SIERRA AS 1,116,565 12.7 %MH CAPITAL AS 804,581 9.1 %ALDEN AS 803,250 9.1 %MIDELFART CAPITAL AS 498,674 5.7 %The Bank of New York Mellon 306,247 3.5 %WESTCON YARDS AS 263,500 3.0 %VICAMA CAPITAL AS 236,533 2.7 %VICAMA AS 225,000 2.6 %SONGA CAPITAL AS 172,017 2.0 %UBS Switzerland AG 135,567 1.5 %VERDIPAPIRFONDET DNB SMB 132,531 1.5 %J.P. MORGAN SECURITIES PLC 127,601 1.5 %ENG INVEST AS 125,000 1.4 %DIMA AS 115,000 1.3 %GROSS MANAGEMENT AS 100,000 1.1 %RONGEV\u00c6R, OTTO 90,977 1.0 %VARDE NORGE AS 85,000 1.0 %CAM AS 80,000 0.9 %TRAPESA AS 74,171 0.8 %Total 20 largest shareholders/groups of shareholders 6,847,577 77.8 %All ordinary shares rank equally. Holders of these shares are entitled to one vote per share at general meetings of the Company. Convertible bonds The convertible bonds allow the bond holders to convert into shares at a conversion price of NOK 25 or NOK 30 per share. There is no contractual obligation to deliver cash or another financial asset as the conversion feature can only be settled through the issuance of a fixed amount of shares. Hence, the convertible bonds have been classified entirely as equity. All outstanding convertible bonds were converted in 2021 as part of the financial restructuring process and there was no convertible bond as of 31 December 2021 and 31 December 2022.Warrants As part of the USD 1,300 million credit facility refinancing concluded in 2018, the Group issued warrants to those lenders having elected to receive such instead of increased margins. The warrants give right to subscribe for one new share in the Group at a subscription price of NOK 21.37. In 2021, these warrants were cancelled as part of the financial restructuring and there are no warrants outstanding as of 31 December 2021 and 31 December 2022. See further details in note 14 relating to financial restructuring. Share-based payments Share-based payments in other equity comprises the cumulative value of services received from employees recorded on grant of equity-settled share options, The expense for service received is recognised over the vesting period. The amount in other equity is retained when the options are exercised or expire. See note 6 for details on share-based payments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-79-3": {
"value": "NOTE 13: SHARE CAPITAL, SHAREHOLDER INFORMATION, CONVERTIBLE BONDS, WARRANTS AND SHARE-BASED PAYMENT2022 2021Issued and paid up number of ordinary shares 1)at 31 December 8,798,699 8,798,699,789Total authorised number of shares at 31 December 8,798,699 8,798,699,7892) 3) 4)Nominal value at 31 December EUR 1.25 EUR 0.05Number of shareholders at 31 December 4,834 4,8501) In 2021, the financial restructuring process was fully implemented andcompleted. As a result of conversion of convertible bonds in 2021 andequitisation of debts, the outstanding number of shares increased by 5,522,786and 8,710,712,791 respectively. See note 14 for details on the financialrestructuring.2) In 2021, the Company reduced the nominal value of its shares from EUR 0.10 toEUR 0.05 per share. As a result, there was a reduction in share capital by USD 4.8million and a corresponding increase in other equity.3) On 27 January 2022, the Company completed a 1,000:1 reverse split of theCompany's shares to satisfy the minimum requirement to market value of theissuer's shares for listed companies. After the reverse share split, 1,000 shareswith a nominal value of EUR 0.05 give 1 new share with a nominal value of EUR50.00. The number of outstanding shares in the Company after the reverse split is8,798,699. 4) At the AGM on 11 May 2022, the shareholders approved to reduce the sharecapital by reducing the nominal value of the shares from EUR 50.00 to EUR 1.25.As a result, the Company recorded a reduction in share capital by USD 485.1million and a corresponding increase in other equity.Largest shareholders as at 31 December 2022 No of shares PercentageNORTH SEA STRATEGIC INVESTMENTS AS 1,355,363 15.4 %HV VI INVEST SIERRA AS 1,116,565 12.7 %MH CAPITAL AS 804,581 9.1 %ALDEN AS 803,250 9.1 %MIDELFART CAPITAL AS 498,674 5.7 %The Bank of New York Mellon 306,247 3.5 %WESTCON YARDS AS 263,500 3.0 %VICAMA CAPITAL AS 236,533 2.7 %VICAMA AS 225,000 2.6 %SONGA CAPITAL AS 172,017 2.0 %UBS Switzerland AG 135,567 1.5 %VERDIPAPIRFONDET DNB SMB 132,531 1.5 %J.P. MORGAN SECURITIES PLC 127,601 1.5 %ENG INVEST AS 125,000 1.4 %DIMA AS 115,000 1.3 %GROSS MANAGEMENT AS 100,000 1.1 %RONGEV\u00c6R, OTTO 90,977 1.0 %VARDE NORGE AS 85,000 1.0 %CAM AS 80,000 0.9 %TRAPESA AS 74,171 0.8 %Total 20 largest shareholders/groups of shareholders 6,847,577 77.8 %All ordinary shares rank equally. Holders of these shares are entitled to one vote per share at general meetings of the Company. Convertible bonds The convertible bonds allow the bond holders to convert into shares at a conversion price of NOK 25 or NOK 30 per share. There is no contractual obligation to deliver cash or another financial asset as the conversion feature can only be settled through the issuance of a fixed amount of shares. Hence, the convertible bonds have been classified entirely as equity. All outstanding convertible bonds were converted in 2021 as part of the financial restructuring process and there was no convertible bond as of 31 December 2021 and 31 December 2022.Warrants As part of the USD 1,300 million credit facility refinancing concluded in 2018, the Group issued warrants to those lenders having elected to receive such instead of increased margins. The warrants give right to subscribe for one new share in the Group at a subscription price of NOK 21.37. In 2021, these warrants were cancelled as part of the financial restructuring and there are no warrants outstanding as of 31 December 2021 and 31 December 2022. See further details in note 14 relating to financial restructuring. Share-based payments Share-based payments in other equity comprises the cumulative value of services received from employees recorded on grant of equity-settled share options, The expense for service received is recognised over the vesting period. The amount in other equity is retained when the options are exercised or expire. See note 6 for details on share-based payments. ",
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"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-82-2": {
"value": "NOTE 14: INTEREST-BEARING DEBT2022 2021Credit facilities - face value 344.2 343.4 Sellers' credits - face value 90.5 94.4 Di\ufb00erence between face value and carrying amount - sellers credit (13.3) (15.9)Lease liabilities 0.8 1.4 Total interest-bearing debt 422.2 423.3 Non-current interest-bearing debt 418.5 422.4 Current interest-bearing debt 3.7 0.9 Total interest-bearing debt 422.2 423.3 Reconciliation of movements of interest-bearing debt to cash \ufb02ows arising from financing activities 2022 2021Interest-bearing debt at 1 January 423.3 1,509.4 Changes from financing cash \ufb02ows- Repayments of interest-bearing debt (4.4) (77.6)- Interests paid (14.1) 0.0 - Refinancing costs paid (3.5) (17.5)Total changes from financing cash \ufb02ows (22.0) (95.1)Other liability-changes - Non-cash movement in interest bearing debt (1.3) 0.1 - Extinguishment of debt 0.0 (1,030.5)- Refinancing costs 3.5 0.0 - Westcon claim 0.0 55.0 - Debt equitized for shares 0.0 (59.3)- Interests expense 18.7 37.9 1)- Swaps termination 0.0 4.7 - New finance leases 0.0 1.1 Total liability-related changes 20.9 (991.0)Interest-bearing debt at 31 December 422.2 423.3 1) In 2021, interest rate swaps which were terminated by the swap banks were included as part of interest-bearing debt. Modification of debt When a debt instrument is restructured and the terms have been modified, it is necessary to assess whether the new terms are considered to have been substantially modified, and thereby conclude on the accounting treatment relating to the extinguishment of the existing liabilities and recognition of the modified liabilities (IFRS 9).2022 No debt instrument has been restructured nor any terms have been modified. 2021 On 20 December 2021, the financial restructuring process was fully implemented and completed. Management has assessed that the financial restructuring resulted in a substantial modification of debt due to substantially di\ufb00erent terms. The terms are substantially di\ufb00erent if the discounted present value of the cash \ufb02ows under the new terms, including any fees paid net of any fees received and discounted using the original e\ufb00ective interest rate, is at least 10% di\ufb00erent from the discounted present value of the remaining cash \ufb02ows of the original financial liability. In addition, other qualitative factors such as changes in the type of interest rate and change in covenants are also considered. Substantial modifications are treated as an extinguishment, and derecognition of the existing liability and recognition of a new liability at fair value based on the new contractual terms. Management has determined that the di\ufb00erence in the fair value and carrying value of the new loan is not material. The fair value of long-term debt is calculated by determining the net present value of estimated cash \ufb02ows applying an estimated market rate for the Group at initial recognition. The market rate estimate was determined by observing publicly available terms and conditions of relevant peers for similar loans and adjusted for known di\ufb00erences from the Group\u2019s agreed credit facility terms, as well as the Group\u2019s new capitalization and value of the vessels. The basis for this estimated market rate, to which the fair value is sensitive, is not based on observable input and therefore the fair value of the debts are level 3 estimates. Upon derecognition of debt, any di\ufb00erence is recognised as a gain or loss within profit or loss. Costs or fees incurred are also recognised within profit or loss as part of the gain or loss on extinguishment. A financial net gain of USD 1,030.5 million has been re\ufb02ected in the Consolidated Income Statement as shown below. Balance Balance beforeafter financial Cash Equitized financial 1)restructuringpaymentsto shares restructuringUSD 1,300 million credit facility 1,269.6 (38.0) (981.6) 250.0 USD 144 million credit facility 139.6 (9.0) (37.6) 93.0 Westcon claim 55.0 (28.5) (26.5) 0.0 Interest rate swap claim 42.0 0.0 (42.0) 0.0 Safe Notos Cosco sellers credit 19.6 0.0 (19.6) 0.0 1,525.8 (75.5) (1,107.3) 343.0 1)The Company has issued 8,710,712,791 shares (representing 99% of equity) aspart of the financial restructuring. Based on valuation done by an independentfinancial advisor, management has assessed that the fair value of the equityinstrument issued on 20 December 2021 is USD 59.3 million. The outstandingnumber of shares after the financial restructuring is 8,798,699,789.The net gain arising from the substantial modification of debt is as follows: Equitization of shares (1,107.3)Fair value of shares 59.3 Gain from extinguishment of debt (Note 9) (1,048.0)Refinancing costs (Note 9) 17.5Net gain from extinguishment of debt (1,030.5) USD 250 million credit facility The credit facility of USD 1,300 million was restructured in December 2021. USD 250 million was reinstated and an amount of USD 38 million was paid to lenders and the remaining outstanding amount was converted to equity in December 2021. The USD 250 million facility matures in 2025. USD 93 million credit facility This credit facility, which previously consisted of one tranche of USD 144 million (Safe Notos) was restructured in December 2021. The facility has USD 93 million outstanding. USD 9 million was paid to lenders in December 2021 and the remaining outstanding amount was converted to equity. The USD 93 million facility matures in 2025. Covenants as per amendment in December 2021: Minimum liquidity The Borrower shall procure that the Minimum Liquidity of the Group (for the avoidance of doubt, excluding the New Group (Prosafe O\ufb00shore Holdings Pte. Ltd., Safe Eurus Singapore Pte. Ltd., Axis Nova Singapore Pte. Ltd. and Axis Vega Singapore Pte. Ltd.) calculated on each quarter date does not fall below (i) USD 18 million to and including 31 December 2022; (ii) USD 23 million from and including 1 January 2023 to and including 31 December 2023 and (iii) USD 28 million from and including 1 January 2024 and thereafter. As at 31 December 2022, the Group Liquidity for the bank covenants is USD 80.0 million (2021: USD 67.9 million) and New Group is USD 11.6 million (2021: USD 6 million). Interest on credit facilities Interest is USD 3-month LIBOR plus margin of 2.50% on both credit facilities, the USD 250 million and the USD 93 million facilities. The transition from USD LIBOR to SOFR will take place on 31 March 2023 with credit adjustment spread of 0.26161% published by Bloomberg Index Services Limited on 5 March 2021. Excess cash sweepThere is an excess cash sweep with testing on 31 December each year. The cash sweep was tested on 31 December 2022 and there was no excess cash sweep on that testing date. The excess cash sweep amount means the amount that is equal to the lowest of the excess cash amount on the relevant testing date and any of the coming four quarter dates (based on the Group\u2019s firm liquidity forecast), subject always to a minimum of zero on each of those dates. Excess cash means, the sum of unrestricted cash, less the cash sweep threshold (USD 66 million), less cash interest payable on the next interest payment date and less any new shareholder contributions in the previous 12 months. Dividend distributionDividend distribution is restricted until 3 years elapsed from December 2021 unless share capital has been subsequently increased by an amount at least equal to the distribution and may only be paid with Majority of Lender's Approval. Majority Lender's Approval refers to 66 2/3 consent from the lenders of each of the USD 250 million and USD 93 million facilities. Financial indebtednessThe Group is restricted from incurring new debts unless the outstanding amount does not exceed USD 20 million in aggregate or after obtaining Majority Lender's Approval. Investment restrictionsThe Group is restricted from making any investments unless Majority Lender's Approval is obtained for the transaction or if the investment transaction in target is funded fully through share issuance or cash proceeds from equity o\ufb00ering, the target has positive cash \ufb02ows after debt service on 24 months forward looking pro-forma basis and does not have any financial indebtedness. The Majority Lender's Approval is required for the delivery of Safe Nova or Safe Vega Vessel. Sellers' creditsCOSCO (Qidong) O\ufb00shore Co. Ltd. (Cosco) granted a sellers\u2019 credit of USD 99.4 million on the final delivery instalment of the Safe Eurus in 2019. The Group is paying Cosco the minimum instalments under the Safe Eurus sellers' credit. As at 31 December 2022, USD 90.5 million (2021: USD 94.4 million) gross was outstanding. The Safe Notos seller credit (2nd priority) granted from Cosco was part of the restructuring that was completed in December 2021. There is nothing outstanding on the Safe Notos seller credit as of 31 December 2021, as Cosco has been granted shares as part of the equitisation of debt in December 2021. Di\ufb00erence between face value and carrying amount - Sellers Credits In 2019, Prosafe took delivery of Safe Eurus and issued a promissory note with a principal amount of USD 99.4 million to COSCO Shipping (Qidong) O\ufb00shore Co. Ltd. As the partial payment for the vessel was deferred beyond normal credit terms, the cost of the vessel was the cash price equivalent at the recognition date. The Safe Eurus promissory note was initially recognised at fair value and subsequently measured at amortised cost. The fair value of the below-market loan was measured as the present value of the expected future cash \ufb02ows, discounted using an appropriate market related rate. The initial applicable discounting rate was similar to the rate charged by the credit facilities lenders of 3-months USD Libor plus 3.35% per annum in 2019. The di\ufb00erence between the cash price equivalent and the principal amount of the promissory note was determined to be USD 25.4 million. This amount will be recognised as interest over the period of credit. The repayment schedule and interest expense on the promissory note depends on the financial performance of the vessel. In 2022, management revised the repayment schedule and interest expense on the promissory note based on the updated financial performance of the vessel. The revised expected maturity date is August 2028 (2021: December 2027). Subsequent to the revision in estimates of payment, a fair value decrease of USD 1.2 million was recognised in the carrying amount of Safe Eurus (See note 8). NOTE 17: FINANCIAL ASSETS AND LIABILITIESAs at 31 December 2022, the Group had financial assets and liabilities in the following categories: Financial assets Financial liabilities measured at measured at Year ended 31 December 2022amortised costamortised cost Carrying value Fair valueCash and deposits 91.6 0.0 91.6 91.6 Accounts receivable 20.6 0.0 20.6 20.6 Other current assets 3.5 0.0 3.5 3.5 Total financial assets 115.7 0.0 115.7 115.7 1)Interest-bearing debt 422.2 422.2 422.2 Accounts payable 3.1 3.1 3.1 Other current liabilities 17.5 17.5 17.5 Other non-current liabilities 1.9 1.9 1.9 Total financial liabilities 444.7 444.7 444.7 1)Refer to note 14 for details on interest-bearing debt.Management assessed the cash and deposits, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments. As at 31 December 2021, the Group had financial assets and liabilities in the following categories: Financial assets Financial liabilities measured at measured at Year ended 31 December 2021amortised costamortised cost Carrying value Fair valueCash and deposits 73.9 0.0 73.9 73.9 Accounts receivable 14.1 0.0 14.1 14.1 Other current assets 3.5 0.0 3.5 3.5 Total financial assets 91.5 0.0 91.5 91.5 1)Interest-bearing debt 423.3 423.3 423.3 Accounts payable 1.8 1.8 1.8 Other current liabilities 18.5 18.5 18.5 Other non-current liabilities 2.2 2.2 2.2 Total financial liabilities 445.8 445.8 445.8 1) Refer to note 14 for details on interest-bearing debt. Management assessed the cash and deposits, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments. As at 31 December 2021, the fair value of the interest rate caps amounted to less than USD 0.1 million of the financial assets and was not material for further disclosure. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-87-3": {
"value": "Covenants as per amendment in December 2021: Minimum liquidity The Borrower shall procure that the Minimum Liquidity of the Group (for the avoidance of doubt, excluding the New Group (Prosafe O\ufb00shore Holdings Pte. Ltd., Safe Eurus Singapore Pte. Ltd., Axis Nova Singapore Pte. Ltd. and Axis Vega Singapore Pte. Ltd.) calculated on each quarter date does not fall below (i) USD 18 million to and including 31 December 2022; (ii) USD 23 million from and including 1 January 2023 to and including 31 December 2023 and (iii) USD 28 million from and including 1 January 2024 and thereafter. As at 31 December 2022, the Group Liquidity for the bank covenants is USD 80.0 million (2021: USD 67.9 million) and New Group is USD 11.6 million (2021: USD 6 million). Interest on credit facilities Interest is USD 3-month LIBOR plus margin of 2.50% on both credit facilities, the USD 250 million and the USD 93 million facilities. The transition from USD LIBOR to SOFR will take place on 31 March 2023 with credit adjustment spread of 0.26161% published by Bloomberg Index Services Limited on 5 March 2021. Excess cash sweepThere is an excess cash sweep with testing on 31 December each year. The cash sweep was tested on 31 December 2022 and there was no excess cash sweep on that testing date. The excess cash sweep amount means the amount that is equal to the lowest of the excess cash amount on the relevant testing date and any of the coming four quarter dates (based on the Group\u2019s firm liquidity forecast), subject always to a minimum of zero on each of those dates. Excess cash means, the sum of unrestricted cash, less the cash sweep threshold (USD 66 million), less cash interest payable on the next interest payment date and less any new shareholder contributions in the previous 12 months. Dividend distributionDividend distribution is restricted until 3 years elapsed from December 2021 unless share capital has been subsequently increased by an amount at least equal to the distribution and may only be paid with Majority of Lender's Approval. Majority Lender's Approval refers to 66 2/3 consent from the lenders of each of the USD 250 million and USD 93 million facilities. Financial indebtednessThe Group is restricted from incurring new debts unless the outstanding amount does not exceed USD 20 million in aggregate or after obtaining Majority Lender's Approval. Investment restrictionsThe Group is restricted from making any investments unless Majority Lender's Approval is obtained for the transaction or if the investment transaction in target is funded fully through share issuance or cash proceeds from equity o\ufb00ering, the target has positive cash \ufb02ows after debt service on 24 months forward looking pro-forma basis and does not have any financial indebtedness. The Majority Lender's Approval is required for the delivery of Safe Nova or Safe Vega Vessel. Sellers' creditsCOSCO (Qidong) O\ufb00shore Co. Ltd. (Cosco) granted a sellers\u2019 credit of USD 99.4 million on the final delivery instalment of the Safe Eurus in 2019. The Group is paying Cosco the minimum instalments under the Safe Eurus sellers' credit. As at 31 December 2022, USD 90.5 million (2021: USD 94.4 million) gross was outstanding. The Safe Notos seller credit (2nd priority) granted from Cosco was part of the restructuring that was completed in December 2021. There is nothing outstanding on the Safe Notos seller credit as of 31 December 2021, as Cosco has been granted shares as part of the equitisation of debt in December 2021. Di\ufb00erence between face value and carrying amount - Sellers Credits In 2019, Prosafe took delivery of Safe Eurus and issued a promissory note with a principal amount of USD 99.4 million to COSCO Shipping (Qidong) O\ufb00shore Co. Ltd. As the partial payment for the vessel was deferred beyond normal credit terms, the cost of the vessel was the cash price equivalent at the recognition date. The Safe Eurus promissory note was initially recognised at fair value and subsequently measured at amortised cost. The fair value of the below-market loan was measured as the present value of the expected future cash \ufb02ows, discounted using an appropriate market related rate. The initial applicable discounting rate was similar to the rate charged by the credit facilities lenders of 3-months USD Libor plus 3.35% per annum in 2019. The di\ufb00erence between the cash price equivalent and the principal amount of the promissory note was determined to be USD 25.4 million. This amount will be recognised as interest over the period of credit. The repayment schedule and interest expense on the promissory note depends on the financial performance of the vessel. In 2022, management revised the repayment schedule and interest expense on the promissory note based on the updated financial performance of the vessel. The revised expected maturity date is August 2028 (2021: December 2027). Subsequent to the revision in estimates of payment, a fair value decrease of USD 1.2 million was recognised in the carrying amount of Safe Eurus (See note 8). NOTE 22: CAPITAL COMMITMENTSNew buildsAs at 31 December 2022, the Group had two (2021: two) undelivered completed new builds residing at Cosco's Qidong shipyard in China; Safe Nova and Safe Vega. Safe Nova and Safe VegaThe Group is committed to pay USD 25 million upon delivery of each of the vessels and the remainder of the costs will be financed by Cosco. The repayment of Cosco financing and interest rates are linked to respective vessel future earnings and day rate. The Group received Force Majeure delay notice from Cosco on 20 September 2022 notifying the damage made on Safe Nova and Safe Vega caused by Typhoon Muifa in China and requires a lengthy time to repair both vessels. The yard has started to undertake repairs. The Group is in discussion with Cosco on the revised delivery date of the vessels. The Group will also be required to fund any mobilization costs required post delivery of the rigs which is currently estimated to be approximately USD 20 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-90-3": {
"value": "NOTE 15: OTHER CURRENT LIABILITIES2022 2021Various accrued costs 17.5 17.4 Contract liabilities 0.0 1.1 Total interest-free current liabilities 17.5 18.5 NOTE 17: FINANCIAL ASSETS AND LIABILITIESAs at 31 December 2022, the Group had financial assets and liabilities in the following categories: Financial assets Financial liabilities measured at measured at Year ended 31 December 2022amortised costamortised cost Carrying value Fair valueCash and deposits 91.6 0.0 91.6 91.6 Accounts receivable 20.6 0.0 20.6 20.6 Other current assets 3.5 0.0 3.5 3.5 Total financial assets 115.7 0.0 115.7 115.7 1)Interest-bearing debt 422.2 422.2 422.2 Accounts payable 3.1 3.1 3.1 Other current liabilities 17.5 17.5 17.5 Other non-current liabilities 1.9 1.9 1.9 Total financial liabilities 444.7 444.7 444.7 1)Refer to note 14 for details on interest-bearing debt.Management assessed the cash and deposits, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments. As at 31 December 2021, the Group had financial assets and liabilities in the following categories: Financial assets Financial liabilities measured at measured at Year ended 31 December 2021amortised costamortised cost Carrying value Fair valueCash and deposits 73.9 0.0 73.9 73.9 Accounts receivable 14.1 0.0 14.1 14.1 Other current assets 3.5 0.0 3.5 3.5 Total financial assets 91.5 0.0 91.5 91.5 1)Interest-bearing debt 423.3 423.3 423.3 Accounts payable 1.8 1.8 1.8 Other current liabilities 18.5 18.5 18.5 Other non-current liabilities 2.2 2.2 2.2 Total financial liabilities 445.8 445.8 445.8 1) Refer to note 14 for details on interest-bearing debt. Management assessed the cash and deposits, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments. As at 31 December 2021, the fair value of the interest rate caps amounted to less than USD 0.1 million of the financial assets and was not material for further disclosure. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-90-4": {
"value": "NOTE 15: OTHER CURRENT LIABILITIES2022 2021Various accrued costs 17.5 17.4 Contract liabilities 0.0 1.1 Total interest-free current liabilities 17.5 18.5 NOTE 17: FINANCIAL ASSETS AND LIABILITIESAs at 31 December 2022, the Group had financial assets and liabilities in the following categories: Financial assets Financial liabilities measured at measured at Year ended 31 December 2022amortised costamortised cost Carrying value Fair valueCash and deposits 91.6 0.0 91.6 91.6 Accounts receivable 20.6 0.0 20.6 20.6 Other current assets 3.5 0.0 3.5 3.5 Total financial assets 115.7 0.0 115.7 115.7 1)Interest-bearing debt 422.2 422.2 422.2 Accounts payable 3.1 3.1 3.1 Other current liabilities 17.5 17.5 17.5 Other non-current liabilities 1.9 1.9 1.9 Total financial liabilities 444.7 444.7 444.7 1)Refer to note 14 for details on interest-bearing debt.Management assessed the cash and deposits, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments. As at 31 December 2021, the Group had financial assets and liabilities in the following categories: Financial assets Financial liabilities measured at measured at Year ended 31 December 2021amortised costamortised cost Carrying value Fair valueCash and deposits 73.9 0.0 73.9 73.9 Accounts receivable 14.1 0.0 14.1 14.1 Other current assets 3.5 0.0 3.5 3.5 Total financial assets 91.5 0.0 91.5 91.5 1)Interest-bearing debt 423.3 423.3 423.3 Accounts payable 1.8 1.8 1.8 Other current liabilities 18.5 18.5 18.5 Other non-current liabilities 2.2 2.2 2.2 Total financial liabilities 445.8 445.8 445.8 1) Refer to note 14 for details on interest-bearing debt. Management assessed the cash and deposits, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments. As at 31 December 2021, the fair value of the interest rate caps amounted to less than USD 0.1 million of the financial assets and was not material for further disclosure. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-90-5": {
"value": "NOTE 15: OTHER CURRENT LIABILITIES2022 2021Various accrued costs 17.5 17.4 Contract liabilities 0.0 1.1 Total interest-free current liabilities 17.5 18.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-91-2": {
"value": "NOTE 16: MORTGAGES AND GUARANTEES2022 As at 31 December 2022, the Group\u2019s interest-bearing debt secured by mortgages totalled USD 344.2 million. The debt was secured by mortgages on the accommodation/service vessels Safe Caledonia, Safe Concordia, Safe Scandinavia, Safe Boreas, Safe Zephyrus and Safe Notos (net carrying value USD 283.5 million). Negative pledge clauses apply on shares in the vessel owning subsidiaries. Earnings accounts are pledged as security for the credit facilities, but cash will only be restricted if a continuing event of default occurs and the bank sends notice on that. As at 31 December 2022, the Group had issued parent company guarantees to clients on behalf of its subsidiaries in connection with the award and performance of contracts and Cosco (Qidong) Co., Ltd approximately USD 35 million and USD 60 million respectively. The amounts specified with regard to parent company guarantees re\ufb02ect the sum of the estimated capped liability under the relevant agreements. 2021 As at 31 December 2021, the Group\u2019s interest-bearing debt secured by mortgages totalled USD 343.4 million. The debt was secured by mortgages on the accommodation/service vessels Safe Caledonia, Safe Concordia, Safe Scandinavia, Safe Boreas, Safe Zephyrus and Safe Notos (net carrying value USD 298.2 million). Negative pledge clauses apply on shares in the vessel owning subsidiaries. Earnings accounts are pledged as security for the credit facilities, but cash will only be restricted if a continuing event of default occurs and the bank sends notice on that. As at 31 December 2021, the Group had issued parent company guarantees to clients on behalf of its subsidiaries in connection with the award and performance of contracts and Cosco (Qidong) Co., Ltd approximately USD 94.3 million and 79.7 million respectively. The amounts specified with regard to parent company guarantees re\ufb02ect the sum of the estimated capped liability under the relevant agreements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-92-6": {
"value": "NOTE 17: FINANCIAL ASSETS AND LIABILITIESAs at 31 December 2022, the Group had financial assets and liabilities in the following categories: Financial assets Financial liabilities measured at measured at Year ended 31 December 2022amortised costamortised cost Carrying value Fair valueCash and deposits 91.6 0.0 91.6 91.6 Accounts receivable 20.6 0.0 20.6 20.6 Other current assets 3.5 0.0 3.5 3.5 Total financial assets 115.7 0.0 115.7 115.7 1)Interest-bearing debt 422.2 422.2 422.2 Accounts payable 3.1 3.1 3.1 Other current liabilities 17.5 17.5 17.5 Other non-current liabilities 1.9 1.9 1.9 Total financial liabilities 444.7 444.7 444.7 1)Refer to note 14 for details on interest-bearing debt.Management assessed the cash and deposits, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments. As at 31 December 2021, the Group had financial assets and liabilities in the following categories: Financial assets Financial liabilities measured at measured at Year ended 31 December 2021amortised costamortised cost Carrying value Fair valueCash and deposits 73.9 0.0 73.9 73.9 Accounts receivable 14.1 0.0 14.1 14.1 Other current assets 3.5 0.0 3.5 3.5 Total financial assets 91.5 0.0 91.5 91.5 1)Interest-bearing debt 423.3 423.3 423.3 Accounts payable 1.8 1.8 1.8 Other current liabilities 18.5 18.5 18.5 Other non-current liabilities 2.2 2.2 2.2 Total financial liabilities 445.8 445.8 445.8 1) Refer to note 14 for details on interest-bearing debt. Management assessed the cash and deposits, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments. As at 31 December 2021, the fair value of the interest rate caps amounted to less than USD 0.1 million of the financial assets and was not material for further disclosure. NOTE 19: CASH AND DEPOSITS2022 2021Restricted cash deposits 2.2 2.4 Cash held in New Group 11.6 6.0Free cash and short-term deposits 77.8 65.5 Total cash and deposits 91.6 73.9 Under the existing credit facility agreements, the Group is required to maintain a minimum liquidity of USD 18 million to and including 31 December 2022. See note 14 for details on financial covenants.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-92-7": {
"value": "NOTE 17: FINANCIAL ASSETS AND LIABILITIESAs at 31 December 2022, the Group had financial assets and liabilities in the following categories: Financial assets Financial liabilities measured at measured at Year ended 31 December 2022amortised costamortised cost Carrying value Fair valueCash and deposits 91.6 0.0 91.6 91.6 Accounts receivable 20.6 0.0 20.6 20.6 Other current assets 3.5 0.0 3.5 3.5 Total financial assets 115.7 0.0 115.7 115.7 1)Interest-bearing debt 422.2 422.2 422.2 Accounts payable 3.1 3.1 3.1 Other current liabilities 17.5 17.5 17.5 Other non-current liabilities 1.9 1.9 1.9 Total financial liabilities 444.7 444.7 444.7 1)Refer to note 14 for details on interest-bearing debt.Management assessed the cash and deposits, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments. As at 31 December 2021, the Group had financial assets and liabilities in the following categories: Financial assets Financial liabilities measured at measured at Year ended 31 December 2021amortised costamortised cost Carrying value Fair valueCash and deposits 73.9 0.0 73.9 73.9 Accounts receivable 14.1 0.0 14.1 14.1 Other current assets 3.5 0.0 3.5 3.5 Total financial assets 91.5 0.0 91.5 91.5 1)Interest-bearing debt 423.3 423.3 423.3 Accounts payable 1.8 1.8 1.8 Other current liabilities 18.5 18.5 18.5 Other non-current liabilities 2.2 2.2 2.2 Total financial liabilities 445.8 445.8 445.8 1) Refer to note 14 for details on interest-bearing debt. Management assessed the cash and deposits, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments. As at 31 December 2021, the fair value of the interest rate caps amounted to less than USD 0.1 million of the financial assets and was not material for further disclosure. NOTE 20: OTHER CURRENT ASSETS2022 2021Other receivables 0.9 1.6 Prepayments 1.5 1.4 Stock 4.8 0.7 Other current assets 0.6 1.6 Contract assets 2.0 0.3 Total other current assets 9.8 5.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-92-8": {
"value": "NOTE 17: FINANCIAL ASSETS AND LIABILITIESAs at 31 December 2022, the Group had financial assets and liabilities in the following categories: Financial assets Financial liabilities measured at measured at Year ended 31 December 2022amortised costamortised cost Carrying value Fair valueCash and deposits 91.6 0.0 91.6 91.6 Accounts receivable 20.6 0.0 20.6 20.6 Other current assets 3.5 0.0 3.5 3.5 Total financial assets 115.7 0.0 115.7 115.7 1)Interest-bearing debt 422.2 422.2 422.2 Accounts payable 3.1 3.1 3.1 Other current liabilities 17.5 17.5 17.5 Other non-current liabilities 1.9 1.9 1.9 Total financial liabilities 444.7 444.7 444.7 1)Refer to note 14 for details on interest-bearing debt.Management assessed the cash and deposits, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments. As at 31 December 2021, the Group had financial assets and liabilities in the following categories: Financial assets Financial liabilities measured at measured at Year ended 31 December 2021amortised costamortised cost Carrying value Fair valueCash and deposits 73.9 0.0 73.9 73.9 Accounts receivable 14.1 0.0 14.1 14.1 Other current assets 3.5 0.0 3.5 3.5 Total financial assets 91.5 0.0 91.5 91.5 1)Interest-bearing debt 423.3 423.3 423.3 Accounts payable 1.8 1.8 1.8 Other current liabilities 18.5 18.5 18.5 Other non-current liabilities 2.2 2.2 2.2 Total financial liabilities 445.8 445.8 445.8 1) Refer to note 14 for details on interest-bearing debt. Management assessed the cash and deposits, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments. As at 31 December 2021, the fair value of the interest rate caps amounted to less than USD 0.1 million of the financial assets and was not material for further disclosure. NOTE 20: OTHER CURRENT ASSETS2022 2021Other receivables 0.9 1.6 Prepayments 1.5 1.4 Stock 4.8 0.7 Other current assets 0.6 1.6 Contract assets 2.0 0.3 Total other current assets 9.8 5.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-92-9": {
"value": "NOTE 17: FINANCIAL ASSETS AND LIABILITIESAs at 31 December 2022, the Group had financial assets and liabilities in the following categories: Financial assets Financial liabilities measured at measured at Year ended 31 December 2022amortised costamortised cost Carrying value Fair valueCash and deposits 91.6 0.0 91.6 91.6 Accounts receivable 20.6 0.0 20.6 20.6 Other current assets 3.5 0.0 3.5 3.5 Total financial assets 115.7 0.0 115.7 115.7 1)Interest-bearing debt 422.2 422.2 422.2 Accounts payable 3.1 3.1 3.1 Other current liabilities 17.5 17.5 17.5 Other non-current liabilities 1.9 1.9 1.9 Total financial liabilities 444.7 444.7 444.7 1)Refer to note 14 for details on interest-bearing debt.Management assessed the cash and deposits, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments. As at 31 December 2021, the Group had financial assets and liabilities in the following categories: Financial assets Financial liabilities measured at measured at Year ended 31 December 2021amortised costamortised cost Carrying value Fair valueCash and deposits 73.9 0.0 73.9 73.9 Accounts receivable 14.1 0.0 14.1 14.1 Other current assets 3.5 0.0 3.5 3.5 Total financial assets 91.5 0.0 91.5 91.5 1)Interest-bearing debt 423.3 423.3 423.3 Accounts payable 1.8 1.8 1.8 Other current liabilities 18.5 18.5 18.5 Other non-current liabilities 2.2 2.2 2.2 Total financial liabilities 445.8 445.8 445.8 1) Refer to note 14 for details on interest-bearing debt. Management assessed the cash and deposits, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments. As at 31 December 2021, the fair value of the interest rate caps amounted to less than USD 0.1 million of the financial assets and was not material for further disclosure. NOTE 20: OTHER CURRENT ASSETS2022 2021Other receivables 0.9 1.6 Prepayments 1.5 1.4 Stock 4.8 0.7 Other current assets 0.6 1.6 Contract assets 2.0 0.3 Total other current assets 9.8 5.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-92-10": {
"value": "NOTE 17: FINANCIAL ASSETS AND LIABILITIESAs at 31 December 2022, the Group had financial assets and liabilities in the following categories: Financial assets Financial liabilities measured at measured at Year ended 31 December 2022amortised costamortised cost Carrying value Fair valueCash and deposits 91.6 0.0 91.6 91.6 Accounts receivable 20.6 0.0 20.6 20.6 Other current assets 3.5 0.0 3.5 3.5 Total financial assets 115.7 0.0 115.7 115.7 1)Interest-bearing debt 422.2 422.2 422.2 Accounts payable 3.1 3.1 3.1 Other current liabilities 17.5 17.5 17.5 Other non-current liabilities 1.9 1.9 1.9 Total financial liabilities 444.7 444.7 444.7 1)Refer to note 14 for details on interest-bearing debt.Management assessed the cash and deposits, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments. As at 31 December 2021, the Group had financial assets and liabilities in the following categories: Financial assets Financial liabilities measured at measured at Year ended 31 December 2021amortised costamortised cost Carrying value Fair valueCash and deposits 73.9 0.0 73.9 73.9 Accounts receivable 14.1 0.0 14.1 14.1 Other current assets 3.5 0.0 3.5 3.5 Total financial assets 91.5 0.0 91.5 91.5 1)Interest-bearing debt 423.3 423.3 423.3 Accounts payable 1.8 1.8 1.8 Other current liabilities 18.5 18.5 18.5 Other non-current liabilities 2.2 2.2 2.2 Total financial liabilities 445.8 445.8 445.8 1) Refer to note 14 for details on interest-bearing debt. Management assessed the cash and deposits, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments. As at 31 December 2021, the fair value of the interest rate caps amounted to less than USD 0.1 million of the financial assets and was not material for further disclosure. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-92-11": {
"value": "NOTE 17: FINANCIAL ASSETS AND LIABILITIESAs at 31 December 2022, the Group had financial assets and liabilities in the following categories: Financial assets Financial liabilities measured at measured at Year ended 31 December 2022amortised costamortised cost Carrying value Fair valueCash and deposits 91.6 0.0 91.6 91.6 Accounts receivable 20.6 0.0 20.6 20.6 Other current assets 3.5 0.0 3.5 3.5 Total financial assets 115.7 0.0 115.7 115.7 1)Interest-bearing debt 422.2 422.2 422.2 Accounts payable 3.1 3.1 3.1 Other current liabilities 17.5 17.5 17.5 Other non-current liabilities 1.9 1.9 1.9 Total financial liabilities 444.7 444.7 444.7 1)Refer to note 14 for details on interest-bearing debt.Management assessed the cash and deposits, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments. As at 31 December 2021, the Group had financial assets and liabilities in the following categories: Financial assets Financial liabilities measured at measured at Year ended 31 December 2021amortised costamortised cost Carrying value Fair valueCash and deposits 73.9 0.0 73.9 73.9 Accounts receivable 14.1 0.0 14.1 14.1 Other current assets 3.5 0.0 3.5 3.5 Total financial assets 91.5 0.0 91.5 91.5 1)Interest-bearing debt 423.3 423.3 423.3 Accounts payable 1.8 1.8 1.8 Other current liabilities 18.5 18.5 18.5 Other non-current liabilities 2.2 2.2 2.2 Total financial liabilities 445.8 445.8 445.8 1) Refer to note 14 for details on interest-bearing debt. Management assessed the cash and deposits, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments. As at 31 December 2021, the fair value of the interest rate caps amounted to less than USD 0.1 million of the financial assets and was not material for further disclosure. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-92-12": {
"value": "NOTE 17: FINANCIAL ASSETS AND LIABILITIESAs at 31 December 2022, the Group had financial assets and liabilities in the following categories: Financial assets Financial liabilities measured at measured at Year ended 31 December 2022amortised costamortised cost Carrying value Fair valueCash and deposits 91.6 0.0 91.6 91.6 Accounts receivable 20.6 0.0 20.6 20.6 Other current assets 3.5 0.0 3.5 3.5 Total financial assets 115.7 0.0 115.7 115.7 1)Interest-bearing debt 422.2 422.2 422.2 Accounts payable 3.1 3.1 3.1 Other current liabilities 17.5 17.5 17.5 Other non-current liabilities 1.9 1.9 1.9 Total financial liabilities 444.7 444.7 444.7 1)Refer to note 14 for details on interest-bearing debt.Management assessed the cash and deposits, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments. As at 31 December 2021, the Group had financial assets and liabilities in the following categories: Financial assets Financial liabilities measured at measured at Year ended 31 December 2021amortised costamortised cost Carrying value Fair valueCash and deposits 73.9 0.0 73.9 73.9 Accounts receivable 14.1 0.0 14.1 14.1 Other current assets 3.5 0.0 3.5 3.5 Total financial assets 91.5 0.0 91.5 91.5 1)Interest-bearing debt 423.3 423.3 423.3 Accounts payable 1.8 1.8 1.8 Other current liabilities 18.5 18.5 18.5 Other non-current liabilities 2.2 2.2 2.2 Total financial liabilities 445.8 445.8 445.8 1) Refer to note 14 for details on interest-bearing debt. Management assessed the cash and deposits, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments. As at 31 December 2021, the fair value of the interest rate caps amounted to less than USD 0.1 million of the financial assets and was not material for further disclosure. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-92-13": {
"value": "NOTE 17: FINANCIAL ASSETS AND LIABILITIESAs at 31 December 2022, the Group had financial assets and liabilities in the following categories: Financial assets Financial liabilities measured at measured at Year ended 31 December 2022amortised costamortised cost Carrying value Fair valueCash and deposits 91.6 0.0 91.6 91.6 Accounts receivable 20.6 0.0 20.6 20.6 Other current assets 3.5 0.0 3.5 3.5 Total financial assets 115.7 0.0 115.7 115.7 1)Interest-bearing debt 422.2 422.2 422.2 Accounts payable 3.1 3.1 3.1 Other current liabilities 17.5 17.5 17.5 Other non-current liabilities 1.9 1.9 1.9 Total financial liabilities 444.7 444.7 444.7 1)Refer to note 14 for details on interest-bearing debt.Management assessed the cash and deposits, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments. As at 31 December 2021, the Group had financial assets and liabilities in the following categories: Financial assets Financial liabilities measured at measured at Year ended 31 December 2021amortised costamortised cost Carrying value Fair valueCash and deposits 73.9 0.0 73.9 73.9 Accounts receivable 14.1 0.0 14.1 14.1 Other current assets 3.5 0.0 3.5 3.5 Total financial assets 91.5 0.0 91.5 91.5 1)Interest-bearing debt 423.3 423.3 423.3 Accounts payable 1.8 1.8 1.8 Other current liabilities 18.5 18.5 18.5 Other non-current liabilities 2.2 2.2 2.2 Total financial liabilities 445.8 445.8 445.8 1) Refer to note 14 for details on interest-bearing debt. Management assessed the cash and deposits, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments. As at 31 December 2021, the fair value of the interest rate caps amounted to less than USD 0.1 million of the financial assets and was not material for further disclosure. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-94-2": {
"value": "NOTE 18: FINANCIAL RISKS The Group operates on a global basis with cash \ufb02ows and financing in various currencies. This means that the Group is exposed to market risks related to \ufb02uctuations in exchange rates and interest rates. The Group's presentation currency is USD, and financial risk exposure is managed with financial instruments in accordance with internal policies and standards approved by the Board of Directors. After restructuring in 2021, there are no credit lines available for hedging of financial risks and consequently such risks remained unhedged in 2022.Currency risk The Group is exposed to currencies other than USD associated with operating expenditure, capital expenditure, tax, cash and deposits. Operating expenditure, capital expenditure and tax are mainly denominated in GBP, BRL and NOK. Cash and deposits are mainly denominated in USD, GBP, BRL and NOK. Currency risk - sensitivity The sensitivity analysis is based on a reasonably possible change in the relevant exchange rates and re\ufb02ects the main e\ufb00ects on profit or loss and equity assuming that the change had occurred at the balance sheet date. A 10% strengthening/weakening of the USD against GBP, BRL and NOK will have the following e\ufb00ects. Exposures to foreign currency changes for all other currencies are not material. Pre-tax e\ufb00ects on income statement 2022 2021USD +10%Re-valuation cash and deposits (2.5) (1.8)USD -10%Re-valuation cash and deposits 2.5 1.8 Interest rate riskCash \ufb02ow interest rate risk is the risk that the future cash \ufb02ows of a financial instrument will \ufb02uctuate because of changes in market interest rates. Fair value interest rate risk is that the fair value of a financial instrument will \ufb02uctuate due to changes in market interest rates.The Group's interest rate risks arise primarily from its variable rate credit facilities. As at 31 December 2022, the Group has not entered into arrangements to hedge the \ufb02oating interest rate (As at 31 December 2021, interest on debt is in principle \ufb02oating but had been hedged to reduce the variability of cash \ufb02ows in the interest payments through the use of interest rate cap and interest rate swap agreements). The interest rate swaps were terminated in 2021 and the interest rate cap has matured in February 2022. The Group evaluates the hedge profile in relation to the repayment schedule of its loans. Due to current unfavourable pricing of the interest rate swap and short maturity of the interest bearing debt, the Group has decided not to hedge the \ufb02oating interest rate. After restructuring in 2021, there are no credit lines available for hedging of financial risks and consequently such risks remained unhedged in 2022. Interest rate caps As at 31 December 2021, the Group had interest rate caps with notional amount of USD 120 million, capped rate of 3.0000% and mature in February 2022. The fair value of these interest rate caps amounted to less than USD 1,000 and was not material for further disclosure in 2021. Interest rate swaps The interest rate swaps were terminated in 2021. The terminated amount was not paid to the counterparties as part of the financial restructuring agreement. The terminated amount was reclassified to the interest-bearing debt. Terminated Notional amount Fixed rate Maturity Swap typevalue2021USD 120 million 1.5330 % 2022 Bullet (4.7)Interest rate risk - sensitivityThe sensitivity analysis is based on a reasonably possible change in the relevant interest rate and re\ufb02ects the main e\ufb00ects on profit or loss and equity assuming that the change had occurred at the balance sheet date. In 2021, a forward curve shift of \u00b150bps was applied in the sensitivity analysis and there is no material impact to the outstanding interest rate cap. A \u00b150bps change in interest rate will have the following e\ufb00ects in 2022.Pre-tax e\ufb00ects on income statement 2022US LIBOR +50bpsInterest expense on credit facilities 1.7US LIBOR -50bpsInterest expense on credit facilities (1.7) Managing interest rate benchmark reform and associated risks A fundamental reform of major interest rate benchmarks is being undertaken globally, including the replacement of some interbank o\ufb00ered rates (IBORs) with alternative nearly risk-free rates (referred to as \u2018IBOR reform\u2019). As at 31 December 2022, the Group\u2019s IBOR exposure is indexed to US dollar LIBOR. The alternative reference rate for US dollar LIBOR is the Secured Overnight Financing Rate (SOFR). The Group has entered into fallback clauses for the Group's US dollar LIBOR indexed exposures. These clauses switch the instrument from USD LIBOR to SOFR on 31 March 2023 with credit adjustment spread of 0.26161% published by Bloomberg Index Services Limited on 5 March 2021. Management monitors and manages the transition to alternative risk-free rates. Management evaluates whether the contracts which are referenced to IBORs will need to be amended as a result of IBOR reform and how to manage such communication with the counterparties. Non-derivative financial liabilities The Group\u2019s IBOR exposures to non-derivative financial liabilities as at 31 December 2022 included USD 343 million credit facility indexed to USD LIBOR. The transition from USD LIBOR to SOFR will take place on 31 March 2023 with credit adjustment spread of 0.26161% published by Bloomberg Index Services Limited on 5 March 2021. Total amounts of unreformed contracts, including those with an appropriate fallback clause The Group monitors the progress of transition from IBORs to new benchmark rates by reviewing the total amounts of contracts that have yet to transition to an alternative benchmark rate and the amounts of such contracts that include an appropriate fallback clause. The Group considers that a contract is not yet transitioned to an alternative benchmark rate when interest under the contract is indexed to a benchmark rate that is still subject to IBOR reform, even if it includes a fallback clause that deals with the cessation of the existing IBOR (referred to as an \u2018unreformed contract\u2019). The following table shows the total carrying amounts of unreformed contracts and those with appropriate fallback clauses at 31 December 2022 and at 1 January 2022. Total amount Amount with of unreformed appropriate USD LIBORcontractsfallback clause31 December 2022Financial liabilitiesCredit facilities - face value 344.2 344.2 1 January 2022Financial liabilitiesCredit facilities - face value 343.4 343.4 Credit riskIn line with industry practice, other contracts normally contain clauses which give the customer an opportunity for early cancellation under specified conditions. Providing the Group has not acted negligently, however, the e\ufb00ect on results in such cases will normally be wholly or partly o\ufb00set by a financial settlement in the Group\u2019s favour. Credit assessment of financial institutions issuing guarantees in favour of the Group, yards, sub-contractors and equipment suppliers is part of the Group\u2019s project evaluations and risk analyses. The counterparty risk is in general limited when it comes to the Group\u2019s clients, since these are typically major oil companies and national oil companies. The Group held cash and deposits of USD 91.6 million as at 31 December 2022 (2021: USD 73.9 million) with banks with high credit-ratings assigned by international credit-rating agencies. The cash balances are measured on 12-month expected credit losses and subject to immaterial credit loss. For trade receivables, the Group applies the simplified method of credit reserves, i.e. the reserve will correspond to the expected loss over the whole life of the trade receivable. In order to measure the credit losses, trade receivables are grouped based on credit risk characteristics of its customers. The Group applies forward-looking variables for expected credit losses. As at 31 December 2022, no credit reserve has been recorded as the Group's clients are typically major oil companies and national oil companies and the receivables are usually received within 3 months. The receivables over 60 days have been fully received as of the date of financial statements. Based on the Group's assessment, the expected credit loss is not material.Not < 30 30-60 61-90 > 90 Accounts receivables Totalduedaysdaysdaysdays31 December 2022 20.6 11.8 6.9 0.0 1.2 0.7 31 December 2021 14.1 13.7 0.4 0.0 0.0 0.0 Liquidity risk The Group is exposed to liquidity risk in a scenario when the Group's cash \ufb02ow from operations is insu\ufb03cient to cover payments of financial liabilities. In order to mitigate the liquidity risk, the Group monitors the liquidity development and the risk of insu\ufb03cient capital by rolling cash \ufb02ow forecasts to determine whether the Group's liquidity position is above the minimum cash covenant as per the loan agreements. Given the significant investments needed to prepare for the new contracts in 2023, there is uncertainty as to whether the Group will be in compliance with the minimum liquidity covenant from late 2023. The management is pursuing di\ufb00erent initiatives to mitigate a potential shortfall and with the objective to remain in compliance taken as described in Note 2 of the consolidated accounts- Going Concern. The Board of Directors has a reasonable expectation that the Group has adequate resources to mitigate the uncertainty. As at 31 December 2022, the Group's main financial liabilities had the following remaining contractual maturities: Per year 2023 2024 2025 2026 2027\u21921)Interest-bearing debt (repayments) 6.3 6.3 349.7 7.0 65.0 2)Interests 26.0 22.7 20.3 1.4 1.9 Taxes 18.0 0.0 0.0 0.0 0.0 Accounts payable and other current liabilities 20.6 0.0 0.0 0.0 0.0 Total 70.9 29.0 370.0 8.4 66.9 1)Interest-bearing debt includes lease liabilities, credit facilities and seller credit from Cosco. The credit facilities mature in 2025. Assuming only the firm contracts, there will be no cash sweep under the credit facilities prior to maturity. The Group is paying the minimum instalments agreed with Cosco under the Safe Eurus seller credit which matures approximately in 2028. 2)Interest on lease liabilities, credit facilities and seller credits. Based on current agreed creditmargin plus USD 3M LIBOR and SOFR forward curve as at 31 December 2022, and the expected cash \ufb02ows under the seller credit terms. As at 31 December 2021, the Group's main financial liabilities had the following remaining contractual maturities: Per year 2022 2023 2024 2025 2026\u21921)Interest-bearing debt (repayments) 4.0 6.0 6.0 349.5 71.9 2)Interests 10.0 13.0 15.8 17.5 4.0 Taxes 10.7 0.0 0.0 0.0 0.0 Accounts payable and other current liabilities 20.3 0.0 0.0 0.0 0.0 Total 45.0 19.0 21.8 367.0 75.9 1)Interest-bearing debt includes credit facilities and seller credit from Cosco. The credit facilities mature in 2025. Assuming only the firm contracts, there will be no cash sweep under the creditfacilities prior to maturity. The Group is paying the minimum instalments agreed with Cosco under the Safe Eurus seller credit which matures approximately in 2028. 2)Interest on credit facilities and seller credits. Based on current agreed credit margin plus USD 3M LIBOR forward curve as at 31 December 2021 and the expected cash \ufb02ows under the seller credit terms.Capital managementThe primary objective of the Group's capital management is to ensure that it maintains a healthy capital structure in line with economic conditions. The Group manages the total of shareholders' equity and long-term debt as their capital. Normally the Group's main tool to assess its capital structure is the leverage ratio, which is calculated by dividing net interest-bearing debt including bank guarantees, by Group gross profit before depreciation and impairment over the last 12 months. As a result of the completion of the financial restructuring process in 2021, the capital structure of the Group has improved. There was a significant de-leveraging of the balance sheet with approximately 75 per cent of debt reduction, a corresponding reduction in annual debt service, and in sum a significantly improved balance sheet and improved financial \ufb02exibility. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-94-3": {
"value": "NOTE 18: FINANCIAL RISKS The Group operates on a global basis with cash \ufb02ows and financing in various currencies. This means that the Group is exposed to market risks related to \ufb02uctuations in exchange rates and interest rates. The Group's presentation currency is USD, and financial risk exposure is managed with financial instruments in accordance with internal policies and standards approved by the Board of Directors. After restructuring in 2021, there are no credit lines available for hedging of financial risks and consequently such risks remained unhedged in 2022.Currency risk The Group is exposed to currencies other than USD associated with operating expenditure, capital expenditure, tax, cash and deposits. Operating expenditure, capital expenditure and tax are mainly denominated in GBP, BRL and NOK. Cash and deposits are mainly denominated in USD, GBP, BRL and NOK. Currency risk - sensitivity The sensitivity analysis is based on a reasonably possible change in the relevant exchange rates and re\ufb02ects the main e\ufb00ects on profit or loss and equity assuming that the change had occurred at the balance sheet date. A 10% strengthening/weakening of the USD against GBP, BRL and NOK will have the following e\ufb00ects. Exposures to foreign currency changes for all other currencies are not material. Pre-tax e\ufb00ects on income statement 2022 2021USD +10%Re-valuation cash and deposits (2.5) (1.8)USD -10%Re-valuation cash and deposits 2.5 1.8 Interest rate riskCash \ufb02ow interest rate risk is the risk that the future cash \ufb02ows of a financial instrument will \ufb02uctuate because of changes in market interest rates. Fair value interest rate risk is that the fair value of a financial instrument will \ufb02uctuate due to changes in market interest rates.The Group's interest rate risks arise primarily from its variable rate credit facilities. As at 31 December 2022, the Group has not entered into arrangements to hedge the \ufb02oating interest rate (As at 31 December 2021, interest on debt is in principle \ufb02oating but had been hedged to reduce the variability of cash \ufb02ows in the interest payments through the use of interest rate cap and interest rate swap agreements). The interest rate swaps were terminated in 2021 and the interest rate cap has matured in February 2022. The Group evaluates the hedge profile in relation to the repayment schedule of its loans. Due to current unfavourable pricing of the interest rate swap and short maturity of the interest bearing debt, the Group has decided not to hedge the \ufb02oating interest rate. After restructuring in 2021, there are no credit lines available for hedging of financial risks and consequently such risks remained unhedged in 2022. Interest rate caps As at 31 December 2021, the Group had interest rate caps with notional amount of USD 120 million, capped rate of 3.0000% and mature in February 2022. The fair value of these interest rate caps amounted to less than USD 1,000 and was not material for further disclosure in 2021. Interest rate swaps The interest rate swaps were terminated in 2021. The terminated amount was not paid to the counterparties as part of the financial restructuring agreement. The terminated amount was reclassified to the interest-bearing debt. Terminated Notional amount Fixed rate Maturity Swap typevalue2021USD 120 million 1.5330 % 2022 Bullet (4.7)Interest rate risk - sensitivityThe sensitivity analysis is based on a reasonably possible change in the relevant interest rate and re\ufb02ects the main e\ufb00ects on profit or loss and equity assuming that the change had occurred at the balance sheet date. In 2021, a forward curve shift of \u00b150bps was applied in the sensitivity analysis and there is no material impact to the outstanding interest rate cap. A \u00b150bps change in interest rate will have the following e\ufb00ects in 2022.Pre-tax e\ufb00ects on income statement 2022US LIBOR +50bpsInterest expense on credit facilities 1.7US LIBOR -50bpsInterest expense on credit facilities (1.7) Managing interest rate benchmark reform and associated risks A fundamental reform of major interest rate benchmarks is being undertaken globally, including the replacement of some interbank o\ufb00ered rates (IBORs) with alternative nearly risk-free rates (referred to as \u2018IBOR reform\u2019). As at 31 December 2022, the Group\u2019s IBOR exposure is indexed to US dollar LIBOR. The alternative reference rate for US dollar LIBOR is the Secured Overnight Financing Rate (SOFR). The Group has entered into fallback clauses for the Group's US dollar LIBOR indexed exposures. These clauses switch the instrument from USD LIBOR to SOFR on 31 March 2023 with credit adjustment spread of 0.26161% published by Bloomberg Index Services Limited on 5 March 2021. Management monitors and manages the transition to alternative risk-free rates. Management evaluates whether the contracts which are referenced to IBORs will need to be amended as a result of IBOR reform and how to manage such communication with the counterparties. Non-derivative financial liabilities The Group\u2019s IBOR exposures to non-derivative financial liabilities as at 31 December 2022 included USD 343 million credit facility indexed to USD LIBOR. The transition from USD LIBOR to SOFR will take place on 31 March 2023 with credit adjustment spread of 0.26161% published by Bloomberg Index Services Limited on 5 March 2021. Total amounts of unreformed contracts, including those with an appropriate fallback clause The Group monitors the progress of transition from IBORs to new benchmark rates by reviewing the total amounts of contracts that have yet to transition to an alternative benchmark rate and the amounts of such contracts that include an appropriate fallback clause. The Group considers that a contract is not yet transitioned to an alternative benchmark rate when interest under the contract is indexed to a benchmark rate that is still subject to IBOR reform, even if it includes a fallback clause that deals with the cessation of the existing IBOR (referred to as an \u2018unreformed contract\u2019). The following table shows the total carrying amounts of unreformed contracts and those with appropriate fallback clauses at 31 December 2022 and at 1 January 2022. Total amount Amount with of unreformed appropriate USD LIBORcontractsfallback clause31 December 2022Financial liabilitiesCredit facilities - face value 344.2 344.2 1 January 2022Financial liabilitiesCredit facilities - face value 343.4 343.4 Credit riskIn line with industry practice, other contracts normally contain clauses which give the customer an opportunity for early cancellation under specified conditions. Providing the Group has not acted negligently, however, the e\ufb00ect on results in such cases will normally be wholly or partly o\ufb00set by a financial settlement in the Group\u2019s favour. Credit assessment of financial institutions issuing guarantees in favour of the Group, yards, sub-contractors and equipment suppliers is part of the Group\u2019s project evaluations and risk analyses. The counterparty risk is in general limited when it comes to the Group\u2019s clients, since these are typically major oil companies and national oil companies. The Group held cash and deposits of USD 91.6 million as at 31 December 2022 (2021: USD 73.9 million) with banks with high credit-ratings assigned by international credit-rating agencies. The cash balances are measured on 12-month expected credit losses and subject to immaterial credit loss. For trade receivables, the Group applies the simplified method of credit reserves, i.e. the reserve will correspond to the expected loss over the whole life of the trade receivable. In order to measure the credit losses, trade receivables are grouped based on credit risk characteristics of its customers. The Group applies forward-looking variables for expected credit losses. As at 31 December 2022, no credit reserve has been recorded as the Group's clients are typically major oil companies and national oil companies and the receivables are usually received within 3 months. The receivables over 60 days have been fully received as of the date of financial statements. Based on the Group's assessment, the expected credit loss is not material.Not < 30 30-60 61-90 > 90 Accounts receivables Totalduedaysdaysdaysdays31 December 2022 20.6 11.8 6.9 0.0 1.2 0.7 31 December 2021 14.1 13.7 0.4 0.0 0.0 0.0 Liquidity risk The Group is exposed to liquidity risk in a scenario when the Group's cash \ufb02ow from operations is insu\ufb03cient to cover payments of financial liabilities. In order to mitigate the liquidity risk, the Group monitors the liquidity development and the risk of insu\ufb03cient capital by rolling cash \ufb02ow forecasts to determine whether the Group's liquidity position is above the minimum cash covenant as per the loan agreements. Given the significant investments needed to prepare for the new contracts in 2023, there is uncertainty as to whether the Group will be in compliance with the minimum liquidity covenant from late 2023. The management is pursuing di\ufb00erent initiatives to mitigate a potential shortfall and with the objective to remain in compliance taken as described in Note 2 of the consolidated accounts- Going Concern. The Board of Directors has a reasonable expectation that the Group has adequate resources to mitigate the uncertainty. As at 31 December 2022, the Group's main financial liabilities had the following remaining contractual maturities: Per year 2023 2024 2025 2026 2027\u21921)Interest-bearing debt (repayments) 6.3 6.3 349.7 7.0 65.0 2)Interests 26.0 22.7 20.3 1.4 1.9 Taxes 18.0 0.0 0.0 0.0 0.0 Accounts payable and other current liabilities 20.6 0.0 0.0 0.0 0.0 Total 70.9 29.0 370.0 8.4 66.9 1)Interest-bearing debt includes lease liabilities, credit facilities and seller credit from Cosco. The credit facilities mature in 2025. Assuming only the firm contracts, there will be no cash sweep under the credit facilities prior to maturity. The Group is paying the minimum instalments agreed with Cosco under the Safe Eurus seller credit which matures approximately in 2028. 2)Interest on lease liabilities, credit facilities and seller credits. Based on current agreed creditmargin plus USD 3M LIBOR and SOFR forward curve as at 31 December 2022, and the expected cash \ufb02ows under the seller credit terms. As at 31 December 2021, the Group's main financial liabilities had the following remaining contractual maturities: Per year 2022 2023 2024 2025 2026\u21921)Interest-bearing debt (repayments) 4.0 6.0 6.0 349.5 71.9 2)Interests 10.0 13.0 15.8 17.5 4.0 Taxes 10.7 0.0 0.0 0.0 0.0 Accounts payable and other current liabilities 20.3 0.0 0.0 0.0 0.0 Total 45.0 19.0 21.8 367.0 75.9 1)Interest-bearing debt includes credit facilities and seller credit from Cosco. The credit facilities mature in 2025. Assuming only the firm contracts, there will be no cash sweep under the creditfacilities prior to maturity. The Group is paying the minimum instalments agreed with Cosco under the Safe Eurus seller credit which matures approximately in 2028. 2)Interest on credit facilities and seller credits. Based on current agreed credit margin plus USD 3M LIBOR forward curve as at 31 December 2021 and the expected cash \ufb02ows under the seller credit terms.Capital managementThe primary objective of the Group's capital management is to ensure that it maintains a healthy capital structure in line with economic conditions. The Group manages the total of shareholders' equity and long-term debt as their capital. Normally the Group's main tool to assess its capital structure is the leverage ratio, which is calculated by dividing net interest-bearing debt including bank guarantees, by Group gross profit before depreciation and impairment over the last 12 months. As a result of the completion of the financial restructuring process in 2021, the capital structure of the Group has improved. There was a significant de-leveraging of the balance sheet with approximately 75 per cent of debt reduction, a corresponding reduction in annual debt service, and in sum a significantly improved balance sheet and improved financial \ufb02exibility. ",
"dimensions": {
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"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-94-4": {
"value": "NOTE 18: FINANCIAL RISKS The Group operates on a global basis with cash \ufb02ows and financing in various currencies. This means that the Group is exposed to market risks related to \ufb02uctuations in exchange rates and interest rates. The Group's presentation currency is USD, and financial risk exposure is managed with financial instruments in accordance with internal policies and standards approved by the Board of Directors. After restructuring in 2021, there are no credit lines available for hedging of financial risks and consequently such risks remained unhedged in 2022.Currency risk The Group is exposed to currencies other than USD associated with operating expenditure, capital expenditure, tax, cash and deposits. Operating expenditure, capital expenditure and tax are mainly denominated in GBP, BRL and NOK. Cash and deposits are mainly denominated in USD, GBP, BRL and NOK. Currency risk - sensitivity The sensitivity analysis is based on a reasonably possible change in the relevant exchange rates and re\ufb02ects the main e\ufb00ects on profit or loss and equity assuming that the change had occurred at the balance sheet date. A 10% strengthening/weakening of the USD against GBP, BRL and NOK will have the following e\ufb00ects. Exposures to foreign currency changes for all other currencies are not material. Pre-tax e\ufb00ects on income statement 2022 2021USD +10%Re-valuation cash and deposits (2.5) (1.8)USD -10%Re-valuation cash and deposits 2.5 1.8 Interest rate riskCash \ufb02ow interest rate risk is the risk that the future cash \ufb02ows of a financial instrument will \ufb02uctuate because of changes in market interest rates. Fair value interest rate risk is that the fair value of a financial instrument will \ufb02uctuate due to changes in market interest rates.The Group's interest rate risks arise primarily from its variable rate credit facilities. As at 31 December 2022, the Group has not entered into arrangements to hedge the \ufb02oating interest rate (As at 31 December 2021, interest on debt is in principle \ufb02oating but had been hedged to reduce the variability of cash \ufb02ows in the interest payments through the use of interest rate cap and interest rate swap agreements). The interest rate swaps were terminated in 2021 and the interest rate cap has matured in February 2022. The Group evaluates the hedge profile in relation to the repayment schedule of its loans. Due to current unfavourable pricing of the interest rate swap and short maturity of the interest bearing debt, the Group has decided not to hedge the \ufb02oating interest rate. After restructuring in 2021, there are no credit lines available for hedging of financial risks and consequently such risks remained unhedged in 2022. Interest rate caps As at 31 December 2021, the Group had interest rate caps with notional amount of USD 120 million, capped rate of 3.0000% and mature in February 2022. The fair value of these interest rate caps amounted to less than USD 1,000 and was not material for further disclosure in 2021. Interest rate swaps The interest rate swaps were terminated in 2021. The terminated amount was not paid to the counterparties as part of the financial restructuring agreement. The terminated amount was reclassified to the interest-bearing debt. Terminated Notional amount Fixed rate Maturity Swap typevalue2021USD 120 million 1.5330 % 2022 Bullet (4.7)Interest rate risk - sensitivityThe sensitivity analysis is based on a reasonably possible change in the relevant interest rate and re\ufb02ects the main e\ufb00ects on profit or loss and equity assuming that the change had occurred at the balance sheet date. In 2021, a forward curve shift of \u00b150bps was applied in the sensitivity analysis and there is no material impact to the outstanding interest rate cap. A \u00b150bps change in interest rate will have the following e\ufb00ects in 2022.Pre-tax e\ufb00ects on income statement 2022US LIBOR +50bpsInterest expense on credit facilities 1.7US LIBOR -50bpsInterest expense on credit facilities (1.7) Managing interest rate benchmark reform and associated risks A fundamental reform of major interest rate benchmarks is being undertaken globally, including the replacement of some interbank o\ufb00ered rates (IBORs) with alternative nearly risk-free rates (referred to as \u2018IBOR reform\u2019). As at 31 December 2022, the Group\u2019s IBOR exposure is indexed to US dollar LIBOR. The alternative reference rate for US dollar LIBOR is the Secured Overnight Financing Rate (SOFR). The Group has entered into fallback clauses for the Group's US dollar LIBOR indexed exposures. These clauses switch the instrument from USD LIBOR to SOFR on 31 March 2023 with credit adjustment spread of 0.26161% published by Bloomberg Index Services Limited on 5 March 2021. Management monitors and manages the transition to alternative risk-free rates. Management evaluates whether the contracts which are referenced to IBORs will need to be amended as a result of IBOR reform and how to manage such communication with the counterparties. Non-derivative financial liabilities The Group\u2019s IBOR exposures to non-derivative financial liabilities as at 31 December 2022 included USD 343 million credit facility indexed to USD LIBOR. The transition from USD LIBOR to SOFR will take place on 31 March 2023 with credit adjustment spread of 0.26161% published by Bloomberg Index Services Limited on 5 March 2021. Total amounts of unreformed contracts, including those with an appropriate fallback clause The Group monitors the progress of transition from IBORs to new benchmark rates by reviewing the total amounts of contracts that have yet to transition to an alternative benchmark rate and the amounts of such contracts that include an appropriate fallback clause. The Group considers that a contract is not yet transitioned to an alternative benchmark rate when interest under the contract is indexed to a benchmark rate that is still subject to IBOR reform, even if it includes a fallback clause that deals with the cessation of the existing IBOR (referred to as an \u2018unreformed contract\u2019). The following table shows the total carrying amounts of unreformed contracts and those with appropriate fallback clauses at 31 December 2022 and at 1 January 2022. Total amount Amount with of unreformed appropriate USD LIBORcontractsfallback clause31 December 2022Financial liabilitiesCredit facilities - face value 344.2 344.2 1 January 2022Financial liabilitiesCredit facilities - face value 343.4 343.4 Credit riskIn line with industry practice, other contracts normally contain clauses which give the customer an opportunity for early cancellation under specified conditions. Providing the Group has not acted negligently, however, the e\ufb00ect on results in such cases will normally be wholly or partly o\ufb00set by a financial settlement in the Group\u2019s favour. Credit assessment of financial institutions issuing guarantees in favour of the Group, yards, sub-contractors and equipment suppliers is part of the Group\u2019s project evaluations and risk analyses. The counterparty risk is in general limited when it comes to the Group\u2019s clients, since these are typically major oil companies and national oil companies. The Group held cash and deposits of USD 91.6 million as at 31 December 2022 (2021: USD 73.9 million) with banks with high credit-ratings assigned by international credit-rating agencies. The cash balances are measured on 12-month expected credit losses and subject to immaterial credit loss. For trade receivables, the Group applies the simplified method of credit reserves, i.e. the reserve will correspond to the expected loss over the whole life of the trade receivable. In order to measure the credit losses, trade receivables are grouped based on credit risk characteristics of its customers. The Group applies forward-looking variables for expected credit losses. As at 31 December 2022, no credit reserve has been recorded as the Group's clients are typically major oil companies and national oil companies and the receivables are usually received within 3 months. The receivables over 60 days have been fully received as of the date of financial statements. Based on the Group's assessment, the expected credit loss is not material.Not < 30 30-60 61-90 > 90 Accounts receivables Totalduedaysdaysdaysdays31 December 2022 20.6 11.8 6.9 0.0 1.2 0.7 31 December 2021 14.1 13.7 0.4 0.0 0.0 0.0 Liquidity risk The Group is exposed to liquidity risk in a scenario when the Group's cash \ufb02ow from operations is insu\ufb03cient to cover payments of financial liabilities. In order to mitigate the liquidity risk, the Group monitors the liquidity development and the risk of insu\ufb03cient capital by rolling cash \ufb02ow forecasts to determine whether the Group's liquidity position is above the minimum cash covenant as per the loan agreements. Given the significant investments needed to prepare for the new contracts in 2023, there is uncertainty as to whether the Group will be in compliance with the minimum liquidity covenant from late 2023. The management is pursuing di\ufb00erent initiatives to mitigate a potential shortfall and with the objective to remain in compliance taken as described in Note 2 of the consolidated accounts- Going Concern. The Board of Directors has a reasonable expectation that the Group has adequate resources to mitigate the uncertainty. As at 31 December 2022, the Group's main financial liabilities had the following remaining contractual maturities: Per year 2023 2024 2025 2026 2027\u21921)Interest-bearing debt (repayments) 6.3 6.3 349.7 7.0 65.0 2)Interests 26.0 22.7 20.3 1.4 1.9 Taxes 18.0 0.0 0.0 0.0 0.0 Accounts payable and other current liabilities 20.6 0.0 0.0 0.0 0.0 Total 70.9 29.0 370.0 8.4 66.9 1)Interest-bearing debt includes lease liabilities, credit facilities and seller credit from Cosco. The credit facilities mature in 2025. Assuming only the firm contracts, there will be no cash sweep under the credit facilities prior to maturity. The Group is paying the minimum instalments agreed with Cosco under the Safe Eurus seller credit which matures approximately in 2028. 2)Interest on lease liabilities, credit facilities and seller credits. Based on current agreed creditmargin plus USD 3M LIBOR and SOFR forward curve as at 31 December 2022, and the expected cash \ufb02ows under the seller credit terms. As at 31 December 2021, the Group's main financial liabilities had the following remaining contractual maturities: Per year 2022 2023 2024 2025 2026\u21921)Interest-bearing debt (repayments) 4.0 6.0 6.0 349.5 71.9 2)Interests 10.0 13.0 15.8 17.5 4.0 Taxes 10.7 0.0 0.0 0.0 0.0 Accounts payable and other current liabilities 20.3 0.0 0.0 0.0 0.0 Total 45.0 19.0 21.8 367.0 75.9 1)Interest-bearing debt includes credit facilities and seller credit from Cosco. The credit facilities mature in 2025. Assuming only the firm contracts, there will be no cash sweep under the creditfacilities prior to maturity. The Group is paying the minimum instalments agreed with Cosco under the Safe Eurus seller credit which matures approximately in 2028. 2)Interest on credit facilities and seller credits. Based on current agreed credit margin plus USD 3M LIBOR forward curve as at 31 December 2021 and the expected cash \ufb02ows under the seller credit terms.Capital managementThe primary objective of the Group's capital management is to ensure that it maintains a healthy capital structure in line with economic conditions. The Group manages the total of shareholders' equity and long-term debt as their capital. Normally the Group's main tool to assess its capital structure is the leverage ratio, which is calculated by dividing net interest-bearing debt including bank guarantees, by Group gross profit before depreciation and impairment over the last 12 months. As a result of the completion of the financial restructuring process in 2021, the capital structure of the Group has improved. There was a significant de-leveraging of the balance sheet with approximately 75 per cent of debt reduction, a corresponding reduction in annual debt service, and in sum a significantly improved balance sheet and improved financial \ufb02exibility. ",
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}
},
"pp-value-94-5": {
"value": "NOTE 18: FINANCIAL RISKS The Group operates on a global basis with cash \ufb02ows and financing in various currencies. This means that the Group is exposed to market risks related to \ufb02uctuations in exchange rates and interest rates. The Group's presentation currency is USD, and financial risk exposure is managed with financial instruments in accordance with internal policies and standards approved by the Board of Directors. After restructuring in 2021, there are no credit lines available for hedging of financial risks and consequently such risks remained unhedged in 2022.Currency risk The Group is exposed to currencies other than USD associated with operating expenditure, capital expenditure, tax, cash and deposits. Operating expenditure, capital expenditure and tax are mainly denominated in GBP, BRL and NOK. Cash and deposits are mainly denominated in USD, GBP, BRL and NOK. Currency risk - sensitivity The sensitivity analysis is based on a reasonably possible change in the relevant exchange rates and re\ufb02ects the main e\ufb00ects on profit or loss and equity assuming that the change had occurred at the balance sheet date. A 10% strengthening/weakening of the USD against GBP, BRL and NOK will have the following e\ufb00ects. Exposures to foreign currency changes for all other currencies are not material. Pre-tax e\ufb00ects on income statement 2022 2021USD +10%Re-valuation cash and deposits (2.5) (1.8)USD -10%Re-valuation cash and deposits 2.5 1.8 Interest rate riskCash \ufb02ow interest rate risk is the risk that the future cash \ufb02ows of a financial instrument will \ufb02uctuate because of changes in market interest rates. Fair value interest rate risk is that the fair value of a financial instrument will \ufb02uctuate due to changes in market interest rates.The Group's interest rate risks arise primarily from its variable rate credit facilities. As at 31 December 2022, the Group has not entered into arrangements to hedge the \ufb02oating interest rate (As at 31 December 2021, interest on debt is in principle \ufb02oating but had been hedged to reduce the variability of cash \ufb02ows in the interest payments through the use of interest rate cap and interest rate swap agreements). The interest rate swaps were terminated in 2021 and the interest rate cap has matured in February 2022. The Group evaluates the hedge profile in relation to the repayment schedule of its loans. Due to current unfavourable pricing of the interest rate swap and short maturity of the interest bearing debt, the Group has decided not to hedge the \ufb02oating interest rate. After restructuring in 2021, there are no credit lines available for hedging of financial risks and consequently such risks remained unhedged in 2022. Interest rate caps As at 31 December 2021, the Group had interest rate caps with notional amount of USD 120 million, capped rate of 3.0000% and mature in February 2022. The fair value of these interest rate caps amounted to less than USD 1,000 and was not material for further disclosure in 2021. Interest rate swaps The interest rate swaps were terminated in 2021. The terminated amount was not paid to the counterparties as part of the financial restructuring agreement. The terminated amount was reclassified to the interest-bearing debt. Terminated Notional amount Fixed rate Maturity Swap typevalue2021USD 120 million 1.5330 % 2022 Bullet (4.7)Interest rate risk - sensitivityThe sensitivity analysis is based on a reasonably possible change in the relevant interest rate and re\ufb02ects the main e\ufb00ects on profit or loss and equity assuming that the change had occurred at the balance sheet date. In 2021, a forward curve shift of \u00b150bps was applied in the sensitivity analysis and there is no material impact to the outstanding interest rate cap. A \u00b150bps change in interest rate will have the following e\ufb00ects in 2022.Pre-tax e\ufb00ects on income statement 2022US LIBOR +50bpsInterest expense on credit facilities 1.7US LIBOR -50bpsInterest expense on credit facilities (1.7) Managing interest rate benchmark reform and associated risks A fundamental reform of major interest rate benchmarks is being undertaken globally, including the replacement of some interbank o\ufb00ered rates (IBORs) with alternative nearly risk-free rates (referred to as \u2018IBOR reform\u2019). As at 31 December 2022, the Group\u2019s IBOR exposure is indexed to US dollar LIBOR. The alternative reference rate for US dollar LIBOR is the Secured Overnight Financing Rate (SOFR). The Group has entered into fallback clauses for the Group's US dollar LIBOR indexed exposures. These clauses switch the instrument from USD LIBOR to SOFR on 31 March 2023 with credit adjustment spread of 0.26161% published by Bloomberg Index Services Limited on 5 March 2021. Management monitors and manages the transition to alternative risk-free rates. Management evaluates whether the contracts which are referenced to IBORs will need to be amended as a result of IBOR reform and how to manage such communication with the counterparties. Non-derivative financial liabilities The Group\u2019s IBOR exposures to non-derivative financial liabilities as at 31 December 2022 included USD 343 million credit facility indexed to USD LIBOR. The transition from USD LIBOR to SOFR will take place on 31 March 2023 with credit adjustment spread of 0.26161% published by Bloomberg Index Services Limited on 5 March 2021. Total amounts of unreformed contracts, including those with an appropriate fallback clause The Group monitors the progress of transition from IBORs to new benchmark rates by reviewing the total amounts of contracts that have yet to transition to an alternative benchmark rate and the amounts of such contracts that include an appropriate fallback clause. The Group considers that a contract is not yet transitioned to an alternative benchmark rate when interest under the contract is indexed to a benchmark rate that is still subject to IBOR reform, even if it includes a fallback clause that deals with the cessation of the existing IBOR (referred to as an \u2018unreformed contract\u2019). The following table shows the total carrying amounts of unreformed contracts and those with appropriate fallback clauses at 31 December 2022 and at 1 January 2022. Total amount Amount with of unreformed appropriate USD LIBORcontractsfallback clause31 December 2022Financial liabilitiesCredit facilities - face value 344.2 344.2 1 January 2022Financial liabilitiesCredit facilities - face value 343.4 343.4 Credit riskIn line with industry practice, other contracts normally contain clauses which give the customer an opportunity for early cancellation under specified conditions. Providing the Group has not acted negligently, however, the e\ufb00ect on results in such cases will normally be wholly or partly o\ufb00set by a financial settlement in the Group\u2019s favour. Credit assessment of financial institutions issuing guarantees in favour of the Group, yards, sub-contractors and equipment suppliers is part of the Group\u2019s project evaluations and risk analyses. The counterparty risk is in general limited when it comes to the Group\u2019s clients, since these are typically major oil companies and national oil companies. The Group held cash and deposits of USD 91.6 million as at 31 December 2022 (2021: USD 73.9 million) with banks with high credit-ratings assigned by international credit-rating agencies. The cash balances are measured on 12-month expected credit losses and subject to immaterial credit loss. For trade receivables, the Group applies the simplified method of credit reserves, i.e. the reserve will correspond to the expected loss over the whole life of the trade receivable. In order to measure the credit losses, trade receivables are grouped based on credit risk characteristics of its customers. The Group applies forward-looking variables for expected credit losses. As at 31 December 2022, no credit reserve has been recorded as the Group's clients are typically major oil companies and national oil companies and the receivables are usually received within 3 months. The receivables over 60 days have been fully received as of the date of financial statements. Based on the Group's assessment, the expected credit loss is not material.Not < 30 30-60 61-90 > 90 Accounts receivables Totalduedaysdaysdaysdays31 December 2022 20.6 11.8 6.9 0.0 1.2 0.7 31 December 2021 14.1 13.7 0.4 0.0 0.0 0.0 Liquidity risk The Group is exposed to liquidity risk in a scenario when the Group's cash \ufb02ow from operations is insu\ufb03cient to cover payments of financial liabilities. In order to mitigate the liquidity risk, the Group monitors the liquidity development and the risk of insu\ufb03cient capital by rolling cash \ufb02ow forecasts to determine whether the Group's liquidity position is above the minimum cash covenant as per the loan agreements. Given the significant investments needed to prepare for the new contracts in 2023, there is uncertainty as to whether the Group will be in compliance with the minimum liquidity covenant from late 2023. The management is pursuing di\ufb00erent initiatives to mitigate a potential shortfall and with the objective to remain in compliance taken as described in Note 2 of the consolidated accounts- Going Concern. The Board of Directors has a reasonable expectation that the Group has adequate resources to mitigate the uncertainty. As at 31 December 2022, the Group's main financial liabilities had the following remaining contractual maturities: Per year 2023 2024 2025 2026 2027\u21921)Interest-bearing debt (repayments) 6.3 6.3 349.7 7.0 65.0 2)Interests 26.0 22.7 20.3 1.4 1.9 Taxes 18.0 0.0 0.0 0.0 0.0 Accounts payable and other current liabilities 20.6 0.0 0.0 0.0 0.0 Total 70.9 29.0 370.0 8.4 66.9 1)Interest-bearing debt includes lease liabilities, credit facilities and seller credit from Cosco. The credit facilities mature in 2025. Assuming only the firm contracts, there will be no cash sweep under the credit facilities prior to maturity. The Group is paying the minimum instalments agreed with Cosco under the Safe Eurus seller credit which matures approximately in 2028. 2)Interest on lease liabilities, credit facilities and seller credits. Based on current agreed creditmargin plus USD 3M LIBOR and SOFR forward curve as at 31 December 2022, and the expected cash \ufb02ows under the seller credit terms. As at 31 December 2021, the Group's main financial liabilities had the following remaining contractual maturities: Per year 2022 2023 2024 2025 2026\u21921)Interest-bearing debt (repayments) 4.0 6.0 6.0 349.5 71.9 2)Interests 10.0 13.0 15.8 17.5 4.0 Taxes 10.7 0.0 0.0 0.0 0.0 Accounts payable and other current liabilities 20.3 0.0 0.0 0.0 0.0 Total 45.0 19.0 21.8 367.0 75.9 1)Interest-bearing debt includes credit facilities and seller credit from Cosco. The credit facilities mature in 2025. Assuming only the firm contracts, there will be no cash sweep under the creditfacilities prior to maturity. The Group is paying the minimum instalments agreed with Cosco under the Safe Eurus seller credit which matures approximately in 2028. 2)Interest on credit facilities and seller credits. Based on current agreed credit margin plus USD 3M LIBOR forward curve as at 31 December 2021 and the expected cash \ufb02ows under the seller credit terms.Capital managementThe primary objective of the Group's capital management is to ensure that it maintains a healthy capital structure in line with economic conditions. The Group manages the total of shareholders' equity and long-term debt as their capital. Normally the Group's main tool to assess its capital structure is the leverage ratio, which is calculated by dividing net interest-bearing debt including bank guarantees, by Group gross profit before depreciation and impairment over the last 12 months. As a result of the completion of the financial restructuring process in 2021, the capital structure of the Group has improved. There was a significant de-leveraging of the balance sheet with approximately 75 per cent of debt reduction, a corresponding reduction in annual debt service, and in sum a significantly improved balance sheet and improved financial \ufb02exibility. ",
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},
"pp-value-94-6": {
"value": "NOTE 18: FINANCIAL RISKS The Group operates on a global basis with cash \ufb02ows and financing in various currencies. This means that the Group is exposed to market risks related to \ufb02uctuations in exchange rates and interest rates. The Group's presentation currency is USD, and financial risk exposure is managed with financial instruments in accordance with internal policies and standards approved by the Board of Directors. After restructuring in 2021, there are no credit lines available for hedging of financial risks and consequently such risks remained unhedged in 2022.Currency risk The Group is exposed to currencies other than USD associated with operating expenditure, capital expenditure, tax, cash and deposits. Operating expenditure, capital expenditure and tax are mainly denominated in GBP, BRL and NOK. Cash and deposits are mainly denominated in USD, GBP, BRL and NOK. Currency risk - sensitivity The sensitivity analysis is based on a reasonably possible change in the relevant exchange rates and re\ufb02ects the main e\ufb00ects on profit or loss and equity assuming that the change had occurred at the balance sheet date. A 10% strengthening/weakening of the USD against GBP, BRL and NOK will have the following e\ufb00ects. Exposures to foreign currency changes for all other currencies are not material. Pre-tax e\ufb00ects on income statement 2022 2021USD +10%Re-valuation cash and deposits (2.5) (1.8)USD -10%Re-valuation cash and deposits 2.5 1.8 Interest rate riskCash \ufb02ow interest rate risk is the risk that the future cash \ufb02ows of a financial instrument will \ufb02uctuate because of changes in market interest rates. Fair value interest rate risk is that the fair value of a financial instrument will \ufb02uctuate due to changes in market interest rates.The Group's interest rate risks arise primarily from its variable rate credit facilities. As at 31 December 2022, the Group has not entered into arrangements to hedge the \ufb02oating interest rate (As at 31 December 2021, interest on debt is in principle \ufb02oating but had been hedged to reduce the variability of cash \ufb02ows in the interest payments through the use of interest rate cap and interest rate swap agreements). The interest rate swaps were terminated in 2021 and the interest rate cap has matured in February 2022. The Group evaluates the hedge profile in relation to the repayment schedule of its loans. Due to current unfavourable pricing of the interest rate swap and short maturity of the interest bearing debt, the Group has decided not to hedge the \ufb02oating interest rate. After restructuring in 2021, there are no credit lines available for hedging of financial risks and consequently such risks remained unhedged in 2022. Interest rate caps As at 31 December 2021, the Group had interest rate caps with notional amount of USD 120 million, capped rate of 3.0000% and mature in February 2022. The fair value of these interest rate caps amounted to less than USD 1,000 and was not material for further disclosure in 2021. Interest rate swaps The interest rate swaps were terminated in 2021. The terminated amount was not paid to the counterparties as part of the financial restructuring agreement. The terminated amount was reclassified to the interest-bearing debt. Terminated Notional amount Fixed rate Maturity Swap typevalue2021USD 120 million 1.5330 % 2022 Bullet (4.7)Interest rate risk - sensitivityThe sensitivity analysis is based on a reasonably possible change in the relevant interest rate and re\ufb02ects the main e\ufb00ects on profit or loss and equity assuming that the change had occurred at the balance sheet date. In 2021, a forward curve shift of \u00b150bps was applied in the sensitivity analysis and there is no material impact to the outstanding interest rate cap. A \u00b150bps change in interest rate will have the following e\ufb00ects in 2022.Pre-tax e\ufb00ects on income statement 2022US LIBOR +50bpsInterest expense on credit facilities 1.7US LIBOR -50bpsInterest expense on credit facilities (1.7) Managing interest rate benchmark reform and associated risks A fundamental reform of major interest rate benchmarks is being undertaken globally, including the replacement of some interbank o\ufb00ered rates (IBORs) with alternative nearly risk-free rates (referred to as \u2018IBOR reform\u2019). As at 31 December 2022, the Group\u2019s IBOR exposure is indexed to US dollar LIBOR. The alternative reference rate for US dollar LIBOR is the Secured Overnight Financing Rate (SOFR). The Group has entered into fallback clauses for the Group's US dollar LIBOR indexed exposures. These clauses switch the instrument from USD LIBOR to SOFR on 31 March 2023 with credit adjustment spread of 0.26161% published by Bloomberg Index Services Limited on 5 March 2021. Management monitors and manages the transition to alternative risk-free rates. Management evaluates whether the contracts which are referenced to IBORs will need to be amended as a result of IBOR reform and how to manage such communication with the counterparties. Non-derivative financial liabilities The Group\u2019s IBOR exposures to non-derivative financial liabilities as at 31 December 2022 included USD 343 million credit facility indexed to USD LIBOR. The transition from USD LIBOR to SOFR will take place on 31 March 2023 with credit adjustment spread of 0.26161% published by Bloomberg Index Services Limited on 5 March 2021. Total amounts of unreformed contracts, including those with an appropriate fallback clause The Group monitors the progress of transition from IBORs to new benchmark rates by reviewing the total amounts of contracts that have yet to transition to an alternative benchmark rate and the amounts of such contracts that include an appropriate fallback clause. The Group considers that a contract is not yet transitioned to an alternative benchmark rate when interest under the contract is indexed to a benchmark rate that is still subject to IBOR reform, even if it includes a fallback clause that deals with the cessation of the existing IBOR (referred to as an \u2018unreformed contract\u2019). The following table shows the total carrying amounts of unreformed contracts and those with appropriate fallback clauses at 31 December 2022 and at 1 January 2022. Total amount Amount with of unreformed appropriate USD LIBORcontractsfallback clause31 December 2022Financial liabilitiesCredit facilities - face value 344.2 344.2 1 January 2022Financial liabilitiesCredit facilities - face value 343.4 343.4 Credit riskIn line with industry practice, other contracts normally contain clauses which give the customer an opportunity for early cancellation under specified conditions. Providing the Group has not acted negligently, however, the e\ufb00ect on results in such cases will normally be wholly or partly o\ufb00set by a financial settlement in the Group\u2019s favour. Credit assessment of financial institutions issuing guarantees in favour of the Group, yards, sub-contractors and equipment suppliers is part of the Group\u2019s project evaluations and risk analyses. The counterparty risk is in general limited when it comes to the Group\u2019s clients, since these are typically major oil companies and national oil companies. The Group held cash and deposits of USD 91.6 million as at 31 December 2022 (2021: USD 73.9 million) with banks with high credit-ratings assigned by international credit-rating agencies. The cash balances are measured on 12-month expected credit losses and subject to immaterial credit loss. For trade receivables, the Group applies the simplified method of credit reserves, i.e. the reserve will correspond to the expected loss over the whole life of the trade receivable. In order to measure the credit losses, trade receivables are grouped based on credit risk characteristics of its customers. The Group applies forward-looking variables for expected credit losses. As at 31 December 2022, no credit reserve has been recorded as the Group's clients are typically major oil companies and national oil companies and the receivables are usually received within 3 months. The receivables over 60 days have been fully received as of the date of financial statements. Based on the Group's assessment, the expected credit loss is not material.Not < 30 30-60 61-90 > 90 Accounts receivables Totalduedaysdaysdaysdays31 December 2022 20.6 11.8 6.9 0.0 1.2 0.7 31 December 2021 14.1 13.7 0.4 0.0 0.0 0.0 Liquidity risk The Group is exposed to liquidity risk in a scenario when the Group's cash \ufb02ow from operations is insu\ufb03cient to cover payments of financial liabilities. In order to mitigate the liquidity risk, the Group monitors the liquidity development and the risk of insu\ufb03cient capital by rolling cash \ufb02ow forecasts to determine whether the Group's liquidity position is above the minimum cash covenant as per the loan agreements. Given the significant investments needed to prepare for the new contracts in 2023, there is uncertainty as to whether the Group will be in compliance with the minimum liquidity covenant from late 2023. The management is pursuing di\ufb00erent initiatives to mitigate a potential shortfall and with the objective to remain in compliance taken as described in Note 2 of the consolidated accounts- Going Concern. The Board of Directors has a reasonable expectation that the Group has adequate resources to mitigate the uncertainty. As at 31 December 2022, the Group's main financial liabilities had the following remaining contractual maturities: Per year 2023 2024 2025 2026 2027\u21921)Interest-bearing debt (repayments) 6.3 6.3 349.7 7.0 65.0 2)Interests 26.0 22.7 20.3 1.4 1.9 Taxes 18.0 0.0 0.0 0.0 0.0 Accounts payable and other current liabilities 20.6 0.0 0.0 0.0 0.0 Total 70.9 29.0 370.0 8.4 66.9 1)Interest-bearing debt includes lease liabilities, credit facilities and seller credit from Cosco. The credit facilities mature in 2025. Assuming only the firm contracts, there will be no cash sweep under the credit facilities prior to maturity. The Group is paying the minimum instalments agreed with Cosco under the Safe Eurus seller credit which matures approximately in 2028. 2)Interest on lease liabilities, credit facilities and seller credits. Based on current agreed creditmargin plus USD 3M LIBOR and SOFR forward curve as at 31 December 2022, and the expected cash \ufb02ows under the seller credit terms. As at 31 December 2021, the Group's main financial liabilities had the following remaining contractual maturities: Per year 2022 2023 2024 2025 2026\u21921)Interest-bearing debt (repayments) 4.0 6.0 6.0 349.5 71.9 2)Interests 10.0 13.0 15.8 17.5 4.0 Taxes 10.7 0.0 0.0 0.0 0.0 Accounts payable and other current liabilities 20.3 0.0 0.0 0.0 0.0 Total 45.0 19.0 21.8 367.0 75.9 1)Interest-bearing debt includes credit facilities and seller credit from Cosco. The credit facilities mature in 2025. Assuming only the firm contracts, there will be no cash sweep under the creditfacilities prior to maturity. The Group is paying the minimum instalments agreed with Cosco under the Safe Eurus seller credit which matures approximately in 2028. 2)Interest on credit facilities and seller credits. Based on current agreed credit margin plus USD 3M LIBOR forward curve as at 31 December 2021 and the expected cash \ufb02ows under the seller credit terms.Capital managementThe primary objective of the Group's capital management is to ensure that it maintains a healthy capital structure in line with economic conditions. The Group manages the total of shareholders' equity and long-term debt as their capital. Normally the Group's main tool to assess its capital structure is the leverage ratio, which is calculated by dividing net interest-bearing debt including bank guarantees, by Group gross profit before depreciation and impairment over the last 12 months. As a result of the completion of the financial restructuring process in 2021, the capital structure of the Group has improved. There was a significant de-leveraging of the balance sheet with approximately 75 per cent of debt reduction, a corresponding reduction in annual debt service, and in sum a significantly improved balance sheet and improved financial \ufb02exibility. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
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"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-94-7": {
"value": "NOTE 18: FINANCIAL RISKS The Group operates on a global basis with cash \ufb02ows and financing in various currencies. This means that the Group is exposed to market risks related to \ufb02uctuations in exchange rates and interest rates. The Group's presentation currency is USD, and financial risk exposure is managed with financial instruments in accordance with internal policies and standards approved by the Board of Directors. After restructuring in 2021, there are no credit lines available for hedging of financial risks and consequently such risks remained unhedged in 2022.Currency risk The Group is exposed to currencies other than USD associated with operating expenditure, capital expenditure, tax, cash and deposits. Operating expenditure, capital expenditure and tax are mainly denominated in GBP, BRL and NOK. Cash and deposits are mainly denominated in USD, GBP, BRL and NOK. Currency risk - sensitivity The sensitivity analysis is based on a reasonably possible change in the relevant exchange rates and re\ufb02ects the main e\ufb00ects on profit or loss and equity assuming that the change had occurred at the balance sheet date. A 10% strengthening/weakening of the USD against GBP, BRL and NOK will have the following e\ufb00ects. Exposures to foreign currency changes for all other currencies are not material. Pre-tax e\ufb00ects on income statement 2022 2021USD +10%Re-valuation cash and deposits (2.5) (1.8)USD -10%Re-valuation cash and deposits 2.5 1.8 Interest rate riskCash \ufb02ow interest rate risk is the risk that the future cash \ufb02ows of a financial instrument will \ufb02uctuate because of changes in market interest rates. Fair value interest rate risk is that the fair value of a financial instrument will \ufb02uctuate due to changes in market interest rates.The Group's interest rate risks arise primarily from its variable rate credit facilities. As at 31 December 2022, the Group has not entered into arrangements to hedge the \ufb02oating interest rate (As at 31 December 2021, interest on debt is in principle \ufb02oating but had been hedged to reduce the variability of cash \ufb02ows in the interest payments through the use of interest rate cap and interest rate swap agreements). The interest rate swaps were terminated in 2021 and the interest rate cap has matured in February 2022. The Group evaluates the hedge profile in relation to the repayment schedule of its loans. Due to current unfavourable pricing of the interest rate swap and short maturity of the interest bearing debt, the Group has decided not to hedge the \ufb02oating interest rate. After restructuring in 2021, there are no credit lines available for hedging of financial risks and consequently such risks remained unhedged in 2022. Interest rate caps As at 31 December 2021, the Group had interest rate caps with notional amount of USD 120 million, capped rate of 3.0000% and mature in February 2022. The fair value of these interest rate caps amounted to less than USD 1,000 and was not material for further disclosure in 2021. Interest rate swaps The interest rate swaps were terminated in 2021. The terminated amount was not paid to the counterparties as part of the financial restructuring agreement. The terminated amount was reclassified to the interest-bearing debt. Terminated Notional amount Fixed rate Maturity Swap typevalue2021USD 120 million 1.5330 % 2022 Bullet (4.7)Interest rate risk - sensitivityThe sensitivity analysis is based on a reasonably possible change in the relevant interest rate and re\ufb02ects the main e\ufb00ects on profit or loss and equity assuming that the change had occurred at the balance sheet date. In 2021, a forward curve shift of \u00b150bps was applied in the sensitivity analysis and there is no material impact to the outstanding interest rate cap. A \u00b150bps change in interest rate will have the following e\ufb00ects in 2022.Pre-tax e\ufb00ects on income statement 2022US LIBOR +50bpsInterest expense on credit facilities 1.7US LIBOR -50bpsInterest expense on credit facilities (1.7) Managing interest rate benchmark reform and associated risks A fundamental reform of major interest rate benchmarks is being undertaken globally, including the replacement of some interbank o\ufb00ered rates (IBORs) with alternative nearly risk-free rates (referred to as \u2018IBOR reform\u2019). As at 31 December 2022, the Group\u2019s IBOR exposure is indexed to US dollar LIBOR. The alternative reference rate for US dollar LIBOR is the Secured Overnight Financing Rate (SOFR). The Group has entered into fallback clauses for the Group's US dollar LIBOR indexed exposures. These clauses switch the instrument from USD LIBOR to SOFR on 31 March 2023 with credit adjustment spread of 0.26161% published by Bloomberg Index Services Limited on 5 March 2021. Management monitors and manages the transition to alternative risk-free rates. Management evaluates whether the contracts which are referenced to IBORs will need to be amended as a result of IBOR reform and how to manage such communication with the counterparties. Non-derivative financial liabilities The Group\u2019s IBOR exposures to non-derivative financial liabilities as at 31 December 2022 included USD 343 million credit facility indexed to USD LIBOR. The transition from USD LIBOR to SOFR will take place on 31 March 2023 with credit adjustment spread of 0.26161% published by Bloomberg Index Services Limited on 5 March 2021. Total amounts of unreformed contracts, including those with an appropriate fallback clause The Group monitors the progress of transition from IBORs to new benchmark rates by reviewing the total amounts of contracts that have yet to transition to an alternative benchmark rate and the amounts of such contracts that include an appropriate fallback clause. The Group considers that a contract is not yet transitioned to an alternative benchmark rate when interest under the contract is indexed to a benchmark rate that is still subject to IBOR reform, even if it includes a fallback clause that deals with the cessation of the existing IBOR (referred to as an \u2018unreformed contract\u2019). The following table shows the total carrying amounts of unreformed contracts and those with appropriate fallback clauses at 31 December 2022 and at 1 January 2022. Total amount Amount with of unreformed appropriate USD LIBORcontractsfallback clause31 December 2022Financial liabilitiesCredit facilities - face value 344.2 344.2 1 January 2022Financial liabilitiesCredit facilities - face value 343.4 343.4 Credit riskIn line with industry practice, other contracts normally contain clauses which give the customer an opportunity for early cancellation under specified conditions. Providing the Group has not acted negligently, however, the e\ufb00ect on results in such cases will normally be wholly or partly o\ufb00set by a financial settlement in the Group\u2019s favour. Credit assessment of financial institutions issuing guarantees in favour of the Group, yards, sub-contractors and equipment suppliers is part of the Group\u2019s project evaluations and risk analyses. The counterparty risk is in general limited when it comes to the Group\u2019s clients, since these are typically major oil companies and national oil companies. The Group held cash and deposits of USD 91.6 million as at 31 December 2022 (2021: USD 73.9 million) with banks with high credit-ratings assigned by international credit-rating agencies. The cash balances are measured on 12-month expected credit losses and subject to immaterial credit loss. For trade receivables, the Group applies the simplified method of credit reserves, i.e. the reserve will correspond to the expected loss over the whole life of the trade receivable. In order to measure the credit losses, trade receivables are grouped based on credit risk characteristics of its customers. The Group applies forward-looking variables for expected credit losses. As at 31 December 2022, no credit reserve has been recorded as the Group's clients are typically major oil companies and national oil companies and the receivables are usually received within 3 months. The receivables over 60 days have been fully received as of the date of financial statements. Based on the Group's assessment, the expected credit loss is not material.Not < 30 30-60 61-90 > 90 Accounts receivables Totalduedaysdaysdaysdays31 December 2022 20.6 11.8 6.9 0.0 1.2 0.7 31 December 2021 14.1 13.7 0.4 0.0 0.0 0.0 Liquidity risk The Group is exposed to liquidity risk in a scenario when the Group's cash \ufb02ow from operations is insu\ufb03cient to cover payments of financial liabilities. In order to mitigate the liquidity risk, the Group monitors the liquidity development and the risk of insu\ufb03cient capital by rolling cash \ufb02ow forecasts to determine whether the Group's liquidity position is above the minimum cash covenant as per the loan agreements. Given the significant investments needed to prepare for the new contracts in 2023, there is uncertainty as to whether the Group will be in compliance with the minimum liquidity covenant from late 2023. The management is pursuing di\ufb00erent initiatives to mitigate a potential shortfall and with the objective to remain in compliance taken as described in Note 2 of the consolidated accounts- Going Concern. The Board of Directors has a reasonable expectation that the Group has adequate resources to mitigate the uncertainty. As at 31 December 2022, the Group's main financial liabilities had the following remaining contractual maturities: Per year 2023 2024 2025 2026 2027\u21921)Interest-bearing debt (repayments) 6.3 6.3 349.7 7.0 65.0 2)Interests 26.0 22.7 20.3 1.4 1.9 Taxes 18.0 0.0 0.0 0.0 0.0 Accounts payable and other current liabilities 20.6 0.0 0.0 0.0 0.0 Total 70.9 29.0 370.0 8.4 66.9 1)Interest-bearing debt includes lease liabilities, credit facilities and seller credit from Cosco. The credit facilities mature in 2025. Assuming only the firm contracts, there will be no cash sweep under the credit facilities prior to maturity. The Group is paying the minimum instalments agreed with Cosco under the Safe Eurus seller credit which matures approximately in 2028. 2)Interest on lease liabilities, credit facilities and seller credits. Based on current agreed creditmargin plus USD 3M LIBOR and SOFR forward curve as at 31 December 2022, and the expected cash \ufb02ows under the seller credit terms. As at 31 December 2021, the Group's main financial liabilities had the following remaining contractual maturities: Per year 2022 2023 2024 2025 2026\u21921)Interest-bearing debt (repayments) 4.0 6.0 6.0 349.5 71.9 2)Interests 10.0 13.0 15.8 17.5 4.0 Taxes 10.7 0.0 0.0 0.0 0.0 Accounts payable and other current liabilities 20.3 0.0 0.0 0.0 0.0 Total 45.0 19.0 21.8 367.0 75.9 1)Interest-bearing debt includes credit facilities and seller credit from Cosco. The credit facilities mature in 2025. Assuming only the firm contracts, there will be no cash sweep under the creditfacilities prior to maturity. The Group is paying the minimum instalments agreed with Cosco under the Safe Eurus seller credit which matures approximately in 2028. 2)Interest on credit facilities and seller credits. Based on current agreed credit margin plus USD 3M LIBOR forward curve as at 31 December 2021 and the expected cash \ufb02ows under the seller credit terms.Capital managementThe primary objective of the Group's capital management is to ensure that it maintains a healthy capital structure in line with economic conditions. The Group manages the total of shareholders' equity and long-term debt as their capital. Normally the Group's main tool to assess its capital structure is the leverage ratio, which is calculated by dividing net interest-bearing debt including bank guarantees, by Group gross profit before depreciation and impairment over the last 12 months. As a result of the completion of the financial restructuring process in 2021, the capital structure of the Group has improved. There was a significant de-leveraging of the balance sheet with approximately 75 per cent of debt reduction, a corresponding reduction in annual debt service, and in sum a significantly improved balance sheet and improved financial \ufb02exibility. ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-101-3": {
"value": "NOTE 19: CASH AND DEPOSITS2022 2021Restricted cash deposits 2.2 2.4 Cash held in New Group 11.6 6.0Free cash and short-term deposits 77.8 65.5 Total cash and deposits 91.6 73.9 Under the existing credit facility agreements, the Group is required to maintain a minimum liquidity of USD 18 million to and including 31 December 2022. See note 14 for details on financial covenants.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-101-4": {
"value": "NOTE 19: CASH AND DEPOSITS2022 2021Restricted cash deposits 2.2 2.4 Cash held in New Group 11.6 6.0Free cash and short-term deposits 77.8 65.5 Total cash and deposits 91.6 73.9 Under the existing credit facility agreements, the Group is required to maintain a minimum liquidity of USD 18 million to and including 31 December 2022. See note 14 for details on financial covenants.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-102-5": {
"value": "NOTE 20: OTHER CURRENT ASSETS2022 2021Other receivables 0.9 1.6 Prepayments 1.5 1.4 Stock 4.8 0.7 Other current assets 0.6 1.6 Contract assets 2.0 0.3 Total other current assets 9.8 5.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-102-6": {
"value": "NOTE 20: OTHER CURRENT ASSETS2022 2021Other receivables 0.9 1.6 Prepayments 1.5 1.4 Stock 4.8 0.7 Other current assets 0.6 1.6 Contract assets 2.0 0.3 Total other current assets 9.8 5.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-103-3": {
"value": "NOTE 21: RELATED PARTY DISCLOSURESThe financial statements comprise the parent company, Prosafe SE, and the subsidiaries listed below. CountryVotingCompany nameof incorporation OwnershipshareProsafe Services Maritimos Ltda Brazil 100 % 100 %Prosafe O\ufb00shore BV Netherlands 100 % 100 %Prosafe AS Norway 100 % 100 %Axis Nova Singapore Pte. Ltd. Singapore 100 % 100 %Axis Vega Singapore Pte. Ltd. Singapore 100 % 100 %Prosafe O\ufb00shore Holdings Pte. Ltd. Singapore 100 % 100 %Prosafe O\ufb00shore Pte. Ltd. Singapore 100 % 100 %Prosafe Rigs Pte. Ltd. Singapore 100 % 100 %Safe Eurus Singapore Pte. Ltd. Singapore 100 % 100 %Prosafe (UK) Holdings Ltd. United Kingdom 100 % 100 %Prosafe O\ufb00shore Ltd. United Kingdom 100 % 100 %Prosafe Rigs Ltd. United Kingdom 100 % 100 %Transactions and outstanding balances within the Group have been eliminated in full. Shares owned by senior o\ufb03cers and directors at 31 December 2022: (includes shares owned by close family/relatives and wholly-owned companies)SharesDirectors:1)Glen Ole R\u00f8dland - Chairman 100,0002)Alf C. Thorkildsen - Deputy Chairman 0Birgit Aagaard-Svendsen - Director 3 Nina Udnes Tronstad - Director 6,000 Halvard Idland - Director (from May 2022) 01) Mr R\u00f8dland has an indirect ownership interest in Prosafe due to his ownershipinterest in North Sea Strategic Investments.2) Mr Thorkildsen has an indirect ownership interest in Prosafe due to his ownershipinterest in North Sea Strategic Investments and HitecVision VI Invest Sierra.Related party transactions The Group has an agreement with OMP Management AS for the purpose of providing advice and support in regards to industry analysis and potential M&A transactions. OMP Management AS is a Norwegian company that is controlled by HitecVision VI Invest Sierra, which together with another HitecVision fund (North Sea Strategic Investments) are major shareholders in the Group. The fee payable by the Group is USD 17,500 per month up to September 2022 and USD 10,000 per month from October to December 2022 and a success fee if a transaction, as defined in the engagement letter, should occur with the involvement of OMP Management AS. The success fee shall be calculated on the basis of the enterprise value of the company or asset(s) acquired and be between 0.75%-1.25% of the total enterprise value, depending on the size of the transaction. The success fee shall furthermore in all circumstances be capped at USD 3.5 million in any single transaction. In 2022, the transacted amount was USD 0.2 million (2021: USD 0.2 million). The outstanding balance as of 31 December 2021 and 31 December 2022 is below USD 50,000. The agreement was terminated in January 2023.The Group has a framework agreement with Global Maritime. Under the framework agreement, the Group has engaged Global Maritime to undertake projects for the Group's vessels. Global Maritime is majority-owned by HitecVision, which through one or more entities is a major shareholder of the Company. The Global Maritime projects value is about USD 1.7 million, of which USD 0.5 million was transacted during the year (2021: USD 0.7 million) and there is no outstanding balance as of 31 December 2022 (outstanding balance of USD 0.4 million as of 31 December 2021 were due and payable under normal payment terms). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-103-4": {
"value": "NOTE 21: RELATED PARTY DISCLOSURESThe financial statements comprise the parent company, Prosafe SE, and the subsidiaries listed below. CountryVotingCompany nameof incorporation OwnershipshareProsafe Services Maritimos Ltda Brazil 100 % 100 %Prosafe O\ufb00shore BV Netherlands 100 % 100 %Prosafe AS Norway 100 % 100 %Axis Nova Singapore Pte. Ltd. Singapore 100 % 100 %Axis Vega Singapore Pte. Ltd. Singapore 100 % 100 %Prosafe O\ufb00shore Holdings Pte. Ltd. Singapore 100 % 100 %Prosafe O\ufb00shore Pte. Ltd. Singapore 100 % 100 %Prosafe Rigs Pte. Ltd. Singapore 100 % 100 %Safe Eurus Singapore Pte. Ltd. Singapore 100 % 100 %Prosafe (UK) Holdings Ltd. United Kingdom 100 % 100 %Prosafe O\ufb00shore Ltd. United Kingdom 100 % 100 %Prosafe Rigs Ltd. United Kingdom 100 % 100 %Transactions and outstanding balances within the Group have been eliminated in full. Shares owned by senior o\ufb03cers and directors at 31 December 2022: (includes shares owned by close family/relatives and wholly-owned companies)SharesDirectors:1)Glen Ole R\u00f8dland - Chairman 100,0002)Alf C. Thorkildsen - Deputy Chairman 0Birgit Aagaard-Svendsen - Director 3 Nina Udnes Tronstad - Director 6,000 Halvard Idland - Director (from May 2022) 01) Mr R\u00f8dland has an indirect ownership interest in Prosafe due to his ownershipinterest in North Sea Strategic Investments.2) Mr Thorkildsen has an indirect ownership interest in Prosafe due to his ownershipinterest in North Sea Strategic Investments and HitecVision VI Invest Sierra.Related party transactions The Group has an agreement with OMP Management AS for the purpose of providing advice and support in regards to industry analysis and potential M&A transactions. OMP Management AS is a Norwegian company that is controlled by HitecVision VI Invest Sierra, which together with another HitecVision fund (North Sea Strategic Investments) are major shareholders in the Group. The fee payable by the Group is USD 17,500 per month up to September 2022 and USD 10,000 per month from October to December 2022 and a success fee if a transaction, as defined in the engagement letter, should occur with the involvement of OMP Management AS. The success fee shall be calculated on the basis of the enterprise value of the company or asset(s) acquired and be between 0.75%-1.25% of the total enterprise value, depending on the size of the transaction. The success fee shall furthermore in all circumstances be capped at USD 3.5 million in any single transaction. In 2022, the transacted amount was USD 0.2 million (2021: USD 0.2 million). The outstanding balance as of 31 December 2021 and 31 December 2022 is below USD 50,000. The agreement was terminated in January 2023.The Group has a framework agreement with Global Maritime. Under the framework agreement, the Group has engaged Global Maritime to undertake projects for the Group's vessels. Global Maritime is majority-owned by HitecVision, which through one or more entities is a major shareholder of the Company. The Global Maritime projects value is about USD 1.7 million, of which USD 0.5 million was transacted during the year (2021: USD 0.7 million) and there is no outstanding balance as of 31 December 2022 (outstanding balance of USD 0.4 million as of 31 December 2021 were due and payable under normal payment terms). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-106-3": {
"value": "NOTE 22: CAPITAL COMMITMENTSNew buildsAs at 31 December 2022, the Group had two (2021: two) undelivered completed new builds residing at Cosco's Qidong shipyard in China; Safe Nova and Safe Vega. Safe Nova and Safe VegaThe Group is committed to pay USD 25 million upon delivery of each of the vessels and the remainder of the costs will be financed by Cosco. The repayment of Cosco financing and interest rates are linked to respective vessel future earnings and day rate. The Group received Force Majeure delay notice from Cosco on 20 September 2022 notifying the damage made on Safe Nova and Safe Vega caused by Typhoon Muifa in China and requires a lengthy time to repair both vessels. The yard has started to undertake repairs. The Group is in discussion with Cosco on the revised delivery date of the vessels. The Group will also be required to fund any mobilization costs required post delivery of the rigs which is currently estimated to be approximately USD 20 million. ",
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"language": "en",
"entity": "scheme:2138001LK2Z2HSER4U15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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}
}