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1. General Information
Stolt-Nielsen Limited (the \u201cCompany\u201d or \u201cSNL\u201d) and its subsidiaries (collectively, the \u201cGroup\u201d), through its divisions, Stolt Tankers,
Stolthaven Terminals and Stolt Tank Containers (\u201cSTC\u201d), is engaged in the worldwide transportation, storage and distribution of bulk
liquid chemicals, edible oils, acids, and other specialty liquids. The Group is also engaged in the seafood business, which is carried out
through Stolt Sea Farm (\u201cSSF\u201d), which produces, processes and markets turbot and sole. Furthermore, the Group holds investments
across the bulk-liquid logistics and distribution field with its 8.3% investment in Odfjell SE and 9.4% investment in Ganesh Benzoplast
Limited (\u201cGBL\u201d), liquefied natural gas (\u201cLNG\u201d) through its 47.2% holding of Avenir LNG Limited and its 2.5% holding of Golar LNG Limited
and land-based aquaculture through its 8.3% investment in The Kingfish Company NV (\u201cKingfish\u201d).
The Company is a limited liability holding company incorporated in Bermuda on June 11, 2010. The Company is listed on the Oslo Stock
Exchange under the ticker symbol SNI and the registered address is Clarendon House, 2 Church Street, Hamilton, HM 11, Bermuda, with
the registration number EC 44330.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-456": { "value": "1. General Information Stolt-Nielsen Limited (the \u201cCompany\u201d or \u201cSNL\u201d) and its subsidiaries (collectively, the \u201cGroup\u201d), through its divisions, Stolt Tankers, Stolthaven Terminals and Stolt Tank Containers (\u201cSTC\u201d), is engaged in the worldwide transportation, storage and distribution of bulk liquid chemicals, edible oils, acids, and other specialty liquids. The Group is also engaged in the seafood business, which is carried out through Stolt Sea Farm (\u201cSSF\u201d), which produces, processes and markets turbot and sole. Furthermore, the Group holds investments across the bulk-liquid logistics and distribution field with its 8.3% investment in Odfjell SE and 9.4% investment in Ganesh Benzoplast Limited (\u201cGBL\u201d), liquefied natural gas (\u201cLNG\u201d) through its 47.2% holding of Avenir LNG Limited and its 2.5% holding of Golar LNG Limited and land-based aquaculture through its 8.3% investment in The Kingfish Company NV (\u201cKingfish\u201d). The Company is a limited liability holding company incorporated in Bermuda on June 11, 2010. The Company is listed on the Oslo Stock Exchange under the ticker symbol SNI and the registered address is Clarendon House, 2 Church Street, Hamilton, HM 11, Bermuda, with the registration number EC 44330. 2. Summary of Significant Accounting Policies Basis of preparation The Consolidated Financial Statements of the Group have been prepared using accounting policies consistent with International Financial Reporting Standards as adopted by the European Union (\u201cIFRS\u201d) and interpretations issued by the IFRS Interpretations Committee. Accounting policies have been applied on a consistent basis with the prior year, except when new accounting policies have been adopted. The Consolidated Financial Statements are prepared and published according to the provisions of Bermuda company law. The presentation currency used in these Consolidated Financial Statements is the US dollar. The functional currency of the Company is the US dollar. Going concern As part of the going concern valuation, Management considered the following large expenditures that are expected to occur from December 1, 2023 to March 31, 2025: \u2022 Repayments of long-term debt of $561.5 million through the period which includes a $81.5 million bond repayment in February 2024 and a $236.3 million balloon repayment on the Stolthaven Houston terminal private placement debt (\u201cHouston debt\u201d) in March 2025, \u2022 Capital expenditure commitments of approximately $82.8 million including newbuilding deposits of $41.3 million along with expected normal capital expenditures, \u2022 Contributions to NYK Stolt Tankers S.A. of approximately $41.3 million for the Group\u2019s share of newbuilding deposits as discussed in Note 33, \u2022 Payment of approximately $300.0 million related to the 2012 incident on board the MSC Flaminia (\u201cMSC Flaminia Provision\u201d) as discussed in Note 26 and 29 and \u2022 Routine working capital requirements. These future expenditures are mitigated by the following: \u2022 At November 30, 2023, the Group had cash and cash equivalents of $446.5 million. This includes $133.0 million of insurance proceeds received in the fourth quarter of 2023 to be used as partial settlement of the MSC Flaminia legal claim. \u2022 The Group also has an undrawn committed revolving credit facility for $194.6 million with an expiration date in 2028 and a $100.0 million undrawn committed revolving credit facility expiring in December 2024. \u2022 The Group finalised a three-year revolver credit facility for $150.0 million using Sea Farm shares as collateral (\u201cSSF Debt\u201d) on February 28, 2024. See Note 33, Subsequent Events, for further information. \u2022 The ability of the Group to meet future expenditure requirements is dependent on the timing and quantum of cash flows from operations. The Group has prepared a detailed cash flow forecast for 2024 and 2025 which shows continued robust cash from operations. Cash flow forecasts are revised and reviewed by Management monthly and reviewed by the Board of Directors quarterly. \u2022 The Group plans to refinance the Houston Debt when it comes due and there is currently nothing to indicate that this financing could not be obtained. \u2022 The Group has access to alternative forms of capital such as sale of equity instruments or other assets and the ability to reduce dividends. \u2022 The Group has performed stress testing by considering various downside scenarios. With the above mitigating factors included, liquidity remains positive without the Houston Debt refinancing. In the opinion of Management the Group has adequate resources to continue in operational existence for the foreseeable future and to comply with all debt covenants. If for any reason the Group is unable to continue as a going concern, then this could have an impact on the Group\u2019s ability to realise assets at their recognised values, in particular goodwill and other intangible assets, and to extinguish liabilities in the normal course of business at the amounts stated in the Consolidated Financial Statements. Basis of measurement The Consolidated Financial Statements are prepared on the historical cost basis except for derivative financial instruments, financial instruments measured at fair value through other comprehensive income, defined benefit plan assets and biological assets, all of which are stated at their fair value. Basis of consolidation Subsidiaries Subsidiaries are entities controlled by the Group. Control exists where a parent entity is either exposed to, or has rights to, variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary. A parent entity has power over the subsidiary when it has existing rights to direct the relevant activities of the subsidiary. The relevant activities are those that significantly affect the subsidiary\u2019s returns. The ability to approve the operating and capital budget of a subsidiary, and the ability to appoint key management personnel, are decisions that demonstrate that the Group has existing rights to direct the relevant activities of a subsidiary. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. The Financial Statements of subsidiaries are included in the Consolidated Financial Statements from the date that control begins until the date that control ceases. Where necessary, adjustments are made to the Financial Statements of subsidiaries to bring the accounting policies used in line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. Foreign currency (i) Foreign currency transactions Separate Financial Statements of the subsidiaries and equity method investees of the Group are presented in the functional currency of the primary economic environment in which they operate. Transactions in foreign currencies are translated at the foreign exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the foreign exchange rate prevailing at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are not retranslated, while non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated at foreign exchange rates prevailing at the dates the fair values were determined. Foreign exchange differences arising on translation are recognised in the income statement, except for those differences arising from hedging and monetary balances with foreign operations where settlement is not planned and unlikely to occur, which are recorded in other comprehensive income. Differences related to hedging of operating expenses are recorded in operating expenses. (ii) Foreign operations For the purpose of presenting Consolidated Financial Statements, the assets and liabilities of the Group\u2019s foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated at foreign exchange rates prevailing at the balance sheet date. The operating revenue and expenses of foreign operations are translated at an average rate for the period where this rate approximates the foreign exchange rates at the dates of the transactions. The differences are recorded in other comprehensive income. Other significant accounting policies Accounting policies for individual balance sheet and income statement accounts are included in the respective footnotes. New standards that are not yet effective There are no standards that are not yet effective that are expected to have a material effect on the Group\u2019s financial statements. Accounting policies that became effective during the year There are no new accounting policies that have become effective during the year that have had a material effect on the Group\u2019s financial statements. Critical accounting judgements and key sources of estimation uncertainty In connection with the preparation of the Consolidated Financial Statements, management has made assumptions and estimates about future events, and applied judgements that affect the reported amounts of assets, liabilities, operating revenue, expenses and the related disclosures. The assumptions, estimates and judgements are based on historical experience, current trends and other factors that management believes to be relevant at the time the Consolidated Financial Statements are prepared. Actual results may differ from these estimates. On a regular basis, management reviews the accounting policies, assumptions, estimates and judgements to ensure that the Consolidated Financial Statements are presented fairly and in accordance with IFRS and Bermuda company law, applied on a consistent basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the change affects both as per IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors. Critical accounting estimates and judgements are those that have a significant risk of having a material impact on the Consolidated Financial Statements. Management believes the following areas are the significant judgements and estimates used in the preparation of the Consolidated Financial Statements: Critical accounting judgement or estimation Voyage revenue and costs The Group generates a majority of its operating revenue through its tanker segment from the transportation of liquids by sea and inland waterways under contracts of affreightment or through contracts on the spot market. Tankers recognise the majority of its operating revenue over time on a prorated basis based on the time cargo is loaded to its estimated dispatch. When calculating the voyage revenue and costs, this recognition is first based on \u2018budgeted voyage legs\u2019 that are reviewed and updated annually. After the voyage legs have begun, they are updated for actual results and the latest updated estimates. Sources of accounting judgement or estimation uncertainty In applying the percentage of completion method, the revenue and expenses for voyages still in progress at the end of the reporting period are estimated and prorated over the period of the service provided for each active contract. For each voyage leg, estimates are made of revenues and related costs based on available actual information, current market parameters such as fuel cost and customer contract portfolios, and relevant historical data, such as port costs. Revenue and cost estimates are updated continually throughout the voyage to account for changes in voyage patterns, to include the most up-to-date data and to finalise revenues and expenses. Effect if actual results differ from assumptions The accrued voyage and prepaid voyage expense accounts are used to adjust revenues billed and vendor invoices received to the appropriate amounts to be recognised based on the percentage of completion method of accounting. Management does not believe there would be a material change if the percentage of completion method was based on full voyages or other criteria, rather than using voyage legs. However, if actual results are not consistent with estimates or assumptions, revenues or costs may be over or understated. At November 30, 2023 and 2022, the accrued voyage expense account was $76.8 million and $69.2 million, respectively, of which $47.1 million and $41.7 million related to contract liabilities for unearned revenues. Prepaid expenses included $29.1 million and $21.6 million of prepaid invoices for voyages in progress applicable to periods subsequent to November 30, 2023 and 2022, respectively. Critical accounting judgement or estimation Depreciation and residual values Ships, barges, tank containers and terminals are depreciated on a straight-line basis over their estimated useful lives, after reducing for the estimated residual value. Estimated useful lives are based on past experience, expected future performance and management\u2019s estimate of the period over which the asset will provide economic benefit. For ships and barges, residual values are estimated based on the steel price, the estimated light displacement tonnage of the fleet and current trends in the price of recycling of ships. For the majority of the fleet, the steel price used is the average steel price for the last three years. For ships expected to be recycled in the next three years, the steel price at the previous year-end date is used. The evaluation of residual values and estimated useful lives for tank containers is based on the steel price of different grades of steel. In the case of terminals, the lives of terminals can range up to 40 years and the prices of steel and construction costs can vary across different terminals. If there is a material change in the estimated life of the terminal or price of steel, then the estimates are revised. Both estimated useful lives and the residual values are evaluated annually, and the effect of any change is considered as a revision of accounting estimates, and the effect is reflected in the future depreciation charge. Sources of accounting judgement or estimation uncertainty In order to achieve component accounting, the Group uses the weighted average useful economic life of the asset. In the case of ships estimated useful lives of the components of the ships range from an estimated 25 to 30 years. However, actual lives of the components of ships or barges may be different depending on many factors such as quality of maintenance and repair and the type of product carried by the ships or barges which may result in a shorter or longer life. Future useful lives could be reduced based on customer preferences, new technological advances, governmental and industry regulations and the effects of climate changes. In the case of tank containers, the estimated useful life ranges between 10 and 20 years, depending on the supplier and the quality of steel used. Residual values are difficult to estimate given the long lives of ships, barges and tank containers, the uncertainty as to future economic conditions and the price of steel, which is considered as the main determinant of the residual price. Effect if actual results differ from assumptions If the estimated economic useful life has to be reduced in future periods, an impairment loss or additional depreciation expense could result. A decrease in the useful life of the ship, barge, terminal or tank container or fall in the residual value would have the effect of increasing the annual depreciation charge and potentially resulting in an impairment loss. If the residual value is overestimated, this would reduce the annual depreciation and overstate the value of the assets. See Note 14 for further details. Critical accounting judgement or estimation Review of impairment triggers Under IAS 36, Impairment of Assets, external and internal sources of information are to be reviewed for potential triggers of asset impairment for each Cash Generating Unit (\u201cCGU\u201d) in the business segments. External triggers include: \u2022 Observable indications of declining value of the CGU beyond normal use. \u2022 Adverse changes in the CGU\u2019s technological, market, economic or legal environment. \u2022 Increase in market interest rates which would affect the discount rate used in calculating the asset\u2019s value in use. \u2022 Carrying value of the net assets of the entity which was more than its market capitalisation. Internal triggers include: \u2022 Evidence of obsolescence or physical damage of the CGU\u2019s assets. \u2022 Significant adverse changes which have changed or will change how the CGU\u2019s assets are used. \u2022 Indications, through review of internal reports that the economic performance of a CGU\u2019s assets are or will be worse than expected. \u2022 Other specific risks within each CGU. At November 30, 2023, the book equity of the Group was more than its market capitalisation. However, the market capitalisation has increased from the prior year. While the discount rate has increased from prio years, no unrecorded impairment was noted in the prior year, the expected cash flows have not deteriorated materially nor had any other external or internal trigger been noted. Therefore, no further testing was required for any of the CGUs. Sources of accounting judgement or estimation uncertainty There is significant judgement required to determine whether an external or internal trigger has been met. Uncertainties related to impairment triggers include: \u2022 Effect of future technological advances on the value of our assets. \u2022 Determination of the future effects of climate change on asset values. \u2022 Effect of current and expected future changes to the political environments in which the CGUs operate. \u2022 Changes in rules and regulations (for example, taxes on carbon usage). \u2022 Effect of market capitalisation, which has increased from the prior year but which is still less than the net assets of the entity. \u2022 Evaluation of factors related to the discount rate. Effect if actual results differ from assumptions If the judgement applied in determining whether there was an impairment trigger was incorrect or the fact pattern on which it was based changes, this could result in an impairment test being required and, possibly, an impairment being reflected in the Consolidated Financial Statements. Critical accounting judgement Investments in joint ventures and associates The Consolidated Financial Statements include the Group\u2019s results and all other entities in which the Group has control, except where control over the operations is limited by significant participating interests held by another investor. The Group has $650.2 million in investments in and advances to joint ventures and associates. Determination of whether an entity is an investment in a joint venture or associate is based on certain relevant activities such as the ability to approve the operating and capital budgets of an entity and the ability to appoint key management personnel. Sources of accounting judgement or estimation uncertainty There are a number of areas where significant judgement is exercised to establish whether an entity needs to be consolidated or reported under the equity method of accounting. To establish whether an entity is a consolidated subsidiary, a joint venture or an associate, key areas of judgement nclude: \u2022 Qualitative analysis of an entity including review of, among other factors, its capital structure, contractual terms, key decisions requiring unanimous approval, related party relationships and the design of the entity. \u2022 Rights of partners regarding significant business decisions, including disposals and acquisitions of assets. \u2022 Board and management representation and ability to appoint key management personnel. \u2022 Potential voting rights. \u2022 Ability to make financing decisions. \u2022 Approval of operating and capital budgets and contractual rights of other shareholders. The exercise of judgement in these areas determines whether a particular entity is consolidated as a subsidiary or accounted for under the equity method. Effect if actual results differ from assumptions If the judgement applied in determining the accounting treatment of an entity is incorrect or the fact pattern on which it is based changes, such entities may need to be consolidated or accounted for as an investment at cost. For example, it is possible that an investment is accounted for as a joint venture or associate using the equity method despite having an ownership interest exceeding 50%, where the investor does not exercise direct or indirect control over the investee. To the extent that the Group is deemed to control these entities, the entities would have to be consolidated. This would affect the balance sheet, income statement, statement of cash flows and debt covenants. See Note 17 for further details. Critical accounting judgement or estimation Claims Provisions The Group is exposed to substantial risks that are inherent in the industries the Company\u2019s businesses operate in and which may result in third-party claims and increased expenses. These may include marine disasters, such as collisions and other problems involving the Group\u2019s ships, as well as injuries, death, third-party property damage, explosions and other similar circumstances or events. For reported claims and incidents, the Group has established provisions for expected future losses and legal expenses on third-party claims. At November 30, 2023, Short-term and Long-term provisions for claims were $319.4 million, which primarily relates to the MSC Flaminia Provision. Sources of accounting judgement or estimation uncertainty The provisions for claims are based on the following key judgements and estimations: \u2022 Historical trends and patterns of loss payments. \u2022 Replacement costs and inflation. \u2022 Results of litigation. \u2022 Economic location and public attitudes. \u2022 Relevant law and interpretation of case law. \u2022 Applicable insurance company estimates. Effect if actual results differ from assumptions Amounts ultimately paid for losses and legal costs can vary significantly from the level of reserves originally set. If the judgement applied is incorrect or changes over time, this could result in future losses in the Consolidated Financial Statements. See Note 26 for further details. Critical accounting judgement or estimation Right-of-use assets and Lease liabilities Key judgements in applying IFRS 16, Leases (\u201cIFRS 16\u201d) include whether to include extension options on leases, the discount rate to use to calculate the initial right-of-use asset and lease liability and determining the portion of lease payments representing non-lease services. Sources of accounting judgement or estimation uncertainty In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option. Extension options are only included in the lease term if the lease is reasonably certain to be extended and does not require the lessor to agree on new terms. The discount rate used to calculate the lease liability is the rate implicit in the lease, if it can be readily determined, or the lessee\u2019s incremental borrowing rate if not. As the rates implicit in the leases are not known, management uses the Group\u2019s incremental borrowing rate for all leases. The incremental borrowing rate is determined based on a series of inputs including: the risk free rate based on government bond rates; a country-specific risk adjustment; a credit risk adjustment; and an entity-specific adjustment where the entity risk profile is different to that of the Group. For time charters of a ship, the time charter payment must be split between the lease of a specific ship and the cost for crew, maintenance and other operating expenses. The Group has based the non-lease component on the cost to perform the same work for ships of similar classes as the ship under contract. Effect if actual results differ from assumptions If the discount rate were to decrease by 1%, the right-of-use asset and lease liability would increase by $14.3 million. See Note 15 for further details. Accounting policy Operating revenue is recognised when performance obligations are met, which transfer the control of goods or provide services to the customer, at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services, net of discounts and sales taxes. Costs to obtain a contract are immediately expensed when the related revenue is expected to be recognised within one year. (i) Tankers Operating revenue is recognised upon delivery of services in accordance with the terms and conditions of the contract of affreightment or spot contract and such services are performed over time. For voyages in progress at the end of a period, the uncertainty and the dependence on estimates are greater than for finalised voyages. The Group recognises a percentage of the estimated revenue for the voyage equal to the percentage of the estimated duration of the voyage completed at the balance sheet date. Demurrage and other revenues are uncertain elements of revenue and are recognised when incurred and generally invoiced at the end of the month. The Group operates the Stolt Tankers Joint Service (the \u201cJoint Service\u201d), an arrangement in which the Group acts as the principal for the delivery of services and provides the coordinated marketing, operation and administration of deep-sea intercontinental parcel tankers owned or chartered by the Group. As the Group acts as the principal in the arrangement, all revenue relating to the Joint Service is recognised on a gross basis in the income statement. Certain ships that are not owned by the Group are time chartered by the Group from participants in the Joint Service. The time charter expense is calculated based upon the combined operating revenue of the ships which participate in the Joint Service less combined voyage expenses, overhead costs, and commissions to outside brokers and upon each ship\u2019s cargo capacity, its number of operating days during the period, and its assigned earnings factor. (ii) Terminals Tank storage rentals, including minimum guaranteed throughputs, are recognised over the contractual period during which the services are rendered. These charges are mostly due at the beginning of the month to which such charges relate. Operating revenue from additional throughput fees, ancillary fees, and railcar storage, loading, switching and other fees based on actual usage are recognised at the point in time when those services are delivered. (iii) Tank Containers Transportation revenue is recognised upon delivery of services in accordance with the agreement with customers and is recognised over time using a measure of progress. For tank container movements in progress at the end of a period, the uncertainty and the dependence on estimates are greater than for finalised movements. The Group recognises a percentage of the estimated revenue for the movement using the percentage of effort (\u2018input method\u2019) required at origin and destination. Demurrage and other revenues are uncertain elements of revenue and are recognised when incurred and generally invoiced at the end of the month. (iv) SSF Operating revenue is recognised when performance obligations are satisfied by transferring control of a good or service to the customer. Where the terms of sale are free on board, operating revenue is recognised on dispatch of products to the customer. Operating revenue is recognised on delivery where the terms of sale include costs, insurance, freight and destination duty paid. The amount recorded as revenue includes all amounts recognised according to the terms of sale, including shipping and handling costs billed to customers, and after deductions for claims or returns of goods, rebates and allowances against the price of goods. Accounting policy (i) Tankers Tankers operating expenses include costs directly associated with the operation and maintenance of the parcel tankers and barges. These types of costs include time charter costs, the service element of leases, bunker fuel costs, port costs, manning costs (for example, ship personnel and benefits), sublet costs, repair and maintenance of tankers, commission expenses, barging and trans-shipment costs, canal transit costs, insurance premiums and other ship-owning expenses (for example, agency fees, provisions, ship supplies, cleaning, cargo survey costs and foreign exchange hedging costs). (ii) Terminals Operating expenses of Terminals consist of costs directly associated with the operation and maintenance of the terminals. These types of costs include labour and employee benefit costs, utilities, rail car hire expenses, real estate taxes for sites, maintenance and repair costs, regulatory expenses, disposal costs, storage costs and other operating expenses (for example, insurance, survey costs, cleaning, line haul, rail costs and tank car hire costs). (iii) Tank Containers Operating expenses of Tank Containers consist of costs directly associated with the operation and maintenance of the tank containers. These types of costs include ocean and inland freight charges, short-term tank rental expenses, cleaning and survey costs, additional costs (services purchased and charged through to customers), maintenance and repair costs, storage costs, insurance premiums and other operating expenses (for example, depot expenses, agency fees and refurbishing costs). (iv) SSF SSF operating expenses include production cost of goods sold (\u2018PCOGS\u2019), which are costs incurred for the production of juvenile fish and the subsequent growing of juvenile fish into adult fish ready for market. These PCOGS include costs to produce eggs for fertilisation, onsite labour/personnel costs, feed costs, energy costs, contract grower fees, repair and maintenance costs, oxygen costs and veterinary fees. Other costs included within operating expenses are costs of fish purchased from third parties, freight costs to customers, all primary and secondary processing and packaging costs, distribution and handling costs, storage, import duties, inventory write downs, mortality losses and fair value movements. Accounting policy (i) Finance expenses Finance expenses are recognised in the income statement as they accrue, using the effective interest method. For finance leases, lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. (ii) Finance income Finance income is recognised in the income statement as it accrues, using the effective interest method. Accounting policy Income tax represents the sum of current tax and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case the tax treatment follows the accounting treatment for the underlying item. Current tax is the sum of tax payable in respect of the taxable profit for the current year and any adjustment to tax payable in respect of previous years. Taxable income differs from profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. The Group operates in many territories with complex and varied tax systems. Management exercises judgement in relation to the level of provision required in respect of uncertain tax positions. For positions not agreed with tax authorities where different interpretations of legislation could lead to a range of outcomes, judgements are made for each position considering particular circumstances and advice obtained. Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the corresponding amounts used in the calculation of taxable income. The following temporary differences are not provided for: the initial recognition of goodwill for which no tax deduction is available; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and differences relating to investments in subsidiaries and joint ventures if it is probable that the temporary difference will not reverse in the foreseeable future and the Group can control the reversal. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. The carrying amount of deferred tax assets is reviewed at each balance sheet date and recognised only to the extent that it is probable that sufficient future taxable income will be available to allow the asset to be utilised based on Board-approved budgets and up-to-date expectations of future trading. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off and where the balances relate to the same taxation authority. Current tax assets are set off against current tax liabilities when they relate to income taxes levied by the same taxation authority. The Group intends to settle its current tax assets and liabilities on a net basis. The Company is incorporated in Bermuda, which is a non-taxable jurisdiction for the years ended November 30, 2023 and 2022.
Accounting policy
Cash and cash equivalents comprise cash balances and short-term time deposits with an original duration of less than three months,
which are subject to an insignificant risk of changes in value.
Accounting policy Trade and other receivables are recognised initially at transaction price and are subsequently stated at amortised cost, less allowances for expected credit losses. The Group measures the loss allowance for trade receivables at an amount equal to the lifetime expected credit losses. The amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to its recognised amount is recognised as an impairment loss or a reversal of an impairment loss in the income statement. Trade and other receivables are written off (either partially or in full) when there is no reasonable expectation of recovery. Contract assets represent the right to receive consideration for goods or services transferred to the customer. If the Group partially satisfies its performance obligations by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional on further performance obligations being satisfied. A trade receivable represents the Group\u2019s right to an amount of consideration where all performance obligations have been satisfied. Accrued revenue are trade receivables which have not yet been invoiced to customers. Expected credit losses on trade receivables are calculated by using the provision matrix approach. The provision matrix is determined based on historical observed default rates over the expected life of the trade receivables and is adjusted for forward-looking estimates. Provision for expected credit losses is made when the Group does not expect to collect all amounts due. Changes in estimation basis or in economic conditions could lead to a change in the level of provision recorded and, consequently, on the charge or credit to profit or loss. Impairment on receivables is measured as lifetime expected credit losses. Accounting policy Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on the first-in, first-out principle and includes expenditures incurred in acquiring the inventories and bringing them to their existing location and condition. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. The cost of items transferred from biological assets to inventory is the fair value less costs to sell at the date of harvest. Accounting policy Biological assets primarily comprised turbot and sole, which include fish with and without an active market for sale (\u2018mature\u2019 and \u2018juvenile\u2019 fish), which are farmed by the Group. Turbot is considered \u2018mature\u2019 when it weighs more than 300 grams, while juvenile turbot weighs less than 300 grams. Sole is considered mature at 200 grams. All mature turbot and sole are held at fair value less costs to sell and costs related to packaging. Gains and losses from changes in fair value are recognised in the income statement. Fair value is determined on the basis of quoted prices in the principal market for the fish, where such information is available. The fair value adjustment on biological assets has no cash impact and does not affect the result of operations before unrealised fair value adjustments. Juvenile turbot and sole are carried at cost less provision for impairment, as management does not believe that reliable fair values exist. This approach is used to measure juvenile turbot and sole for the following reasons: \u2022 There is no active market for juvenile turbot or sole. \u2022 A non-active market price based on discounted cash flows requires a number of variables and assumptions which historically cannot be reliably determined. Key variables and assumptions for turbot and sole include mortality rate, time to maturity, rate of growth and market price at the point of harvest. Given the specific circumstances for juvenile assets, any assumptions are subjective. \u2022 The extent of these uncertainties also results in difficulty in determining the appropriate discount rate. A fair value adjustment is made at the point when previously juvenile turbot and sole is considered to mature. These fair value adjustments are recognised in the income statement. After harvest, the produce from harvest is treated as inventory and the fair value at the point of harvest is treated as the cost of the inventory. Accounting policy (i) Recognition and measurement Property, plant and equipment is stated at cost less accumulated depreciation and any recognised impairment loss. Cost includes expenditures that are directly attributable to the acquisition of the asset. Borrowing costs directly attributable to the construction of significant assets are added to the cost of such assets until they are ready for their intended use. The cost of ships includes the contract price, pre-delivery costs incurred during the construction of newbuildings, borrowing costs and any material expenses incurred upon acquisition such as improvements and delivery expenses to prepare the ships for their initial voyage. (ii) Depreciation Depreciation is charged to the income statement on a straight-line basis over the estimated useful life of each component of an item of property, plant and equipment. Land and assets under construction are not depreciated. Property, plant and equipment is depreciated to a residual value which reflects management\u2019s estimate of scrap value or otherwise recoverable value at the end of the estimated useful life of the asset. Residual values and economic lives are reviewed annually. (iii) Subsequent costs \u2013 drydocking costs Upon acquisition of a ship, the estimated cost of each component of drydocking is deducted from the initial cost of the ship and separately capitalised and depreciated over its estimated life. Ships drydock every five years thereafter. After a ship is 15 years old, a shipping society classification intermediate survey is performed between the second and third year of the five-year drydocking period. The Group capitalises a substantial portion of the costs incurred during drydocking, including the survey costs, and depreciates those costs on a straight-line basis from the time of completion of a drydocking or intermediate survey based on the estimated life of each component of the drydocking. The residual value of the drydocking components is zero. The Group expenses costs related to routine repairs and maintenance incurred during drydocking that do not improve or extend the useful lives of the ships. If the drydock results in an extension of the life of a ship, then the estimated useful life of the ship is changed accordingly. (iv) Impairment of tangible and intangible assets with finite useful lives Tangible assets and intangible assets with finite lives are tested for impairment if there are indications of impairment. The carrying amounts of the Group\u2019s tangible and finite-lived intangible assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated to determine the extent of any impairment loss. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Ship newbuildings and other assets under construction are tested for impairment when there is an indication of impairment. The Group measures the recoverable amount of assets by comparing their carrying amount with the higher of their fair value less costs of disposal (\u201cFVLCD\u201d) or value in use (\u201cVIU\u201d). FVLCD is determined as the amount that would be obtained from the sale of the asset in an orderly transaction between market participants. FVLCD is generally determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset, including any expansion projects, and its eventual disposal, using assumptions that an independent market participant may take into account. These cash flows are discounted at an appropriate rate to arrive at a net present value of the asset. VIU is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and its eventual disposal. VIU is determined by applying assumptions specific to the Group\u2019s continued use and cannot take into account future development. These assumptions are different from those used in calculating fair value and consequently the value in use calculation is likely to give a different result to a fair value calculation. An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognised in the income statement. An impairment loss, other than for goodwill, is reversed when there is an indication that the impairment loss may no longer exist and there has been a change in the estimates used to determine the recoverable amount. Accounting policy (i) Right-of-use assets Right-of-use assets are measured initially at cost based on the associated lease liability, adjusted for any payments made before inception , initial direct costs and an estimate of the dismantling, removal and restoration costs required in the terms of the lease. Subsequent to initial recognition, the Group depreciates the right-of-use assets over the term of the lease or, if shorter, the leased asset\u2019s remaining economic life. (ii) Lease liabilities In respect of leases of low-value items and those that are less than 12 months at the inception of the lease, the Group recognises an expense on a straight-line basis over the life of the lease. For all other leases, the Group recognises a right-of-use asset and corresponding liability at the date the leased asset is made available to the Group. Lease liabilities are measured at the present value of the future lease payments, excluding any payments relating to non-lease components. Future lease payments include options to the extent that it is reasonably certain that such payments will be made. The payments are discounted at the rate implicit in the lease or, where that cannot be measured, at an incremental borrowing rate. Lease liabilities are remeasured when there is a change in future lease payments arising from a change in an index or rate or if the Group changes its assessment of whether it will exercise an extension or termination option. When a lease liability is remeasured in this way, a corresponding adjustment is made to the carrying value of the right-of-use asset, or is recorded to profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Time charter contracts include the lease of a specific ship and a non-lease component for crew, maintenance and other operating expenses. When measuring lease liabilities, the non-lease component has been separated from the lease component based on internal sources of ships of similar classes as the ship under contract. The non-lease element is recorded in Operating expenses as the Service component of leases. Subsequent to initial recognition, the Group records an interest charge in respect of the lease liability. (iii) Lease expenses Short-term leases (defined as less than one year) and low value leases are expensed in the income statement. (iv) Variable lease consideration The Group operates the Joint Service, delivering freight services to customers in which external ships participate. The lease payments to external parties are entirely variable and therefore not included when calculating the lease liability. The variable lease payment, less a management fee, is included in the income statement as Charter and lease expense. Accounting policy Goodwill represents amounts arising on the acquisition of subsidiaries, associates and joint ventures. Goodwill arising on acquisition represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired. Identifiable intangible assets are those that can be sold separately, or which arise from legal rights regardless of whether those rights are separable. Goodwill is initially recognised at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but is tested annually for impairment, or more frequently when there is an indication that the CGU is impaired. With respect to associates and joint ventures, the carrying amount of goodwill is included in the carrying amount of the investment in the associate or joint venture. Goodwill is tested for impairment on an annual basis for each CGU to which the goodwill is allocated. When goodwill is monitored at the level of a group of CGUs, it is tested for impairment at that level. The Group\u2019s unimpaired goodwill relates to the Tankers and Tank Container segments. In the case of bargain purchases, the excess of net assets acquired over the fair value of the consideration paid arising on an acquisition is recognised in other operating income in the income statement in the period in which the acquisition is completed. Other intangible assets with finite lives that are acquired by the Group are stated at cost less accumulated amortisation and impairment losses. Amortisation of customer contracts is charged to operating revenue over the life of the contracts based on the underlying cash flows. Other finite-lived intangibles are charged to the income statement under operating expenses over the estimated useful lives of the intangible assets on a straight-line basis. The trademark intangible was amortised over a 10-year life while the customer relations and contract intangibles were amortised from two to 14 years and computer software is amortised over an average life of three to 10 years. See Note 14 for the accounting policy for the impairment of intangible assets with finite lives. Accounting policy (i) Associates Associates are those entities over which the Group is able to exercise significant influence but does not control or jointly control the entities\u2019 financial and operating policies. Significant influence is exercised generally through direct or indirect ownership of 20% to 50% of the voting rights. Such investments in associates are recorded in the Consolidated Financial Statements using the equity method and are initially recognised at cost. The Consolidated Financial Statements include the Group\u2019s share of the total comprehensive incom e of associates based on the equity method of accounting, from the date that significant influence begins until the date that significant influence ceases. Investments in associates are carried in the balance sheet at cost as adjusted by post-acquisition changes in the Group\u2019s share of net assets of the associate, less any impairment in the value of individual investments. Where necessary, adjustments are made to the Financial Statements of associates to bring the accounting policies used into line with those used by the Group. When the Group\u2019s share of losses exceeds its interest in an associate, the Group\u2019s carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of an associate. (ii) Joint Ventures Joint ventures are those entities over whose activities the Group has joint control, established by contractual agreement. Joint control requires unanimous consent of the parties sharing control in the decision-making on relevant activities. The Consolidated Financial Statements include the Group\u2019s share of the total comprehensive income of joint ventures based on the equity method of accounting, from the date that joint control begins until the date that joint control ceases. Where necessary, adjustments are made to the Financial Statements of joint ventures to bring the accounting policies used into line with those used by the Group. Material investments are those that the Group considers to be strategic to its operations and whose investment balances are material.
Accounting policy
Investments in equity instruments which are designated as fair value through other comprehensive income (\u201cFVTOCI\u201d) are carried at their
fair value and remeasured each period. Movements in the carrying amount are taken through other comprehensive income. Upon disposal
of these equity investments, any balance within other comprehensive income for these equity investments is reclassified to retained
earnings and is not reclassified to profit or loss.
Accounting policy The Group maintains insurance to cover a number of risks including employee health, workers\u2019 compensation, pollution, damages to hull and machinery for each of our ships, property damages, war damage and general liabilities for third-party claims. The Group recognises a provision for future expected payments to third parties plus self-insured liabilities (deductibles) in respect of all claims (see Note 26). The Group recognises insurance reimbursement receivables from insurers for third-party claims at the time the recovery is virtually certain. Substantially all of the long-term insurance reimbursement receivables are for claims such as collision, property damage, pollution, environmental damage, general average, injury and cargo. The liabilities associated with the claims are estimated based on the specific merits of the individual claims. Accounting policy Accounts payable are initially valued at their fair value and subsequently at amortised cost. A contract liability is the obligation to transfer goods or services to a customer for which the Group has received or is entitled to consideration. When consideration is paid by a customer before the Group transfers goods or services to satisfy the performance obligation, a contract liability is recognised. Contract liabilities are recognised as operating revenue when the Group satisfies the contractual performance obligations. Accounting policy for financial instruments IFRS 9 contains a classification and measurement approach for financial assets and liabilities, including derivative instruments that reflects the business model in which assets are managed and their cash flow characteristics. Under IFRS 9, all financial instruments are initially measured at fair value. In addition, for financial assets or liabilities not remeasured at fair value through profit or loss, financial instruments are adjusted for transaction costs. The classification of a financial asset is determined at initial recognition; however, if certain conditions are met, an asset may subsequently need to be reclassified. IFRS 9 contains three principal classification categories for financial assets, based on the business models under which they are held: Amortised cost: The Group classifies its financial assets at amortised cost only if both of the following criteria are met: the assets are held within a business model with the objective of collecting the contractual cash flows and the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal outstanding. Income from these financial assets is included in finance income using the effective interest rate method. The Group\u2019s assets measured at amortised cost include trade and other receivables, cash and cash equivalents and advances from joint ventures and associates. Fair value through other comprehensive income (FVTOCI): Assets that are held for collection of contractual cash flows and for future sales, where the assets\u2019 cash flows represent solely payments of principal and interest and dividends, are measured at fair value through other comprehensive income. Fair value through profit or loss (FVTPL): Assets that do not meet the criteria for amortised cost or FVTOCI are measured at fair value through profit or loss. (i) Impairment As required by IFRS 9, the Group adopted an \u201cexpected credit loss model\u201d which requires the Group to account for expected credit losses and changes in those expected credit losses at each year end or half-year to reflect changes in credit risk since initial recognition. In other words, it is no longer necessary for a credit event to have occurred before credit losses are recognised. Credit losses are calculated as the present value of the difference between all contractual cash flows that are due and all cash flows that the entity expects to receive. Expected credit losses are the sum of all possible credit losses, weighted by their probability of occurrence. The \u201c12-month expected credit losses\u201d approach is applied to all financial assets with the exception of trade receivables and advances to joint ventures. Both these asset classes generally do not contain a significant financing component. For these assets, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables, net of any allowance losses. The allowance loss measurement is determined by applying a simplified approach equalling the lifetime expected credit losses. Under the simplified approach, the tracking of changes in credit risk is not required, but instead the base lifetime expected credit loss at all times is applied. An allowance for loss is made for potentially impaired receivables during the year in which they are identified based on a periodic review of all outstanding amounts. Losses are recorded within selling, marketing and distribution expenses in the income statement. Trade receivables are deemed as impaired when there is an indication of significant financial difficulties of the debtor (delinquency in or default on payments occurs, probability of bankruptcy or need for financial reorganisation). (ii) Fair value estimation The information below summarises financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: New business quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1). Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2). Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). The Group\u2019s investments in Golar LNG Limited, Kingfish, Odfjell SE and GBL are measured using quoted prices in an active market (Level 1). The Group\u2019s derivative assets and liabilities are measured using inputs other than quoted prices (Level 2). The Group\u2019s mature biological assets are measured using inputs other than quoted prices (Level 2). There have been no changes in the fair value methodology in the periods presented. (iii) Hedge accounting In accordance with IFRS 9\u2019s transition provisions for hedge accounting, the Group has not applied the IFRS 9 hedge accounting requirements and will continue to apply the hedge accounting requirements of IAS 39. Accounting policy for derivative assets and liabilities The Group enters into forward exchange contracts to hedge foreign currency transactions, interest rate swaps to hedge the risk of variability of interest payments, cross-currency interest rate swaps to hedge the risk of variability of interest and principal payments on non-US dollar denominated borrowings and bunker fuel hedge contracts to lock in the price for a portion of forecasted bunker fuel requirements. No instruments are held for speculative purposes. For bonds and loan facilities where it is determined that there is an interest rate or foreign currency risk that should be hedged, the derivative financial instrument acquired will have critical terms that mirror those of the underlying debt. In these circumstances, it is the Group\u2019s objective to achieve 100% effectiveness. Derivative financial instruments are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. The resulting gain or loss on remeasurement is recognised immediately in the income statement unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition of any resultant gain or loss on the income statement depends on the nature of the item being hedged. The impact in the income statement is shown in interest, foreign currency exchange gain (loss) or operating expenses as appropriate, based on the underlying of the derivative. (i) Determination of fair value The fair value of interest rate swaps, cross-currency interest rate swaps and foreign exchange contracts is based on discounted cash flow models based upon the valuations received from financial institutions, taking into account current interest rates and foreign exchange rates. (ii) Cash flow hedges The Group applies cash flow hedge accounting to its interest rate swaps and cross-currency interest rate swaps. Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction, the effective part of any gain or loss on the derivative financial instrument is recognised directly in other comprehensive income. Any ineffective portion of the hedge is recognised immediately in the income statement. When the forecast transaction subsequently results in the recognition of a non-financial asset or non-financial liability, the associated cumulative gain or loss recognised in other comprehensive income is removed and included in the initial cost or other carrying amount of the asset or liability. If a hedge of a forecast transaction subsequently results in the recognition of a financial asset or a financial liability, the associated gains and losses that were recognised directly in equity are reclassified into the income statement in the same period or periods during which the asset acquired or liability assumed affects profit or loss, that is, when finance income or expense is recognised. When a hedging instrument expires or is sold, terminated or exercised, or the entity revokes designation of the hedge relationship but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity and is recognised in accordance with the above policy when the transaction occurs. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss recognised in other comprehensive income is recognised in the income statement immediately. Any unrealised and realised gains or losses on foreign exchange forward contracts are taken directly to the income statement. (iii) Embedded derivatives Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to the host contract. Contracts are assessed for embedded derivatives at inception of such contracts or when the Group becomes party to them. Embedded derivatives that have been separated from host contracts are measured at fair value at each balance sheet date. Any gains or losses arising from changes in fair value are taken directly to the income statement.
Accounting policy
Interest-bearing borrowings are recognised initially at fair value less directly attributable transaction costs. Subsequent to initial
recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being
recognised in the income statement over the period of the borrowings on an effective interest basis.
Accounting policy
Interest-bearing borrowings are recognised initially at fair value less directly attributable transaction costs. Subsequent to initial
recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being
recognised in the income statement over the period of the borrowings on an effective interest basis.
Accounting policy (i) Defined contribution plans Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement as incurred. The Group has no further payment obligations once the contributions have been paid. (ii) Defined benefit plans and other post-employment benefits The Group\u2019s net obligation in respect of defined benefit pension plans and other post-employment benefits is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any plan assets (at bid price) is deducted. The liability discount rate for each plan is based on the yield curve of a portfolio of high-quality corporate bonds that have maturity dates which are approximately the same as the terms of the respective plans\u2019 obligations. The calculation is performed by a qualified actuary using the projected unit credit method. The current service cost of the defined benefit plan, recognised in the income statement in employee benefit expense, reflects the increase in the defined benefit obligation resulting from employees\u2019 service in the current year, benefit changes, curtailments and settlements. When the benefits of a plan are increased, the increased benefit relating to past service by employees is recognised as an expense in the income statement immediately. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the income statement. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in Other comprehensive income in the period in which they arise. Where the calculation results in a benefit to the Group, the asset recognised is limited to the present value of any future refunds from the plan or reductions in future contributions to the plan. Gains and losses on the curtailment or settlement of a defined benefit plan are recognised at the time the curtailment or settlement occurs. A curtailment occurs when the Group adopts a significant reduction in the number of employees covered by a plan or changes the terms of a defined benefit plan such that a significant part of future earnings to current employees will no longer qualify for benefits or will qualify only for reduced benefits. (iii) Short-term and long-term cash-based benefits Short-term employee benefit obligations are measured on an undiscounted basis while long-term cash-based employee benefit obligations are discounted based on expected payment date. They are expensed in the period in which the related service is provided. An accrual is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employees and the obligation can be estimated reliably. At November 30, 2023, the Group operated a number of pension plans for the benefit of its employees throughout the world, with varying rights and obligations depending on the conditions and practices in the specific countries. The Group\u2019s pension plans are provided through both defined benefit and defined contribution arrangements. These plans are regulated by the respective regulators in each of the countries where they are set up. The Group operates defined benefit plans in the United States, the United Kingdom, Bermuda, the Netherlands, Norway, the Philippines and Japan. One of the defined benefit plans covers certain ship officers and other seafarers while the others are for shore-based employees. Company-sponsored defined contribution pension plans are currently provided in all of the above countries and Spain. The Group also operates an unfunded post-retirement medical plan in the United States. Defined benefit plans provide benefits based on the employees\u2019 length of pensionable service and their final pensionable salary or other criteria. Defined contribution plans offer employees individual funds that are converted into benefits at the time of retirement. A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are measured at management\u2019s best estimate of the expenditure required to settle the obligation at the balance sheet date. If the effect is material, provisions are recognised at present value by discounting the expected future cash flows at a pre-tax rate that reflects the time value of money. When a contract becomes onerous, the present obligation under the contract is recognised as a provision and measured at the lower of the expected cost of fulfilling the contract and the expected cost of terminating the contract as far as they exceed the expected economic benefits of the contract. Additions to provisions and reversals are generally recognised in the Consolidated Income Statement. The present value of the recognised obligations associated with the retirement of property, plant and equipment (asset retirement obligations) that result from the acquisition, construction, development or normal use of an asset is added to the carrying amount of the related asset. The additional carrying amount is depreciated over the useful life of the related asset. Additions to and reductions from the present value of asset retirement obligations that result from changes in estimates are generally recognised by adjusting the carrying amount of the related asset and provision. If the asset retirement obligation is settled for other than the carrying amount of the liability, the Company recognises a gain or loss on settlement. A provision is established for obligations under lease agreements to dismantle and/or restore leased property to its original condition.
Accounting policy
Equity capital stock
The Company\u2019s capital comprises equity capital stock. Equity capital stock is measured based on net proceeds.
Dividends
Dividends recommended by the Board of Directors are recognised in the Financial Statements when they have been approved
by the shareholders at the Annual General Meeting. Interim dividends are recognised when approved by the Board of Directors.
Treasury shares
Upon the Group\u2019s purchase of its own shares (Treasury shares), the consideration paid is deducted from equity attributable to equity
holders until the shares are cancelled, reissued or otherwise disposed of. In cases where such shares are subsequently sold or reissued,
any consideration received is included in equity attributable to equity holders.
Accounting policy Basic Earnings per Common share (\u201cEPS\u201d) is calculated by dividing net profit by the weighted average number of shares outstanding during the year. Diluted EPS is calculated by adjusting the weighted average number of shares outstanding during the year for all potentially dilutive shares and equivalents outstanding during the year using the Treasury stock method. As further discussed in Note 30, Founder\u2019s Shares, which provide the holder thereof with certain control features, only participate in earnings to the extent of $0.005 per share for the years in which dividends are declared and are limited to $0.05 per share upon liquidation. For the purposes of calculating EPS, dividends paid on Founder\u2019s Shares are deducted from earnings to arrive at net profit attributable to holders of Common Shares. Founder\u2019s Shares are not included in the basic or diluted weighted average shares outstanding in the calculation of earnings per Common Share. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-455": { "value": "Stolt-Nielsen Limited (the \u201cCompany\u201d or \u201cSNL\u201d) and its subsidiaries (collectively, the \u201cGroup\u201d), through its divisions, Stolt Tankers, Stolthaven Terminals and Stolt Tank Containers (\u201cSTC\u201d), is engaged in the worldwide transportation, storage and distribution of bulk liquid chemicals, edible oils, acids, and other specialty liquids. The Group is also engaged in the seafood business, which is carried out through Stolt Sea Farm (\u201cSSF\u201d), which produces, processes and markets turbot and sole.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-10": { "value": "Stolt-Nielsen Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-454": { "value": "Stolt-Nielsen Limited", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-7": { "value": "limited liability holding company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-8": { "value": "Bermuda", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-453": { "value": "Bermuda", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-9": { "value": "Clarendon House, 2 Church Street, Hamilton, HM 11, Bermuda", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-457": { "value": "
Basis of preparation
The Consolidated Financial Statements of the Group have been prepared using accounting policies consistent with International
Financial Reporting Standards as adopted by the European Union (\u201cIFRS\u201d) and interpretations issued by the IFRS Interpretations
Committee. Accounting policies have been applied on a consistent basis with the prior year, except when new accounting policies
have been adopted.
The Consolidated Financial Statements are prepared and published according to the provisions of Bermuda company law.
The presentation currency used in these Consolidated Financial Statements is the US dollar. The functional currency of the Company
is the US dollar.
Basis of measurement The Consolidated Financial Statements are prepared on the historical cost basis except for derivative financial instruments, financial instruments measured at fair value through other comprehensive income, defined benefit plan assets and biological assets, all of which are stated at their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-482": { "value": "The Consolidated Financial Statements of the Group have been prepared using accounting policies consistent with International Financial Reporting Standards as adopted by the European Union (\u201cIFRS\u201d) and interpretations issued by the IFRS Interpretations Committee. Accounting policies have been applied on a consistent basis with the prior year, except when new accounting policies have been adopted. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-483": { "value": "The presentation currency used in these Consolidated Financial Statements is the US dollar. The functional currency of the Company is the US dollar. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-458": { "value": "Going concern As part of the going concern valuation, Management considered the following large expenditures that are expected to occur from December 1, 2023 to March 31, 2025: \u2022 Repayments of long-term debt of $561.5 million through the period which includes a $81.5 million bond repayment in February 2024 and a $236.3 million balloon repayment on the Stolthaven Houston terminal private placement debt (\u201cHouston debt\u201d) in March 2025, \u2022 Capital expenditure commitments of approximately $82.8 million including newbuilding deposits of $41.3 million along with expected normal capital expenditures, \u2022 Contributions to NYK Stolt Tankers S.A. of approximately $41.3 million for the Group\u2019s share of newbuilding deposits as discussed in Note 33, \u2022 Payment of approximately $300.0 million related to the 2012 incident on board the MSC Flaminia (\u201cMSC Flaminia Provision\u201d) as discussed in Note 26 and 29 and \u2022 Routine working capital requirements. These future expenditures are mitigated by the following: \u2022 At November 30, 2023, the Group had cash and cash equivalents of $446.5 million. This includes $133.0 million of insurance proceeds received in the fourth quarter of 2023 to be used as partial settlement of the MSC Flaminia legal claim. \u2022 The Group also has an undrawn committed revolving credit facility for $194.6 million with an expiration date in 2028 and a $100.0 million undrawn committed revolving credit facility expiring in December 2024. \u2022 The Group finalised a three-year revolver credit facility for $150.0 million using Sea Farm shares as collateral (\u201cSSF Debt\u201d) on February 28, 2024. See Note 33, Subsequent Events, for further information. \u2022 The ability of the Group to meet future expenditure requirements is dependent on the timing and quantum of cash flows from operations. The Group has prepared a detailed cash flow forecast for 2024 and 2025 which shows continued robust cash from operations. Cash flow forecasts are revised and reviewed by Management monthly and reviewed by the Board of Directors quarterly. \u2022 The Group plans to refinance the Houston Debt when it comes due and there is currently nothing to indicate that this financing could not be obtained. \u2022 The Group has access to alternative forms of capital such as sale of equity instruments or other assets and the ability to reduce dividends. \u2022 The Group has performed stress testing by considering various downside scenarios. With the above mitigating factors included, liquidity remains positive without the Houston Debt refinancing. In the opinion of Management the Group has adequate resources to continue in operational existence for the foreseeable future and to comply with all debt covenants. If for any reason the Group is unable to continue as a going concern, then this could have an impact on the Group\u2019s ability to realise assets at their recognised values, in particular goodwill and other intangible assets, and to extinguish liabilities in the normal course of business at the amounts stated in the Consolidated Financial Statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-460": { "value": "Basis of consolidation Subsidiaries Subsidiaries are entities controlled by the Group. Control exists where a parent entity is either exposed to, or has rights to, variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary. A parent entity has power over the subsidiary when it has existing rights to direct the relevant activities of the subsidiary. The relevant activities are those that significantly affect the subsidiary\u2019s returns. The ability to approve the operating and capital budget of a subsidiary, and the ability to appoint key management personnel, are decisions that demonstrate that the Group has existing rights to direct the relevant activities of a subsidiary. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. The Financial Statements of subsidiaries are included in the Consolidated Financial Statements from the date that control begins until the date that control ceases. Where necessary, adjustments are made to the Financial Statements of subsidiaries to bring the accounting policies used in line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-545": { "value": "Subsidiaries Subsidiaries are entities controlled by the Group. Control exists where a parent entity is either exposed to, or has rights to, variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary. A parent entity has power over the subsidiary when it has existing rights to direct the relevant activities of the subsidiary. The relevant activities are those that significantly affect the subsidiary\u2019s returns. The ability to approve the operating and capital budget of a subsidiary, and the ability to appoint key management personnel, are decisions that demonstrate that the Group has existing rights to direct the relevant activities of a subsidiary. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. The Financial Statements of subsidiaries are included in the Consolidated Financial Statements from the date that control begins until the date that control ceases. Where necessary, adjustments are made to the Financial Statements of subsidiaries to bring the accounting policies used in line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-461": { "value": "Foreign currency (i) Foreign currency transactions Separate Financial Statements of the subsidiaries and equity method investees of the Group are presented in the functional currency of the primary economic environment in which they operate. Transactions in foreign currencies are translated at the foreign exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the foreign exchange rate prevailing at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are not retranslated, while non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated at foreign exchange rates prevailing at the dates the fair values were determined. Foreign exchange differences arising on translation are recognised in the income statement, except for those differences arising from hedging and monetary balances with foreign operations where settlement is not planned and unlikely to occur, which are recorded in other comprehensive income. Differences related to hedging of operating expenses are recorded in operating expenses. (ii) Foreign operations For the purpose of presenting Consolidated Financial Statements, the assets and liabilities of the Group\u2019s foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated at foreign exchange rates prevailing at the balance sheet date. The operating revenue and expenses of foreign operations are translated at an average rate for the period where this rate approximates the foreign exchange rates at the dates of the transactions. The differences are recorded in other comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-462": { "value": "
New standards that are not yet effective
There are no standards that are not yet effective that are expected to have a material effect on the Group\u2019s financial statements.
Accounting policies that became effective during the year
There are no new accounting policies that have become effective during the year that have had a material effect on the Group\u2019s
financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-507": { "value": "New standards that are not yet effective There are no standards that are not yet effective that are expected to have a material effect on the Group\u2019s financial statements. Accounting policies that became effective during the year There are no new accounting policies that have become effective during the year that have had a material effect on the Group\u2019s financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-484": { "value": "New standards that are not yet effective There are no standards that are not yet effective that are expected to have a material effect on the Group\u2019s financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-485": { "value": "Accounting policies that became effective during the year There are no new accounting policies that have become effective during the year that have had a material effect on the Group\u2019s financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-463": { "value": "Critical accounting judgements and key sources of estimation uncertainty In connection with the preparation of the Consolidated Financial Statements, management has made assumptions and estimates about future events, and applied judgements that affect the reported amounts of assets, liabilities, operating revenue, expenses and the related disclosures. The assumptions, estimates and judgements are based on historical experience, current trends and other factors that management believes to be relevant at the time the Consolidated Financial Statements are prepared. Actual results may differ from these estimates. On a regular basis, management reviews the accounting policies, assumptions, estimates and judgements to ensure that the Consolidated Financial Statements are presented fairly and in accordance with IFRS and Bermuda company law, applied on a consistent basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the change affects both as per IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors. Critical accounting estimates and judgements are those that have a significant risk of having a material impact on the Consolidated Financial Statements. Management believes the following areas are the significant judgements and estimates used in the preparation of the Consolidated Financial Statements: Critical accounting judgement or estimation Voyage revenue and costs The Group generates a majority of its operating revenue through its tanker segment from the transportation of liquids by sea and inland waterways under contracts of affreightment or through contracts on the spot market. Tankers recognise the majority of its operating revenue over time on a prorated basis based on the time cargo is loaded to its estimated dispatch. When calculating the voyage revenue and costs, this recognition is first based on \u2018budgeted voyage legs\u2019 that are reviewed and updated annually. After the voyage legs have begun, they are updated for actual results and the latest updated estimates. Sources of accounting judgement or estimation uncertainty In applying the percentage of completion method, the revenue and expenses for voyages still in progress at the end of the reporting period are estimated and prorated over the period of the service provided for each active contract. For each voyage leg, estimates are made of revenues and related costs based on available actual information, current market parameters such as fuel cost and customer contract portfolios, and relevant historical data, such as port costs. Revenue and cost estimates are updated continually throughout the voyage to account for changes in voyage patterns, to include the most up-to-date data and to finalise revenues and expenses. Effect if actual results differ from assumptions The accrued voyage and prepaid voyage expense accounts are used to adjust revenues billed and vendor invoices received to the appropriate amounts to be recognised based on the percentage of completion method of accounting. Management does not believe there would be a material change if the percentage of completion method was based on full voyages or other criteria, rather than using voyage legs. However, if actual results are not consistent with estimates or assumptions, revenues or costs may be over or understated. At November 30, 2023 and 2022, the accrued voyage expense account was $76.8 million and $69.2 million, respectively, of which $47.1 million and $41.7 million related to contract liabilities for unearned revenues. Prepaid expenses included $29.1 million and $21.6 million of prepaid invoices for voyages in progress applicable to periods subsequent to November 30, 2023 and 2022, respectively. Critical accounting judgement or estimation Depreciation and residual values Ships, barges, tank containers and terminals are depreciated on a straight-line basis over their estimated useful lives, after reducing for the estimated residual value. Estimated useful lives are based on past experience, expected future performance and management\u2019s estimate of the period over which the asset will provide economic benefit. For ships and barges, residual values are estimated based on the steel price, the estimated light displacement tonnage of the fleet and current trends in the price of recycling of ships. For the majority of the fleet, the steel price used is the average steel price for the last three years. For ships expected to be recycled in the next three years, the steel price at the previous year-end date is used. The evaluation of residual values and estimated useful lives for tank containers is based on the steel price of different grades of steel. In the case of terminals, the lives of terminals can range up to 40 years and the prices of steel and construction costs can vary across different terminals. If there is a material change in the estimated life of the terminal or price of steel, then the estimates are revised. Both estimated useful lives and the residual values are evaluated annually, and the effect of any change is considered as a revision of accounting estimates, and the effect is reflected in the future depreciation charge. Sources of accounting judgement or estimation uncertainty In order to achieve component accounting, the Group uses the weighted average useful economic life of the asset. In the case of ships estimated useful lives of the components of the ships range from an estimated 25 to 30 years. However, actual lives of the components of ships or barges may be different depending on many factors such as quality of maintenance and repair and the type of product carried by the ships or barges which may result in a shorter or longer life. Future useful lives could be reduced based on customer preferences, new technological advances, governmental and industry regulations and the effects of climate changes. In the case of tank containers, the estimated useful life ranges between 10 and 20 years, depending on the supplier and the quality of steel used. Residual values are difficult to estimate given the long lives of ships, barges and tank containers, the uncertainty as to future economic conditions and the price of steel, which is considered as the main determinant of the residual price. Effect if actual results differ from assumptions If the estimated economic useful life has to be reduced in future periods, an impairment loss or additional depreciation expense could result. A decrease in the useful life of the ship, barge, terminal or tank container or fall in the residual value would have the effect of increasing the annual depreciation charge and potentially resulting in an impairment loss. If the residual value is overestimated, this would reduce the annual depreciation and overstate the value of the assets. See Note 14 for further details. Critical accounting judgement or estimation Review of impairment triggers Under IAS 36, Impairment of Assets, external and internal sources of information are to be reviewed for potential triggers of asset impairment for each Cash Generating Unit (\u201cCGU\u201d) in the business segments. External triggers include: \u2022 Observable indications of declining value of the CGU beyond normal use. \u2022 Adverse changes in the CGU\u2019s technological, market, economic or legal environment. \u2022 Increase in market interest rates which would affect the discount rate used in calculating the asset\u2019s value in use. \u2022 Carrying value of the net assets of the entity which was more than its market capitalisation. Internal triggers include: \u2022 Evidence of obsolescence or physical damage of the CGU\u2019s assets. \u2022 Significant adverse changes which have changed or will change how the CGU\u2019s assets are used. \u2022 Indications, through review of internal reports , that the economic performance of a CGU\u2019s assets are or will be worse than expected. \u2022 Other specific risks within each CGU. At November 30, 2023, the book equity of the Group was more than its market capitalisation. However, the market capitalisation has increased from the prior year. While the discount rate has increased from prio r years, no unrecorded impairment was noted in the prior year, the expected cash flows have not deteriorated materially nor had any other external or internal trigger been noted. Therefore, no further testing was required for any of the CGUs. Sources of accounting judgement or estimation uncertainty There is significant judgement required to determine whether an external or internal trigger has been met. Uncertainties related to impairment triggers include: \u2022 Effect of future technological advances on the value of our assets. \u2022 Determination of the future effects of climate change on asset values. \u2022 Effect of current and expected future changes to the political environments in which the CGUs operate. \u2022 Changes in rules and regulations (for example, taxes on carbon usage). \u2022 Effect of market capitalisation, which has increased from the prior year but which is still less than the net assets of the entity. \u2022 Evaluation of factors related to the discount rate. Effect if actual results differ from assumptions If the judgement applied in determining whether there was an impairment trigger was incorrect or the fact pattern on which it was based changes, this could result in an impairment test being required and, possibly, an impairment being reflected in the Consolidated Financial Statements. Critical accounting judgement Investments in joint ventures and associates The Consolidated Financial Statements include the Group\u2019s results and all other entities in which the Group has control, except where control over the operations is limited by significant participating interests held by another investor. The Group has $650.2 million in investments in and advances to joint ventures and associates. Determination of whether an entity is an investment in a joint venture or associate is based on certain relevant activities such as the ability to approve the operating and capital budgets of an entity and the ability to appoint key management personnel. Sources of accounting judgement or estimation uncertainty There are a number of areas where significant judgement is exercised to establish whether an entity needs to be consolidated or reported under the equity method of accounting. To establish whether an entity is a consolidated subsidiary, a joint venture or an associate, key areas of judgement include: \u2022 Qualitative analysis of an entity including review of, among other factors, its capital structure, contractual terms, key decisions requiring unanimous approval, related party relationships and the design of the entity. \u2022 Rights of partners regarding significant business decisions, including disposals and acquisitions of assets. \u2022 Board and management representation and ability to appoint key management personnel. \u2022 Potential voting rights. \u2022 Ability to make financing decisions. \u2022 Approval of operating and capital budgets and contractual rights of other shareholders. The exercise of judgement in these areas determines whether a particular entity is consolidated as a subsidiary or accounted for under the equity method. Effect if actual results differ from assumptions If the judgement applied in determining the accounting treatment of an entity is incorrect or the fact pattern on which it is based changes, such entities may need to be consolidated or accounted for as an investment at cost. For example, it is possible that an investment is accounted for as a joint venture or associate using the equity method despite having an ownership interest exceeding 50%, where the investor does not exercise direct or indirect control over the investee. To the extent that the Group is deemed to control these entities, the entities would have to be consolidated. This would affect the balance sheet, income statement, statement of cash flows and debt covenants. See Note 17 for further details. Critical accounting judgement or estimation Claims Provisions The Group is exposed to substantial risks that are inherent in the industries the Company\u2019s businesses operate in and which may result in third-party claims and increased expenses. These may include marine disasters, such as collisions and other problems involving the Group\u2019s ships, as well as injuries, death, third-party property damage, explosions and other similar circumstances or events. For reported claims and incidents, the Group has established provisions for expected future losses and legal expenses on third-party claims. At November 30, 2023, Short-term and Long-term provisions for claims were $319.4 million, which primarily relates to the MSC Flaminia Provision. Sources of accounting judgement or estimation uncertainty The provisions for claims are based on the following key judgements and estimations: \u2022 Historical trends and patterns of loss payments. \u2022 Replacement costs and inflation. \u2022 Results of litigation. \u2022 Economic location and public attitudes. \u2022 Relevant law and interpretation of case law. \u2022 Applicable insurance company estimates. Effect if actual results differ from assumptions Amounts ultimately paid for losses and legal costs can vary significantly from the level of reserves originally set. If the judgement applied is incorrect or changes over time, this could result in future losses in the Consolidated Financial Statements. See Note 26 for further details. Critical accounting judgement or estimation Right-of-use assets and Lease liabilities Key judgements in applying IFRS 16, Leases (\u201cIFRS 16\u201d) include whether to include extension options on leases, the discount rate to use to calculate the initial right-of-use asset and lease liability and determining the portion of lease payments representing non-lease services. Sources of accounting judgement or estimation uncertainty In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option. Extension options are only included in the lease term if the lease is reasonably certain to be extended and does not require the lessor to agree on new terms. The discount rate used to calculate the lease liability is the rate implicit in the lease, if it can be readily determined, or the lessee\u2019s incremental borrowing rate if not. As the rates implicit in the leases are not known, management uses the Group\u2019s incremental borrowing rate for all leases. The incremental borrowing rate is determined based on a series of inputs including: the risk free rate based on government bond rates; a country-specific risk adjustment; a credit risk adjustment; and an entity-specific adjustment where the entity risk profile is different to that of the Group. For time charters of a ship, the time charter payment must be split between the lease of a specific ship and the cost for crew, maintenance and other operating expenses. The Group has based the non-lease component on the cost to perform the same work for ships of similar classes as the ship under contract. Effect if actual results differ from assumptions If the discount rate were to decrease by 1%, the right-of-use asset and lease liability would increase by $14.3 million. See Note 15 for further details. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-508": { "value": "Critical accounting estimates and judgements are those that have a significant risk of having a material impact on the Consolidated Financial Statements. Management believes the following areas are the significant judgements and estimates used in the preparation of the Consolidated Financial Statements: Critical accounting judgement or estimation Voyage revenue and costs The Group generates a majority of its operating revenue through its tanker segment from the transportation of liquids by sea and inland waterways under contracts of affreightment or through contracts on the spot market. Tankers recognise the majority of its operating revenue over time on a prorated basis based on the time cargo is loaded to its estimated dispatch. When calculating the voyage revenue and costs, this recognition is first based on \u2018budgeted voyage legs\u2019 that are reviewed and updated annually. After the voyage legs have begun, they are updated for actual results and the latest updated estimates. Sources of accounting judgement or estimation uncertainty In applying the percentage of completion method, the revenue and expenses for voyages still in progress at the end of the reporting period are estimated and prorated over the period of the service provided for each active contract. For each voyage leg, estimates are made of revenues and related costs based on available actual information, current market parameters such as fuel cost and customer contract portfolios, and relevant historical data, such as port costs. Revenue and cost estimates are updated continually throughout the voyage to account for changes in voyage patterns, to include the most up-to-date data and to finalise revenues and expenses. Effect if actual results differ from assumptions The accrued voyage and prepaid voyage expense accounts are used to adjust revenues billed and vendor invoices received to the appropriate amounts to be recognised based on the percentage of completion method of accounting. Management does not believe there would be a material change if the percentage of completion method was based on full voyages or other criteria, rather than using voyage legs. However, if actual results are not consistent with estimates or assumptions, revenues or costs may be over or understated. At November 30, 2023 and 2022, the accrued voyage expense account was $76.8 million and $69.2 million, respectively, of which $47.1 million and $41.7 million related to contract liabilities for unearned revenues. Prepaid expenses included $29.1 million and $21.6 million of prepaid invoices for voyages in progress applicable to periods subsequent to November 30, 2023 and 2022, respectively. Critical accounting judgement or estimation Depreciation and residual values Ships, barges, tank containers and terminals are depreciated on a straight-line basis over their estimated useful lives, after reducing for the estimated residual value. Estimated useful lives are based on past experience, expected future performance and management\u2019s estimate of the period over which the asset will provide economic benefit. For ships and barges, residual values are estimated based on the steel price, the estimated light displacement tonnage of the fleet and current trends in the price of recycling of ships. For the majority of the fleet, the steel price used is the average steel price for the last three years. For ships expected to be recycled in the next three years, the steel price at the previous year-end date is used. The evaluation of residual values and estimated useful lives for tank containers is based on the steel price of different grades of steel. In the case of terminals, the lives of terminals can range up to 40 years and the prices of steel and construction costs can vary across different terminals. If there is a material change in the estimated life of the terminal or price of steel, then the estimates are revised. Both estimated useful lives and the residual values are evaluated annually, and the effect of any change is considered as a revision of accounting estimates, and the effect is reflected in the future depreciation charge. Sources of accounting judgement or estimation uncertainty In order to achieve component accounting, the Group uses the weighted average useful economic life of the asset. In the case of ships estimated useful lives of the components of the ships range from an estimated 25 to 30 years. However, actual lives of the components of ships or barges may be different depending on many factors such as quality of maintenance and repair and the type of product carried by the ships or barges which may result in a shorter or longer life. Future useful lives could be reduced based on customer preferences, new technological advances, governmental and industry regulations and the effects of climate changes. In the case of tank containers, the estimated useful life ranges between 10 and 20 years, depending on the supplier and the quality of steel used. Residual values are difficult to estimate given the long lives of ships, barges and tank containers, the uncertainty as to future economic conditions and the price of steel, which is considered as the main determinant of the residual price. Effect if actual results differ from assumptions If the estimated economic useful life has to be reduced in future periods, an impairment loss or additional depreciation expense could result. A decrease in the useful life of the ship, barge, terminal or tank container or fall in the residual value would have the effect of increasing the annual depreciation charge and potentially resulting in an impairment loss. If the residual value is overestimated, this would reduce the annual depreciation and overstate the value of the assets. See Note 14 for further details. Critical accounting judgement or estimation Review of impairment triggers Under IAS 36, Impairment of Assets, external and internal sources of information are to be reviewed for potential triggers of asset impairment for each Cash Generating Unit (\u201cCGU\u201d) in the business segments. External triggers include: \u2022 Observable indications of declining value of the CGU beyond normal use. \u2022 Adverse changes in the CGU\u2019s technological, market, economic or legal environment. \u2022 Increase in market interest rates which would affect the discount rate used in calculating the asset\u2019s value in use. \u2022 Carrying value of the net assets of the entity which was more than its market capitalisation. Internal triggers include: \u2022 Evidence of obsolescence or physical damage of the CGU\u2019s assets. \u2022 Significant adverse changes which have changed or will change how the CGU\u2019s assets are used. \u2022 Indications, through review of internal reports that the economic performance of a CGU\u2019s assets are or will be worse than expected. \u2022 Other specific risks within each CGU. At November 30, 2023, the book equity of the Group was more than its market capitalisation. However, the market capitalisation has increased from the prior year. While the discount rate has increased from prio years, no unrecorded impairment was noted in the prior year, the expected cash flows have not deteriorated materially nor had any other external or internal trigger been noted. Therefore, no further testing was required for any of the CGUs. Sources of accounting judgement or estimation uncertainty There is significant judgement required to determine whether an external or internal trigger has been met. Uncertainties related to impairment triggers include: \u2022 Effect of future technological advances on the value of our assets. \u2022 Determination of the future effects of climate change on asset values. \u2022 Effect of current and expected future changes to the political environments in which the CGUs operate. \u2022 Changes in rules and regulations (for example, taxes on carbon usage). \u2022 Effect of market capitalisation, which has increased from the prior year but which is still less than the net assets of the entity. \u2022 Evaluation of factors related to the discount rate. Effect if actual results differ from assumptions If the judgement applied in determining whether there was an impairment trigger was incorrect or the fact pattern on which it was based changes, this could result in an impairment test being required and, possibly, an impairment being reflected in the Consolidated Financial Statements. Critical accounting judgement Investments in joint ventures and associates The Consolidated Financial Statements include the Group\u2019s results and all other entities in which the Group has control, except where control over the operations is limited by significant participating interests held by another investor. The Group has $650.2 million in investments in and advances to joint ventures and associates. Determination of whether an entity is an investment in a joint venture or associate is based on certain relevant activities such as the ability to approve the operating and capital budgets of an entity and the ability to appoint key management personnel. Sources of accounting judgement or estimation uncertainty There are a number of areas where significant judgement is exercised to establish whether an entity needs to be consolidated or reported under the equity method of accounting. To establish whether an entity is a consolidated subsidiary, a joint venture or an associate, key areas of judgement include: \u2022 Qualitative analysis of an entity including review of, among other factors, its capital structure, contractual terms, key decisions requiring unanimous approval, related party relationships and the design of the entity. \u2022 Rights of partners regarding significant business decisions, including disposals and acquisitions of assets. \u2022 Board and management representation and ability to appoint key management personnel. \u2022 Potential voting rights. \u2022 Ability to make financing decisions. \u2022 Approval of operating and capital budgets and contractual rights of other shareholders. The exercise of judgement in these areas determines whether a particular entity is consolidated as a subsidiary or accounted for under the equity method. Effect if actual results differ from assumptions If the judgement applied in determining the accounting treatment of an entity is incorrect or the fact pattern on which it is based changes, such entities may need to be consolidated or accounted for as an investment at cost. For example, it is possible that an investment is accounted for as a joint venture or associate using the equity method despite having an ownership interest exceeding 50%, where the investor does not exercise direct or indirect control over the investee. To the extent that the Group is deemed to control these entities, the entities would have to be consolidated. This would affect the balance sheet, income statement, statement of cash flows and debt covenants. See Note 17 for further details. Critical accounting judgement or estimation Claims Provisions The Group is exposed to substantial risks that are inherent in the industries the Company\u2019s businesses operate in and which may result in third-party claims and increased expenses. These may include marine disasters, such as collisions and other problems involving the Group\u2019s ships, as well as injuries, death, third-party property damage, explosions and other similar circumstances or events. For reported claims and incidents, the Group has established provisions for expected future losses and legal expenses on third-party claims. At November 30, 2023, Short-term and Long-term provisions for claims were $319.4 million, which primarily relates to the MSC Flaminia Provision. Sources of accounting judgement or estimation uncertainty The provisions for claims are based on the following key judgements and estimations: \u2022 Historical trends and patterns of loss payments. \u2022 Replacement costs and inflation. \u2022 Results of litigation. \u2022 Economic location and public attitudes. \u2022 Relevant law and interpretation of case law. \u2022 Applicable insurance company estimates. Effect if actual results differ from assumptions Amounts ultimately paid for losses and legal costs can vary significantly from the level of reserves originally set. If the judgement applied is incorrect or changes over time, this could result in future losses in the Consolidated Financial Statements. See Note 26 for further details. Critical accounting judgement or estimation Right-of-use assets and Lease liabilities Key judgements in applying IFRS 16, Leases (\u201cIFRS 16\u201d) include whether to include extension options on leases, the discount rate to use to calculate the initial right-of-use asset and lease liability and determining the portion of lease payments representing non-lease services. Sources of accounting judgement or estimation uncertainty In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option. Extension options are only included in the lease term if the lease is reasonably certain to be extended and does not require the lessor to agree on new terms. The discount rate used to calculate the lease liability is the rate implicit in the lease, if it can be readily determined, or the lessee\u2019s incremental borrowing rate if not. As the rates implicit in the leases are not known, management uses the Group\u2019s incremental borrowing rate for all leases. The incremental borrowing rate is determined based on a series of inputs including: the risk free rate based on government bond rates; a country-specific risk adjustment; a credit risk adjustment; and an entity-specific adjustment where the entity risk profile is different to that of the Group. For time charters of a ship, the time charter payment must be split between the lease of a specific ship and the cost for crew, maintenance and other operating expenses. The Group has based the non-lease component on the cost to perform the same work for ships of similar classes as the ship under contract. Effect if actual results differ from assumptions If the discount rate were to decrease by 1%, the right-of-use asset and lease liability would increase by $14.3 million. See Note 15 for further details. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-486": { "value": "Critical accounting estimates and judgements are those that have a significant risk of having a material impact on the Consolidated Financial Statements. Management believes the following areas are the significant judgements and estimates used in the preparation of the Consolidated Financial Statements: Critical accounting judgement or estimation Voyage revenue and costs The Group generates a majority of its operating revenue through its tanker segment from the transportation of liquids by sea and inland waterways under contracts of affreightment or through contracts on the spot market. Tankers recognise the majority of its operating revenue over time on a prorated basis based on the time cargo is loaded to its estimated dispatch. When calculating the voyage revenue and costs, this recognition is first based on \u2018budgeted voyage legs\u2019 that are reviewed and updated annually. After the voyage legs have begun, they are updated for actual results and the latest updated estimates. Sources of accounting judgement or estimation uncertainty In applying the percentage of completion method, the revenue and expenses for voyages still in progress at the end of the reporting period are estimated and prorated over the period of the service provided for each active contract. For each voyage leg, estimates are made of revenues and related costs based on available actual information, current market parameters such as fuel cost and customer contract portfolios, and relevant historical data, such as port costs. Revenue and cost estimates are updated continually throughout the voyage to account for changes in voyage patterns, to include the most up-to-date data and to finalise revenues and expenses. Effect if actual results differ from assumptions The accrued voyage and prepaid voyage expense accounts are used to adjust revenues billed and vendor invoices received to the appropriate amounts to be recognised based on the percentage of completion method of accounting. Management does not believe there would be a material change if the percentage of completion method was based on full voyages or other criteria, rather than using voyage legs. However, if actual results are not consistent with estimates or assumptions, revenues or costs may be over or understated. At November 30, 2023 and 2022, the accrued voyage expense account was $76.8 million and $69.2 million, respectively, of which $47.1 million and $41.7 million related to contract liabilities for unearned revenues. Prepaid expenses included $29.1 million and $21.6 million of prepaid invoices for voyages in progress applicable to periods subsequent to November 30, 2023 and 2022, respectively. Critical accounting judgement or estimation Depreciation and residual values Ships, barges, tank containers and terminals are depreciated on a straight-line basis over their estimated useful lives, after reducing for the estimated residual value. Estimated useful lives are based on past experience, expected future performance and management\u2019s estimate of the period over which the asset will provide economic benefit. For ships and barges, residual values are estimated based on the steel price, the estimated light displacement tonnage of the fleet and current trends in the price of recycling of ships. For the majority of the fleet, the steel price used is the average steel price for the last three years. For ships expected to be recycled in the next three years, the steel price at the previous year-end date is used. The evaluation of residual values and estimated useful lives for tank containers is based on the steel price of different grades of steel. In the case of terminals, the lives of terminals can range up to 40 years and the prices of steel and construction costs can vary across different terminals. If there is a material change in the estimated life of the terminal or price of steel, then the estimates are revised. Both estimated useful lives and the residual values are evaluated annually, and the effect of any change is considered as a revision of accounting estimates, and the effect is reflected in the future depreciation charge. Sources of accounting judgement or estimation uncertainty In order to achieve component accounting, the Group uses the weighted average useful economic life of the asset. In the case of ships , estimated useful lives of the components of the ships range from an estimated 25 to 30 years. However, actual lives of the components of ships or barges may be different depending on many factors such as quality of maintenance and repair and the type of product carried by the ships or barges which may result in a shorter or longer life. Future useful lives could be reduced based on customer preferences, new technological advances, governmental and industry regulations and the effects of climate changes. In the case of tank containers, the estimated useful life ranges between 10 and 20 years, depending on the supplier and the quality of steel used. Residual values are difficult to estimate given the long lives of ships, barges and tank containers, the uncertainty as to future economic conditions and the price of steel, which is considered as the main determinant of the residual price. Effect if actual results differ from assumptions If the estimated economic useful life has to be reduced in future periods, an impairment loss or additional depreciation expense could result. A decrease in the useful life of the ship, barge, terminal or tank container or fall in the residual value would have the effect of increasing the annual depreciation charge and potentially resulting in an impairment loss. If the residual value is overestimated, this would reduce the annual depreciation and overstate the value of the assets. See Note 14 for further details. Critical accounting judgement or estimation Review of impairment triggers Under IAS 36, Impairment of Assets, external and internal sources of information are to be reviewed for potential triggers of asset impairment for each Cash Generating Unit (\u201cCGU\u201d) in the business segments. External triggers include: \u2022 Observable indications of declining value of the CGU beyond normal use. \u2022 Adverse changes in the CGU\u2019s technological, market, economic or legal environment. \u2022 Increase in market interest rates which would affect the discount rate used in calculating the asset\u2019s value in use. \u2022 Carrying value of the net assets of the entity which was more than its market capitalisation. Internal triggers include: \u2022 Evidence of obsolescence or physical damage of the CGU\u2019s assets. \u2022 Significant adverse changes which have changed or will change how the CGU\u2019s assets are used. \u2022 Indications, through review of internal reports , that the economic performance of a CGU\u2019s assets are or will be worse than expected. \u2022 Other specific risks within each CGU. At November 30, 2023, the book equity of the Group was more than its market capitalisation. However, the market capitalisation has increased from the prior year. While the discount rate has increased from prio r years, no unrecorded impairment was noted in the prior year, the expected cash flows have not deteriorated materially nor had any other external or internal trigger been noted. Therefore, no further testing was required for any of the CGUs. Sources of accounting judgement or estimation uncertainty There is significant judgement required to determine whether an external or internal trigger has been met. Uncertainties related to impairment triggers include: \u2022 Effect of future technological advances on the value of our assets. \u2022 Determination of the future effects of climate change on asset values. \u2022 Effect of current and expected future changes to the political environments in which the CGUs operate. \u2022 Changes in rules and regulations (for example, taxes on carbon usage). \u2022 Effect of market capitalisation, which has increased from the prior year but which is still less than the net assets of the entity. \u2022 Evaluation of factors related to the discount rate. Effect if actual results differ from assumptions If the judgement applied in determining whether there was an impairment trigger was incorrect or the fact pattern on which it was based changes, this could result in an impairment test being required and, possibly, an impairment being reflected in the Consolidated Financial Statements. Critical accounting judgement Investments in joint ventures and associates The Consolidated Financial Statements include the Group\u2019s results and all other entities in which the Group has control, except where control over the operations is limited by significant participating interests held by another investor. The Group has $650.2 million in investments in and advances to joint ventures and associates. Determination of whether an entity is an investment in a joint venture or associate is based on certain relevant activities such as the ability to approve the operating and capital budgets of an entity and the ability to appoint key management personnel. Sources of accounting judgement or estimation uncertainty There are a number of areas where significant judgement is exercised to establish whether an entity needs to be consolidated or reported under the equity method of accounting. To establish whether an entity is a consolidated subsidiary, a joint venture or an associate, key areas of judgement include: \u2022 Qualitative analysis of an entity including review of, among other factors, its capital structure, contractual terms, key decisions requiring unanimous approval, related party relationships and the design of the entity. \u2022 Rights of partners regarding significant business decisions, including disposals and acquisitions of assets. \u2022 Board and management representation and ability to appoint key management personnel. \u2022 Potential voting rights. \u2022 Ability to make financing decisions. \u2022 Approval of operating and capital budgets and contractual rights of other shareholders. The exercise of judgement in these areas determines whether a particular entity is consolidated as a subsidiary or accounted for under the equity method. Effect if actual results differ from assumptions If the judgement applied in determining the accounting treatment of an entity is incorrect or the fact pattern on which it is based changes, such entities may need to be consolidated or accounted for as an investment at cost. For example, it is possible that an investment is accounted for as a joint venture or associate using the equity method despite having an ownership interest exceeding 50%, where the investor does not exercise direct or indirect control over the investee. To the extent that the Group is deemed to control these entities, the entities would have to be consolidated. This would affect the balance sheet, income statement, statement of cash flows and debt covenants. See Note 17 for further details. Critical accounting judgement or estimation Claims Provisions The Group is exposed to substantial risks that are inherent in the industries the Company\u2019s businesses operate in and which may result in third-party claims and increased expenses. These may include marine disasters, such as collisions and other problems involving the Group\u2019s ships, as well as injuries, death, third-party property damage, explosions and other similar circumstances or events. For reported claims and incidents, the Group has established provisions for expected future losses and legal expenses on third-party claims. At November 30, 2023, Short-term and Long-term provisions for claims were $319.4 million, which primarily relates to the MSC Flaminia Provision. Sources of accounting judgement or estimation uncertainty The provisions for claims are based on the following key judgements and estimations: \u2022 Historical trends and patterns of loss payments. \u2022 Replacement costs and inflation. \u2022 Results of litigation. \u2022 Economic location and public attitudes. \u2022 Relevant law and interpretation of case law. \u2022 Applicable insurance company estimates. Effect if actual results differ from assumptions Amounts ultimately paid for losses and legal costs can vary significantly from the level of reserves originally set. If the judgement applied is incorrect or changes over time, this could result in future losses in the Consolidated Financial Statements. See Note 26 for further details. Critical accounting judgement or estimation Right-of-use assets and Lease liabilities Key judgements in applying IFRS 16, Leases (\u201cIFRS 16\u201d) include whether to include extension options on leases, the discount rate to use to calculate the initial right-of-use asset and lease liability and determining the portion of lease payments representing non-lease services. Sources of accounting judgement or estimation uncertainty In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option. Extension options are only included in the lease term if the lease is reasonably certain to be extended and does not require the lessor to agree on new terms. The discount rate used to calculate the lease liability is the rate implicit in the lease, if it can be readily determined, or the lessee\u2019s incremental borrowing rate if not. As the rates implicit in the leases are not known, management uses the Group\u2019s incremental borrowing rate for all leases. The incremental borrowing rate is determined based on a series of inputs including: the risk free rate based on government bond rates; a country-specific risk adjustment; a credit risk adjustment; and an entity-specific adjustment where the entity risk profile is different to that of the Group. For time charters of a ship, the time charter payment must be split between the lease of a specific ship and the cost for crew, maintenance and other operating expenses. The Group has based the non-lease component on the cost to perform the same work for ships of similar classes as the ship under contract. Effect if actual results differ from assumptions If the discount rate were to decrease by 1%, the right-of-use asset and lease liability would increase by $14.3 million. See Note 15 for further details. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-464": { "value": "3. Business and Geographic Segment Information The Group has five reportable segments: Tankers, Terminals, Tank Containers, Stolt Sea Farm and Stolt-Nielsen Gas. The nature of these segments is described in Note 1. Reportable segments are defined as components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision makers in deciding how to allocate resources and in assessing performance. The Company\u2019s Executive Management team has been identified as the chief operating decision makers as they direct the allocation of resources to operating segments based on the net profit (loss) of each respective segment. The Corporate and Other category includes corporate-related items, such as profit sharing and long-term incentive expenses for the Group, and the results of other insignificant operations not reportable under other segments. The basis of measurement and accounting policies of the reportable segments are the same as those described in Note 2 and in the footnotes that support the financial statements. Inter-segment sales and transfers are not significant and have been eliminated and not included in the following table. Indirect costs and assets have been apportioned between the segments of the Group on the basis of corresponding direct costs and assets. The following tables show the summarised financial information, in US thousand dollars, for each reportable segment:
For the year ended and as of Tank Stolt Sea Stolt-Nielsen Corporate
November 30, 2023
Tankers
Terminals
Containers Farm Gas and Other Total
Operating revenue
$ 1,709,839
$
299,815
$
699,504
$
110,831
$
\u2014
$
229
$ 2,820,218
MSC Flaminia provision
\u2014
\u2014
(155,000 )
\u2014
\u2014
\u2014
(155,000)
Depreciation and amortisation
(160,410 )
(64,101)
(53,571)
(8,592)
\u2014
(5,647 )
(292,321 )
Share of profit (loss) of joint ventures
and associates
44,214
25,922
1,989
\u2014
(9,860 )
\u2014
62,265
Operating profit (loss)
371,076
104,968
(37,831 )
24,352
(10,396 )
(32,522 )
419,647
Finance expense (a)
(60,900 )
(40,664 )
(15,886)
(3,830 )
(6,058 )
6,982
(120,356)
Finance income
393
261
530
\u2014
\u2014
6,558
7,742
Profit (loss) before income tax
309,216
64,445
(56,489 )
20,054
(15,085 )
(12,707 )
309,434
Income tax (expense) benefit
(3,816 )
(14,432)
18,089
(5,065)
\u2014
(7,559 )
(12,783 )
Net profit (loss)
305,400
50,013
(38,400 )
14,989
(15,085 )
(20,266 )
296,651
Balance Sheet
Capital expenditures (b)
102,283
76,320
68,154
17,573
\u2014
5,772
270,102
Investments in and advances to
j
oint ventures and associates
237,940
308,268
27,853
\u2014
76,102
\u2014
650,163
Intangible assets and goodwill
10,489
1,584
18,730
317
\u2014
9,163
40,283
Segment assets
2,117,714
1,387,962
666,447
153,711
133,889
524,000
4,983,723
a. Interest is allocated to the business segments based on the average interest rate of the Group times a percentage of each segment\u2019s net asset base. b. Capital expenditures include additions to property, plant and equipment, net of grant receipts, drydocking, ship deposits and intangible assets other than goodwill. Capital expenditures do not include capitalised right-of-use assets.
For the year ended and as of Tank Stolt Sea Stolt-Nielsen Corporate
November 30, 2022
Tankers
Terminals
Containers Farm Gas
and Other
Total
Operating revenue
$ 1,497,108
$
276,177
$
894,647
$
102,688
$
\u2013
$
1,223
$
2,771,843
Depreciation and amortisation
(158,399 )
(62,784 )
(47,290 )
(7,813 )
\u2013
(5,837)
(282,123 )
Share of profit (loss) of joint ventures
and associates
30,001
25,111
1,470
\u2013
(2,619 )
\u2013
53,963
Operating profit (loss)
205,124
89,208
172,728
19,544
(3,028 )
(36,044)
447,532
Finance expense (a)
(55,305 )
(36,957 )
(14,144 )
(3,501 )
(5,638 )
(18,243)
(133,788 )
Finance income
432
313
668
\u2013
\u2013
2,566
3,979
Profit (loss) before income tax
149,562
51,896
156,681
15,875
(8,635 )
(56,460)
308,919
Income tax expense
(3,311 )
(6,731 )
(12,500 )
(4,872 )
\u2013
(650)
(28,064 )
Net profit (loss)
146,251
45,165
144,181
11,003
(8,635 )
(57,110)
280,855
Balance Sheet
Capital expenditures (b)
99,384
68,377
28,830
5,356
\u2013
5,906
207,853
Investments in and advances
to joint ventures and associates
234,137
281,141
25,865
\u2013
81,801
\u2013
622,944
Intangible assets and goodwill
6,223
1,882
15,879
240
\u2013
11,655
35,879
Segment assets
2,114,816
1,328,731
624,689
130,247
160,944
369,483
4,728,910
a. Interest is allocated to the business segments based on the average interest rate of the Group times a percentage of each segment\u2019s net asset base. It also includes the Loss on early extinguishment of debt. b. Capital expenditures include additions to property, plant and equipment, net of grant receipts, drydocking, ship deposits and intangible assets other than goodwill. Capital expenditures do not include capitalised right-of-use assets. The following table sets out operating revenue by country for the reportable segments. Tankers, Terminals and Tank Containers\u2019 operating revenue is allocated on the basis of the country in which the cargo is loaded. SSF operating revenue is allocated on the basis of the country in which the sale is generated.
For the years ended November 30,
(in thousands)
2023
2022
Operating Revenue:
Tankers:
US
$
$
533,074
484,429
South America
94,878
 37,398
The Netherlands
116,445
101,26
4
Belgium
66,484
72,356
Other Europe
92,750
 82,902
South Korea
63,001
 54,449
Malaysia
87,340
 73,543
Indonesia
142,238
 72,896
China
101,708
 96,852
Other Asia
71,394
 105,389
Saudi Arabia
112,654
 82,839
Qatar
56,025
 39,091
Other Middle East
91,406
 113,532
Africa
67,224
 77,602
Other
13,218
 2,566
$
$
1,709,839
1,497,108
Terminals:
US
$
$
176,631
164,742
Singapore
42,263
40,109
Australia and New Zealand
19,612
16,480
Brazil
25,449
22,743
United Kingdom
21,314
19,640
The Netherlands
14,546
12,463
$
$
299,815
276,177
Tank Containers:
US
$
$
135,233
144,087
South America
39,891
48,575
France
54,044
75,19
4
The Netherlands
43,186
54,697
Ital
y
24,168
30,489
German
y
16,250
24,233
Other Europe
35,212
50,001
Singapore
81,602
117,189
Japan
24,521
39,701
China
114,302
161,799
India
27,043
40,950
Other Asia
39,497
60,870
Middle East
22,623
25,735
Other
41,932
21,127
$
$
699,504
894,647
Stolt Sea Farm:
US
$
$
7,097
6,199
Spain
40,420
38,368
France
16,798
15,808
Ital
y
17,398
16,36
4
German
y
5,943
4,519
Other Europe
22,789
21,106
Other
386
324
$
$
110,831
102,688
There were no customers of Tankers, Terminals, Tank Containers or SSF segments that accounted for more than 10% of the consolidated operating revenue for the years ended November 30, 2023 and 2022. The following table sets out the key elements of sources of operating revenue:
For the year ended November 30, 2023 Tank
(in thousands)
Tankers
Terminals
Containers
Stolt Sea Farm
Other
Total
Operating revenue recognised over time:
Freight revenue
$
1,473,908
$
\u2013
$
506,264
$
\u2013
$
\u2013
$
1,980,172
Storage and throughput revenue
\u2013
202,310
\u2013
\u2013
\u2013
202,310
1,473,908
202,310
506,264
\u2013
\u2013
2,182,482
Operating revenue recognised at a point in time:
Demurrage, bunker surcharge and ancillary
revenue
235,931
\u2013
193,240
\u2013
\u2013
429,171
Turbot and sole
\u2013
\u2013
\u2013
110,831
\u2013
110,831
Railcar revenue
\u2013
22,480
\u2013
\u2013
\u2013
22,480
Utility revenue
\u2013
30,840
\u2013
\u2013
\u2013
30,840
Dock, product handling and other revenue
\u2013
44,185
\u2013
\u2013
229
44,414
235,931
97,505
193,240
110,831
229
637,736
$
1,709,839
$
299,815
$
699,504
$
110,831
$
229
$
2,820,218
For the year ended November 30, 2022 Tank
(in thousands)
Tankers
Terminals
Containers
Stolt Sea Farm
Other
Total
Operating revenue recognised over time:
Freight revenue
$
1,226,124
$
\u2013
$
679,787
$
\u2013
$
\u2013
$
1,905,911
Storage and throughput revenue
\u2013
183,205
\u2013
\u2013
\u2013
183,205
1,226,124
183,205
679,787
\u2013
\u2013
2,089,116
Operating revenue recognised at a point in time:
Demurrage, bunker surcharge and ancillary
revenue
270,984
\u2013
214,860
\u2013
\u2013
485,844
Turbot and sole
\u2013
\u2013
\u2013
102,688
\u2013
102,688
Railcar revenue
\u2013
24,595
\u2013
\u2013
\u2013
24,595
Utility revenue
\u2013
29,037
\u2013
\u2013
\u2013
29,037
Dock, product handling and other revenue
\u2013
39,340
\u2013
\u2013
1,223
40,563
270,984
92,972
214,860
102,688
1,223
682,727
$
1,497,108
$
276,177
$
894,647
$
102,688
$
1,223
$
2,771,843
The following table sets out non-current assets excluding long-term deferred income tax assets and long-term pension assets by country for the reportable segments. Non-current assets include property, plant and equipment, right-of-use assets, intangible assets, investments in and advances to joint ventures and associates, investment in equity and debt instruments and certain other non-current assets. Non-current assets by country are only reportable for the Terminals and Stolt Sea Farm operations. Stolt Tankers, Stolt Tank Containers and Stolt-Nielsen Gas operations operate on a worldwide basis and are not restricted to specific locations. Accordingly, it is not possible to allocate the assets of these operations to specific countries. The total net book value of non-current assets for Tankers amounted to $1,812.4 million and $1,845.5 million at November 30, 2023 and 2022, respectively. For Stolt Tank Containers, the total net book value of non-current assets amounted to $482.9 million and $424.3 million at November 30, 2023 and 2022, respectively. For Stolt-Nielsen Gas, the net book value of non-current assets amounted to $123.3 million and $153.5 million for the years ended November 30, 2023 and 2022, respectively.
As of November 30,
(in thousands)
2023
2022
Non-current Assets:
Terminals:
US
$
$
440,126
442,955
The Netherlands
54,772
56,149
Singapore
196,458
205,192
Australia and New Zealand
145,747
145,057
United Kingdom
118,727
89,512
Brazil
49,892
43,719
South Korea
123,738
117,423
Belgium
115,879
107,311
China
35,707
37,199
Taiwan
24,309
12,787
Other
9,834
7,921
$
$
1,315,189
1,265,225
Stolt Sea Farm:
Spain
$
$
48,847
38,008
Norway
812
861
Portugal
12,924
9,211
Iceland
9,581
10,236
France
1,263
1,377
$
$
73,427
59,693
The Group has no material operating revenue or non-current assets in Bermuda, its country of domicile.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-546": { "value": "The Group has five reportable segments: Tankers, Terminals, Tank Containers, Stolt Sea Farm and Stolt-Nielsen Gas. The nature of these segments is described in Note 1. Reportable segments are defined as components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision makers in deciding how to allocate resources and in assessing performance. The Company\u2019s Executive Management team has been identified as the chief operating decision makers as they direct the allocation of resources to operating segments based on the net profit (loss) of each respective segment. The Corporate and Other category includes corporate-related items, such as profit sharing and long-term incentive expenses for the Group, and the results of other insignificant operations not reportable under other segments. The basis of measurement and accounting policies of the reportable segments are the same as those described in Note 2 and in the footnotes that support the financial statements. Inter-segment sales and transfers are not significant and have been eliminated and not included in the following table. Indirect costs and assets have been apportioned between the segments of the Group on the basis of corresponding direct costs and assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-487": { "value": "The following table sets out non-current assets excluding long-term deferred income tax assets and long-term pension assets by country for the reportable segments. Non-current assets include property, plant and equipment, right-of-use assets, intangible assets, investments in and advances to joint ventures and associates, investment in equity and debt instruments and certain other non-current assets. Non-current assets by country are only reportable for the Terminals and Stolt Sea Farm operations. Stolt Tankers, Stolt Tank Containers and Stolt-Nielsen Gas operations operate on a worldwide basis and are not restricted to specific locations. Accordingly, it is not possible to allocate the assets of these operations to specific countries. The total net book value of non-current assets for Tankers amounted to $1,812.4 million and $1,845.5 million at November 30, 2023 and 2022, respectively. For Stolt Tank Containers, the total net book value of non-current assets amounted to $482.9 million and $424.3 million at November 30, 2023 and 2022, respectively. For Stolt-Nielsen Gas, the net book value of non-current assets amounted to $123.3 million and $153.5 million for the years ended November 30, 2023 and 2022, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-488": { "value": "
4. Operating Revenue
Accounting policy
Operating revenue is recognised when performance obligations are met, which transfer the control of goods or provide services to the
customer, at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services,
net of discounts and sales taxes.
Costs to obtain a contract are immediately expensed when the related revenue is expected to be recognised within one year.
(i) Tankers
Operating revenue is recognised upon delivery of services in accordance with the terms and conditions of the contract of affreightment
or spot contract and such services are performed over time. For voyages in progress at the end of a period, the uncertainty and the
dependence on estimates are greater than for finalised voyages. The Group recognises a percentage of the estimated revenue for the
voyage equal to the percentage of the estimated duration of the voyage completed at the balance sheet date. Demurrage and other
revenues are uncertain elements of revenue and are recognised when incurred and generally invoiced at the end of the month.
The Group operates the Stolt Tankers Joint Service (the \u201cJoint Service\u201d), an arrangement in which the Group acts as the principal for the
delivery of services and provides the coordinated marketing, operation and administration of deep-sea intercontinental parcel tankers
owned or chartered by the Group. As the Group acts as the principal in the arrangement, all revenue relating to the Joint Service is
recognised on a gross basis in the income statement. Certain ships that are not owned by the Group are time chartered by the Group from
participants in the Joint Service. The time charter expense is calculated based upon the combined operating revenue of the ships which
participate in the Joint Service less combined voyage expenses, overhead costs, and commissions to outside brokers and upon each
ship\u2019s cargo capacity, its number of operating days during the period, and its assigned earnings factor.
(ii) Terminals
Tank storage rentals, including minimum guaranteed throughputs, are recognised over the contractual period during which the services
are rendered. These charges are mostly due at the beginning of the month to which such charges relate. Operating revenue from
additional throughput fees, ancillary fees, and railcar storage, loading, switching and other fees based on actual usage are recognised
at the point in time when those services are delivered.
(iii) Tank Containers Transportation revenue is recognised upon delivery of services in accordance with the agreement with customers and is recognised over time using a measure of progress. For tank container movements in progress at the end of a period, the uncertainty and the dependence on estimates are greater than for finalised movements. The Group recognises a percentage of the estimated revenue for the movement using the percentage of effort (\u2018input method\u2019) required at origin and destination. Demurrage and other revenues are uncertain elements of revenue and are recognised when incurred and generally invoiced at the end of the month. (iv) SSF Operating revenue is recognised when performance obligations are satisfied by transferring control of a good or service to the customer. Where the terms of sale are free on board, operating revenue is recognised on dispatch of products to the customer. Operating revenue is recognised on delivery where the terms of sale include costs, insurance, freight and destination duty paid. The amount recorded as revenue includes all amounts recognised according to the terms of sale, including shipping and handling costs billed to customers, and after deductions for claims or returns of goods, rebates and allowances against the price of goods. An analysis of the Group\u2019s operating revenue for the year (excluding finance income \u2013 see Note 8), is as follows:
For the years ended November 30,
(in thousands)
2023
2022
Operating revenue from the rendering of services
$
2,709,387
$
2,669,155
Operating revenue from the sale of goods
110,831
102,688
$
2,820,218
$
2,771,843
Operating revenue generated by the Joint Service in Tankers under contracts of affreightment was approximately 51% and 55% of the Joint Service\u2019s total revenue for the years ended November 30, 2023 and 2022, respectively. All other revenue generated is from spot contracts. Payment terms generally do not have a financing element. Variable consideration is limited to that related to variable costs which are contractually passed on to the customer and uncertain revenues such as demurrage. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-465": { "value": "4. Operating Revenue Accounting policy Operating revenue is recognised when performance obligations are met, which transfer the control of goods or provide services to the customer, at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services, net of discounts and sales taxes. Costs to obtain a contract are immediately expensed when the related revenue is expected to be recognised within one year. (i) Tankers Operating revenue is recognised upon delivery of services in accordance with the terms and conditions of the contract of affreightment or spot contract and such services are performed over time. For voyages in progress at the end of a period, the uncertainty and the dependence on estimates are greater than for finalised voyages. The Group recognises a percentage of the estimated revenue for the voyage equal to the percentage of the estimated duration of the voyage completed at the balance sheet date. Demurrage and other revenues are uncertain elements of revenue and are recognised when incurred and generally invoiced at the end of the month. The Group operates the Stolt Tankers Joint Service (the \u201cJoint Service\u201d), an arrangement in which the Group acts as the principal for the delivery of services and provides the coordinated marketing, operation and administration of deep-sea intercontinental parcel tankers owned or chartered by the Group. As the Group acts as the principal in the arrangement, all revenue relating to the Joint Service is recognised on a gross basis in the income statement. Certain ships that are not owned by the Group are time chartered by the Group from participants in the Joint Service. The time charter expense is calculated based upon the combined operating revenue of the ships which participate in the Joint Service less combined voyage expenses, overhead costs, and commissions to outside brokers and upon each ship\u2019s cargo capacity, its number of operating days during the period, and its assigned earnings factor. (ii) Terminals Tank storage rentals, including minimum guaranteed throughputs, are recognised over the contractual period during which the services are rendered. These charges are mostly due at the beginning of the month to which such charges relate. Operating revenue from additional throughput fees, ancillary fees, and railcar storage, loading, switching and other fees based on actual usage are recognised at the point in time when those services are delivered. (iii) Tank Containers Transportation revenue is recognised upon delivery of services in accordance with the agreement with customers and is recognised over time using a measure of progress. For tank container movements in progress at the end of a period, the uncertainty and the dependence on estimates are greater than for finalised movements. The Group recognises a percentage of the estimated revenue for the movement using the percentage of effort (\u2018input method\u2019) required at origin and destination. Demurrage and other revenues are uncertain elements of revenue and are recognised when incurred and generally invoiced at the end of the month. (iv) SSF Operating revenue is recognised when performance obligations are satisfied by transferring control of a good or service to the customer. Where the terms of sale are free on board, operating revenue is recognised on dispatch of products to the customer. Operating revenue is recognised on delivery where the terms of sale include costs, insurance, freight and destination duty paid. The amount recorded as revenue includes all amounts recognised according to the terms of sale, including shipping and handling costs billed to customers, and after deductions for claims or returns of goods, rebates and allowances against the price of goods. An analysis of the Group\u2019s operating revenue for the year (excluding finance income \u2013 see Note 8), is as follows:
For the years ended November 30,
(in thousands)
2023
2022
Operating revenue from the rendering of services
$
2,709,387
$
2,669,155
Operating revenue from the sale of goods
110,831
102,688
$
2,820,218
$
2,771,843
Operating revenue generated by the Joint Service in Tankers under contracts of affreightment was approximately 51% and 55% of the Joint Service\u2019s total revenue for the years ended November 30, 2023 and 2022, respectively. All other revenue generated is from spot contracts. Payment terms generally do not have a financing element. Variable consideration is limited to that related to variable costs which are contractually passed on to the customer and uncertain revenues such as demurrage. 5. Operating Expenses Accounting policy (i) Tankers Tankers operating expenses include costs directly associated with the operation and maintenance of the parcel tankers and barges. These types of costs include time charter costs, the service element of leases, bunker fuel costs, port costs, manning costs (for example, ship personnel and benefits), sublet costs, repair and maintenance of tankers, commission expenses, barging and trans-shipment costs, canal transit costs, insurance premiums and other ship-owning expenses (for example, agency fees, provisions, ship supplies, cleaning, cargo survey costs and foreign exchange hedging costs). (ii) Terminals Operating expenses of Terminals consist of costs directly associated with the operation and maintenance of the terminals. These types of costs include labour and employee benefit costs, utilities, rail car hire expenses, real estate taxes for sites, maintenance and repair costs, regulatory expenses, disposal costs, storage costs and other operating expenses (for example, insurance, survey costs, cleaning, line haul, rail costs and tank car hire costs). (iii) Tank Containers Operating expenses of Tank Containers consist of costs directly associated with the operation and maintenance of the tank containers. These types of costs include ocean and inland freight charges, short-term tank rental expenses, cleaning and survey costs, additional costs (services purchased and charged through to customers), maintenance and repair costs, storage costs, insurance premiums and other operating expenses (for example, depot expenses, agency fees and refurbishing costs). (iv) SSF SSF operating expenses include production cost of goods sold (\u2018PCOGS\u2019), which are costs incurred for the production of juvenile fish and the subsequent growing of juvenile fish into adult fish ready for market. These PCOGS include costs to produce eggs for fertilisation, onsite labour/personnel costs, feed costs, energy costs, contract grower fees, repair and maintenance costs, oxygen costs and veterinary fees. Other costs included within operating expenses are costs of fish purchased from third parties, freight costs to customers, all primary and secondary processing and packaging costs, distribution and handling costs, storage, import duties, inventory write downs, mortality losses and fair value movements. Operating expenses comprised the following:
For the years ended November 30,
(in thousands)
2023
2022
Bunker fuel costs
$
334,802
$
379,310
Charter and lease expenses
303,084
234,435
Ocean and inland freight charges
250,153
405,687
Operating employees\u2019 benefit expenses
212,555
199,896
Port charges
179,546
159,540
Maintenance and repairs
69,678
59,611
Cleaning costs
45,409
42,004
Tank container ancillary billable costs
46,950
56,297
Repositioning of tank containers
38,486
34,015
Ship supplies and provisions
33,858
31,666
Storage and other tank container move-related costs
29,246
27,714
Facilities and utilities
33,069
32,360
Expenses related to biological assets
38,245
23,831
Commissions
35,339
28,111
Insurance
24,384
32,950
Service element of leases
19,891
19,529
Voyage costs
12,172
16,851
Barging and trans-shipments
5,423
12,014
Owning costs
7,700
9,687
Packing expenses
6,376
7,937
Regulatory costs
7,769
4,385
Rail expenses
6,106
6,269
Sublet expenses
5,487
8,778
Purchase of biological assets
1,768
7,264
Biological assets market valuation adjustment
(3,914 )
974
Other expenses
2,211
10,493
Total operating expenses
$
1,745,793
$
1,851,608
Legal claims provision (see Note 26)
$
155,000
$
\u2013
An analysis of administrative and general expenses is as follows:
For the years ended November 30,
(in thousands)
2023
2022
Administrative and general employees\u2019 benefit expenses
$
213,641
$
197,232
Information systems
16,869
14,958
Professional fees
12,281
9,918
Travel and entertainment expenses
7,620
5,567
Office expenses
7,314
5,726
Legal fees
2,455
3,282
Management fee to joint venture
2,613
1,928
Investor relations and publicity
2,433
1,441
Communication expenses
1,101
961
Office lease expenses
1,305
1,191
Board fees and expenses
1,803
908
Bank non-interest fees
1,602
1,768
Other
2,375
4,142
Total administrative and general expenses
$
273,412
$
249,022
An analysis of employee benefit expenses included in operating expenses and administrative and general expenses is as follows:
For the years ended November 30,
(in thousands, except employee data)
2023
2022
Salaries
$
282,808
$
269,383
Profit sharing and long-term incentive programmes
38,845
34,921
Social security expenses
23,568
20,694
Pension expenses for defined contribution plans (Note 25)
20,990
20,451
Temporary and contract employees
14,739
10,420
Travel of seafarers and relocation
13,804
14,999
Medical and life insurance
12,155
11,280
Training
7,733
5,652
Expatriate expenses
1,401
1,212
Pension expenses for defined benefit plans and post-retirement benefit plan (Note 25)
906
1,120
Other benefits
9,247
6,996
Total employee benefit expenses
$
426,196
$
397,128
Average number of employees:
Tankers*
4,632
4,652
Tank Containers
823
805
Terminals
627
607
Stolt Sea Farm
522
494
Other
78
65
Total average number of employees
6,682
6,623
* Including seafarers working on joint venture or third-party ships.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-509": { "value": "4. Operating Revenue Accounting policy Operating revenue is recognised when performance obligations are met, which transfer the control of goods or provide services to the customer, at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services, net of discounts and sales taxes. Costs to obtain a contract are immediately expensed when the related revenue is expected to be recognised within one year. (i) Tankers Operating revenue is recognised upon delivery of services in accordance with the terms and conditions of the contract of affreightment or spot contract and such services are performed over time. For voyages in progress at the end of a period, the uncertainty and the dependence on estimates are greater than for finalised voyages. The Group recognises a percentage of the estimated revenue for the voyage equal to the percentage of the estimated duration of the voyage completed at the balance sheet date. Demurrage and other revenues are uncertain elements of revenue and are recognised when incurred and generally invoiced at the end of the month. The Group operates the Stolt Tankers Joint Service (the \u201cJoint Service\u201d), an arrangement in which the Group acts as the principal for the delivery of services and provides the coordinated marketing, operation and administration of deep-sea intercontinental parcel tankers owned or chartered by the Group. As the Group acts as the principal in the arrangement, all revenue relating to the Joint Service is recognised on a gross basis in the income statement. Certain ships that are not owned by the Group are time chartered by the Group from participants in the Joint Service. The time charter expense is calculated based upon the combined operating revenue of the ships which participate in the Joint Service less combined voyage expenses, overhead costs, and commissions to outside brokers and upon each ship\u2019s cargo capacity, its number of operating days during the period, and its assigned earnings factor. (ii) Terminals Tank storage rentals, including minimum guaranteed throughputs, are recognised over the contractual period during which the services are rendered. These charges are mostly due at the beginning of the month to which such charges relate. Operating revenue from additional throughput fees, ancillary fees, and railcar storage, loading, switching and other fees based on actual usage are recognised at the point in time when those services are delivered. (iii) Tank Containers Transportation revenue is recognised upon delivery of services in accordance with the agreement with customers and is recognised over time using a measure of progress. For tank container movements in progress at the end of a period, the uncertainty and the dependence on estimates are greater than for finalised movements. The Group recognises a percentage of the estimated revenue for the movement using the percentage of effort (\u2018input method\u2019) required at origin and destination. Demurrage and other revenues are uncertain elements of revenue and are recognised when incurred and generally invoiced at the end of the month. (iv) SSF Operating revenue is recognised when performance obligations are satisfied by transferring control of a good or service to the customer. Where the terms of sale are free on board, operating revenue is recognised on dispatch of products to the customer. Operating revenue is recognised on delivery where the terms of sale include costs, insurance, freight and destination duty paid. The amount recorded as revenue includes all amounts recognised according to the terms of sale, including shipping and handling costs billed to customers, and after deductions for claims or returns of goods, rebates and allowances against the price of goods. An analysis of the Group\u2019s operating revenue for the year (excluding finance income \u2013 see Note 8), is as follows:
For the years ended November 30,
(in thousands)
2023
2022
Operating revenue from the rendering of services
$
2,709,387
$
2,669,155
Operating revenue from the sale of goods
110,831
102,688
$
2,820,218
$
2,771,843
Operating revenue generated by the Joint Service in Tankers under contracts of affreightment was approximately 51% and 55% of the Joint Service\u2019s total revenue for the years ended November 30, 2023 and 2022, respectively. All other revenue generated is from spot contracts. Payment terms generally do not have a financing element. Variable consideration is limited to that related to variable costs which are contractually passed on to the customer and uncertain revenues such as demurrage. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-547": { "value": "Accounting policy Operating revenue is recognised when performance obligations are met, which transfer the control of goods or provide services to the customer, at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services, net of discounts and sales taxes. Costs to obtain a contract are immediately expensed when the related revenue is expected to be recognised within one year. (i) Tankers Operating revenue is recognised upon delivery of services in accordance with the terms and conditions of the contract of affreightment or spot contract and such services are performed over time. For voyages in progress at the end of a period, the uncertainty and the dependence on estimates are greater than for finalised voyages. The Group recognises a percentage of the estimated revenue for the voyage equal to the percentage of the estimated duration of the voyage completed at the balance sheet date. Demurrage and other revenues are uncertain elements of revenue and are recognised when incurred and generally invoiced at the end of the month. The Group operates the Stolt Tankers Joint Service (the \u201cJoint Service\u201d), an arrangement in which the Group acts as the principal for the delivery of services and provides the coordinated marketing, operation and administration of deep-sea intercontinental parcel tankers owned or chartered by the Group. As the Group acts as the principal in the arrangement, all revenue relating to the Joint Service is recognised on a gross basis in the income statement. Certain ships that are not owned by the Group are time chartered by the Group from participants in the Joint Service. The time charter expense is calculated based upon the combined operating revenue of the ships which participate in the Joint Service less combined voyage expenses, overhead costs, and commissions to outside brokers and upon each ship\u2019s cargo capacity, its number of operating days during the period, and its assigned earnings factor. (ii) Terminals Tank storage rentals, including minimum guaranteed throughputs, are recognised over the contractual period during which the services are rendered. These charges are mostly due at the beginning of the month to which such charges relate. Operating revenue from additional throughput fees, ancillary fees, and railcar storage, loading, switching and other fees based on actual usage are recognised at the point in time when those services are delivered. (iii) Tank Containers Transportation revenue is recognised upon delivery of services in accordance with the agreement with customers and is recognised over time using a measure of progress. For tank container movements in progress at the end of a period, the uncertainty and the dependence on estimates are greater than for finalised movements. The Group recognises a percentage of the estimated revenue for the movement using the percentage of effort (\u2018input method\u2019) required at origin and destination. Demurrage and other revenues are uncertain elements of revenue and are recognised when incurred and generally invoiced at the end of the month. (iv) SSF Operating revenue is recognised when performance obligations are satisfied by transferring control of a good or service to the customer. Where the terms of sale are free on board, operating revenue is recognised on dispatch of products to the customer. Operating revenue is recognised on delivery where the terms of sale include costs, insurance, freight and destination duty paid. The amount recorded as revenue includes all amounts recognised according to the terms of sale, including shipping and handling costs billed to customers, and after deductions for claims or returns of goods, rebates and allowances against the price of goods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-489": { "value": "
5. Operating Expenses
Accounting policy
(i) Tankers
Tankers operating expenses include costs directly associated with the operation and maintenance of the parcel tankers and barges.
These types of costs include time charter costs, the service element of leases, bunker fuel costs, port costs, manning costs (for example,
ship personnel and benefits), sublet costs, repair and maintenance of tankers, commission expenses, barging and trans-shipment costs,
canal transit costs, insurance premiums and other ship-owning expenses (for example, agency fees, provisions, ship supplies, cleaning,
cargo survey costs and foreign exchange hedging costs).
(ii) Terminals
Operating expenses of Terminals consist of costs directly associated with the operation and maintenance of the terminals. These types
of costs include labour and employee benefit costs, utilities, rail car hire expenses, real estate taxes for sites, maintenance and repair
costs, regulatory expenses, disposal costs, storage costs and other operating expenses (for example, insurance, survey costs, cleaning,
line haul, rail costs and tank car hire costs).
(iii) Tank Containers
Operating expenses of Tank Containers consist of costs directly associated with the operation and maintenance of the tank containers.
These types of costs include ocean and inland freight charges, short-term tank rental expenses, cleaning and survey costs, additional
costs (services purchased and charged through to customers), maintenance and repair costs, storage costs, insurance premiums and
other operating expenses (for example, depot expenses, agency fees and refurbishing costs).
(iv) SSF
SSF operating expenses include production cost of goods sold (\u2018PCOGS\u2019), which are costs incurred for the production of juvenile fish and
the subsequent growing of juvenile fish into adult fish ready for market. These PCOGS include costs to produce eggs for fertilisation,
onsite labour/personnel costs, feed costs, energy costs, contract grower fees, repair and maintenance costs, oxygen costs and veterinary
fees. Other costs included within operating expenses are costs of fish purchased from third parties, freight costs to customers, all primary
and secondary processing and packaging costs, distribution and handling costs, storage, import duties, inventory write downs, mortality
losses and fair value movements.
Operating expenses comprised the following:
For the years ended November 30,
(in thousands)
2023
2022
Bunker fuel costs
$
334,802
$
379,310
Charter and lease expenses
303,084
234,435
Ocean and inland freight charges
250,153
405,687
Operating employees\u2019 benefit expenses
212,555
199,896
Port charges
179,546
159,540
Maintenance and repairs
69,678
59,611
Cleaning costs
45,409
42,004
Tank container ancillary billable costs
46,950
56,297
Repositioning of tank containers
38,486
34,015
Ship supplies and provisions
33,858
31,666
Storage and other tank container move-related costs
29,246
27,714
Facilities and utilities
33,069
32,360
Expenses related to biological assets
38,245
23,831
Commissions
35,339
28,111
Insurance
24,384
32,950
Service element of leases
19,891
19,529
Voyage costs
12,172
16,851
Barging and trans-shipments
5,423
12,014
Owning costs
7,700
9,687
Packing expenses
6,376
7,937
Regulatory costs
7,769
4,385
Rail expenses
6,106
6,269
Sublet expenses
5,487
8,778
Purchase of biological assets
1,768
7,264
Biological assets market valuation adjustment
(3,914 )
974
Other expenses
2,211
10,493
Total operating expenses
$
1,745,793
$
1,851,608
Legal claims provision (see Note 26)
$
155,000
$
\u2013
An analysis of administrative and general expenses is as follows:
For the years ended November 30,
(in thousands)
2023
2022
Administrative and general employees\u2019 benefit expenses
$
213,641
$
197,232
Information systems
16,869
14,958
Professional fees
12,281
9,918
Travel and entertainment expenses
7,620
5,567
Office expenses
7,314
5,726
Legal fees
2,455
3,282
Management fee to joint venture
2,613
1,928
Investor relations and publicity
2,433
1,441
Communication expenses
1,101
961
Office lease expenses
1,305
1,191
Board fees and expenses
1,803
908
Bank non-interest fees
1,602
1,768
Other
2,375
4,142
Total administrative and general expenses
$
273,412
$
249,022
An analysis of employee benefit expenses included in operating expenses and administrative and general expenses is as follows:
For the years ended November 30,
(in thousands, except employee data)
2023
2022
Salaries
$
282,808
$
269,383
Profit sharing and long-term incentive programmes
38,845
34,921
Social security expenses
23,568
20,694
Pension expenses for defined contribution plans (Note 25)
20,990
20,451
Temporary and contract employees
14,739
10,420
Travel of seafarers and relocation
13,804
14,999
Medical and life insurance
12,155
11,280
Training
7,733
5,652
Expatriate expenses
1,401
1,212
Pension expenses for defined benefit plans and post-retirement benefit plan (Note 25)
906
1,120
Other benefits
9,247
6,996
Total employee benefit expenses
$
426,196
$
397,128
Average number of employees:
Tankers*
4,632
4,652
Tank Containers
823
805
Terminals
627
607
Stolt Sea Farm
522
494
Other
78
65
Total average number of employees
6,682
6,623
* Including seafarers working on joint venture or third-party ships. The cost of inventory included in operating expenses in 2023 and 2022 was $59.3 million and $50.2 million for Stolt Sea Farm, $7.9 million and $7.8 million for Stolt Tank Containers and nil and $0.1 million for Stolthaven Terminals, respectively. No inventory was written down in the years ended November 30, 2023 and 2022. Bunkers of $43.9 million and $45.1 million were included in prepaid expenses at November 30, 2023 and 2022, respectively.
The cost of inventory sold which has been included in operating expenses was $59.3 million and $50.2 million for the years ended
November 30, 2023 and 2022, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-548": { "value": "Accounting policy (i) Tankers Tankers operating expenses include costs directly associated with the operation and maintenance of the parcel tankers and barges. These types of costs include time charter costs, the service element of leases, bunker fuel costs, port costs, manning costs (for example, ship personnel and benefits), sublet costs, repair and maintenance of tankers, commission expenses, barging and trans-shipment costs, canal transit costs, insurance premiums and other ship-owning expenses (for example, agency fees, provisions, ship supplies, cleaning, cargo survey costs and foreign exchange hedging costs). (ii) Terminals Operating expenses of Terminals consist of costs directly associated with the operation and maintenance of the terminals. These types of costs include labour and employee benefit costs, utilities, rail car hire expenses, real estate taxes for sites, maintenance and repair costs, regulatory expenses, disposal costs, storage costs and other operating expenses (for example, insurance, survey costs, cleaning, line haul, rail costs and tank car hire costs). (iii) Tank Containers Operating expenses of Tank Containers consist of costs directly associated with the operation and maintenance of the tank containers. These types of costs include ocean and inland freight charges, short-term tank rental expenses, cleaning and survey costs, additional costs (services purchased and charged through to customers), maintenance and repair costs, storage costs, insurance premiums and other operating expenses (for example, depot expenses, agency fees and refurbishing costs). (iv) SSF SSF operating expenses include production cost of goods sold (\u2018PCOGS\u2019), which are costs incurred for the production of juvenile fish and the subsequent growing of juvenile fish into adult fish ready for market. These PCOGS include costs to produce eggs for fertilisation, onsite labour/personnel costs, feed costs, energy costs, contract grower fees, repair and maintenance costs, oxygen costs and veterinary fees. Other costs included within operating expenses are costs of fish purchased from third parties, freight costs to customers, all primary and secondary processing and packaging costs, distribution and handling costs, storage, import duties, inventory write downs, mortality losses and fair value movements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-523": { "value": "Accounting policy (i) Tankers Tankers operating expenses include costs directly associated with the operation and maintenance of the parcel tankers and barges. These types of costs include time charter costs, the service element of leases, bunker fuel costs, port costs, manning costs (for example, ship personnel and benefits), sublet costs, repair and maintenance of tankers, commission expenses, barging and trans-shipment costs, canal transit costs, insurance premiums and other ship-owning expenses (for example, agency fees, provisions, ship supplies, cleaning, cargo survey costs and foreign exchange hedging costs). (ii) Terminals Operating expenses of Terminals consist of costs directly associated with the operation and maintenance of the terminals. These types of costs include labour and employee benefit costs, utilities, rail car hire expenses, real estate taxes for sites, maintenance and repair costs, regulatory expenses, disposal costs, storage costs and other operating expenses (for example, insurance, survey costs, cleaning, line haul, rail costs and tank car hire costs). (iii) Tank Containers Operating expenses of Tank Containers consist of costs directly associated with the operation and maintenance of the tank containers. These types of costs include ocean and inland freight charges, short-term tank rental expenses, cleaning and survey costs, additional costs (services purchased and charged through to customers), maintenance and repair costs, storage costs, insurance premiums and other operating expenses (for example, depot expenses, agency fees and refurbishing costs). (iv) SSF SSF operating expenses include production cost of goods sold (\u2018PCOGS\u2019), which are costs incurred for the production of juvenile fish and the subsequent growing of juvenile fish into adult fish ready for market. These PCOGS include costs to produce eggs for fertilisation, onsite labour/personnel costs, feed costs, energy costs, contract grower fees, repair and maintenance costs, oxygen costs and veterinary fees. Other costs included within operating expenses are costs of fish purchased from third parties, freight costs to customers, all primary and secondary processing and packaging costs, distribution and handling costs, storage, import duties, inventory write downs, mortality losses and fair value movements. Operating expenses comprised the following:
For the years ended November 30,
(in thousands)
2023
2022
Bunker fuel costs
$
334,802
$
379,310
Charter and lease expenses
303,084
234,435
Ocean and inland freight charges
250,153
405,687
Operating employees\u2019 benefit expenses
212,555
199,896
Port charges
179,546
159,540
Maintenance and repairs
69,678
59,611
Cleaning costs
45,409
42,004
Tank container ancillary billable costs
46,950
56,297
Repositioning of tank containers
38,486
34,015
Ship supplies and provisions
33,858
31,666
Storage and other tank container move-related costs
29,246
27,714
Facilities and utilities
33,069
32,360
Expenses related to biological assets
38,245
23,831
Commissions
35,339
28,111
Insurance
24,384
32,950
Service element of leases
19,891
19,529
Voyage costs
12,172
16,851
Barging and trans-shipments
5,423
12,014
Owning costs
7,700
9,687
Packing expenses
6,376
7,937
Regulatory costs
7,769
4,385
Rail expenses
6,106
6,269
Sublet expenses
5,487
8,778
Purchase of biological assets
1,768
7,264
Biological assets market valuation adjustment
(3,914 )
974
Other expenses
2,211
10,493
Total operating expenses
$
1,745,793
$
1,851,608
Legal claims provision (see Note 26)
$
155,000
$
\u2013
An analysis of administrative and general expenses is as follows:
For the years ended November 30,
(in thousands)
2023
2022
Administrative and general employees\u2019 benefit expenses
$
213,641
$
197,232
Information systems
16,869
14,958
Professional fees
12,281
9,918
Travel and entertainment expenses
7,620
5,567
Office expenses
7,314
5,726
Legal fees
2,455
3,282
Management fee to joint venture
2,613
1,928
Investor relations and publicity
2,433
1,441
Communication expenses
1,101
961
Office lease expenses
1,305
1,191
Board fees and expenses
1,803
908
Bank non-interest fees
1,602
1,768
Other
2,375
4,142
Total administrative and general expenses
$
273,412
$
249,022
An analysis of employee benefit expenses included in operating expenses and administrative and general expenses is as follows:
For the years ended November 30,
(in thousands, except employee data)
2023
2022
Salaries
$
282,808
$
269,383
Profit sharing and long-term incentive programmes
38,845
34,921
Social security expenses
23,568
20,694
Pension expenses for defined contribution plans (Note 25)
20,990
20,451
Temporary and contract employees
14,739
10,420
Travel of seafarers and relocation
13,804
14,999
Medical and life insurance
12,155
11,280
Training
7,733
5,652
Expatriate expenses
1,401
1,212
Pension expenses for defined benefit plans and post-retirement benefit plan (Note 25)
906
1,120
Other benefits
9,247
6,996
Total employee benefit expenses
$
426,196
$
397,128
Average number of employees:
Tankers*
4,632
4,652
Tank Containers
823
805
Terminals
627
607
Stolt Sea Farm
522
494
Other
78
65
Total average number of employees
6,682
6,623
* Including seafarers working on joint venture or third-party ships. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-568": { "value": "(i) Tankers Tankers operating expenses include costs directly associated with the operation and maintenance of the parcel tankers and barges. These types of costs include time charter costs, the service element of leases, bunker fuel costs, port costs, manning costs (for example, ship personnel and benefits), sublet costs, repair and maintenance of tankers, commission expenses, barging and trans-shipment costs, canal transit costs, insurance premiums and other ship-owning expenses (for example, agency fees, provisions, ship supplies, cleaning, cargo survey costs and foreign exchange hedging costs). (ii) Terminals Operating expenses of Terminals consist of costs directly associated with the operation and maintenance of the terminals. These types of costs include labour and employee benefit costs, utilities, rail car hire expenses, real estate taxes for sites, maintenance and repair costs, regulatory expenses, disposal costs, storage costs and other operating expenses (for example, insurance, survey costs, cleaning, line haul, rail costs and tank car hire costs). (iii) Tank Containers Operating expenses of Tank Containers consist of costs directly associated with the operation and maintenance of the tank containers. These types of costs include ocean and inland freight charges, short-term tank rental expenses, cleaning and survey costs, additional costs (services purchased and charged through to customers), maintenance and repair costs, storage costs, insurance premiums and other operating expenses (for example, depot expenses, agency fees and refurbishing costs). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-588": { "value": "Operating expenses comprised the following:
For the years ended November 30,
(in thousands)
2023
2022
Bunker fuel costs
$
334,802
$
379,310
Charter and lease expenses
303,084
234,435
Ocean and inland freight charges
250,153
405,687
Operating employees\u2019 benefit expenses
212,555
199,896
Port charges
179,546
159,540
Maintenance and repairs
69,678
59,611
Cleaning costs
45,409
42,004
Tank container ancillary billable costs
46,950
56,297
Repositioning of tank containers
38,486
34,015
Ship supplies and provisions
33,858
31,666
Storage and other tank container move-related costs
29,246
27,714
Facilities and utilities
33,069
32,360
Expenses related to biological assets
38,245
23,831
Commissions
35,339
28,111
Insurance
24,384
32,950
Service element of leases
19,891
19,529
Voyage costs
12,172
16,851
Barging and trans-shipments
5,423
12,014
Owning costs
7,700
9,687
Packing expenses
6,376
7,937
Regulatory costs
7,769
4,385
Rail expenses
6,106
6,269
Sublet expenses
5,487
8,778
Purchase of biological assets
1,768
7,264
Biological assets market valuation adjustment
(3,914 )
974
Other expenses
2,211
10,493
Total operating expenses
$
1,745,793
$
1,851,608
Legal claims provision (see Note 26)
$
155,000
$
\u2013
An analysis of administrative and general expenses is as follows:
For the years ended November 30,
(in thousands)
2023
2022
Administrative and general employees\u2019 benefit expenses
$
213,641
$
197,232
Information systems
16,869
14,958
Professional fees
12,281
9,918
Travel and entertainment expenses
7,620
5,567
Office expenses
7,314
5,726
Legal fees
2,455
3,282
Management fee to joint venture
2,613
1,928
Investor relations and publicity
2,433
1,441
Communication expenses
1,101
961
Office lease expenses
1,305
1,191
Board fees and expenses
1,803
908
Bank non-interest fees
1,602
1,768
Other
2,375
4,142
Total administrative and general expenses
$
273,412
$
249,022
15. Right-of-use Assets and Lease Liabilities Accounting policy (i) Right-of-use assets Right-of-use assets are measured initially at cost based on the associated lease liability, adjusted for any payments made before inception initial direct costs and an estimate of the dismantling, removal and restoration costs required in the terms of the lease. Subsequent to initial recognition, the Group depreciates the right-of-use assets over the term of the lease or, if shorter, the leased asset\u2019s remaining economic life. (ii) Lease liabilities In respect of leases of low-value items and those that are less than 12 months at the inception of the lease, the Group recognises an expense on a straight-line basis over the life of the lease. For all other leases, the Group recognises a right-of-use asset and corresponding liability at the date the leased asset is made available to the Group. Lease liabilities are measured at the present value of the future lease payments, excluding any payments relating to non-lease components. Future lease payments include options to the extent that it is reasonably certain that such payments will be made. The payments are discounted at the rate implicit in the lease or, where that cannot be measured, at an incremental borrowing rate. Lease liabilities are remeasured when there is a change in future lease payments arising from a change in an index or rate or if the Group changes its assessment of whether it will exercise an extension or termination option. When a lease liability is remeasured in this way, a corresponding adjustment is made to the carrying value of the right-of-use asset, or is recorded to profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Time charter contracts include the lease of a specific ship and a non-lease component for crew, maintenance and other operating expenses. When measuring lease liabilities, the non-lease component has been separated from the lease component based on internal sources of ships of similar classes as the ship under contract. The non-lease element is recorded in Operating expenses as the Service component of leases. Subsequent to initial recognition, the Group records an interest charge in respect of the lease liability. (iii) Lease expenses Short-term leases (defined as less than one year) and low value leases are expensed in the income statement. (iv) Variable lease consideration The Group operates the Joint Service, delivering freight services to customers in which external ships participate. The lease payments to external parties are entirely variable and therefore not included when calculating the lease liability. The variable lease payment, less a management fee, is included in the income statement as Charter and lease expense. Right-of-use Assets The below table shows right-of-use assets, held under lease agreements.
Cost Ships and Tank Plant and
(in thousands)
Land
Buildings
Barges Containers Equipment Total
Balance at December 1, 2021
$ 74,449
$
18,930
$
88,178
$
91,691
$
6,732
$
279,980
New leases and other increases
18,536
4,606
21,651
53,738
3,809
102,340
Retirements and other decreases
(4,378 )
(1,855 )
(2,775 )
(48,831 )
(706 )
(58,545)
Net foreign exchange differences
(1,889 )
(1,667 )
(1,786 )
(489)
(238 )
(6,069)
Balance at November 30, 2022
$ 86,718
$
20,014
$
105,268
$
96,109
$
9,597
$
317,706
New leases and other increases
4,036
5,428
19,283
39,983
1,526
70,256
Retirements and other decreases
(987 )
(5,027 )
(10,932 )
(14,123 )
(1,145 )
(32,214)
Net foreign exchange differences
(199 )
408
1,098
(27 )
255
1,535
Balance at November 30, 2023
$ 89,568
$
20,823
$
114,717
$
121,942
$
10,233
$
357,283
Accumulated depreciation Ships and Tank Plant and
(in thousands)
Land
Buildings
Barges Containers
Equipment
Total
Balance at December 1, 2021
$
5,420
$
7,205
$
29,382
$
32,318
$
2,607
$
76,932
Depreciation expense
3,032
4,031
20,609
22,619
1,270
51,561
Retirements and other decreases
(547 )
(1,684 )
(2,775 )
(19,061 )
(615 )
(24,682)
Net foreign exchange differences
(152 )
(502 )
(2,031 )
(255 )
(51 )
(2,991)
Reclasses and other
(6 )
21
\u2013
\u2013
433
448
Balance at November 30, 2022
$
7,747
$
9,071
$
45,185
$
35,621
$
3,644
$
101,268
Depreciation expense
3,281
4,118
22,245
26,877
1,265
57,786
Retirements and other decreases
(181 )
(4,366 )
(10,432 )
(14,887 )
(849 )
(30,715)
Net foreign exchange differences
96
201
231
(26 )
66
568
Reclasses and other
(161 )
(343 )
\u2013
101
508
105
Balance at November 30, 2023
$ 10,782
$
8,681
$
57,229
$
47,686
$
4,634
$
129,012
Net book value:
At November 30, 2022
$ 78,971
$
10,943
$
60,083
$
60,488
$
5,953
$
216,438
At November 30, 2023
$ 78,786
$
12,142
$
57,488
$
74,256
$
5,599
$
228,271
During 2023 and 2022, the Group entered into leases for land, offices, ships, barges, tank containers and terminal and sea farm equipment. At November 30, 2023, the Group has leases expiring from 2024 to 2070. Lease Liabilities
As of November 30,
(in thousands)
2023
2022
Contractual undiscounted cash flows:
Less than:
1 year
$
$
66,440
58,823
2 years
50,304
47,664
3 years
33,017
33,474
4 years
25,079
19,431
5 years
16,632
14,403
Thereafter
152,668
154,415
Total undiscounted cash flows
344,140
328,210
Total lease liabilities (discounted based on the Group\u2019s incremental borrowing rate)
238,207
223,584
Less current maturities
(55,456 )
(49,017 )
Non-current
$
$
182,751
174,567
See Note 8, Finance expenses and income, for interest expense from lease liabilities. Operating Leases Minimum future lease commitments, under agreements which expire at various dates through 2028, are as follows: (in thousands)
2023
2022
Less than:
1 year
$
3,801
$
2,214
2 years
443
570
3 years
283
397
4 years
139
173
5 years
30
48
$
4,696
$
3,402
The commitments for the year ended November 30, 2023 related to leases which are short-term (less than one year) or low-value (less than $5,000) and consist of tank containers, ships, barges, offices, automobiles and equipment leases. Rental and charter hire expenses under operating lease agreements for the years ended November 30, 2023 and 2022 were $35.3 million and $37.0 million, respectively. There was no sub-lease income in either year. Variable lease consideration related to charter hire expenses to participants in the Joint service was included in Charter and lease expenses. It was $264.1 million and $194.6 million, respectively, for the years ended November 30, 2023 and 2022. There were no non-cancellable sub-leases during the years ended November 30, 2023 and 2022.
Financial Liabilities
Financial liabilities at amortised cost
Accounts payables, excluding
withholding and value added taxes $ 107,142
$
\u2013
$
107,142
$
107,142
$
98,463
$
\u2013
$
98,463
$
98,463
Accrued expenses and accrued
voyage expenses
311,858
\u2013
311,858
311,858
320,311
\u2013
 320,311 320,311
Dividend payable
53,591
\u2013
53,591
53,591
53,591
\u2013
53,591
53,591
Long-term lease obligations, including
current maturities 55,456
182,751
238,207
238,207
49,017
174,567
 223,584 223,584
Short-term loans and long-term debt,
including current maturities and
excluding debt issuance costs
258,889
1,594,576
1,853,465
1,911,088
293,109
1,691,112
1,984,221
2,032,219
Other current liabilities
55,569
\u2013
55,569
55,569
49,407
\u2013
49,407
49,407
$ 842,505
$ 1,777,327
$
2,619,832
$ 2,677,455
$ 863,898
$ 1,865,679
$ 2,729,577
$ 2,777,575
For the year ended November 30, 2023 Less than More than
(in thousands) 1 yr
2-3 yrs
4-5 yrs
5 yrs Total
Contractual obligations:
Accounts payable, excluding withholding and value added taxes
$
107,142
$
\u2013
$
\u2013
$
\u2013
$
107,142
Accrued expenses and dividend payable
365,449
\u2013
\u2013
\u2013
365,449
Long-term lease liabilities, including current maturities
55,456
68,490
31,978
82,283
238,207
Interest on long-term lease liabilities
10,958
14,857
9,733
70,385
105,933
Long-term debt, including current maturities
258,889
669,539
529,957
395,080
1,853,465
Interest on long-term debt
93,404
154,866
88,913
34,277
371,460
Derivative financial liabilities
11,732
5,427
3,489
995
21,643
Other current liabilities
55,569
\u2013
\u2013
\u2013
55,569
Total contractual obligations
$
958,599
$
913,179
$
664,070
$
583,020
$
3,118,868
For the year ended November 30, 2022 Less than More than
(in thousands)
1 yr
2-3 yrs
4-5 yrs
5 yrs
Total
Contractual obligations:
Accounts payable, excluding withholding and value added taxes
$
98,463
$
\u2013
$
\u2013
$
\u2013
$
98,463
Accrued expenses and dividend payable
373,902
\u2013
\u2013
\u2013
373,902
Long-term lease liabilities, including current maturities
49,017
67,454
24,653
82,460
223,584
Interest on long-term lease liabilities
9,806
13,684
9,181
71,955
104,626
Long-term debt, including current maturities
293,109
817,069
450,480
423,563
1,984,221
Interest on long-term debt
96,282
117,539
72,890
41,542
328,253
Derivative financial liabilities
2,240
6,223
\u2013
\u2013
8,463
Other current liabilities
49,407
\u2013
\u2013
\u2013
49,407
Total contractual obligations
$
972,226
$
1,021,969
$
557,204
$
619,520
$
3,170,919
Net debt at November 30, 2023 comprises lease liabilities of $238.2 million (2022: $223.6 million) and long-term debt, including current maturities, of $1,836.6 million (2022: $1,966.8 million) less cash and cash equivalents of $446.5 million (2022: $152.1 million).
At December Exchange Other At November
(in thousands)
1, 2022
Cash flow
differences movements 30, 2023
Cash deposits
$
71,040
$
101,715
$
4,025
$
\u2013
$
176,780
Short-term time deposits
81,101
188,634
\u2013
\u2013
269,735
Cash and cash equivalents
152,141
290,349
4,025
\u2013
446,515
Borrowings:
Long-term debt, including current maturities
(1,966,779 )
127,905
3,643
(1,370 )
(1,836,601 )
Lease liabilities, including current maturities
(223,584 )
54,495
(1,180 )
(67,938 )
(238,207 )
Net debt
$ (2,038,222) $
472,749
$
6,488
$
(69,308)
$ (1,628,293 )
At December Exchange Other At November
(in thousands)
1, 2021
Cash flow
differences movements 30, 2022
Cash deposits
$
111,639
$
(39,011 ) $
(1,588 ) $
\u2013
$
71,040
Short-term time deposits
12,229
68,872
\u2013
\u2013
81,101
Cash and cash equivalents
123,868
29,861
(1,588 )
\u2013
152,141
Borrowings:
Short-term bank loans
(40,000 )
40,000
\u2013
\u2013
\u2013
Long-term debt, including current maturities
(2,185,644 )
200,208
25,934
(7,277 )
(1,966,779 )
Lease liabilities, including current maturities
(210,450 )
51,210
5,856
(70,200 )
(223,584 )
Net debt
$ (2,312,226) $
321,279
$
30,202
$
(77,477 )
$ (2,038,222)
In the year ended November 30, 2022, other non-cash movements in net debt primarily represent $70.2 million of new or modified leases, net of reductions, and $15.4 million amortisation of debt issuance costs offset by the capitalisation of debt issuance costs of $8.5 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-535": { "value": "Operating expenses comprised the following:
For the years ended November 30,
(in thousands)
2023
2022
Bunker fuel costs
$
334,802
$
379,310
Charter and lease expenses
303,084
234,435
Ocean and inland freight charges
250,153
405,687
Operating employees\u2019 benefit expenses
212,555
199,896
Port charges
179,546
159,540
Maintenance and repairs
69,678
59,611
Cleaning costs
45,409
42,004
Tank container ancillary billable costs
46,950
56,297
Repositioning of tank containers
38,486
34,015
Ship supplies and provisions
33,858
31,666
Storage and other tank container move-related costs
29,246
27,714
Facilities and utilities
33,069
32,360
Expenses related to biological assets
38,245
23,831
Commissions
35,339
28,111
Insurance
24,384
32,950
Service element of leases
19,891
19,529
Voyage costs
12,172
16,851
Barging and trans-shipments
5,423
12,014
Owning costs
7,700
9,687
Packing expenses
6,376
7,937
Regulatory costs
7,769
4,385
Rail expenses
6,106
6,269
Sublet expenses
5,487
8,778
Purchase of biological assets
1,768
7,264
Biological assets market valuation adjustment
(3,914 )
974
Other expenses
2,211
10,493
Total operating expenses
$
1,745,793
$
1,851,608
Legal claims provision (see Note 26)
$
155,000
$
\u2013
An analysis of administrative and general expenses is as follows:
For the years ended November 30,
(in thousands)
2023
2022
Administrative and general employees\u2019 benefit expenses
$
213,641
$
197,232
Information systems
16,869
14,958
Professional fees
12,281
9,918
Travel and entertainment expenses
7,620
5,567
Office expenses
7,314
5,726
Legal fees
2,455
3,282
Management fee to joint venture
2,613
1,928
Investor relations and publicity
2,433
1,441
Communication expenses
1,101
961
Office lease expenses
1,305
1,191
Board fees and expenses
1,803
908
Bank non-interest fees
1,602
1,768
Other
2,375
4,142
Total administrative and general expenses
$
273,412
$
249,022
Commitment fees for unused lines of credit were $2.6 million and $3.7 million for the years ended November 30, 2023 and 2022, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-528": { "value": "Operating expenses comprised the following:
For the years ended November 30,
(in thousands)
2023
2022
Bunker fuel costs
$
334,802
$
379,310
Charter and lease expenses
303,084
234,435
Ocean and inland freight charges
250,153
405,687
Operating employees\u2019 benefit expenses
212,555
199,896
Port charges
179,546
159,540
Maintenance and repairs
69,678
59,611
Cleaning costs
45,409
42,004
Tank container ancillary billable costs
46,950
56,297
Repositioning of tank containers
38,486
34,015
Ship supplies and provisions
33,858
31,666
Storage and other tank container move-related costs
29,246
27,714
Facilities and utilities
33,069
32,360
Expenses related to biological assets
38,245
23,831
Commissions
35,339
28,111
Insurance
24,384
32,950
Service element of leases
19,891
19,529
Voyage costs
12,172
16,851
Barging and trans-shipments
5,423
12,014
Owning costs
7,700
9,687
Packing expenses
6,376
7,937
Regulatory costs
7,769
4,385
Rail expenses
6,106
6,269
Sublet expenses
5,487
8,778
Purchase of biological assets
1,768
7,264
Biological assets market valuation adjustment
(3,914 )
974
Other expenses
2,211
10,493
Total operating expenses
$
1,745,793
$
1,851,608
Legal claims provision (see Note 26)
$
155,000
$
\u2013
26. Provisions Accounting policy A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are measured at management\u2019s best estimate of the expenditure required to settle the obligation at the balance sheet date. If the effect is material, provisions are recognised at present value by discounting the expected future cash flows at a pre-tax rate that reflects the time value of money. When a contract becomes onerous, the present obligation under the contract is recognised as a provision and measured at the lower of the expected cost of fulfilling the contract and the expected cost of terminating the contract as far as they exceed the expected economic benefits of the contract. Additions to provisions and reversals are generally recognised in the Consolidated Income Statement. The present value of the recognised obligations associated with the retirement of property, plant and equipment (asset retirement obligations) that result from the acquisition, construction, development or normal use of an asset is added to the carrying amount of the related asset. The additional carrying amount is depreciated over the useful life of the related asset. Additions to and reductions from the present value of asset retirement obligations that result from changes in estimates are generally recognised by adjusting the carrying amount of the related asset and provision. If the asset retirement obligation is settled for other than the carrying amount of the liability, the Company recognises a gain or loss on settlement. A provision is established for obligations under lease agreements to dismantle and/or restore leased property to its original condition. Short-term provisions
Claims Environmental
(in thousands) provision
provision
Restructuring
Total
Balance at December 1, 2022
$
4,495
$
214
$
34
$
4,743
Additional provisions recognised, net
159,231
423
119
159,773
Reclass of MSC Flaminia Provision from long-term
139,000
\u2013
\u2013
139,000
Reductions arising from payments
(1,119)
(56 )
(126 )
(1,301)
Net foreign exchange differences
(41)
\u2013
10
(31)
Balance at November 30, 2023
$
301,566
$
581
$
37
$
302,184
The claims provision is in relation to short-term claims made against the Group by external parties. The majority of the short-term provision related to the civil action as a result of the fire on the MSC Flaminia. As discussed in Note 29, as the result of the court decision, an additional $155.0 million was recorded as a provision in 2023 and the previous provision reclassed to short-term provisions. The Group also received $133.0 million in 2023 from the Group\u2019s insurance underwriters and the Group has recorded a $13.0 million receivable from Deltech who is jointly and severally liable in the claim. In 2013, the Group sold land in Perth Amboy, New Jersey. The sale price included an obligation to remediate certain environmental matters at the site. The environmental provision includes the expected future costs to remediate the land. The environmental provision also includes disposal costs for specific chemicals at the Moerdijk terminal. The restructuring provision relates to severance payments. Long-term provisions
Asset retirement Claims
(in thousands) obligations provision Total
Balance at December 1, 2022
$
482
$
156,685
$
157,167
Additional (reversal) provisions recognised, net
1,439
(2,441 )
(1,002)
Reclass of MSC Flaminia Provision to short-term
\u2013
(139,000 )
(139,000)
Net foreign exchange differences
12
17
29
Balance at November 30, 2023
$
1,933
$
15,261
$
17,194
The asset retirement obligations relate to an obligation to dismantle and/or restore leased property to its pre-leased condition. At November 30, 2023, these amounts related to obligations on certain offices with this obligation. Amounts are estimated based on the present value of the expected future costs to restore the leased property in accordance with the lease contracts and are expected to be utilised in approximately four to six years. The claims provision relates to claims made against the Group by external parties. These relate to third-party claims such as collision, property damage, pollution, environmental damage, general average, injury and cargo claims. In most cases, legal provisions are settled on a net basis by insurance companies. The timing of the payments of the long-term provisions is expected to be greater than one year. The amount decreased due to the reclass of the MSC Flaminia provision to short-term. 27. Commitments and Contingencies As of November 30, 2023, and 2022, the Group had total capital expenditure purchase commitments outstanding of approximately $41.5 million and $66.6 million, respectively. At November 30, 2023, the Group has committed tanker projects of $0.3 million, terminal projects of $19.3 million, tank container projects of $14.6 million and $7.2 million in Sea Farm. The $41.5 million commitment at November 30, 2023 is expected to be paid within the next 12 months. The commitments will either be paid out of operating cash flow, existing liquidity or through external financing. Purchase commitments of joint ventures and associates The Group\u2019s joint ventures and associates had $53.8 million of total capital expenditure commitments on November 30, 2023 of which $52.0 million is expected to be paid within the next 12 months. Of the total commitments, $19.6 million related to a planned expansion at the joint venture terminal in Malaysia and $23.8 million in a new joint venture terminal in Taiwan. The commitments will be paid out of the existing liquidity of those joint ventures, capital injections or loans from its shareholders and through external financing, which is in the process of being raised. Environmental The Group\u2019s operations involve the carriage, use, storage and disposal of chemicals and other hazardous materials and wastes. The Group is subject to applicable international and national health, safety and environmental laws relating to the protection of the environment, including those governing discharges of pollutants to air and water, the generation, management and disposal of hazardous materials and wastes and the clean-up of contaminated sites. The Comprehensive Environmental Response, Compensation, and Liability Act (\u201cCERCLA\u201d), commonly known as Superfund, was enacted by the US Congress on December 11, 1980. This law created a tax on the chemical and petroleum industries and provided broad federal authority to respond directly to releases or threatened releases of hazardous substances that may endanger public health or the environment. This law and similar state environment statutes and common laws can impose liability for the entire clean-up of contaminated sites or for third-party claims for property damage and personal injury, regardless of whether the current owner or operator owned or operated the site at the time of the release of contaminants or of the legality of the original disposal activities. Actual or discontinued operations in the US may, therefore, trigger a future liability. Owing to the uncertainty whether or the length of time before any liability may occur, it is currently not considered probable that a liability will arise and consequently no provision has been recorded. 29. Legal Claims and Proceedings There are various legal proceedings arising in the ordinary course of business, and in cases where the Group believes the likelihood of losses is probable and can be estimated, provisions are recorded. While ongoing legal proceedings could have a material adverse effect on the Group\u2019s consolidated financial position or results of operations in the future, the Group believes that none of these matters will have a material adverse effect on its business or financial condition. During 2023 and 2022, the Group has been involved in certain civil litigation cases, which are described below. Civil actions as a result of the fire on the MSC Flaminia On July 14, 2012, a fire broke out aboard the MSC Flaminia during the ship\u2019s crossing of the Atlantic Ocean in cargo hold number 4. During the crew\u2019s attempt to extinguish the fire, an explosion occurred. Stolt Tank Containers had 29 tank containers onboard the ship, three of which were stowed in cargo hold number 4. These tank containers carried various products for various customers. STC filed claims for the replacement value of the tank containers and the product carried. In August 2012, vessel interests declared General Average. The vessel was initially hauled to Germany and then sailed onward to Romania for inspection, investigation and discharge operations. On May 29, 2013, the vessel interests, namely the owner, manager and operator filed counter and cross-claims against STC and Deltech, the shipper of the three tank containers stowed in cargo hold number 4, alleging that these tank containers were the cause of the fire and that STC did not adequately warn of the inherently dangerous nature of the cargo. Since that time, several other cargo claimants have filed cross-claims against STC and Deltech. The case remains pending in the US Federal Court sitting in the Southern District of New York. The US District Court for the Southern District of New York delivered a judgment on September 10, 2018, which held the Group jointly liable with Deltech for the incident where the counterparties are alleging damages of $186.0 million, excluding interest. On June 30, 2023 the Court of Appeals rejected STC and Deltech\u2019s appeal of the liability ruling. The proceedings returned to the Trial Court to determine the recoverable damages. The Company has recorded an additional loss provision of $155.0 million to the November 30, 2023 Consolidated Financial Statements for the MSC Flaminia legal claim. This was based on arbitral awards in favour of the owner of the MSC Flaminia against the Charterer, Mediterranean Shipping Company (\u201cMSC\u201d) as well as other claims made by MSC and the owner of the MSC Flaminia. Subsequent to year end, mediation proceedings took place between all parties and, as a result, a final figure to settle the MSC Flaminia legal claim has been agreed between all parties. This is subject to all parties agreeing and signing a binding settlement agreement. The current proposed settlement amount would not require a further legal claims provision. Civil actions as a result of Hurricane Isaac At the end of August 2012, Hurricane Isaac caused widespread flooding in southern Louisiana, including an unprecedented storm surge at the terminal in New Orleans/Braithwaite of about 13 feet of water. The storm surge overtopped the Parish levee system and despite extensive efforts to prepare the terminal for the impact of the hurricane, extensive damage was sustained to various portions of the facility, including several tanks, causing some tank releases of stored product to occur. Multiple notices were made to the relevant authorities. The protective measures taken in and around the terminal were successful in retaining a considerable amount of the releases. Following the hurricane, the rail cars stored at the terminal were inspected and no leaks were detected. All regulatory claims brought by the state and federal regulators against the terminal for i) failure to properly provide notice in accordance with the respective regulatory requirements, and ii) the release of certain chemical products being stored at the terminal have been resolved. Following the flooding at the terminal, two class actions and multiple individual actions were filed at the District Court in the Parish of Plaquemines, State of Louisiana. All actions allege pollution of the claimants\u2019 properties with liquids stored at the terminal and allegedly released because of the flooding. In November 2023, the parties to all of the cases reached a settlement for all claims in the amount of $2.5 million. At a recent court hearing, the court approved the settlement and issued a permanent injunction against any and all future litigation arising out of the incident. A final order of dismissal will be filed shortly bringing all litigation to its final conclusion. All these matters, including the legal fees for the defence, are covered by insurance maintained by the Group and it is not expected that they will have a material adverse effect on its business or financial condition. Legal Proceedings related to Explosion on the Stolt Groenland Stolt Tankers B.V. and Stolt Groenland B.V. (\u201cStolt\u201d) are involved in legal proceedings in South Korea arising out of the September 28, 2019 explosion and fire aboard the Stolt Groenland while the ship was berthed in Ulsan. There was no loss of life and no pollution. Stolt has cooperated and continues to fully cooperate with the relevant authorities in the resulting incident investigation and with claimants to reach an early resolution of their respective proven claims. Stolt has applied to limit liability in the South Korea court and supported its four officers who were detained in South Korea and criminally charged. Charges against the Master, Chief Officer and Third Officer were concluded in 2022, while proceedings against the Chief Officer (who signed off two days prior to the incident), who voluntarily travelled to South Korea to face trial there, were ultimately concluded in March 2023. He was permitted to depart South Korea at that time after being sentenced to one and a half years suspended jail time and a two-year ban from returning to South Korea. The proceedings, in their entirely, were resolved in 2023. General The ultimate outcome of governmental and third-party legal claims and proceedings is inherently difficult to predict. The Group\u2019s operations are affected by international and domestic environmental protection laws and regulations. Compliance with such laws and regulations may entail considerable expense, including ship modifications and changes in operating procedures.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-510": { "value": "An analysis of administrative and general expenses is as follows:
For the years ended November 30,
(in thousands)
2023
2022
Administrative and general employees\u2019 benefit expenses
$
213,641
$
197,232
Information systems
16,869
14,958
Professional fees
12,281
9,918
Travel and entertainment expenses
7,620
5,567
Office expenses
7,314
5,726
Legal fees
2,455
3,282
Management fee to joint venture
2,613
1,928
Investor relations and publicity
2,433
1,441
Communication expenses
1,101
961
Office lease expenses
1,305
1,191
Board fees and expenses
1,803
908
Bank non-interest fees
1,602
1,768
Other
2,375
4,142
Total administrative and general expenses
$
273,412
$
249,022
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-511": { "value": "An analysis of employee benefit expenses included in operating expenses and administrative and general expenses is as follows:
For the years ended November 30,
(in thousands, except employee data)
2023
2022
Salaries
$
282,808
$
269,383
Profit sharing and long-term incentive programmes
38,845
34,921
Social security expenses
23,568
20,694
Pension expenses for defined contribution plans (Note 25)
20,990
20,451
Temporary and contract employees
14,739
10,420
Travel of seafarers and relocation
13,804
14,999
Medical and life insurance
12,155
11,280
Training
7,733
5,652
Expatriate expenses
1,401
1,212
Pension expenses for defined benefit plans and post-retirement benefit plan (Note 25)
906
1,120
Other benefits
9,247
6,996
Total employee benefit expenses
$
426,196
$
397,128
Average number of employees:
Tankers*
4,632
4,652
Tank Containers
823
805
Terminals
627
607
Stolt Sea Farm
522
494
Other
78
65
Total average number of employees
6,682
6,623
* Including seafarers working on joint venture or third-party ships. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-536": { "value": "
For the years ended November 30,
(in thousands, except employee data)
2023
2022
Salaries
$
282,808
$
269,383
Profit sharing and long-term incentive programmes
38,845
34,921
Social security expenses
23,568
20,694
Pension expenses for defined contribution plans (Note 25)
20,990
20,451
Temporary and contract employees
14,739
10,420
Travel of seafarers and relocation
13,804
14,999
Medical and life insurance
12,155
11,280
Training
7,733
5,652
Expatriate expenses
1,401
1,212
Pension expenses for defined benefit plans and post-retirement benefit plan (Note 25)
906
1,120
Other benefits
9,247
6,996
Total employee benefit expenses
$
426,196
$
397,128
Average number of employees:
Tankers*
4,632
4,652
Tank Containers
823
805
Terminals
627
607
Stolt Sea Farm
522
494
Other
78
65
Total average number of employees
6,682
6,623
* Including seafarers working on joint venture or third-party ships. 25. Pension and Other Post-Retirement Benefit Plans Accounting policy (i) Defined contribution plans Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement as incurred. The Group has no further payment obligations once the contributions have been paid. (ii) Defined benefit plans and other post-employment benefits The Group\u2019s net obligation in respect of defined benefit pension plans and other post-employment benefits is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any plan assets (at bid price) is deducted. The liability discount rate for each plan is based on the yield curve of a portfolio of high-quality corporate bonds that have maturity dates which are approximately the same as the terms of the respective plans\u2019 obligations. The calculation is performed by a qualified actuary using the projected unit credit method. The current service cost of the defined benefit plan, recognised in the income statement in employee benefit expense, reflects the increase in the defined benefit obligation resulting from employees\u2019 service in the current year, benefit changes, curtailments and settlements. When the benefits of a plan are increased, the increased benefit relating to past service by employees is recognised as an expense in the income statement immediately. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the income statement. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in Other comprehensive income in the period in which they arise. Where the calculation results in a benefit to the Group, the asset recognised is limited to the present value of any future refunds from the plan or reductions in future contributions to the plan. Gains and losses on the curtailment or settlement of a defined benefit plan are recognised at the time the curtailment or settlement occurs. A curtailment occurs when the Group adopts a significant reduction in the number of employees covered by a plan or changes the terms of a defined benefit plan such that a significant part of future earnings to current employees will no longer qualify for benefits or will qualify only for reduced benefits. (iii) Short-term and long-term cash-based benefits Short-term employee benefit obligations are measured on an undiscounted basis while long-term cash-based employee benefit obligations are discounted based on expected payment date. They are expensed in the period in which the related service is provided. An accrual is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employees and the obligation can be estimated reliably. At November 30, 2023, the Group operated a number of pension plans for the benefit of its employees throughout the world, with varying rights and obligations depending on the conditions and practices in the specific countries. The Group\u2019s pension plans are provided through both defined benefit and defined contribution arrangements. These plans are regulated by the respective regulators in each of the countries where they are set up. The Group operates defined benefit plans in the United States, the United Kingdom, Bermuda, the Netherlands, Norway, the Philippines and Japan. One of the defined benefit plans covers certain ship officers and other seafarers while the others are for shore-based employees. Company-sponsored defined contribution pension plans are currently provided in all of the above countries and Spain. The Group also operates an unfunded post-retirement medical plan in the United States. Defined benefit plans provide benefits based on the employees\u2019 length of pensionable service and their final pensionable salary or other criteria. Defined contribution plans offer employees individual funds that are converted into benefits at the time of retirement. Defined benefit plans The Group\u2019s significant defined benefit pension plans are in the United States, Bermuda, the Netherlands and the United Kingdom. The Pension Committees participate in the governance of each of the significant defined benefit pension plans. These Pension Committees comprise representatives who are employees and former employees. In addition, actuarial advisers and investment management advisers also participate in the Pension Committee meetings. The Pension Committees for plans act in the best interest of the plan participants and are responsible for setting certain policies, such as strategic asset allocation, investment and contribution policies in consultation with the Group. The defined benefit plans expose the Group to actuarial risks such as longer than expected longevity of members, lower than expected return on investments and higher than expected inflation, which may increase the liabilities or reduce the value of assets of the plans. Recognising these risks, the Group has adopted an approach of moving away from providing defined benefit plans. All defined benefit plans have also been closed to future accrual and new entrants. The Group follows a coordinated strategy for the funding and investment of its defined benefit pension plans subject to abiding by all local laws and regulations applicable to those plans. The assets of the plan are generally held separately from those of the Group and are administered by local management in the respective countries. The Group has no legal obligation to settle these liabilities with any immediate contributions or additional one-off contributions. The Group intends to continue to contribute to each defined benefit pension and post-retirement medical plan in accordance with the latest recommendations of each plan actuary and its pension funding policy. In terms of investments, the Group\u2019s aim is for the value of defined benefit plan assets to be maintained at close to the value of the corresponding benefit obligations, allowing for some short-term volatility. Plan assets are invested in a diversified range of asset classes, predominantly comprising bonds and equities. In some locations, such as the United Kingdom, plan trustees and other bodies have legal and fiduciary responsibility for the investment of plan assets, and decisions on investment strategy are taken in consultation with the Group. The Group monitors its exposure to changes in equity markets, interest rates and inflation, and measures its balance sheet pension risk using a risk-based approach. Strategic asset allocation studies and asset-liability studies are carried out periodically for the significant pension plans. On a quarterly basis, the performance of all investments across the significant defined benefit plans is reviewed with the Group\u2019s investment management advisers. Pension plans overview The amounts recognised at November 30, consisted of the following:
As of November 30,
(in thousands)
2023
2022
Non-current assets
$
21,292
$
20,602
Non-current liabilities
(19,937 )
(20,342 )
Net pension asset
$
1,355
$
260
This is composed of the net of the present value of funded obligations and fair value of plan assets as follows:
As of November 30,
(in thousands)
2023
2022
Present value of funded obligations
$
(168,950 ) $
(177,630 )
Fair value of plans assets
170,305
177,890
$
1,355
$
260
US post-retirement healthcare plan US-based employees retiring from the Group, having attained the age of 55 with at least ten years of cumulative US service by January 1, 2018, or who become disabled, are eligible to receive both pre-Medicare and post-Medicare benefit offerings for themselves and their eligible dependants. Employees working until age 65 with at least ten years of US cumulative service are eligible for post-Medicare benefits only. All benefits are unfunded. Components of defined benefit cost The net periodic benefit cost for the Group\u2019s defined benefit pension plans (including a retirement arrangement for one of the Group\u2019s ex-Directors) and US post-retirement healthcare plan shown above for the years ended November 30, 2023 and 2022, consisted of the following:
For the years ended
November 30,
(in thousands)
2023
2022
Service cost
$
408
$
567
Interest cost, net
166
233
Cost of plan administration
332
320
Net periodic benefit cost
$
906
$
1,120
Impact on equity Remeasurements that are recognised in Other comprehensive income are as follows:
For the years ended
November 30,
(in thousands)
2023
2022
Effect of changes in demographic assumptions
$
7
$
(322 )
Effect of changes in financial assumptions
(7,225 )
59,727
Effect of experience assumptions
(796 )
332
Return on plan assets (excluding interest income)
6,657
(56,502 )
Remeasurements recognised in other comprehensive income
$
(1,357 ) $
3,235
The following tables set out the change in benefit obligations for the Group\u2019s defined benefit pension plans and US post-retirement medical plan and the change in plan assets for the defined benefit pension plans. Change in benefit obligation
For the years ended
November 30,
(in thousands)
2023
2022
Benefit obligations at beginning of year
$
177,630
$
247,310
Current service cost
408
567
Interest cost
8,633
5,885
Benefits paid
(10,425 )
(13,171 )
Foreign exchange rate changes
718
(3,224 )
Remeasurements:
Effect of changes in demographic assumptions
7
322
Effect of changes in financial assumptions
(7,225 )
(59,727 )
Effect of experience adjustments
(796 )
(332 )
Benefits obligation at end of year
$
168,950
$
177,630
Change in plan assets
For the years ended
November 30,
(in thousands)
2023
2022
Fair value of plan assets at beginning of year
$
177,890
$
240,960
Return on plan assets (excluding interest income)
(6,657)
(56,502 )
Interest income
8,467
5,652
Company contributions
443
4,080
Foreign exchange rate changes
919
(2,809 )
Benefits paid
(10,425)
(13,171 )
Expenses paid
(332 )
(320 )
Fair value of plan assets at end of year
$
170,305
$
177,890
Change in asset ceiling There were no defined benefit plans whose recognition of assets was limited. Participant profile The defined benefit obligation by participant status is as follows:
As of November 30,
(in thousands)
2023
2022
Actives
$
26,718
$
32,216
Vested former employees not yet retired
28,584
32,352
Retirees
113,648
113,062
$
168,950
$
177,630
The number of participants are as follows:
As of November 30,
2023
2022
Actives
1,002
975
Vested former employees not yet retired
476
499
Retirees
715
695
2,193
2,169
Key actuarial assumptions The following are the assumptions used in the measurement of the projected benefit obligation for the Group\u2019s defined benefit pension plans and the accumulated projected benefit obligation for US post-retirement medical plan benefits:
As of November 30,
2023
2022
Weighted-average assumptions to determine projected benefit obligations:
Discount rate
5.45 %
5.02 %
Rate of compensation increase
3.54 %
4.07 %
Rate of pension increases
3.12 %
3.02 %
Rate of price inflation
3.14 %
3.07 %
Life expectancy for an individual currently at 65:
Male
21.0 yrs
20.8 yrs
Female
23.0 yrs
22.9 yrs
The net period pension expense and retiree medical expense is based on the prior year\u2019s weighted average assumptions for the projected benefit obligation. Exposure to variances in healthcare cost trends have been mitigated to the extent that a 1% change would have a negligible effect on the accumulated post-retirement benefit obligation at the end of 2023.
Impact on Defined Benefit Obligation
Change in Assumption
Increase in Assumption
Decrease in Assumption
Discount rate
0.25%
Decrease by 2.3%
Increase by 2.5%
Salary growth rate
0.25%
Increase by 1.9%
Decrease by 1.9%
Pension growth rate
0.25%
Increase by 2.0%
Decrease by 2.1%
Increase by 1 Year in Assumption
Decrease by 1 Year in Assumption
Life expectancy
Increase by 2.2%
Decrease by 2.3%
The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting year) has been applied as when calculating the pension liability recognised within the balance sheet. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared with the previous year. Fair value of plan assets The Group\u2019s defined benefit pension plans\u2019 assets and weighted-average asset allocation as of November 30, 2023 and 2022, by category, were as follows:
As of November 30,
(in thousands)
2023
%
2022
%
Cash and cash equivalents
$
7,354
4%
$
24,429
14%
Equity instruments
39,483
23%
40,780
23%
Debt instruments
117,130
69%
104,895
59%
Real estate
3,260
2%
3,970
2%
Investment funds
1,820
1%
1,602
1%
Assets held by insurance company
190
\u2013
356
\u2013
Other
1,068
1%
1,858
1%
Total
$ 170,305
100%
$
177,890
100%
The fair value of all plan assets was based on quoted market prices, except for real estate of $3.3 million, assets held by insurance companies of $0.2 million and cash with a value of $7.2 million. It is the Group\u2019s policy to invest pension plan assets for its defined benefit plans to ensure that there is an adequate level of assets to support benefit obligations to participants and retirees over the life of the plans, maintain liquidity in plan assets sufficient to cover current benefit obligations and earn the maximum investment return consistent with a prudent level of investment and actuarial risk. Investment return is the total compounded annual return, calculated as interest and dividend income and realised and unrealised capital gains and losses, less expenses of the plan. The Group expects to contribute $1.9 million to its defined benefit pension and post-retirement benefit plans in 2024. Weighted average duration of the defined benefit obligation is 9.4 years. Expected maturity analysis of undiscounted pension and post-employment benefits
As of November 30, 2023 Less than Between Between More than 5
(in thousands) a year 1-2 years 2-5 years
years
Total
Pension benefits
$
11,781
$
22,487
$
24,927
$
60,556
$ 119,751
Post-employment benefits
478
773
611
1,292
3,154
Total
$
12,259
$
23,260
$
25,538
$
61,848
$
122,905
As of November 30, 2022 Less than Between Between More than 5
(in thousands) a year 1-2 years 2-5 years years Total
Pension benefits
$
11,108
$
21,932
$
22,670
$
59,191
$ 114,901
Post-employment benefits
467
945
694
1,360
3,466
Total
$
11,575
$
22,877
$
23,364
$
60,551
$
118,367
The above tables exclude vested deferred participants who have not started their retirement payments. The Group also provides defined contribution plans to certain of its qualifying employees. Group contributions charged to expense for these plans were $21.0 million and $20.5 million for the years ended November 30, 2023 and 2022, respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-490": { "value": "6. Auditors\u2019 Remuneration The analysis of auditors\u2019 remuneration is as follows:
For the years ended November 30,
(in thousands)
2023
2022
Fees payable to the Group auditors and associates for the audit of the Consolidated Financial
Statements and subsidiary statutory audits
$
$
3,006
2,832
Fees payable to the Group auditors and associates for other services as detailed below
296
286
Total fees
$
$
3,302
3,118
Tax services
$
$
27
43
Half-year reviews
120
100
Other
149
143
Total non-audit fees
$
$
296
286
The audit and non-audit fees relate to PricewaterhouseCoopers LLP and its associate firms.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-466": { "value": "
8. Finance Expenses and Income
Accounting policy
(i) Finance expenses
Finance expenses are recognised in the income statement as they accrue, using the effective interest method.
For finance leases, lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance
charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance
of the liability.
(ii) Finance income
Finance income is recognised in the income statement as it accrues, using the effective interest method.
For the years ended November 30,
(in thousands)
2023
2022
Finance expense on debt
Interest on loans
$
$
107,856
101,831
Amortisation of debt issuance costs
5,287
7,585
Realised gain on interest rate swaps (Note 22)
(6,434 )
(532 )
Commitment fees
2,577
3,749
Other interest expense
1,211
406
Total interest expense
110,497
113,039
Less interest capitalised to property, plant and equipment
(1,530 )
(851 )
$
$
108,967
112,188
Loss on early extinguishment of debt
Debt issuance costs and fees on early extinguishment of the Export-Import Bank of China (\u201cCEXIM\u201d) and
Standard Chartered Bank debt
$
\u2013
$
11,149
Finance expense on lease liabilities
Interest on lease liabilities
$
11,389
$
10,451
Finance income
Interest from joint ventures
$
872
$
1,911
Interest on bank deposits
6,412
1,869
Other
458
199
$
7,742
$
3,979
The average interest rates used to capitalise interest to property, plant and equipment were 5.5% and 5.1% for 2023 and 2022, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-537": { "value": "8. Finance Expenses and Income Accounting policy (i) Finance expenses Finance expenses are recognised in the income statement as they accrue, using the effective interest method. For finance leases, lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. (ii) Finance income Finance income is recognised in the income statement as it accrues, using the effective interest method.
For the years ended November 30,
(in thousands)
2023
2022
Finance expense on debt
Interest on loans
$
$
107,856
101,831
Amortisation of debt issuance costs
5,287
7,585
Realised gain on interest rate swaps (Note 22)
(6,434 )
(532 )
Commitment fees
2,577
3,749
Other interest expense
1,211
406
Total interest expense
110,497
113,039
Less interest capitalised to property, plant and equipment
(1,530 )
(851 )
$
$
108,967
112,188
Loss on early extinguishment of debt
Debt issuance costs and fees on early extinguishment of the Export-Import Bank of China (\u201cCEXIM\u201d) and
Standard Chartered Bank debt
$
\u2013
$
11,149
Finance expense on lease liabilities
Interest on lease liabilities
$
11,389
$
10,451
Finance income
Interest from joint ventures
$
872
$
1,911
Interest on bank deposits
6,412
1,869
Other
458
199
$
7,742
$
3,979
The average interest rates used to capitalise interest to property, plant and equipment were 5.5% and 5.1% for 2023 and 2022, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-491": { "value": "8. Finance Expenses and Income Accounting policy (i) Finance expenses Finance expenses are recognised in the income statement as they accrue, using the effective interest method. For finance leases, lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. (ii) Finance income Finance income is recognised in the income statement as it accrues, using the effective interest method.
For the years ended November 30,
(in thousands)
2023
2022
Finance expense on debt
Interest on loans
$
$
107,856
101,831
Amortisation of debt issuance costs
5,287
7,585
Realised gain on interest rate swaps (Note 22)
(6,434 )
(532 )
Commitment fees
2,577
3,749
Other interest expense
1,211
406
Total interest expense
110,497
113,039
Less interest capitalised to property, plant and equipment
(1,530 )
(851 )
$
$
108,967
112,188
Loss on early extinguishment of debt
Debt issuance costs and fees on early extinguishment of the Export-Import Bank of China (\u201cCEXIM\u201d) and
Standard Chartered Bank debt
$
\u2013
$
11,149
Finance expense on lease liabilities
Interest on lease liabilities
$
11,389
$
10,451
Finance income
Interest from joint ventures
$
872
$
1,911
Interest on bank deposits
6,412
1,869
Other
458
199
$
7,742
$
3,979
The average interest rates used to capitalise interest to property, plant and equipment were 5.5% and 5.1% for 2023 and 2022, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-512": { "value": "8. Finance Expenses and Income Accounting policy (i) Finance expenses Finance expenses are recognised in the income statement as they accrue, using the effective interest method. For finance leases, lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. (ii) Finance income Finance income is recognised in the income statement as it accrues, using the effective interest method.
For the years ended November 30,
(in thousands)
2023
2022
Finance expense on debt
Interest on loans
$
$
107,856
101,831
Amortisation of debt issuance costs
5,287
7,585
Realised gain on interest rate swaps (Note 22)
(6,434 )
(532 )
Commitment fees
2,577
3,749
Other interest expense
1,211
406
Total interest expense
110,497
113,039
Less interest capitalised to property, plant and equipment
(1,530 )
(851 )
$
$
108,967
112,188
Loss on early extinguishment of debt
Debt issuance costs and fees on early extinguishment of the Export-Import Bank of China (\u201cCEXIM\u201d) and
Standard Chartered Bank debt
$
\u2013
$
11,149
Finance expense on lease liabilities
Interest on lease liabilities
$
11,389
$
10,451
Finance income
Interest from joint ventures
$
872
$
1,911
Interest on bank deposits
6,412
1,869
Other
458
199
$
7,742
$
3,979
The average interest rates used to capitalise interest to property, plant and equipment were 5.5% and 5.1% for 2023 and 2022, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-524": { "value": "8. Finance Expenses and Income Accounting policy (i) Finance expenses Finance expenses are recognised in the income statement as they accrue, using the effective interest method. For finance leases, lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. (ii) Finance income Finance income is recognised in the income statement as it accrues, using the effective interest method.
For the years ended November 30,
(in thousands)
2023
2022
Finance expense on debt
Interest on loans
$
$
107,856
101,831
Amortisation of debt issuance costs
5,287
7,585
Realised gain on interest rate swaps (Note 22)
(6,434 )
(532 )
Commitment fees
2,577
3,749
Other interest expense
1,211
406
Total interest expense
110,497
113,039
Less interest capitalised to property, plant and equipment
(1,530 )
(851 )
$
$
108,967
112,188
Loss on early extinguishment of debt
Debt issuance costs and fees on early extinguishment of the Export-Import Bank of China (\u201cCEXIM\u201d) and
Standard Chartered Bank debt
$
\u2013
$
11,149
Finance expense on lease liabilities
Interest on lease liabilities
$
11,389
$
10,451
Finance income
Interest from joint ventures
$
872
$
1,911
Interest on bank deposits
6,412
1,869
Other
458
199
$
7,742
$
3,979
The average interest rates used to capitalise interest to property, plant and equipment were 5.5% and 5.1% for 2023 and 2022, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-529": { "value": "8. Finance Expenses and Income Accounting policy (i) Finance expenses Finance expenses are recognised in the income statement as they accrue, using the effective interest method. For finance leases, lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. (ii) Finance income Finance income is recognised in the income statement as it accrues, using the effective interest method.
For the years ended November 30,
(in thousands)
2023
2022
Finance expense on debt
Interest on loans
$
$
107,856
101,831
Amortisation of debt issuance costs
5,287
7,585
Realised gain on interest rate swaps (Note 22)
(6,434 )
(532 )
Commitment fees
2,577
3,749
Other interest expense
1,211
406
Total interest expense
110,497
113,039
Less interest capitalised to property, plant and equipment
(1,530 )
(851 )
$
$
108,967
112,188
Loss on early extinguishment of debt
Debt issuance costs and fees on early extinguishment of the Export-Import Bank of China (\u201cCEXIM\u201d) and
Standard Chartered Bank debt
$
\u2013
$
11,149
Finance expense on lease liabilities
Interest on lease liabilities
$
11,389
$
10,451
Finance income
Interest from joint ventures
$
872
$
1,911
Interest on bank deposits
6,412
1,869
Other
458
199
$
7,742
$
3,979
The average interest rates used to capitalise interest to property, plant and equipment were 5.5% and 5.1% for 2023 and 2022, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-549": { "value": "Accounting policy (i) Finance expenses Finance expenses are recognised in the income statement as they accrue, using the effective interest method. For finance leases, lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. (ii) Finance income Finance income is recognised in the income statement as it accrues, using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-569": { "value": "(i) Finance expenses Finance expenses are recognised in the income statement as they accrue, using the effective interest method. For finance leases, lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-583": { "value": "
For the years ended November 30,
(in thousands)
2023
2022
Finance expense on debt
Interest on loans
$
$
107,856
101,831
Amortisation of debt issuance costs
5,287
7,585
Realised gain on interest rate swaps (Note 22)
(6,434 )
(532 )
Commitment fees
2,577
3,749
Other interest expense
1,211
406
Total interest expense
110,497
113,039
Less interest capitalised to property, plant and equipment
(1,530 )
(851 )
$
$
108,967
112,188
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-467": { "value": "9. Income Tax Accounting policy Income tax represents the sum of current tax and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case the tax treatment follows the accounting treatment for the underlying item. Current tax is the sum of tax payable in respect of the taxable profit for the current year and any adjustment to tax payable in respect of previous years. Taxable income differs from profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. The Group operates in many territories with complex and varied tax systems. Management exercises judgement in relation to the level of provision required in respect of uncertain tax positions. For positions not agreed with tax authorities where different interpretations of legislation could lead to a range of outcomes, judgements are made for each position considering particular circumstances and advice obtained. Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the corresponding amounts used in the calculation of taxable income. The following temporary differences are not provided for: the initial recognition of goodwill for which no tax deduction is available; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and differences relating to investments in subsidiaries and joint ventures if it is probable that the temporary difference will not reverse in the foreseeable future and the Group can control the reversal. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. The carrying amount of deferred tax assets is reviewed at each balance sheet date and recognised only to the extent that it is probable that sufficient future taxable income will be available to allow the asset to be utilised based on Board-approved budgets and up-to-date expectations of future trading. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off and where the balances relate to the same taxation authority. Current tax assets are set off against current tax liabilities when they relate to income taxes levied by the same taxation authority. The Group intends to settle its current tax assets and liabilities on a net basis. The Company is incorporated in Bermuda, which is a non-taxable jurisdiction for the years ended November 30, 2023 and 2022. The following tables present the components of the income tax expense for the years ended November 30, 2023 and 2022:
For the years ended November 30,
(in thousands)
2023
2022
Current income tax expense
$
21,152
$
15,683
Adjustments in respect of prior years
(4,815)
734
16,337
16,417
Deferred income tax (benefit) expense
(2,287)
10,883
Adjustments in respect of prior years
(1,267)
764
(3,554)
11,647
Total income tax expense
$
12,783
$
28,064
The following reconciles the actual income tax expense to income taxes computed at the Bermuda statutory tax rate of nil:
For the years ended November 30,
(in thousands)
2023
2022
Profit before income tax expense
$
309,434
$
308,919
Tax at the Bermuda statutory tax rate
\u2013
\u2013
Differences between the Bermuda and other tax rates
130,673
101,816
Non-taxable income and disallowed expenses
(112,975 )
(80,778 )
Provision for uncertain tax positions, net of releases
10,877
2,712
Changes in the recognition of tax losses
(553 )
2,006
Adjustments in respect of prior years
(3,559 )
1,498
Other differences, net
(11,680 )
810
Total income tax expense
$
12,783
$
28,064
The non-taxable income arises because substantially all of the Group\u2019s international tanker operations are carried out in subsidiaries incorporated in the Netherlands, which imposes income tax on a fixed profit calculated by reference to the deadweight tonnage of the ships in the fleet rather than on the operating profits of the business. The Group incurred tonnage tax in the Netherlands of $0.6 million and $0.5 million for the years ended November 30, 2023 and 2022, respectively, which is included in Other operating expense. The following are the major deferred tax (liabilities) assets recognised and the movement thereon: (in thousands)
Accelerated tax Retirement benefit
depreciation obligations Tax losses Derivatives
Other
Total
Balance, December 1, 2021
$
(89,226 ) $
5,909
$
26,283
$
582
$
(2,335 ) $
(58,787)
(Charge) credit to income statement
(127 )
55
(11,914 )
\u2013
339
(11,647)
Charge to Other comprehensive income
\u2013
(2,993 )
\u2013
(1,128)
(884 )
(5,005)
Exchange differences
808
(119 )
(342)
\u2013
348
695
Balance, November 30, 2022
$
(88,545 ) $
2,852
$
14,027
$
(546) $
(2,532 ) $
(74,744)
(Charge) credit to income statement
(1,625 )
(368 )
3,220
\u2013
2,327
3,554
Credit (charge) to Other comprehensive income
\u2013
(343 )
\u2013
1,169
\u2013
826
Reallocations
2,384
(3,278 )
\u2013
\u2013
492
(402)
Exchange differences
(465 )
\u2013
(9 )
(3)
(129 )
(606)
Balance, November 30, 2023
$
(88,251 ) $
(1,137 ) $
17,238
$
620
$
158
$
(71,372)
Certain deferred tax assets and liabilities have been offset when there is a legally enforceable right to set off. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
As of November 30,
(in thousands)
2023
2022
Deferred tax liabilities
$
(90,516 ) $
(80,232 )
Deferred tax assets
19,144
5,488
$
(71,372 ) $
(74,744 )
The following is an analysis of the deferred taxes as of November 30, 2023 that are expected to be recovered or settled less than and more than twelve months after November 30, 2023:
Less than 12 More than 12
(in thousands) Months
Months
Total
Deferred tax liabilities
$
(1,719 ) $
(88,797 ) $
(90,516)
Deferred tax assets
266
18,878
19,144
$
(1,453 ) $
(69,919 ) $
(71,372)
As of November 30, 2023, the Group has recognised deferred tax assets on unused national corporate tax losses of $115.9 million (2022: $62.4 million) and unused regional tax losses of $54.3 million (2022: $30.2 million) available for offset against future profits. A deferred tax asset of $18.6 million at November 30, 2023 (2022: $24.0 million) has not been recognised in respect of losses carried forward at the balance sheet date of $69.3 million (2022: $25.8 million). These losses have arisen in Group companies where profits are not forecast for the foreseeable future. Deferred income tax liabilities of $14.6 million at November 30, 2023 (2022: $12.3 million) have not been recognised for the withholding tax and other taxes that would be payable on the undistributed earnings of certain subsidiaries. Such amounts are considered permanently reinvested, which means that the deferred income tax liabilities will not be realised in the foreseeable future. Undistributed earnings totalled $3.9 billion at November 30, 2023 (2022: $4.0 billion). The Group\u2019s income tax provisions are made in line with Group accounting policy. However, amounts asserted by tax authorities could be greater or less than the amounts accrued and reflected in the Group\u2019s consolidated balance sheet. Accordingly, provisions have been made to reflect uncertainties in tax positions. Provisions made for uncertain tax positions may be revised in future periods as underlying matters are resolved or as they develop. During 2021, the Organisation for Economic Co-operation and Development published a framework for the introduction of a global minimum effective tax rate of 15%, applicable to large multinational groups (\u2018Pillar II\u2019). During 2023, several of the territories in which the Group operates, including the Netherlands and the United Kingdom, introduced the legislation giving effect to this framework. The Group continues to review legislation and further developments in this area to understand any potential impacts. Based on current legislation, we expect this framework to apply to the Group with effect from December 1, 2024. On May 23, 2023, the IASB issued International Tax Reform \u2013 Pillar II Model Rules \u2013 Amendments to IAS12 to clarify the application of IAS12 Income Taxes. This included a mandatory temporary exception to the accounting for deferred income taxes arising from the implementation of the Pillar II rules (including Qualifying Domestic Minimum Top-Up Tax) which the Group is applying. On December 8, 2023, Bermuda introduced the Corporate Income Tax Act 2023 which effectively levies a corporate income tax of 15% on Bermuda businesses that are part of Multinational Enterprise Groups with annual revenue in excess of \u20ac750 million. This will apply to the Group from December 1, 2025 and we are currently assessing the impact this will have on the Group, which will be reported on during 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-550": { "value": "Accounting policy Income tax represents the sum of current tax and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case the tax treatment follows the accounting treatment for the underlying item. Current tax is the sum of tax payable in respect of the taxable profit for the current year and any adjustment to tax payable in respect of previous years. Taxable income differs from profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. The Group operates in many territories with complex and varied tax systems. Management exercises judgement in relation to the level of provision required in respect of uncertain tax positions. For positions not agreed with tax authorities where different interpretations of legislation could lead to a range of outcomes, judgements are made for each position considering particular circumstances and advice obtained. Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the corresponding amounts used in the calculation of taxable income. The following temporary differences are not provided for: the initial recognition of goodwill for which no tax deduction is available; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and differences relating to investments in subsidiaries and joint ventures if it is probable that the temporary difference will not reverse in the foreseeable future and the Group can control the reversal. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. The carrying amount of deferred tax assets is reviewed at each balance sheet date and recognised only to the extent that it is probable that sufficient future taxable income will be available to allow the asset to be utilised based on Board-approved budgets and up-to-date expectations of future trading. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off and where the balances relate to the same taxation authority. Current tax assets are set off against current tax liabilities when they relate to income taxes levied by the same taxation authority. The Group intends to settle its current tax assets and liabilities on a net basis. The Company is incorporated in Bermuda, which is a non-taxable jurisdiction for the years ended November 30, 2023 and 2022. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-570": { "value": "Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the corresponding amounts used in the calculation of taxable income. The following temporary differences are not provided for: the initial recognition of goodwill for which no tax deduction is available; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and differences relating to investments in subsidiaries and joint ventures if it is probable that the temporary difference will not reverse in the foreseeable future and the Group can control the reversal. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. The carrying amount of deferred tax assets is reviewed at each balance sheet date and recognised only to the extent that it is probable that sufficient future taxable income will be available to allow the asset to be utilised based on Board-approved budgets and up-to-date expectations of future trading. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off and where the balances relate to the same taxation authority. Current tax assets are set off against current tax liabilities when they relate to income taxes levied by the same taxation authority. The Group intends to settle its current tax assets and liabilities on a net basis. The Company is incorporated in Bermuda, which is a non-taxable jurisdiction for the years ended November 30, 2023 and 2022. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-530": { "value": "
For the years ended November 30,
(in thousands)
2023
2022
Current income tax expense
$
21,152
$
15,683
Adjustments in respect of prior years
(4,815)
734
16,337
16,417
Deferred income tax (benefit) expense
(2,287)
10,883
Adjustments in respect of prior years
(1,267)
764
(3,554)
11,647
Total income tax expense
$
12,783
$
28,064
(in thousands)
Accelerated tax Retirement benefit
depreciation obligations Tax losses Derivatives
Other
Total
Balance, December 1, 2021
$
(89,226 ) $
5,909
$
26,283
$
582
$
(2,335 ) $
(58,787)
(Charge) credit to income statement
(127 )
55
(11,914 )
\u2013
339
(11,647)
Charge to Other comprehensive income
\u2013
(2,993 )
\u2013
(1,128)
(884 )
(5,005)
Exchange differences
808
(119 )
(342)
\u2013
348
695
Balance, November 30, 2022
$
(88,545 ) $
2,852
$
14,027
$
(546) $
(2,532 ) $
(74,744)
(Charge) credit to income statement
(1,625 )
(368 )
3,220
\u2013
2,327
3,554
Credit (charge) to Other comprehensive income
\u2013
(343 )
\u2013
1,169
\u2013
826
Reallocations
2,384
(3,278 )
\u2013
\u2013
492
(402)
Exchange differences
(465 )
\u2013
(9 )
(3)
(129 )
(606)
Balance, November 30, 2023
$
(88,251 ) $
(1,137 ) $
17,238
$
620
$
158
$
(71,372)
Certain deferred tax assets and liabilities have been offset when there is a legally enforceable right to set off. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
As of November 30,
(in thousands)
2023
2022
Deferred tax liabilities
$
(90,516 ) $
(80,232 )
Deferred tax assets
19,144
5,488
$
(71,372 ) $
(74,744 )
The following is an analysis of the deferred taxes as of November 30, 2023 that are expected to be recovered or settled less than and more than twelve months after November 30, 2023:
Less than 12 More than 12
(in thousands) Months
Months
Total
Deferred tax liabilities
$
(1,719 ) $
(88,797 ) $
(90,516)
Deferred tax assets
266
18,878
19,144
$
(1,453 ) $
(69,919 ) $
(71,372)
As of November 30, 2023, the Group has recognised deferred tax assets on unused national corporate tax losses of $115.9 million (2022: $62.4 million) and unused regional tax losses of $54.3 million (2022: $30.2 million) available for offset against future profits. A deferred tax asset of $18.6 million at November 30, 2023 (2022: $24.0 million) has not been recognised in respect of losses carried forward at the balance sheet date of $69.3 million (2022: $25.8 million). These losses have arisen in Group companies where profits are not forecast for the foreseeable future. Deferred income tax liabilities of $14.6 million at November 30, 2023 (2022: $12.3 million) have not been recognised for the withholding tax and other taxes that would be payable on the undistributed earnings of certain subsidiaries. Such amounts are considered permanently reinvested, which means that the deferred income tax liabilities will not be realised in the foreseeable future. Undistributed earnings totalled $3.9 billion at November 30, 2023 (2022: $4.0 billion).
As of November 30,
(in thousands)
2023
2022
Interest rate derivatives
$
5,093
$
12,453
Cross-currency interest rate swaps
(1,537 )
8,548
Foreign currency derivatives
\u2013
(10 )
Foreign exchange and interest rate hedges held by joint ventures
5,486
4,418
Deferred income tax gain on the interest rate derivatives
645
(524)
$
9,687
$
24,885
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-525": { "value": "(in thousands)
Accelerated tax Retirement benefit
depreciation obligations Tax losses Derivatives
Other
Total
Balance, December 1, 2021
$
(89,226 ) $
5,909
$
26,283
$
582
$
(2,335 ) $
(58,787)
(Charge) credit to income statement
(127 )
55
(11,914 )
\u2013
339
(11,647)
Charge to Other comprehensive income
\u2013
(2,993 )
\u2013
(1,128)
(884 )
(5,005)
Exchange differences
808
(119 )
(342)
\u2013
348
695
Balance, November 30, 2022
$
(88,545 ) $
2,852
$
14,027
$
(546) $
(2,532 ) $
(74,744)
(Charge) credit to income statement
(1,625 )
(368 )
3,220
\u2013
2,327
3,554
Credit (charge) to Other comprehensive income
\u2013
(343 )
\u2013
1,169
\u2013
826
Reallocations
2,384
(3,278 )
\u2013
\u2013
492
(402)
Exchange differences
(465 )
\u2013
(9 )
(3)
(129 )
(606)
Balance, November 30, 2023
$
(88,251 ) $
(1,137 ) $
17,238
$
620
$
158
$
(71,372)
(in thousands)
2023
2022
Balance at December 1,
$
46,181
$
50,344
Increases owing to production and purchases
63,435
52,424
Gain (loss) from change in fair value
3,914
(974 )
Effect of changes in foreign currency rates
1,857
(4,397 )
Decreases owing to mortalities
(1,136 )
(894 )
Transfer to inventory
(59,439 )
(50,322 )
Balance at November 30,
$
54,812
$
46,181
Cost Ships and Tank Plant and Leasehold Construction
(In thousands)
Land
Buildings
Barges Containers Equipment Improvements
In Progress
Total
Balance at December 1, 2021
$ 58,687
$ 141,976
$ 3,142,921
$
475,957
$
1,524,773
$
8,871
$
67,448
$ 5,420,633
Additions
136
7,462
54,288
19,389
8,682
1,994
110,869
202,820
Grant receipts
\u2013
(89 )
\u2013
\u2013
(347)
\u2013
\u2013
(436)
Disposals and retirements
\u2013
(20 )
(13,153 )
(4,427 )
(13,986)
(1,004 )
\u2013
(32,590)
Net foreign exchange
differences
(3,404 )
(9,156 )
(5,697 )
(810 )
(27,967)
(215 )
(1,563)
(48,812)
Transfers
\u2013
1,066
30,950
\u2013
51,573
\u2013
(83,589)
\u2013
Reclasses and other
Balance at November 30,
\u2013
(5 )
\u2013
\u2013
(148)
(92 )
60
(185)
2022
$
55,419
$ 141,234
$ 3,209,309
$
490,109
$
1,542,580
$
9,554
$
93,225
$ 5,541,430
Additions
4,314
2,340
91,838
60,574
6,052
934
96,235
262,287
Grant receipts
\u2013
(153 )
\u2013
\u2013
(1,312)
\u2013
\u2013
(1,465)
Disposals and retirements
\u2013
(1,360 )
(33,584 )
(8,414 )
(6,814)
(71 )
(253)
(50,496)
Net foreign exchange
differences
1,386
2,488
3,298
(39 )
15,181
78
1,908
24,300
Transfers
3,588
788
27,885
\u2013
46,405
22
(78,688)
\u2013
Reclasses and other
Balance at November 30,
\u2013
(4 )
(3 )
\u2013
(21)
26
182
180
2023
$
64,707
$ 145,333
$ 3,298,743
$
542,230
$
1,602,071
$
10,543
$
112,609
$ 5,776,236
Accumulated depreciation
and impairment Ships and Plant and Leasehold Construction
(in thousands)
Land
Buildings
Barges
Tank Containers
Equipment Improvements
In Progress
Total
Balance at December 1,
2021
$
\u2013
$
55,602
$ 1,613,240
$
241,154
$
648,347
$
6,153
$
\u2013
$ 2,564,496
Depreciation expense
\u2013
4,735
135,595
18,321
66,463
693
\u2013
225,807
Disposals and retirements
\u2013
(19 )
(11,073 )
(3,055 )
(13,855)
(994 )
\u2013
(28,996)
Net foreign exchange
differences
\u2013
(3,329 )
(3,081 )
(534 )
(10,900)
(149 )
\u2013
(17,993)
Reclasses and other
Balance at November 30,
\u2013
363
366
\u2013
(495)
(47 )
\u2013
187
2022
$
\u2013
$
57,352
$ 1,735,047
$
255,886
$
689,560
$
5,656
$
\u2013
$ 2,743,501
Depreciation expense
\u2013
5,332
135,957
19,429
68,486
853
\u2013
230,057
Disposals and retirements
\u2013
(1,342 )
(32,468 )
(6,605 )
(6,263)
(70 )
\u2013
(46,748)
Net foreign exchange
differences
\u2013
681
1,681
(16 )
7,363
31
\u2013
9,740
Reclasses and other
Balance at November 30,
\u2013
34
2
(2 )
(865)
15
\u2013
(816)
2023
$
\u2013
$
62,057
$ 1,840,219
$
268,692
$
758,281
$
6,485
$
\u2013
$ 2,935,734
Net book value:
At November 30, 2022
$ 55,419
$
83,882
$ 1,474,262
$
234,223
$
853,020
$
3,898
$
93,225
$ 2,797,929
At November 30, 2023
$ 64,707
$
83,276
$ 1,458,524
$
273,538
$
843,790
$
4,058
$
112,609
$ 2,840,502
Cost Ships and Tank Plant and
(in thousands)
Land
Buildings
Barges Containers Equipment Total
Balance at December 1, 2021
$ 74,449
$
18,930
$
88,178
$
91,691
$
6,732
$
279,980
New leases and other increases
18,536
4,606
21,651
53,738
3,809
102,340
Retirements and other decreases
(4,378 )
(1,855 )
(2,775 )
(48,831 )
(706 )
(58,545)
Net foreign exchange differences
(1,889 )
(1,667 )
(1,786 )
(489)
(238 )
(6,069)
Balance at November 30, 2022
$ 86,718
$
20,014
$
105,268
$
96,109
$
9,597
$
317,706
New leases and other increases
4,036
5,428
19,283
39,983
1,526
70,256
Retirements and other decreases
(987 )
(5,027 )
(10,932 )
(14,123 )
(1,145 )
(32,214)
Net foreign exchange differences
(199 )
408
1,098
(27 )
255
1,535
Balance at November 30, 2023
$ 89,568
$
20,823
$
114,717
$
121,942
$
10,233
$
357,283
Accumulated depreciation Ships and Tank Plant and
(in thousands)
Land
Buildings
Barges Containers
Equipment
Total
Balance at December 1, 2021
$
5,420
$
7,205
$
29,382
$
32,318
$
2,607
$
76,932
Depreciation expense
3,032
4,031
20,609
22,619
1,270
51,561
Retirements and other decreases
(547 )
(1,684 )
(2,775 )
(19,061 )
(615 )
(24,682)
Net foreign exchange differences
(152 )
(502 )
(2,031 )
(255 )
(51 )
(2,991)
Reclasses and other
(6 )
21
\u2013
\u2013
433
448
Balance at November 30, 2022
$
7,747
$
9,071
$
45,185
$
35,621
$
3,644
$
101,268
Depreciation expense
3,281
4,118
22,245
26,877
1,265
57,786
Retirements and other decreases
(181 )
(4,366 )
(10,432 )
(14,887 )
(849 )
(30,715)
Net foreign exchange differences
96
201
231
(26 )
66
568
Reclasses and other
(161 )
(343 )
\u2013
101
508
105
Balance at November 30, 2023
$ 10,782
$
8,681
$
57,229
$
47,686
$
4,634
$
129,012
Net book value:
At November 30, 2022
$ 78,971
$
10,943
$
60,083
$
60,488
$
5,953
$
216,438
At November 30, 2023
$ 78,786
$
12,142
$
57,488
$
74,256
$
5,599
$
228,271
Customer
Relations/ Computer
(in thousands)
Goodwill
Trademark
Contracts
Software
Other
Total
Cost:
Balance, December 1, 2021
$
33,727
$
1,478
$
7,645
$
63,450
$
874
$ 107,174
Additions
\u2013
\u2013
\u2013
3,824
27
3,851
Disposals and retirements
\u2013
\u2013
\u2013
(8,798 )
(101 )
(8,899 )
Net foreign exchange differences
(1,181 )
(121)
(534 )
(3,673 )
(77 )
(5,586 )
Reclasses
\u2013
\u2013
\u2013
14
30
44
Balance, November 30, 2022
$
32,546
$
1,357
$
7,111
$
54,817
$
753
$
96,584
Additions
\u2013
\u2013
\u2013
7,892
135
8,027
Disposals and retirements
\u2013
\u2013
\u2013
(851 )
\u2013
(851 )
Net foreign exchange differences
755
\u2013
\u2013
1,375
383
2,513
Balance, November 30, 2023
$
33,301
$
1,357
$
7,111
$
63,233
$
1,271
$ 106,273
Accumulated amortisation:
Balance, December 1, 2021
$
12,394
$
1,478
$
7,551
$
46,134
$
650
$
68,207
Amortisation charge for the year
\u2013
\u2013
94
4,564
97
4,755
Disposals and retirements
\u2013
\u2013
\u2013
(8,798 )
(101 )
(8,899 )
Net foreign exchange differences
\u2013
(121)
(534 )
(2,549 )
(56 )
(3,260 )
Reclasses and other
\u2013
\u2013
\u2013
(64 )
(34 )
(98 )
Balance, November 30, 2022
$
12,394
$
1,357
$
7,111
$
39,287
$
556
$
60,705
Amortisation charge for the year
\u2013
\u2013
\u2013
4,367
111
4,478
Disposals and retirements
\u2013
\u2013
\u2013
(851 )
\u2013
(851 )
Net foreign exchange differences
\u2013
\u2013
\u2013
1,275
371
1,646
Reclasses and other
\u2013
\u2013
\u2013
(1 )
13
12
Balance, November 30, 2023
$
12,394
$
1,357
$
7,111
$
44,077
$
1,051
$
65,990
Net book value:
At November 30, 2022
$
20,152
$
\u2013
$
\u2013
$
15,530
$
197
$
35,879
At November 30, 2023
$
20,907
$
\u2013
$
\u2013
$
19,156
$
220
$
40,283
Revaluation for foreign exchange differences for goodwill and other intangibles amounted to a gain of $0.9 million in the same period.
Foreign currency
The following foreign exchange contracts, maturing through September 2024, were outstanding as of November 30, 2023 and 2022:
Purchase
(in local currency, thousands)
2023
2022
Euro
43,000
45,000
Singapore dollar
14,000
8,000
British pound
14,000
5,000
The US dollar equivalent of the currencies which the Group had contracted to purchase was $75.4 million and $58.8 million
as of November 30, 2023 and 2022, respectively.
The Group utilises foreign currency derivatives to hedge committed and forecasted cash flow exposures.
The Group has elected to apply non-hedge accounting treatment for all contracts. Gains and losses on hedges of committed
commercial transactions are recorded as a foreign exchange gain or loss.
For the years ended
November 30,
(in thousands)
2023
2022
Benefit obligations at beginning of year
$
177,630
$
247,310
Current service cost
408
567
Interest cost
8,633
5,885
Benefits paid
(10,425 )
(13,171 )
Foreign exchange rate changes
718
(3,224 )
Remeasurements:
Effect of changes in demographic assumptions
7
322
Effect of changes in financial assumptions
(7,225 )
(59,727 )
Effect of experience adjustments
(796 )
(332 )
Benefits obligation at end of year
$
168,950
$
177,630
For the years ended
November 30,
(in thousands)
2023
2022
Fair value of plan assets at beginning of year
$
177,890
$
240,960
Return on plan assets (excluding interest income)
(6,657)
(56,502 )
Interest income
8,467
5,652
Company contributions
443
4,080
Foreign exchange rate changes
919
(2,809 )
Benefits paid
(10,425)
(13,171 )
Expenses paid
(332 )
(320 )
Fair value of plan assets at end of year
$
170,305
$
177,890
Claims Environmental
(in thousands) provision
provision
Restructuring
Total
Balance at December 1, 2022
$
4,495
$
214
$
34
$
4,743
Additional provisions recognised, net
159,231
423
119
159,773
Reclass of MSC Flaminia Provision from long-term
139,000
\u2013
\u2013
139,000
Reductions arising from payments
(1,119)
(56 )
(126 )
(1,301)
Net foreign exchange differences
(41)
\u2013
10
(31)
Balance at November 30, 2023
$
301,566
$
581
$
37
$
302,184
Asset retirement Claims
(in thousands) obligations provision Total
Balance at December 1, 2022
$
482
$
156,685
$
157,167
Additional (reversal) provisions recognised, net
1,439
(2,441 )
(1,002)
Reclass of MSC Flaminia Provision to short-term
\u2013
(139,000 )
(139,000)
Net foreign exchange differences
12
17
29
Balance at November 30, 2023
$
1,933
$
15,261
$
17,194
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-514": { "value": "10. Cash and Cash Equivalents Accounting policy Cash and cash equivalents comprise cash balances and short-term time deposits with an original duration of less than three months, which are subject to an insignificant risk of changes in value.
As of November 30,
(in thousands)
2023
2022
Cash deposit
$
176,780
$
71,040
Short-term time deposits
269,735
81,101
Cash and cash equivalents
$
446,515
$
152,141
Cash and cash equivalents comprise cash and short-term time deposits held by the Group.
November 30, 2023
November 30, 2022
Total Total
carrying carrying
(in thousands) Current Non-current
value
Fair value
Current
Non-current
value
Fair value
Financial Assets
Financial assets at FVTOCI
Investments in equity instruments
\u2013 listed
$
\u2013
$
132,864
$
132,864
$
132,864
$
\u2013
$
143,144
$
143,144
$
143,144
Financial assets at amortised cost
Cash and cash equivalents
446,515
\u2013
446,515
446,515
152,141
\u2013
152,141
152,141
Trade receivables
341,319
\u2013
341,319
341,319
353,730
\u2013
353,730
353,730
Loans and advances to joint ventures
and associates
\u2013
25,764
25,764
25,764
\u2013
40,037
 40,037 40,037
Other current assets
47,082
\u2013
47,082
47,082
37,585
\u2013
37,585
37,585
$ 834,916
$
158,628
$
993,544
$
993,544
$
543,456
$
183,181
$
726,637
$
726,637
Analysis of net debt Net debt at November 30, 2023 comprises lease liabilities of $238.2 million (2022: $223.6 million) and long-term debt, including current maturities, of $1,836.6 million (2022: $1,966.8 million) less cash and cash equivalents of $446.5 million (2022: $152.1 million).
At December Exchange Other At November
(in thousands)
1, 2022
Cash flow
differences movements 30, 2023
Cash deposits
$
71,040
$
101,715
$
4,025
$
\u2013
$
176,780
Short-term time deposits
81,101
188,634
\u2013
\u2013
269,735
Cash and cash equivalents
152,141
290,349
4,025
\u2013
446,515
Borrowings:
Long-term debt, including current maturities
(1,966,779 )
127,905
3,643
(1,370 )
(1,836,601 )
Lease liabilities, including current maturities
(223,584 )
54,495
(1,180 )
(67,938 )
(238,207 )
Net debt
$ (2,038,222) $
472,749
$
6,488
$
(69,308)
$ (1,628,293 )
At December Exchange Other At November
(in thousands)
1, 2021
Cash flow
differences movements 30, 2022
Cash deposits
$
111,639
$
(39,011 ) $
(1,588 ) $
\u2013
$
71,040
Short-term time deposits
12,229
68,872
\u2013
\u2013
81,101
Cash and cash equivalents
123,868
29,861
(1,588 )
\u2013
152,141
Borrowings:
Short-term bank loans
(40,000 )
40,000
\u2013
\u2013
\u2013
Long-term debt, including current maturities
(2,185,644 )
200,208
25,934
(7,277 )
(1,966,779 )
Lease liabilities, including current maturities
(210,450 )
51,210
5,856
(70,200 )
(223,584 )
Net debt
$ (2,312,226) $
321,279
$
30,202
$
(77,477 )
$ (2,038,222)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-551": { "value": "Accounting policy Cash and cash equivalents comprise cash balances and short-term time deposits with an original duration of less than three months, which are subject to an insignificant risk of changes in value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-531": { "value": "
Cash and cash equivalents comprise cash and short-term time deposits held by the Group.
No collateral is held on any accounts receivable. (iii) Senior secured credit facilities On June 12, 2023, the Group refinanced its previous Stolthaven Singapore facility with a SGD 280.0 million ($208.4 million) term loan. The agreement is with DBS Bank Ltd., ING Bank N.V., KfW IPEX-Bank GmbH and Oversea-Chinese Banking Corporation Limited. The debt will be repaid over seven years with a final balloon payment of SGD 112.0 million and the interest rate has been fixed at 5.3%. The net proceeds were used to repay a NOK bond (SNI09) with $132.0 million outstanding and for general corporate purposes. On June 21, 2022, the Group signed a $110.0 million floating-rate borrowing agreement using a group of tank containers as collateral. The agreement is with ING Bank N.V. and a group of private investors for seven years and ten months. There are 33 equal payments, with a balloon payment at maturity. The drawdown of the cash coincided with the November 2022 balloon payment of the November 2015 tank container financing and the interest rate was fixed just before draw down. On March 2, 2022, the Group signed a $127.6 million floating-rate borrowing agreement using a group of tank containers as collateral. The agreement is with ING Bank N.V. and a group of private investors for six years and ten months. There are 29 equal payments, with a balloon payment at maturity. Cash was drawn on the new facility subsequent to the May 2022 balloon payment of the May 2016 tank container financing and the interest rate was fixed just before draw down. On December 3, 2020, the Group entered into a $65.0 million fixed-rate term loan facility using Stolthaven Dagenham and Stolthaven Moerdijk terminals as collateral. The facility agreement is with KFW IPEX-BANK GMBH for six years. There are eight equal payments of 6.25% of the total commitment beginning in 2023 with a final balloon obligation of $32.5 million. In July 2019, Stolthaven New Orleans LLC issued $200.0 million Senior Secured Notes with a group of private investors. The private placement has a ten-year term at a fixed interest rate of 5.15% and is secured by the terminal in Braithwaite, Louisiana. Proceeds were used for general corporate purposes. On May 24, 2017, the previous Stolthaven Singapore terminal loan facility was refinanced with a seven-year SGD 280.0 million ($202.4 million) term loan facility. The agreement was with a bank club deal consisting of United Overseas Bank Limited, DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, and Australia and New Zealand Banking Group Limited and had a fixed interest rate of 4.16%. This loan was refinanced in 2023 as discussed above. On May 20, 2016, the Group entered into a $131.3 million fixed-rate borrowing agreement using a group of tank containers as collateral. The agreement is with ING Bank N.V., Development Bank of Japan and a group of private investors for six and a half years at a fixed interest rate of 3.4%. There were 26 equal payments of $3.6 million each and at the end of the agreement, the Group had an option to purchase the tank containers by paying a fixed amount of $59.1 million. As the option to repurchase was virtually certain to be exercised by the Group at the date of the borrowing, the transaction was treated as collateralised debt. This borrowing agreement was repaid in 2022. On November 20, 2015, the Group entered into a $166.4 million fixed-rate borrowing agreement using a group of tank containers as collateral. The agreement is with ING Bank N.V. and a group of private investors for six and a half years at a fixed interest rate of 3.3%. There were 26 equal payments of $4.6 million each and at the end of the agreement, the Group had an option to purchase the tank containers by paying a fixed amount of $74.9 million. As the option to repurchase was virtually certain to be exercised by the Group at the date of the borrowing, the transaction was treated as collateralised debt. This borrowing agreement was repaid in 2022. On February 19, 2015, the Group announced that it had closed a $250.0 million private placement with American International Group. The private placement has a term of 10 years and is secured by the Group\u2019s terminal in Houston. The loan was used to pay down existing debt and for general corporate purposes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-591": { "value": "11. Receivables, Net Accounting policy Trade and other receivables are recognised initially at transaction price and are subsequently stated at amortised cost, less allowances for expected credit losses. The Group measures the loss allowance for trade receivables at an amount equal to the lifetime expected credit losses. The amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to its recognised amount is recognised as an impairment loss or a reversal of an impairment loss in the income statement. Trade and other receivables are written off (either partially or in full) when there is no reasonable expectation of recovery. Contract assets represent the right to receive consideration for goods or services transferred to the customer. If the Group partially satisfies its performance obligations by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional on further performance obligations being satisfied. A trade receivable represents the Group\u2019s right to an amount of consideration where all performance obligations have been satisfied. Accrued revenue are trade receivables which have not yet been invoiced to customers. Expected credit losses on trade receivables are calculated by using the provision matrix approach. The provision matrix is determined based on historical observed default rates over the expected life of the trade receivables and is adjusted for forward-looking estimates. Provision for expected credit losses is made when the Group does not expect to collect all amounts due. Changes in estimation basis or in economic conditions could lead to a change in the level of provision recorded and, consequently, on the charge or credit to profit or loss. Impairment on receivables is measured as lifetime expected credit losses.
As of November 30,
(in thousands)
2023
2022
Customer trade receivables
$
319,826
$
347,457
Contract assets
14,124
15,433
Receivable from Deltech Corporation (\u201cDeltech\u201d) (see Note 19)
13,000
\u2013
Accrued revenue
7,831
7,556
Insurance receivable
1,241
\u2013
Interest
536
1,464
Other
6,039
3,438
362,597
375,348
Allowance for impairment on customer trade and accrued receivables
(21,278 )
(21,618 )
Receivables, net
$
341,319
$
353,730
Decrease in customer trade receivables is due to lower prices at STC. See Note 21 for an analysis of the credit risk of receivables. Contract assets A contract asset has been recorded for STC\u2019s transportation revenue which has been earned but not yet invoiced. Contract assets are typically invoiced within a month of any accrual.
2023
2022
(in thousands)
<1 year
>1 year
<1 year
>1 year
Balance, December 1
$
15,433
$
\u2013
$
15,068
$
\u2013
Transfer to trade receivables
(507,573)
\u2013
(679,422)
\u2013
Revenue recognised (current year performance obligations)
506,264
\u2013
679,787
\u2013
Balance, November 30
$
14,124
$
\u2013
$
15,433
$
\u2013
Accounting policy The Group maintains insurance to cover a number of risks including employee health, workers\u2019 compensation, pollution, damages to hull and machinery for each of our ships, property damages, war damage and general liabilities for third-party claims. The Group recognises a provision for future expected payments to third parties plus self-insured liabilities (deductibles) in respect of all claims (see Note 26). The Group recognises insurance reimbursement receivables from insurers for third-party claims at the time the recovery is virtually certain. Substantially all of the long-term insurance reimbursement receivables are for claims such as collision, property damage, pollution, environmental damage, general average, injury and cargo. The liabilities associated with the claims are estimated based on the specific merits of the individual claims. At November 30, 2023 and 2022, respectively, the Group included $14.9 million and $156.2 million for long-term insurance claims receivables. At November 30, 2022, substantially all of the Long-term insurance claims receivables and Long-term provision related to the civil action as a result of the fire on the MSC Flaminia. During 2023, the Group received $133.0 million from its insurance underwriters which has been recorded in Cash and cash equivalents. The Group also recorded a $13.0 million insurance receivable from Deltech, who is jointly and severally liable in the claim (see Note 29). All of the Group\u2019s insurance policies are subject to coverage limits, exclusions and deductible levels. While the Group believes that the estimated accrued claims reserves are adequate, the ultimate losses can differ. 19. Long-term Insurance Claims Receivable Concentration of credit risk Trade receivables are from customers across all lines of the Group\u2019s business. The Group extends credit to its customers in the normal course of business. The maximum exposure to credit risk is the net customer accounts receivable balance, contract assets and accrued revenue of $348.8 million and cash balance of $446.5 million. The Group regularly reviews its accounts receivable by performing credit checks upon entering into an initial sales contract with a customer and by the respective business controllers regularly reviewing the days past due accounts receivable reports. The majority of trade receivables are in US dollars. An analysis of the age of customer trade receivables that are past due is as follows:
As of November 30, 2023
Not
(in thousands)
Impaired
Impaired
Current
$ 176,400
$
429
Up to 30 days past due
62,642
438
31 to 60 days past due
18,195
327
61 to 90 days past due
12,262
347
Greater than 91 days past due
29,049
19,737
$ 298,548
$
21,278
As of November 30, 2022
Not
(in thousands)
Impaired
Impaired
Current
$
187,428
$
213
Up to 30 days past due
78,027
694
31 to 60 days past due
22,539
475
61 to 90 days past due
14,620
304
Greater than 91 days past due
23,225
19,932
$
325,839
$
21,618
No collateral is held on any accounts receivable. The only material loss allowance held against financial assets relates to trade receivables and is calculated on a lifetime expected loss basis. There have been no changes in the estimation techniques applied in the calculation of the loss allowance during the year. The allowance for impairment on customer trade receivables changed as follows:
As of November 30,
(in thousands)
2023
2022
Allowance for impairment on customer trade and accrued receivables, brought forward
$
21,618
$
20,129
Impairment recognised, net
1,861
1,893
Accounts written off
(2,201)
(404)
Balance at the end of the year
$
21,278
$
21,618
The amount of the impairment allowance on receivables is based on the age of unpaid balances, information about the current and expected future financial condition of customers and the markets in which they operate, and other relevant information. Management does not believe significant risk exists in connection with concentrations of credit as of November 30, 2023. There have been no significant changes to the impairment allowance because of changes in the gross carrying amount of trade receivables. There are no significant amounts written off which are still subject to enforcement activity. The Group\u2019s cash is held by a diverse group of financial institutions, which is monitored on an annual ongoing basis by Group Treasury.
November 30, 2023
November 30, 2022
Total Total
carrying carrying
(in thousands) Current Non-current
value
Fair value
Current
Non-current
value
Fair value
Financial Assets
Financial assets at FVTOCI
Investments in equity instruments
\u2013 listed
$
\u2013
$
132,864
$
132,864
$
132,864
$
\u2013
$
143,144
$
143,144
$
143,144
Financial assets at amortised cost
Cash and cash equivalents
446,515
\u2013
446,515
446,515
152,141
\u2013
152,141
152,141
Trade receivables
341,319
\u2013
341,319
341,319
353,730
\u2013
353,730
353,730
Loans and advances to joint ventures
and associates
\u2013
25,764
25,764
25,764
\u2013
40,037
 40,037 40,037
Other current assets
47,082
\u2013
47,082
47,082
37,585
\u2013
37,585
37,585
$ 834,916
$
158,628
$
993,544
$
993,544
$
543,456
$
183,181
$
726,637
$
726,637
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-579": { "value": "Accounting policy Trade and other receivables are recognised initially at transaction price and are subsequently stated at amortised cost, less allowances for expected credit losses. The Group measures the loss allowance for trade receivables at an amount equal to the lifetime expected credit losses. The amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to its recognised amount is recognised as an impairment loss or a reversal of an impairment loss in the income statement. Trade and other receivables are written off (either partially or in full) when there is no reasonable expectation of recovery. Contract assets represent the right to receive consideration for goods or services transferred to the customer. If the Group partially satisfies its performance obligations by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional on further performance obligations being satisfied. A trade receivable represents the Group\u2019s right to an amount of consideration where all performance obligations have been satisfied. Accrued revenue are trade receivables which have not yet been invoiced to customers. Expected credit losses on trade receivables are calculated by using the provision matrix approach. The provision matrix is determined based on historical observed default rates over the expected life of the trade receivables and is adjusted for forward-looking estimates. Provision for expected credit losses is made when the Group does not expect to collect all amounts due. Changes in estimation basis or in economic conditions could lead to a change in the level of provision recorded and, consequently, on the charge or credit to profit or loss. Impairment on receivables is measured as lifetime expected credit losses. Accounting policy The Group maintains insurance to cover a number of risks including employee health, workers\u2019 compensation, pollution, damages to hull and machinery for each of our ships, property damages, war damage and general liabilities for third-party claims. The Group recognises a provision for future expected payments to third parties plus self-insured liabilities (deductibles) in respect of all claims (see Note 26). The Group recognises insurance reimbursement receivables from insurers for third-party claims at the time the recovery is virtually certain. Substantially all of the long-term insurance reimbursement receivables are for claims such as collision, property damage, pollution, environmental damage, general average, injury and cargo. The liabilities associated with the claims are estimated based on the specific merits of the individual claims. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-571": { "value": "Expected credit losses on trade receivables are calculated by using the provision matrix approach. The provision matrix is determined based on historical observed default rates over the expected life of the trade receivables and is adjusted for forward-looking estimates. Provision for expected credit losses is made when the Group does not expect to collect all amounts due. Changes in estimation basis or in economic conditions could lead to a change in the level of provision recorded and, consequently, on the charge or credit to profit or loss. Impairment on receivables is measured as lifetime expected credit losses. (i) Impairment As required by IFRS 9, the Group adopted an \u201cexpected credit loss model\u201d which requires the Group to account for expected credit losses and changes in those expected credit losses at each year end or half-year to reflect changes in credit risk since initial recognition. In other words, it is no longer necessary for a credit event to have occurred before credit losses are recognised. Credit losses are calculated as the present value of the difference between all contractual cash flows that are due and all cash flows that the entity expects to receive. Expected credit losses are the sum of all possible credit losses, weighted by their probability of occurrence. The \u201c12-month expected credit losses\u201d approach is applied to all financial assets with the exception of trade receivables and advances to joint ventures. Both these asset classes generally do not contain a significant financing component. For these assets, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables, net of any allowance losses. The allowance loss measurement is determined by applying a simplified approach equalling the lifetime expected credit losses. Under the simplified approach, the tracking of changes in credit risk is not required, but instead the base lifetime expected credit loss at all times is applied. An allowance for loss is made for potentially impaired receivables during the year in which they are identified based on a periodic review of all outstanding amounts. Losses are recorded within selling, marketing and distribution expenses in the income statement. Trade receivables are deemed as impaired when there is an indication of significant financial difficulties of the debtor (delinquency in or default on payments occurs, probability of bankruptcy or need for financial reorganisation). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-576": { "value": "Expected credit losses on trade receivables are calculated by using the provision matrix approach. The provision matrix is determined based on historical observed default rates over the expected life of the trade receivables and is adjusted for forward-looking estimates. Provision for expected credit losses is made when the Group does not expect to collect all amounts due. Changes in estimation basis or in economic conditions could lead to a change in the level of provision recorded and, consequently, on the charge or credit to profit or loss. Impairment on receivables is measured as lifetime expected credit losses. (iv) Impairment of tangible and intangible assets with finite useful lives Tangible assets and intangible assets with finite lives are tested for impairment if there are indications of impairment. The carrying amounts of the Group\u2019s tangible and finite-lived intangible assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated to determine the extent of any impairment loss. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Ship newbuildings and other assets under construction are tested for impairment when there is an indication of impairment. The Group measures the recoverable amount of assets by comparing their carrying amount with the higher of their fair value less costs of disposal (\u201cFVLCD\u201d) or value in use (\u201cVIU\u201d). FVLCD is determined as the amount that would be obtained from the sale of the asset in an orderly transaction between market participants. FVLCD is generally determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset, including any expansion projects, and its eventual disposal, using assumptions that an independent market participant may take into account. These cash flows are discounted at an appropriate rate to arrive at a net present value of the asset. VIU is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and its eventual disposal. VIU is determined by applying assumptions specific to the Group\u2019s continued use and cannot take into account future development. These assumptions are different from those used in calculating fair value and consequently the value in use calculation is likely to give a different result to a fair value calculation. An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognised in the income statement. An impairment loss, other than for goodwill, is reversed when there is an indication that the impairment loss may no longer exist and there has been a change in the estimates used to determine the recoverable amount. Goodwill is initially recognised at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but is tested annually for impairment, or more frequently when there is an indication that the CGU is impaired. With respect to associates and joint ventures, the carrying amount of goodwill is included in the carrying amount of the investment in the associate or joint venture. Goodwill is tested for impairment on an annual basis for each CGU to which the goodwill is allocated. When goodwill is monitored at the level of a group of CGUs, it is tested for impairment at that level. The Group\u2019s unimpaired goodwill relates to the Tankers and Tank Container segments. (i) Impairment As required by IFRS 9, the Group adopted an \u201cexpected credit loss model\u201d which requires the Group to account for expected credit losses and changes in those expected credit losses at each year end or half-year to reflect changes in credit risk since initial recognition. In other words, it is no longer necessary for a credit event to have occurred before credit losses are recognised. Credit losses are calculated as the present value of the difference between all contractual cash flows that are due and all cash flows that the entity expects to receive. Expected credit losses are the sum of all possible credit losses, weighted by their probability of occurrence. The \u201c12-month expected credit losses\u201d approach is applied to all financial assets with the exception of trade receivables and advances to joint ventures. Both these asset classes generally do not contain a significant financing component. For these assets, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables, net of any allowance losses. The allowance loss measurement is determined by applying a simplified approach equalling the lifetime expected credit losses. Under the simplified approach, the tracking of changes in credit risk is not required, but instead the base lifetime expected credit loss at all times is applied. An allowance for loss is made for potentially impaired receivables during the year in which they are identified based on a periodic review of all outstanding amounts. Losses are recorded within selling, marketing and distribution expenses in the income statement. Trade receivables are deemed as impaired when there is an indication of significant financial difficulties of the debtor (delinquency in or default on payments occurs, probability of bankruptcy or need for financial reorganisation). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-513": { "value": "
As of November 30,
(in thousands)
2023
2022
Customer trade receivables
$
319,826
$
347,457
Contract assets
14,124
15,433
Receivable from Deltech Corporation (\u201cDeltech\u201d) (see Note 19)
13,000
\u2013
Accrued revenue
7,831
7,556
Insurance receivable
1,241
\u2013
Interest
536
1,464
Other
6,039
3,438
362,597
375,348
Allowance for impairment on customer trade and accrued receivables
(21,278 )
(21,618 )
Receivables, net
$
341,319
$
353,730
As of November 30, 2023
Not
(in thousands)
Impaired
Impaired
Current
$ 176,400
$
429
Up to 30 days past due
62,642
438
31 to 60 days past due
18,195
327
61 to 90 days past due
12,262
347
Greater than 91 days past due
29,049
19,737
$ 298,548
$
21,278
As of November 30, 2022
Not
(in thousands)
Impaired
Impaired
Current
$
187,428
$
213
Up to 30 days past due
78,027
694
31 to 60 days past due
22,539
475
61 to 90 days past due
14,620
304
Greater than 91 days past due
23,225
19,932
$
325,839
$
21,618
No collateral is held on any accounts receivable.
The only material loss allowance held against financial assets relates to trade receivables and is calculated on a lifetime expected loss basis. There have been no changes in the estimation techniques applied in the calculation of the loss allowance during the year. The allowance for impairment on customer trade receivables changed as follows:
As of November 30,
(in thousands)
2023
2022
Allowance for impairment on customer trade and accrued receivables, brought forward
$
21,618
$
20,129
Impairment recognised, net
1,861
1,893
Accounts written off
(2,201)
(404)
Balance at the end of the year
$
21,278
$
21,618
The amount of the impairment allowance on receivables is based on the age of unpaid balances, information about the current and expected future financial condition of customers and the markets in which they operate, and other relevant information. Management does not believe significant risk exists in connection with concentrations of credit as of November 30, 2023. There have been no significant changes to the impairment allowance because of changes in the gross carrying amount of trade receivables. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-538": { "value": "
As of November 30,
(in thousands)
2023
2022
Customer trade receivables
$
319,826
$
347,457
Contract assets
14,124
15,433
Receivable from Deltech Corporation (\u201cDeltech\u201d) (see Note 19)
13,000
\u2013
Accrued revenue
7,831
7,556
Insurance receivable
1,241
\u2013
Interest
536
1,464
Other
6,039
3,438
362,597
375,348
Allowance for impairment on customer trade and accrued receivables
(21,278 )
(21,618 )
Receivables, net
$
341,319
$
353,730
Accumulated depreciation
and impairment Ships and Plant and Leasehold Construction
(in thousands)
Land
Buildings
Barges
Tank Containers
Equipment Improvements
In Progress
Total
Balance at December 1,
2021
$
\u2013
$
55,602
$ 1,613,240
$
241,154
$
648,347
$
6,153
$
\u2013
$ 2,564,496
Depreciation expense
\u2013
4,735
135,595
18,321
66,463
693
\u2013
225,807
Disposals and retirements
\u2013
(19 )
(11,073 )
(3,055 )
(13,855)
(994 )
\u2013
(28,996)
Net foreign exchange
differences
\u2013
(3,329 )
(3,081 )
(534 )
(10,900)
(149 )
\u2013
(17,993)
Reclasses and other
Balance at November 30,
\u2013
363
366
\u2013
(495)
(47 )
\u2013
187
2022
$
\u2013
$
57,352
$ 1,735,047
$
255,886
$
689,560
$
5,656
$
\u2013
$ 2,743,501
Depreciation expense
\u2013
5,332
135,957
19,429
68,486
853
\u2013
230,057
Disposals and retirements
\u2013
(1,342 )
(32,468 )
(6,605 )
(6,263)
(70 )
\u2013
(46,748)
Net foreign exchange
differences
\u2013
681
1,681
(16 )
7,363
31
\u2013
9,740
Reclasses and other
Balance at November 30,
\u2013
34
2
(2 )
(865)
15
\u2013
(816)
2023
$
\u2013
$
62,057
$ 1,840,219
$
268,692
$
758,281
$
6,485
$
\u2013
$ 2,935,734
Net book value:
At November 30, 2022
$ 55,419
$
83,882
$ 1,474,262
$
234,223
$
853,020
$
3,898
$
93,225
$ 2,797,929
At November 30, 2023
$ 64,707
$
83,276
$ 1,458,524
$
273,538
$
843,790
$
4,058
$
112,609
$ 2,840,502
Impairment of non-current assets
See Note 2 for further discussion of impairment.
The Tankers and Tank Containers segments\u2019 goodwill has been tested for impairment as of November 30, 2023 and 2022. To calculate the recoverable amount, the FVLCD was calculated. For Tankers, goodwill was allocated to the deep-sea fleet CGU while for Tank Containers, goodwill was allocated to the Tank Container fleet CGU. In both cases, these were the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or group of assets. FVLCD was based on a discounted cash flow basis using the approved projections in the five-year plan.
No impairment was noted.
Concentration of credit risk Trade receivables are from customers across all lines of the Group\u2019s business. The Group extends credit to its customers in the normal course of business. The maximum exposure to credit risk is the net customer accounts receivable balance, contract assets and accrued revenue of $348.8 million and cash balance of $446.5 million. The Group regularly reviews its accounts receivable by performing credit checks upon entering into an initial sales contract with a customer and by the respective business controllers regularly reviewing the days past due accounts receivable reports. The majority of trade receivables are in US dollars. An analysis of the age of customer trade receivables that are past due is as follows:
As of November 30, 2023
Not
(in thousands)
Impaired
Impaired
Current
$ 176,400
$
429
Up to 30 days past due
62,642
438
31 to 60 days past due
18,195
327
61 to 90 days past due
12,262
347
Greater than 91 days past due
29,049
19,737
$ 298,548
$
21,278
As of November 30, 2022
Not
(in thousands)
Impaired
Impaired
Current
$
187,428
$
213
Up to 30 days past due
78,027
694
31 to 60 days past due
22,539
475
61 to 90 days past due
14,620
304
Greater than 91 days past due
23,225
19,932
$
325,839
$
21,618
No collateral is held on any accounts receivable. The only material loss allowance held against financial assets relates to trade receivables and is calculated on a lifetime expected loss basis. There have been no changes in the estimation techniques applied in the calculation of the loss allowance during the year. The allowance for impairment on customer trade receivables changed as follows:
As of November 30,
(in thousands)
2023
2022
Allowance for impairment on customer trade and accrued receivables, brought forward
$
21,618
$
20,129
Impairment recognised, net
1,861
1,893
Accounts written off
(2,201)
(404)
Balance at the end of the year
$
21,278
$
21,618
The amount of the impairment allowance on receivables is based on the age of unpaid balances, information about the current and expected future financial condition of customers and the markets in which they operate, and other relevant information. Management does not believe significant risk exists in connection with concentrations of credit as of November 30, 2023. There have been no significant changes to the impairment allowance because of changes in the gross carrying amount of trade receivables. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-552": { "value": "Accounting policy Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on the first-in, first-out principle and includes expenditures incurred in acquiring the inventories and bringing them to their existing location and condition. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. The cost of items transferred from biological assets to inventory is the fair value less costs to sell at the date of harvest. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-468": { "value": "Accounting policy Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on the first-in, first-out principle and includes expenditures incurred in acquiring the inventories and bringing them to their existing location and condition. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. The cost of items transferred from biological assets to inventory is the fair value less costs to sell at the date of harvest. Inventories as of November 30, 2023 and 2022 consisted of the following:
November 30, 2023
(in thousands)
Terminals
SSF
Other
Total
Raw materials
$
\u2013
$
261
$
107
$
368
Consumables
576
\u2013
1,768
2,344
Finished goods
\u2013
5,678
\u2013
5,678
$
576
$
5,939
$
1,875
$
8,390
November 30, 2022
(in thousands) Terminals
SSF
Other
Total
Raw materials
$
\u2013
$
292
$
93
$
385
Consumables
518
\u2013
1,906
2,424
Finished goods
\u2013
7,373
\u2013
7,373
$
518
$
7,665
$
1,999
$
10,182
The cost of inventory included in operating expenses in 2023 and 2022 was $59.3 million and $50.2 million for Stolt Sea Farm, $7.9 million and $7.8 million for Stolt Tank Containers and nil and $0.1 million for Stolthaven Terminals, respectively. No inventory was written down in the years ended November 30, 2023 and 2022. Bunkers of $43.9 million and $45.1 million were included in prepaid expenses at November 30, 2023 and 2022, respectively. 12. Inventories, Net", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-553": { "value": "Accounting policy Biological assets primarily comprised turbot and sole, which include fish with and without an active market for sale (\u2018mature\u2019 and \u2018juvenile\u2019 fish), which are farmed by the Group. Turbot is considered \u2018mature\u2019 when it weighs more than 300 grams, while juvenile turbot weighs less than 300 grams. Sole is considered mature at 200 grams. All mature turbot and sole are held at fair value less costs to sell and costs related to packaging. Gains and losses from changes in fair value are recognised in the income statement. Fair value is determined on the basis of quoted prices in the principal market for the fish, where such information is available. The fair value adjustment on biological assets has no cash impact and does not affect the result of operations before unrealised fair value adjustments. Juvenile turbot and sole are carried at cost less provision for impairment, as management does not believe that reliable fair values exist. This approach is used to measure juvenile turbot and sole for the following reasons: \u2022 There is no active market for juvenile turbot or sole. \u2022 A non-active market price based on discounted cash flows requires a number of variables and assumptions which historically cannot be reliably determined. Key variables and assumptions for turbot and sole include mortality rate, time to maturity, rate of growth and market price at the point of harvest. Given the specific circumstances for juvenile assets, any assumptions are subjective. \u2022 The extent of these uncertainties also results in difficulty in determining the appropriate discount rate. A fair value adjustment is made at the point when previously juvenile turbot and sole is considered to mature. These fair value adjustments are recognised in the income statement. After harvest, the produce from harvest is treated as inventory and the fair value at the point of harvest is treated as the cost of the inventory. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBiologicalAssetsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-469": { "value": "Accounting policy Biological assets primarily comprised turbot and sole, which include fish with and without an active market for sale (\u2018mature\u2019 and \u2018juvenile\u2019 fish), which are farmed by the Group. Turbot is considered \u2018mature\u2019 when it weighs more than 300 grams, while juvenile turbot weighs less than 300 grams. Sole is considered mature at 200 grams. All mature turbot and sole are held at fair value less costs to sell and costs related to packaging. Gains and losses from changes in fair value are recognised in the income statement. Fair value is determined on the basis of quoted prices in the principal market for the fish, where such information is available. The fair value adjustment on biological assets has no cash impact and does not affect the result of operations before unrealised fair value adjustments. Juvenile turbot and sole are carried at cost less provision for impairment, as management does not believe that reliable fair values exist. This approach is used to measure juvenile turbot and sole for the following reasons: \u2022 There is no active market for juvenile turbot or sole. \u2022 A non-active market price based on discounted cash flows requires a number of variables and assumptions which historically cannot be reliably determined. Key variables and assumptions for turbot and sole include mortality rate, time to maturity, rate of growth and market price at the point of harvest. Given the specific circumstances for juvenile assets, any assumptions are subjective. \u2022 The extent of these uncertainties also results in difficulty in determining the appropriate discount rate. A fair value adjustment is made at the point when previously juvenile turbot and sole is considered to mature. These fair value adjustments are recognised in the income statement. After harvest, the produce from harvest is treated as inventory and the fair value at the point of harvest is treated as the cost of the inventory. Biological assets in the balance sheet
As of November 30,
(in thousands)
2023
2022
Turbot and sole
$
54,812
$
46,181
Biological assets are the work in process: live turbot and sole that are in the process of growing to marketable size. The biological assets are transferred to inventory after being harvested. See Note 12. Reconciliation of changes in book value of turbot and sole
(in thousands)
2023
2022
Balance at December 1,
$
46,181
$
50,344
Increases owing to production and purchases
63,435
52,424
Gain (loss) from change in fair value
3,914
(974 )
Effect of changes in foreign currency rates
1,857
(4,397 )
Decreases owing to mortalities
(1,136 )
(894 )
Transfer to inventory
(59,439 )
(50,322 )
Balance at November 30,
$
54,812
$
46,181
The cost of inventory sold which has been included in operating expenses was $59.3 million and $50.2 million for the years ended November 30, 2023 and 2022, respectively. 13. Biological Assets Fair value adjustments on biological assets in the income statement
For the years ended November 30,
(in thousands)
2023
2022
Total fair value adjustment of turbot and sole recognised in operating expenses
$
3,914
$
(974 )
Value of biological assets at fair value Volumes of biomass
For the years ended and
as of November 30,
(in tonnes)
2023
2022
Volume of biomass harvested during the year (live weight)
8,250
7,556
Volume of biomass in the water at year end (live weight)
4,310
4,446
Value of juvenile biological assets at cost
As of November 30,
(in thousands)
2023
2022
Total turbot and sole held at cost included in the balance sheet
$
4,061
$
3,133
The income statement impact relating to the change in carrying value when juvenile assets have reached maturity is immaterial for the years ended November 30, 2023 and 2022. The Group is exposed to risks arising from fluctuations in the price of turbot and sole and monitors the effect of price changes on profitability.
As of November 30,
(in thousands)
2023
2022
Total turbot and sole held at fair value included in the balance sheet
$
50,751
$
43,048
", "dimensions": { "concept": "ifrs-full:DisclosureOfBiologicalAssetsAndGovernmentGrantsForAgriculturalActivityExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-554": { "value": "Accounting policy (i) Recognition and measurement Property, plant and equipment is stated at cost less accumulated depreciation and any recognised impairment loss. Cost includes expenditures that are directly attributable to the acquisition of the asset. Borrowing costs directly attributable to the construction of significant assets are added to the cost of such assets until they are ready for their intended use. The cost of ships includes the contract price, pre-delivery costs incurred during the construction of newbuildings, borrowing costs and any material expenses incurred upon acquisition such as improvements and delivery expenses to prepare the ships for their initial voyage. (ii) Depreciation Depreciation is charged to the income statement on a straight-line basis over the estimated useful life of each component of an item of property, plant and equipment. Land and assets under construction are not depreciated. Property, plant and equipment is depreciated to a residual value which reflects management\u2019s estimate of scrap value or otherwise recoverable value at the end of the estimated useful life of the asset. Residual values and economic lives are reviewed annually. (iii) Subsequent costs \u2013 drydocking costs Upon acquisition of a ship, the estimated cost of each component of drydocking is deducted from the initial cost of the ship and separately capitalised and depreciated over its estimated life. Ships drydock every five years thereafter. After a ship is 15 years old, a shipping society classification intermediate survey is performed between the second and third year of the five-year drydocking period. The Group capitalises a substantial portion of the costs incurred during drydocking, including the survey costs, and depreciates those costs on a straight-line basis from the time of completion of a drydocking or intermediate survey based on the estimated life of each component of the drydocking. The residual value of the drydocking components is zero. The Group expenses costs related to routine repairs and maintenance incurred during drydocking that do not improve or extend the useful lives of the ships. If the drydock results in an extension of the life of a ship, then the estimated useful life of the ship is changed accordingly. (iv) Impairment of tangible and intangible assets with finite useful lives Tangible assets and intangible assets with finite lives are tested for impairment if there are indications of impairment. The carrying amounts of the Group\u2019s tangible and finite-lived intangible assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated to determine the extent of any impairment loss. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Ship newbuildings and other assets under construction are tested for impairment when there is an indication of impairment. The Group measures the recoverable amount of assets by comparing their carrying amount with the higher of their fair value less costs of disposal (\u201cFVLCD\u201d) or value in use (\u201cVIU\u201d). FVLCD is determined as the amount that would be obtained from the sale of the asset in an orderly transaction between market participants. FVLCD is generally determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset, including any expansion projects, and its eventual disposal, using assumptions that an independent market participant may take into account. These cash flows are discounted at an appropriate rate to arrive at a net present value of the asset. VIU is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and its eventual disposal. VIU is determined by applying assumptions specific to the Group\u2019s continued use and cannot take into account future development. These assumptions are different from those used in calculating fair value and consequently the value in use calculation is likely to give a different result to a fair value calculation. An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognised in the income statement. An impairment loss, other than for goodwill, is reversed when there is an indication that the impairment loss may no longer exist and there has been a change in the estimates used to determine the recoverable amount. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-470": { "value": "Accounting policy (i) Recognition and measurement Property, plant and equipment is stated at cost less accumulated depreciation and any recognised impairment loss. Cost includes expenditures that are directly attributable to the acquisition of the asset. Borrowing costs directly attributable to the construction of significant assets are added to the cost of such assets until they are ready for their intended use. The cost of ships includes the contract price, pre-delivery costs incurred during the construction of newbuildings, borrowing costs and any material expenses incurred upon acquisition such as improvements and delivery expenses to prepare the ships for their initial voyage. (ii) Depreciation Depreciation is charged to the income statement on a straight-line basis over the estimated useful life of each component of an item of property, plant and equipment. Land and assets under construction are not depreciated. Property, plant and equipment is depreciated to a residual value which reflects management\u2019s estimate of scrap value or otherwise recoverable value at the end of the estimated useful life of the asset. Residual values and economic lives are reviewed annually. (iii) Subsequent costs \u2013 drydocking costs Upon acquisition of a ship, the estimated cost of each component of drydocking is deducted from the initial cost of the ship and separately capitalised and depreciated over its estimated life. Ships drydock every five years thereafter. After a ship is 15 years old, a shipping society classification intermediate survey is performed between the second and third year of the five-year drydocking period. The Group capitalises a substantial portion of the costs incurred during drydocking, including the survey costs, and depreciates those costs on a straight-line basis from the time of completion of a drydocking or intermediate survey based on the estimated life of each component of the drydocking. The residual value of the drydocking components is zero. The Group expenses costs related to routine repairs and maintenance incurred during drydocking that do not improve or extend the useful lives of the ships. If the drydock results in an extension of the life of a ship, then the estimated useful life of the ship is changed accordingly. (iv) Impairment of tangible and intangible assets with finite useful lives Tangible assets and intangible assets with finite lives are tested for impairment if there are indications of impairment. The carrying amounts of the Group\u2019s tangible and finite-lived intangible assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated to determine the extent of any impairment loss. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Ship newbuildings and other assets under construction are tested for impairment when there is an indication of impairment. The Group measures the recoverable amount of assets by comparing their carrying amount with the higher of their fair value less costs of disposal (\u201cFVLCD\u201d) or value in use (\u201cVIU\u201d). FVLCD is determined as the amount that would be obtained from the sale of the asset in an orderly transaction between market participants. FVLCD is generally determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset, including any expansion projects, and its eventual disposal, using assumptions that an independent market participant may take into account. These cash flows are discounted at an appropriate rate to arrive at a net present value of the asset. VIU is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and its eventual disposal. VIU is determined by applying assumptions specific to the Group\u2019s continued use and cannot take into account future development. These assumptions are different from those used in calculating fair value and consequently the value in use calculation is likely to give a different result to a fair value calculation. An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognised in the income statement. An impairment loss, other than for goodwill, is reversed when there is an indication that the impairment loss may no longer exist and there has been a change in the estimates used to determine the recoverable amount. 14. Property, Plant and Equipment (v) Estimated useful lives The estimated useful lives are as follows:
Average Years
Buildings
15 to 50
Ships and barges
Ships
25 to 30
Barges
25 to 38
Tank containers
10 to 20
Plant and equipment:
Terminal tanks and structures
10 to 40
Terminal other support equipment and other assets
10 to 30
SSF transportation equipment
4 to 5
SSF operating equipment and other assets
5 to 15
Other assets
3 to 20
Leasehold improvements
5 to 10
Average years exclude immaterial assets. (vi) Disposals The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement. The below table shows owned property, plant and equipment.
Cost Ships and Tank Plant and Leasehold Construction
(In thousands)
Land
Buildings
Barges Containers Equipment Improvements
In Progress
Total
Balance at December 1, 2021
$ 58,687
$ 141,976
$ 3,142,921
$
475,957
$
1,524,773
$
8,871
$
67,448
$ 5,420,633
Additions
136
7,462
54,288
19,389
8,682
1,994
110,869
202,820
Grant receipts
\u2013
(89 )
\u2013
\u2013
(347)
\u2013
\u2013
(436)
Disposals and retirements
\u2013
(20 )
(13,153 )
(4,427 )
(13,986)
(1,004 )
\u2013
(32,590)
Net foreign exchange
differences
(3,404 )
(9,156 )
(5,697 )
(810 )
(27,967)
(215 )
(1,563)
(48,812)
Transfers
\u2013
1,066
30,950
\u2013
51,573
\u2013
(83,589)
\u2013
Reclasses and other
Balance at November 30,
\u2013
(5 )
\u2013
\u2013
(148)
(92 )
60
(185)
2022
$
55,419
$ 141,234
$ 3,209,309
$
490,109
$
1,542,580
$
9,554
$
93,225
$ 5,541,430
Additions
4,314
2,340
91,838
60,574
6,052
934
96,235
262,287
Grant receipts
\u2013
(153 )
\u2013
\u2013
(1,312)
\u2013
\u2013
(1,465)
Disposals and retirements
\u2013
(1,360 )
(33,584 )
(8,414 )
(6,814)
(71 )
(253)
(50,496)
Net foreign exchange
differences
1,386
2,488
3,298
(39 )
15,181
78
1,908
24,300
Transfers
3,588
788
27,885
\u2013
46,405
22
(78,688)
\u2013
Reclasses and other
Balance at November 30,
\u2013
(4 )
(3 )
\u2013
(21)
26
182
180
2023
$
64,707
$ 145,333
$ 3,298,743
$
542,230
$
1,602,071
$
10,543
$
112,609
$ 5,776,236
Accumulated depreciation
and impairment Ships and Plant and Leasehold Construction
(in thousands)
Land
Buildings
Barges
Tank Containers
Equipment Improvements
In Progress
Total
Balance at December 1,
2021
$
\u2013
$
55,602
$ 1,613,240
$
241,154
$
648,347
$
6,153
$
\u2013
$ 2,564,496
Depreciation expense
\u2013
4,735
135,595
18,321
66,463
693
\u2013
225,807
Disposals and retirements
\u2013
(19 )
(11,073 )
(3,055 )
(13,855)
(994 )
\u2013
(28,996)
Net foreign exchange
differences
\u2013
(3,329 )
(3,081 )
(534 )
(10,900)
(149 )
\u2013
(17,993)
Reclasses and other
Balance at November 30,
\u2013
363
366
\u2013
(495)
(47 )
\u2013
187
2022
$
\u2013
$
57,352
$ 1,735,047
$
255,886
$
689,560
$
5,656
$
\u2013
$ 2,743,501
Depreciation expense
\u2013
5,332
135,957
19,429
68,486
853
\u2013
230,057
Disposals and retirements
\u2013
(1,342 )
(32,468 )
(6,605 )
(6,263)
(70 )
\u2013
(46,748)
Net foreign exchange
differences
\u2013
681
1,681
(16 )
7,363
31
\u2013
9,740
Reclasses and other
Balance at November 30,
\u2013
34
2
(2 )
(865)
15
\u2013
(816)
2023
$
\u2013
$
62,057
$ 1,840,219
$
268,692
$
758,281
$
6,485
$
\u2013
$ 2,935,734
Net book value:
At November 30, 2022
$ 55,419
$
83,882
$ 1,474,262
$
234,223
$
853,020
$
3,898
$
93,225
$ 2,797,929
At November 30, 2023
$ 64,707
$
83,276
$ 1,458,524
$
273,538
$
843,790
$
4,058
$
112,609
$ 2,840,502
During the year ended November 30, 2023, the Group had additions of property, plant and equipment of $262.3 million. Additions, excluding accruals during the year, were $259.4 million and primarily reflected i) $72.4 million on tankers capital expenditures including $50.2 million on two second-hand ships, ii) $72.0 million on terminal capital expenditures, iii) $30.3 million on drydocking of ships, iv) $65.0 million on the purchase of tank containers and construction at depots, and v) $17.4 million on Stolt Sea Farm capital expenditures. Interest of $1.0 million was capitalised on terminals projects. During the year ended November 30, 2022, the Group had additions of property, plant and equipment of $202.8 million. Additions, excluding accruals during the year, were $199.4 million and primarily reflected i) $76.3 million on tankers capital expenditures, ii) $69.0 million on terminal capital expenditures, iii) $18.6 million on drydocking of ships, iv) $28.0 million on the purchase of tank containers and construction at depots, and v) $5.5 million on Stolt Sea Farm capital expenditures. Interest of $0.9 million was capitalised on the new construction of terminals and tankers. Tankers capital expenditures include the purchase of two second-hand ships from \u201cK\u201d Line Logistics Ltd. and a deposit of $5.7 million for a barge newbuilding. Proceeds of $6.3 million and $7.9 million were received from the sale of ships, sale of land and retirement of tank containers and other assets during the year ended November 30, 2023 and 2022, respectively. Certain property, plant and equipment assets have been pledged as security on loans. See Note 23 for additional details. Plant and equipment principally includes assets of the Terminal and Stolt Sea Farm businesses. Impairment of non-current assets See Note 2 for further discussion of impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-492": { "value": "(i) Recognition and measurement Property, plant and equipment is stated at cost less accumulated depreciation and any recognised impairment loss. Cost includes expenditures that are directly attributable to the acquisition of the asset. Borrowing costs directly attributable to the construction of significant assets are added to the cost of such assets until they are ready for their intended use. The cost of ships includes the contract price, pre-delivery costs incurred during the construction of newbuildings, borrowing costs and any material expenses incurred upon acquisition such as improvements and delivery expenses to prepare the ships for their initial voyage. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-532": { "value": "(ii) Depreciation Depreciation is charged to the income statement on a straight-line basis over the estimated useful life of each component of an item of property, plant and equipment. Land and assets under construction are not depreciated. Property, plant and equipment is depreciated to a residual value which reflects management\u2019s estimate of scrap value or otherwise recoverable value at the end of the estimated useful life of the asset. Residual values and economic lives are reviewed annually.
Accumulated depreciation
and impairment Ships and Plant and Leasehold Construction
(in thousands)
Land
Buildings
Barges
Tank Containers
Equipment Improvements
In Progress
Total
Balance at December 1,
2021
$
\u2013
$
55,602
$ 1,613,240
$
241,154
$
648,347
$
6,153
$
\u2013
$ 2,564,496
Depreciation expense
\u2013
4,735
135,595
18,321
66,463
693
\u2013
225,807
Disposals and retirements
\u2013
(19 )
(11,073 )
(3,055 )
(13,855)
(994 )
\u2013
(28,996)
Net foreign exchange
differences
\u2013
(3,329 )
(3,081 )
(534 )
(10,900)
(149 )
\u2013
(17,993)
Reclasses and other
Balance at November 30,
\u2013
363
366
\u2013
(495)
(47 )
\u2013
187
2022
$
\u2013
$
57,352
$ 1,735,047
$
255,886
$
689,560
$
5,656
$
\u2013
$ 2,743,501
Depreciation expense
\u2013
5,332
135,957
19,429
68,486
853
\u2013
230,057
Disposals and retirements
\u2013
(1,342 )
(32,468 )
(6,605 )
(6,263)
(70 )
\u2013
(46,748)
Net foreign exchange
differences
\u2013
681
1,681
(16 )
7,363
31
\u2013
9,740
Reclasses and other
Balance at November 30,
\u2013
34
2
(2 )
(865)
15
\u2013
(816)
2023
$
\u2013
$
62,057
$ 1,840,219
$
268,692
$
758,281
$
6,485
$
\u2013
$ 2,935,734
Net book value:
At November 30, 2022
$ 55,419
$
83,882
$ 1,474,262
$
234,223
$
853,020
$
3,898
$
93,225
$ 2,797,929
At November 30, 2023
$ 64,707
$
83,276
$ 1,458,524
$
273,538
$
843,790
$
4,058
$
112,609
$ 2,840,502
Right-of-use Assets The below table shows right-of-use assets, held under lease agreements.
Cost Ships and Tank Plant and
(in thousands)
Land
Buildings
Barges Containers Equipment Total
Balance at December 1, 2021
$ 74,449
$
18,930
$
88,178
$
91,691
$
6,732
$
279,980
New leases and other increases
18,536
4,606
21,651
53,738
3,809
102,340
Retirements and other decreases
(4,378 )
(1,855 )
(2,775 )
(48,831 )
(706 )
(58,545)
Net foreign exchange differences
(1,889 )
(1,667 )
(1,786 )
(489)
(238 )
(6,069)
Balance at November 30, 2022
$ 86,718
$
20,014
$
105,268
$
96,109
$
9,597
$
317,706
New leases and other increases
4,036
5,428
19,283
39,983
1,526
70,256
Retirements and other decreases
(987 )
(5,027 )
(10,932 )
(14,123 )
(1,145 )
(32,214)
Net foreign exchange differences
(199 )
408
1,098
(27 )
255
1,535
Balance at November 30, 2023
$ 89,568
$
20,823
$
114,717
$
121,942
$
10,233
$
357,283
Accumulated depreciation Ships and Tank Plant and
(in thousands)
Land
Buildings
Barges Containers
Equipment
Total
Balance at December 1, 2021
$
5,420
$
7,205
$
29,382
$
32,318
$
2,607
$
76,932
Depreciation expense
3,032
4,031
20,609
22,619
1,270
51,561
Retirements and other decreases
(547 )
(1,684 )
(2,775 )
(19,061 )
(615 )
(24,682)
Net foreign exchange differences
(152 )
(502 )
(2,031 )
(255 )
(51 )
(2,991)
Reclasses and other
(6 )
21
\u2013
\u2013
433
448
Balance at November 30, 2022
$
7,747
$
9,071
$
45,185
$
35,621
$
3,644
$
101,268
Depreciation expense
3,281
4,118
22,245
26,877
1,265
57,786
Retirements and other decreases
(181 )
(4,366 )
(10,432 )
(14,887 )
(849 )
(30,715)
Net foreign exchange differences
96
201
231
(26 )
66
568
Reclasses and other
(161 )
(343 )
\u2013
101
508
105
Balance at November 30, 2023
$ 10,782
$
8,681
$
57,229
$
47,686
$
4,634
$
129,012
Net book value:
At November 30, 2022
$ 78,971
$
10,943
$
60,083
$
60,488
$
5,953
$
216,438
At November 30, 2023
$ 78,786
$
12,142
$
57,488
$
74,256
$
5,599
$
228,271
Customer
Relations/ Computer
(in thousands)
Goodwill
Trademark
Contracts
Software
Other
Total
Cost:
Balance, December 1, 2021
$
33,727
$
1,478
$
7,645
$
63,450
$
874
$ 107,174
Additions
\u2013
\u2013
\u2013
3,824
27
3,851
Disposals and retirements
\u2013
\u2013
\u2013
(8,798 )
(101 )
(8,899 )
Net foreign exchange differences
(1,181 )
(121)
(534 )
(3,673 )
(77 )
(5,586 )
Reclasses
\u2013
\u2013
\u2013
14
30
44
Balance, November 30, 2022
$
32,546
$
1,357
$
7,111
$
54,817
$
753
$
96,584
Additions
\u2013
\u2013
\u2013
7,892
135
8,027
Disposals and retirements
\u2013
\u2013
\u2013
(851 )
\u2013
(851 )
Net foreign exchange differences
755
\u2013
\u2013
1,375
383
2,513
Balance, November 30, 2023
$
33,301
$
1,357
$
7,111
$
63,233
$
1,271
$ 106,273
Accumulated amortisation:
Balance, December 1, 2021
$
12,394
$
1,478
$
7,551
$
46,134
$
650
$
68,207
Amortisation charge for the year
\u2013
\u2013
94
4,564
97
4,755
Disposals and retirements
\u2013
\u2013
\u2013
(8,798 )
(101 )
(8,899 )
Net foreign exchange differences
\u2013
(121)
(534 )
(2,549 )
(56 )
(3,260 )
Reclasses and other
\u2013
\u2013
\u2013
(64 )
(34 )
(98 )
Balance, November 30, 2022
$
12,394
$
1,357
$
7,111
$
39,287
$
556
$
60,705
Amortisation charge for the year
\u2013
\u2013
\u2013
4,367
111
4,478
Disposals and retirements
\u2013
\u2013
\u2013
(851 )
\u2013
(851 )
Net foreign exchange differences
\u2013
\u2013
\u2013
1,275
371
1,646
Reclasses and other
\u2013
\u2013
\u2013
(1 )
13
12
Balance, November 30, 2023
$
12,394
$
1,357
$
7,111
$
44,077
$
1,051
$
65,990
Net book value:
At November 30, 2022
$
20,152
$
\u2013
$
\u2013
$
15,530
$
197
$
35,879
At November 30, 2023
$
20,907
$
\u2013
$
\u2013
$
19,156
$
220
$
40,283
Other than goodwill, all intangible assets were subject to amortisation as of November 30, 2023 and 2022.
The trademark intangible was amortised over a 10-year life and is now fully amortised while the customer relations and contracts intangibles were being amortised from two to 14 years and are now fully amortised. Computer software is being amortised over an average life of three to 10 years.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-493": { "value": "(ii) Depreciation Depreciation is charged to the income statement on a straight-line basis over the estimated useful life of each component of an item of property, plant and equipment. Land and assets under construction are not depreciated. Property, plant and equipment is depreciated to a residual value which reflects management\u2019s estimate of scrap value or otherwise recoverable value at the end of the estimated useful life of the asset. Residual values and economic lives are reviewed annually. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-580": { "value": "(iv) Impairment of tangible and intangible assets with finite useful lives Tangible assets and intangible assets with finite lives are tested for impairment if there are indications of impairment. The carrying amounts of the Group\u2019s tangible and finite-lived intangible assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated to determine the extent of any impairment loss. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Ship newbuildings and other assets under construction are tested for impairment when there is an indication of impairment. The Group measures the recoverable amount of assets by comparing their carrying amount with the higher of their fair value less costs of disposal (\u201cFVLCD\u201d) or value in use (\u201cVIU\u201d). FVLCD is determined as the amount that would be obtained from the sale of the asset in an orderly transaction between market participants. FVLCD is generally determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset, including any expansion projects, and its eventual disposal, using assumptions that an independent market participant may take into account. These cash flows are discounted at an appropriate rate to arrive at a net present value of the asset. VIU is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and its eventual disposal. VIU is determined by applying assumptions specific to the Group\u2019s continued use and cannot take into account future development. These assumptions are different from those used in calculating fair value and consequently the value in use calculation is likely to give a different result to a fair value calculation. An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognised in the income statement. An impairment loss, other than for goodwill, is reversed when there is an indication that the impairment loss may no longer exist and there has been a change in the estimates used to determine the recoverable amount. Goodwill is initially recognised at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but is tested annually for impairment, or more frequently when there is an indication that the CGU is impaired. With respect to associates and joint ventures, the carrying amount of goodwill is included in the carrying amount of the investment in the associate or joint venture. Goodwill is tested for impairment on an annual basis for each CGU to which the goodwill is allocated. When goodwill is monitored at the level of a group of CGUs, it is tested for impairment at that level. The Group\u2019s unimpaired goodwill relates to the Tankers and Tank Container segments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-555": { "value": "Accounting policy (i) Right-of-use assets Right-of-use assets are measured initially at cost based on the associated lease liability, adjusted for any payments made before inception , initial direct costs and an estimate of the dismantling, removal and restoration costs required in the terms of the lease. Subsequent to initial recognition, the Group depreciates the right-of-use assets over the term of the lease or, if shorter, the leased asset\u2019s remaining economic life. (ii) Lease liabilities In respect of leases of low-value items and those that are less than 12 months at the inception of the lease, the Group recognises an expense on a straight-line basis over the life of the lease. For all other leases, the Group recognises a right-of-use asset and corresponding liability at the date the leased asset is made available to the Group. Lease liabilities are measured at the present value of the future lease payments, excluding any payments relating to non-lease components. Future lease payments include options to the extent that it is reasonably certain that such payments will be made. The payments are discounted at the rate implicit in the lease or, where that cannot be measured, at an incremental borrowing rate. Lease liabilities are remeasured when there is a change in future lease payments arising from a change in an index or rate or if the Group changes its assessment of whether it will exercise an extension or termination option. When a lease liability is remeasured in this way, a corresponding adjustment is made to the carrying value of the right-of-use asset, or is recorded to profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Time charter contracts include the lease of a specific ship and a non-lease component for crew, maintenance and other operating expenses. When measuring lease liabilities, the non-lease component has been separated from the lease component based on internal sources of ships of similar classes as the ship under contract. The non-lease element is recorded in Operating expenses as the Service component of leases. Subsequent to initial recognition, the Group records an interest charge in respect of the lease liability. (iii) Lease expenses Short-term leases (defined as less than one year) and low value leases are expensed in the income statement. (iv) Variable lease consideration The Group operates the Joint Service, delivering freight services to customers in which external ships participate. The lease payments to external parties are entirely variable and therefore not included when calculating the lease liability. The variable lease payment, less a management fee, is included in the income statement as Charter and lease expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-556": { "value": "Accounting policy Goodwill represents amounts arising on the acquisition of subsidiaries, associates and joint ventures. Goodwill arising on acquisition represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired. Identifiable intangible assets are those that can be sold separately, or which arise from legal rights regardless of whether those rights are separable. Goodwill is initially recognised at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but is tested annually for impairment, or more frequently when there is an indication that the CGU is impaired. With respect to associates and joint ventures, the carrying amount of goodwill is included in the carrying amount of the investment in the associate or joint venture. Goodwill is tested for impairment on an annual basis for each CGU to which the goodwill is allocated. When goodwill is monitored at the level of a group of CGUs, it is tested for impairment at that level. The Group\u2019s unimpaired goodwill relates to the Tankers and Tank Container segments. In the case of bargain purchases, the excess of net assets acquired over the fair value of the consideration paid arising on an acquisition is recognised in other operating income in the income statement in the period in which the acquisition is completed. Other intangible assets with finite lives that are acquired by the Group are stated at cost less accumulated amortisation and impairment losses. Amortisation of customer contracts is charged to operating revenue over the life of the contracts based on the underlying cash flows. Other finite-lived intangibles are charged to the income statement under operating expenses over the estimated useful lives of the intangible assets on a straight-line basis. The trademark intangible was amortised over a 10-year life while the customer relations and contract intangibles were amortised from two to 14 years and computer software is amortised over an average life of three to 10 years. See Note 14 for the accounting policy for the impairment of intangible assets with finite lives. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-471": { "value": "Accounting policy Goodwill represents amounts arising on the acquisition of subsidiaries, associates and joint ventures. Goodwill arising on acquisition represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired. Identifiable intangible assets are those that can be sold separately, or which arise from legal rights regardless of whether those rights are separable. Goodwill is initially recognised at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but is tested annually for impairment, or more frequently when there is an indication that the CGU is impaired. With respect to associates and joint ventures, the carrying amount of goodwill is included in the carrying amount of the investment in the associate or joint venture. Goodwill is tested for impairment on an annual basis for each CGU to which the goodwill is allocated. When goodwill is monitored at the level of a group of CGUs, it is tested for impairment at that level. The Group\u2019s unimpaired goodwill relates to the Tankers and Tank Container segments. In the case of bargain purchases, the excess of net assets acquired over the fair value of the consideration paid arising on an acquisition is recognised in other operating income in the income statement in the period in which the acquisition is completed. Other intangible assets with finite lives that are acquired by the Group are stated at cost less accumulated amortisation and impairment losses. Amortisation of customer contracts is charged to operating revenue over the life of the contracts based on the underlying cash flows. Other finite-lived intangibles are charged to the income statement under operating expenses over the estimated useful lives of the intangible assets on a straight-line basis. The trademark intangible was amortised over a 10-year life while the customer relations and contract intangibles were amortised from two to 14 years and computer software is amortised over an average life of three to 10 years. See Note 14 for the accounting policy for the impairment of intangible assets with finite lives. Intangible assets are shown below:
Customer
Relations/ Computer
(in thousands)
Goodwill
Trademark
Contracts
Software
Other
Total
Cost:
Balance, December 1, 2021
$
33,727
$
1,478
$
7,645
$
63,450
$
874
$ 107,174
Additions
\u2013
\u2013
\u2013
3,824
27
3,851
Disposals and retirements
\u2013
\u2013
\u2013
(8,798 )
(101 )
(8,899 )
Net foreign exchange differences
(1,181 )
(121)
(534 )
(3,673 )
(77 )
(5,586 )
Reclasses
\u2013
\u2013
\u2013
14
30
44
Balance, November 30, 2022
$
32,546
$
1,357
$
7,111
$
54,817
$
753
$
96,584
Additions
\u2013
\u2013
\u2013
7,892
135
8,027
Disposals and retirements
\u2013
\u2013
\u2013
(851 )
\u2013
(851 )
Net foreign exchange differences
755
\u2013
\u2013
1,375
383
2,513
Balance, November 30, 2023
$
33,301
$
1,357
$
7,111
$
63,233
$
1,271
$ 106,273
Accumulated amortisation:
Balance, December 1, 2021
$
12,394
$
1,478
$
7,551
$
46,134
$
650
$
68,207
Amortisation charge for the year
\u2013
\u2013
94
4,564
97
4,755
Disposals and retirements
\u2013
\u2013
\u2013
(8,798 )
(101 )
(8,899 )
Net foreign exchange differences
\u2013
(121)
(534 )
(2,549 )
(56 )
(3,260 )
Reclasses and other
\u2013
\u2013
\u2013
(64 )
(34 )
(98 )
Balance, November 30, 2022
$
12,394
$
1,357
$
7,111
$
39,287
$
556
$
60,705
Amortisation charge for the year
\u2013
\u2013
\u2013
4,367
111
4,478
Disposals and retirements
\u2013
\u2013
\u2013
(851 )
\u2013
(851 )
Net foreign exchange differences
\u2013
\u2013
\u2013
1,275
371
1,646
Reclasses and other
\u2013
\u2013
\u2013
(1 )
13
12
Balance, November 30, 2023
$
12,394
$
1,357
$
7,111
$
44,077
$
1,051
$
65,990
Net book value:
At November 30, 2022
$
20,152
$
\u2013
$
\u2013
$
15,530
$
197
$
35,879
At November 30, 2023
$
20,907
$
\u2013
$
\u2013
$
19,156
$
220
$
40,283
16. Intangible Assets and Goodwill Other than goodwill, all intangible assets were subject to amortisation as of November 30, 2023 and 2022. During the year ended November 30, 2023, the Group spent $8.5 million on intangible assets, mainly on the acquisitions of computer software. At November 30, 2023, goodwill primarily consisted of $5.4 million for goodwill on a prior year acquisition of the Tankers segment and $15.5 million related to a prior year business combination in the Tank Containers segment. The Tankers and Tank Containers segments\u2019 goodwill has been tested for impairment as of November 30, 2023 and 2022. To calculate the recoverable amount, the FVLCD was calculated. For Tankers, goodwill was allocated to the deep-sea fleet CGU while for Tank Containers, goodwill was allocated to the Tank Container fleet CGU. In both cases, these were the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or group of assets. FVLCD was based on a discounted cash flow basis using the approved projections in the five-year plan. Based on management judgement and past experience, the following assumptions were used in the calculation of FVLCD: \u2022 Pre-tax discount rate of 8.1% based on the weighted average cost of capital for the risks specific to the Tankers and Tank Containers businesses. \u2022 Future growth rates based on trends in industrial production. The growth rate used in perpetuity beyond the projection period is 2%. \u2022 For Tankers, assumptions for the sailed-in rates per operating day (a profit measure of operating revenue less variable voyage expenses including bunker costs, on existing and future contracts and the spot market) during the project period from 2024 to 2028 for the deep-sea fleet (adjusted for capacity changes) is an average decrease of 2.1%. \u2022 For STC, future escalation of price and cost increases obtained from shipping and transportation carriers and extent of capital expenditures from Tank Containers approved capital expenditure projections and competition. No impairment was noted. Revaluation for foreign exchange differences for goodwill and other intangibles amounted to a gain of $0.9 million in the same period. The trademark intangible was amortised over a 10-year life and is now fully amortised while the customer relations and contracts intangibles were being amortised from two to 14 years and are now fully amortised. Computer software is being amortised over an average life of three to 10 years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-515": { "value": "Goodwill represents amounts arising on the acquisition of subsidiaries, associates and joint ventures. Goodwill arising on acquisition represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired. Identifiable intangible assets are those that can be sold separately, or which arise from legal rights regardless of whether those rights are separable. Goodwill is initially recognised at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but is tested annually for impairment, or more frequently when there is an indication that the CGU is impaired. With respect to associates and joint ventures, the carrying amount of goodwill is included in the carrying amount of the investment in the associate or joint venture. Goodwill is tested for impairment on an annual basis for each CGU to which the goodwill is allocated. When goodwill is monitored at the level of a group of CGUs, it is tested for impairment at that level. The Group\u2019s unimpaired goodwill relates to the Tankers and Tank Container segments.
Customer
Relations/ Computer
(in thousands)
Goodwill
Trademark
Contracts
Software
Other
Total
Cost:
Balance, December 1, 2021
$
33,727
$
1,478
$
7,645
$
63,450
$
874
$ 107,174
Additions
\u2013
\u2013
\u2013
3,824
27
3,851
Disposals and retirements
\u2013
\u2013
\u2013
(8,798 )
(101 )
(8,899 )
Net foreign exchange differences
(1,181 )
(121)
(534 )
(3,673 )
(77 )
(5,586 )
Reclasses
\u2013
\u2013
\u2013
14
30
44
Balance, November 30, 2022
$
32,546
$
1,357
$
7,111
$
54,817
$
753
$
96,584
Additions
\u2013
\u2013
\u2013
7,892
135
8,027
Disposals and retirements
\u2013
\u2013
\u2013
(851 )
\u2013
(851 )
Net foreign exchange differences
755
\u2013
\u2013
1,375
383
2,513
Balance, November 30, 2023
$
33,301
$
1,357
$
7,111
$
63,233
$
1,271
$ 106,273
Accumulated amortisation:
Balance, December 1, 2021
$
12,394
$
1,478
$
7,551
$
46,134
$
650
$
68,207
Amortisation charge for the year
\u2013
\u2013
94
4,564
97
4,755
Disposals and retirements
\u2013
\u2013
\u2013
(8,798 )
(101 )
(8,899 )
Net foreign exchange differences
\u2013
(121)
(534 )
(2,549 )
(56 )
(3,260 )
Reclasses and other
\u2013
\u2013
\u2013
(64 )
(34 )
(98 )
Balance, November 30, 2022
$
12,394
$
1,357
$
7,111
$
39,287
$
556
$
60,705
Amortisation charge for the year
\u2013
\u2013
\u2013
4,367
111
4,478
Disposals and retirements
\u2013
\u2013
\u2013
(851 )
\u2013
(851 )
Net foreign exchange differences
\u2013
\u2013
\u2013
1,275
371
1,646
Reclasses and other
\u2013
\u2013
\u2013
(1 )
13
12
Balance, November 30, 2023
$
12,394
$
1,357
$
7,111
$
44,077
$
1,051
$
65,990
Net book value:
At November 30, 2022
$
20,152
$
\u2013
$
\u2013
$
15,530
$
197
$
35,879
At November 30, 2023
$
20,907
$
\u2013
$
\u2013
$
19,156
$
220
$
40,283
At November 30, 2023, goodwill primarily consisted of $5.4 million for goodwill on a prior year acquisition of the Tankers segment and $15.5 million related to a prior year business combination in the Tank Containers segment. The Tankers and Tank Containers segments\u2019 goodwill has been tested for impairment as of November 30, 2023 and 2022. To calculate the recoverable amount, the FVLCD was calculated. For Tankers, goodwill was allocated to the deep-sea fleet CGU while for Tank Containers, goodwill was allocated to the Tank Container fleet CGU. In both cases, these were the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or group of assets. FVLCD was based on a discounted cash flow basis using the approved projections in the five-year plan. Based on management judgement and past experience, the following assumptions were used in the calculation of FVLCD: \u2022 Pre-tax discount rate of 8.1% based on the weighted average cost of capital for the risks specific to the Tankers and Tank Containers businesses. \u2022 Future growth rates based on trends in industrial production. The growth rate used in perpetuity beyond the projection period is 2%. \u2022 For Tankers, assumptions for the sailed-in rates per operating day (a profit measure of operating revenue less variable voyage expenses including bunker costs, on existing and future contracts and the spot market) during the project period from 2024 to 2028 for the deep-sea fleet (adjusted for capacity changes) is an average decrease of 2.1%. \u2022 For STC, future escalation of price and cost increases obtained from shipping and transportation carriers and extent of capital expenditures from Tank Containers approved capital expenditure projections and competition. No impairment was noted. Revaluation for foreign exchange differences for goodwill and other intangibles amounted to a gain of $0.9 million in the same period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-572": { "value": "Goodwill represents amounts arising on the acquisition of subsidiaries, associates and joint ventures. Goodwill arising on acquisition represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired. Identifiable intangible assets are those that can be sold separately, or which arise from legal rights regardless of whether those rights are separable. Goodwill is initially recognised at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but is tested annually for impairment, or more frequently when there is an indication that the CGU is impaired. With respect to associates and joint ventures, the carrying amount of goodwill is included in the carrying amount of the investment in the associate or joint venture. Goodwill is tested for impairment on an annual basis for each CGU to which the goodwill is allocated. When goodwill is monitored at the level of a group of CGUs, it is tested for impairment at that level. The Group\u2019s unimpaired goodwill relates to the Tankers and Tank Container segments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-494": { "value": "In the case of bargain purchases, the excess of net assets acquired over the fair value of the consideration paid arising on an acquisition is recognised in other operating income in the income statement in the period in which the acquisition is completed. Other intangible assets with finite lives that are acquired by the Group are stated at cost less accumulated amortisation and impairment losses. Amortisation of customer contracts is charged to operating revenue over the life of the contracts based on the underlying cash flows. Other finite-lived intangibles are charged to the income statement under operating expenses over the estimated useful lives of the intangible assets on a straight-line basis. The trademark intangible was amortised over a 10-year life while the customer relations and contract intangibles were amortised from two to 14 years and computer software is amortised over an average life of three to 10 years.
Intangible assets are shown below:
Customer
Relations/ Computer
(in thousands)
Goodwill
Trademark
Contracts
Software
Other
Total
Cost:
Balance, December 1, 2021
$
33,727
$
1,478
$
7,645
$
63,450
$
874
$ 107,174
Additions
\u2013
\u2013
\u2013
3,824
27
3,851
Disposals and retirements
\u2013
\u2013
\u2013
(8,798 )
(101 )
(8,899 )
Net foreign exchange differences
(1,181 )
(121)
(534 )
(3,673 )
(77 )
(5,586 )
Reclasses
\u2013
\u2013
\u2013
14
30
44
Balance, November 30, 2022
$
32,546
$
1,357
$
7,111
$
54,817
$
753
$
96,584
Additions
\u2013
\u2013
\u2013
7,892
135
8,027
Disposals and retirements
\u2013
\u2013
\u2013
(851 )
\u2013
(851 )
Net foreign exchange differences
755
\u2013
\u2013
1,375
383
2,513
Balance, November 30, 2023
$
33,301
$
1,357
$
7,111
$
63,233
$
1,271
$ 106,273
Accumulated amortisation:
Balance, December 1, 2021
$
12,394
$
1,478
$
7,551
$
46,134
$
650
$
68,207
Amortisation charge for the year
\u2013
\u2013
94
4,564
97
4,755
Disposals and retirements
\u2013
\u2013
\u2013
(8,798 )
(101 )
(8,899 )
Net foreign exchange differences
\u2013
(121)
(534 )
(2,549 )
(56 )
(3,260 )
Reclasses and other
\u2013
\u2013
\u2013
(64 )
(34 )
(98 )
Balance, November 30, 2022
$
12,394
$
1,357
$
7,111
$
39,287
$
556
$
60,705
Amortisation charge for the year
\u2013
\u2013
\u2013
4,367
111
4,478
Disposals and retirements
\u2013
\u2013
\u2013
(851 )
\u2013
(851 )
Net foreign exchange differences
\u2013
\u2013
\u2013
1,275
371
1,646
Reclasses and other
\u2013
\u2013
\u2013
(1 )
13
12
Balance, November 30, 2023
$
12,394
$
1,357
$
7,111
$
44,077
$
1,051
$
65,990
Net book value:
At November 30, 2022
$
20,152
$
\u2013
$
\u2013
$
15,530
$
197
$
35,879
At November 30, 2023
$
20,907
$
\u2013
$
\u2013
$
19,156
$
220
$
40,283
Other than goodwill, all intangible assets were subject to amortisation as of November 30, 2023 and 2022. During the year ended November 30, 2023, the Group spent $8.5 million on intangible assets, mainly on the acquisitions of computer software. Revaluation for foreign exchange differences for goodwill and other intangibles amounted to a gain of $0.9 million in the same period. The trademark intangible was amortised over a 10-year life and is now fully amortised while the customer relations and contracts intangibles were being amortised from two to 14 years and are now fully amortised. Computer software is being amortised over an average life of three to 10 years.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-577": { "value": "Other intangible assets with finite lives that are acquired by the Group are stated at cost less accumulated amortisation and impairment losses. Amortisation of customer contracts is charged to operating revenue over the life of the contracts based on the underlying cash flows. Other finite-lived intangibles are charged to the income statement under operating expenses over the estimated useful lives of the intangible assets on a straight-line basis. The trademark intangible was amortised over a 10-year life while the customer relations and contract intangibles were amortised from two to 14 years and computer software is amortised over an average life of three to 10 years. See Note 14 for the accounting policy for the impairment of intangible assets with finite lives. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-557": { "value": "Accounting policy (i) Associates Associates are those entities over which the Group is able to exercise significant influence but does not control or jointly control the entities\u2019 financial and operating policies. Significant influence is exercised generally through direct or indirect ownership of 20% to 50% of the voting rights. Such investments in associates are recorded in the Consolidated Financial Statements using the equity method and are initially recognised at cost. The Consolidated Financial Statements include the Group\u2019s share of the total comprehensive incom e of associates based on the equity method of accounting, from the date that significant influence begins until the date that significant influence ceases. Investments in associates are carried in the balance sheet at cost as adjusted by post-acquisition changes in the Group\u2019s share of net assets of the associate, less any impairment in the value of individual investments. Where necessary, adjustments are made to the Financial Statements of associates to bring the accounting policies used into line with those used by the Group. When the Group\u2019s share of losses exceeds its interest in an associate, the Group\u2019s carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of an associate. (ii) Joint Ventures Joint ventures are those entities over whose activities the Group has joint control, established by contractual agreement. Joint control requires unanimous consent of the parties sharing control in the decision-making on relevant activities. The Consolidated Financial Statements include the Group\u2019s share of the total comprehensive income of joint ventures based on the equity method of accounting, from the date that joint control begins until the date that joint control ceases. Where necessary, adjustments are made to the Financial Statements of joint ventures to bring the accounting policies used into line with those used by the Group. Material investments are those that the Group considers to be strategic to its operations and whose investment balances are material. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-584": { "value": "Accounting policy (i) Associates Associates are those entities over which the Group is able to exercise significant influence but does not control or jointly control the entities\u2019 financial and operating policies. Significant influence is exercised generally through direct or indirect ownership of 20% to 50% of the voting rights. Such investments in associates are recorded in the Consolidated Financial Statements using the equity method and are initially recognised at cost. The Consolidated Financial Statements include the Group\u2019s share of the total comprehensive incom of associates based on the equity method of accounting, from the date that significant influence begins until the date that significant influence ceases. Investments in associates are carried in the balance sheet at cost as adjusted by post-acquisition changes in the Group\u2019s share of net assets of the associate, less any impairment in the value of individual investments. Where necessary, adjustments are made to the Financial Statements of associates to bring the accounting policies used into line with those used by the Group. When the Group\u2019s share of losses exceeds its interest in an associate, the Group\u2019s carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of an associate. (ii) Joint Ventures Joint ventures are those entities over whose activities the Group has joint control, established by contractual agreement. Joint control requires unanimous consent of the parties sharing control in the decision-making on relevant activities. The Consolidated Financial Statements include the Group\u2019s share of the total comprehensive income of joint ventures based on the equity method of accounting, from the date that joint control begins until the date that joint control ceases. Where necessary, adjustments are made to the Financial Statements of joint ventures to bring the accounting policies used into line with those used by the Group. Material investments are those that the Group considers to be strategic to its operations and whose investment balances are material. 17. Investments in and Advances to Joint Ventures and Associates Investments in and advances to joint ventures and associates, which are all accounted for using the equity method of accounting, consisted of the following: 1
2023 As of November 30,
2023 % Voting
(in thousands)
Location
% Shares Rights
2023
2022
Joint Ventures:
Tankers\u2019 material joint ventures:
NYK Stolt Tankers S.A.
Panama
50
50
$
$
54,969
50,717
Stolt NYK Asia Pacific Services Inc.
Singapore
50
50
2,689
30,376
NYK Stolt Shipholding Inc.
Singapore
50
50
66,576
41,428
Shanghai SC-Stolt Shipping Ltd
China
49
50
38,707
36,852
Hassel Shipping 4 AS
Tankers\u2019 non-material joint ventures:
Norway
50
50
66,500
67,191
SIA LAPA, Ltd
Latvia
70
50
2,418
1,628
Shanghai New Xing Yang Marine Services Co. Ltd
China
40
40
\u2013
6
231,859
228,198
Terminals\u2019 material joint ventures:
Advario Stolthaven Antwerp, NV
Belgium
50
50
115,879
105,811
Jeong-IL Stolthaven Ulsan Co. Ltd
South Korea
50
50
123,738
117,423
Tianjin Lingang Stolthaven Terminal Co.
China
65
50
24,564
25,281
Tianjin Lingang Stolthaven Jetty Company
China
40
50
11,144
11,918
Terminals\u2019 non-material joint ventures:
Stolthaven Revivegen Kaohsiung Co., Ltd
Taiwan
49
50
24,309
12,787
Stolthaven (Westport) Sdn. Bhd.
Malaysia
49
50
6,715
6,537
306,349
279,757
Tank Containers\u2019 non-material joint ventures:
Hyop Woon Stolt Transportation Services Co. Ltd
South Korea
50
50
3,808
3,690
Kanoo Tank Services Ltd.
Saudi Arabia
60
60
16,883
16,242
Vado Tank Cleaning SRL
Italy
50
50
1,549
1,251
Laem Chabang Tank Service Co. Ltd.
Thailand
49
49
1,653
1,415
FSTS CO., Ltd
Thailand
49
49
1,144
967
Joint Tank Services FZCO
United Arab Emirates
40
40
1,229
667
26,266
24,232
Stolt-Nielsen Gas\u2019 material joint venture:
Avenir LNG Limited
Bermuda
47
47
76,102
81,801
Subtotal
640,576
613,988
Non-material associates:
Brovig SS II Indre Selskap
Norway
50
50
5,917
5,775
Essberger & Stolt Tankers GMbH & Co KG
Germany
28
28
164
164
N.C. Stolt Transportation Services Co. Ltd
Japan
50
50
1,159
1,208
Norterminal A.S.
Norway
25
25
674
757
N.C. Stolt Chuyko Transportation Services Co. Ltd
Japan
35
35
428
425
Other
1,245
627
Subtotal
9,587
8,956
$
650,163
$
622,944
1. Represents the country of incorporation which is the principal place of business, except for NYK Stolt Tankers S.A., Stolt NYK Asia Pacific Services Inc., NYK Stolt Shipholding Inc., Hassel Shipping 4 AS, Essberger & Stolt Tankers GMbH & Co KG, Brovig SS II Indre Selskap and Avenir LNG Limited which operate on a worldwide or regional basis.
Joint
(in thousands) Ventures
Associates
Total
Balance, December 1, 2021
$ 603,509
$
8,397
$ 611,906
Share of profit of joint ventures and associates
53,279
684
53,963
Dividends
(40,808 )
(252 )
(41,060 )
Net foreign exchange differences
(30,807 )
(485)
(31,292 )
Net gain on cash flow hedges held by joint ventures
8,743
\u2013
8,743
Repayment of advances to joint ventures, net
(1,700 )
\u2013
(1,700 )
Reclass from short-term advances to joint ventures, net
7,101
\u2013
7,101
Net actuarial gain on pension schemes held by joint venture
1,476
\u2013
1,476
Investment in joint venture and associate
13,687
627
14,314
Other
(492 )
(15)
(507 )
Balance, November 30, 2022
$ 613,988
$
8,956
$ 622,944
Share of profit of joint ventures and associates
61,693
572
62,265
Dividends
(64,467 )
(365 )
(64,832 )
Net foreign exchange differences
4,131
(192)
3,939
Net gain on cash flow hedges held by joint ventures
1,068
\u2013
1,068
Repayment of advances to joint ventures, net
(14,595 )
\u2013
(14,595 )
Net actuarial gain on pension schemes held by joint venture
524
\u2013
524
Investment in joint venture and associate
38,557
618
39,175
Other
(323 )
(2 )
(325 )
Balance, November 30, 2023
$ 640,576
$
9,587
$ 650,163
Summarised financial information of material joint ventures The below table provides summarised financial information of the Group\u2019s material joint ventures, representing 100% of the respective amounts included in the individual joint ventures\u2019 Financial Statements as of and for the years ended November 30, 2023 and 2022. The figures have been amended to reflect modifications for differences in accounting policy.
NYK Stolt Stolt NYK Asia NYK Stolt Shanghai SC-Stolt Hassel Shipping
Tankers S.A. Pacific Services Inc. Shipholding Inc. Shipping Ltd 4 AS
(in thousands)
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
Selected Balance
Sheet Information
Cash and cash
equivalents
$
14,582
$
15,982
$
1,806
$
7,825
$
2,877
$
16,276
$
25,781
$ 24,497
$
14,249
$
20,375
Current assets,
other than cash
19,050
18,873
4,253
15,583
12,312
750
7,355
7,518
25,725
29,757
Current assets
33,632
34,855
6,059
23,408
15,189
17,026
33,136
32,015
39,974
50,132
Non-current assets
217,721
223,721
\u2013
42,000
162,636
173,042
49,956
47,916
284,566
291,911
Total Assets
251,353
258,576
6,059
65,408
177,825
190,068
83,092
79,931
324,540
342,043
Financial liabilities,
other than accounts
payable
13,405
13,124
\u2013
\u2013
5,410
9,382
\u2013
\u2013
14,384
14,384
Other current
liabilities
5,411
6,464
680
4,655
\u2013
139
4,098
6,160
\u2013
2,217
Current liabilities
18,816
19,588
680
4,655
5,410
9,521
4,098
6,160
14,384
16,601
Financial liabilities
122,599
168,309
\u2013
\u2013
39,264
97,692
\u2013
\u2013
184,613
198,997
Total non-current
liabilities
122,599
168,309
\u2013
\u2013
39,264
97,692
\u2013
\u2013
184,613
198,997
Net Assets
$ 109,938
$
70,679
$
5,379
$
60,753
$ 133,151
$
82,855
$
78,994
$ 73,771
$ 125,543
$ 126,445
Selected Income
Statement
Information
Operating revenue
$
95,961
$
72,169
$ 103,875
$100,566
$
52,825
$
41,250
$
41,949
$ 49,169
$
100,709
$
81,588
Depreciation and
amortisation
15,506
15,173
\u2013
\u2013
12,536
12,733
4,392
4,652
13,628
13,649
Finance income
\u2013
\u2013
1,807
854
271
143
\u2013
\u2013
1,176
112
Finance expense
9,821
6,478
\u2013
\u2013
2,347
2,382
\u2013
\u2013
12,444
10,754
Profit (loss) before
taxes
28,468
16,921
6,626
12,790
8,384
(723)
7,081
9,597
37,709
20,168
Income tax expense
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1,930
2,310
\u2013
\u2013
Net profit (loss)
28,468
16,921
6,626
12,790
8,384
(723)
5,151
7,287
37,709
20,168
Other comprehensive
income (loss)
791
6,716
\u2013
\u2013
(87 )
2,310
(623 )
(8,453 )
1,389
8,459
Total comprehensive
income (loss)
$
29,259
$
23,637
$
6,626
$
12,790
$
8,297
$
1,587
$
$
4,528
(1,166 ) $
39,098
$
28,627
Dividends received by
Group
$
\u2013
$
\u2013
$
31,000
$
\u2013
$
\u2013
$
\u2013
$
$
\u2013
2,528
$
20,000
$
28,500
Long-term financial liabilities for NYK Stolt Tankers S.A. included shareholder loans of nil and $31.6 million for the years ended November 30, 2023 and 2022, respectively. Of the financial liabilities included in NYK Stolt Shipholding Inc., nil and $42.0 million related to notes payable to Stolt NYK Asia Pacific Services Inc. for both the years ended November 30, 2023 and 2022, respectively.
In addition to the table above, Avenir LNG Limited is publicly traded on the Norwegian over-the-counter (\u201cNOTC\u201d) market. The financial
statements for December 31, 2022 have been filed on the NOTC. Avenir LNG Limited had total assets of $303.8 million, total liabilities
of $163.3 million and total net assets of $140.5 million. Avenir LNG Limited has not published any interim earnings releases since this
date. The market price of Avenir LNG Limited shares was NOK 6.00 per share at November 30, 2023. The Group owned 85.8 million
shares of Avenir LNG Limited at November 30, 2023.
Tianjin Lingang Stolthaven Terminal Co. has $4.8 million and $8.2 million of shareholder loans with the Group at November 30,
2023 and 2022, respectively.
The above joint ventures, other than Avenir LNG Limited, are private companies and there are no quoted market prices available
for their shares.
Advario Stolthaven Antwerp, Jeong-IL Stolthaven Ulsan Tianjin Lingang Stolthaven Tianjin Lingang Stolthaven
NV Co. Ltd Terminal Co. Jetty Company
(in thousands)
2023
2022
2023
2022
2023
2022
2023
2022
Selected Balance Sheet Information
Cash and cash equivalents
$
4,041
9,367
$
$
13
15
$
$
3,595
$
3,890
$
2,522
$
2,493
Current assets, other than cash
26,497
21,953
26,085
28,014
1,012
1,326
3,988
4,905
Current assets
30,538
31,320
26,098
28,029
4,607
5,216
6,510
7,398
Non-current assets
329,763
322,756
369,439
369,776
34,365
36,030
22,692
24,063
Total Assets
360,301
354,076
395,537
397,805
38,972
41,246
29,202
31,461
Financial liabilities, other than accounts
payable
31,488
34,402
71,070
63,564
1,401
2,116
\u2013
\u2013
Other current liabilities
13,593
12,177
11,215
32,911
2,140
3,639
1,028
1,348
Current liabilities
45,081
46,579
82,285
96,475
3,541
5,755
1,028
1,348
Financial liabilities
78,136
88,004
74,352
74,217
4,777
7,111
\u2013
\u2013
Non-current liabilities
43,977
44,927
\u2013
829
\u2013
\u2013
\u2013
\u2013
Total non-current liabilities
122,113
132,931
74,352
75,046
4,777
7,111
\u2013
\u2013
Net Assets
$
193,107
174,566
$
$
238,900
226,284
$
$ 30,654
$
28,380
$ 28,174
$
30,113
Selected Income Statement Information
Operating revenue
$
107,970
102,334
$
$
96,325
90,910
$
$ 11,144
$
11,338
$
7,080
$
9,144
Depreciation and amortisation
32,117
30,986
12,531
11,751
2,775
2,912
1,310
1,392
Finance income
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
26
41
Finance expense
3,158
3,993
4,959
2,936
614
512
\u2013
\u2013
Profit before taxes
18,914
20,511
35,694
34,796
2,489
1,238
2,593
4,365
Income tax expense
4,798
5,402
7,608
7,630
(1 )
\u2013
653
1,094
Net profit
14,116
15,109
28,086
27,166
2,490
1,238
1,940
3,271
Other comprehensive income (loss)
8,825
(11,075)
(44 )
(21,410 )
(217 )
(3,150 )
(245)
(3,423)
Total comprehensive income (loss)
$
22,941
4,034
$
$
28,042
5,756
$
$
2,273
$
(1,912 ) $
1,695
$
(152)
Dividends received by Group
$
2,200
\u2013
$
$
7,706
6,053
$
$
\u2013
$
\u2013
$
1,453
$
1,201
Description of the nature of activities of the material joint ventures NYK Stolt Tankers S.A. is a joint venture with NYK Line which owns nine parcel tankers that participate in the Joint Service. The Group performs marketing, operational, administration and ship-owning services for NYK Stolt Tankers S.A.\u2019s fleet in the deep-sea intercontinental market. The Group considers the investment in NYK Stolt Tankers S.A. to be strategic as it provides sophisticated tonnage to the Joint Service. Stolt NYK Asia Pacific Services Inc. (\u201cSNAPS\u201d) is a joint venture with NYK Line which operates 12 ships in the East Asia and South East Asia areas, with the ships marketed by the Group\u2019s offices in these regions. NYK Stolt Shipholding Inc (\u201cNSSH\u201d) is a ship-owning joint venture and owns 11 of the ships operated by SNAPS. The investments in SNAPS and NSSH are considered to be strategic to the Group by serving the East Asia and South East Asia markets and supporting customers of the Joint Service. In October 2023, NSSH entered into a pooling arrangement with ENEOS Ocean Corporation. The Group is acting as the principal in the arrangement. Hassel Shipping 4 AS is a 50% joint venture with J.O. Invest AS for the joint ownership and operation of eight 33,000 dwt, stainless steel, chemical tankers. The ships are operated through the Joint Service. This joint venture is considered to be strategic as it provides sophisticated tonnage to the Joint Service. Shanghai SC-Stolt Shipping Ltd is a 49% owned joint venture with Shanghai Junzheng Logistics Co. Ltd to operate chemical tankers in the Chinese coast cabotage market. As of November 30, 2023, the joint venture operated nine ships. It is considered to be a joint venture as all significant decisions are made unanimously. Avenir LNG Limited is a 47% owned joint venture with Golar LNG Limited and H\u00f6egh LNG Holdings Ltd. and supplies LNG for the power, bunkering, trucking and industrial markets. Although listed on the NOTC market, it is considered to be a joint venture as the Group, along with Golar LNG Limited and H\u00f6egh LNG Holdings Ltd., as significant decisions are made unanimously. Advario Stolthaven Antwerp, NV (\u201cASA\u201d), formerly Oiltanking Stolthaven Antwerp, NV, is a 50% owned joint venture with Advario BV (formerly Oiltanking GMBH) and has a terminal facility in Antwerp, Belgium which provides independent tank terminal services in the Port of Antwerp for bulk liquid products, animal and vegetable oils and gas and other products. The investment in ASA is considered to be strategic to the Group as it is integral to the Group\u2019s ability to provide an efficient ship-terminal interface. Jeong-IL Stolthaven Ulsan Co. Ltd (\u201cJSTT\u201d) is a 50% owned joint venture that owns a terminal facility in Ulsan, South Korea which provides independent tank terminal services for primarily clean petroleum and chemical products. The Group considers its investment in JSTT to be strategic as it is integral in the Group\u2019s ability to provide an efficient ship-terminal interface. Tianjin Lingang Stolthaven Terminal Co., a 65% owned joint venture with the Lingang Harbor Affairs Company (\u201cLHAC\u201d), owns a terminal facility in Tianjin, China. It is considered to be a joint venture as all significant decisions are made unanimously. Tianjin Lingang Stolthaven Jetty Company, a 40% owned joint venture with LHAC, owns and operates a jetty and docks in Tianjin, China. It is considered to be a joint venture as all significant decisions are made unanimously.
Reconciliation of Summarised Financial Information from Prior Year Net Assets to Investment in and Advances to Joint Ventures
NYK Stolt Stolt NYK Asia NYK Stolt Shanghai SC-Stolt Hassel
Tankers S.A. Pacific Services Inc. Shipholding Inc. Shipping Ltd Shipping 4 AS
(in thousands)
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
Net Assets:
Balance, December 1
$
70,679
$
47,027
$ 60,753
$
47,966
$
82,855
$
81,268
$
$ 73,771
80,093
$ 126,445
$
154,819
Profit (loss) for
the year
28,468
16,921
6,626
12,790
8,384
(723)
5,151
7,287
37,709
20,168
Capital contribution
10,000
\u2013
\u2013
\u2013
42,000
\u2013
\u2013
\u2013
\u2013
\u2013
Dividends
\u2013
\u2013
(62,000)
\u2013
\u2013
\u2013
\u2013
(5,159 )
(40,000)
(57,000)
Other comprehensive
income (loss)
791
6,716
\u2013
\u2013
(87)
2,310
(623 )
(8,453 )
1,389
8,459
Other
Balance, November
\u2013
15
\u2013
(3 )
(1)
\u2013
695
3
\u2013
(1)
30
109,938
70,679
5,379
60,753
133,151
82,855
78,994
73,771
125,543
126,445
Percentage owned
50%
50%
50%
50%
50%
50%
49%
49%
50%
50%
Interest in
j
oint venture
54,969
35,340
2,689
30,377
66,576
41,428
38,707
36,148
62,772
63,223
Purchase adjustment
to property
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
3,727
3,968
Eliminations of
transactions with the
Group
\u2013
(422 )
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Advances
\u2013
15,799
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other
Investment in and
advances to joint
\u2013
\u2013
\u2013
(1 )
\u2013
\u2013
\u2013
704
1
\u2013
ventures
$
54,969
$
50,717
$
2,689
$
30,376
$
66,576
$
41,428
$
$
38,707
36,852
$
66,500
$
67,191
Advario Stolthaven Jeong-IL Stolthaven Ulsan Tianjin Lingang Stolthaven Tianjin Lingang Stolthaven
Antwerp, NV Co. Ltd Terminal Co. Jetty Company
(in thousands)
2023
2022
2023
2022
2023
2022
2023
2022
Net Assets:
Balance, December 1
$ 174,566
$ 170,532
$226,284
232,634
$
$
28,380
30,292
$
$
30,113
$
33,267
Profit for the year
14,116
15,109
28,086
27,166
2,490
1,238
1,940
3,271
Dividends
(4,400 )
(15,413
\u2013
(12,106 )
)
\u2013
\u2013
(3,632 )
(3,002)
Other comprehensive (loss) income
8,825
(11,075)
(21,410 )
(44 )
(217 )
(3,150 )
(245 )
(3,423)
Other
\u2013
\u2013
\u2013
(13 )
1
\u2013
(2 )
\u2013
Balance, November 30
193,107
174,566
238,900
226,284
30,654
28,380
28,174
30,113
Percentage owned
50%
50%
50%
50%
65%
65%
40%
40%
Interest in joint venture
96,553
87,283
119,450
113,142
19,925
18,447
11,270
12,045
Advances
\u2013
\u2013
\u2013
\u2013
4,639
6,834
\u2013
\u2013
Purchase adjustment to property
3,083
3,130
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Goodwill
14,672
13,478
4,288
4,281
\u2013
\u2013
\u2013
\u2013
Other
Investment in and advances
1,571
1,920
\u2013
\u2013
\u2013
\u2013
(126 )
(127)
to joint ventures
$
$ 115,879
105,811
$123,738
117,423
$
$
24,564
25,281
$
$
11,144
$
11,918
S
S
u
u
m
m
m
m
a
a
r
r
i
i
s
s
e
e
d
d
f
f
i
i
n
n
a
a
n
n
c
c
i
i
a
a
l
l
i
i
n
n
f
f
o
o
r
r
m
m
a
a
t
t
i
i
o
o
n
n
f
f
o
o
r
r
n
n
o
o
n
n
-
-
m
m
a
a
t
t
e
e
r
r
i
i
a
a
l
l
j
j
o
o
i
i
n
n
t
t
v
v
e
e
n
n
t
t
u
u
r
r
e
e
s
s
a
a
n
n
d
d
a
a
s
s
s
s
o
o
c
c
i
i
a
a
t
t
e
e
s
s
In aggregate, the Group\u2019s investments in and advances to non-material joint ventures were $59.7 million and $45.2 million, and in the
non-material associates were $9.6 million and $9.0 million, for the years ended November 30, 2023 and 2022, respectively. The below
summarises the financial information of the non-material joint ventures and associates:
For the years ended
November 30,
(in thousands)
2023
2022
Joint Ventures
Profit before taxes
$
$
11,985
10,147
Income tax expense
1,855
1,706
Net profit
10,130
8,441
Other comprehensive loss
(946 )
(2,181 )
Total comprehensive income
$
$
9,184
6,260
For the years ended
November 30,
(in thousands)
2023
2022
Associates
Profit before taxes
$
414
$
1,340
Income tax (benefit) expense
(154 )
181
Net profit
568
1,159
Other comprehensive loss
(1,293 )
(1,052 )
Total comprehensive income
$
(725 ) $
107
C
C
o
o
m
m
m
m
i
i
t
t
m
m
e
e
n
n
t
t
s
s
The Group has no commitments to joint ventures as of November 30, 2023. Capital commitments in joint ventures are in Note 27.
See Note 28 for amounts due from and to the Group from joint ventures and associates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-589": { "value": "(i) Associates Associates are those entities over which the Group is able to exercise significant influence but does not control or jointly control the entities\u2019 financial and operating policies. Significant influence is exercised generally through direct or indirect ownership of 20% to 50% of the voting rights. Such investments in associates are recorded in the Consolidated Financial Statements using the equity method and are initially recognised at cost. The Consolidated Financial Statements include the Group\u2019s share of the total comprehensive incom e of associates based on the equity method of accounting, from the date that significant influence begins until the date that significant influence ceases. Investments in associates are carried in the balance sheet at cost as adjusted by post-acquisition changes in the Group\u2019s share of net assets of the associate, less any impairment in the value of individual investments. Where necessary, adjustments are made to the Financial Statements of associates to bring the accounting policies used into line with those used by the Group. When the Group\u2019s share of losses exceeds its interest in an associate, the Group\u2019s carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of an associate.
Non-material associates:
Brovig SS II Indre Selskap
Norway
50
50
5,917
5,775
Essberger & Stolt Tankers GMbH & Co KG
Germany
28
28
164
164
N.C. Stolt Transportation Services Co. Ltd
Japan
50
50
1,159
1,208
Norterminal A.S.
Norway
25
25
674
757
N.C. Stolt Chuyko Transportation Services Co. Ltd
Japan
35
35
428
425
Other
1,245
627
Subtotal
9,587
8,956
$
650,163
$
622,944
Joint
(in thousands) Ventures
Associates
Total
Balance, December 1, 2021
$ 603,509
$
8,397
$ 611,906
Share of profit of joint ventures and associates
53,279
684
53,963
Dividends
(40,808 )
(252 )
(41,060 )
Net foreign exchange differences
(30,807 )
(485)
(31,292 )
Net gain on cash flow hedges held by joint ventures
8,743
\u2013
8,743
Repayment of advances to joint ventures, net
(1,700 )
\u2013
(1,700 )
Reclass from short-term advances to joint ventures, net
7,101
\u2013
7,101
Net actuarial gain on pension schemes held by joint venture
1,476
\u2013
1,476
Investment in joint venture and associate
13,687
627
14,314
Other
(492 )
(15)
(507 )
Balance, November 30, 2022
$ 613,988
$
8,956
$ 622,944
Share of profit of joint ventures and associates
61,693
572
62,265
Dividends
(64,467 )
(365 )
(64,832 )
Net foreign exchange differences
4,131
(192)
3,939
Net gain on cash flow hedges held by joint ventures
1,068
\u2013
1,068
Repayment of advances to joint ventures, net
(14,595 )
\u2013
(14,595 )
Net actuarial gain on pension schemes held by joint venture
524
\u2013
524
Investment in joint venture and associate
38,557
618
39,175
Other
(323 )
(2 )
(325 )
Balance, November 30, 2023
$ 640,576
$
9,587
$ 650,163
In aggregate, the Group\u2019s investments in and advances to non-material joint ventures were $59.7 million and $45.2 million, and in the non-material associates were $9.6 million and $9.0 million, for the years ended November 30, 2023 and 2022, respectively.
For the years ended
November 30,
(in thousands)
2023
2022
Associates
Profit before taxes
$
414
$
1,340
Income tax (benefit) expense
(154 )
181
Net profit
568
1,159
Other comprehensive loss
(1,293 )
(1,052 )
Total comprehensive income
$
(725 ) $
107
November 30, 2023
November 30, 2022
Total Total
carrying carrying
(in thousands) Current Non-current
value
Fair value
Current
Non-current
value
Fair value
Financial Assets
Financial assets at FVTOCI
Investments in equity instruments
\u2013 listed
$
\u2013
$
132,864
$
132,864
$
132,864
$
\u2013
$
143,144
$
143,144
$
143,144
Financial assets at amortised cost
Cash and cash equivalents
446,515
\u2013
446,515
446,515
152,141
\u2013
152,141
152,141
Trade receivables
341,319
\u2013
341,319
341,319
353,730
\u2013
353,730
353,730
Loans and advances to joint ventures
and associates
\u2013
25,764
25,764
25,764
\u2013
40,037
 40,037 40,037
Other current assets
47,082
\u2013
47,082
47,082
37,585
\u2013
37,585
37,585
$ 834,916
$
158,628
$
993,544
$
993,544
$
543,456
$
183,181
$
726,637
$
726,637
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-573": { "value": "(i) Associates Associates are those entities over which the Group is able to exercise significant influence but does not control or jointly control the entities\u2019 financial and operating policies. Significant influence is exercised generally through direct or indirect ownership of 20% to 50% of the voting rights. Such investments in associates are recorded in the Consolidated Financial Statements using the equity method and are initially recognised at cost. The Consolidated Financial Statements include the Group\u2019s share of the total comprehensive incom e of associates based on the equity method of accounting, from the date that significant influence begins until the date that significant influence ceases. Investments in associates are carried in the balance sheet at cost as adjusted by post-acquisition changes in the Group\u2019s share of net assets of the associate, less any impairment in the value of individual investments. Where necessary, adjustments are made to the Financial Statements of associates to bring the accounting policies used into line with those used by the Group. When the Group\u2019s share of losses exceeds its interest in an associate, the Group\u2019s carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of an associate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-592": { "value": "(ii) Joint Ventures Joint ventures are those entities over whose activities the Group has joint control, established by contractual agreement. Joint control requires unanimous consent of the parties sharing control in the decision-making on relevant activities. The Consolidated Financial Statements include the Group\u2019s share of the total comprehensive income of joint ventures based on the equity method of accounting, from the date that joint control begins until the date that joint control ceases. Where necessary, adjustments are made to the Financial Statements of joint ventures to bring the accounting policies used into line with those used by the Group. Material investments are those that the Group considers to be strategic to its operations and whose investment balances are material.
Investments in and advances to joint ventures and associates, which are all accounted for using the equity method of accounting,
consisted of the following:
1
2023 As of November 30,
2023 % Voting
(in thousands)
Location
% Shares Rights
2023
2022
Joint Ventures:
Tankers\u2019 material joint ventures:
NYK Stolt Tankers S.A.
Panama
50
50
$
$
54,969
50,717
Stolt NYK Asia Pacific Services Inc.
Singapore
50
50
2,689
30,376
NYK Stolt Shipholding Inc.
Singapore
50
50
66,576
41,428
Shanghai SC-Stolt Shipping Ltd
China
49
50
38,707
36,852
Hassel Shipping 4 AS
Tankers\u2019 non-material joint ventures:
Norway
50
50
66,500
67,191
SIA LAPA, Ltd
Latvia
70
50
2,418
1,628
Shanghai New Xing Yang Marine Services Co. Ltd
China
40
40
\u2013
6
231,859
228,198
Terminals\u2019 material joint ventures:
Advario Stolthaven Antwerp, NV
Belgium
50
50
115,879
105,811
Jeong-IL Stolthaven Ulsan Co. Ltd
South Korea
50
50
123,738
117,423
Tianjin Lingang Stolthaven Terminal Co.
China
65
50
24,564
25,281
Tianjin Lingang Stolthaven Jetty Company
China
40
50
11,144
11,918
Terminals\u2019 non-material joint ventures:
Stolthaven Revivegen Kaohsiung Co., Ltd
Taiwan
49
50
24,309
12,787
Stolthaven (Westport) Sdn. Bhd.
Malaysia
49
50
6,715
6,537
306,349
279,757
Tank Containers\u2019 non-material joint ventures:
Hyop Woon Stolt Transportation Services Co. Ltd
South Korea
50
50
3,808
3,690
Kanoo Tank Services Ltd.
Saudi Arabia
60
60
16,883
16,242
Vado Tank Cleaning SRL
Italy
50
50
1,549
1,251
Laem Chabang Tank Service Co. Ltd.
Thailand
49
49
1,653
1,415
FSTS CO., Ltd
Thailand
49
49
1,144
967
Joint Tank Services FZCO
United Arab Emirates
40
40
1,229
667
26,266
24,232
Stolt-Nielsen Gas\u2019 material joint venture:
Avenir LNG Limited
Bermuda
47
47
76,102
81,801
Subtotal
640,576
613,988
Joint
(in thousands) Ventures
Associates
Total
Balance, December 1, 2021
$ 603,509
$
8,397
$ 611,906
Share of profit of joint ventures and associates
53,279
684
53,963
Dividends
(40,808 )
(252 )
(41,060 )
Net foreign exchange differences
(30,807 )
(485)
(31,292 )
Net gain on cash flow hedges held by joint ventures
8,743
\u2013
8,743
Repayment of advances to joint ventures, net
(1,700 )
\u2013
(1,700 )
Reclass from short-term advances to joint ventures, net
7,101
\u2013
7,101
Net actuarial gain on pension schemes held by joint venture
1,476
\u2013
1,476
Investment in joint venture and associate
13,687
627
14,314
Other
(492 )
(15)
(507 )
Balance, November 30, 2022
$ 613,988
$
8,956
$ 622,944
Share of profit of joint ventures and associates
61,693
572
62,265
Dividends
(64,467 )
(365 )
(64,832 )
Net foreign exchange differences
4,131
(192)
3,939
Net gain on cash flow hedges held by joint ventures
1,068
\u2013
1,068
Repayment of advances to joint ventures, net
(14,595 )
\u2013
(14,595 )
Net actuarial gain on pension schemes held by joint venture
524
\u2013
524
Investment in joint venture and associate
38,557
618
39,175
Other
(323 )
(2 )
(325 )
Balance, November 30, 2023
$ 640,576
$
9,587
$ 650,163
Summarised financial information of material joint ventures The below table provides summarised financial information of the Group\u2019s material joint ventures, representing 100% of the respective amounts included in the individual joint ventures\u2019 Financial Statements as of and for the years ended November 30, 2023 and 2022. The figures have been amended to reflect modifications for differences in accounting policy.
NYK Stolt Stolt NYK Asia NYK Stolt Shanghai SC-Stolt Hassel Shipping
Tankers S.A. Pacific Services Inc. Shipholding Inc. Shipping Ltd 4 AS
(in thousands)
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
Selected Balance
Sheet Information
Cash and cash
equivalents
$
14,582
$
15,982
$
1,806
$
7,825
$
2,877
$
16,276
$
25,781
$ 24,497
$
14,249
$
20,375
Current assets,
other than cash
19,050
18,873
4,253
15,583
12,312
750
7,355
7,518
25,725
29,757
Current assets
33,632
34,855
6,059
23,408
15,189
17,026
33,136
32,015
39,974
50,132
Non-current assets
217,721
223,721
\u2013
42,000
162,636
173,042
49,956
47,916
284,566
291,911
Total Assets
251,353
258,576
6,059
65,408
177,825
190,068
83,092
79,931
324,540
342,043
Financial liabilities,
other than accounts
payable
13,405
13,124
\u2013
\u2013
5,410
9,382
\u2013
\u2013
14,384
14,384
Other current
liabilities
5,411
6,464
680
4,655
\u2013
139
4,098
6,160
\u2013
2,217
Current liabilities
18,816
19,588
680
4,655
5,410
9,521
4,098
6,160
14,384
16,601
Financial liabilities
122,599
168,309
\u2013
\u2013
39,264
97,692
\u2013
\u2013
184,613
198,997
Total non-current
liabilities
122,599
168,309
\u2013
\u2013
39,264
97,692
\u2013
\u2013
184,613
198,997
Net Assets
$ 109,938
$
70,679
$
5,379
$
60,753
$ 133,151
$
82,855
$
78,994
$ 73,771
$ 125,543
$ 126,445
Selected Income
Statement
Information
Operating revenue
$
95,961
$
72,169
$ 103,875
$100,566
$
52,825
$
41,250
$
41,949
$ 49,169
$
100,709
$
81,588
Depreciation and
amortisation
15,506
15,173
\u2013
\u2013
12,536
12,733
4,392
4,652
13,628
13,649
Finance income
\u2013
\u2013
1,807
854
271
143
\u2013
\u2013
1,176
112
Finance expense
9,821
6,478
\u2013
\u2013
2,347
2,382
\u2013
\u2013
12,444
10,754
Profit (loss) before
taxes
28,468
16,921
6,626
12,790
8,384
(723)
7,081
9,597
37,709
20,168
Income tax expense
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1,930
2,310
\u2013
\u2013
Net profit (loss)
28,468
16,921
6,626
12,790
8,384
(723)
5,151
7,287
37,709
20,168
Other comprehensive
income (loss)
791
6,716
\u2013
\u2013
(87 )
2,310
(623 )
(8,453 )
1,389
8,459
Total comprehensive
income (loss)
$
29,259
$
23,637
$
6,626
$
12,790
$
8,297
$
1,587
$
$
4,528
(1,166 ) $
39,098
$
28,627
Dividends received by
Group
$
\u2013
$
\u2013
$
31,000
$
\u2013
$
\u2013
$
\u2013
$
$
\u2013
2,528
$
20,000
$
28,500
Long-term financial liabilities for NYK Stolt Tankers S.A. included shareholder loans of nil and $31.6 million for the years ended November 30, 2023 and 2022, respectively. Of the financial liabilities included in NYK Stolt Shipholding Inc., nil and $42.0 million related to notes payable to Stolt NYK Asia Pacific Services Inc. for both the years ended November 30, 2023 and 2022, respectively. In addition to the table above, Avenir LNG Limited is publicly traded on the Norwegian over-the-counter (\u201cNOTC\u201d) market. The financial statements for December 31, 2022 have been filed on the NOTC. Avenir LNG Limited had total assets of $303.8 million, total liabilities of $163.3 million and total net assets of $140.5 million. Avenir LNG Limited has not published any interim earnings releases since this date. The market price of Avenir LNG Limited shares was NOK 6.00 per share at November 30, 2023. The Group owned 85.8 million shares of Avenir LNG Limited at November 30, 2023. Tianjin Lingang Stolthaven Terminal Co. has $4.8 million and $8.2 million of shareholder loans with the Group at November 30, 2023 and 2022, respectively. The above joint ventures, other than Avenir LNG Limited, are private companies and there are no quoted market prices available for their shares.
Advario Stolthaven Antwerp, Jeong-IL Stolthaven Ulsan Tianjin Lingang Stolthaven Tianjin Lingang Stolthaven
NV Co. Ltd Terminal Co. Jetty Company
(in thousands)
2023
2022
2023
2022
2023
2022
2023
2022
Selected Balance Sheet Information
Cash and cash equivalents
$
4,041
9,367
$
$
13
15
$
$
3,595
$
3,890
$
2,522
$
2,493
Current assets, other than cash
26,497
21,953
26,085
28,014
1,012
1,326
3,988
4,905
Current assets
30,538
31,320
26,098
28,029
4,607
5,216
6,510
7,398
Non-current assets
329,763
322,756
369,439
369,776
34,365
36,030
22,692
24,063
Total Assets
360,301
354,076
395,537
397,805
38,972
41,246
29,202
31,461
Financial liabilities, other than accounts
payable
31,488
34,402
71,070
63,564
1,401
2,116
\u2013
\u2013
Other current liabilities
13,593
12,177
11,215
32,911
2,140
3,639
1,028
1,348
Current liabilities
45,081
46,579
82,285
96,475
3,541
5,755
1,028
1,348
Financial liabilities
78,136
88,004
74,352
74,217
4,777
7,111
\u2013
\u2013
Non-current liabilities
43,977
44,927
\u2013
829
\u2013
\u2013
\u2013
\u2013
Total non-current liabilities
122,113
132,931
74,352
75,046
4,777
7,111
\u2013
\u2013
Net Assets
$
193,107
174,566
$
$
238,900
226,284
$
$ 30,654
$
28,380
$ 28,174
$
30,113
Selected Income Statement Information
Operating revenue
$
107,970
102,334
$
$
96,325
90,910
$
$ 11,144
$
11,338
$
7,080
$
9,144
Depreciation and amortisation
32,117
30,986
12,531
11,751
2,775
2,912
1,310
1,392
Finance income
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
26
41
Finance expense
3,158
3,993
4,959
2,936
614
512
\u2013
\u2013
Profit before taxes
18,914
20,511
35,694
34,796
2,489
1,238
2,593
4,365
Income tax expense
4,798
5,402
7,608
7,630
(1 )
\u2013
653
1,094
Net profit
14,116
15,109
28,086
27,166
2,490
1,238
1,940
3,271
Other comprehensive income (loss)
8,825
(11,075)
(44 )
(21,410 )
(217 )
(3,150 )
(245)
(3,423)
Total comprehensive income (loss)
$
22,941
4,034
$
$
28,042
5,756
$
$
2,273
$
(1,912 ) $
1,695
$
(152)
Dividends received by Group
$
2,200
\u2013
$
$
7,706
6,053
$
$
\u2013
$
\u2013
$
1,453
$
1,201
Description of the nature of activities of the material joint ventures NYK Stolt Tankers S.A. is a joint venture with NYK Line which owns nine parcel tankers that participate in the Joint Service. The Group performs marketing, operational, administration and ship-owning services for NYK Stolt Tankers S.A.\u2019s fleet in the deep-sea intercontinental market. The Group considers the investment in NYK Stolt Tankers S.A. to be strategic as it provides sophisticated tonnage to the Joint Service. Stolt NYK Asia Pacific Services Inc. (\u201cSNAPS\u201d) is a joint venture with NYK Line which operates 12 ships in the East Asia and South East Asia areas, with the ships marketed by the Group\u2019s offices in these regions. NYK Stolt Shipholding Inc (\u201cNSSH\u201d) is a ship-owning joint venture and owns 11 of the ships operated by SNAPS. The investments in SNAPS and NSSH are considered to be strategic to the Group by serving the East Asia and South East Asia markets and supporting customers of the Joint Service. In October 2023, NSSH entered into a pooling arrangement with ENEOS Ocean Corporation. The Group is acting as the principal in the arrangement. Hassel Shipping 4 AS is a 50% joint venture with J.O. Invest AS for the joint ownership and operation of eight 33,000 dwt, stainless steel, chemical tankers. The ships are operated through the Joint Service. This joint venture is considered to be strategic as it provides sophisticated tonnage to the Joint Service. Shanghai SC-Stolt Shipping Ltd is a 49% owned joint venture with Shanghai Junzheng Logistics Co. Ltd to operate chemical tankers in the Chinese coast cabotage market. As of November 30, 2023, the joint venture operated nine ships. It is considered to be a joint venture as all significant decisions are made unanimously. Avenir LNG Limited is a 47% owned joint venture with Golar LNG Limited and H\u00f6egh LNG Holdings Ltd. and supplies LNG for the power, bunkering, trucking and industrial markets. Although listed on the NOTC market, it is considered to be a joint venture as the Group, along with Golar LNG Limited and H\u00f6egh LNG Holdings Ltd., as significant decisions are made unanimously. Advario Stolthaven Antwerp, NV (\u201cASA\u201d), formerly Oiltanking Stolthaven Antwerp, NV, is a 50% owned joint venture with Advario BV (formerly Oiltanking GMBH) and has a terminal facility in Antwerp, Belgium which provides independent tank terminal services in the Port of Antwerp for bulk liquid products, animal and vegetable oils and gas and other products. The investment in ASA is considered to be strategic to the Group as it is integral to the Group\u2019s ability to provide an efficient ship-terminal interface. Jeong-IL Stolthaven Ulsan Co. Ltd (\u201cJSTT\u201d) is a 50% owned joint venture that owns a terminal facility in Ulsan, South Korea which provides independent tank terminal services for primarily clean petroleum and chemical products. The Group considers its investment in JSTT to be strategic as it is integral in the Group\u2019s ability to provide an efficient ship-terminal interface. Tianjin Lingang Stolthaven Terminal Co., a 65% owned joint venture with the Lingang Harbor Affairs Company (\u201cLHAC\u201d), owns a terminal facility in Tianjin, China. It is considered to be a joint venture as all significant decisions are made unanimously. Tianjin Lingang Stolthaven Jetty Company, a 40% owned joint venture with LHAC, owns and operates a jetty and docks in Tianjin, China. It is considered to be a joint venture as all significant decisions are made unanimously. Reconciliation of Summarised Financial Information from Prior Year Net Assets to Investment in and Advances to Joint Ventures
NYK Stolt Stolt NYK Asia NYK Stolt Shanghai SC-Stolt Hassel
Tankers S.A. Pacific Services Inc. Shipholding Inc. Shipping Ltd Shipping 4 AS
(in thousands)
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
Net Assets:
Balance, December 1
$
70,679
$
47,027
$ 60,753
$
47,966
$
82,855
$
81,268
$
$ 73,771
80,093
$ 126,445
$
154,819
Profit (loss) for
the year
28,468
16,921
6,626
12,790
8,384
(723)
5,151
7,287
37,709
20,168
Capital contribution
10,000
\u2013
\u2013
\u2013
42,000
\u2013
\u2013
\u2013
\u2013
\u2013
Dividends
\u2013
\u2013
(62,000)
\u2013
\u2013
\u2013
\u2013
(5,159 )
(40,000)
(57,000)
Other comprehensive
income (loss)
791
6,716
\u2013
\u2013
(87)
2,310
(623 )
(8,453 )
1,389
8,459
Other
Balance, November
\u2013
15
\u2013
(3 )
(1)
\u2013
695
3
\u2013
(1)
30
109,938
70,679
5,379
60,753
133,151
82,855
78,994
73,771
125,543
126,445
Percentage owned
50%
50%
50%
50%
50%
50%
49%
49%
50%
50%
Interest in
j
oint venture
54,969
35,340
2,689
30,377
66,576
41,428
38,707
36,148
62,772
63,223
Purchase adjustment
to property
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
3,727
3,968
Eliminations of
transactions with the
Group
\u2013
(422 )
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Advances
\u2013
15,799
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other
Investment in and
advances to joint
\u2013
\u2013
\u2013
(1 )
\u2013
\u2013
\u2013
704
1
\u2013
ventures
$
54,969
$
50,717
$
2,689
$
30,376
$
66,576
$
41,428
$
$
38,707
36,852
$
66,500
$
67,191
Advario Stolthaven Jeong-IL Stolthaven Ulsan Tianjin Lingang Stolthaven Tianjin Lingang Stolthaven
Antwerp, NV Co. Ltd Terminal Co. Jetty Company
(in thousands)
2023
2022
2023
2022
2023
2022
2023
2022
Net Assets:
Balance, December 1
$ 174,566
$ 170,532
$226,284
232,634
$
$
28,380
30,292
$
$
30,113
$
33,267
Profit for the year
14,116
15,109
28,086
27,166
2,490
1,238
1,940
3,271
Dividends
(4,400 )
(15,413
\u2013
(12,106 )
)
\u2013
\u2013
(3,632 )
(3,002)
Other comprehensive (loss) income
8,825
(11,075)
(21,410 )
(44 )
(217 )
(3,150 )
(245 )
(3,423)
Other
\u2013
\u2013
\u2013
(13 )
1
\u2013
(2 )
\u2013
Balance, November 30
193,107
174,566
238,900
226,284
30,654
28,380
28,174
30,113
Percentage owned
50%
50%
50%
50%
65%
65%
40%
40%
Interest in joint venture
96,553
87,283
119,450
113,142
19,925
18,447
11,270
12,045
Advances
\u2013
\u2013
\u2013
\u2013
4,639
6,834
\u2013
\u2013
Purchase adjustment to property
3,083
3,130
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Goodwill
14,672
13,478
4,288
4,281
\u2013
\u2013
\u2013
\u2013
Other
Investment in and advances
1,571
1,920
\u2013
\u2013
\u2013
\u2013
(126 )
(127)
to joint ventures
$
$ 115,879
105,811
$123,738
117,423
$
$
24,564
25,281
$
$
11,144
$
11,918
S S u u m m m m a a r r i i s s e e d d f f i i n n a a n n c c i i a a l l i i n n f f o o r r m m a a t t i i o o n n f f o o r r n n o o n n - - m m a a t t e e r r i i a a l l j j o o i i n n t t v v e e n n t t u u r r e e s s a a n n d d a a s s s s o o c c i i a a t t e e s s In aggregate, the Group\u2019s investments in and advances to non-material joint ventures were $59.7 million and $45.2 million, and in the non-material associates were $9.6 million and $9.0 million, for the years ended November 30, 2023 and 2022, respectively. The below summarises the financial information of the non-material joint ventures and associates:
For the years ended
November 30,
(in thousands)
2023
2022
Joint Ventures
Profit before taxes
$
$
11,985
10,147
Income tax expense
1,855
1,706
Net profit
10,130
8,441
Other comprehensive loss
(946 )
(2,181 )
Total comprehensive income
$
$
9,184
6,260
C o o m m m m i i t t m m e e n n t t s s The Group has no commitments to joint ventures as of November 30, 2023. Capital commitments in joint ventures are in Note 27. See Note 28 for amounts due from and to the Group from joint ventures and associates.
November 30, 2023
November 30, 2022
Total Total
carrying carrying
(in thousands) Current Non-current
value
Fair value
Current
Non-current
value
Fair value
Financial Assets
Financial assets at FVTOCI
Investments in equity instruments
\u2013 listed
$
\u2013
$
132,864
$
132,864
$
132,864
$
\u2013
$
143,144
$
143,144
$
143,144
Financial assets at amortised cost
Cash and cash equivalents
446,515
\u2013
446,515
446,515
152,141
\u2013
152,141
152,141
Trade receivables
341,319
\u2013
341,319
341,319
353,730
\u2013
353,730
353,730
Loans and advances to joint ventures
and associates
\u2013
25,764
25,764
25,764
\u2013
40,037
 40,037 40,037
Other current assets
47,082
\u2013
47,082
47,082
37,585
\u2013
37,585
37,585
$ 834,916
$
158,628
$
993,544
$
993,544
$
543,456
$
183,181
$
726,637
$
726,637
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-574": { "value": "(ii) Joint Ventures Joint ventures are those entities over whose activities the Group has joint control, established by contractual agreement. Joint control requires unanimous consent of the parties sharing control in the decision-making on relevant activities. The Consolidated Financial Statements include the Group\u2019s share of the total comprehensive income of joint ventures based on the equity method of accounting, from the date that joint control begins until the date that joint control ceases. Where necessary, adjustments are made to the Financial Statements of joint ventures to bring the accounting policies used into line with those used by the Group. Material investments are those that the Group considers to be strategic to its operations and whose investment balances are material. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-558": { "value": "Accounting policy Investments in equity instruments which are designated as fair value through other comprehensive income (\u201cFVTOCI\u201d) are carried at their fair value and remeasured each period. Movements in the carrying amount are taken through other comprehensive income. Upon disposal of these equity investments, any balance within other comprehensive income for these equity investments is reclassified to retained earnings and is not reclassified to profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-495": { "value": "Accounting policy Investments in equity instruments which are designated as fair value through other comprehensive income (\u201cFVTOCI\u201d) are carried at their fair value and remeasured each period. Movements in the carrying amount are taken through other comprehensive income. Upon disposal of these equity investments, any balance within other comprehensive income for these equity investments is reclassified to retained earnings and is not reclassified to profit or loss. Equity investments designated at FVTOCI At November 30, 2023, the Group had investments in Golar LNG Limited, GBL, Odfjell SE and Kingfish that have been designated as FVTOCI as they are not held for trading by the Group. During the year ended November 30, 2023, the Group disposed of its 1.0 million shares of Cool Company Limited (\u201cCoolCo\u201d) for $11.5 million, resulting in a gain on sale of $2.3 million which has been transferred from the fair value reserve to retained earnings. CoolCo is listed on the Euronext Growth Oslo. During the year ended November 30, 2023, Kingfish borrowed $2.7 million from the Group through a convertible loan agreement. The convertible loan agreement carries an annual interest rate of 15% and allows for the loan to be converted into shares at a fixed price of Euro 0.929 at a future date. Kingfish is listed on the Euronext Growth Oslo. On October 18, 2022, the Group acquired 9.2 million shares or 10.0% of Kingfish for $7.4 million. In 2023, the Group\u2019s shareholding decreased to 8.3% upon Kingfish issuing further shares. During March and April 2022, the Group acquired 5.0 million shares or 8.3% of the outstanding shares of Odfjell SE for $20.7 million. Odfjell SE is listed on the Oslo Stock Exchange. On February 1, 2022, the Group acquired 1.0 million shares or 2.5% of CoolCo for $10.0 million. The Group received dividends of $6.3 million from Odfjell SE and $1.3 million from Golar LNG Limited during the year (2022: $1.2 million from Odfjell SE). Investments in equity instruments decreased owing to the sale of CoolCo shares and the change in fair market value of all of the investments in 2023. A summary of changes in value of investments in equity instruments for the year ended November 30, 2023 and 2022 is summarised below:
As of November 30,
2023
2022
2023
2022
2023
2022
(in thousands, except for per share amounts)
Golar LNG Limited
GBL
CoolCo
Number of equity shares
2,673
2,673
6,111
6,111
\u2013
940
Percentage of shareholding as of November 30
2.5%
2.5%
9.4%
9.8%
\u2013
1.8%
Share price as of November 30
$
21.53
$
25.07
$
2.04
$
1.80
$
\u2013
$
12.56
Dividends received
1,336
\u2013
\u2013
\u2013
\u2013
\u2013
(Loss) gain on FVTOCI
(9,301)
35,467
1,266
4,626
(261)
2,588
Cumulative (loss) gain on FVTOCI
(48,680)
(39,379)
7,236
5,970
\u2013
2,588
Value of investment
$
57,703
$
67,004
$
12,478
$
11,012
$
\u2013
$
11,798
As of November 30,
2023
2022
2023
2022
2023
2022
(in thousands, except for per share amounts)
Kingfish
Odfjell SE
Total
Number of equity shares
9,238
9,238
5,014
5,014
Percentage of shareholding as of November 30
8.3%
10.0%
8.3%
8.3%
Share price as of November 30
$
0.78
$
1.12
$
10.55
$
8.58
Dividends received
\u2013
\u2013
6,323
1,225
$
7,659
$
1,225
(Loss) gain on FVTOCI
(3,167)
2,938
9,868
22,310
(1,595)
67,929
Cumulative (loss) gain on FVTOCI
(229)
2,938
32,178
22,310
(9,495)
(5,573)
Convertible loan
2,652
\u2013
\u2013
\u2013
2,652
\u2013
Value of investment
$
9,813
$
10,328
$
52,870
$
43,002
$
132,864
$
143,144
18. Investments in Equity and Debt Instruments", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-559": { "value": "Accounting policy Accounts payable are initially valued at their fair value and subsequently at amortised cost. A contract liability is the obligation to transfer goods or services to a customer for which the Group has received or is entitled to consideration. When consideration is paid by a customer before the Group transfers goods or services to satisfy the performance obligation, a contract liability is recognised. Contract liabilities are recognised as operating revenue when the Group satisfies the contractual performance obligations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-590": { "value": "Accounting policy Accounts payable are initially valued at their fair value and subsequently at amortised cost. A contract liability is the obligation to transfer goods or services to a customer for which the Group has received or is entitled to consideration. When consideration is paid by a customer before the Group transfers goods or services to satisfy the performance obligation, a contract liability is recognised. Contract liabilities are recognised as operating revenue when the Group satisfies the contractual performance obligations.
As of November 30,
(in thousands)
2023
2022
Trade payables
$
106,787
$
96,828
Withholding and value added tax
7,553
6,413
Insurance premiums payable
46
82
Other
309
1,552
$
114,695
$
104,875
Contract liabilities
2023
2022
(in thousands)
<1 year
>1 year
<1 year
>1 year
Balance, December 1
$
41,707
$
\u2013
$
29,092
$
\u2013
Revenue recognised (from opening balance)
(41,707)
\u2013
(29,092 )
\u2013
Revenue recognised (current year)
(1,432,201)
\u2013
(1,197,032 )
\u2013
Cash received in advance of performance obligation
1,479,251
\u2013
1,238,739
\u2013
Balance, November 30
$
47,050
$
\u2013
$
41,707
$
\u2013
Contract liabilities are typically recognised as operating revenue within 45 days of the completion of the performance obligation so all contract liabilities are current liabilities. Contract liabilities are included in Accrued voyage expenses and unearned income. 20. Accounts Payable
Financial Liabilities
Financial liabilities at amortised cost
Accounts payables, excluding
withholding and value added taxes $ 107,142
$
\u2013
$
107,142
$
107,142
$
98,463
$
\u2013
$
98,463
$
98,463
Accrued expenses and accrued
voyage expenses
311,858
\u2013
311,858
311,858
320,311
\u2013
 320,311 320,311
Dividend payable
53,591
\u2013
53,591
53,591
53,591
\u2013
53,591
53,591
Long-term lease obligations, including
current maturities 55,456
182,751
238,207
238,207
49,017
174,567
 223,584 223,584
Short-term loans and long-term debt,
including current maturities and
excluding debt issuance costs
258,889
1,594,576
1,853,465
1,911,088
293,109
1,691,112
1,984,221
2,032,219
Other current liabilities
55,569
\u2013
55,569
55,569
49,407
\u2013
49,407
49,407
$ 842,505
$ 1,777,327
$
2,619,832
$ 2,677,455
$ 863,898
$ 1,865,679
$ 2,729,577
$ 2,777,575
For the year ended November 30, 2023 Less than More than
(in thousands) 1 yr
2-3 yrs
4-5 yrs
5 yrs Total
Contractual obligations:
Accounts payable, excluding withholding and value added taxes
$
107,142
$
\u2013
$
\u2013
$
\u2013
$
107,142
Accrued expenses and dividend payable
365,449
\u2013
\u2013
\u2013
365,449
Long-term lease liabilities, including current maturities
55,456
68,490
31,978
82,283
238,207
Interest on long-term lease liabilities
10,958
14,857
9,733
70,385
105,933
Long-term debt, including current maturities
258,889
669,539
529,957
395,080
1,853,465
Interest on long-term debt
93,404
154,866
88,913
34,277
371,460
Derivative financial liabilities
11,732
5,427
3,489
995
21,643
Other current liabilities
55,569
\u2013
\u2013
\u2013
55,569
Total contractual obligations
$
958,599
$
913,179
$
664,070
$
583,020
$
3,118,868
For the year ended November 30, 2022 Less than More than
(in thousands)
1 yr
2-3 yrs
4-5 yrs
5 yrs
Total
Contractual obligations:
Accounts payable, excluding withholding and value added taxes
$
98,463
$
\u2013
$
\u2013
$
\u2013
$
98,463
Accrued expenses and dividend payable
373,902
\u2013
\u2013
\u2013
373,902
Long-term lease liabilities, including current maturities
49,017
67,454
24,653
82,460
223,584
Interest on long-term lease liabilities
9,806
13,684
9,181
71,955
104,626
Long-term debt, including current maturities
293,109
817,069
450,480
423,563
1,984,221
Interest on long-term debt
96,282
117,539
72,890
41,542
328,253
Derivative financial liabilities
2,240
6,223
\u2013
\u2013
8,463
Other current liabilities
49,407
\u2013
\u2013
\u2013
49,407
Total contractual obligations
$
972,226
$
1,021,969
$
557,204
$
619,520
$
3,170,919
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-516": { "value": "
The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern, to provide returns
for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.
Capital management The Group defines capital as net debt and equity attributable to equity holders of SNL. The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. To maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, repurchase shares or sell assets to reduce debt. The Group monitors capital on the basis of the ratio of debt to tangible net worth. This is calculated as short-term and long-term debt and lease liabilities divided by equity attributable to equity holders less intangible assets and excluding other components of equity. The Group\u2019s management targets maintaining a ratio of debt to tangible net worth at or below 1.50. As of November 30, 2023 and 2022, the ratio of debt to equity attributable to equity holders of SNL less intangible assets and excluding other components of equity was as follows:
As of November 30,
(in thousands)
2023
2022
Short-term loans, long-term debt and lease liabilities
$
2,074,808
$
2,190,363
Equity attributable to equity holders of SNL less intangible assets and excluding other components of equity
2,069,889
1,894,272
Debt to tangible net worth
1.00
1.16
The debt to tangible net worth of 1.00 at November 30, 2023 is in line with management\u2019s expectations and below its target ratio of 1.50. The Group has external restrictions on its capital, which are its bank covenants. See Note 23 for further details. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-472": { "value": "The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern, to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. The Group\u2019s activities expose it to a variety of financial risks such as market risk (including currency risk, political risk, cash flow interest rate risk and price risk), credit risk and liquidity risk. The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. The Group uses derivative financial instruments to hedge certain risk exposures. Risk management is carried out by a central Treasury department under policies approved by the Board of Directors. Group Treasury identifies, evaluates and hedges financial risks in close cooperation with the Group\u2019s operating units. The Board provides written principles for overall risk management, as well as written policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and investment of excess liquidity. Market risk \u2013 foreign exchange Future commercial transactions Recognised financial assets and liabilities not denominated in US dollars Cash flow forecasting Sensitivity analysis Forward foreign exchange contracts and cross-currency interest rate swaps Market risk \u2013 interest rate Long-term borrowings at variable rates Sensitivity analysis Cross-currency interest rate swaps, interest rate swaps Market risk \u2013 commodity price Changes in fuel prices Cash flow forecasting Sensitivity analysis Bunker surcharge clauses and bunker swaps Credit risk Cash and cash equivalents, trade receivables, derivative financial instruments, available-for-sale debt instruments and held-to-maturity investments Ageing analysis Credit ratings Diversification of bank deposits, credit limits and letters of credit Investment guidelines for available-for-sale and held-to- maturity investments Liquidity risk Borrowings and other liabilities Rolling cash flow forecasts Availability of committed credit lines and borrowing facilities Market risk The Group is exposed to market risk, including changes in interest rates, currency exchange rates, price risk and bunker fuel costs. To manage the volatility relating to these exposures, the Group enters into derivative transactions in accordance with Group policies. The financial impact of these instruments is offset by corresponding changes in the underlying exposures being hedged. Derivative instruments are not held for trading or speculative purposes. The Group analyses its interest rate exposure based on sensitivity analysis. Scenarios are simulated, taking into consideration refinancing, renewal of existing positions, alternative financing and hedging. The Group calculates the impact on profit and loss of a defined interest rate shift. At November 30, 2023, 17.1% of the Group\u2019s long- term debt had variable interest rates. At November 30, 2023, if interest rates on the Group\u2019s short-term and long-term debt had been 10 basis points higher/lower with all other variables held constant, the calculated pre-tax profit for the year would have been $0.3 million lower/higher, mainly as a result of higher/lower interest expense on floating-rate debt for which the interest rate has not been hedged. In addition, for bunker fuel risk, all of the contracts of affreightment (\u201cCOA\u201d) entered into by the Group\u2019s Tanker segment include provisions intended to pass through fluctuations in fuel prices to customers. The Group\u2019s policy is to hedge a minimum of 50% of expected bunker purchases within the next 12 months through either bunker surcharge clauses included in the COAs or through hedging. For the years ended November 30, 2023 and 2022, the expected coverage from fluctuations in bunker fuel prices was 50.8% and 63.0%, respectively. Political and geopolitical risk SNL is exposed to geopolitical risks where territorial and other disputes between countries could lead to the outbreak of war or the existence of international hostilities that could damage the world economy, adversely affect the availability of, and demand for, petroleum and chemical products and adversely affect SNL\u2019s ability to operate ships, terminals or tank containers. Moreover, SNL operates in a sector of the economy that is likely to be adversely affected by the impact of political instability, terrorist or other attacks, war or international hostilities, for example, the hostilities in the Ukraine and the Red Sea. 21. Financial Risk Management Risk Exposure arising from Measurement Management Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures. Most of the operating revenue earned by Tankers and Tank Containers is in US dollars, while a significant portion of their operating expenses is incurred in other currencies, primarily the euro, the Philippine peso, the Singapore dollar, the Japanese yen and the British pound. When there is a mismatch between revenue and expense currencies, any depreciation of the revenue currency relative to the expense currency will decrease profit margins. In addition, exposure occurs when a member of the Group holds accounts receivable or payable in a non-functional currency. At November 30, 2023, prior to the effect of hedging, if the US dollar had weakened or strengthened by 5% against the major currencies mentioned above, with all other variables remaining constant, the recalculated pre-tax profit for the year would have been approximately $7.9 million higher or lower, mainly due to the effect of operating and administrative and general expenses, net of revenues, from non-US dollar transactions as well as foreign exchange gains or losses on the remeasurement of non-US dollar-denominated account receivable and payable balances through the income statement. SNL\u2019s policy is to hedge between 50% to 80% of the Group\u2019s expected 12-month future foreign currency exposure and 100% of its future committed capital expenditures denominated in foreign currencies. Concentration of credit risk Trade receivables are from customers across all lines of the Group\u2019s business. The Group extends credit to its customers in the normal course of business. The maximum exposure to credit risk is the net customer accounts receivable balance, contract assets and accrued revenue of $348.8 million and cash balance of $446.5 million. The Group regularly reviews its accounts receivable by performing credit checks upon entering into an initial sales contract with a customer and by the respective business controllers regularly reviewing the days past due accounts receivable reports. The majority of trade receivables are in US dollars. An analysis of the age of customer trade receivables that are past due is as follows:
As of November 30, 2023
Not
(in thousands)
Impaired
Impaired
Current
$ 176,400
$
429
Up to 30 days past due
62,642
438
31 to 60 days past due
18,195
327
61 to 90 days past due
12,262
347
Greater than 91 days past due
29,049
19,737
$ 298,548
$
21,278
As of November 30, 2022
Not
(in thousands)
Impaired
Impaired
Current
$
187,428
$
213
Up to 30 days past due
78,027
694
31 to 60 days past due
22,539
475
61 to 90 days past due
14,620
304
Greater than 91 days past due
23,225
19,932
$
325,839
$
21,618
No collateral is held on any accounts receivable. The only material loss allowance held against financial assets relates to trade receivables and is calculated on a lifetime expected loss basis. There have been no changes in the estimation techniques applied in the calculation of the loss allowance during the year. The allowance for impairment on customer trade receivables changed as follows:
As of November 30,
(in thousands)
2023
2022
Allowance for impairment on customer trade and accrued receivables, brought forward
$
21,618
$
20,129
Impairment recognised, net
1,861
1,893
Accounts written off
(2,201)
(404)
Balance at the end of the year
$
21,278
$
21,618
The amount of the impairment allowance on receivables is based on the age of unpaid balances, information about the current and expected future financial condition of customers and the markets in which they operate, and other relevant information. Management does not believe significant risk exists in connection with concentrations of credit as of November 30, 2023. There have been no significant changes to the impairment allowance because of changes in the gross carrying amount of trade receivables. There are no significant amounts written off which are still subject to enforcement activity. The Group\u2019s cash is held by a diverse group of financial institutions, which is monitored on an annual ongoing basis by Group Treasury. Liquidity risk Cash flow forecasting is performed by the operating entities of the Group and is aggregated at the corporate level. The Group Treasury department monitors rolling forecasts of the Group\u2019s liquidity requirements to ensure the Group has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities (see Note 23) at all times so that the Group does not breach borrowing limits or covenants on any of its borrowing facilities. Such forecasting takes into consideration the Group\u2019s debt financing plans, covenant compliance, compliance with internal balance sheet ratio targets and certain currencies\u2019 restrictions. The Group also reviews and monitors sensitivities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-496": { "value": "Market risk The Group is exposed to market risk, including changes in interest rates, currency exchange rates, price risk and bunker fuel costs. To manage the volatility relating to these exposures, the Group enters into derivative transactions in accordance with Group policies. The financial impact of these instruments is offset by corresponding changes in the underlying exposures being hedged. Derivative instruments are not held for trading or speculative purposes. The Group analyses its interest rate exposure based on sensitivity analysis. Scenarios are simulated, taking into consideration refinancing, renewal of existing positions, alternative financing and hedging. The Group calculates the impact on profit and loss of a defined interest rate shift. At November 30, 2023, 17.1% of the Group\u2019s long- term debt had variable interest rates. At November 30, 2023, if interest rates on the Group\u2019s short-term and long-term debt had been 10 basis points higher/lower with all other variables held constant, the calculated pre-tax profit for the year would have been $0.3 million lower/higher, mainly as a result of higher/lower interest expense on floating-rate debt for which the interest rate has not been hedged. In addition, for bunker fuel risk, all of the contracts of affreightment (\u201cCOA\u201d) entered into by the Group\u2019s Tanker segment include provisions intended to pass through fluctuations in fuel prices to customers. The Group\u2019s policy is to hedge a minimum of 50% of expected bunker purchases within the next 12 months through either bunker surcharge clauses included in the COAs or through hedging. For the years ended November 30, 2023 and 2022, the expected coverage from fluctuations in bunker fuel prices was 50.8% and 63.0%, respectively. Political and geopolitical risk SNL is exposed to geopolitical risks where territorial and other disputes between countries could lead to the outbreak of war or the existence of international hostilities that could damage the world economy, adversely affect the availability of, and demand for, petroleum and chemical products and adversely affect SNL\u2019s ability to operate ships, terminals or tank containers. Moreover, SNL operates in a sector of the economy that is likely to be adversely affected by the impact of political instability, terrorist or other attacks, war or international hostilities, for example, the hostilities in the Ukraine and the Red Sea. Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures. Most of the operating revenue earned by Tankers and Tank Containers is in US dollars, while a significant portion of their operating expenses is incurred in other currencies, primarily the euro, the Philippine peso, the Singapore dollar, the Japanese yen and the British pound. When there is a mismatch between revenue and expense currencies, any depreciation of the revenue currency relative to the expense currency will decrease profit margins. In addition, exposure occurs when a member of the Group holds accounts receivable or payable in a non-functional currency. At November 30, 2023, prior to the effect of hedging, if the US dollar had weakened or strengthened by 5% against the major currencies mentioned above, with all other variables remaining constant, the recalculated pre-tax profit for the year would have been approximately $7.9 million higher or lower, mainly due to the effect of operating and administrative and general expenses, net of revenues, from non-US dollar transactions as well as foreign exchange gains or losses on the remeasurement of non-US dollar-denominated account receivable and payable balances through the income statement. SNL\u2019s policy is to hedge between 50% to 80% of the Group\u2019s expected 12-month future foreign currency exposure and 100% of its future committed capital expenditures denominated in foreign currencies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-497": { "value": "Concentration of credit risk Trade receivables are from customers across all lines of the Group\u2019s business. The Group extends credit to its customers in the normal course of business. The maximum exposure to credit risk is the net customer accounts receivable balance, contract assets and accrued revenue of $348.8 million and cash balance of $446.5 million. The Group regularly reviews its accounts receivable by performing credit checks upon entering into an initial sales contract with a customer and by the respective business controllers regularly reviewing the days past due accounts receivable reports. The majority of trade receivables are in US dollars. An analysis of the age of customer trade receivables that are past due is as follows:
As of November 30, 2023
Not
(in thousands)
Impaired
Impaired
Current
$ 176,400
$
429
Up to 30 days past due
62,642
438
31 to 60 days past due
18,195
327
61 to 90 days past due
12,262
347
Greater than 91 days past due
29,049
19,737
$ 298,548
$
21,278
As of November 30, 2022
Not
(in thousands)
Impaired
Impaired
Current
$
187,428
$
213
Up to 30 days past due
78,027
694
31 to 60 days past due
22,539
475
61 to 90 days past due
14,620
304
Greater than 91 days past due
23,225
19,932
$
325,839
$
21,618
No collateral is held on any accounts receivable. The only material loss allowance held against financial assets relates to trade receivables and is calculated on a lifetime expected loss basis. There have been no changes in the estimation techniques applied in the calculation of the loss allowance during the year. The allowance for impairment on customer trade receivables changed as follows:
As of November 30,
(in thousands)
2023
2022
Allowance for impairment on customer trade and accrued receivables, brought forward
$
21,618
$
20,129
Impairment recognised, net
1,861
1,893
Accounts written off
(2,201)
(404)
Balance at the end of the year
$
21,278
$
21,618
The amount of the impairment allowance on receivables is based on the age of unpaid balances, information about the current and expected future financial condition of customers and the markets in which they operate, and other relevant information. Management does not believe significant risk exists in connection with concentrations of credit as of November 30, 2023. There have been no significant changes to the impairment allowance because of changes in the gross carrying amount of trade receivables. There are no significant amounts written off which are still subject to enforcement activity. The Group\u2019s cash is held by a diverse group of financial institutions, which is monitored on an annual ongoing basis by Group Treasury. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-498": { "value": "Liquidity risk Cash flow forecasting is performed by the operating entities of the Group and is aggregated at the corporate level. The Group Treasury department monitors rolling forecasts of the Group\u2019s liquidity requirements to ensure the Group has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities (see Note 23) at all times so that the Group does not breach borrowing limits or covenants on any of its borrowing facilities. Such forecasting takes into consideration the Group\u2019s debt financing plans, covenant compliance, compliance with internal balance sheet ratio targets and certain currencies\u2019 restrictions. The Group also reviews and monitors sensitivities.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-560": { "value": "Accounting policy for financial instruments IFRS 9 contains a classification and measurement approach for financial assets and liabilities, including derivative instruments that reflects the business model in which assets are managed and their cash flow characteristics. Under IFRS 9, all financial instruments are initially measured at fair value. In addition, for financial assets or liabilities not remeasured at fair value through profit or loss, financial instruments are adjusted for transaction costs. The classification of a financial asset is determined at initial recognition; however, if certain conditions are met, an asset may subsequently need to be reclassified. IFRS 9 contains three principal classification categories for financial assets, based on the business models under which they are held: Amortised cost: The Group classifies its financial assets at amortised cost only if both of the following criteria are met: the assets are held within a business model with the objective of collecting the contractual cash flows and the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal outstanding. Income from these financial assets is included in finance income using the effective interest rate method. The Group\u2019s assets measured at amortised cost include trade and other receivables, cash and cash equivalents and advances from joint ventures and associates. Fair value through other comprehensive income (FVTOCI): Assets that are held for collection of contractual cash flows and for future sales, where the assets\u2019 cash flows represent solely payments of principal and interest and dividends, are measured at fair value through other comprehensive income. Fair value through profit or loss (FVTPL): Assets that do not meet the criteria for amortised cost or FVTOCI are measured at fair value through profit or loss. (i) Impairment As required by IFRS 9, the Group adopted an \u201cexpected credit loss model\u201d which requires the Group to account for expected credit losses and changes in those expected credit losses at each year end or half-year to reflect changes in credit risk since initial recognition. In other words, it is no longer necessary for a credit event to have occurred before credit losses are recognised. Credit losses are calculated as the present value of the difference between all contractual cash flows that are due and all cash flows that the entity expects to receive. Expected credit losses are the sum of all possible credit losses, weighted by their probability of occurrence. The \u201c12-month expected credit losses\u201d approach is applied to all financial assets with the exception of trade receivables and advances to joint ventures. Both these asset classes generally do not contain a significant financing component. For these assets, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables, net of any allowance losses. The allowance loss measurement is determined by applying a simplified approach equalling the lifetime expected credit losses. Under the simplified approach, the tracking of changes in credit risk is not required, but instead the base lifetime expected credit loss at all times is applied. An allowance for loss is made for potentially impaired receivables during the year in which they are identified based on a periodic review of all outstanding amounts. Losses are recorded within selling, marketing and distribution expenses in the income statement. Trade receivables are deemed as impaired when there is an indication of significant financial difficulties of the debtor (delinquency in or default on payments occurs, probability of bankruptcy or need for financial reorganisation). (ii) Fair value estimation The information below summarises financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: New business quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1). Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2). Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). The Group\u2019s investments in Golar LNG Limited, Kingfish, Odfjell SE and GBL are measured using quoted prices in an active market (Level 1). The Group\u2019s derivative assets and liabilities are measured using inputs other than quoted prices (Level 2). The Group\u2019s mature biological assets are measured using inputs other than quoted prices (Level 2). There have been no changes in the fair value methodology in the periods presented. (iii) Hedge accounting In accordance with IFRS 9\u2019s transition provisions for hedge accounting, the Group has not applied the IFRS 9 hedge accounting requirements and will continue to apply the hedge accounting requirements of IAS 39. Accounting policy for derivative assets and liabilities The Group enters into forward exchange contracts to hedge foreign currency transactions, interest rate swaps to hedge the risk of variability of interest payments, cross-currency interest rate swaps to hedge the risk of variability of interest and principal payments on non-US dollar denominated borrowings and bunker fuel hedge contracts to lock in the price for a portion of forecasted bunker fuel requirements. No instruments are held for speculative purposes. For bonds and loan facilities where it is determined that there is an interest rate or foreign currency risk that should be hedged, the derivative financial instrument acquired will have critical terms that mirror those of the underlying debt. In these circumstances, it is the Group\u2019s objective to achieve 100% effectiveness. Derivative financial instruments are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. The resulting gain or loss on remeasurement is recognised immediately in the income statement unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition of any resultant gain or loss on the income statement depends on the nature of the item being hedged. The impact in the income statement is shown in interest, foreign currency exchange gain (loss) or operating expenses as appropriate, based on the underlying of the derivative. (i) Determination of fair value The fair value of interest rate swaps, cross-currency interest rate swaps and foreign exchange contracts is based on discounted cash flow models based upon the valuations received from financial institutions, taking into account current interest rates and foreign exchange rates. (ii) Cash flow hedges The Group applies cash flow hedge accounting to its interest rate swaps and cross-currency interest rate swaps. Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction, the effective part of any gain or loss on the derivative financial instrument is recognised directly in other comprehensive income. Any ineffective portion of the hedge is recognised immediately in the income statement. When the forecast transaction subsequently results in the recognition of a non-financial asset or non-financial liability, the associated cumulative gain or loss recognised in other comprehensive income is removed and included in the initial cost or other carrying amount of the asset or liability. If a hedge of a forecast transaction subsequently results in the recognition of a financial asset or a financial liability, the associated gains and losses that were recognised directly in equity are reclassified into the income statement in the same period or periods during which the asset acquired or liability assumed affects profit or loss, that is, when finance income or expense is recognised. When a hedging instrument expires or is sold, terminated or exercised, or the entity revokes designation of the hedge relationship but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity and is recognised in accordance with the above policy when the transaction occurs. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss recognised in other comprehensive income is recognised in the income statement immediately. Any unrealised and realised gains or losses on foreign exchange forward contracts are taken directly to the income statement. (iii) Embedded derivatives Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to the host contract. Contracts are assessed for embedded derivatives at inception of such contracts or when the Group becomes party to them. Embedded derivatives that have been separated from host contracts are measured at fair value at each balance sheet date. Any gains or losses arising from changes in fair value are taken directly to the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-526": { "value": "Accounting policy for financial instruments IFRS 9 contains a classification and measurement approach for financial assets and liabilities, including derivative instruments that reflects the business model in which assets are managed and their cash flow characteristics. Under IFRS 9, all financial instruments are initially measured at fair value. In addition, for financial assets or liabilities not remeasured at fair value through profit or loss, financial instruments are adjusted for transaction costs. The classification of a financial asset is determined at initial recognition; however, if certain conditions are met, an asset may subsequently need to be reclassified. IFRS 9 contains three principal classification categories for financial assets, based on the business models under which they are held: Amortised cost: The Group classifies its financial assets at amortised cost only if both of the following criteria are met: the assets are held within a business model with the objective of collecting the contractual cash flows and the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal outstanding. Income from these financial assets is included in finance income using the effective interest rate method. The Group\u2019s assets measured at amortised cost include trade and other receivables, cash and cash equivalents and advances from joint ventures and associates. Fair value through other comprehensive income (FVTOCI): Assets that are held for collection of contractual cash flows and for future sales, where the assets\u2019 cash flows represent solely payments of principal and interest and dividends, are measured at fair value through other comprehensive income. Fair value through profit or loss (FVTPL): Assets that do not meet the criteria for amortised cost or FVTOCI are measured at fair value through profit or loss. (i) Impairment As required by IFRS 9, the Group adopted an \u201cexpected credit loss model\u201d which requires the Group to account for expected credit losses and changes in those expected credit losses at each year end or half-year to reflect changes in credit risk since initial recognition. In other words, it is no longer necessary for a credit event to have occurred before credit losses are recognised. Credit losses are calculated as the present value of the difference between all contractual cash flows that are due and all cash flows that the entity expects to receive. Expected credit losses are the sum of all possible credit losses, weighted by their probability of occurrence. The \u201c12-month expected credit losses\u201d approach is applied to all financial assets with the exception of trade receivables and advances to joint ventures. Both these asset classes generally do not contain a significant financing component. For these assets, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables, net of any allowance losses. The allowance loss measurement is determined by applying a simplified approach equalling the lifetime expected credit losses. Under the simplified approach, the tracking of changes in credit risk is not required, but instead the base lifetime expected credit loss at all times is applied. An allowance for loss is made for potentially impaired receivables during the year in which they are identified based on a periodic review of all outstanding amounts. Losses are recorded within selling, marketing and distribution expenses in the income statement. Trade receivables are deemed as impaired when there is an indication of significant financial difficulties of the debtor (delinquency in or default on payments occurs, probability of bankruptcy or need for financial reorganisation). (ii) Fair value estimation The information below summarises financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: New business quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1). Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2). Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). The Group\u2019s investments in Golar LNG Limited, Kingfish, Odfjell SE and GBL are measured using quoted prices in an active market (Level 1). The Group\u2019s derivative assets and liabilities are measured using inputs other than quoted prices (Level 2). The Group\u2019s mature biological assets are measured using inputs other than quoted prices (Level 2). There have been no changes in the fair value methodology in the periods presented. (iii) Hedge accounting In accordance with IFRS 9\u2019s transition provisions for hedge accounting, the Group has not applied the IFRS 9 hedge accounting requirements and will continue to apply the hedge accounting requirements of IAS 39. Accounting policy for derivative assets and liabilities The Group enters into forward exchange contracts to hedge foreign currency transactions, interest rate swaps to hedge the risk of variability of interest payments, cross-currency interest rate swaps to hedge the risk of variability of interest and principal payments on non-US dollar denominated borrowings and bunker fuel hedge contracts to lock in the price for a portion of forecasted bunker fuel requirements. No instruments are held for speculative purposes. For bonds and loan facilities where it is determined that there is an interest rate or foreign currency risk that should be hedged, the derivative financial instrument acquired will have critical terms that mirror those of the underlying debt. In these circumstances, it is the Group\u2019s objective to achieve 100% effectiveness. Derivative financial instruments are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. The resulting gain or loss on remeasurement is recognised immediately in the income statement unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition of any resultant gain or loss on the income statement depends on the nature of the item being hedged. The impact in the income statement is shown in interest, foreign currency exchange gain (loss) or operating expenses as appropriate, based on the underlying of the derivative. (i) Determination of fair value The fair value of interest rate swaps, cross-currency interest rate swaps and foreign exchange contracts is based on discounted cash flow models based upon the valuations received from financial institutions, taking into account current interest rates and foreign exchange rates. (ii) Cash flow hedges The Group applies cash flow hedge accounting to its interest rate swaps and cross-currency interest rate swaps. Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction, the effective part of any gain or loss on the derivative financial instrument is recognised directly in other comprehensive income. Any ineffective portion of the hedge is recognised immediately in the income statement. When the forecast transaction subsequently results in the recognition of a non-financial asset or non-financial liability, the associated cumulative gain or loss recognised in other comprehensive income is removed and included in the initial cost or other carrying amount of the asset or liability. If a hedge of a forecast transaction subsequently results in the recognition of a financial asset or a financial liability, the associated gains and losses that were recognised directly in equity are reclassified into the income statement in the same period or periods during which the asset acquired or liability assumed affects profit or loss, that is, when finance income or expense is recognised. When a hedging instrument expires or is sold, terminated or exercised, or the entity revokes designation of the hedge relationship but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity and is recognised in accordance with the above policy when the transaction occurs. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss recognised in other comprehensive income is recognised in the income statement immediately. Any unrealised and realised gains or losses on foreign exchange forward contracts are taken directly to the income statement. (iii) Embedded derivatives Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to the host contract. Contracts are assessed for embedded derivatives at inception of such contracts or when the Group becomes party to them. Embedded derivatives that have been separated from host contracts are measured at fair value at each balance sheet date. Any gains or losses arising from changes in fair value are taken directly to the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-499": { "value": "Accounting policy for financial instruments IFRS 9 contains a classification and measurement approach for financial assets and liabilities, including derivative instruments that reflects the business model in which assets are managed and their cash flow characteristics. Under IFRS 9, all financial instruments are initially measured at fair value. In addition, for financial assets or liabilities not remeasured at fair value through profit or loss, financial instruments are adjusted for transaction costs. The classification of a financial asset is determined at initial recognition; however, if certain conditions are met, an asset may subsequently need to be reclassified. IFRS 9 contains three principal classification categories for financial assets, based on the business models under which they are held: Amortised cost: The Group classifies its financial assets at amortised cost only if both of the following criteria are met: the assets are held within a business model with the objective of collecting the contractual cash flows and the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal outstanding. Income from these financial assets is included in finance income using the effective interest rate method. The Group\u2019s assets measured at amortised cost include trade and other receivables, cash and cash equivalents and advances from joint ventures and associates. Fair value through other comprehensive income (FVTOCI): Assets that are held for collection of contractual cash flows and for future sales, where the assets\u2019 cash flows represent solely payments of principal and interest and dividends, are measured at fair value through other comprehensive income. Fair value through profit or loss (FVTPL): Assets that do not meet the criteria for amortised cost or FVTOCI are measured at fair value through profit or loss. Accounting policy for derivative assets and liabilities The Group enters into forward exchange contracts to hedge foreign currency transactions, interest rate swaps to hedge the risk of variability of interest payments, cross-currency interest rate swaps to hedge the risk of variability of interest and principal payments on non-US dollar denominated borrowings and bunker fuel hedge contracts to lock in the price for a portion of forecasted bunker fuel requirements. No instruments are held for speculative purposes. For bonds and loan facilities where it is determined that there is an interest rate or foreign currency risk that should be hedged, the derivative financial instrument acquired will have critical terms that mirror those of the underlying debt. In these circumstances, it is the Group\u2019s objective to achieve 100% effectiveness. Derivative financial instruments are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. The resulting gain or loss on remeasurement is recognised immediately in the income statement unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition of any resultant gain or loss on the income statement depends on the nature of the item being hedged. The impact in the income statement is shown in interest, foreign currency exchange gain (loss) or operating expenses as appropriate, based on the underlying of the derivative. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-473": { "value": "Accounting policy for financial instruments IFRS 9 contains a classification and measurement approach for financial assets and liabilities, including derivative instruments that reflects the business model in which assets are managed and their cash flow characteristics. Under IFRS 9, all financial instruments are initially measured at fair value. In addition, for financial assets or liabilities not remeasured at fair value through profit or loss, financial instruments are adjusted for transaction costs. The classification of a financial asset is determined at initial recognition; however, if certain conditions are met, an asset may subsequently need to be reclassified. IFRS 9 contains three principal classification categories for financial assets, based on the business models under which they are held: Amortised cost: The Group classifies its financial assets at amortised cost only if both of the following criteria are met: the assets are held within a business model with the objective of collecting the contractual cash flows and the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal outstanding. Income from these financial assets is included in finance income using the effective interest rate method. The Group\u2019s assets measured at amortised cost include trade and other receivables, cash and cash equivalents and advances from joint ventures and associates. Fair value through other comprehensive income (FVTOCI): Assets that are held for collection of contractual cash flows and for future sales, where the assets\u2019 cash flows represent solely payments of principal and interest and dividends, are measured at fair value through other comprehensive income. Fair value through profit or loss (FVTPL): Assets that do not meet the criteria for amortised cost or FVTOCI are measured at fair value through profit or loss. (i) Impairment As required by IFRS 9, the Group adopted an \u201cexpected credit loss model\u201d which requires the Group to account for expected credit losses and changes in those expected credit losses at each year end or half-year to reflect changes in credit risk since initial recognition. In other words, it is no longer necessary for a credit event to have occurred before credit losses are recognised. Credit losses are calculated as the present value of the difference between all contractual cash flows that are due and all cash flows that the entity expects to receive. Expected credit losses are the sum of all possible credit losses, weighted by their probability of occurrence. The \u201c12-month expected credit losses\u201d approach is applied to all financial assets with the exception of trade receivables and advances to joint ventures. Both these asset classes generally do not contain a significant financing component. For these assets, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables, net of any allowance losses. The allowance loss measurement is determined by applying a simplified approach equalling the lifetime expected credit losses. Under the simplified approach, the tracking of changes in credit risk is not required, but instead the base lifetime expected credit loss at all times is applied. An allowance for loss is made for potentially impaired receivables during the year in which they are identified based on a periodic review of all outstanding amounts. Losses are recorded within selling, marketing and distribution expenses in the income statement. Trade receivables are deemed as impaired when there is an indication of significant financial difficulties of the debtor (delinquency in or default on payments occurs, probability of bankruptcy or need for financial reorganisation). (ii) Fair value estimation The information below summarises financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: New business quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1). Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2). Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). The Group\u2019s investments in Golar LNG Limited, Kingfish, Odfjell SE and GBL are measured using quoted prices in an active market (Level 1). The Group\u2019s derivative assets and liabilities are measured using inputs other than quoted prices (Level 2). The Group\u2019s mature biological assets are measured using inputs other than quoted prices (Level 2). There have been no changes in the fair value methodology in the periods presented. (iii) Hedge accounting In accordance with IFRS 9\u2019s transition provisions for hedge accounting, the Group has not applied the IFRS 9 hedge accounting requirements and will continue to apply the hedge accounting requirements of IAS 39. 22. Financial Instruments Accounting policy for derivative assets and liabilities The Group enters into forward exchange contracts to hedge foreign currency transactions, interest rate swaps to hedge the risk of variability of interest payments, cross-currency interest rate swaps to hedge the risk of variability of interest and principal payments on non-US dollar denominated borrowings and bunker fuel hedge contracts to lock in the price for a portion of forecasted bunker fuel requirements. No instruments are held for speculative purposes. For bonds and loan facilities where it is determined that there is an interest rate or foreign currency risk that should be hedged, the derivative financial instrument acquired will have critical terms that mirror those of the underlying debt. In these circumstances, it is the Group\u2019s objective to achieve 100% effectiveness. Derivative financial instruments are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. The resulting gain or loss on remeasurement is recognised immediately in the income statement unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition of any resultant gain or loss on the income statement depends on the nature of the item being hedged. The impact in the income statement is shown in interest, foreign currency exchange gain (loss) or operating expenses as appropriate, based on the underlying of the derivative. (i) Determination of fair value The fair value of interest rate swaps, cross-currency interest rate swaps and foreign exchange contracts is based on discounted cash flow models based upon the valuations received from financial institutions, taking into account current interest rates and foreign exchange rates. (ii) Cash flow hedges The Group applies cash flow hedge accounting to its interest rate swaps and cross-currency interest rate swaps. Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction, the effective part of any gain or loss on the derivative financial instrument is recognised directly in other comprehensive income. Any ineffective portion of the hedge is recognised immediately in the income statement. When the forecast transaction subsequently results in the recognition of a non-financial asset or non-financial liability, the associated cumulative gain or loss recognised in other comprehensive income is removed and included in the initial cost or other carrying amount of the asset or liability. If a hedge of a forecast transaction subsequently results in the recognition of a financial asset or a financial liability, the associated gains and losses that were recognised directly in equity are reclassified into the income statement in the same period or periods during which the asset acquired or liability assumed affects profit or loss, that is, when finance income or expense is recognised. When a hedging instrument expires or is sold, terminated or exercised, or the entity revokes designation of the hedge relationship but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity and is recognised in accordance with the above policy when the transaction occurs. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss recognised in other comprehensive income is recognised in the income statement immediately. Any unrealised and realised gains or losses on foreign exchange forward contracts are taken directly to the income statement. (iii) Embedded derivatives Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to the host contract. Contracts are assessed for embedded derivatives at inception of such contracts or when the Group becomes party to them. Embedded derivatives that have been separated from host contracts are measured at fair value at each balance sheet date. Any gains or losses arising from changes in fair value are taken directly to the income statement. The Group holds the following financial instruments:
November 30, 2023
November 30, 2022
Total Total
carrying carrying
(in thousands) Current Non-current
value
Fair value
Current
Non-current
value
Fair value
Financial Assets
Financial assets at FVTOCI
Investments in equity instruments
\u2013 listed
$
\u2013
$
132,864
$
132,864
$
132,864
$
\u2013
$
143,144
$
143,144
$
143,144
Financial assets at amortised cost
Cash and cash equivalents
446,515
\u2013
446,515
446,515
152,141
\u2013
152,141
152,141
Trade receivables
341,319
\u2013
341,319
341,319
353,730
\u2013
353,730
353,730
Loans and advances to joint ventures
and associates
\u2013
25,764
25,764
25,764
\u2013
40,037
 40,037 40,037
Other current assets
47,082
\u2013
47,082
47,082
37,585
\u2013
37,585
37,585
$ 834,916
$
158,628
$
993,544
$
993,544
$
543,456
$
183,181
$
726,637
$
726,637
Financial Liabilities
Financial liabilities at amortised cost
Accounts payables, excluding
withholding and value added taxes $ 107,142
$
\u2013
$
107,142
$
107,142
$
98,463
$
\u2013
$
98,463
$
98,463
Accrued expenses and accrued
voyage expenses
311,858
\u2013
311,858
311,858
320,311
\u2013
 320,311 320,311
Dividend payable
53,591
\u2013
53,591
53,591
53,591
\u2013
53,591
53,591
Long-term lease obligations, including
current maturities 55,456
182,751
238,207
238,207
49,017
174,567
 223,584 223,584
Short-term loans and long-term debt,
including current maturities and
excluding debt issuance costs
258,889
1,594,576
1,853,465
1,911,088
293,109
1,691,112
1,984,221
2,032,219
Other current liabilities
55,569
\u2013
55,569
55,569
49,407
\u2013
49,407
49,407
$ 842,505
$ 1,777,327
$
2,619,832
$ 2,677,455
$ 863,898
$ 1,865,679
$ 2,729,577
$ 2,777,575
November 30, 2023
November 30, 2022
Total Total
carrying carrying
(in thousands) Current Non-current
value
Fair value
Current
Non-current
value
Fair value
Derivative Financial Instruments
at Fair Value
A
ssets
Foreign currency exchange contracts
\u2013 cash flow hedges
$
794
$
\u2013
$
794
$
794
$
1,065
$
\u2013
$
1,065
$
1,065
Interest rate swaps
5,256
4,788
10,044
10,044
5,640
6,590
12,230
12,230
Cross-currency interest rate swaps
\u2013 cash flow hedges 46
\u2013
46
46
1,840
\u2013
 1,840 1,840
$
6,096
$
4,788
$
10,884
$
10,884
$
8,545
$
6,590
$
15,135
$
15,135
Liabilities
Cross-currency interest rate swaps
\u2013 cash flow hedges
$
11,470
$
3,780
$
15,250
$
15,250
$
1,274
$
5,851
$
7,125
$
7,125
Foreign currency exchange contracts
\u2013 cash flow hedges
470
\u2013
470
470
692
\u2013
692
692
Interest rate swaps
\u2013
3,876
3,876
3,876
205
\u2013
205
205
$
11,940
$
7,656
$
19,596
$
19,596
$
2,171
$
5,851
$
8,022
$
8,022
The estimated fair value amounts of financial instruments have been determined by the Group, using appropriate market information and valuation methodologies. Considerable judgement is required to develop these estimates of fair value, so the estimates provided here are not necessarily indicative of the amounts that could be realised in a current market exchange. The carrying amount of cash and cash equivalents, receivables, other current assets, account payable (excluding withholding and value added tax payables), accrued expenses, other current liabilities and dividend payable are a reasonable estimate of their fair value, owing to their short maturity. Long-term leases are exempt from disclosure of fair value measurements so fair value equals book value. Long-term debt in the table above excludes debt issuance costs of $16.9 million and $17.4 million, as of November 30, 2023 and 2022, respectively. The estimated value of the Group\u2019s senior unsecured bond issues is based on traded values, while the value on the remaining long-term debt is based on interest rates as of November 30, 2023 and 2022, respectively, using the discounted cash flow methodology. The fair values of the Group\u2019s foreign exchange contracts are based on their estimated market values as of November 30, 2023 and 2022, respectively. Market value of interest rate and cross-currency interest rate swaps was estimated based on the amount the Group would receive or pay to terminate its agreements as of November 30, 2023 and 2022. The estimated value of the Group\u2019s financial assets and marketable securities are based on traded value. The estimated value of its senior unsecured bond issues is based on traded values (Level 1 valuation method), while the values on the remaining long-term debt are based on interest rates as of November 30, 2023 and 2022, respectively, using the discounted cash flow methodology (Level 2 valuation method). The fair values of the Group\u2019s foreign exchange and bunker contracts are based on their estimated market values as of November 30, 2023 and 2022. Market value of interest rate and cross-currency interest rate swaps was estimated based on the amount the Group would receive or pay to terminate its agreements as of November 30, 2023 and 2022. The Group\u2019s financial instruments did not result in any income or loss recognised in the income statement. The Group has derivative assets of $10.9 million and $15.1 million as of November 30, 2023 and 2022, respectively and derivative liabilities of $19.6 million and $8.0 million as of November 30, 2023 and 2022, respectively. All the Group\u2019s derivative activities are financial instruments entered with major financial institutions and brokers for hedging the Group\u2019s committed exposures or firm commitments with major financial credit institutions, shipbuilders and ship-repair yards. The fair values of the Group\u2019s foreign exchange contracts and cross-currency interest rate swaps are based on their estimated market values as of November 30, 2023 and 2022, respectively. Derivative financial instruments are measured using inputs other than quoted values. There have been no changes in the valuation techniques since November 30, 2022. None of the Group\u2019s derivative activities are publicly traded financial instruments. Instead, the financial instruments have been entered into with major financial institutions and brokers. The Group holds foreign exchange forward contracts, commodity contracts and interest rate swaps, which subject the Group to a minimum level of counterparty risk. The Group does not believe that it has a material exposure to credit risk from third parties failing to perform according to the terms of hedge instruments. The cumulative net gains (losses) recognised in equity were as follows at November 30, 2023 and 2022:
As of November 30,
(in thousands)
2023
2022
Interest rate derivatives
$
5,093
$
12,453
Cross-currency interest rate swaps
(1,537 )
8,548
Foreign currency derivatives
\u2013
(10 )
Foreign exchange and interest rate hedges held by joint ventures
5,486
4,418
Deferred income tax gain on the interest rate derivatives
645
(524)
$
9,687
$
24,885
Fair value of financial instruments Derivatives Foreign currency The following foreign exchange contracts, maturing through September 2024, were outstanding as of November 30, 2023 and 2022:
Purchase
(in local currency, thousands)
2023
2022
Euro
43,000
45,000
Singapore dollar
14,000
8,000
British pound
14,000
5,000
The US dollar equivalent of the currencies which the Group had contracted to purchase was $75.4 million and $58.8 million as of November 30, 2023 and 2022, respectively. The Group utilises foreign currency derivatives to hedge committed and forecasted cash flow exposures. The Group has elected to apply non-hedge accounting treatment for all contracts. Gains and losses on hedges of committed commercial transactions are recorded as a foreign exchange gain or loss. Interest rate and cross-currency interest rate swaps The Group had interest rate and cross-currency interest rate swaps with notional values of $544.7 million and $612.4 million as of November 30, 2023 and 2022, respectively. These derivatives have been designated as cash flow hedges. For the years ended November 30, 2023 and 2022, $6.4 million and $0.5 million gain, respectively, were recognised in finance expense. Any remaining amounts currently in other comprehensive income are expected to be reclassified to earnings between 2024 and 2030.
Maturity of financial liabilities
For the year ended November 30, 2023 Less than More than
(in thousands) 1 yr
2-3 yrs
4-5 yrs
5 yrs Total
Contractual obligations:
Accounts payable, excluding withholding and value added taxes
$
107,142
$
\u2013
$
\u2013
$
\u2013
$
107,142
Accrued expenses and dividend payable
365,449
\u2013
\u2013
\u2013
365,449
Long-term lease liabilities, including current maturities
55,456
68,490
31,978
82,283
238,207
Interest on long-term lease liabilities
10,958
14,857
9,733
70,385
105,933
Long-term debt, including current maturities
258,889
669,539
529,957
395,080
1,853,465
Interest on long-term debt
93,404
154,866
88,913
34,277
371,460
Derivative financial liabilities
11,732
5,427
3,489
995
21,643
Other current liabilities
55,569
\u2013
\u2013
\u2013
55,569
Total contractual obligations
$
958,599
$
913,179
$
664,070
$
583,020
$
3,118,868
For the year ended November 30, 2022 Less than More than
(in thousands)
1 yr
2-3 yrs
4-5 yrs
5 yrs
Total
Contractual obligations:
Accounts payable, excluding withholding and value added taxes
$
98,463
$
\u2013
$
\u2013
$
\u2013
$
98,463
Accrued expenses and dividend payable
373,902
\u2013
\u2013
\u2013
373,902
Long-term lease liabilities, including current maturities
49,017
67,454
24,653
82,460
223,584
Interest on long-term lease liabilities
9,806
13,684
9,181
71,955
104,626
Long-term debt, including current maturities
293,109
817,069
450,480
423,563
1,984,221
Interest on long-term debt
96,282
117,539
72,890
41,542
328,253
Derivative financial liabilities
2,240
6,223
\u2013
\u2013
8,463
Other current liabilities
49,407
\u2013
\u2013
\u2013
49,407
Total contractual obligations
$
972,226
$
1,021,969
$
557,204
$
619,520
$
3,170,919
Long-term debt in the table above excludes debt issuance costs of $16.9 million and $17.4 million as of November 30, 2023 and 2022,
respectively. Derivative financial liabilities are stated at future undiscounted cash flows; therefore, they do not agree to the balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-582": { "value": "The classification of a financial asset is determined at initial recognition; however, if certain conditions are met, an asset may subsequently need to be reclassified. If a hedge of a forecast transaction subsequently results in the recognition of a financial asset or a financial liability, the associated gains and losses that were recognised directly in equity are reclassified into the income statement in the same period or periods during which the asset acquired or liability assumed affects profit or loss, that is, when finance income or expense is recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-517": { "value": "Fair value through profit or loss (FVTPL): Assets that do not meet the criteria for amortised cost or FVTOCI are measured at fair value through profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-586": { "value": "(ii) Fair value estimation The information below summarises financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: New business quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1). Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2). Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). The Group\u2019s investments in Golar LNG Limited, Kingfish, Odfjell SE and GBL are measured using quoted prices in an active market (Level 1). The Group\u2019s derivative assets and liabilities are measured using inputs other than quoted prices (Level 2). The Group\u2019s mature biological assets are measured using inputs other than quoted prices (Level 2). There have been no changes in the fair value methodology in the periods presented. (i) Determination of fair value The fair value of interest rate swaps, cross-currency interest rate swaps and foreign exchange contracts is based on discounted cash flow models based upon the valuations received from financial institutions, taking into account current interest rates and foreign exchange rates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-575": { "value": "
(iii) Hedge accounting
In accordance with IFRS 9\u2019s transition provisions for hedge accounting, the Group has not applied the IFRS 9 hedge accounting
requirements and will continue to apply the hedge accounting requirements of IAS 39.
Accounting policy for derivative assets and liabilities The Group enters into forward exchange contracts to hedge foreign currency transactions, interest rate swaps to hedge the risk of variability of interest payments, cross-currency interest rate swaps to hedge the risk of variability of interest and principal payments on non-US dollar denominated borrowings and bunker fuel hedge contracts to lock in the price for a portion of forecasted bunker fuel requirements. No instruments are held for speculative purposes. For bonds and loan facilities where it is determined that there is an interest rate or foreign currency risk that should be hedged, the derivative financial instrument acquired will have critical terms that mirror those of the underlying debt. In these circumstances, it is the Group\u2019s objective to achieve 100% effectiveness. Derivative financial instruments are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. The resulting gain or loss on remeasurement is recognised immediately in the income statement unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition of any resultant gain or loss on the income statement depends on the nature of the item being hedged. The impact in the income statement is shown in interest, foreign currency exchange gain (loss) or operating expenses as appropriate, based on the underlying of the derivative. (i) Determination of fair value The fair value of interest rate swaps, cross-currency interest rate swaps and foreign exchange contracts is based on discounted cash flow models based upon the valuations received from financial institutions, taking into account current interest rates and foreign exchange rates. (ii) Cash flow hedges The Group applies cash flow hedge accounting to its interest rate swaps and cross-currency interest rate swaps. Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction, the effective part of any gain or loss on the derivative financial instrument is recognised directly in other comprehensive income. Any ineffective portion of the hedge is recognised immediately in the income statement. When the forecast transaction subsequently results in the recognition of a non-financial asset or non-financial liability, the associated cumulative gain or loss recognised in other comprehensive income is removed and included in the initial cost or other carrying amount of the asset or liability. If a hedge of a forecast transaction subsequently results in the recognition of a financial asset or a financial liability, the associated gains and losses that were recognised directly in equity are reclassified into the income statement in the same period or periods during which the asset acquired or liability assumed affects profit or loss, that is, when finance income or expense is recognised. When a hedging instrument expires or is sold, terminated or exercised, or the entity revokes designation of the hedge relationship but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity and is recognised in accordance with the above policy when the transaction occurs. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss recognised in other comprehensive income is recognised in the income statement immediately. Any unrealised and realised gains or losses on foreign exchange forward contracts are taken directly to the income statement. (iii) Embedded derivatives Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to the host contract. Contracts are assessed for embedded derivatives at inception of such contracts or when the Group becomes party to them. Embedded derivatives that have been separated from host contracts are measured at fair value at each balance sheet date. Any gains or losses arising from changes in fair value are taken directly to the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-578": { "value": "(iii) Hedge accounting In accordance with IFRS 9\u2019s transition provisions for hedge accounting, the Group has not applied the IFRS 9 hedge accounting requirements and will continue to apply the hedge accounting requirements of IAS 39. Accounting policy for derivative assets and liabilities The Group enters into forward exchange contracts to hedge foreign currency transactions, interest rate swaps to hedge the risk of variability of interest payments, cross-currency interest rate swaps to hedge the risk of variability of interest and principal payments on non-US dollar denominated borrowings and bunker fuel hedge contracts to lock in the price for a portion of forecasted bunker fuel requirements. No instruments are held for speculative purposes. For bonds and loan facilities where it is determined that there is an interest rate or foreign currency risk that should be hedged, the derivative financial instrument acquired will have critical terms that mirror those of the underlying debt. In these circumstances, it is the Group\u2019s objective to achieve 100% effectiveness. Derivative financial instruments are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. The resulting gain or loss on remeasurement is recognised immediately in the income statement unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition of any resultant gain or loss on the income statement depends on the nature of the item being hedged. The impact in the income statement is shown in interest, foreign currency exchange gain (loss) or operating expenses as appropriate, based on the underlying of the derivative. (ii) Cash flow hedges The Group applies cash flow hedge accounting to its interest rate swaps and cross-currency interest rate swaps. Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction, the effective part of any gain or loss on the derivative financial instrument is recognised directly in other comprehensive income. Any ineffective portion of the hedge is recognised immediately in the income statement. When the forecast transaction subsequently results in the recognition of a non-financial asset or non-financial liability, the associated cumulative gain or loss recognised in other comprehensive income is removed and included in the initial cost or other carrying amount of the asset or liability. If a hedge of a forecast transaction subsequently results in the recognition of a financial asset or a financial liability, the associated gains and losses that were recognised directly in equity are reclassified into the income statement in the same period or periods during which the asset acquired or liability assumed affects profit or loss, that is, when finance income or expense is recognised. When a hedging instrument expires or is sold, terminated or exercised, or the entity revokes designation of the hedge relationship but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity and is recognised in accordance with the above policy when the transaction occurs. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss recognised in other comprehensive income is recognised in the income statement immediately. Any unrealised and realised gains or losses on foreign exchange forward contracts are taken directly to the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-585": { "value": "Accounting policy for derivative assets and liabilities The Group enters into forward exchange contracts to hedge foreign currency transactions, interest rate swaps to hedge the risk of variability of interest payments, cross-currency interest rate swaps to hedge the risk of variability of interest and principal payments on non-US dollar denominated borrowings and bunker fuel hedge contracts to lock in the price for a portion of forecasted bunker fuel requirements. No instruments are held for speculative purposes. For bonds and loan facilities where it is determined that there is an interest rate or foreign currency risk that should be hedged, the derivative financial instrument acquired will have critical terms that mirror those of the underlying debt. In these circumstances, it is the Group\u2019s objective to achieve 100% effectiveness. Derivative financial instruments are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. The resulting gain or loss on remeasurement is recognised immediately in the income statement unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition of any resultant gain or loss on the income statement depends on the nature of the item being hedged. The impact in the income statement is shown in interest, foreign currency exchange gain (loss) or operating expenses as appropriate, based on the underlying of the derivative. (i) Determination of fair value The fair value of interest rate swaps, cross-currency interest rate swaps and foreign exchange contracts is based on discounted cash flow models based upon the valuations received from financial institutions, taking into account current interest rates and foreign exchange rates. (ii) Cash flow hedges The Group applies cash flow hedge accounting to its interest rate swaps and cross-currency interest rate swaps. Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction, the effective part of any gain or loss on the derivative financial instrument is recognised directly in other comprehensive income. Any ineffective portion of the hedge is recognised immediately in the income statement. When the forecast transaction subsequently results in the recognition of a non-financial asset or non-financial liability, the associated cumulative gain or loss recognised in other comprehensive income is removed and included in the initial cost or other carrying amount of the asset or liability. If a hedge of a forecast transaction subsequently results in the recognition of a financial asset or a financial liability, the associated gains and losses that were recognised directly in equity are reclassified into the income statement in the same period or periods during which the asset acquired or liability assumed affects profit or loss, that is, when finance income or expense is recognised. When a hedging instrument expires or is sold, terminated or exercised, or the entity revokes designation of the hedge relationship but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity and is recognised in accordance with the above policy when the transaction occurs. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss recognised in other comprehensive income is recognised in the income statement immediately. Any unrealised and realised gains or losses on foreign exchange forward contracts are taken directly to the income statement. (iii) Embedded derivatives Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to the host contract. Contracts are assessed for embedded derivatives at inception of such contracts or when the Group becomes party to them. Embedded derivatives that have been separated from host contracts are measured at fair value at each balance sheet date. Any gains or losses arising from changes in fair value are taken directly to the income statement.
November 30, 2023
November 30, 2022
Total Total
carrying carrying
(in thousands) Current Non-current
value
Fair value
Current
Non-current
value
Fair value
Derivative Financial Instruments
at Fair Value
A
ssets
Foreign currency exchange contracts
\u2013 cash flow hedges
$
794
$
\u2013
$
794
$
794
$
1,065
$
\u2013
$
1,065
$
1,065
Interest rate swaps
5,256
4,788
10,044
10,044
5,640
6,590
12,230
12,230
Cross-currency interest rate swaps
\u2013 cash flow hedges 46
\u2013
46
46
1,840
\u2013
 1,840 1,840
$
6,096
$
4,788
$
10,884
$
10,884
$
8,545
$
6,590
$
15,135
$
15,135
Liabilities
Cross-currency interest rate swaps
\u2013 cash flow hedges
$
11,470
$
3,780
$
15,250
$
15,250
$
1,274
$
5,851
$
7,125
$
7,125
Foreign currency exchange contracts
\u2013 cash flow hedges
470
\u2013
470
470
692
\u2013
692
692
Interest rate swaps
\u2013
3,876
3,876
3,876
205
\u2013
205
205
$
11,940
$
7,656
$
19,596
$
19,596
$
2,171
$
5,851
$
8,022
$
8,022
The Group has derivative assets of $10.9 million and $15.1 million as of November 30, 2023 and 2022, respectively and derivative liabilities of $19.6 million and $8.0 million as of November 30, 2023 and 2022, respectively. All the Group\u2019s derivative activities are financial instruments entered with major financial institutions and brokers for hedging the Group\u2019s committed exposures or firm commitments with major financial credit institutions, shipbuilders and ship-repair yards. The fair values of the Group\u2019s foreign exchange contracts and cross-currency interest rate swaps are based on their estimated market values as of November 30, 2023 and 2022, respectively. Derivative financial instruments are measured using inputs other than quoted values. There have been no changes in the valuation techniques since November 30, 2022. None of the Group\u2019s derivative activities are publicly traded financial instruments. Instead, the financial instruments have been entered into with major financial institutions and brokers. The Group holds foreign exchange forward contracts, commodity contracts and interest rate swaps, which subject the Group to a minimum level of counterparty risk. The Group does not believe that it has a material exposure to credit risk from third parties failing to perform according to the terms of hedge instruments. The cumulative net gains (losses) recognised in equity were as follows at November 30, 2023 and 2022:
As of November 30,
(in thousands)
2023
2022
Interest rate derivatives
$
5,093
$
12,453
Cross-currency interest rate swaps
(1,537 )
8,548
Foreign currency derivatives
\u2013
(10 )
Foreign exchange and interest rate hedges held by joint ventures
5,486
4,418
Deferred income tax gain on the interest rate derivatives
645
(524)
$
9,687
$
24,885
Derivatives Foreign currency The following foreign exchange contracts, maturing through September 2024, were outstanding as of November 30, 2023 and 2022:
Purchase
(in local currency, thousands)
2023
2022
Euro
43,000
45,000
Singapore dollar
14,000
8,000
British pound
14,000
5,000
The US dollar equivalent of the currencies which the Group had contracted to purchase was $75.4 million and $58.8 million as of November 30, 2023 and 2022, respectively. The Group utilises foreign currency derivatives to hedge committed and forecasted cash flow exposures. The Group has elected to apply non-hedge accounting treatment for all contracts. Gains and losses on hedges of committed commercial transactions are recorded as a foreign exchange gain or loss. Interest rate and cross-currency interest rate swaps The Group had interest rate and cross-currency interest rate swaps with notional values of $544.7 million and $612.4 million as of November 30, 2023 and 2022, respectively. These derivatives have been designated as cash flow hedges. For the years ended November 30, 2023 and 2022, $6.4 million and $0.5 million gain, respectively, were recognised in finance expense. Any remaining amounts currently in other comprehensive income are expected to be reclassified to earnings between 2024 and 2030. Maturity of financial liabilities
For the year ended November 30, 2023 Less than More than
(in thousands) 1 yr
2-3 yrs
4-5 yrs
5 yrs Total
Contractual obligations:
Accounts payable, excluding withholding and value added taxes
$
107,142
$
\u2013
$
\u2013
$
\u2013
$
107,142
Accrued expenses and dividend payable
365,449
\u2013
\u2013
\u2013
365,449
Long-term lease liabilities, including current maturities
55,456
68,490
31,978
82,283
238,207
Interest on long-term lease liabilities
10,958
14,857
9,733
70,385
105,933
Long-term debt, including current maturities
258,889
669,539
529,957
395,080
1,853,465
Interest on long-term debt
93,404
154,866
88,913
34,277
371,460
Derivative financial liabilities
11,732
5,427
3,489
995
21,643
Other current liabilities
55,569
\u2013
\u2013
\u2013
55,569
Total contractual obligations
$
958,599
$
913,179
$
664,070
$
583,020
$
3,118,868
For the year ended November 30, 2022 Less than More than
(in thousands)
1 yr
2-3 yrs
4-5 yrs
5 yrs
Total
Contractual obligations:
Accounts payable, excluding withholding and value added taxes
$
98,463
$
\u2013
$
\u2013
$
\u2013
$
98,463
Accrued expenses and dividend payable
373,902
\u2013
\u2013
\u2013
373,902
Long-term lease liabilities, including current maturities
49,017
67,454
24,653
82,460
223,584
Interest on long-term lease liabilities
9,806
13,684
9,181
71,955
104,626
Long-term debt, including current maturities
293,109
817,069
450,480
423,563
1,984,221
Interest on long-term debt
96,282
117,539
72,890
41,542
328,253
Derivative financial liabilities
2,240
6,223
\u2013
\u2013
8,463
Other current liabilities
49,407
\u2013
\u2013
\u2013
49,407
Total contractual obligations
$
972,226
$
1,021,969
$
557,204
$
619,520
$
3,170,919
Long-term debt in the table above excludes debt issuance costs of $16.9 million and $17.4 million as of November 30, 2023 and 2022, respectively. Derivative financial liabilities are stated at future undiscounted cash flows; therefore, they do not agree to the balance sheet.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-581": { "value": "Accounting policy for derivative assets and liabilities The Group enters into forward exchange contracts to hedge foreign currency transactions, interest rate swaps to hedge the risk of variability of interest payments, cross-currency interest rate swaps to hedge the risk of variability of interest and principal payments on non-US dollar denominated borrowings and bunker fuel hedge contracts to lock in the price for a portion of forecasted bunker fuel requirements. No instruments are held for speculative purposes. For bonds and loan facilities where it is determined that there is an interest rate or foreign currency risk that should be hedged, the derivative financial instrument acquired will have critical terms that mirror those of the underlying debt. In these circumstances, it is the Group\u2019s objective to achieve 100% effectiveness. Derivative financial instruments are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. The resulting gain or loss on remeasurement is recognised immediately in the income statement unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition of any resultant gain or loss on the income statement depends on the nature of the item being hedged. The impact in the income statement is shown in interest, foreign currency exchange gain (loss) or operating expenses as appropriate, based on the underlying of the derivative. (i) Determination of fair value The fair value of interest rate swaps, cross-currency interest rate swaps and foreign exchange contracts is based on discounted cash flow models based upon the valuations received from financial institutions, taking into account current interest rates and foreign exchange rates. (ii) Cash flow hedges The Group applies cash flow hedge accounting to its interest rate swaps and cross-currency interest rate swaps. Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction, the effective part of any gain or loss on the derivative financial instrument is recognised directly in other comprehensive income. Any ineffective portion of the hedge is recognised immediately in the income statement. When the forecast transaction subsequently results in the recognition of a non-financial asset or non-financial liability, the associated cumulative gain or loss recognised in other comprehensive income is removed and included in the initial cost or other carrying amount of the asset or liability. If a hedge of a forecast transaction subsequently results in the recognition of a financial asset or a financial liability, the associated gains and losses that were recognised directly in equity are reclassified into the income statement in the same period or periods during which the asset acquired or liability assumed affects profit or loss, that is, when finance income or expense is recognised. When a hedging instrument expires or is sold, terminated or exercised, or the entity revokes designation of the hedge relationship but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in equity and is recognised in accordance with the above policy when the transaction occurs. If the hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss recognised in other comprehensive income is recognised in the income statement immediately. Any unrealised and realised gains or losses on foreign exchange forward contracts are taken directly to the income statement. (iii) Embedded derivatives Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to the host contract. Contracts are assessed for embedded derivatives at inception of such contracts or when the Group becomes party to them. Embedded derivatives that have been separated from host contracts are measured at fair value at each balance sheet date. Any gains or losses arising from changes in fair value are taken directly to the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-593": { "value": "The Group holds the following financial instruments:
November 30, 2023
November 30, 2022
Total Total
carrying carrying
(in thousands) Current Non-current
value
Fair value
Current
Non-current
value
Fair value
Financial Assets
Financial assets at FVTOCI
Investments in equity instruments
\u2013 listed
$
\u2013
$
132,864
$
132,864
$
132,864
$
\u2013
$
143,144
$
143,144
$
143,144
Financial assets at amortised cost
Cash and cash equivalents
446,515
\u2013
446,515
446,515
152,141
\u2013
152,141
152,141
Trade receivables
341,319
\u2013
341,319
341,319
353,730
\u2013
353,730
353,730
Loans and advances to joint ventures
and associates
\u2013
25,764
25,764
25,764
\u2013
40,037
 40,037 40,037
Other current assets
47,082
\u2013
47,082
47,082
37,585
\u2013
37,585
37,585
$ 834,916
$
158,628
$
993,544
$
993,544
$
543,456
$
183,181
$
726,637
$
726,637
Financial Liabilities
Financial liabilities at amortised cost
Accounts payables, excluding
withholding and value added taxes $ 107,142
$
\u2013
$
107,142
$
107,142
$
98,463
$
\u2013
$
98,463
$
98,463
Accrued expenses and accrued
voyage expenses
311,858
\u2013
311,858
311,858
320,311
\u2013
 320,311 320,311
Dividend payable
53,591
\u2013
53,591
53,591
53,591
\u2013
53,591
53,591
Long-term lease obligations, including
current maturities 55,456
182,751
238,207
238,207
49,017
174,567
 223,584 223,584
Short-term loans and long-term debt,
including current maturities and
excluding debt issuance costs
258,889
1,594,576
1,853,465
1,911,088
293,109
1,691,112
1,984,221
2,032,219
Other current liabilities
55,569
\u2013
55,569
55,569
49,407
\u2013
49,407
49,407
$ 842,505
$ 1,777,327
$
2,619,832
$ 2,677,455
$ 863,898
$ 1,865,679
$ 2,729,577
$ 2,777,575
November 30, 2023
November 30, 2022
Total Total
carrying carrying
(in thousands) Current Non-current
value
Fair value
Current
Non-current
value
Fair value
Derivative Financial Instruments
at Fair Value
A
ssets
Foreign currency exchange contracts
\u2013 cash flow hedges
$
794
$
\u2013
$
794
$
794
$
1,065
$
\u2013
$
1,065
$
1,065
Interest rate swaps
5,256
4,788
10,044
10,044
5,640
6,590
12,230
12,230
Cross-currency interest rate swaps
\u2013 cash flow hedges 46
\u2013
46
46
1,840
\u2013
 1,840 1,840
$
6,096
$
4,788
$
10,884
$
10,884
$
8,545
$
6,590
$
15,135
$
15,135
Liabilities
Cross-currency interest rate swaps
\u2013 cash flow hedges
$
11,470
$
3,780
$
15,250
$
15,250
$
1,274
$
5,851
$
7,125
$
7,125
Foreign currency exchange contracts
\u2013 cash flow hedges
470
\u2013
470
470
692
\u2013
692
692
Interest rate swaps
\u2013
3,876
3,876
3,876
205
\u2013
205
205
$
11,940
$
7,656
$
19,596
$
19,596
$
2,171
$
5,851
$
8,022
$
8,022
The estimated fair value amounts of financial instruments have been determined by the Group, using appropriate market information and valuation methodologies. Considerable judgement is required to develop these estimates of fair value, so the estimates provided here are not necessarily indicative of the amounts that could be realised in a current market exchange. The carrying amount of cash and cash equivalents, receivables, other current assets, account payable (excluding withholding and value added tax payables), accrued expenses, other current liabilities and dividend payable are a reasonable estimate of their fair value, owing to their short maturity. Long-term leases are exempt from disclosure of fair value measurements so fair value equals book value. Long-term debt in the table above excludes debt issuance costs of $16.9 million and $17.4 million, as of November 30, 2023 and 2022, respectively. The estimated value of the Group\u2019s senior unsecured bond issues is based on traded values, while the value on the remaining long-term debt is based on interest rates as of November 30, 2023 and 2022, respectively, using the discounted cash flow methodology. The fair values of the Group\u2019s foreign exchange contracts are based on their estimated market values as of November 30, 2023 and 2022, respectively. Market value of interest rate and cross-currency interest rate swaps was estimated based on the amount the Group would receive or pay to terminate its agreements as of November 30, 2023 and 2022. The estimated value of the Group\u2019s financial assets and marketable securities are based on traded value. The estimated value of its senior unsecured bond issues is based on traded values (Level 1 valuation method), while the values on the remaining long-term debt are based on interest rates as of November 30, 2023 and 2022, respectively, using the discounted cash flow methodology (Level 2 valuation method). The fair values of the Group\u2019s foreign exchange and bunker contracts are based on their estimated market values as of November 30, 2023 and 2022. Market value of interest rate and cross-currency interest rate swaps was estimated based on the amount the Group would receive or pay to terminate its agreements as of November 30, 2023 and 2022. The Group\u2019s financial instruments did not result in any income or loss recognised in the income statement. Fair value of financial instruments ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-500": { "value": "
November 30, 2023
November 30, 2022
Total Total
carrying carrying
(in thousands) Current Non-current
value
Fair value
Current
Non-current
value
Fair value
Financial Assets
Financial assets at FVTOCI
Investments in equity instruments
\u2013 listed
$
\u2013
$
132,864
$
132,864
$
132,864
$
\u2013
$
143,144
$
143,144
$
143,144
Financial assets at amortised cost
Cash and cash equivalents
446,515
\u2013
446,515
446,515
152,141
\u2013
152,141
152,141
Trade receivables
341,319
\u2013
341,319
341,319
353,730
\u2013
353,730
353,730
Loans and advances to joint ventures
and associates
\u2013
25,764
25,764
25,764
\u2013
40,037
 40,037 40,037
Other current assets
47,082
\u2013
47,082
47,082
37,585
\u2013
37,585
37,585
$ 834,916
$
158,628
$
993,544
$
993,544
$
543,456
$
183,181
$
726,637
$
726,637
Financial Liabilities
Financial liabilities at amortised cost
Accounts payables, excluding
withholding and value added taxes $ 107,142
$
\u2013
$
107,142
$
107,142
$
98,463
$
\u2013
$
98,463
$
98,463
Accrued expenses and accrued
voyage expenses
311,858
\u2013
311,858
311,858
320,311
\u2013
 320,311 320,311
Dividend payable
53,591
\u2013
53,591
53,591
53,591
\u2013
53,591
53,591
Long-term lease obligations, including
current maturities 55,456
182,751
238,207
238,207
49,017
174,567
 223,584 223,584
Short-term loans and long-term debt,
including current maturities and
excluding debt issuance costs
258,889
1,594,576
1,853,465
1,911,088
293,109
1,691,112
1,984,221
2,032,219
Other current liabilities
55,569
\u2013
55,569
55,569
49,407
\u2013
49,407
49,407
$ 842,505
$ 1,777,327
$
2,619,832
$ 2,677,455
$ 863,898
$ 1,865,679
$ 2,729,577
$ 2,777,575
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-539": { "value": "
November 30, 2023
November 30, 2022
Total Total
carrying carrying
(in thousands) Current Non-current
value
Fair value
Current
Non-current
value
Fair value
Financial Assets
Financial assets at FVTOCI
Investments in equity instruments
\u2013 listed
$
\u2013
$
132,864
$
132,864
$
132,864
$
\u2013
$
143,144
$
143,144
$
143,144
Financial assets at amortised cost
Cash and cash equivalents
446,515
\u2013
446,515
446,515
152,141
\u2013
152,141
152,141
Trade receivables
341,319
\u2013
341,319
341,319
353,730
\u2013
353,730
353,730
Loans and advances to joint ventures
and associates
\u2013
25,764
25,764
25,764
\u2013
40,037
 40,037 40,037
Other current assets
47,082
\u2013
47,082
47,082
37,585
\u2013
37,585
37,585
$ 834,916
$
158,628
$
993,544
$
993,544
$
543,456
$
183,181
$
726,637
$
726,637
Financial Liabilities
Financial liabilities at amortised cost
Accounts payables, excluding
withholding and value added taxes $ 107,142
$
\u2013
$
107,142
$
107,142
$
98,463
$
\u2013
$
98,463
$
98,463
Accrued expenses and accrued
voyage expenses
311,858
\u2013
311,858
311,858
320,311
\u2013
 320,311 320,311
Dividend payable
53,591
\u2013
53,591
53,591
53,591
\u2013
53,591
53,591
Long-term lease obligations, including
current maturities 55,456
182,751
238,207
238,207
49,017
174,567
 223,584 223,584
Short-term loans and long-term debt,
including current maturities and
excluding debt issuance costs
258,889
1,594,576
1,853,465
1,911,088
293,109
1,691,112
1,984,221
2,032,219
Other current liabilities
55,569
\u2013
55,569
55,569
49,407
\u2013
49,407
49,407
$ 842,505
$ 1,777,327
$
2,619,832
$ 2,677,455
$ 863,898
$ 1,865,679
$ 2,729,577
$ 2,777,575
November 30, 2023
November 30, 2022
Total Total
carrying carrying
(in thousands) Current Non-current
value
Fair value
Current
Non-current
value
Fair value
Derivative Financial Instruments
at Fair Value
A
ssets
Foreign currency exchange contracts
\u2013 cash flow hedges
$
794
$
\u2013
$
794
$
794
$
1,065
$
\u2013
$
1,065
$
1,065
Interest rate swaps
5,256
4,788
10,044
10,044
5,640
6,590
12,230
12,230
Cross-currency interest rate swaps
\u2013 cash flow hedges 46
\u2013
46
46
1,840
\u2013
 1,840 1,840
$
6,096
$
4,788
$
10,884
$
10,884
$
8,545
$
6,590
$
15,135
$
15,135
Liabilities
Cross-currency interest rate swaps
\u2013 cash flow hedges
$
11,470
$
3,780
$
15,250
$
15,250
$
1,274
$
5,851
$
7,125
$
7,125
Foreign currency exchange contracts
\u2013 cash flow hedges
470
\u2013
470
470
692
\u2013
692
692
Interest rate swaps
\u2013
3,876
3,876
3,876
205
\u2013
205
205
$
11,940
$
7,656
$
19,596
$
19,596
$
2,171
$
5,851
$
8,022
$
8,022
The estimated fair value amounts of financial instruments have been determined by the Group, using appropriate market information and valuation methodologies. Considerable judgement is required to develop these estimates of fair value, so the estimates provided here are not necessarily indicative of the amounts that could be realised in a current market exchange. The carrying amount of cash and cash equivalents, receivables, other current assets, account payable (excluding withholding and value added tax payables), accrued expenses, other current liabilities and dividend payable are a reasonable estimate of their fair value, owing to their short maturity. Long-term leases are exempt from disclosure of fair value measurements so fair value equals book value. Long-term debt in the table above excludes debt issuance costs of $16.9 million and $17.4 million, as of November 30, 2023 and 2022, respectively. The estimated value of the Group\u2019s senior unsecured bond issues is based on traded values, while the value on the remaining long-term debt is based on interest rates as of November 30, 2023 and 2022, respectively, using the discounted cash flow methodology. The fair values of the Group\u2019s foreign exchange contracts are based on their estimated market values as of November 30, 2023 and 2022, respectively. Market value of interest rate and cross-currency interest rate swaps was estimated based on the amount the Group would receive or pay to terminate its agreements as of November 30, 2023 and 2022. The estimated value of the Group\u2019s financial assets and marketable securities are based on traded value. The estimated value of its senior unsecured bond issues is based on traded values (Level 1 valuation method), while the values on the remaining long-term debt are based on interest rates as of November 30, 2023 and 2022, respectively, using the discounted cash flow methodology (Level 2 valuation method). The fair values of the Group\u2019s foreign exchange and bunker contracts are based on their estimated market values as of November 30, 2023 and 2022. Market value of interest rate and cross-currency interest rate swaps was estimated based on the amount the Group would receive or pay to terminate its agreements as of November 30, 2023 and 2022. The Group\u2019s financial instruments did not result in any income or loss recognised in the income statement. Fair value of financial instruments ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-518": { "value": "
Financial Liabilities
Financial liabilities at amortised cost
Accounts payables, excluding
withholding and value added taxes $ 107,142
$
\u2013
$
107,142
$
107,142
$
98,463
$
\u2013
$
98,463
$
98,463
Accrued expenses and accrued
voyage expenses
311,858
\u2013
311,858
311,858
320,311
\u2013
 320,311 320,311
Dividend payable
53,591
\u2013
53,591
53,591
53,591
\u2013
53,591
53,591
Long-term lease obligations, including
current maturities 55,456
182,751
238,207
238,207
49,017
174,567
 223,584 223,584
Short-term loans and long-term debt,
including current maturities and
excluding debt issuance costs
258,889
1,594,576
1,853,465
1,911,088
293,109
1,691,112
1,984,221
2,032,219
Other current liabilities
55,569
\u2013
55,569
55,569
49,407
\u2013
49,407
49,407
$ 842,505
$ 1,777,327
$
2,619,832
$ 2,677,455
$ 863,898
$ 1,865,679
$ 2,729,577
$ 2,777,575
Maturity of financial liabilities
For the year ended November 30, 2023 Less than More than
(in thousands) 1 yr
2-3 yrs
4-5 yrs
5 yrs Total
Contractual obligations:
Accounts payable, excluding withholding and value added taxes
$
107,142
$
\u2013
$
\u2013
$
\u2013
$
107,142
Accrued expenses and dividend payable
365,449
\u2013
\u2013
\u2013
365,449
Long-term lease liabilities, including current maturities
55,456
68,490
31,978
82,283
238,207
Interest on long-term lease liabilities
10,958
14,857
9,733
70,385
105,933
Long-term debt, including current maturities
258,889
669,539
529,957
395,080
1,853,465
Interest on long-term debt
93,404
154,866
88,913
34,277
371,460
Derivative financial liabilities
11,732
5,427
3,489
995
21,643
Other current liabilities
55,569
\u2013
\u2013
\u2013
55,569
Total contractual obligations
$
958,599
$
913,179
$
664,070
$
583,020
$
3,118,868
For the year ended November 30, 2022 Less than More than
(in thousands)
1 yr
2-3 yrs
4-5 yrs
5 yrs
Total
Contractual obligations:
Accounts payable, excluding withholding and value added taxes
$
98,463
$
\u2013
$
\u2013
$
\u2013
$
98,463
Accrued expenses and dividend payable
373,902
\u2013
\u2013
\u2013
373,902
Long-term lease liabilities, including current maturities
49,017
67,454
24,653
82,460
223,584
Interest on long-term lease liabilities
9,806
13,684
9,181
71,955
104,626
Long-term debt, including current maturities
293,109
817,069
450,480
423,563
1,984,221
Interest on long-term debt
96,282
117,539
72,890
41,542
328,253
Derivative financial liabilities
2,240
6,223
\u2013
\u2013
8,463
Other current liabilities
49,407
\u2013
\u2013
\u2013
49,407
Total contractual obligations
$
972,226
$
1,021,969
$
557,204
$
619,520
$
3,170,919
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-527": { "value": "
Financial Liabilities
Financial liabilities at amortised cost
Accounts payables, excluding
withholding and value added taxes $ 107,142
$
\u2013
$
107,142
$
107,142
$
98,463
$
\u2013
$
98,463
$
98,463
Accrued expenses and accrued
voyage expenses
311,858
\u2013
311,858
311,858
320,311
\u2013
 320,311 320,311
Dividend payable
53,591
\u2013
53,591
53,591
53,591
\u2013
53,591
53,591
Long-term lease obligations, including
current maturities 55,456
182,751
238,207
238,207
49,017
174,567
 223,584 223,584
Short-term loans and long-term debt,
including current maturities and
excluding debt issuance costs
258,889
1,594,576
1,853,465
1,911,088
293,109
1,691,112
1,984,221
2,032,219
Other current liabilities
55,569
\u2013
55,569
55,569
49,407
\u2013
49,407
49,407
$ 842,505
$ 1,777,327
$
2,619,832
$ 2,677,455
$ 863,898
$ 1,865,679
$ 2,729,577
$ 2,777,575
The carrying amount of cash and cash equivalents, receivables, other current assets, account payable (excluding withholding and value added tax payables), accrued expenses, other current liabilities and dividend payable are a reasonable estimate of their fair value, owing to their short maturity. Long-term leases are exempt from disclosure of fair value measurements so fair value equals book value. Long-term debt in the table above excludes debt issuance costs of $16.9 million and $17.4 million, as of November 30, 2023 and 2022, respectively. The estimated value of the Group\u2019s senior unsecured bond issues is based on traded values, while the value on the remaining long-term debt is based on interest rates as of November 30, 2023 and 2022, respectively, using the discounted cash flow methodology. The fair values of the Group\u2019s foreign exchange contracts are based on their estimated market values as of November 30, 2023 and 2022, respectively. Market value of interest rate and cross-currency interest rate swaps was estimated based on the amount the Group would receive or pay to terminate its agreements as of November 30, 2023 and 2022.
For the year ended November 30, 2023 Less than More than
(in thousands) 1 yr
2-3 yrs
4-5 yrs
5 yrs Total
Contractual obligations:
Accounts payable, excluding withholding and value added taxes
$
107,142
$
\u2013
$
\u2013
$
\u2013
$
107,142
Accrued expenses and dividend payable
365,449
\u2013
\u2013
\u2013
365,449
Long-term lease liabilities, including current maturities
55,456
68,490
31,978
82,283
238,207
Interest on long-term lease liabilities
10,958
14,857
9,733
70,385
105,933
Long-term debt, including current maturities
258,889
669,539
529,957
395,080
1,853,465
Interest on long-term debt
93,404
154,866
88,913
34,277
371,460
Derivative financial liabilities
11,732
5,427
3,489
995
21,643
Other current liabilities
55,569
\u2013
\u2013
\u2013
55,569
Total contractual obligations
$
958,599
$
913,179
$
664,070
$
583,020
$
3,118,868
For the year ended November 30, 2022 Less than More than
(in thousands)
1 yr
2-3 yrs
4-5 yrs
5 yrs
Total
Contractual obligations:
Accounts payable, excluding withholding and value added taxes
$
98,463
$
\u2013
$
\u2013
$
\u2013
$
98,463
Accrued expenses and dividend payable
373,902
\u2013
\u2013
\u2013
373,902
Long-term lease liabilities, including current maturities
49,017
67,454
24,653
82,460
223,584
Interest on long-term lease liabilities
9,806
13,684
9,181
71,955
104,626
Long-term debt, including current maturities
293,109
817,069
450,480
423,563
1,984,221
Interest on long-term debt
96,282
117,539
72,890
41,542
328,253
Derivative financial liabilities
2,240
6,223
\u2013
\u2013
8,463
Other current liabilities
49,407
\u2013
\u2013
\u2013
49,407
Total contractual obligations
$
972,226
$
1,021,969
$
557,204
$
619,520
$
3,170,919
Long-term debt in the table above excludes debt issuance costs of $16.9 million and $17.4 million as of November 30, 2023 and 2022, respectively. Derivative financial liabilities are stated at future undiscounted cash flows; therefore, they do not agree to the balance sheet. Accounting policy Interest-bearing borrowings are recognised initially at fair value less directly attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of the borrowings on an effective interest basis. There were no outstanding short-term bank loans at November 30, 2023 or 2022. On February 16, 2022, the Group entered into a sustainability-linked secured loan agreement for $415.0 million, consisting of a term loan of $180.9 million and a revolving credit facility (\u201cRCF\u201d) of $234.1 million. The loan syndication was with 14 banks and led by three bookrunners: Nordea Bank Abp, Danske Bank A/S and DNB (UK) Limited (\u201cDNB\u201d). It expires on February 16, 2028 and is secured by 19 ships. The revolving credit line reduces semi-annually by $13.2 million. The weighted average interest rate on the RCF was 5.3% for the year ended November 30, 2022. It was undrawn in 2023 so there is no weighted average interest rate for the year. On December 9, 2022, the Group signed a two-year revolving credit facility with DNB (\u201cDNB RCF\u201d) secured by the shares in the Group\u2019s joint venture, ASA, for $100.0 million. The facility has the option to be extended for two additional years. There is no weighted average interest rate in 2023 or 2022 as the facility has not been utilised during either of the two years. As of November 30, 2023, the Group had available undrawn committed credit lines of $194.6 million from the RCF and $100.0 million from the DNB RCF. The Group also has $84.0 million of uncommitted lines of credit facilities which are payable on demand and can be withdrawn by the banks at short notice. The weighted average interest rates during the years ended November 30, 2023 and 2022 were 2.6% and 2.4%, respectively. Commitment fees for unused lines of credit were $2.6 million and $3.7 million for the years ended November 30, 2023 and 2022, respectively. Several of the short-term and long-term credit facilities contain various financial covenants applicable either quarterly or annually, which, if not complied with, could result in the acceleration of repayment of amounts due and could limit the ability of the Group to draw funds from time to time. At November 30, 2023 and 2022, the Group was in compliance with the financial covenants under its debt agreements. Agreements executed in connection with certain debt obligations, both short-term and long-term, require that the Group maintains defined financial covenants, including, but not limited to, minimum consolidated tangible net worth of $600.0 million, maximum ratio of consolidated debt to consolidated tangible net worth of 2.25 : 1 and minimum ratio of consolidated EBITDA to consolidated interest expense of 2 : 1. Most of the debt agreements provide for a cross default in the event of a default in another agreement. In the event of a default that extends beyond the applicable remedy or cure period, lenders may accelerate repayment of amounts due to them. 23. Short-Term Bank Loans Accounting policy Interest-bearing borrowings are recognised initially at fair value less directly attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of the borrowings on an effective interest basis. Long-term debt as of November 30, 2023 and 2022 consisted of the following:
(in thousands) Notes
2023
2022
Preferred ship fixed-rate mortgages:
Fixed interest rates ranging from 2.7% to 5.4% (2022: 2.7% to 5.4%), maturities vary through 2038
(i) $
443,404
$
494,636
Preferred ship variable-rate mortgages:
Interest rates ranging from 7.6% to 8.3% (2022: 2.6% to 7.6%), maturities vary through 2031
(ii)
313,622
355,732
Senior secured credit facilities
(iii)
887,096
839,214
Senior unsecured bond issues
(iv)
178,924
258,381
Bank loans:
Interest rates ranging from 1.5% to 2.1% (2022: 1.5% to 2.1%), maturities vary through 2028
13,555
18,816
1,836,601
1,966,779
Less \u2013 current maturities
(255,109 )
(288,958 )
$
1,581,492
$
1,677,821
The classification of debt and the interest rates shown in the above table are after considering existing interest rate and cross-currency interest rate hedges. Long-term debt The majority of long-term debt is denominated in or swapped into US dollars, with $229.6 million and $135.3 million denominated in other currencies and not swapped to US dollars as of November 30, 2023 and 2022, respectively. Long-term debt consists of debt collateralised by mortgages on ships, tank containers and terminals, as well as $178.9 million unsecured bond financing at November 30, 2023. (i) Preferred ship fixed-rate mortgages On June 29, 2023, the Group received EUR 13.2 million in proceeds from the financing of Stolt Ludwigshafen, a newbuilding chemical tanker/barge. The agreement is with KfW IPEX-Bank GmbH. The term loan has fixed interest of 4.97% and is for 15 years. On August 3, 2022, the Group signed a $66.0 million top-up of the term loan with Danish Ship Finance A/S, increasing the term loan to $168.7 million and extending the maturity profile to June 2027. The loan was drawn in 2022 to finance the purchase of two second- hand ships and for general corporate purposes. At the time of draw down, the interest rate was fixed. As a part of the sustainability-linked secured loan agreement entered into on February 16, 2022 that was discussed in Note 23, the Group drew $180.9 million on a term loan in March 2022. The loan was used to fully repay the loan with CEXIM and Standard Chartered Bank. At the same time, the Group swapped the floating interest of the term loan into a fixed rate. With the repayment of the CEXIM loan, the Group incurred break costs and expensed debt issuance costs and hedging losses of $11.1 million. The new term loan is a five and one-half year term loan with semi-annual payments. The Group repaid the $30.5 million term loan secured by the Stolt Groenland in the first quarter of 2022. This was the result of the Group settling with its hull and machinery insurers for claims on the Stolt Groenland, which had an explosion onboard in 2019. During February and March 2019, the Group received $241.6 million under a fixed-rate borrowing agreement, involving eight ships. The agreement is with Development Bank of Japan, ING Bank N.V., National Australia Bank, Soci\u00e9t\u00e9 G\u00e9n\u00e9rale and a group of private investors at fixed interest rates ranging from 4.16% to 4.27%. There are equal quarterly payments for each ship for an average tenor of eight years. At the end of the agreement, the Group has an option to purchase the ships by paying fixed amounts. As the option to repurchase was virtually certain to be exercised by the Group at the date of the borrowing, the transaction has been treated as collateralised debt. This debt refinanced the acquisition debt relating to the Jo Tankers acquisition in 2016. With the deliveries of five newbuildings, in late 2016 through 2017, the Group drew down $57.2 million in 2016, $219.6 million in 2017 and $7.6 million in 2018 under the $291.8 million term loan with CEXIM and Standard Chartered Bank, signed August 15, 2013. The loans were secured by the newbuildings and was being repaid over 10 years. Interest has been fixed at an average rate of 4.94%. As noted above, this loan was repaid in 2022. 24. Long-Term Debt (ii) Preferred ship variable-rate mortgages During March 2021, the Group closed a $77.0 million floating-rate facility with CMB Financial Leasing Co. Ltd. (\u201cCMBFL Facility\u201d) including three newly acquired CTG ships. There are quarterly repayments for each ship over ten years whereby the Group has an option to purchase the ships by paying $12.8 million for each ship. As the option to repurchase was virtually certain to be exercised by the Group at the date of the borrowing, the transaction has been treated as collateralised debt. In August 2019, the Group closed a $415.6 million floating-rate facility with CMBFL Facility, involving 20 ships. There are equal quarterly payments for each ship for an average tenor of seven years and floating interest rates. At the end of the agreement, the Group has an option to purchase the ships by paying fixed amounts. As the option to repurchase was virtually certain to be exercised by the Group at the date of the borrowing, the transaction has been treated as collateralised debt. The loan was used to pay down existing debt and for general corporate purposes. (iii) Senior secured credit facilities On June 12, 2023, the Group refinanced its previous Stolthaven Singapore facility with a SGD 280.0 million ($208.4 million) term loan. The agreement is with DBS Bank Ltd., ING Bank N.V., KfW IPEX-Bank GmbH and Oversea-Chinese Banking Corporation Limited. The debt will be repaid over seven years with a final balloon payment of SGD 112.0 million and the interest rate has been fixed at 5.3%. The net proceeds were used to repay a NOK bond (SNI09) with $132.0 million outstanding and for general corporate purposes. On June 21, 2022, the Group signed a $110.0 million floating-rate borrowing agreement using a group of tank containers as collateral. The agreement is with ING Bank N.V. and a group of private investors for seven years and ten months. There are 33 equal payments, with a balloon payment at maturity. The drawdown of the cash coincided with the November 2022 balloon payment of the November 2015 tank container financing and the interest rate was fixed just before draw down. On March 2, 2022, the Group signed a $127.6 million floating-rate borrowing agreement using a group of tank containers as collateral. The agreement is with ING Bank N.V. and a group of private investors for six years and ten months. There are 29 equal payments, with a balloon payment at maturity. Cash was drawn on the new facility subsequent to the May 2022 balloon payment of the May 2016 tank container financing and the interest rate was fixed just before draw down. On December 3, 2020, the Group entered into a $65.0 million fixed-rate term loan facility using Stolthaven Dagenham and Stolthaven Moerdijk terminals as collateral. The facility agreement is with KFW IPEX-BANK GMBH for six years. There are eight equal payments of 6.25% of the total commitment beginning in 2023 with a final balloon obligation of $32.5 million. In July 2019, Stolthaven New Orleans LLC issued $200.0 million Senior Secured Notes with a group of private investors. The private placement has a ten-year term at a fixed interest rate of 5.15% and is secured by the terminal in Braithwaite, Louisiana. Proceeds were used for general corporate purposes. On May 24, 2017, the previous Stolthaven Singapore terminal loan facility was refinanced with a seven-year SGD 280.0 million ($202.4 million) term loan facility. The agreement was with a bank club deal consisting of United Overseas Bank Limited, DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, and Australia and New Zealand Banking Group Limited and had a fixed interest rate of 4.16%. This loan was refinanced in 2023 as discussed above. On May 20, 2016, the Group entered into a $131.3 million fixed-rate borrowing agreement using a group of tank containers as collateral. The agreement is with ING Bank N.V., Development Bank of Japan and a group of private investors for six and a half years at a fixed interest rate of 3.4%. There were 26 equal payments of $3.6 million each and at the end of the agreement, the Group had an option to purchase the tank containers by paying a fixed amount of $59.1 million. As the option to repurchase was virtually certain to be exercised by the Group at the date of the borrowing, the transaction was treated as collateralised debt. This borrowing agreement was repaid in 2022. On November 20, 2015, the Group entered into a $166.4 million fixed-rate borrowing agreement using a group of tank containers as collateral. The agreement is with ING Bank N.V. and a group of private investors for six and a half years at a fixed interest rate of 3.3%. There were 26 equal payments of $4.6 million each and at the end of the agreement, the Group had an option to purchase the tank containers by paying a fixed amount of $74.9 million. As the option to repurchase was virtually certain to be exercised by the Group at the date of the borrowing, the transaction was treated as collateralised debt. This borrowing agreement was repaid in 2022. On February 19, 2015, the Group announced that it had closed a $250.0 million private placement with American International Group. The private placement has a term of 10 years and is secured by the Group\u2019s terminal in Houston. The loan was used to pay down existing debt and for general corporate purposes. (iv) Senior unsecured bond issue On September 12, 2023, the Group completed a placement of senior unsecured bonds (\u201c2023 Bond\u201d) for NOK 1.2 billion (swapped into $112.4 million) in a new five-year bond issue, carrying a coupon of three months NIBOR plus 3.15%. The Group swapped the bond proceeds into a US dollar obligation at a fixed interest of 7.82%. Net proceeds from the bond issue were used to repurchase $60.0 million of the $141.5 million bonds which is maturing on February 20, 2024, and for general corporate purposes. On November 27, 2023, the Group issued an additional NOK 325 million (swapped into $31.7 million) on the 2023 Bond. The Group swapped the bond proceeds into a US dollar obligation at a fixed interest of 7.81%. Net proceeds were for general corporate purposes. The bond proceeds were received subsequent to November 30, 2023. On June 16, 2020, the Group completed a placement of senior unsecured bonds for NOK 1.25 billion (swapped into $132.0 million) in a new three-year bond issue, carrying a coupon of three months NIBOR plus 4.5%. The Group swapped the bond proceeds into a US dollar obligation at a fixed interest rate of 5.19%. The settlement date for the bonds was June 29, 2020. Net proceeds from the bond issue were used to repurchase $78.1 million of the SNI05 bonds with maturity date of March 18, 2021 and for general corporate purposes. On February 5, 2020, the Group completed a placement of senior unsecured bonds for NOK 1.3 billion (swapped into $141.5 million) in a new four-year bond issue carrying a coupon of three months NIBOR plus 3.65%. The Group swapped the bond proceeds into a US dollar obligation at a fixed interest rate of 5.44%. The settlement date for the bonds was February 20, 2020. Net proceeds from the bond issue were used to repurchase $53.4 million of the SNI06 bonds with maturity date of April 8, 2020 and for general corporate purposes. (v) Debt issuance costs Debt issuance costs of $16.9 million and $17.4 million have been netted against long-term debt at November 30, 2023 and 2022, respectively. Debt issuance costs recognised in the income statement as part of effective interest rates were $5.3 million and $15.4 million for the years ended November 30, 2023 and 2022, respectively. Analysis of net debt Net debt at November 30, 2023 comprises lease liabilities of $238.2 million (2022: $223.6 million) and long-term debt, including current maturities, of $1,836.6 million (2022: $1,966.8 million) less cash and cash equivalents of $446.5 million (2022: $152.1 million).
At December Exchange Other At November
(in thousands)
1, 2022
Cash flow
differences movements 30, 2023
Cash deposits
$
71,040
$
101,715
$
4,025
$
\u2013
$
176,780
Short-term time deposits
81,101
188,634
\u2013
\u2013
269,735
Cash and cash equivalents
152,141
290,349
4,025
\u2013
446,515
Borrowings:
Long-term debt, including current maturities
(1,966,779 )
127,905
3,643
(1,370 )
(1,836,601 )
Lease liabilities, including current maturities
(223,584 )
54,495
(1,180 )
(67,938 )
(238,207 )
Net debt
$ (2,038,222) $
472,749
$
6,488
$
(69,308)
$ (1,628,293 )
At December Exchange Other At November
(in thousands)
1, 2021
Cash flow
differences movements 30, 2022
Cash deposits
$
111,639
$
(39,011 ) $
(1,588 ) $
\u2013
$
71,040
Short-term time deposits
12,229
68,872
\u2013
\u2013
81,101
Cash and cash equivalents
123,868
29,861
(1,588 )
\u2013
152,141
Borrowings:
Short-term bank loans
(40,000 )
40,000
\u2013
\u2013
\u2013
Long-term debt, including current maturities
(2,185,644 )
200,208
25,934
(7,277 )
(1,966,779 )
Lease liabilities, including current maturities
(210,450 )
51,210
5,856
(70,200 )
(223,584 )
Net debt
$ (2,312,226) $
321,279
$
30,202
$
(77,477 )
$ (2,038,222)
Short-term time deposits included within cash and cash equivalents relate to term deposits repayable within three months. In the year ended November 30, 2023, other non-cash movements in net debt primarily represent $67.6 million of new or modified leases, net of reductions, and $5.3 million amortisation of debt issuance costs offset by the capitalisation of debt issuance costs of $4.4 million. In the year ended November 30, 2022, other non-cash movements in net debt primarily represent $70.2 million of new or modified leases, net of reductions, and $15.4 million amortisation of debt issuance costs offset by the capitalisation of debt issuance costs of $8.5 million. Capital management The Group defines capital as net debt and equity attributable to equity holders of SNL. The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. To maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, repurchase shares or sell assets to reduce debt. The Group monitors capital on the basis of the ratio of debt to tangible net worth. This is calculated as short-term and long-term debt and lease liabilities divided by equity attributable to equity holders less intangible assets and excluding other components of equity. The Group\u2019s management targets maintaining a ratio of debt to tangible net worth at or below 1.50. As of November 30, 2023 and 2022, the ratio of debt to equity attributable to equity holders of SNL less intangible assets and excluding other components of equity was as follows:
As of November 30,
(in thousands)
2023
2022
Short-term loans, long-term debt and lease liabilities
$
2,074,808
$
2,190,363
Equity attributable to equity holders of SNL less intangible assets and excluding other components of equity
2,069,889
1,894,272
Debt to tangible net worth
1.00
1.16
The debt to tangible net worth of 1.00 at November 30, 2023 is in line with management\u2019s expectations and below its target ratio of 1.50. The Group has external restrictions on its capital, which are its bank covenants. See Note 23 for further details. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-587": { "value": "
Financial Liabilities
Financial liabilities at amortised cost
Accounts payables, excluding
withholding and value added taxes $ 107,142
$
\u2013
$
107,142
$
107,142
$
98,463
$
\u2013
$
98,463
$
98,463
Accrued expenses and accrued
voyage expenses
311,858
\u2013
311,858
311,858
320,311
\u2013
 320,311 320,311
Dividend payable
53,591
\u2013
53,591
53,591
53,591
\u2013
53,591
53,591
Long-term lease obligations, including
current maturities 55,456
182,751
238,207
238,207
49,017
174,567
 223,584 223,584
Short-term loans and long-term debt,
including current maturities and
excluding debt issuance costs
258,889
1,594,576
1,853,465
1,911,088
293,109
1,691,112
1,984,221
2,032,219
Other current liabilities
55,569
\u2013
55,569
55,569
49,407
\u2013
49,407
49,407
$ 842,505
$ 1,777,327
$
2,619,832
$ 2,677,455
$ 863,898
$ 1,865,679
$ 2,729,577
$ 2,777,575
Maturity of financial liabilities
For the year ended November 30, 2023 Less than More than
(in thousands) 1 yr
2-3 yrs
4-5 yrs
5 yrs Total
Contractual obligations:
Accounts payable, excluding withholding and value added taxes
$
107,142
$
\u2013
$
\u2013
$
\u2013
$
107,142
Accrued expenses and dividend payable
365,449
\u2013
\u2013
\u2013
365,449
Long-term lease liabilities, including current maturities
55,456
68,490
31,978
82,283
238,207
Interest on long-term lease liabilities
10,958
14,857
9,733
70,385
105,933
Long-term debt, including current maturities
258,889
669,539
529,957
395,080
1,853,465
Interest on long-term debt
93,404
154,866
88,913
34,277
371,460
Derivative financial liabilities
11,732
5,427
3,489
995
21,643
Other current liabilities
55,569
\u2013
\u2013
\u2013
55,569
Total contractual obligations
$
958,599
$
913,179
$
664,070
$
583,020
$
3,118,868
For the year ended November 30, 2022 Less than More than
(in thousands)
1 yr
2-3 yrs
4-5 yrs
5 yrs
Total
Contractual obligations:
Accounts payable, excluding withholding and value added taxes
$
98,463
$
\u2013
$
\u2013
$
\u2013
$
98,463
Accrued expenses and dividend payable
373,902
\u2013
\u2013
\u2013
373,902
Long-term lease liabilities, including current maturities
49,017
67,454
24,653
82,460
223,584
Interest on long-term lease liabilities
9,806
13,684
9,181
71,955
104,626
Long-term debt, including current maturities
293,109
817,069
450,480
423,563
1,984,221
Interest on long-term debt
96,282
117,539
72,890
41,542
328,253
Derivative financial liabilities
2,240
6,223
\u2013
\u2013
8,463
Other current liabilities
49,407
\u2013
\u2013
\u2013
49,407
Total contractual obligations
$
972,226
$
1,021,969
$
557,204
$
619,520
$
3,170,919
Long-term debt in the table above excludes debt issuance costs of $16.9 million and $17.4 million as of November 30, 2023 and 2022, respectively. Derivative financial liabilities are stated at future undiscounted cash flows; therefore, they do not agree to the balance sheet. Dividends Dividends recommended by the Board of Directors are recognised in the Financial Statements when they have been approved by the shareholders at the Annual General Meeting. Interim dividends are recognised when approved by the Board of Directors. Dividends On November 16, 2023, the Company\u2019s Board of Directors declared an interim dividend of $1.0 0 per Common share and $0.005 per Founder\u2019s share to shareholders of record as of November 23, 2023. The total amount of the dividend was $53.6 million, which was classified as an interim dividend and paid on December 7, 2023. On February 23, 2023, the Company\u2019s Board of Directors recommended a final dividend for 2022 of $1.25 per Common share. The dividend was approved at the Group\u2019s Annual General Meeting for shareholders held on April 20, 2023 in Bermuda. The total amount of the dividend was $66.9 million and paid on May 10, 2023. On November 17, 2022, the Group\u2019s Board of Directors declared an interim dividend of $1.00 per Common share and $0.005 per Founder\u2019s share to shareholders of record as of November 24, 2022. The total amount of the dividend was $53.6 million, which was classified as an interim dividend and paid on December 8, 2022. As further discussed in Note 30, Founder\u2019s Shares, which provide the holder thereof with certain control features, only participate in earnings to the extent of $0.005 per share for the years in which dividends are declared and are limited to $0.05 per share upon liquidation. For the purposes of calculating EPS, dividends paid on Founder\u2019s Shares are deducted from earnings to arrive at net profit attributable to holders of Common Shares. Founder\u2019s Shares are not included in the basic or diluted weighted average shares outstanding in the calculation of earnings per Common Share. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-533": { "value": "
November 30, 2023
November 30, 2022
Total Total
carrying carrying
(in thousands) Current Non-current
value
Fair value
Current
Non-current
value
Fair value
Derivative Financial Instruments
at Fair Value
A
ssets
Foreign currency exchange contracts
\u2013 cash flow hedges
$
794
$
\u2013
$
794
$
794
$
1,065
$
\u2013
$
1,065
$
1,065
Interest rate swaps
5,256
4,788
10,044
10,044
5,640
6,590
12,230
12,230
Cross-currency interest rate swaps
\u2013 cash flow hedges 46
\u2013
46
46
1,840
\u2013
 1,840 1,840
$
6,096
$
4,788
$
10,884
$
10,884
$
8,545
$
6,590
$
15,135
$
15,135
Liabilities
Cross-currency interest rate swaps
\u2013 cash flow hedges
$
11,470
$
3,780
$
15,250
$
15,250
$
1,274
$
5,851
$
7,125
$
7,125
Foreign currency exchange contracts
\u2013 cash flow hedges
470
\u2013
470
470
692
\u2013
692
692
Interest rate swaps
\u2013
3,876
3,876
3,876
205
\u2013
205
205
$
11,940
$
7,656
$
19,596
$
19,596
$
2,171
$
5,851
$
8,022
$
8,022
For the year ended November 30, 2023 Less than More than
(in thousands) 1 yr
2-3 yrs
4-5 yrs
5 yrs Total
Contractual obligations:
Accounts payable, excluding withholding and value added taxes
$
107,142
$
\u2013
$
\u2013
$
\u2013
$
107,142
Accrued expenses and dividend payable
365,449
\u2013
\u2013
\u2013
365,449
Long-term lease liabilities, including current maturities
55,456
68,490
31,978
82,283
238,207
Interest on long-term lease liabilities
10,958
14,857
9,733
70,385
105,933
Long-term debt, including current maturities
258,889
669,539
529,957
395,080
1,853,465
Interest on long-term debt
93,404
154,866
88,913
34,277
371,460
Derivative financial liabilities
11,732
5,427
3,489
995
21,643
Other current liabilities
55,569
\u2013
\u2013
\u2013
55,569
Total contractual obligations
$
958,599
$
913,179
$
664,070
$
583,020
$
3,118,868
For the year ended November 30, 2022 Less than More than
(in thousands)
1 yr
2-3 yrs
4-5 yrs
5 yrs
Total
Contractual obligations:
Accounts payable, excluding withholding and value added taxes
$
98,463
$
\u2013
$
\u2013
$
\u2013
$
98,463
Accrued expenses and dividend payable
373,902
\u2013
\u2013
\u2013
373,902
Long-term lease liabilities, including current maturities
49,017
67,454
24,653
82,460
223,584
Interest on long-term lease liabilities
9,806
13,684
9,181
71,955
104,626
Long-term debt, including current maturities
293,109
817,069
450,480
423,563
1,984,221
Interest on long-term debt
96,282
117,539
72,890
41,542
328,253
Derivative financial liabilities
2,240
6,223
\u2013
\u2013
8,463
Other current liabilities
49,407
\u2013
\u2013
\u2013
49,407
Total contractual obligations
$
972,226
$
1,021,969
$
557,204
$
619,520
$
3,170,919
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-501": { "value": "Maturity of financial liabilities
For the year ended November 30, 2023 Less than More than
(in thousands) 1 yr
2-3 yrs
4-5 yrs
5 yrs Total
Contractual obligations:
Accounts payable, excluding withholding and value added taxes
$
107,142
$
\u2013
$
\u2013
$
\u2013
$
107,142
Accrued expenses and dividend payable
365,449
\u2013
\u2013
\u2013
365,449
Long-term lease liabilities, including current maturities
55,456
68,490
31,978
82,283
238,207
Interest on long-term lease liabilities
10,958
14,857
9,733
70,385
105,933
Long-term debt, including current maturities
258,889
669,539
529,957
395,080
1,853,465
Interest on long-term debt
93,404
154,866
88,913
34,277
371,460
Derivative financial liabilities
11,732
5,427
3,489
995
21,643
Other current liabilities
55,569
\u2013
\u2013
\u2013
55,569
Total contractual obligations
$
958,599
$
913,179
$
664,070
$
583,020
$
3,118,868
For the year ended November 30, 2022 Less than More than
(in thousands)
1 yr
2-3 yrs
4-5 yrs
5 yrs
Total
Contractual obligations:
Accounts payable, excluding withholding and value added taxes
$
98,463
$
\u2013
$
\u2013
$
\u2013
$
98,463
Accrued expenses and dividend payable
373,902
\u2013
\u2013
\u2013
373,902
Long-term lease liabilities, including current maturities
49,017
67,454
24,653
82,460
223,584
Interest on long-term lease liabilities
9,806
13,684
9,181
71,955
104,626
Long-term debt, including current maturities
293,109
817,069
450,480
423,563
1,984,221
Interest on long-term debt
96,282
117,539
72,890
41,542
328,253
Derivative financial liabilities
2,240
6,223
\u2013
\u2013
8,463
Other current liabilities
49,407
\u2013
\u2013
\u2013
49,407
Total contractual obligations
$
972,226
$
1,021,969
$
557,204
$
619,520
$
3,170,919
Long-term debt in the table above excludes debt issuance costs of $16.9 million and $17.4 million as of November 30, 2023 and 2022, respectively. Derivative financial liabilities are stated at future undiscounted cash flows; therefore, they do not agree to the balance sheet. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-561": { "value": "Accounting policy Interest-bearing borrowings are recognised initially at fair value less directly attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of the borrowings on an effective interest basis. Accounting policy Interest-bearing borrowings are recognised initially at fair value less directly attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of the borrowings on an effective interest basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-474": { "value": "Accounting policy Interest-bearing borrowings are recognised initially at fair value less directly attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of the borrowings on an effective interest basis. Long-term debt as of November 30, 2023 and 2022 consisted of the following:
(in thousands) Notes
2023
2022
Preferred ship fixed-rate mortgages:
Fixed interest rates ranging from 2.7% to 5.4% (2022: 2.7% to 5.4%), maturities vary through 2038
(i) $
443,404
$
494,636
Preferred ship variable-rate mortgages:
Interest rates ranging from 7.6% to 8.3% (2022: 2.6% to 7.6%), maturities vary through 2031
(ii)
313,622
355,732
Senior secured credit facilities
(iii)
887,096
839,214
Senior unsecured bond issues
(iv)
178,924
258,381
Bank loans:
Interest rates ranging from 1.5% to 2.1% (2022: 1.5% to 2.1%), maturities vary through 2028
13,555
18,816
1,836,601
1,966,779
Less \u2013 current maturities
(255,109 )
(288,958 )
$
1,581,492
$
1,677,821
The classification of debt and the interest rates shown in the above table are after considering existing interest rate and cross-currency interest rate hedges. Long-term debt The majority of long-term debt is denominated in or swapped into US dollars, with $229.6 million and $135.3 million denominated in other currencies and not swapped to US dollars as of November 30, 2023 and 2022, respectively. Long-term debt consists of debt collateralised by mortgages on ships, tank containers and terminals, as well as $178.9 million unsecured bond financing at November 30, 2023. (i) Preferred ship fixed-rate mortgages On June 29, 2023, the Group received EUR 13.2 million in proceeds from the financing of Stolt Ludwigshafen, a newbuilding chemical tanker/barge. The agreement is with KfW IPEX-Bank GmbH. The term loan has fixed interest of 4.97% and is for 15 years. On August 3, 2022, the Group signed a $66.0 million top-up of the term loan with Danish Ship Finance A/S, increasing the term loan to $168.7 million and extending the maturity profile to June 2027. The loan was drawn in 2022 to finance the purchase of two second- hand ships and for general corporate purposes. At the time of draw down, the interest rate was fixed. As a part of the sustainability-linked secured loan agreement entered into on February 16, 2022 that was discussed in Note 23, the Group drew $180.9 million on a term loan in March 2022. The loan was used to fully repay the loan with CEXIM and Standard Chartered Bank. At the same time, the Group swapped the floating interest of the term loan into a fixed rate. With the repayment of the CEXIM loan, the Group incurred break costs and expensed debt issuance costs and hedging losses of $11.1 million. The new term loan is a five and one-half year term loan with semi-annual payments. The Group repaid the $30.5 million term loan secured by the Stolt Groenland in the first quarter of 2022. This was the result of the Group settling with its hull and machinery insurers for claims on the Stolt Groenland, which had an explosion onboard in 2019. During February and March 2019, the Group received $241.6 million under a fixed-rate borrowing agreement, involving eight ships. The agreement is with Development Bank of Japan, ING Bank N.V., National Australia Bank, Soci\u00e9t\u00e9 G\u00e9n\u00e9rale and a group of private investors at fixed interest rates ranging from 4.16% to 4.27%. There are equal quarterly payments for each ship for an average tenor of eight years. At the end of the agreement, the Group has an option to purchase the ships by paying fixed amounts. As the option to repurchase was virtually certain to be exercised by the Group at the date of the borrowing, the transaction has been treated as collateralised debt. This debt refinanced the acquisition debt relating to the Jo Tankers acquisition in 2016. With the deliveries of five newbuildings, in late 2016 through 2017, the Group drew down $57.2 million in 2016, $219.6 million in 2017 and $7.6 million in 2018 under the $291.8 million term loan with CEXIM and Standard Chartered Bank, signed August 15, 2013. The loans were secured by the newbuildings and was being repaid over 10 years. Interest has been fixed at an average rate of 4.94%. As noted above, this loan was repaid in 2022. 24. Long-Term Debt (ii) Preferred ship variable-rate mortgages During March 2021, the Group closed a $77.0 million floating-rate facility with CMB Financial Leasing Co. Ltd. (\u201cCMBFL Facility\u201d) including three newly acquired CTG ships. There are quarterly repayments for each ship over ten years whereby the Group has an option to purchase the ships by paying $12.8 million for each ship. As the option to repurchase was virtually certain to be exercised by the Group at the date of the borrowing, the transaction has been treated as collateralised debt. In August 2019, the Group closed a $415.6 million floating-rate facility with CMBFL Facility, involving 20 ships. There are equal quarterly payments for each ship for an average tenor of seven years and floating interest rates. At the end of the agreement, the Group has an option to purchase the ships by paying fixed amounts. As the option to repurchase was virtually certain to be exercised by the Group at the date of the borrowing, the transaction has been treated as collateralised debt. The loan was used to pay down existing debt and for general corporate purposes. (iii) Senior secured credit facilities On June 12, 2023, the Group refinanced its previous Stolthaven Singapore facility with a SGD 280.0 million ($208.4 million) term loan. The agreement is with DBS Bank Ltd., ING Bank N.V., KfW IPEX-Bank GmbH and Oversea-Chinese Banking Corporation Limited. The debt will be repaid over seven years with a final balloon payment of SGD 112.0 million and the interest rate has been fixed at 5.3%. The net proceeds were used to repay a NOK bond (SNI09) with $132.0 million outstanding and for general corporate purposes. On June 21, 2022, the Group signed a $110.0 million floating-rate borrowing agreement using a group of tank containers as collateral. The agreement is with ING Bank N.V. and a group of private investors for seven years and ten months. There are 33 equal payments, with a balloon payment at maturity. The drawdown of the cash coincided with the November 2022 balloon payment of the November 2015 tank container financing and the interest rate was fixed just before draw down. On March 2, 2022, the Group signed a $127.6 million floating-rate borrowing agreement using a group of tank containers as collateral. The agreement is with ING Bank N.V. and a group of private investors for six years and ten months. There are 29 equal payments, with a balloon payment at maturity. Cash was drawn on the new facility subsequent to the May 2022 balloon payment of the May 2016 tank container financing and the interest rate was fixed just before draw down. On December 3, 2020, the Group entered into a $65.0 million fixed-rate term loan facility using Stolthaven Dagenham and Stolthaven Moerdijk terminals as collateral. The facility agreement is with KFW IPEX-BANK GMBH for six years. There are eight equal payments of 6.25% of the total commitment beginning in 2023 with a final balloon obligation of $32.5 million. In July 2019, Stolthaven New Orleans LLC issued $200.0 million Senior Secured Notes with a group of private investors. The private placement has a ten-year term at a fixed interest rate of 5.15% and is secured by the terminal in Braithwaite, Louisiana. Proceeds were used for general corporate purposes. On May 24, 2017, the previous Stolthaven Singapore terminal loan facility was refinanced with a seven-year SGD 280.0 million ($202.4 million) term loan facility. The agreement was with a bank club deal consisting of United Overseas Bank Limited, DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, and Australia and New Zealand Banking Group Limited and had a fixed interest rate of 4.16%. This loan was refinanced in 2023 as discussed above. On May 20, 2016, the Group entered into a $131.3 million fixed-rate borrowing agreement using a group of tank containers as collateral. The agreement is with ING Bank N.V., Development Bank of Japan and a group of private investors for six and a half years at a fixed interest rate of 3.4%. There were 26 equal payments of $3.6 million each and at the end of the agreement, the Group had an option to purchase the tank containers by paying a fixed amount of $59.1 million. As the option to repurchase was virtually certain to be exercised by the Group at the date of the borrowing, the transaction was treated as collateralised debt. This borrowing agreement was repaid in 2022. On November 20, 2015, the Group entered into a $166.4 million fixed-rate borrowing agreement using a group of tank containers as collateral. The agreement is with ING Bank N.V. and a group of private investors for six and a half years at a fixed interest rate of 3.3%. There were 26 equal payments of $4.6 million each and at the end of the agreement, the Group had an option to purchase the tank containers by paying a fixed amount of $74.9 million. As the option to repurchase was virtually certain to be exercised by the Group at the date of the borrowing, the transaction was treated as collateralised debt. This borrowing agreement was repaid in 2022. On February 19, 2015, the Group announced that it had closed a $250.0 million private placement with American International Group. The private placement has a term of 10 years and is secured by the Group\u2019s terminal in Houston. The loan was used to pay down existing debt and for general corporate purposes. (iv) Senior unsecured bond issue On September 12, 2023, the Group completed a placement of senior unsecured bonds (\u201c2023 Bond\u201d) for NOK 1.2 billion (swapped into $112.4 million) in a new five-year bond issue, carrying a coupon of three months NIBOR plus 3.15%. The Group swapped the bond proceeds into a US dollar obligation at a fixed interest of 7.82%. Net proceeds from the bond issue were used to repurchase $60.0 million of the $141.5 million bonds which is maturing on February 20, 2024, and for general corporate purposes. On November 27, 2023, the Group issued an additional NOK 325 million (swapped into $31.7 million) on the 2023 Bond. The Group swapped the bond proceeds into a US dollar obligation at a fixed interest of 7.81%. Net proceeds were for general corporate purposes. The bond proceeds were received subsequent to November 30, 2023. On June 16, 2020, the Group completed a placement of senior unsecured bonds for NOK 1.25 billion (swapped into $132.0 million) in a new three-year bond issue, carrying a coupon of three months NIBOR plus 4.5%. The Group swapped the bond proceeds into a US dollar obligation at a fixed interest rate of 5.19%. The settlement date for the bonds was June 29, 2020. Net proceeds from the bond issue were used to repurchase $78.1 million of the SNI05 bonds with maturity date of March 18, 2021 and for general corporate purposes. On February 5, 2020, the Group completed a placement of senior unsecured bonds for NOK 1.3 billion (swapped into $141.5 million) in a new four-year bond issue carrying a coupon of three months NIBOR plus 3.65%. The Group swapped the bond proceeds into a US dollar obligation at a fixed interest rate of 5.44%. The settlement date for the bonds was February 20, 2020. Net proceeds from the bond issue were used to repurchase $53.4 million of the SNI06 bonds with maturity date of April 8, 2020 and for general corporate purposes. (v) Debt issuance costs Debt issuance costs of $16.9 million and $17.4 million have been netted against long-term debt at November 30, 2023 and 2022, respectively. Debt issuance costs recognised in the income statement as part of effective interest rates were $5.3 million and $15.4 million for the years ended November 30, 2023 and 2022, respectively. Analysis of net debt Net debt at November 30, 2023 comprises lease liabilities of $238.2 million (2022: $223.6 million) and long-term debt, including current maturities, of $1,836.6 million (2022: $1,966.8 million) less cash and cash equivalents of $446.5 million (2022: $152.1 million).
At December Exchange Other At November
(in thousands)
1, 2022
Cash flow
differences movements 30, 2023
Cash deposits
$
71,040
$
101,715
$
4,025
$
\u2013
$
176,780
Short-term time deposits
81,101
188,634
\u2013
\u2013
269,735
Cash and cash equivalents
152,141
290,349
4,025
\u2013
446,515
Borrowings:
Long-term debt, including current maturities
(1,966,779 )
127,905
3,643
(1,370 )
(1,836,601 )
Lease liabilities, including current maturities
(223,584 )
54,495
(1,180 )
(67,938 )
(238,207 )
Net debt
$ (2,038,222) $
472,749
$
6,488
$
(69,308)
$ (1,628,293 )
At December Exchange Other At November
(in thousands)
1, 2021
Cash flow
differences movements 30, 2022
Cash deposits
$
111,639
$
(39,011 ) $
(1,588 ) $
\u2013
$
71,040
Short-term time deposits
12,229
68,872
\u2013
\u2013
81,101
Cash and cash equivalents
123,868
29,861
(1,588 )
\u2013
152,141
Borrowings:
Short-term bank loans
(40,000 )
40,000
\u2013
\u2013
\u2013
Long-term debt, including current maturities
(2,185,644 )
200,208
25,934
(7,277 )
(1,966,779 )
Lease liabilities, including current maturities
(210,450 )
51,210
5,856
(70,200 )
(223,584 )
Net debt
$ (2,312,226) $
321,279
$
30,202
$
(77,477 )
$ (2,038,222)
Short-term time deposits included within cash and cash equivalents relate to term deposits repayable within three months. In the year ended November 30, 2023, other non-cash movements in net debt primarily represent $67.6 million of new or modified leases, net of reductions, and $5.3 million amortisation of debt issuance costs offset by the capitalisation of debt issuance costs of $4.4 million. In the year ended November 30, 2022, other non-cash movements in net debt primarily represent $70.2 million of new or modified leases, net of reductions, and $15.4 million amortisation of debt issuance costs offset by the capitalisation of debt issuance costs of $8.5 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-502": { "value": "(i) Preferred ship fixed-rate mortgages On June 29, 2023, the Group received EUR 13.2 million in proceeds from the financing of Stolt Ludwigshafen, a newbuilding chemical tanker/barge. The agreement is with KfW IPEX-Bank GmbH. The term loan has fixed interest of 4.97% and is for 15 years. On August 3, 2022, the Group signed a $66.0 million top-up of the term loan with Danish Ship Finance A/S, increasing the term loan to $168.7 million and extending the maturity profile to June 2027. The loan was drawn in 2022 to finance the purchase of two second- hand ships and for general corporate purposes. At the time of draw down, the interest rate was fixed. As a part of the sustainability-linked secured loan agreement entered into on February 16, 2022 that was discussed in Note 23, the Group drew $180.9 million on a term loan in March 2022. The loan was used to fully repay the loan with CEXIM and Standard Chartered Bank. At the same time, the Group swapped the floating interest of the term loan into a fixed rate. With the repayment of the CEXIM loan, the Group incurred break costs and expensed debt issuance costs and hedging losses of $11.1 million. The new term loan is a five and one-half year term loan with semi-annual payments. The Group repaid the $30.5 million term loan secured by the Stolt Groenland in the first quarter of 2022. This was the result of the Group settling with its hull and machinery insurers for claims on the Stolt Groenland, which had an explosion onboard in 2019. During February and March 2019, the Group received $241.6 million under a fixed-rate borrowing agreement, involving eight ships. The agreement is with Development Bank of Japan, ING Bank N.V., National Australia Bank, Soci\u00e9t\u00e9 G\u00e9n\u00e9rale and a group of private investors at fixed interest rates ranging from 4.16% to 4.27%. There are equal quarterly payments for each ship for an average tenor of eight years. At the end of the agreement, the Group has an option to purchase the ships by paying fixed amounts. As the option to repurchase was virtually certain to be exercised by the Group at the date of the borrowing, the transaction has been treated as collateralised debt. This debt refinanced the acquisition debt relating to the Jo Tankers acquisition in 2016. With the deliveries of five newbuildings, in late 2016 through 2017, the Group drew down $57.2 million in 2016, $219.6 million in 2017 and $7.6 million in 2018 under the $291.8 million term loan with CEXIM and Standard Chartered Bank, signed August 15, 2013. The loans were secured by the newbuildings and was being repaid over 10 years. Interest has been fixed at an average rate of 4.94%. As noted above, this loan was repaid in 2022. (ii) Preferred ship variable-rate mortgages During March 2021, the Group closed a $77.0 million floating-rate facility with CMB Financial Leasing Co. Ltd. (\u201cCMBFL Facility\u201d) including three newly acquired CTG ships. There are quarterly repayments for each ship over ten years whereby the Group has an option to purchase the ships by paying $12.8 million for each ship. As the option to repurchase was virtually certain to be exercised by the Group at the date of the borrowing, the transaction has been treated as collateralised debt. In August 2019, the Group closed a $415.6 million floating-rate facility with CMBFL Facility, involving 20 ships. There are equal quarterly payments for each ship for an average tenor of seven years and floating interest rates. At the end of the agreement, the Group has an option to purchase the ships by paying fixed amounts. As the option to repurchase was virtually certain to be exercised by the Group at the date of the borrowing, the transaction has been treated as collateralised debt. The loan was used to pay down existing debt and for general corporate purposes. (iii) Senior secured credit facilities On June 12, 2023, the Group refinanced its previous Stolthaven Singapore facility with a SGD 280.0 million ($208.4 million) term loan. The agreement is with DBS Bank Ltd., ING Bank N.V., KfW IPEX-Bank GmbH and Oversea-Chinese Banking Corporation Limited. The debt will be repaid over seven years with a final balloon payment of SGD 112.0 million and the interest rate has been fixed at 5.3%. The net proceeds were used to repay a NOK bond (SNI09) with $132.0 million outstanding and for general corporate purposes. On June 21, 2022, the Group signed a $110.0 million floating-rate borrowing agreement using a group of tank containers as collateral. The agreement is with ING Bank N.V. and a group of private investors for seven years and ten months. There are 33 equal payments, with a balloon payment at maturity. The drawdown of the cash coincided with the November 2022 balloon payment of the November 2015 tank container financing and the interest rate was fixed just before draw down. On March 2, 2022, the Group signed a $127.6 million floating-rate borrowing agreement using a group of tank containers as collateral. The agreement is with ING Bank N.V. and a group of private investors for six years and ten months. There are 29 equal payments, with a balloon payment at maturity. Cash was drawn on the new facility subsequent to the May 2022 balloon payment of the May 2016 tank container financing and the interest rate was fixed just before draw down. On December 3, 2020, the Group entered into a $65.0 million fixed-rate term loan facility using Stolthaven Dagenham and Stolthaven Moerdijk terminals as collateral. The facility agreement is with KFW IPEX-BANK GMBH for six years. There are eight equal payments of 6.25% of the total commitment beginning in 2023 with a final balloon obligation of $32.5 million. In July 2019, Stolthaven New Orleans LLC issued $200.0 million Senior Secured Notes with a group of private investors. The private placement has a ten-year term at a fixed interest rate of 5.15% and is secured by the terminal in Braithwaite, Louisiana. Proceeds were used for general corporate purposes. On May 24, 2017, the previous Stolthaven Singapore terminal loan facility was refinanced with a seven-year SGD 280.0 million ($202.4 million) term loan facility. The agreement was with a bank club deal consisting of United Overseas Bank Limited, DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, and Australia and New Zealand Banking Group Limited and had a fixed interest rate of 4.16%. This loan was refinanced in 2023 as discussed above. On May 20, 2016, the Group entered into a $131.3 million fixed-rate borrowing agreement using a group of tank containers as collateral. The agreement is with ING Bank N.V., Development Bank of Japan and a group of private investors for six and a half years at a fixed interest rate of 3.4%. There were 26 equal payments of $3.6 million each and at the end of the agreement, the Group had an option to purchase the tank containers by paying a fixed amount of $59.1 million. As the option to repurchase was virtually certain to be exercised by the Group at the date of the borrowing, the transaction was treated as collateralised debt. This borrowing agreement was repaid in 2022. On November 20, 2015, the Group entered into a $166.4 million fixed-rate borrowing agreement using a group of tank containers as collateral. The agreement is with ING Bank N.V. and a group of private investors for six and a half years at a fixed interest rate of 3.3%. There were 26 equal payments of $4.6 million each and at the end of the agreement, the Group had an option to purchase the tank containers by paying a fixed amount of $74.9 million. As the option to repurchase was virtually certain to be exercised by the Group at the date of the borrowing, the transaction was treated as collateralised debt. This borrowing agreement was repaid in 2022. On February 19, 2015, the Group announced that it had closed a $250.0 million private placement with American International Group. The private placement has a term of 10 years and is secured by the Group\u2019s terminal in Houston. The loan was used to pay down existing debt and for general corporate purposes. (iv) Senior unsecured bond issue On September 12, 2023, the Group completed a placement of senior unsecured bonds (\u201c2023 Bond\u201d) for NOK 1.2 billion (swapped into $112.4 million) in a new five-year bond issue, carrying a coupon of three months NIBOR plus 3.15%. The Group swapped the bond proceeds into a US dollar obligation at a fixed interest of 7.82%. Net proceeds from the bond issue were used to repurchase $60.0 million of the $141.5 million bonds which is maturing on February 20, 2024, and for general corporate purposes. On November 27, 2023, the Group issued an additional NOK 325 million (swapped into $31.7 million) on the 2023 Bond. The Group swapped the bond proceeds into a US dollar obligation at a fixed interest of 7.81%. Net proceeds were for general corporate purposes. The bond proceeds were received subsequent to November 30, 2023. On June 16, 2020, the Group completed a placement of senior unsecured bonds for NOK 1.25 billion (swapped into $132.0 million) in a new three-year bond issue, carrying a coupon of three months NIBOR plus 4.5%. The Group swapped the bond proceeds into a US dollar obligation at a fixed interest rate of 5.19%. The settlement date for the bonds was June 29, 2020. Net proceeds from the bond issue were used to repurchase $78.1 million of the SNI05 bonds with maturity date of March 18, 2021 and for general corporate purposes. On February 5, 2020, the Group completed a placement of senior unsecured bonds for NOK 1.3 billion (swapped into $141.5 million) in a new four-year bond issue carrying a coupon of three months NIBOR plus 3.65%. The Group swapped the bond proceeds into a US dollar obligation at a fixed interest rate of 5.44%. The settlement date for the bonds was February 20, 2020. Net proceeds from the bond issue were used to repurchase $53.4 million of the SNI06 bonds with maturity date of April 8, 2020 and for general corporate purposes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-562": { "value": "Accounting policy (i) Defined contribution plans Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement as incurred. The Group has no further payment obligations once the contributions have been paid. (ii) Defined benefit plans and other post-employment benefits The Group\u2019s net obligation in respect of defined benefit pension plans and other post-employment benefits is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value, and the fair value of any plan assets (at bid price) is deducted. The liability discount rate for each plan is based on the yield curve of a portfolio of high-quality corporate bonds that have maturity dates which are approximately the same as the terms of the respective plans\u2019 obligations. The calculation is performed by a qualified actuary using the projected unit credit method. The current service cost of the defined benefit plan, recognised in the income statement in employee benefit expense, reflects the increase in the defined benefit obligation resulting from employees\u2019 service in the current year, benefit changes, curtailments and settlements. When the benefits of a plan are increased, the increased benefit relating to past service by employees is recognised as an expense in the income statement immediately. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the income statement. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in Other comprehensive income in the period in which they arise. Where the calculation results in a benefit to the Group, the asset recognised is limited to the present value of any future refunds from the plan or reductions in future contributions to the plan. Gains and losses on the curtailment or settlement of a defined benefit plan are recognised at the time the curtailment or settlement occurs. A curtailment occurs when the Group adopts a significant reduction in the number of employees covered by a plan or changes the terms of a defined benefit plan such that a significant part of future earnings to current employees will no longer qualify for benefits or will qualify only for reduced benefits. (iii) Short-term and long-term cash-based benefits Short-term employee benefit obligations are measured on an undiscounted basis while long-term cash-based employee benefit obligations are discounted based on expected payment date. They are expensed in the period in which the related service is provided. An accrual is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employees and the obligation can be estimated reliably. At November 30, 2023, the Group operated a number of pension plans for the benefit of its employees throughout the world, with varying rights and obligations depending on the conditions and practices in the specific countries. The Group\u2019s pension plans are provided through both defined benefit and defined contribution arrangements. These plans are regulated by the respective regulators in each of the countries where they are set up. The Group operates defined benefit plans in the United States, the United Kingdom, Bermuda, the Netherlands, Norway, the Philippines and Japan. One of the defined benefit plans covers certain ship officers and other seafarers while the others are for shore-based employees. Company-sponsored defined contribution pension plans are currently provided in all of the above countries and Spain. The Group also operates an unfunded post-retirement medical plan in the United States. Defined benefit plans provide benefits based on the employees\u2019 length of pensionable service and their final pensionable salary or other criteria. Defined contribution plans offer employees individual funds that are converted into benefits at the time of retirement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-503": { "value": "Defined benefit plans The Group\u2019s significant defined benefit pension plans are in the United States, Bermuda, the Netherlands and the United Kingdom. The Pension Committees participate in the governance of each of the significant defined benefit pension plans. These Pension Committees comprise representatives who are employees and former employees. In addition, actuarial advisers and investment management advisers also participate in the Pension Committee meetings. The Pension Committees for plans act in the best interest of the plan participants and are responsible for setting certain policies, such as strategic asset allocation, investment and contribution policies in consultation with the Group. The defined benefit plans expose the Group to actuarial risks such as longer than expected longevity of members, lower than expected return on investments and higher than expected inflation, which may increase the liabilities or reduce the value of assets of the plans. Recognising these risks, the Group has adopted an approach of moving away from providing defined benefit plans. All defined benefit plans have also been closed to future accrual and new entrants. The Group follows a coordinated strategy for the funding and investment of its defined benefit pension plans subject to abiding by all local laws and regulations applicable to those plans. The assets of the plan are generally held separately from those of the Group and are administered by local management in the respective countries. The Group has no legal obligation to settle these liabilities with any immediate contributions or additional one-off contributions. The Group intends to continue to contribute to each defined benefit pension and post-retirement medical plan in accordance with the latest recommendations of each plan actuary and its pension funding policy. In terms of investments, the Group\u2019s aim is for the value of defined benefit plan assets to be maintained at close to the value of the corresponding benefit obligations, allowing for some short-term volatility. Plan assets are invested in a diversified range of asset classes, predominantly comprising bonds and equities. In some locations, such as the United Kingdom, plan trustees and other bodies have legal and fiduciary responsibility for the investment of plan assets, and decisions on investment strategy are taken in consultation with the Group. The Group monitors its exposure to changes in equity markets, interest rates and inflation, and measures its balance sheet pension risk using a risk-based approach. Strategic asset allocation studies and asset-liability studies are carried out periodically for the significant pension plans. On a quarterly basis, the performance of all investments across the significant defined benefit plans is reviewed with the Group\u2019s investment management advisers. Pension plans overview The amounts recognised at November 30, consisted of the following:
As of November 30,
(in thousands)
2023
2022
Non-current assets
$
21,292
$
20,602
Non-current liabilities
(19,937 )
(20,342 )
Net pension asset
$
1,355
$
260
This is composed of the net of the present value of funded obligations and fair value of plan assets as follows:
As of November 30,
(in thousands)
2023
2022
Present value of funded obligations
$
(168,950 ) $
(177,630 )
Fair value of plans assets
170,305
177,890
$
1,355
$
260
US post-retirement healthcare plan US-based employees retiring from the Group, having attained the age of 55 with at least ten years of cumulative US service by January 1, 2018, or who become disabled, are eligible to receive both pre-Medicare and post-Medicare benefit offerings for themselves and their eligible dependants. Employees working until age 65 with at least ten years of US cumulative service are eligible for post-Medicare benefits only. All benefits are unfunded. Components of defined benefit cost The net periodic benefit cost for the Group\u2019s defined benefit pension plans (including a retirement arrangement for one of the Group\u2019s ex-Directors) and US post-retirement healthcare plan shown above for the years ended November 30, 2023 and 2022, consisted of the following:
For the years ended
November 30,
(in thousands)
2023
2022
Service cost
$
408
$
567
Interest cost, net
166
233
Cost of plan administration
332
320
Net periodic benefit cost
$
906
$
1,120
Impact on equity Remeasurements that are recognised in Other comprehensive income are as follows:
For the years ended
November 30,
(in thousands)
2023
2022
Effect of changes in demographic assumptions
$
7
$
(322 )
Effect of changes in financial assumptions
(7,225 )
59,727
Effect of experience assumptions
(796 )
332
Return on plan assets (excluding interest income)
6,657
(56,502 )
Remeasurements recognised in other comprehensive income
$
(1,357 ) $
3,235
The following tables set out the change in benefit obligations for the Group\u2019s defined benefit pension plans and US post-retirement medical plan and the change in plan assets for the defined benefit pension plans. Change in benefit obligation
For the years ended
November 30,
(in thousands)
2023
2022
Benefit obligations at beginning of year
$
177,630
$
247,310
Current service cost
408
567
Interest cost
8,633
5,885
Benefits paid
(10,425 )
(13,171 )
Foreign exchange rate changes
718
(3,224 )
Remeasurements:
Effect of changes in demographic assumptions
7
322
Effect of changes in financial assumptions
(7,225 )
(59,727 )
Effect of experience adjustments
(796 )
(332 )
Benefits obligation at end of year
$
168,950
$
177,630
Change in plan assets
For the years ended
November 30,
(in thousands)
2023
2022
Fair value of plan assets at beginning of year
$
177,890
$
240,960
Return on plan assets (excluding interest income)
(6,657)
(56,502 )
Interest income
8,467
5,652
Company contributions
443
4,080
Foreign exchange rate changes
919
(2,809 )
Benefits paid
(10,425)
(13,171 )
Expenses paid
(332 )
(320 )
Fair value of plan assets at end of year
$
170,305
$
177,890
Change in asset ceiling There were no defined benefit plans whose recognition of assets was limited. Participant profile The defined benefit obligation by participant status is as follows:
As of November 30,
(in thousands)
2023
2022
Actives
$
26,718
$
32,216
Vested former employees not yet retired
28,584
32,352
Retirees
113,648
113,062
$
168,950
$
177,630
The number of participants are as follows:
As of November 30,
2023
2022
Actives
1,002
975
Vested former employees not yet retired
476
499
Retirees
715
695
2,193
2,169
Key actuarial assumptions The following are the assumptions used in the measurement of the projected benefit obligation for the Group\u2019s defined benefit pension plans and the accumulated projected benefit obligation for US post-retirement medical plan benefits:
As of November 30,
2023
2022
Weighted-average assumptions to determine projected benefit obligations:
Discount rate
5.45 %
5.02 %
Rate of compensation increase
3.54 %
4.07 %
Rate of pension increases
3.12 %
3.02 %
Rate of price inflation
3.14 %
3.07 %
Life expectancy for an individual currently at 65:
Male
21.0 yrs
20.8 yrs
Female
23.0 yrs
22.9 yrs
The net period pension expense and retiree medical expense is based on the prior year\u2019s weighted average assumptions for the projected benefit obligation. Exposure to variances in healthcare cost trends have been mitigated to the extent that a 1% change would have a negligible effect on the accumulated post-retirement benefit obligation at the end of 2023.
Impact on Defined Benefit Obligation
Change in Assumption
Increase in Assumption
Decrease in Assumption
Discount rate
0.25%
Decrease by 2.3%
Increase by 2.5%
Salary growth rate
0.25%
Increase by 1.9%
Decrease by 1.9%
Pension growth rate
0.25%
Increase by 2.0%
Decrease by 2.1%
Increase by 1 Year in Assumption
Decrease by 1 Year in Assumption
Life expectancy
Increase by 2.2%
Decrease by 2.3%
The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting year) has been applied as when calculating the pension liability recognised within the balance sheet. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared with the previous year. Fair value of plan assets The Group\u2019s defined benefit pension plans\u2019 assets and weighted-average asset allocation as of November 30, 2023 and 2022, by category, were as follows:
As of November 30,
(in thousands)
2023
%
2022
%
Cash and cash equivalents
$
7,354
4%
$
24,429
14%
Equity instruments
39,483
23%
40,780
23%
Debt instruments
117,130
69%
104,895
59%
Real estate
3,260
2%
3,970
2%
Investment funds
1,820
1%
1,602
1%
Assets held by insurance company
190
\u2013
356
\u2013
Other
1,068
1%
1,858
1%
Total
$ 170,305
100%
$
177,890
100%
The fair value of all plan assets was based on quoted market prices, except for real estate of $3.3 million, assets held by insurance companies of $0.2 million and cash with a value of $7.2 million. It is the Group\u2019s policy to invest pension plan assets for its defined benefit plans to ensure that there is an adequate level of assets to support benefit obligations to participants and retirees over the life of the plans, maintain liquidity in plan assets sufficient to cover current benefit obligations and earn the maximum investment return consistent with a prudent level of investment and actuarial risk. Investment return is the total compounded annual return, calculated as interest and dividend income and realised and unrealised capital gains and losses, less expenses of the plan. The Group expects to contribute $1.9 million to its defined benefit pension and post-retirement benefit plans in 2024. Weighted average duration of the defined benefit obligation is 9.4 years. Expected maturity analysis of undiscounted pension and post-employment benefits
As of November 30, 2023 Less than Between Between More than 5
(in thousands) a year 1-2 years 2-5 years
years
Total
Pension benefits
$
11,781
$
22,487
$
24,927
$
60,556
$ 119,751
Post-employment benefits
478
773
611
1,292
3,154
Total
$
12,259
$
23,260
$
25,538
$
61,848
$
122,905
As of November 30, 2022 Less than Between Between More than 5
(in thousands) a year 1-2 years 2-5 years years Total
Pension benefits
$
11,108
$
21,932
$
22,670
$
59,191
$ 114,901
Post-employment benefits
467
945
694
1,360
3,466
Total
$
11,575
$
22,877
$
23,364
$
60,551
$
118,367
The above tables exclude vested deferred participants who have not started their retirement payments. The Group also provides defined contribution plans to certain of its qualifying employees. Group contributions charged to expense for these plans were $21.0 million and $20.5 million for the years ended November 30, 2023 and 2022, respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-519": { "value": "Key actuarial assumptions The following are the assumptions used in the measurement of the projected benefit obligation for the Group\u2019s defined benefit pension plans and the accumulated projected benefit obligation for US post-retirement medical plan benefits:
As of November 30,
2023
2022
Weighted-average assumptions to determine projected benefit obligations:
Discount rate
5.45 %
5.02 %
Rate of compensation increase
3.54 %
4.07 %
Rate of pension increases
3.12 %
3.02 %
Rate of price inflation
3.14 %
3.07 %
Life expectancy for an individual currently at 65:
Male
21.0 yrs
20.8 yrs
Female
23.0 yrs
22.9 yrs
The net period pension expense and retiree medical expense is based on the prior year\u2019s weighted average assumptions for the projected benefit obligation. Exposure to variances in healthcare cost trends have been mitigated to the extent that a 1% change would have a negligible effect on the accumulated post-retirement benefit obligation at the end of 2023.
Impact on Defined Benefit Obligation
Change in Assumption
Increase in Assumption
Decrease in Assumption
Discount rate
0.25%
Decrease by 2.3%
Increase by 2.5%
Salary growth rate
0.25%
Increase by 1.9%
Decrease by 1.9%
Pension growth rate
0.25%
Increase by 2.0%
Decrease by 2.1%
Increase by 1 Year in Assumption
Decrease by 1 Year in Assumption
Life expectancy
Increase by 2.2%
Decrease by 2.3%
The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting year) has been applied as when calculating the pension liability recognised within the balance sheet. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared with the previous year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-475": { "value": "26. Provisions Accounting policy A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are measured at management\u2019s best estimate of the expenditure required to settle the obligation at the balance sheet date. If the effect is material, provisions are recognised at present value by discounting the expected future cash flows at a pre-tax rate that reflects the time value of money. When a contract becomes onerous, the present obligation under the contract is recognised as a provision and measured at the lower of the expected cost of fulfilling the contract and the expected cost of terminating the contract as far as they exceed the expected economic benefits of the contract. Additions to provisions and reversals are generally recognised in the Consolidated Income Statement. The present value of the recognised obligations associated with the retirement of property, plant and equipment (asset retirement obligations) that result from the acquisition, construction, development or normal use of an asset is added to the carrying amount of the related asset. The additional carrying amount is depreciated over the useful life of the related asset. Additions to and reductions from the present value of asset retirement obligations that result from changes in estimates are generally recognised by adjusting the carrying amount of the related asset and provision. If the asset retirement obligation is settled for other than the carrying amount of the liability, the Company recognises a gain or loss on settlement. A provision is established for obligations under lease agreements to dismantle and/or restore leased property to its original condition. Short-term provisions
Claims Environmental
(in thousands) provision
provision
Restructuring
Total
Balance at December 1, 2022
$
4,495
$
214
$
34
$
4,743
Additional provisions recognised, net
159,231
423
119
159,773
Reclass of MSC Flaminia Provision from long-term
139,000
\u2013
\u2013
139,000
Reductions arising from payments
(1,119)
(56 )
(126 )
(1,301)
Net foreign exchange differences
(41)
\u2013
10
(31)
Balance at November 30, 2023
$
301,566
$
581
$
37
$
302,184
The claims provision is in relation to short-term claims made against the Group by external parties. The majority of the short-term provision related to the civil action as a result of the fire on the MSC Flaminia. As discussed in Note 29, as the result of the court decision, an additional $155.0 million was recorded as a provision in 2023 and the previous provision reclassed to short-term provisions. The Group also received $133.0 million in 2023 from the Group\u2019s insurance underwriters and the Group has recorded a $13.0 million receivable from Deltech who is jointly and severally liable in the claim. In 2013, the Group sold land in Perth Amboy, New Jersey. The sale price included an obligation to remediate certain environmental matters at the site. The environmental provision includes the expected future costs to remediate the land. The environmental provision also includes disposal costs for specific chemicals at the Moerdijk terminal. The restructuring provision relates to severance payments. Long-term provisions
Asset retirement Claims
(in thousands) obligations provision Total
Balance at December 1, 2022
$
482
$
156,685
$
157,167
Additional (reversal) provisions recognised, net
1,439
(2,441 )
(1,002)
Reclass of MSC Flaminia Provision to short-term
\u2013
(139,000 )
(139,000)
Net foreign exchange differences
12
17
29
Balance at November 30, 2023
$
1,933
$
15,261
$
17,194
The asset retirement obligations relate to an obligation to dismantle and/or restore leased property to its pre-leased condition. At November 30, 2023, these amounts related to obligations on certain offices with this obligation. Amounts are estimated based on the present value of the expected future costs to restore the leased property in accordance with the lease contracts and are expected to be utilised in approximately four to six years. The claims provision relates to claims made against the Group by external parties. These relate to third-party claims such as collision, property damage, pollution, environmental damage, general average, injury and cargo claims. In most cases, legal provisions are settled on a net basis by insurance companies. The timing of the payments of the long-term provisions is expected to be greater than one year. The amount decreased due to the reclass of the MSC Flaminia provision to short-term.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-563": { "value": "
Accounting policy
A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event,
and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are measured at management\u2019s
best estimate of the expenditure required to settle the obligation at the balance sheet date. If the effect is material, provisions are
recognised at present value by discounting the expected future cash flows at a pre-tax rate that reflects the time value of money.
When a contract becomes onerous, the present obligation under the contract is recognised as a provision and measured at the lower
of the expected cost of fulfilling the contract and the expected cost of terminating the contract as far as they exceed the expected
economic benefits of the contract. Additions to provisions and reversals are generally recognised in the Consolidated Income Statement.
The present value of the recognised obligations associated with the retirement of property, plant and equipment (asset retirement
obligations) that result from the acquisition, construction, development or normal use of an asset is added to the carrying amount of
the related asset. The additional carrying amount is depreciated over the useful life of the related asset. Additions to and reductions from
the present value of asset retirement obligations that result from changes in estimates are generally recognised by adjusting the carrying
amount of the related asset and provision. If the asset retirement obligation is settled for other than the carrying amount of the liability,
the Company recognises a gain or loss on settlement.
A provision is established for obligations under lease agreements to dismantle and/or restore leased property to its original condition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-504": { "value": "27. Commitments and Contingencies As of November 30, 2023, and 2022, the Group had total capital expenditure purchase commitments outstanding of approximately $41.5 million and $66.6 million, respectively. At November 30, 2023, the Group has committed tanker projects of $0.3 million, terminal projects of $19.3 million, tank container projects of $14.6 million and $7.2 million in Sea Farm. The $41.5 million commitment at November 30, 2023 is expected to be paid within the next 12 months. The commitments will either be paid out of operating cash flow, existing liquidity or through external financing. Purchase commitments of joint ventures and associates The Group\u2019s joint ventures and associates had $53.8 million of total capital expenditure commitments on November 30, 2023 of which $52.0 million is expected to be paid within the next 12 months. Of the total commitments, $19.6 million related to a planned expansion at the joint venture terminal in Malaysia and $23.8 million in a new joint venture terminal in Taiwan. The commitments will be paid out of the existing liquidity of those joint ventures, capital injections or loans from its shareholders and through external financing, which is in the process of being raised. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-476": { "value": "As of November 30, 2023, and 2022, the Group had total capital expenditure purchase commitments outstanding of approximately $41.5 million and $66.6 million, respectively. At November 30, 2023, the Group has committed tanker projects of $0.3 million, terminal projects of $19.3 million, tank container projects of $14.6 million and $7.2 million in Sea Farm. The $41.5 million commitment at November 30, 2023 is expected to be paid within the next 12 months. The commitments will either be paid out of operating cash flow, existing liquidity or through external financing. Purchase commitments of joint ventures and associates The Group\u2019s joint ventures and associates had $53.8 million of total capital expenditure commitments on November 30, 2023 of which $52.0 million is expected to be paid within the next 12 months. Of the total commitments, $19.6 million related to a planned expansion at the joint venture terminal in Malaysia and $23.8 million in a new joint venture terminal in Taiwan. The commitments will be paid out of the existing liquidity of those joint ventures, capital injections or loans from its shareholders and through external financing, which is in the process of being raised. Environmental The Group\u2019s operations involve the carriage, use, storage and disposal of chemicals and other hazardous materials and wastes. The Group is subject to applicable international and national health, safety and environmental laws relating to the protection of the environment, including those governing discharges of pollutants to air and water, the generation, management and disposal of hazardous materials and wastes and the clean-up of contaminated sites. The Comprehensive Environmental Response, Compensation, and Liability Act (\u201cCERCLA\u201d), commonly known as Superfund, was enacted by the US Congress on December 11, 1980. This law created a tax on the chemical and petroleum industries and provided broad federal authority to respond directly to releases or threatened releases of hazardous substances that may endanger public health or the environment. This law and similar state environment statutes and common laws can impose liability for the entire clean-up of contaminated sites or for third-party claims for property damage and personal injury, regardless of whether the current owner or operator owned or operated the site at the time of the release of contaminants or of the legality of the original disposal activities. Actual or discontinued operations in the US may, therefore, trigger a future liability. Owing to the uncertainty whether or the length of time before any liability may occur, it is currently not considered probable that a liability will arise and consequently no provision has been recorded. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-520": { "value": "Environmental The Group\u2019s operations involve the carriage, use, storage and disposal of chemicals and other hazardous materials and wastes. The Group is subject to applicable international and national health, safety and environmental laws relating to the protection of the environment, including those governing discharges of pollutants to air and water, the generation, management and disposal of hazardous materials and wastes and the clean-up of contaminated sites. The Comprehensive Environmental Response, Compensation, and Liability Act (\u201cCERCLA\u201d), commonly known as Superfund, was enacted by the US Congress on December 11, 1980. This law created a tax on the chemical and petroleum industries and provided broad federal authority to respond directly to releases or threatened releases of hazardous substances that may endanger public health or the environment. This law and similar state environment statutes and common laws can impose liability for the entire clean-up of contaminated sites or for third-party claims for property damage and personal injury, regardless of whether the current owner or operator owned or operated the site at the time of the release of contaminants or of the legality of the original disposal activities. Actual or discontinued operations in the US may, therefore, trigger a future liability. Owing to the uncertainty whether or the length of time before any liability may occur, it is currently not considered probable that a liability will arise and consequently no provision has been recorded. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-505": { "value": "
28. Related Party Transactions
The Group is ultimately controlled by trusts established for the benefit of the Stolt-Nielsen family. Compensation and Board fees
are provided to certain members of the Stolt-Nielsen family. There are no other transactions between the Group and the Stolt-Nielsen
family, other than those described below.
Employee and officer loans and advances
Included in Other current assets are loans and advances to employees and officers of the Group of $0.5 million and $0.4 million as
of November 30, 2023 and 2022, respectively. In addition, included in Other non-current assets are loans and advances to employees
and officers of the Group of $0.5 million at November 30, 2023 and 2022. Such loans and advances primarily represent secured
housing loans that have been provided to former employees in connection with their relocation, along with advances for travel and other
costs. Of the total loans and advances, $0.5 million were interest-bearing, with interest rates ranging from 6.0% to 7.0% as of November
30, 2023 and 2022. Interest received was less than $0.1 million for both 2023 and 2022.
Board of Directors and key management compensation
Key management includes the Executive Officers and Presidents of the Group\u2019s major businesses. Total compensation and benefits
of the Board of Directors and the key management were as follows:
For the years ended November 30,
(in thousands)
2023
2022
Board fees
$
1,132
$
908
Salary and benefits
5,928
4,624
Profit sharing
3,104
2,546
Long-term incentives
1,424
986
Defined benefit pension cost
81
3,185
Defined contribution pension cost
416
297
Total compensation and benefits
$
12,085
$
12,546
Average number of key managers included
10
 8
At the end of 2023 and 2022, the Board of Directors consisted of seven members. Insurance has been taken out for the Board
of Directors and Executive Officers in respect of their potential liability to the Group and third parties.
Transactions with joint ventures and associates
The consolidated balance sheets include the following items related to transactions with the Group:
As of November 30,
(in thousands)
2023
2022
Joint ventures:
Amounts due from the Group
$
30,337
$
25,918
Amounts due to the Group
35,836
50,581
Included within Amounts due to the Group are $10.0 million and $10.4 million as of November 30, 2023 and 2022, respectively,
for receivables from joint ventures and associates. These amounts are reflected in the consolidated balance sheets as Other current
assets. The remaining amounts due to the Group are included in Investments in and advances to joint ventures and associates.
Amounts due from the Group are included in Other current liabilities in the consolidated balance sheets.
The long-term advances to NYK Stolt Tankers S.A. of nil and $15.8 million as of November 30, 2023 and 2022, respectively, bear interest
at six-month LIBOR plus 1%. The Group had also made long-term advances of $25.8 million and $24.4 million to other joint ventures
and associates at November 30, 2023 and 2022, respectively. Interest on these range from 4.8% to 6.5% in 2023 and 2022. Interest
received in cash for 2023 and 2022 was $1.7 million and $0.5 million, respectively.
The joint ventures and associates include the following items related to transactions with the Group:
For the years ended November 30,
(in thousands)
2023
2022
Joint Ventures
Charter hire revenue
$
$
196,670
153,757
Tank container cleaning station revenue
10,742
8,881
Charter hire expense
63,265
59,543
Management, freight and joint service commission and other expenses
35,076
27,007
Finance expense
872
1,049
Other expense
519
503
Associates
Bareboat revenue
$
$
4,348
4,280
Commission, management and other revenue
2,613
1,928
Tank container cleaning station revenue
3,280
3,050
1 2 1. The charter hire revenues are amounts distributed to NYK Stolt Tankers S.A. and Hassel Shipping 4 AS, joint ventures of the Group, for their share of the Joint Service\u2019s revenue. 2. Represents commission and management fees paid to E&S Tankers as the joint venture trades certain of the Group\u2019s European fleet. The Group has a 24.99% interest in Norterminal A.S. which is a company working on storage projects in northern Norway. The remaining 75.01% of Norterminal A.S. is controlled by S-N Terminal A.S., a company wholly owned by one of SNL\u2019s Directors who is a member of the Stolt-Nielsen family. The Group\u2019s investment in Norterminal A.S. was $0.7 million and $0.8 million as of November 30, 2023 and 2022, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-477": { "value": "28. Related Party Transactions The Group is ultimately controlled by trusts established for the benefit of the Stolt-Nielsen family. Compensation and Board fees are provided to certain members of the Stolt-Nielsen family. There are no other transactions between the Group and the Stolt-Nielsen family, other than those described below. Employee and officer loans and advances Included in Other current assets are loans and advances to employees and officers of the Group of $0.5 million and $0.4 million as of November 30, 2023 and 2022, respectively. In addition, included in Other non-current assets are loans and advances to employees and officers of the Group of $0.5 million at November 30, 2023 and 2022. Such loans and advances primarily represent secured housing loans that have been provided to former employees in connection with their relocation, along with advances for travel and other costs. Of the total loans and advances, $0.5 million were interest-bearing, with interest rates ranging from 6.0% to 7.0% as of November 30, 2023 and 2022. Interest received was less than $0.1 million for both 2023 and 2022. Board of Directors and key management compensation Key management includes the Executive Officers and Presidents of the Group\u2019s major businesses. Total compensation and benefits of the Board of Directors and the key management were as follows:
For the years ended November 30,
(in thousands)
2023
2022
Board fees
$
1,132
$
908
Salary and benefits
5,928
4,624
Profit sharing
3,104
2,546
Long-term incentives
1,424
986
Defined benefit pension cost
81
3,185
Defined contribution pension cost
416
297
Total compensation and benefits
$
12,085
$
12,546
Average number of key managers included
10
 8
At the end of 2023 and 2022, the Board of Directors consisted of seven members. Insurance has been taken out for the Board of Directors and Executive Officers in respect of their potential liability to the Group and third parties. Transactions with joint ventures and associates The consolidated balance sheets include the following items related to transactions with the Group:
As of November 30,
(in thousands)
2023
2022
Joint ventures:
Amounts due from the Group
$
30,337
$
25,918
Amounts due to the Group
35,836
50,581
Included within Amounts due to the Group are $10.0 million and $10.4 million as of November 30, 2023 and 2022, respectively, for receivables from joint ventures and associates. These amounts are reflected in the consolidated balance sheets as Other current assets. The remaining amounts due to the Group are included in Investments in and advances to joint ventures and associates. Amounts due from the Group are included in Other current liabilities in the consolidated balance sheets. The long-term advances to NYK Stolt Tankers S.A. of nil and $15.8 million as of November 30, 2023 and 2022, respectively, bear interest at six-month LIBOR plus 1%. The Group had also made long-term advances of $25.8 million and $24.4 million to other joint ventures and associates at November 30, 2023 and 2022, respectively. Interest on these range from 4.8% to 6.5% in 2023 and 2022. Interest received in cash for 2023 and 2022 was $1.7 million and $0.5 million, respectively. The joint ventures and associates include the following items related to transactions with the Group:
For the years ended November 30,
(in thousands)
2023
2022
Joint Ventures
Charter hire revenue
$
$
196,670
153,757
Tank container cleaning station revenue
10,742
8,881
Charter hire expense
63,265
59,543
Management, freight and joint service commission and other expenses
35,076
27,007
Finance expense
872
1,049
Other expense
519
503
Associates
Bareboat revenue
$
$
4,348
4,280
Commission, management and other revenue
2,613
1,928
Tank container cleaning station revenue
3,280
3,050
1 2 1. The charter hire revenues are amounts distributed to NYK Stolt Tankers S.A. and Hassel Shipping 4 AS, joint ventures of the Group, for their share of the Joint Service\u2019s revenue. 2. Represents commission and management fees paid to E&S Tankers as the joint venture trades certain of the Group\u2019s European fleet. The Group has a 24.99% interest in Norterminal A.S. which is a company working on storage projects in northern Norway. The remaining 75.01% of Norterminal A.S. is controlled by S-N Terminal A.S., a company wholly owned by one of SNL\u2019s Directors who is a member of the Stolt-Nielsen family. The Group\u2019s investment in Norterminal A.S. was $0.7 million and $0.8 million as of November 30, 2023 and 2022, respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-521": { "value": "Board of Directors and key management compensation Key management includes the Executive Officers and Presidents of the Group\u2019s major businesses. Total compensation and benefits of the Board of Directors and the key management were as follows:
For the years ended November 30,
(in thousands)
2023
2022
Board fees
$
1,132
$
908
Salary and benefits
5,928
4,624
Profit sharing
3,104
2,546
Long-term incentives
1,424
986
Defined benefit pension cost
81
3,185
Defined contribution pension cost
416
297
Total compensation and benefits
$
12,085
$
12,546
Average number of key managers included
10
 8
At the end of 2023 and 2022, the Board of Directors consisted of seven members. Insurance has been taken out for the Board of Directors and Executive Officers in respect of their potential liability to the Group and third parties. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-534": { "value": "30. Common Shares, Founder\u2019s Shares, Paid-in Surplus and Dividends Declared Accounting policy Equity capital stock The Company\u2019s capital comprises equity capital stock. Equity capital stock is measured based on net proceeds. Dividends Dividends recommended by the Board of Directors are recognised in the Financial Statements when they have been approved by the shareholders at the Annual General Meeting. Interim dividends are recognised when approved by the Board of Directors. Treasury shares Upon the Group\u2019s purchase of its own shares (Treasury shares), the consideration paid is deducted from equity attributable to equity holders until the shares are cancelled, reissued or otherwise disposed of. In cases where such shares are subsequently sold or reissued, any consideration received is included in equity attributable to equity holders.
Founder\u2019s Shares Common Shares
par value $0.001 per share par value $1 per share
Shares Issued
Treasury Shares
Shares Issued
Treasury Shares
Balance at November 30, 2022 and 2023
14,630,949
1,250,000
58,523,796
5,000,000
Share rights The Group\u2019s authorised share capital consists of 65,000,000 Common Shares, par value $1.00 per share, and 16,250,000 Founder\u2019s Shares, par value $0.001 per share as of November 30, 2023 and 2022. As of November 30, 2023, there were 58,523,796 (2022: 58,523,796) Common Shares issued, of which Treasury shares were 5,000,000 (2022: 5,000,000). Except for matters where applicable law requires the approval of both classes of shares voting as separate classes, Common Shares and Founder\u2019s Shares vote as a single class on all matters submitted to a vote of the Shareholders, with each share entitled to one vote. All issued and outstanding shares have been fully paid. Under the Bye-Laws, holders of Common Shares and Founder\u2019s Shares participate in annual dividends, if any are declared by the Group, in the following order of priority: (i) $0.005 per share to Founder\u2019s Shares and Common Shares equally; and (ii) thereafter, all further amounts are payable to Common Shares only. Furthermore, the Bye-Laws also set forth the priorities to be applied to each of the Common Shares and Founder\u2019s Shares in the event of a liquidation. Under the Bye-Laws, in the event of a liquidation, all debts and obligations of the Group must first be paid and thereafter all remaining assets of the Group are paid to the holders of Common Shares and Founder\u2019s Shares in the following order of priority: (i) Common Shares rateably to the extent of the par value thereof ($1.00 per share); (ii) Common Shares and Founder\u2019s Shares participate equally up to $0.05 per share; and (iii) thereafter, Common Shares are entitled to all remaining assets. Dividends On November 16, 2023, the Company\u2019s Board of Directors declared an interim dividend of $1.0 0 per Common share and $0.005 per Founder\u2019s share to shareholders of record as of November 23, 2023. The total amount of the dividend was $53.6 million, which was classified as an interim dividend and paid on December 7, 2023. On February 23, 2023, the Company\u2019s Board of Directors recommended a final dividend for 2022 of $1.25 per Common share. The dividend was approved at the Group\u2019s Annual General Meeting for shareholders held on April 20, 2023 in Bermuda. The total amount of the dividend was $66.9 million and paid on May 10, 2023. On November 17, 2022, the Group\u2019s Board of Directors declared an interim dividend of $1.00 per Common share and $0.005 per Founder\u2019s share to shareholders of record as of November 24, 2022. The total amount of the dividend was $53.6 million, which was classified as an interim dividend and paid on December 8, 2022. Treasury shares The Board has authorised the purchase of up to $30.0 million worth of the Company\u2019s Common Shares, of which the Company has utilised $21.3 million prior to 2023, leaving $8.7 million available for future purchases. No purchase of shares has been made since 2019. Founder\u2019s Shares and Treasury shares As of November 30, 2023, 13,380,949 (2022: 13,380,949) of Founder\u2019s Shares had been issued to Fiducia Ltd, net of Treasury shares. Additional Founder\u2019s Shares are issuable to holders of outstanding Founder\u2019s Shares without consideration, in quantities sufficient to maintain a ratio of Common Shares to Founder\u2019s Shares of 4 to 1. As of November 30, 2023, 5,000,000 (2022: 5,000,000) Treasury shares were held by the Group. The Group also held 1,250,000 (2022: 1,250,000) of Founder\u2019s Shares. Note that dividends are not paid on Treasury shares held by the Group. Capital management The Group defines capital as net debt and equity attributable to equity holders of SNL. The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. To maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, repurchase shares or sell assets to reduce debt. The Group monitors capital on the basis of the ratio of debt to tangible net worth. This is calculated as short-term and long-term debt and lease liabilities divided by equity attributable to equity holders less intangible assets and excluding other components of equity. The Group\u2019s management targets maintaining a ratio of debt to tangible net worth at or below 1.50. As of November 30, 2023 and 2022, the ratio of debt to equity attributable to equity holders of SNL less intangible assets and excluding other components of equity was as follows:
As of November 30,
(in thousands)
2023
2022
Short-term loans, long-term debt and lease liabilities
$
2,074,808
$
2,190,363
Equity attributable to equity holders of SNL less intangible assets and excluding other components of equity
2,069,889
1,894,272
Debt to tangible net worth
1.00
1.16
The debt to tangible net worth of 1.00 at November 30, 2023 is in line with management\u2019s expectations and below its target ratio of 1.50. The Group has external restrictions on its capital, which are its bank covenants. See Note 23 for further details. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-478": { "value": "30. Common Shares, Founder\u2019s Shares, Paid-in Surplus and Dividends Declared Accounting policy Equity capital stock The Company\u2019s capital comprises equity capital stock. Equity capital stock is measured based on net proceeds. Dividends Dividends recommended by the Board of Directors are recognised in the Financial Statements when they have been approved by the shareholders at the Annual General Meeting. Interim dividends are recognised when approved by the Board of Directors. Treasury shares Upon the Group\u2019s purchase of its own shares (Treasury shares), the consideration paid is deducted from equity attributable to equity holders until the shares are cancelled, reissued or otherwise disposed of. In cases where such shares are subsequently sold or reissued, any consideration received is included in equity attributable to equity holders.
Founder\u2019s Shares Common Shares
par value $0.001 per share par value $1 per share
Shares Issued
Treasury Shares
Shares Issued
Treasury Shares
Balance at November 30, 2022 and 2023
14,630,949
1,250,000
58,523,796
5,000,000
Share rights The Group\u2019s authorised share capital consists of 65,000,000 Common Shares, par value $1.00 per share, and 16,250,000 Founder\u2019s Shares, par value $0.001 per share as of November 30, 2023 and 2022. As of November 30, 2023, there were 58,523,796 (2022: 58,523,796) Common Shares issued, of which Treasury shares were 5,000,000 (2022: 5,000,000). Except for matters where applicable law requires the approval of both classes of shares voting as separate classes, Common Shares and Founder\u2019s Shares vote as a single class on all matters submitted to a vote of the Shareholders, with each share entitled to one vote. All issued and outstanding shares have been fully paid. Under the Bye-Laws, holders of Common Shares and Founder\u2019s Shares participate in annual dividends, if any are declared by the Group, in the following order of priority: (i) $0.005 per share to Founder\u2019s Shares and Common Shares equally; and (ii) thereafter, all further amounts are payable to Common Shares only. Furthermore, the Bye-Laws also set forth the priorities to be applied to each of the Common Shares and Founder\u2019s Shares in the event of a liquidation. Under the Bye-Laws, in the event of a liquidation, all debts and obligations of the Group must first be paid and thereafter all remaining assets of the Group are paid to the holders of Common Shares and Founder\u2019s Shares in the following order of priority: (i) Common Shares rateably to the extent of the par value thereof ($1.00 per share); (ii) Common Shares and Founder\u2019s Shares participate equally up to $0.05 per share; and (iii) thereafter, Common Shares are entitled to all remaining assets. Dividends On November 16, 2023, the Company\u2019s Board of Directors declared an interim dividend of $1.0 0 per Common share and $0.005 per Founder\u2019s share to shareholders of record as of November 23, 2023. The total amount of the dividend was $53.6 million, which was classified as an interim dividend and paid on December 7, 2023. On February 23, 2023, the Company\u2019s Board of Directors recommended a final dividend for 2022 of $1.25 per Common share. The dividend was approved at the Group\u2019s Annual General Meeting for shareholders held on April 20, 2023 in Bermuda. The total amount of the dividend was $66.9 million and paid on May 10, 2023. On November 17, 2022, the Group\u2019s Board of Directors declared an interim dividend of $1.00 per Common share and $0.005 per Founder\u2019s share to shareholders of record as of November 24, 2022. The total amount of the dividend was $53.6 million, which was classified as an interim dividend and paid on December 8, 2022. Treasury shares The Board has authorised the purchase of up to $30.0 million worth of the Company\u2019s Common Shares, of which the Company has utilised $21.3 million prior to 2023, leaving $8.7 million available for future purchases. No purchase of shares has been made since 2019. Founder\u2019s Shares and Treasury shares As of November 30, 2023, 13,380,949 (2022: 13,380,949) of Founder\u2019s Shares had been issued to Fiducia Ltd, net of Treasury shares. Additional Founder\u2019s Shares are issuable to holders of outstanding Founder\u2019s Shares without consideration, in quantities sufficient to maintain a ratio of Common Shares to Founder\u2019s Shares of 4 to 1. As of November 30, 2023, 5,000,000 (2022: 5,000,000) Treasury shares were held by the Group. The Group also held 1,250,000 (2022: 1,250,000) of Founder\u2019s Shares. Note that dividends are not paid on Treasury shares held by the Group. Capital management The Group defines capital as net debt and equity attributable to equity holders of SNL. The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. To maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, repurchase shares or sell assets to reduce debt. The Group monitors capital on the basis of the ratio of debt to tangible net worth. This is calculated as short-term and long-term debt and lease liabilities divided by equity attributable to equity holders less intangible assets and excluding other components of equity. The Group\u2019s management targets maintaining a ratio of debt to tangible net worth at or below 1.50. As of November 30, 2023 and 2022, the ratio of debt to equity attributable to equity holders of SNL less intangible assets and excluding other components of equity was as follows:
As of November 30,
(in thousands)
2023
2022
Short-term loans, long-term debt and lease liabilities
$
2,074,808
$
2,190,363
Equity attributable to equity holders of SNL less intangible assets and excluding other components of equity
2,069,889
1,894,272
Debt to tangible net worth
1.00
1.16
The debt to tangible net worth of 1.00 at November 30, 2023 is in line with management\u2019s expectations and below its target ratio of 1.50. The Group has external restrictions on its capital, which are its bank covenants. See Note 23 for further details. ", "dimensions": { "concept": "stoltnielsen:DisclosureOfCommonSharesFoundersSharesPaidInSurplusAndDividendsDeclared", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-564": { "value": "Equity capital stock The Company\u2019s capital comprises equity capital stock. Equity capital stock is measured based on net proceeds. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-565": { "value": "Dividends Dividends recommended by the Board of Directors are recognised in the Financial Statements when they have been approved by the shareholders at the Annual General Meeting. Interim dividends are recognised when approved by the Board of Directors. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-566": { "value": "Treasury shares Upon the Group\u2019s purchase of its own shares (Treasury shares), the consideration paid is deducted from equity attributable to equity holders until the shares are cancelled, reissued or otherwise disposed of. In cases where such shares are subsequently sold or reissued, any consideration received is included in equity attributable to equity holders. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-522": { "value": "Upon the Group\u2019s purchase of its own shares (Treasury shares), the consideration paid is deducted from equity attributable to equity holders until the shares are cancelled, reissued or otherwise disposed of. In cases where such shares are subsequently sold or reissued, any consideration received is included in equity attributable to equity holders.
Founder\u2019s Shares Common Shares
par value $0.001 per share par value $1 per share
Shares Issued
Treasury Shares
Shares Issued
Treasury Shares
Balance at November 30, 2022 and 2023
14,630,949
1,250,000
58,523,796
5,000,000
As of November 30, 2023, there were 58,523,796 (2022: 58,523,796) Common Shares issued, of which Treasury shares were 5,000,000 (2022: 5,000,000). Treasury shares The Board has authorised the purchase of up to $30.0 million worth of the Company\u2019s Common Shares, of which the Company has utilised $21.3 million prior to 2023, leaving $8.7 million available for future purchases. No purchase of shares has been made since 2019. Founder\u2019s Shares and Treasury shares As of November 30, 2023, 13,380,949 (2022: 13,380,949) of Founder\u2019s Shares had been issued to Fiducia Ltd, net of Treasury shares. Additional Founder\u2019s Shares are issuable to holders of outstanding Founder\u2019s Shares without consideration, in quantities sufficient to maintain a ratio of Common Shares to Founder\u2019s Shares of 4 to 1. As of November 30, 2023, 5,000,000 (2022: 5,000,000) Treasury shares were held by the Group. The Group also held 1,250,000 (2022: 1,250,000) of Founder\u2019s Shares. Note that dividends are not paid on Treasury shares held by the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-506": { "value": "Share rights The Group\u2019s authorised share capital consists of 65,000,000 Common Shares, par value $1.00 per share, and 16,250,000 Founder\u2019s Shares, par value $0.001 per share as of November 30, 2023 and 2022. As of November 30, 2023, there were 58,523,796 (2022: 58,523,796) Common Shares issued, of which Treasury shares were 5,000,000 (2022: 5,000,000). Except for matters where applicable law requires the approval of both classes of shares voting as separate classes, Common Shares and Founder\u2019s Shares vote as a single class on all matters submitted to a vote of the Shareholders, with each share entitled to one vote. All issued and outstanding shares have been fully paid. Under the Bye-Laws, holders of Common Shares and Founder\u2019s Shares participate in annual dividends, if any are declared by the Group, in the following order of priority: (i) $0.005 per share to Founder\u2019s Shares and Common Shares equally; and (ii) thereafter, all further amounts are payable to Common Shares only. Furthermore, the Bye-Laws also set forth the priorities to be applied to each of the Common Shares and Founder\u2019s Shares in the event of a liquidation. Under the Bye-Laws, in the event of a liquidation, all debts and obligations of the Group must first be paid and thereafter all remaining assets of the Group are paid to the holders of Common Shares and Founder\u2019s Shares in the following order of priority: (i) Common Shares rateably to the extent of the par value thereof ($1.00 per share); (ii) Common Shares and Founder\u2019s Shares participate equally up to $0.05 per share; and (iii) thereafter, Common Shares are entitled to all remaining assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-540": { "value": "1", "decimals": 2, "dimensions": { "concept": "stoltnielsen:InterimDividendPerCommonShare", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-541": { "value": "0.005", "decimals": 3, "dimensions": { "concept": "stoltnielsen:InterimDividendPerFoundersShare", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-542": { "value": "1.25", "decimals": 2, "dimensions": { "concept": "stoltnielsen:FinalDividendPerCommonShare", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-543": { "value": "1", "decimals": 2, "dimensions": { "concept": "stoltnielsen:InterimDividendPerCommonShare", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2021-12-01T00:00:00/2022-12-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-544": { "value": "0.005", "decimals": 3, "dimensions": { "concept": "stoltnielsen:InterimDividendPerFoundersShare", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2021-12-01T00:00:00/2022-12-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-479": { "value": "31. Earnings per Share Accounting policy Basic Earnings per Common share (\u201cEPS\u201d) is calculated by dividing net profit by the weighted average number of shares outstanding during the year. Diluted EPS is calculated by adjusting the weighted average number of shares outstanding during the year for all potentially dilutive shares and equivalents outstanding during the year using the Treasury stock method. As further discussed in Note 30, Founder\u2019s Shares, which provide the holder thereof with certain control features, only participate in earnings to the extent of $0.005 per share for the years in which dividends are declared and are limited to $0.05 per share upon liquidation. For the purposes of calculating EPS, dividends paid on Founder\u2019s Shares are deducted from earnings to arrive at net profit attributable to holders of Common Shares. Founder\u2019s Shares are not included in the basic or diluted weighted average shares outstanding in the calculation of earnings per Common Share. The following is a reconciliation of the numerator and denominator of the basic and diluted earnings per share computations:
For the years ended November 30,
(in thousands, except per share data)
2023
2022
Net profit
$
296,651
$
280,855
Less: Dividends on Founder\u2019s Shares
(67 )
(67 )
Net profit attributable to holders of Common Shares
$
296,584
$
280,788
Basic and diluted weighted average shares outstanding
53,524
53,524
Basic earnings per share
$
5.54
$
5.25
Diluted earnings per share
$
5.54
$
5.25
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-567": { "value": "Accounting policy Basic Earnings per Common share (\u201cEPS\u201d) is calculated by dividing net profit by the weighted average number of shares outstanding during the year. Diluted EPS is calculated by adjusting the weighted average number of shares outstanding during the year for all potentially dilutive shares and equivalents outstanding during the year using the Treasury stock method. As further discussed in Note 30, Founder\u2019s Shares, which provide the holder thereof with certain control features, only participate in earnings to the extent of $0.005 per share for the years in which dividends are declared and are limited to $0.05 per share upon liquidation. For the purposes of calculating EPS, dividends paid on Founder\u2019s Shares are deducted from earnings to arrive at net profit attributable to holders of Common Shares. Founder\u2019s Shares are not included in the basic or diluted weighted average shares outstanding in the calculation of earnings per Common Share. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-481": { "value": "32. Reconciliation of Net Profit to Cash Generated from Operations
For the years ended November 30,
(in thousands)
2023
2022
Net profit
$
296,651
$
280,855
Adjustments to reconcile net profit to net cash from operating activities:
Depreciation of property, plant and equipment
287,843
277,368
Amortisation of intangible assets
4,478
4,755
Finance expense, net
112,614
129,809
Net periodic benefit expense of defined benefit pension plans
906
1,120
Income tax expense
12,783
28,064
Share of profit of joint ventures and associates
(62,265)
(53,963 )
Fair value adjustment on biological assets
(3,914 )
974
Foreign currency exchange (gain) loss, net
(3,199)
1,291
Gain on disposal of assets, net
(3,606)
(5,562 )
Changes in assets and liabilities:
Decrease (increase) in receivables
26,630
(11,293 )
Decrease in restricted cash
\u2013
6,096
Decrease (increase) in inventories
1,692
(3,863 )
Increase in biological assets
(2,752 )
(518 )
Increase in prepaid expenses and other current assets
(23,978)
(6,100 )
Increase in accounts payable and other current liabilities
156,309
74,779
Contributions to defined benefit pension plans
(1,794)
(4,080 )
Insurance proceeds related to MSC Flaminia lawsuit
133,000
\u2013
Dividends from joint ventures and associates
43,832
41,060
Other, net
(887)
633
Cash generated from operations
$
974,343
$
761,425
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } }, "fact-480": { "value": "33. Subsequent Events On December 15, 2023, the Group contracted for six 38,000 deadweight tonne stainless steel parcel tankers, with additional options for a further six newbuildings. These ships will be built by Wuhu Shipyards with expected delivery between 2026 to 2028. The first newbuilding deposit of $41.3 million was paid in December 2023 and the total cost for the six ships is expected to be approximately $441.5 million, including site team costs and capitalised interest. On January 24, 2024, the Group signed a $37.5 million loan agreement with Nordea Bank Abp in a new four-and-a-half-year loan with semi-annual payments and a final balloon payment of $27.5 million. The loan is secured by two second-hand ships purchased in 2023. The Group fixed the interest rate at 5.74%. On February 5, 2024, the Group acquired 3,225,000 class A shares in Odfjell SE for $34.7 million. Following the acquisition, the Group holds 8,233,612 class A shares, representing 13.6% of the issued class A shares. On February 7, 2024, the Group announced that its joint venture, NYK Stolt Tankers S.A., has reached an agreement with Nantong Xiangyu Shipyard in China to build six 38,000 deadweight tonne stainless steel chemical tankers for delivery between late 2026 and 2029. The total cost to the joint venture is expected to be approximately $442.7 million, including site team costs and capitalised interest. On February 22, 2024, the Company\u2019s Board of Directors recommended a final dividend for 2023 of $1.50 per Common share, to be voted on at the Group\u2019s Annual General Meeting (\u201cAGM\u201d) for shareholders to be held on April 18, 2024 in Bermuda. If confirmed by the AGM, the dividend will be paid on May 8, 2024 to shareholders of record as of April 26, 2024. On February 28, 2024, the Group entered into a revolver credit facility with Danske Bank A/S, Nordea Bank Abp, DNB (UK) Ltd, Swedbank AB and Skandinaviska Enskilda Banken AB for $150.0 million using Stolt Sea Farm SA shares as collateral.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800VZX4LWJSGRLR94", "period": "2022-12-01T00:00:00/2023-12-01T00:00:00" } } } }