Critical accounting estimate | Sources of accounting judgement or estimation uncertainty | Effect if actual results differ from assumptions |
| Voyage revenue and costs | ||
| The Group generates a majority of its operating revenue | In applying the percentage of completion method, the revenue | The accrued voyage and prepaid voyage expense accounts |
| through its tanker segment from the transportation of liquids | and expenses for voyages still in progress at the end of the | are used to adjust revenues billed and vendor invoices received |
| by sea and inland waterways under contracts of affreightment | reporting period are estimated and prorated over the period | to the appropriate amounts to be recognised based on the |
| or through contracts on the spot market. Tankers recognise | of the service provided for each active contract. | percentage of completion method of accounting. |
| the majority of its operating revenue over time on a prorated | For each voyage leg, estimates are made of revenues and | Management does not believe there would be a material |
| basis based on the time cargo is loaded to its estimated | related costs based on available actual information, current | change if the percentage of completion method was based |
| dispatch. When calculating the voyage revenue and costs, this | market parameters such as fuel cost and customer contract | on full voyages or other criteria, rather than using voyage legs. |
| recognition is first based on \u2018budgeted voyage legs\u2019 that are | portfolios, and relevant historical data, such as port costs. | However, if actual results are not consistent with estimates or |
reviewed and updated annually. After the voyage legs have begun, they are updated for actual results and the latest | Revenue and cost estimates are updated continually | assumptions, revenues or costs may be over or understated. |
| updated estimates. | throughout the voyage to account for changes in voyage | At November 30, 2024 and 2023, the accrued voyage expense |
| patterns, to include the most up-to-date data and to finalise | account was $70.9 million and $76.8 million, respectively, of | |
| revenues and expenses. | which $40.2 million and $47.1 million related to contract | |
| liabilities for unearned revenues. | ||
| Prepaid expenses included $24.1 million and $29.1 million of | ||
| prepaid invoices for voyages in progress applicable to periods | ||
| subsequent to November 30, 2024 and 2023, respectively. |
Critical accounting estimate | Sources of accounting judgement or estimation uncertainty | Effect if actual results differ from assumptions |
| Depreciation and residual values | ||
| Ships, barges, tank containers and terminals are depreciated | In order to achieve component accounting, the Group uses | If the estimated economic useful life has to be reduced in |
| on a straight-line basis over their estimated useful lives, after | the weighted average useful economic life of the asset. In | future periods, an impairment loss or additional depreciation |
| reducing for the estimated residual value. | the case of ships, estimated useful lives of the components of | expense could result. |
| Estimated useful lives are based on past experience, expected | the ships range from an estimated 25 to 33 years. However, | A decrease in the useful life of the ship, barge, terminal or tank |
| future performance and management\u2019s estimate of the period | actual lives of the components of ships or barges may be | container or fall in the residual value would have the effect |
| over which the asset will provide economic benefit. | different depending on many factors such as quality of | of increasing the annual depreciation charge and potentially |
| maintenance and repair and the type of product carried by | resulting in an impairment loss. | |
| For ships and barges, residual values are estimated based on | the ships or barges which may result in a shorter or longer | |
| the steel price, the estimated light displacement tonnage of | life. Future useful lives could be reduced based on customer | If the residual value is overestimated, this would reduce the |
| the fleet and current trends in the price of recycling of ships. | preferences, new technological advances, governmental and | annual depreciation and overstate the value of the assets. |
| For the majority of the fleet, the steel price used is the average | industry regulations and the effects of climate changes. | See Note 14 for further details. |
| steel price for the last three years. For ships expected to be | In the case of tank containers, the estimated useful life ranges | |
| recycled in the next three years, the steel price at the previous | between 10 and 20 years, depending on the supplier and the | |
| year-end date is used. | quality of steel used. Terminals tanks and structures have | |
| The evaluation of residual values and estimated useful lives | lives up to 40 years. | |
| for tank containers is based on the steel price of different | Residual values are difficult to estimate given the long lives of | |
| grades of steel. | ships, barges, terminals and tank containers, the uncertainty | |
| In the case of terminals, the lives of terminals can range up to | as to future economic conditions and the price of steel, which | |
40 years and the prices of steel and construction costs can vary across different terminals. If there is a material change | is considered as the main determinant of the residual price. | |
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. |
Critical accounting judgement | Sources of accounting judgement or estimation uncertainty | Effect if actual results differ from assumptions | |
| Review of impairment triggers | |||
| Under IAS 36, Impairment of Assets, external | There is significant judgement required to determine whether | If the judgement applied in determining whether there was an | |
| and internal sources of information are to | an external or internal trigger has been met. | impairment trigger was incorrect or the fact pattern on which | |
| be reviewed for potential triggers of asset impairment for | Uncertainties related to impairment triggers include: | it was based changes, this could result in an impairment test | |
| each Cash Generating Unit (\u201cCGU\u201d) in the business segments. | being required and, possibly, an impairment being reflected | ||
| External triggers include: | \u2022 Effect of future technological advances on the value of | in the Consolidated Financial Statements. | |
\u2022 | Observable indications of declining value of the CGU | our assets. | |
| beyond normal use. | \u2022 Determination of the future effects of climate change on | ||
\u2022 | Adverse changes in the CGU\u2019s technological, market, | asset values. | |
| economic or legal environment. | \u2022 Effect of current and expected future changes to the | ||
\u2022 | Increase in market interest rates which would affect the | political environments in which the CGUs operate. | |
| discount rate used in calculating the asset\u2019s value in use. | \u2022 Changes in rules and regulations (for example, taxes on | ||
\u2022 | Carrying value of the net assets of the entity which was | carbon usage). | |
| \u2022 Effect of market capitalisation, which is still less than the | |||
| more than its market capitalisation. | net assets of the entity. | ||
| Internal triggers include: | \u2022 Evaluation of factors related to the discount rate. | ||
\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, 2024, the book equity of the Group was more than its market capitalisation. However, the discount | |||
| rate has decreased from the prior year, 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. |
Critical accounting judgement | Sources of accounting judgement or estimation uncertainty | Effect if actual results differ from assumptions | |
| Investments in joint ventures and associates | |||
| The Consolidated Financial Statements include the Group\u2019s | There are a number of areas where significant judgement | If the judgement applied in determining the accounting | |
| results and all other entities in which the Group has control, | is exercised to establish whether an entity needs to be | treatment of an entity is incorrect or the fact pattern on which | |
| except where control over the operations is limited by | consolidated or reported under the equity method of | it is based changes, such entities may need to be consolidated | |
| significant participating interests held by another investor. | accounting. To establish whether an entity is a consolidated | or accounted for as an investment at cost. For example, it is | |
| The Group has $719.6 million in investments in and advances | subsidiary, a joint venture or an associate, key areas of | possible that an investment is accounted for as a joint venture | |
| to joint ventures and associates. | judgement include: | or associate using the equity method despite having an | |
| Determination of whether an entity is an investment in a joint | \u2022 | Qualitative analysis of an entity including review of, among | ownership interest exceeding 50%, where the investor does |
| venture or associate is based on certain relevant activities | other factors, its capital structure, contractual terms, key | not exercise direct or indirect control over the investee. To the | |
| such as the ability to approve the operating and capital | decisions requiring unanimous approval, related party | extent that the Group is deemed to control these entities, the | |
| budgets of an entity and the ability to appoint key | relationships and the design of the entity. | entities would have to be consolidated. This would affect the | |
| management personnel. | \u2022 | Rights of partners regarding significant business decisions, | balance sheet, income statement, statement of cash flows and |
| including disposals and acquisitions of assets. | debt covenants. | ||
\u2022 | Board and management representation and ability to | See Note 17 for further details. | |
| 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. |
Critical accounting estimate | Sources of accounting judgement or estimation uncertainty | Effect if actual results differ from assumptions |
| Voyage revenue and costs | ||
| The Group generates a majority of its operating revenue | In applying the percentage of completion method, the revenue | The accrued voyage and prepaid voyage expense accounts |
| through its tanker segment from the transportation of liquids | and expenses for voyages still in progress at the end of the | are used to adjust revenues billed and vendor invoices received |
| by sea and inland waterways under contracts of affreightment | reporting period are estimated and prorated over the period | to the appropriate amounts to be recognised based on the |
| or through contracts on the spot market. Tankers recognise | of the service provided for each active contract. | percentage of completion method of accounting. |
| the majority of its operating revenue over time on a prorated | For each voyage leg, estimates are made of revenues and | Management does not believe there would be a material |
| basis based on the time cargo is loaded to its estimated | related costs based on available actual information, current | change if the percentage of completion method was based |
| dispatch. When calculating the voyage revenue and costs, this | market parameters such as fuel cost and customer contract | on full voyages or other criteria, rather than using voyage legs. |
| recognition is first based on \u2018budgeted voyage legs\u2019 that are | portfolios, and relevant historical data, such as port costs. | However, if actual results are not consistent with estimates or |
reviewed and updated annually. After the voyage legs have begun, they are updated for actual results and the latest | Revenue and cost estimates are updated continually | assumptions, revenues or costs may be over or understated. |
| updated estimates. | throughout the voyage to account for changes in voyage | At November 30, 2024 and 2023, the accrued voyage expense |
| patterns, to include the most up-to-date data and to finalise | account was $70.9 million and $76.8 million, respectively, of | |
| revenues and expenses. | which $40.2 million and $47.1 million related to contract | |
| liabilities for unearned revenues. | ||
| Prepaid expenses included $24.1 million and $29.1 million of | ||
| prepaid invoices for voyages in progress applicable to periods | ||
| subsequent to November 30, 2024 and 2023, respectively. |
Critical accounting estimate | Sources of accounting judgement or estimation uncertainty | Effect if actual results differ from assumptions |
| Depreciation and residual values | ||
| Ships, barges, tank containers and terminals are depreciated | In order to achieve component accounting, the Group uses | If the estimated economic useful life has to be reduced in |
| on a straight-line basis over their estimated useful lives, after | the weighted average useful economic life of the asset. In | future periods, an impairment loss or additional depreciation |
| reducing for the estimated residual value. | the case of ships, estimated useful lives of the components of | expense could result. |
| Estimated useful lives are based on past experience, expected | the ships range from an estimated 25 to 33 years. However, | A decrease in the useful life of the ship, barge, terminal or tank |
| future performance and management\u2019s estimate of the period | actual lives of the components of ships or barges may be | container or fall in the residual value would have the effect |
| over which the asset will provide economic benefit. | different depending on many factors such as quality of | of increasing the annual depreciation charge and potentially |
| maintenance and repair and the type of product carried by | resulting in an impairment loss. | |
| For ships and barges, residual values are estimated based on | the ships or barges which may result in a shorter or longer | |
| the steel price, the estimated light displacement tonnage of | life. Future useful lives could be reduced based on customer | If the residual value is overestimated, this would reduce the |
| the fleet and current trends in the price of recycling of ships. | preferences, new technological advances, governmental and | annual depreciation and overstate the value of the assets. |
| For the majority of the fleet, the steel price used is the average | industry regulations and the effects of climate changes. | See Note 14 for further details. |
| steel price for the last three years. For ships expected to be | In the case of tank containers, the estimated useful life ranges | |
| recycled in the next three years, the steel price at the previous | between 10 and 20 years, depending on the supplier and the | |
| year-end date is used. | quality of steel used. Terminals tanks and structures have | |
| The evaluation of residual values and estimated useful lives | lives up to 40 years. | |
| for tank containers is based on the steel price of different | Residual values are difficult to estimate given the long lives of | |
| grades of steel. | ships, barges, terminals and tank containers, the uncertainty | |
| In the case of terminals, the lives of terminals can range up to | as to future economic conditions and the price of steel, which | |
40 years and the prices of steel and construction costs can vary across different terminals. If there is a material change | is considered as the main determinant of the residual price. | |
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. |
Critical accounting judgement | Sources of accounting judgement or estimation uncertainty | Effect if actual results differ from assumptions | |
| Review of impairment triggers | |||
| Under IAS 36, Impairment of Assets, external | There is significant judgement required to determine whether | If the judgement applied in determining whether there was an | |
| and internal sources of information are to | an external or internal trigger has been met. | impairment trigger was incorrect or the fact pattern on which | |
| be reviewed for potential triggers of asset impairment for | Uncertainties related to impairment triggers include: | it was based changes, this could result in an impairment test | |
| each Cash Generating Unit (\u201cCGU\u201d) in the business segments. | being required and, possibly, an impairment being reflected | ||
| External triggers include: | \u2022 Effect of future technological advances on the value of | in the Consolidated Financial Statements. | |
\u2022 | Observable indications of declining value of the CGU | our assets. | |
| beyond normal use. | \u2022 Determination of the future effects of climate change on | ||
\u2022 | Adverse changes in the CGU\u2019s technological, market, | asset values. | |
| economic or legal environment. | \u2022 Effect of current and expected future changes to the | ||
\u2022 | Increase in market interest rates which would affect the | political environments in which the CGUs operate. | |
| discount rate used in calculating the asset\u2019s value in use. | \u2022 Changes in rules and regulations (for example, taxes on | ||
\u2022 | Carrying value of the net assets of the entity which was | carbon usage). | |
| \u2022 Effect of market capitalisation, which is still less than the | |||
| more than its market capitalisation. | net assets of the entity. | ||
| Internal triggers include: | \u2022 Evaluation of factors related to the discount rate. | ||
\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, 2024, the book equity of the Group was more than its market capitalisation. However, the discount | |||
| rate has decreased from the prior year, 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. |
Critical accounting judgement | Sources of accounting judgement or estimation uncertainty | Effect if actual results differ from assumptions | |
| Investments in joint ventures and associates | |||
| The Consolidated Financial Statements include the Group\u2019s | There are a number of areas where significant judgement | If the judgement applied in determining the accounting | |
| results and all other entities in which the Group has control, | is exercised to establish whether an entity needs to be | treatment of an entity is incorrect or the fact pattern on which | |
| except where control over the operations is limited by | consolidated or reported under the equity method of | it is based changes, such entities may need to be consolidated | |
| significant participating interests held by another investor. | accounting. To establish whether an entity is a consolidated | or accounted for as an investment at cost. For example, it is | |
| The Group has $719.6 million in investments in and advances | subsidiary, a joint venture or an associate, key areas of | possible that an investment is accounted for as a joint venture | |
| to joint ventures and associates. | judgement include: | or associate using the equity method despite having an | |
| Determination of whether an entity is an investment in a joint | \u2022 | Qualitative analysis of an entity including review of, among | ownership interest exceeding 50%, where the investor does |
| venture or associate is based on certain relevant activities | other factors, its capital structure, contractual terms, key | not exercise direct or indirect control over the investee. To the | |
| such as the ability to approve the operating and capital | decisions requiring unanimous approval, related party | extent that the Group is deemed to control these entities, the | |
| budgets of an entity and the ability to appoint key | relationships and the design of the entity. | entities would have to be consolidated. This would affect the | |
| management personnel. | \u2022 | Rights of partners regarding significant business decisions, | balance sheet, income statement, statement of cash flows and |
| including disposals and acquisitions of assets. | debt covenants. | ||
\u2022 | Board and management representation and ability to | See Note 17 for further details. | |
| 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. |
Critical accounting estimate | Sources of accounting judgement or estimation uncertainty | Effect if actual results differ from assumptions |
| Voyage revenue and costs | ||
| The Group generates a majority of its operating revenue | In applying the percentage of completion method, the revenue | The accrued voyage and prepaid voyage expense accounts |
| through its tanker segment from the transportation of liquids | and expenses for voyages still in progress at the end of the | are used to adjust revenues billed and vendor invoices received |
| by sea and inland waterways under contracts of affreightment | reporting period are estimated and prorated over the period | to the appropriate amounts to be recognised based on the |
| or through contracts on the spot market. Tankers recognise | of the service provided for each active contract. | percentage of completion method of accounting. |
| the majority of its operating revenue over time on a prorated | For each voyage leg, estimates are made of revenues and | Management does not believe there would be a material |
| basis based on the time cargo is loaded to its estimated | related costs based on available actual information, current | change if the percentage of completion method was based |
| dispatch. When calculating the voyage revenue and costs, this | market parameters such as fuel cost and customer contract | on full voyages or other criteria, rather than using voyage legs. |
| recognition is first based on \u2018budgeted voyage legs\u2019 that are | portfolios, and relevant historical data, such as port costs. | However, if actual results are not consistent with estimates or |
reviewed and updated annually. After the voyage legs have begun, they are updated for actual results and the latest | Revenue and cost estimates are updated continually | assumptions, revenues or costs may be over or understated. |
| updated estimates. | throughout the voyage to account for changes in voyage | At November 30, 2024 and 2023, the accrued voyage expense |
| patterns, to include the most up-to-date data and to finalise | account was $70.9 million and $76.8 million, respectively, of | |
| revenues and expenses. | which $40.2 million and $47.1 million related to contract | |
| liabilities for unearned revenues. | ||
| Prepaid expenses included $24.1 million and $29.1 million of | ||
| prepaid invoices for voyages in progress applicable to periods | ||
| subsequent to November 30, 2024 and 2023, respectively. |
Critical accounting estimate | Sources of accounting judgement or estimation uncertainty | Effect if actual results differ from assumptions |
| Depreciation and residual values | ||
| Ships, barges, tank containers and terminals are depreciated | In order to achieve component accounting, the Group uses | If the estimated economic useful life has to be reduced in |
| on a straight-line basis over their estimated useful lives, after | the weighted average useful economic life of the asset. In | future periods, an impairment loss or additional depreciation |
| reducing for the estimated residual value. | the case of ships, estimated useful lives of the components of | expense could result. |
| Estimated useful lives are based on past experience, expected | the ships range from an estimated 25 to 33 years. However, | A decrease in the useful life of the ship, barge, terminal or tank |
| future performance and management\u2019s estimate of the period | actual lives of the components of ships or barges may be | container or fall in the residual value would have the effect |
| over which the asset will provide economic benefit. | different depending on many factors such as quality of | of increasing the annual depreciation charge and potentially |
| maintenance and repair and the type of product carried by | resulting in an impairment loss. | |
| For ships and barges, residual values are estimated based on | the ships or barges which may result in a shorter or longer | |
| the steel price, the estimated light displacement tonnage of | life. Future useful lives could be reduced based on customer | If the residual value is overestimated, this would reduce the |
| the fleet and current trends in the price of recycling of ships. | preferences, new technological advances, governmental and | annual depreciation and overstate the value of the assets. |
| For the majority of the fleet, the steel price used is the average | industry regulations and the effects of climate changes. | See Note 14 for further details. |
| steel price for the last three years. For ships expected to be | In the case of tank containers, the estimated useful life ranges | |
| recycled in the next three years, the steel price at the previous | between 10 and 20 years, depending on the supplier and the | |
| year-end date is used. | quality of steel used. Terminals tanks and structures have | |
| The evaluation of residual values and estimated useful lives | lives up to 40 years. | |
| for tank containers is based on the steel price of different | Residual values are difficult to estimate given the long lives of | |
| grades of steel. | ships, barges, terminals and tank containers, the uncertainty | |
| In the case of terminals, the lives of terminals can range up to | as to future economic conditions and the price of steel, which | |
40 years and the prices of steel and construction costs can vary across different terminals. If there is a material change | is considered as the main determinant of the residual price. | |
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. |
Critical accounting judgement | Sources of accounting judgement or estimation uncertainty | Effect if actual results differ from assumptions | |
| Review of impairment triggers | |||
| Under IAS 36, Impairment of Assets, external | There is significant judgement required to determine whether | If the judgement applied in determining whether there was an | |
| and internal sources of information are to | an external or internal trigger has been met. | impairment trigger was incorrect or the fact pattern on which | |
| be reviewed for potential triggers of asset impairment for | Uncertainties related to impairment triggers include: | it was based changes, this could result in an impairment test | |
| each Cash Generating Unit (\u201cCGU\u201d) in the business segments. | being required and, possibly, an impairment being reflected | ||
| External triggers include: | \u2022 Effect of future technological advances on the value of | in the Consolidated Financial Statements. | |
\u2022 | Observable indications of declining value of the CGU | our assets. | |
| beyond normal use. | \u2022 Determination of the future effects of climate change on | ||
\u2022 | Adverse changes in the CGU\u2019s technological, market, | asset values. | |
| economic or legal environment. | \u2022 Effect of current and expected future changes to the | ||
\u2022 | Increase in market interest rates which would affect the | political environments in which the CGUs operate. | |
| discount rate used in calculating the asset\u2019s value in use. | \u2022 Changes in rules and regulations (for example, taxes on | ||
\u2022 | Carrying value of the net assets of the entity which was | carbon usage). | |
| \u2022 Effect of market capitalisation, which is still less than the | |||
| more than its market capitalisation. | net assets of the entity. | ||
| Internal triggers include: | \u2022 Evaluation of factors related to the discount rate. | ||
\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, 2024, the book equity of the Group was more than its market capitalisation. However, the discount | |||
| rate has decreased from the prior year, 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. |
Critical accounting judgement | Sources of accounting judgement or estimation uncertainty | Effect if actual results differ from assumptions | |
| Investments in joint ventures and associates | |||
| The Consolidated Financial Statements include the Group\u2019s | There are a number of areas where significant judgement | If the judgement applied in determining the accounting | |
| results and all other entities in which the Group has control, | is exercised to establish whether an entity needs to be | treatment of an entity is incorrect or the fact pattern on which | |
| except where control over the operations is limited by | consolidated or reported under the equity method of | it is based changes, such entities may need to be consolidated | |
| significant participating interests held by another investor. | accounting. To establish whether an entity is a consolidated | or accounted for as an investment at cost. For example, it is | |
| The Group has $719.6 million in investments in and advances | subsidiary, a joint venture or an associate, key areas of | possible that an investment is accounted for as a joint venture | |
| to joint ventures and associates. | judgement include: | or associate using the equity method despite having an | |
| Determination of whether an entity is an investment in a joint | \u2022 | Qualitative analysis of an entity including review of, among | ownership interest exceeding 50%, where the investor does |
| venture or associate is based on certain relevant activities | other factors, its capital structure, contractual terms, key | not exercise direct or indirect control over the investee. To the | |
| such as the ability to approve the operating and capital | decisions requiring unanimous approval, related party | extent that the Group is deemed to control these entities, the | |
| budgets of an entity and the ability to appoint key | relationships and the design of the entity. | entities would have to be consolidated. This would affect the | |
| management personnel. | \u2022 | Rights of partners regarding significant business decisions, | balance sheet, income statement, statement of cash flows and |
| including disposals and acquisitions of assets. | debt covenants. | ||
\u2022 | Board and management representation and ability to | See Note 17 for further details. | |
| 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. |
| Corporate | |||||||
For the year ended and as of November 30, 2024 (in US $ thousands) | Tankers | Terminals | Tank Containers | Stolt Sea Farm | Stolt-Nielsen Gas | and Other | Total |
| Operating revenue | 1,802,914 | 308,048 | 652,121 | 126,789 | \u2013 | 753 | 2,890,625 |
Operating expenses | (1,202,411 ) | (110,207 ) | (460,886 ) | (76,401 ) | \u2013 | (1,105 ) | (1,851,010 ) |
Depreciation and amortisation | (162,965 ) | (64,456 ) | (57,292 ) | (8,593 ) | \u2013 | (5,451 ) | (298,757 ) |
Share of profit (loss) of joint ventures and associates | 50,565 | 29,136 | 2,041 | \u2013 | (18,984 ) | \u2013 | 62,758 |
Administrative and general expenses | (104,807 ) | (52,721 ) | (79,704 ) | (12,358 ) | (721 ) | (23,776 ) | (274,087 ) |
Operating profit (loss) | 390,082 | 110,354 | 58,988 | 29,179 | (20,492 ) | (29,581 ) | 538,530 |
Finance expense (a) | (68,197 ) | (46,301 ) | (18,871 ) | (4,642 ) | (6,506 ) | 18,339 | (126,178 ) |
Finance income | 76 | 1,335 | 494 | 64 | 1 | 14,288 | 16,258 |
Profit (loss) before income tax | 322,301 | 64,786 | 39,615 | 24,639 | (24,290 ) | 14,064 | 441,115 |
Income tax (expense) benefit | (1,630 ) | (17,114 ) | (29,644 ) | (2,392 ) | \u2013 | 4,424 | (46,356 ) |
Net profit (loss) | 320,671 | 47,672 | 9,971 | 22,247 | (24,290 ) | 18,488 | 394,759 |
| Balance Sheet | |||||||
Capital expenditures (b) | 122,296 | 88,693 | 46,271 | 14,542 | \u2013 | 10,317 | 282,119 |
Investments in and advances to joint ventures and associates | 294,715 | 315,004 | 27,250 | \u2013 | 82,594 | \u2013 | 719,563 |
Intangible assets and goodwill | 13,578 | 1,206 | 19,399 | 337 | \u2013 | 7,935 | 42,455 |
Segment assets | 2,234,290 | 1,412,516 | 674,689 | 159,499 | 187,855 | 433,753 | 5,102,602 |
| Corporate | |||||||
For the year ended and as of November 30, 2023 (in US $ thousands) | Tankers | Terminals | Tank Containers | Stolt Sea Farm | Stolt-Nielsen Gas | and Other | Total |
| Operating revenue | 1,709,839 | 299,815 | 699,504 | 110,831 | \u2013 | 229 | 2,820,218 |
Operating expenses | (1,125,687 ) | (107,114 ) | (452,399 ) | (67,336 ) | \u2013 | 6,743 | (1,745,793 ) |
MSC Flaminia provision | \u2013 | \u2013 | (155,000 ) | \u2013 | \u2013 | \u2013 | (155,000 ) |
Depreciation and amortisation | (160,410 ) | (64,101 ) | (53,571 ) | (8 ,592 ) | \u2013 | (5,647 ) | (292,321 ) |
Share of profit (loss) of joint ventures and associates | 44,214 | 25,922 | 1,989 | \u2013 | (9,860 ) | \u2013 | 62,265 |
Administrative and general expenses | (99,925 ) | (50,192 ) | (78,646 ) | (11,349 ) | (344 ) | (32,956 ) | (273,412 ) |
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 | \u2013 | \u2013 | 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 ) | \u2013 | (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 | \u2013 | 5,772 | 270,102 |
Investments in and advances to joint ventures and associates | 237,940 | 308,268 | 27,853 | \u2013 | 76,102 | \u2013 | 650,163 |
Intangible assets and goodwill | 10,489 | 1,584 | 18,730 | 317 | \u2013 | 9,163 | 40,283 |
Segment assets | 2,117,714 | 1,387,962 | 666,447 | 153,711 | 133,889 | 524,000 | 4,983,723 |
| For the years ended November 30 | ||
(in US $ thousands) | 2024 | 2023 |
| Operating Revenue: | ||
| Tankers: | ||
US | 535,357 | 533,074 |
South America | 88,284 | 94,878 |
The Netherlands | 102,831 | 116,445 |
Belgium | 80,492 | 66,484 |
Other Europe | 73,439 | 92,750 |
South Korea | 99,896 | 63,001 |
Malaysia | 106,240 | 87,340 |
Indonesia | 121,541 | 142,238 |
China | 112,047 | 101,708 |
Other Asia | 112,909 | 71,394 |
Saudi Arabia | 133,766 | 112,654 |
Qatar | 53,743 | 56,025 |
Other Middle East | 85,547 | 91,406 |
Africa | 58,363 | 67,224 |
Other | 38,459 | 13,218 |
1,802,914 | 1,709,839 | |
| Terminals: | ||
US | 177,589 | 176,631 |
Singapore | 44,015 | 42,263 |
Australia and New Zealand | 22,519 | 19,612 |
Brazil | 25,246 | 25,449 |
United Kingdom | 26,065 | 21,314 |
The Netherlands | 12,614 | 14,546 |
308,048 | 299,815 |
| For the years ended November 30 | ||
| (in US $ thousands) | 2024 | 2023 |
| Tank Containers: | ||
US | 118,927 | 135,233 |
South America | 40,732 | 39,891 |
France | 44,533 | 54,044 |
The Netherlands | 34,166 | 43,186 |
Italy | 18,280 | 24,168 |
United Kingdom | 31,129 | 30,369 |
Other Europe | 16,324 | 21,093 |
Singapore | 85,070 | 81,602 |
Japan | 21,033 | 24,521 |
China | 120,330 | 114,302 |
India | 27,791 | 27,043 |
Other Asia | 37,376 | 39,497 |
Middle East | 30,840 | 22,623 |
Other | 25,590 | 41,932 |
652,121 | 699,504 | |
| Stolt Sea Farm: | ||
US | 7,110 | 7,097 |
Spain | 44,922 | 40,420 |
France | 20,903 | 16,798 |
Italy | 17,986 | 17,398 |
Germany | 6,978 | 5,943 |
Other Europe | 28,163 | 22,789 |
Other | 727 | 386 |
126,789 | 110,831 |
For the year ended November 30, 2024 (in US $ thousands) | Tankers | Terminals | Tank Containers | Stolt Sea Farm | Other | Total |
| Operating revenue recognised over time: | ||||||
Freight revenue | 1,528,990 | \u2013 | 491,711 | \u2013 | \u2013 | 2,020,701 |
| Storage and throughput revenue | \u2013 | 206,604 | \u2013 | \u2013 | \u2013 | 206,604 |
1,528,990 | 206,604 | 491,711 | \u2013 | \u2013 | 2,227,305 | |
| Operating revenue recognised at a point in time: | ||||||
Demurrage, bunker surcharge and ancillary revenue | 273,924 | \u2013 | 160,410 | \u2013 | \u2013 | 434,334 |
| Turbot and sole | \u2013 | \u2013 | \u2013 | 126,789 | \u2013 | 126,789 |
| Railcar revenue | \u2013 | 21,800 | \u2013 | \u2013 | \u2013 | 21,800 |
| Utility revenue | \u2013 | 32,262 | \u2013 | \u2013 | \u2013 | 32,262 |
| Dock, product handling and other revenue | \u2013 | 47,382 | \u2013 | \u2013 | 753 | 48,135 |
273,924 | 101,444 | 160,410 | 126,789 | 753 | 663,320 | |
1,802,914 | 308,048 | 652,121 | 126,789 | 753 | 2,890,625 |
For the year ended November 30, 2023 (in US $ thousands) | Tankers | Terminals | Tank 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 |
| As of November 30 | ||
(in US $ thousands) | 2024 | 2023 |
| Non-current Assets: | ||
| Terminals: | ||
US | 479,797 | 440,126 |
The Netherlands | 50,662 | 54,772 |
Singapore | 183,677 | 196,458 |
Australia and New Zealand | 139,730 | 145,747 |
United Kingdom | 120,629 | 118,727 |
Brazil | 43,771 | 49,892 |
South Korea | 118,331 | 123,738 |
Belgium | 115,153 | 115,879 |
China | 32,505 | 35,707 |
Taiwan | 29,784 | 24,309 |
Turkey | 9,461 | 1,245 |
| Other | 10,668 | 8,589 |
1,334,168 | 1,315,189 | |
| Stolt Sea Farm: | ||
Spain | 54,181 | 48,847 |
Norway | 753 | 812 |
Portugal | 13,943 | 12,924 |
Iceland | 8,859 | 9,581 |
France | 975 | 1,263 |
78,711 | 73,427 |
| For the years ended November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Operating revenue from the rendering of services | 2,763,836 | 2,709,387 |
Operating revenue from the sale of goods | 126,789 | 110,831 |
2,890,625 | 2,820,218 |
| For the years ended November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Bunker fuel costs | 364,197 | 334,802 |
Charter and lease expenses | 353,172 | 303,084 |
Ocean and inland freight charges | 273,553 | 250,153 |
Operating employees\u2019 personnel and benefit expenses | 220,398 | 212,555 |
Port charges | 149,288 | 179,546 |
Maintenance and repairs | 72,617 | 69,678 |
Cleaning costs | 47,643 | 45,409 |
Tank container ancillary billable costs | 40,011 | 46,950 |
Repositioning of tank containers | 33,586 | 38,486 |
Ship supplies and provisions | 32,404 | 33,858 |
Storage and other tank container move-related costs | 26,869 | 29,246 |
Facilities and utilities | 33,035 | 33,069 |
Expenses related to biological assets | 40,015 | 38,245 |
Commissions | 38,258 | 35,339 |
Insurance | 37,746 | 24,384 |
Service element of leases | 24,864 | 19,891 |
Voyage costs | 18,742 | 12,172 |
Barging and trans-shipments | 6,669 | 5,423 |
Owning costs | 9,084 | 7,700 |
Packing expenses | 7,721 | 6,376 |
Regulatory costs | 7,030 | 7,769 |
Rail expenses | 5,643 | 6,106 |
Sublet expenses | 2,530 | 5,487 |
Purchase of biological assets | \u2013 | 1,768 |
Biological assets market valuation adjustment | 699 | (3,914 ) |
Other expenses | 5,236 | 2,211 |
Total operating expenses | 1,851,010 | 1,745,793 |
Legal claims provision (see Note 26) | \u2013 | 155,000 |
| For the years ended November 30 | ||
(in US $ thousands) | 2024 | 2023 |
| Administrative and general employees\u2019 personnel and benefit | ||
expenses | 210,913 | 213,641 |
Information systems | 19,411 | 16,869 |
Professional fees | 13,019 | 12,281 |
Travel and entertainment expenses | 7,939 | 7,620 |
Office expenses | 6,924 | 7,314 |
Legal fees | 2,993 | 2,455 |
Management fee to joint venture | 1,838 | 2,613 |
Investor relations and publicity | 2,886 | 2,433 |
Communication expenses | 761 | 1,101 |
Office lease expenses | 1,692 | 1,305 |
Board fees and expenses | 1,948 | 1,803 |
Bank non-interest fees | 1,283 | 1,602 |
Other | 2,480 | 2,375 |
Total administrative and general expenses | 274,087 | 273,412 |
| For the years ended November 30 | ||
(in US $ thousands, except employee data) | 2024 | 2023 |
Salaries | 290,654 | 282,808 |
Profit sharing and long-term incentive programmes | 30,736 | 38,845 |
Social security expenses | 24,745 | 23,568 |
Pension expenses for defined contribution plans (Note 25) | 20,246 | 20,990 |
Temporary and contract employees | 15,518 | 14,739 |
Travel of seafarers and relocation | 13,821 | 13,804 |
Medical and life insurance | 14,056 | 12,155 |
Training | 8,499 | 7,733 |
Expatriate expenses | 1,792 | 1,401 |
| Pension expenses for defined benefit plans and post-retirement | ||
benefit plan (Note 25) | 1,067 | 906 |
Other benefits | 10,177 | 9,247 |
Total employee benefit expenses | 431,311 | 426,196 |
| Average number of employees: | ||
Tankers* | 4,752 | 4,632 |
Tank Containers | 823 | 823 |
Terminals | 628 | 627 |
Stolt Sea Farm | 604 | 522 |
Other | 91 | 78 |
Total average number of employees | 6,898 | 6,682 |
| For the years ended November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Operating revenue from the rendering of services | 2,763,836 | 2,709,387 |
Operating revenue from the sale of goods | 126,789 | 110,831 |
2,890,625 | 2,820,218 |
| For the years ended November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Operating revenue from the rendering of services | 2,763,836 | 2,709,387 |
Operating revenue from the sale of goods | 126,789 | 110,831 |
2,890,625 | 2,820,218 |
| For the years ended November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Bunker fuel costs | 364,197 | 334,802 |
Charter and lease expenses | 353,172 | 303,084 |
Ocean and inland freight charges | 273,553 | 250,153 |
Operating employees\u2019 personnel and benefit expenses | 220,398 | 212,555 |
Port charges | 149,288 | 179,546 |
Maintenance and repairs | 72,617 | 69,678 |
Cleaning costs | 47,643 | 45,409 |
Tank container ancillary billable costs | 40,011 | 46,950 |
Repositioning of tank containers | 33,586 | 38,486 |
Ship supplies and provisions | 32,404 | 33,858 |
Storage and other tank container move-related costs | 26,869 | 29,246 |
Facilities and utilities | 33,035 | 33,069 |
Expenses related to biological assets | 40,015 | 38,245 |
Commissions | 38,258 | 35,339 |
Insurance | 37,746 | 24,384 |
Service element of leases | 24,864 | 19,891 |
Voyage costs | 18,742 | 12,172 |
Barging and trans-shipments | 6,669 | 5,423 |
Owning costs | 9,084 | 7,700 |
Packing expenses | 7,721 | 6,376 |
Regulatory costs | 7,030 | 7,769 |
Rail expenses | 5,643 | 6,106 |
Sublet expenses | 2,530 | 5,487 |
Purchase of biological assets | \u2013 | 1,768 |
Biological assets market valuation adjustment | 699 | (3,914 ) |
Other expenses | 5,236 | 2,211 |
Total operating expenses | 1,851,010 | 1,745,793 |
Legal claims provision (see Note 26) | \u2013 | 155,000 |
| For the years ended November 30 | ||
(in US $ thousands) | 2024 | 2023 |
| Administrative and general employees\u2019 personnel and benefit | ||
expenses | 210,913 | 213,641 |
Information systems | 19,411 | 16,869 |
Professional fees | 13,019 | 12,281 |
Travel and entertainment expenses | 7,939 | 7,620 |
Office expenses | 6,924 | 7,314 |
Legal fees | 2,993 | 2,455 |
Management fee to joint venture | 1,838 | 2,613 |
Investor relations and publicity | 2,886 | 2,433 |
Communication expenses | 761 | 1,101 |
Office lease expenses | 1,692 | 1,305 |
Board fees and expenses | 1,948 | 1,803 |
Bank non-interest fees | 1,283 | 1,602 |
Other | 2,480 | 2,375 |
Total administrative and general expenses | 274,087 | 273,412 |
| For the years ended November 30 | ||
(in US $ thousands, except employee data) | 2024 | 2023 |
Salaries | 290,654 | 282,808 |
Profit sharing and long-term incentive programmes | 30,736 | 38,845 |
Social security expenses | 24,745 | 23,568 |
Pension expenses for defined contribution plans (Note 25) | 20,246 | 20,990 |
Temporary and contract employees | 15,518 | 14,739 |
Travel of seafarers and relocation | 13,821 | 13,804 |
Medical and life insurance | 14,056 | 12,155 |
Training | 8,499 | 7,733 |
Expatriate expenses | 1,792 | 1,401 |
| Pension expenses for defined benefit plans and post-retirement | ||
benefit plan (Note 25) | 1,067 | 906 |
Other benefits | 10,177 | 9,247 |
Total employee benefit expenses | 431,311 | 426,196 |
| Average number of employees: | ||
Tankers* | 4,752 | 4,632 |
Tank Containers | 823 | 823 |
Terminals | 628 | 627 |
Stolt Sea Farm | 604 | 522 |
Other | 91 | 78 |
Total average number of employees | 6,898 | 6,682 |
| For the years ended November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Bunker fuel costs | 364,197 | 334,802 |
Charter and lease expenses | 353,172 | 303,084 |
Ocean and inland freight charges | 273,553 | 250,153 |
Operating employees\u2019 personnel and benefit expenses | 220,398 | 212,555 |
Port charges | 149,288 | 179,546 |
Maintenance and repairs | 72,617 | 69,678 |
Cleaning costs | 47,643 | 45,409 |
Tank container ancillary billable costs | 40,011 | 46,950 |
Repositioning of tank containers | 33,586 | 38,486 |
Ship supplies and provisions | 32,404 | 33,858 |
Storage and other tank container move-related costs | 26,869 | 29,246 |
Facilities and utilities | 33,035 | 33,069 |
Expenses related to biological assets | 40,015 | 38,245 |
Commissions | 38,258 | 35,339 |
Insurance | 37,746 | 24,384 |
Service element of leases | 24,864 | 19,891 |
Voyage costs | 18,742 | 12,172 |
Barging and trans-shipments | 6,669 | 5,423 |
Owning costs | 9,084 | 7,700 |
Packing expenses | 7,721 | 6,376 |
Regulatory costs | 7,030 | 7,769 |
Rail expenses | 5,643 | 6,106 |
Sublet expenses | 2,530 | 5,487 |
Purchase of biological assets | \u2013 | 1,768 |
Biological assets market valuation adjustment | 699 | (3,914 ) |
Other expenses | 5,236 | 2,211 |
Total operating expenses | 1,851,010 | 1,745,793 |
Legal claims provision (see Note 26) | \u2013 | 155,000 |
| For the years ended November 30 | ||
(in US $ thousands) | 2024 | 2023 |
| Administrative and general employees\u2019 personnel and benefit | ||
expenses | 210,913 | 213,641 |
Information systems | 19,411 | 16,869 |
Professional fees | 13,019 | 12,281 |
Travel and entertainment expenses | 7,939 | 7,620 |
Office expenses | 6,924 | 7,314 |
Legal fees | 2,993 | 2,455 |
Management fee to joint venture | 1,838 | 2,613 |
Investor relations and publicity | 2,886 | 2,433 |
Communication expenses | 761 | 1,101 |
Office lease expenses | 1,692 | 1,305 |
Board fees and expenses | 1,948 | 1,803 |
Bank non-interest fees | 1,283 | 1,602 |
Other | 2,480 | 2,375 |
Total administrative and general expenses | 274,087 | 273,412 |
| For the years ended November 30 | ||
(in US $ thousands, except employee data) | 2024 | 2023 |
Salaries | 290,654 | 282,808 |
Profit sharing and long-term incentive programmes | 30,736 | 38,845 |
Social security expenses | 24,745 | 23,568 |
Pension expenses for defined contribution plans (Note 25) | 20,246 | 20,990 |
Temporary and contract employees | 15,518 | 14,739 |
Travel of seafarers and relocation | 13,821 | 13,804 |
Medical and life insurance | 14,056 | 12,155 |
Training | 8,499 | 7,733 |
Expatriate expenses | 1,792 | 1,401 |
| Pension expenses for defined benefit plans and post-retirement | ||
benefit plan (Note 25) | 1,067 | 906 |
Other benefits | 10,177 | 9,247 |
Total employee benefit expenses | 431,311 | 426,196 |
| Average number of employees: | ||
Tankers* | 4,752 | 4,632 |
Tank Containers | 823 | 823 |
Terminals | 628 | 627 |
Stolt Sea Farm | 604 | 522 |
Other | 91 | 78 |
Total average number of employees | 6,898 | 6,682 |
(in US $ thousands) | 2024 | 2023 |
Prepaid voyages | 24,103 | 29,066 |
Prepaid bunkers | 39,269 | 43,941 |
Prepaid rent and time-charter hire | 4,583 | 1,704 |
Prepaid value added taxes | 5,479 | 6,806 |
Prepaid insurance | 6,578 | 12,728 |
Prepaid other | 15,210 | 14,482 |
Prepaid expenses | 95,222 | 108,727 |
| For the years ended November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Bunker fuel costs | 364,197 | 334,802 |
Charter and lease expenses | 353,172 | 303,084 |
Ocean and inland freight charges | 273,553 | 250,153 |
Operating employees\u2019 personnel and benefit expenses | 220,398 | 212,555 |
Port charges | 149,288 | 179,546 |
Maintenance and repairs | 72,617 | 69,678 |
Cleaning costs | 47,643 | 45,409 |
Tank container ancillary billable costs | 40,011 | 46,950 |
Repositioning of tank containers | 33,586 | 38,486 |
Ship supplies and provisions | 32,404 | 33,858 |
Storage and other tank container move-related costs | 26,869 | 29,246 |
Facilities and utilities | 33,035 | 33,069 |
Expenses related to biological assets | 40,015 | 38,245 |
Commissions | 38,258 | 35,339 |
Insurance | 37,746 | 24,384 |
Service element of leases | 24,864 | 19,891 |
Voyage costs | 18,742 | 12,172 |
Barging and trans-shipments | 6,669 | 5,423 |
Owning costs | 9,084 | 7,700 |
Packing expenses | 7,721 | 6,376 |
Regulatory costs | 7,030 | 7,769 |
Rail expenses | 5,643 | 6,106 |
Sublet expenses | 2,530 | 5,487 |
Purchase of biological assets | \u2013 | 1,768 |
Biological assets market valuation adjustment | 699 | (3,914 ) |
Other expenses | 5,236 | 2,211 |
Total operating expenses | 1,851,010 | 1,745,793 |
Legal claims provision (see Note 26) | \u2013 | 155,000 |
| For the years ended November 30 | ||
(in US $ thousands) | 2024 | 2023 |
| Administrative and general employees\u2019 personnel and benefit | ||
expenses | 210,913 | 213,641 |
Information systems | 19,411 | 16,869 |
Professional fees | 13,019 | 12,281 |
Travel and entertainment expenses | 7,939 | 7,620 |
Office expenses | 6,924 | 7,314 |
Legal fees | 2,993 | 2,455 |
Management fee to joint venture | 1,838 | 2,613 |
Investor relations and publicity | 2,886 | 2,433 |
Communication expenses | 761 | 1,101 |
Office lease expenses | 1,692 | 1,305 |
Board fees and expenses | 1,948 | 1,803 |
Bank non-interest fees | 1,283 | 1,602 |
Other | 2,480 | 2,375 |
Total administrative and general expenses | 274,087 | 273,412 |
| Cost | Plant and | |||||
| (in US $ thousands) | Land | Buildings | Ships and Barges | Tank Containers | Equipment | Total |
Balance at December 1, 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 |
New leases and other increases | 2,511 | 10,628 | 147,736 | 39,983 | 2,507 | 203,365 |
Retirements and other decreases | (1,123 ) | (7,542 ) | (24,089 ) | (48,441 ) | (3,103 ) | (84,298 ) |
Net foreign exchange differences | (1,412 ) | 807 | (813 ) | 6 | (496 ) | (1,908 ) |
Balance at November 30, 2024 | 89,544 | 24,716 | 237,551 | 113,490 | 9,141 | 474,442 |
| Accumulated depreciation | Plant and | |||||
| (in US $ thousands) | Land | Buildings | Ships and Barges | Tank Containers | Equipment | Total |
Balance at December 1, 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 |
Depreciation expense | 3,738 | 3,973 | 28,650 | 29,047 | 1,879 | 67,287 |
Retirements and other decreases | (844 ) | (6,157 ) | (21,562 ) | (21,537 ) | (2,630 ) | (52,730 ) |
Net foreign exchange differences | (148 ) | 27 | (457 ) | 12 | (267 ) | (833 ) |
Reclasses and other | (69 ) | 172 | \u2013 | \u2013 | 111 | 214 |
Balance at November 30, 2024 | 13,459 | 6,696 | 63,860 | 55,208 | 3,727 | 142,950 |
| Net book value: | ||||||
At November 30, 2023 | 78,786 | 12,142 | 57,488 | 74,256 | 5,599 | 228,271 |
At November 30, 2024 | 76,085 | 18,020 | 173,691 | 58,282 | 5,414 | 331,492 |
| As of November 30 | ||
| (in US $ thousands) | 2024 | 2023 |
| Contractual undiscounted cash flows: | ||
| Less than: | ||
1 year | 75,848 | 66,440 |
2 years | 60,564 | 50,304 |
3 years | 49,064 | 33,017 |
4 years | 39,295 | 25,079 |
5 years | 30,623 | 16,632 |
Thereafter | 223,903 | 152,668 |
Total undiscounted cash flows | 479,297 | 344,140 |
| Total lease liabilities (discounted based on the Group\u2019s | ||
incremental borrowing rate) | 344,011 | 238,207 |
Less current maturities | (58,581 ) | (55,456 ) |
Non-current | 285,430 | 182,751 |
| (in US $ thousands) | 2024 | 2023 |
| Less than: | ||
1 year | 2,939 | 3,801 |
| 2 years | 566 | 443 |
| 3 years | 410 | 283 |
| 4 years | 282 | 139 |
| 5 years | 88 | 30 |
4,285 | 4,696 |
| For the year ended November 30, 2024 | Less than | More than | |||
| (in US $ thousands) | 1 yr | 2-3 yrs | 4-5 yrs | 5 yrs | Total |
| Contractual obligations: | |||||
Accounts payable, excluding withholding and value added taxes | 88,320 | \u2013 | \u2013 | \u2013 | 88,320 |
Accrued expenses and dividend payable | 419,992 | \u2013 | \u2013 | \u2013 | 419,992 |
Long-term lease liabilities, including current maturities | 58,581 | 83,169 | 51,368 | 150,893 | 344,011 |
Interest on long-term lease liabilities | 17,267 | 26,459 | 18,551 | 73,010 | 135,287 |
Long-term debt, including current maturities | 200,446 | 506,426 | 605,365 | 548,260 | 1,860,497 |
Interest on long-term debt | 103,040 | 170,949 | 114,561 | 93,865 | 482,415 |
Derivative financial liabilities | 1,616 | 6,688 | 5,489 | 447 | 14,240 |
Other current liabilities | 56,031 | \u2013 | \u2013 | \u2013 | 56,031 |
Total contractual obligations | 945,293 | 793,691 | 795,334 | 866,475 | 3,400,793 |
| For the year ended November 30, 2023 | Less than | More than | |||
| (in US $ 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 |
| At December | Exchange | At November | |||
| (in US $ thousands) | 1, 2023 | Cash flow | differences | Other movements | 30, 2024 |
Cash deposits | 176,780 | (81,770 ) | (2,937 ) | \u2013 | 92,073 |
Short-term time deposits | 269,735 | (27,070 ) | \u2013 | \u2013 | 242,665 |
Cash and cash equivalents | 446,515 | (108,840 ) | (2,937 ) | \u2013 | 334,738 |
| Borrowings: | |||||
Long-term debt, including current maturities | (1,836,601 ) | 1,317 | (8,104 ) | 616 | (1,842,772 ) |
Lease liabilities, including current maturities | (238,207 ) | 64,130 | 2,567 | (172,501 ) | (344,011 ) |
Net debt | (1,628,293 ) | (43,393 ) | (8,474 ) | (171,885 ) | (1,852,045 ) |
At Dec ember | Exchange | At November | |||
| (in US $ thousands) | 1, 2022 | Cash flow | differences | Other 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 ) |
| For the years ended November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Bunker fuel costs | 364,197 | 334,802 |
Charter and lease expenses | 353,172 | 303,084 |
Ocean and inland freight charges | 273,553 | 250,153 |
Operating employees\u2019 personnel and benefit expenses | 220,398 | 212,555 |
Port charges | 149,288 | 179,546 |
Maintenance and repairs | 72,617 | 69,678 |
Cleaning costs | 47,643 | 45,409 |
Tank container ancillary billable costs | 40,011 | 46,950 |
Repositioning of tank containers | 33,586 | 38,486 |
Ship supplies and provisions | 32,404 | 33,858 |
Storage and other tank container move-related costs | 26,869 | 29,246 |
Facilities and utilities | 33,035 | 33,069 |
Expenses related to biological assets | 40,015 | 38,245 |
Commissions | 38,258 | 35,339 |
Insurance | 37,746 | 24,384 |
Service element of leases | 24,864 | 19,891 |
Voyage costs | 18,742 | 12,172 |
Barging and trans-shipments | 6,669 | 5,423 |
Owning costs | 9,084 | 7,700 |
Packing expenses | 7,721 | 6,376 |
Regulatory costs | 7,030 | 7,769 |
Rail expenses | 5,643 | 6,106 |
Sublet expenses | 2,530 | 5,487 |
Purchase of biological assets | \u2013 | 1,768 |
Biological assets market valuation adjustment | 699 | (3,914 ) |
Other expenses | 5,236 | 2,211 |
Total operating expenses | 1,851,010 | 1,745,793 |
Legal claims provision (see Note 26) | \u2013 | 155,000 |
| For the years ended November 30 | ||
(in US $ thousands) | 2024 | 2023 |
| Administrative and general employees\u2019 personnel and benefit | ||
expenses | 210,913 | 213,641 |
Information systems | 19,411 | 16,869 |
Professional fees | 13,019 | 12,281 |
Travel and entertainment expenses | 7,939 | 7,620 |
Office expenses | 6,924 | 7,314 |
Legal fees | 2,993 | 2,455 |
Management fee to joint venture | 1,838 | 2,613 |
Investor relations and publicity | 2,886 | 2,433 |
Communication expenses | 761 | 1,101 |
Office lease expenses | 1,692 | 1,305 |
Board fees and expenses | 1,948 | 1,803 |
Bank non-interest fees | 1,283 | 1,602 |
Other | 2,480 | 2,375 |
Total administrative and general expenses | 274,087 | 273,412 |
| For the years ended November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Bunker fuel costs | 364,197 | 334,802 |
Charter and lease expenses | 353,172 | 303,084 |
Ocean and inland freight charges | 273,553 | 250,153 |
Operating employees\u2019 personnel and benefit expenses | 220,398 | 212,555 |
Port charges | 149,288 | 179,546 |
Maintenance and repairs | 72,617 | 69,678 |
Cleaning costs | 47,643 | 45,409 |
Tank container ancillary billable costs | 40,011 | 46,950 |
Repositioning of tank containers | 33,586 | 38,486 |
Ship supplies and provisions | 32,404 | 33,858 |
Storage and other tank container move-related costs | 26,869 | 29,246 |
Facilities and utilities | 33,035 | 33,069 |
Expenses related to biological assets | 40,015 | 38,245 |
Commissions | 38,258 | 35,339 |
Insurance | 37,746 | 24,384 |
Service element of leases | 24,864 | 19,891 |
Voyage costs | 18,742 | 12,172 |
Barging and trans-shipments | 6,669 | 5,423 |
Owning costs | 9,084 | 7,700 |
Packing expenses | 7,721 | 6,376 |
Regulatory costs | 7,030 | 7,769 |
Rail expenses | 5,643 | 6,106 |
Sublet expenses | 2,530 | 5,487 |
Purchase of biological assets | \u2013 | 1,768 |
Biological assets market valuation adjustment | 699 | (3,914 ) |
Other expenses | 5,236 | 2,211 |
Total operating expenses | 1,851,010 | 1,745,793 |
Legal claims provision (see Note 26) | \u2013 | 155,000 |
| Claims | Environmental | |||
| (in US $ thousands) | provision | provision | Restructuring | Total |
Balance at December 1, 2023 | 301,566 | 581 | 37 | 302,184 |
| Additional (reversal) provisions | ||||
recognised, net | 245 | (6 ) | \u2013 | 239 |
Reductions arising from payments | (301,333 ) | (458 ) | (37 ) | (301,828 ) |
Net foreign exchange differences | (74 ) | \u2013 | \u2013 | (74 ) |
Balance at November 30, 2024 | 404 | 117 | \u2013 | 521 |
| Asset retirement | |||
| (in US $ thousands) | obligations | Claims provision | Total |
Balance at December 1, 2023 | 1,933 | 15,261 | 17,194 |
Additional (reversal) provisions recognised, net | 3 | (2,155 ) | (2,152 ) |
| Net foreign exchange differences | (8 ) | 15 | 7 |
Balance at November 30, 2024 | 1,928 | 13,121 | 15,049 |
| For the years ended November 30 | ||
(in US $ thousands) | 2024 | 2023 |
| Administrative and general employees\u2019 personnel and benefit | ||
expenses | 210,913 | 213,641 |
Information systems | 19,411 | 16,869 |
Professional fees | 13,019 | 12,281 |
Travel and entertainment expenses | 7,939 | 7,620 |
Office expenses | 6,924 | 7,314 |
Legal fees | 2,993 | 2,455 |
Management fee to joint venture | 1,838 | 2,613 |
Investor relations and publicity | 2,886 | 2,433 |
Communication expenses | 761 | 1,101 |
Office lease expenses | 1,692 | 1,305 |
Board fees and expenses | 1,948 | 1,803 |
Bank non-interest fees | 1,283 | 1,602 |
Other | 2,480 | 2,375 |
Total administrative and general expenses | 274,087 | 273,412 |
| For the years ended November 30 | ||
(in US $ thousands, except employee data) | 2024 | 2023 |
Salaries | 290,654 | 282,808 |
Profit sharing and long-term incentive programmes | 30,736 | 38,845 |
Social security expenses | 24,745 | 23,568 |
Pension expenses for defined contribution plans (Note 25) | 20,246 | 20,990 |
Temporary and contract employees | 15,518 | 14,739 |
Travel of seafarers and relocation | 13,821 | 13,804 |
Medical and life insurance | 14,056 | 12,155 |
Training | 8,499 | 7,733 |
Expatriate expenses | 1,792 | 1,401 |
| Pension expenses for defined benefit plans and post-retirement | ||
benefit plan (Note 25) | 1,067 | 906 |
Other benefits | 10,177 | 9,247 |
Total employee benefit expenses | 431,311 | 426,196 |
| Average number of employees: | ||
Tankers* | 4,752 | 4,632 |
Tank Containers | 823 | 823 |
Terminals | 628 | 627 |
Stolt Sea Farm | 604 | 522 |
Other | 91 | 78 |
Total average number of employees | 6,898 | 6,682 |
| For the years ended November 30 | ||
(in US $ thousands, except employee data) | 2024 | 2023 |
Salaries | 290,654 | 282,808 |
Profit sharing and long-term incentive programmes | 30,736 | 38,845 |
Social security expenses | 24,745 | 23,568 |
Pension expenses for defined contribution plans (Note 25) | 20,246 | 20,990 |
Temporary and contract employees | 15,518 | 14,739 |
Travel of seafarers and relocation | 13,821 | 13,804 |
Medical and life insurance | 14,056 | 12,155 |
Training | 8,499 | 7,733 |
Expatriate expenses | 1,792 | 1,401 |
| Pension expenses for defined benefit plans and post-retirement | ||
benefit plan (Note 25) | 1,067 | 906 |
Other benefits | 10,177 | 9,247 |
Total employee benefit expenses | 431,311 | 426,196 |
| Average number of employees: | ||
Tankers* | 4,752 | 4,632 |
Tank Containers | 823 | 823 |
Terminals | 628 | 627 |
Stolt Sea Farm | 604 | 522 |
Other | 91 | 78 |
Total average number of employees | 6,898 | 6,682 |
| As of November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Non-current assets | 24,082 | 21,292 |
Non-current liabilities | (20,197 ) | (19,937 ) |
| Net pension asset | 3,885 | 1,355 |
| As of November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Present value of funded obligations | (170,552 ) | (168,950 ) |
Fair value of plans assets | 174,437 | 170,305 |
3,885 | 1,355 |
| For the years ended | ||
| November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Service cost | 437 | 408 |
Interest cost, net | 155 | 166 |
Cost of plan administration | 475 | 332 |
| Net periodic benefit cost | 1,067 | 906 |
| For the years ended | ||
| November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Effect of changes in demographic assumptions | (410 ) | 7 |
Effect of changes in financial assumptions | 4,149 | (7,225 ) |
Effect of experience assumptions | 439 | (796 ) |
Return on plan assets (excluding interest income) | (6,091 ) | 6,657 |
Remeasurements recognised in other comprehensive income | (1,913 ) | (1,357 ) |
| For the years ended | ||
| November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Benefit obligations at beginning of year | 168,950 | 177,630 |
Current service cost | 437 | 408 |
Interest cost | 8,856 | 8,633 |
Benefits paid | (11,823 ) | (10,425 ) |
Foreign exchange rate changes | (46 ) | 718 |
| Remeasurements: | ||
Effect of changes in demographic assumptions | (410 ) | 7 |
Effect of changes in financial assumptions | 4,149 | (7,225 ) |
Effect of experience adjustments | 439 | (796 ) |
| Benefits obligation at end of year | 170,552 | 168,950 |
| For the years ended | ||
| November 30 | ||
| (in US $ thousands) | 2024 | 2023 |
Fair value of plan assets at beginning of year | 170,305 | 177,890 |
Return on plan assets (excluding interest income) | 6,091 | (6,657 ) |
Interest income | 8,701 | 8,467 |
Company contributions | 1,612 | 443 |
Foreign exchange rate changes | 26 | 919 |
Benefits paid | (11,823 ) | (10,425 ) |
Expenses paid | (475 ) | (332 ) |
| Fair value of plan assets at end of year | 174,437 | 170,305 |
| As of November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Actives | 25,133 | 26,718 |
Vested former employees not yet retired | 27,869 | 28,584 |
Retirees | 117,550 | 113,648 |
170,552 | 168,950 |
| As of November 30 | ||
2024 | 2023 | |
Actives | 962 | 1,002 |
Vested former employees not yet retired | 465 | 476 |
Retirees | 728 | 715 |
2,155 | 2,193 |
| As of November 30 | ||
2024 | 2023 | |
| Weighted-average assumptions to determine projected | ||
| benefit obligations: | ||
Discount rate | 5.19 % | 5.45 % |
Rate of compensation increase | 3.54 % | 3.54 % |
Rate of pension increases | 3.07 % | 3.12 % |
Rate of price inflation | 3.14 % | 3.14 % |
| Life expectancy for an individual currently at 65: | ||
Male | 21.0 yrs | 21.0 yrs |
Female | 23.0 yrs | 23.0 yrs |
| Impact on Defined Benefit Obligation | |||
Change in Assumption | Increase in Assumption | Decrease in Assumption | |
Discount rate | 0.25% | Decrease by 2.4% | Increase by 2.4% |
Salary growth rate | 0.25% | Increase by 2.0% | Decrease by 2.0% |
Pension growth rate | 0.25% | Increase by 2.2% | Decrease by 2.1% |
Increase by 1 Year in Assumption | Decrease by 1 Year in Assumption | ||
Life expectancy | Increase by 2.6% | Decrease by 2.6% |
| As of November 30 | ||||
(in US $ thousands) | 2024 | % | 2023 | % |
Cash and cash equivalents | 5,836 | 3% | 7,354 | 4% |
Equity instruments | 26,780 | 15% | 39,483 | 23% |
Debt instruments | 137,117 | 79% | 117,130 | 69% |
Real estate | 2,252 | 1% | 3,260 | 2% |
Investment funds | 1,030 | 1% | 1,820 | 1% |
Assets held by insurance company | 322 | \u2013 | 190 | \u2013 |
Other | 1,100 | 1% | 1,068 | 1% |
Total | 174,437 | 100% | 170,305 | 100% |
| As of November 30, 2024 | Less than | Between | Between | More than 5 | |
| (in US $ thousands) | a year | 1-2 years | 2-5 years | years | Total |
Pension benefits | 11,503 | 23,741 | 24,853 | 60,744 | 120,841 |
| Post-employment | |||||
benefits | 409 | 643 | 559 | 1,272 | 2,883 |
Total | 11,912 | 24,384 | 25,412 | 62,016 | 123,724 |
| As of November 30, 2023 | Less than | Between | Between | More than 5 | |
| (in US $ 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 |
| For the years ended November 30 | ||
(in US $ thousands) | 2024 | 2023 |
| Fees payable to the Group auditors and associates for the audit | ||
| of the Consolidated Financial Statements and subsidiary | ||
statutory audits | 3,089 | 3,006 |
Fees payable to the Group auditors and associates for other services as detailed below | 245 | 296 |
Total fees | 3,334 | 3,302 |
Tax services | 24 | 27 |
Half-year reviews | 120 | 120 |
Other | 101 | 149 |
Total non-audit fees | 245 | 296 |
| For the years ended November 30 | ||
| (in US $ thousands) | 2024 | 2023 |
| Finance expense on debt | ||
Interest on loans | 111,799 | 107,856 |
Amortisation of debt issuance costs | 5,132 | 5,287 |
Realised gain on interest rate swaps (Note 22) | (4,968 ) | (6,434 ) |
Commitment fees | 3,053 | 2,577 |
Other interest expense | 77 | 1,211 |
Total interest expense | 115,093 | 110,497 |
Less interest capitalised to property, plant and equipment | (3,092 ) | (1,530 ) |
112,001 | 108,967 | |
| Finance expense on lease liabilities | ||
Interest on lease liabilities | 14,177 | 11,389 |
| Finance income | ||
Interest from joint ventures | 4,135 | 872 |
Interest on bank deposits | 12,000 | 6,412 |
Other | 123 | 458 |
16,258 | 7,742 |
| For the years ended November 30 | ||
| (in US $ thousands) | 2024 | 2023 |
| Finance expense on debt | ||
Interest on loans | 111,799 | 107,856 |
Amortisation of debt issuance costs | 5,132 | 5,287 |
Realised gain on interest rate swaps (Note 22) | (4,968 ) | (6,434 ) |
Commitment fees | 3,053 | 2,577 |
Other interest expense | 77 | 1,211 |
Total interest expense | 115,093 | 110,497 |
Less interest capitalised to property, plant and equipment | (3,092 ) | (1,530 ) |
112,001 | 108,967 | |
| Finance expense on lease liabilities | ||
Interest on lease liabilities | 14,177 | 11,389 |
| Finance income | ||
Interest from joint ventures | 4,135 | 872 |
Interest on bank deposits | 12,000 | 6,412 |
Other | 123 | 458 |
16,258 | 7,742 |
| For the years ended November 30 | ||
| (in US $ thousands) | 2024 | 2023 |
| Finance expense on debt | ||
Interest on loans | 111,799 | 107,856 |
Amortisation of debt issuance costs | 5,132 | 5,287 |
Realised gain on interest rate swaps (Note 22) | (4,968 ) | (6,434 ) |
Commitment fees | 3,053 | 2,577 |
Other interest expense | 77 | 1,211 |
Total interest expense | 115,093 | 110,497 |
Less interest capitalised to property, plant and equipment | (3,092 ) | (1,530 ) |
112,001 | 108,967 | |
| Finance expense on lease liabilities | ||
Interest on lease liabilities | 14,177 | 11,389 |
| Finance income | ||
Interest from joint ventures | 4,135 | 872 |
Interest on bank deposits | 12,000 | 6,412 |
Other | 123 | 458 |
16,258 | 7,742 |
| For the years ended November 30 | ||
| (in US $ thousands) | 2024 | 2023 |
| Finance expense on debt | ||
Interest on loans | 111,799 | 107,856 |
Amortisation of debt issuance costs | 5,132 | 5,287 |
Realised gain on interest rate swaps (Note 22) | (4,968 ) | (6,434 ) |
Commitment fees | 3,053 | 2,577 |
Other interest expense | 77 | 1,211 |
Total interest expense | 115,093 | 110,497 |
Less interest capitalised to property, plant and equipment | (3,092 ) | (1,530 ) |
112,001 | 108,967 | |
| Finance expense on lease liabilities | ||
Interest on lease liabilities | 14,177 | 11,389 |
| Finance income | ||
Interest from joint ventures | 4,135 | 872 |
Interest on bank deposits | 12,000 | 6,412 |
Other | 123 | 458 |
16,258 | 7,742 |
| For the years ended November 30 | ||
| (in US $ thousands) | 2024 | 2023 |
| Finance expense on debt | ||
Interest on loans | 111,799 | 107,856 |
Amortisation of debt issuance costs | 5,132 | 5,287 |
Realised gain on interest rate swaps (Note 22) | (4,968 ) | (6,434 ) |
Commitment fees | 3,053 | 2,577 |
Other interest expense | 77 | 1,211 |
Total interest expense | 115,093 | 110,497 |
Less interest capitalised to property, plant and equipment | (3,092 ) | (1,530 ) |
112,001 | 108,967 | |
| Finance expense on lease liabilities | ||
Interest on lease liabilities | 14,177 | 11,389 |
| Finance income | ||
Interest from joint ventures | 4,135 | 872 |
Interest on bank deposits | 12,000 | 6,412 |
Other | 123 | 458 |
16,258 | 7,742 |
| For the years ended November 30 | ||
| (in US $ thousands) | 2024 | 2023 |
| Finance expense on debt | ||
Interest on loans | 111,799 | 107,856 |
Amortisation of debt issuance costs | 5,132 | 5,287 |
Realised gain on interest rate swaps (Note 22) | (4,968 ) | (6,434 ) |
Commitment fees | 3,053 | 2,577 |
Other interest expense | 77 | 1,211 |
Total interest expense | 115,093 | 110,497 |
Less interest capitalised to property, plant and equipment | (3,092 ) | (1,530 ) |
112,001 | 108,967 | |
| Finance expense on lease liabilities | ||
Interest on lease liabilities | 14,177 | 11,389 |
| Finance income | ||
Interest from joint ventures | 4,135 | 872 |
Interest on bank deposits | 12,000 | 6,412 |
Other | 123 | 458 |
16,258 | 7,742 |
| For the years ended November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Current income tax expense | 13,715 | 21,152 |
Adjustments in respect of prior years | 13,500 | (4,815 ) |
27,215 | 16,337 | |
Deferred income tax expense (benefit) | 21,130 | (2,287 ) |
Adjustments in respect of prior years | (1,989 ) | (1,267 ) |
19,141 | (3,554 ) | |
Total income tax expense | 46,356 | 12,783 |
| For the years ended November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Profit before income tax expense | 441,115 | 309,434 |
Tax at the Bermuda statutory tax rate | \u2013 | \u2013 |
Differences between the Bermuda and other tax rates | 115,615 | 130,673 |
Non-taxable income and disallowed expenses | (83,125 ) | (112,975 ) |
Provision for uncertain tax positions, net of releases | (581 ) | 10,877 |
Changes in the recognition of tax losses | - | (553 ) |
Adjustments in respect of prior years | 11,511 | (3,559 ) |
Other differences, net | 2,936 | (11,680 ) |
Total income tax expense | 46,356 | 12,783 |
| Right-of-Use | |||||||
| Accelerated tax | Retirement benefit | Assets/Lease | |||||
| (in US $ thousands) | depreciation | obligations | Tax losses | Liability | Derivatives | Other | Total |
Balance, December 1, 2022 | (88,545 ) | 2,852 | 14,027 | \u2013 | (546 ) | (2,532 ) | (74,744 ) |
(Charge) credit to income statement | (1,625 ) | (368 ) | 3,220 | \u2013 | \u2013 | 2,327 | 3,554 |
(Charge) credit to Other comprehensive income | \u2013 | (343 ) | \u2013 | \u2013 | 1,169 | \u2013 | 826 |
Reallocations | 2,384 | (3,278 ) | \u2013 | \u2013 | \u2013 | 492 | (402 ) |
Exchange differences | (465 ) | \u2013 | (9 ) | \u2013 | (3 ) | (129 ) | (606 ) |
Balance, November 30, 2023 | (88,251 ) | (1,137 ) | 17,238 | \u2013 | 620 | 158 | (71,372 ) |
(Charge) credit to income statement | (5,943 ) | 2,532 | (11,234 ) | 288 | \u2013 | (4,784 ) | (19,141 ) |
(Charge) credit to Other comprehensive income | \u2013 | (489 ) | \u2013 | \u2013 | 327 | \u2013 | (162 ) |
Reallocations | 90 | (1,452 ) | 213 | 116 | \u2013 | 110 | (923 ) |
Exchange differences | 322 | \u2013 | (16 ) | (11 ) | \u2013 | 162 | 457 |
Balance, November 30, 2024 | (93,782 ) | (546 ) | 6,201 | 393 | 947 | (4,354 ) | (91,141 ) |
| As of November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Deferred tax liabilities | (109,629 ) | (90,516 ) |
Deferred tax assets | 18,488 | 19,144 |
(91,141 ) | (71,372 ) |
| Less than 12 | More than 12 | ||
| (in US $ thousands) | Months | Months | Total |
Deferred tax liabilities | (9,878 ) | (99,751 ) | (109,629 ) |
| Deferred tax assets | 828 | 17,660 | 18,488 |
(9,050 ) | (82,091 ) | (91,141 ) |
| For the years ended November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Current income tax expense | 13,715 | 21,152 |
Adjustments in respect of prior years | 13,500 | (4,815 ) |
27,215 | 16,337 | |
Deferred income tax expense (benefit) | 21,130 | (2,287 ) |
Adjustments in respect of prior years | (1,989 ) | (1,267 ) |
19,141 | (3,554 ) | |
Total income tax expense | 46,356 | 12,783 |
| Right-of-Use | |||||||
| Accelerated tax | Retirement benefit | Assets/Lease | |||||
| (in US $ thousands) | depreciation | obligations | Tax losses | Liability | Derivatives | Other | Total |
Balance, December 1, 2022 | (88,545 ) | 2,852 | 14,027 | \u2013 | (546 ) | (2,532 ) | (74,744 ) |
(Charge) credit to income statement | (1,625 ) | (368 ) | 3,220 | \u2013 | \u2013 | 2,327 | 3,554 |
(Charge) credit to Other comprehensive income | \u2013 | (343 ) | \u2013 | \u2013 | 1,169 | \u2013 | 826 |
Reallocations | 2,384 | (3,278 ) | \u2013 | \u2013 | \u2013 | 492 | (402 ) |
Exchange differences | (465 ) | \u2013 | (9 ) | \u2013 | (3 ) | (129 ) | (606 ) |
Balance, November 30, 2023 | (88,251 ) | (1,137 ) | 17,238 | \u2013 | 620 | 158 | (71,372 ) |
(Charge) credit to income statement | (5,943 ) | 2,532 | (11,234 ) | 288 | \u2013 | (4,784 ) | (19,141 ) |
(Charge) credit to Other comprehensive income | \u2013 | (489 ) | \u2013 | \u2013 | 327 | \u2013 | (162 ) |
Reallocations | 90 | (1,452 ) | 213 | 116 | \u2013 | 110 | (923 ) |
Exchange differences | 322 | \u2013 | (16 ) | (11 ) | \u2013 | 162 | 457 |
Balance, November 30, 2024 | (93,782 ) | (546 ) | 6,201 | 393 | 947 | (4,354 ) | (91,141 ) |
| As of November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Deferred tax liabilities | (109,629 ) | (90,516 ) |
Deferred tax assets | 18,488 | 19,144 |
(91,141 ) | (71,372 ) |
| Less than 12 | More than 12 | ||
| (in US $ thousands) | Months | Months | Total |
Deferred tax liabilities | (9,878 ) | (99,751 ) | (109,629 ) |
| Deferred tax assets | 828 | 17,660 | 18,488 |
(9,050 ) | (82,091 ) | (91,141 ) |
| Right-of-Use | |||||||
| Accelerated tax | Retirement benefit | Assets/Lease | |||||
| (in US $ thousands) | depreciation | obligations | Tax losses | Liability | Derivatives | Other | Total |
Balance, December 1, 2022 | (88,545 ) | 2,852 | 14,027 | \u2013 | (546 ) | (2,532 ) | (74,744 ) |
(Charge) credit to income statement | (1,625 ) | (368 ) | 3,220 | \u2013 | \u2013 | 2,327 | 3,554 |
(Charge) credit to Other comprehensive income | \u2013 | (343 ) | \u2013 | \u2013 | 1,169 | \u2013 | 826 |
Reallocations | 2,384 | (3,278 ) | \u2013 | \u2013 | \u2013 | 492 | (402 ) |
Exchange differences | (465 ) | \u2013 | (9 ) | \u2013 | (3 ) | (129 ) | (606 ) |
Balance, November 30, 2023 | (88,251 ) | (1,137 ) | 17,238 | \u2013 | 620 | 158 | (71,372 ) |
(Charge) credit to income statement | (5,943 ) | 2,532 | (11,234 ) | 288 | \u2013 | (4,784 ) | (19,141 ) |
(Charge) credit to Other comprehensive income | \u2013 | (489 ) | \u2013 | \u2013 | 327 | \u2013 | (162 ) |
Reallocations | 90 | (1,452 ) | 213 | 116 | \u2013 | 110 | (923 ) |
Exchange differences | 322 | \u2013 | (16 ) | (11 ) | \u2013 | 162 | 457 |
Balance, November 30, 2024 | (93,782 ) | (546 ) | 6,201 | 393 | 947 | (4,354 ) | (91,141 ) |
(in US $ thousands) | 2024 | 2023 |
Balance at December 1, | 54,812 | 46,181 |
Increases owing to production and purchases | 61,594 | 63,435 |
(Loss) gain from change in fair value | (699 ) | 3,914 |
Effect of changes in foreign currency rates | (1,249 ) | 1,857 |
Decreases owing to mortalities | (1,097 ) | (1,136 ) |
Transfer to inventory | (60,816 ) | (59,439 ) |
Balance at November 30, | 52,545 | 54,812 |
| Cost | Plant and | Leasehold | Construction | |||||
| (in US $ thousands) | Land | Buildings | Ships and Barges | Tank Containers | Equipment | Improvements | In Progress | Total |
Balance at December 1, 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 | \u2013 | (4 ) | (3 ) | \u2013 | (21 ) | 26 | 182 | 180 |
Balance at November 30, 2023 | 64,707 | 145,333 | 3,298,743 | 542,230 | 1,602,071 | 10,543 | 112,609 | 5,776,236 |
Additions | 1,063 | 1,472 | 81,595 | 41,189 | 7,966 | 973 | 100,940 | 235,198 |
Grant receipts | \u2013 | (258 ) | \u2013 | \u2013 | (1,063 ) | \u2013 | \u2013 | (1,321 ) |
Disposals and retirements | \u2013 | (1,064 ) | (132,515 ) | (19,502 ) | (11, 274 ) | (2,132 ) | 56 | (166,431 ) |
Net foreign exchange differences | (1,430 ) | (1,117 ) | (2,141 ) | (113 ) | (19,719 ) | (65 ) | (2,937 ) | (27,522 ) |
Transfers | \u2013 | 2,695 | \u2013 | 372 | 89,932 | 5,786 | (98,785 ) | \u2013 |
Reclasses and other | \u2013 | (2 ) | (5 ) | \u2013 | 372 | 6 | (643 ) | (272 ) |
Balance at November 30, 2024 | 64,340 | 147,059 | 3,245,677 | 564,176 | 1,668,285 | 15,111 | 111,240 | 5,815,888 |
| Accumulated depreciation and impairment | Plant and | Leasehold | Construction | |||||
| (in US $ thousands) | Land | Buildings | Ships and Barges | Tank Containers | Equipment | Improvements | In Progress | Total |
Balance at December 1, 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 | \u2013 | 34 | 2 | (2 ) | (865 ) | 15 | \u2013 | (816 ) |
Balance at November 30, 2023 | \u2013 | 62,057 | 1,840,219 | 268,692 | 758,281 | 6,485 | \u2013 | 2,935,734 |
Depreciation expense | \u2013 | 2,752 | 131,024 | 21,147 | 71,236 | 1,049 | \u2013 | 227,208 |
Disposals and retirements | \u2013 | (258 ) | (80,434 ) | (14,938 ) | (10,922 ) | (2,132 ) | \u2013 | (108,684 ) |
Net foreign exchange differences | \u2013 | (257 ) | (1,142 ) | (62 ) | (9,114 ) | (60 ) | \u2013 | (10,635 ) |
Reclasses and other | \u2013 | 2,352 | (22 ) | (234 ) | (4,873 ) | (2 ) | \u2013 | (2,779 ) |
Balance at November 30, 2024 | \u2013 | 66,646 | 1,889,645 | 274,605 | 804,608 | 5,340 | \u2013 | 3,040,844 |
| Net book value: | ||||||||
At November 30, 2023 | 64,707 | 83,276 | 1,458,524 | 273,538 | 843,790 | 4,058 | 112,609 | 2,840,502 |
At November 30, 2024 | 64,340 | 80,413 | 1,356,032 | 289,571 | 863,677 | 9,771 | 111,240 | 2,775,044 |
| Cost | Plant and | |||||
| (in US $ thousands) | Land | Buildings | Ships and Barges | Tank Containers | Equipment | Total |
Balance at December 1, 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 |
New leases and other increases | 2,511 | 10,628 | 147,736 | 39,983 | 2,507 | 203,365 |
Retirements and other decreases | (1,123 ) | (7,542 ) | (24,089 ) | (48,441 ) | (3,103 ) | (84,298 ) |
Net foreign exchange differences | (1,412 ) | 807 | (813 ) | 6 | (496 ) | (1,908 ) |
Balance at November 30, 2024 | 89,544 | 24,716 | 237,551 | 113,490 | 9,141 | 474,442 |
| Accumulated depreciation | Plant and | |||||
| (in US $ thousands) | Land | Buildings | Ships and Barges | Tank Containers | Equipment | Total |
Balance at December 1, 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 |
Depreciation expense | 3,738 | 3,973 | 28,650 | 29,047 | 1,879 | 67,287 |
Retirements and other decreases | (844 ) | (6,157 ) | (21,562 ) | (21,537 ) | (2,630 ) | (52,730 ) |
Net foreign exchange differences | (148 ) | 27 | (457 ) | 12 | (267 ) | (833 ) |
Reclasses and other | (69 ) | 172 | \u2013 | \u2013 | 111 | 214 |
Balance at November 30, 2024 | 13,459 | 6,696 | 63,860 | 55,208 | 3,727 | 142,950 |
| Net book value: | ||||||
At November 30, 2023 | 78,786 | 12,142 | 57,488 | 74,256 | 5,599 | 228,271 |
At November 30, 2024 | 76,085 | 18,020 | 173,691 | 58,282 | 5,414 | 331,492 |
| Customer | ||||||
| Relations/ | Computer | |||||
(in US $ thousands) | Goodwill | Trademark | Contracts | Software | Other | Total |
| Cost: | ||||||
Balance, December 1, 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 |
Additions | \u2013 | \u2013 | \u2013 | 8,219 | 61 | 8,280 |
Disposals and retirements | \u2013 | (1,357 ) | (7,111 ) | (329 ) | (8,797 ) | |
Net foreign exchange differences | 57 | \u2013 | \u2013 | (2,767 ) | 59 | (2,651 ) |
Reclasses and other | \u2013 | \u2013 | \u2013 | 114 | 114 | |
Balance, November 30, 2024 | 33,358 | \u2013 | \u2013 | 68,356 | 1,505 | 103,219 |
| Accumulated amortisation: | ||||||
Balance, December 1, 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 |
Amortisation charge for the year | \u2013 | \u2013 | \u2013 | 4,341 | \u2013 | 4,341 |
Disposals and retirements | \u2013 | (1,357 ) | (7,111 ) | (146 ) | \u2013 | (8,614 ) |
Net foreign exchange differences | \u2013 | \u2013 | \u2013 | (1,076 ) | 64 | (1,012 ) |
Reclasses and other | \u2013 | \u2013 | \u2013 | (32 ) | 91 | 59 |
Balance, November 30, 2024 | 12,394 | \u2013 | \u2013 | 47,164 | 1,206 | 60,764 |
| Net book value: | ||||||
At November 30, 2023 | 20,907 | \u2013 | \u2013 | 19,156 | 220 | 40,283 |
At November 30, 2024 | 20,964 | \u2013 | \u2013 | 21,192 | 299 | 42,455 |
| For the years ended | ||
| November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Benefit obligations at beginning of year | 168,950 | 177,630 |
Current service cost | 437 | 408 |
Interest cost | 8,856 | 8,633 |
Benefits paid | (11,823 ) | (10,425 ) |
Foreign exchange rate changes | (46 ) | 718 |
| Remeasurements: | ||
Effect of changes in demographic assumptions | (410 ) | 7 |
Effect of changes in financial assumptions | 4,149 | (7,225 ) |
Effect of experience adjustments | 439 | (796 ) |
| Benefits obligation at end of year | 170,552 | 168,950 |
| For the years ended | ||
| November 30 | ||
| (in US $ thousands) | 2024 | 2023 |
Fair value of plan assets at beginning of year | 170,305 | 177,890 |
Return on plan assets (excluding interest income) | 6,091 | (6,657 ) |
Interest income | 8,701 | 8,467 |
Company contributions | 1,612 | 443 |
Foreign exchange rate changes | 26 | 919 |
Benefits paid | (11,823 ) | (10,425 ) |
Expenses paid | (475 ) | (332 ) |
| Fair value of plan assets at end of year | 174,437 | 170,305 |
| Claims | Environmental | |||
| (in US $ thousands) | provision | provision | Restructuring | Total |
Balance at December 1, 2023 | 301,566 | 581 | 37 | 302,184 |
| Additional (reversal) provisions | ||||
recognised, net | 245 | (6 ) | \u2013 | 239 |
Reductions arising from payments | (301,333 ) | (458 ) | (37 ) | (301,828 ) |
Net foreign exchange differences | (74 ) | \u2013 | \u2013 | (74 ) |
Balance at November 30, 2024 | 404 | 117 | \u2013 | 521 |
| Asset retirement | |||
| (in US $ thousands) | obligations | Claims provision | Total |
Balance at December 1, 2023 | 1,933 | 15,261 | 17,194 |
Additional (reversal) provisions recognised, net | 3 | (2,155 ) | (2,152 ) |
| Net foreign exchange differences | (8 ) | 15 | 7 |
Balance at November 30, 2024 | 1,928 | 13,121 | 15,049 |
| As of November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Cash deposit | 92,073 | 176,780 |
Short-term time deposits | 242,665 | 269,735 |
Cash and cash equivalents | 334,738 | 446,515 |
| As of November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Customer trade receivables | 366,523 | 319,826 |
Contract assets | 17,202 | 14,124 |
Receivable from Deltech Corporation (\u201cDeltech\u201d) | \u2013 | 13,000 |
Accrued revenue | 10,292 | 7,831 |
Insurance receivable | 1,075 | 1,241 |
Interest | 349 | 536 |
Other | 2,482 | 6,039 |
397,923 | 362,597 | |
| Allowance for impairment on customer trade and accrued | ||
receivables | (21,191 ) | (21,278 ) |
Receivables, net | 376,732 | 341,319 |
2024 | 2023 | |||
| (in US $ thousands) | <1 year | >1 year | <1 year | >1 year |
Balance, December 1 | 14,124 | \u2013 | 15,433 | \u2013 |
Transfer to trade receivables | (488,633 ) | \u2013 | (507,573 ) | \u2013 |
| Revenue recognised (current | ||||
| year performance obligations) | 491,711 | \u2013 | 506,264 | \u2013 |
| Balance, November 30 | 17,202 | \u2013 | 14,124 | \u2013 |
| As of November 30, 2024 | ||
(in US $ thousands) | Not Impaired | Impaired |
Current | 216,899 | 127 |
Up to 30 days past due | 60,917 | 709 |
31 to 60 days past due | 22,763 | 494 |
61 to 90 days past due | 13,106 | 323 |
| Greater than 91 days past due | 31,647 | 19,538 |
345,332 | 21,191 |
| As of November 30, 2023 | ||
(in US $ thousands) | Not 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 | ||
| (in US $ thousands) | 2024 | 2023 |
| Allowance for impairment on customer trade and accrued | ||
| receivables, brought forward | 21,278 | 21,618 |
Impairment recognised, net | 3,112 | 1,861 |
| Accounts written off | (3,199 ) | (2,201 ) |
| Balance at the end of the year | 21,191 | 21,278 |
| As of November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Customer trade receivables | 366,523 | 319,826 |
Contract assets | 17,202 | 14,124 |
Receivable from Deltech Corporation (\u201cDeltech\u201d) | \u2013 | 13,000 |
Accrued revenue | 10,292 | 7,831 |
Insurance receivable | 1,075 | 1,241 |
Interest | 349 | 536 |
Other | 2,482 | 6,039 |
397,923 | 362,597 | |
| Allowance for impairment on customer trade and accrued | ||
receivables | (21,191 ) | (21,278 ) |
Receivables, net | 376,732 | 341,319 |
| As of November 30, 2024 | ||
(in US $ thousands) | Not Impaired | Impaired |
Current | 216,899 | 127 |
Up to 30 days past due | 60,917 | 709 |
31 to 60 days past due | 22,763 | 494 |
61 to 90 days past due | 13,106 | 323 |
| Greater than 91 days past due | 31,647 | 19,538 |
345,332 | 21,191 |
| As of November 30, 2023 | ||
(in US $ thousands) | Not 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 | ||
| (in US $ thousands) | 2024 | 2023 |
| Allowance for impairment on customer trade and accrued | ||
| receivables, brought forward | 21,278 | 21,618 |
Impairment recognised, net | 3,112 | 1,861 |
| Accounts written off | (3,199 ) | (2,201 ) |
| Balance at the end of the year | 21,191 | 21,278 |
| As of November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Customer trade receivables | 366,523 | 319,826 |
Contract assets | 17,202 | 14,124 |
Receivable from Deltech Corporation (\u201cDeltech\u201d) | \u2013 | 13,000 |
Accrued revenue | 10,292 | 7,831 |
Insurance receivable | 1,075 | 1,241 |
Interest | 349 | 536 |
Other | 2,482 | 6,039 |
397,923 | 362,597 | |
| Allowance for impairment on customer trade and accrued | ||
receivables | (21,191 ) | (21,278 ) |
Receivables, net | 376,732 | 341,319 |
| Accumulated depreciation and impairment | Plant and | Leasehold | Construction | |||||
| (in US $ thousands) | Land | Buildings | Ships and Barges | Tank Containers | Equipment | Improvements | In Progress | Total |
Balance at December 1, 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 | \u2013 | 34 | 2 | (2 ) | (865 ) | 15 | \u2013 | (816 ) |
Balance at November 30, 2023 | \u2013 | 62,057 | 1,840,219 | 268,692 | 758,281 | 6,485 | \u2013 | 2,935,734 |
Depreciation expense | \u2013 | 2,752 | 131,024 | 21,147 | 71,236 | 1,049 | \u2013 | 227,208 |
Disposals and retirements | \u2013 | (258 ) | (80,434 ) | (14,938 ) | (10,922 ) | (2,132 ) | \u2013 | (108,684 ) |
Net foreign exchange differences | \u2013 | (257 ) | (1,142 ) | (62 ) | (9,114 ) | (60 ) | \u2013 | (10,635 ) |
Reclasses and other | \u2013 | 2,352 | (22 ) | (234 ) | (4,873 ) | (2 ) | \u2013 | (2,779 ) |
Balance at November 30, 2024 | \u2013 | 66,646 | 1,889,645 | 274,605 | 804,608 | 5,340 | \u2013 | 3,040,844 |
| Net book value: | ||||||||
At November 30, 2023 | 64,707 | 83,276 | 1,458,524 | 273,538 | 843,790 | 4,058 | 112,609 | 2,840,502 |
At November 30, 2024 | 64,340 | 80,413 | 1,356,032 | 289,571 | 863,677 | 9,771 | 111,240 | 2,775,044 |
| As of November 30, 2024 | ||
(in US $ thousands) | Not Impaired | Impaired |
Current | 216,899 | 127 |
Up to 30 days past due | 60,917 | 709 |
31 to 60 days past due | 22,763 | 494 |
61 to 90 days past due | 13,106 | 323 |
| Greater than 91 days past due | 31,647 | 19,538 |
345,332 | 21,191 |
| As of November 30, 2023 | ||
(in US $ thousands) | Not 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 | ||
| (in US $ thousands) | 2024 | 2023 |
| Allowance for impairment on customer trade and accrued | ||
| receivables, brought forward | 21,278 | 21,618 |
Impairment recognised, net | 3,112 | 1,861 |
| Accounts written off | (3,199 ) | (2,201 ) |
| Balance at the end of the year | 21,191 | 21,278 |
| November 30, 2024 | ||||
| (in US $ thousands) | Terminals | SSF | Other | Total |
Raw materials | \u2013 | 313 | 107 | 420 |
Consumables | 745 | \u2013 | 1,653 | 2,398 |
Finished goods | \u2013 | 4,477 | \u2013 | 4,477 |
745 | 4,790 | 1,760 | 7,295 |
| November 30, 2023 | ||||
| (in US $ 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 |
| As of November 30 | ||
| (in US $ thousands) | 2024 | 2023 |
Turbot and sole | 52,545 | 54,812 |
(in US $ thousands) | 2024 | 2023 |
Balance at December 1, | 54,812 | 46,181 |
Increases owing to production and purchases | 61,594 | 63,435 |
(Loss) gain from change in fair value | (699 ) | 3,914 |
Effect of changes in foreign currency rates | (1,249 ) | 1,857 |
Decreases owing to mortalities | (1,097 ) | (1,136 ) |
Transfer to inventory | (60,816 ) | (59,439 ) |
Balance at November 30, | 52,545 | 54,812 |
| For the years ended November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Total fair value adjustment of turbot and sole recognised in operating expenses | (699 ) | 3,914 |
| As of November 30 | ||
| (in US $ thousands) | 2024 | 2023 |
| Total turbot and sole held at fair value included in the balance | ||
| sheet | 48,442 | 50,751 |
| For the years ended and as of November 30 | ||
(in tonnes) | 2024 | 2023 |
Volume of biomass harvested during the year (live weight) | 8,476 | 8,250 |
Volume of biomass in the water at year end (live weight) | 4,272 | 4,310 |
| As of November 30 | ||
(in US $ thousands) | 2024 | 2023 |
| Total turbot and sole held at cost included in the balance | ||
sheet | 4,103 | 4,061 |
| November 30, 2024 | ||||
| (in US $ thousands) | Terminals | SSF | Other | Total |
Raw materials | \u2013 | 313 | 107 | 420 |
Consumables | 745 | \u2013 | 1,653 | 2,398 |
Finished goods | \u2013 | 4,477 | \u2013 | 4,477 |
745 | 4,790 | 1,760 | 7,295 |
| November 30, 2023 | ||||
| (in US $ 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 |
| As of November 30 | ||
| (in US $ thousands) | 2024 | 2023 |
Turbot and sole | 52,545 | 54,812 |
(in US $ thousands) | 2024 | 2023 |
Balance at December 1, | 54,812 | 46,181 |
Increases owing to production and purchases | 61,594 | 63,435 |
(Loss) gain from change in fair value | (699 ) | 3,914 |
Effect of changes in foreign currency rates | (1,249 ) | 1,857 |
Decreases owing to mortalities | (1,097 ) | (1,136 ) |
Transfer to inventory | (60,816 ) | (59,439 ) |
Balance at November 30, | 52,545 | 54,812 |
| For the years ended November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Total fair value adjustment of turbot and sole recognised in operating expenses | (699 ) | 3,914 |
| As of November 30 | ||
| (in US $ thousands) | 2024 | 2023 |
| Total turbot and sole held at fair value included in the balance | ||
| sheet | 48,442 | 50,751 |
| For the years ended and as of November 30 | ||
(in tonnes) | 2024 | 2023 |
Volume of biomass harvested during the year (live weight) | 8,476 | 8,250 |
Volume of biomass in the water at year end (live weight) | 4,272 | 4,310 |
| As of November 30 | ||
(in US $ thousands) | 2024 | 2023 |
| Total turbot and sole held at cost included in the balance | ||
sheet | 4,103 | 4,061 |
| Average Years | |
Buildings | 15 to 50 |
| Ships and barges | |
Ships | 25 to 3 3 |
Barges | 25 to 38 |
Tank containers | 10 to 20 |
| Plant and equipment: | |
Terminal tanks and structures | 10 to 4 0 |
Terminal other support equipment and other assets | 10 to 3 0 |
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 |
| Cost | Plant and | Leasehold | Construction | |||||
| (in US $ thousands) | Land | Buildings | Ships and Barges | Tank Containers | Equipment | Improvements | In Progress | Total |
Balance at December 1, 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 | \u2013 | (4 ) | (3 ) | \u2013 | (21 ) | 26 | 182 | 180 |
Balance at November 30, 2023 | 64,707 | 145,333 | 3,298,743 | 542,230 | 1,602,071 | 10,543 | 112,609 | 5,776,236 |
Additions | 1,063 | 1,472 | 81,595 | 41,189 | 7,966 | 973 | 100,940 | 235,198 |
Grant receipts | \u2013 | (258 ) | \u2013 | \u2013 | (1,063 ) | \u2013 | \u2013 | (1,321 ) |
Disposals and retirements | \u2013 | (1,064 ) | (132,515 ) | (19,502 ) | (11, 274 ) | (2,132 ) | 56 | (166,431 ) |
Net foreign exchange differences | (1,430 ) | (1,117 ) | (2,141 ) | (113 ) | (19,719 ) | (65 ) | (2,937 ) | (27,522 ) |
Transfers | \u2013 | 2,695 | \u2013 | 372 | 89,932 | 5,786 | (98,785 ) | \u2013 |
Reclasses and other | \u2013 | (2 ) | (5 ) | \u2013 | 372 | 6 | (643 ) | (272 ) |
Balance at November 30, 2024 | 64,340 | 147,059 | 3,245,677 | 564,176 | 1,668,285 | 15,111 | 111,240 | 5,815,888 |
| Accumulated depreciation and impairment | Plant and | Leasehold | Construction | |||||
| (in US $ thousands) | Land | Buildings | Ships and Barges | Tank Containers | Equipment | Improvements | In Progress | Total |
Balance at December 1, 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 | \u2013 | 34 | 2 | (2 ) | (865 ) | 15 | \u2013 | (816 ) |
Balance at November 30, 2023 | \u2013 | 62,057 | 1,840,219 | 268,692 | 758,281 | 6,485 | \u2013 | 2,935,734 |
Depreciation expense | \u2013 | 2,752 | 131,024 | 21,147 | 71,236 | 1,049 | \u2013 | 227,208 |
Disposals and retirements | \u2013 | (258 ) | (80,434 ) | (14,938 ) | (10,922 ) | (2,132 ) | \u2013 | (108,684 ) |
Net foreign exchange differences | \u2013 | (257 ) | (1,142 ) | (62 ) | (9,114 ) | (60 ) | \u2013 | (10,635 ) |
Reclasses and other | \u2013 | 2,352 | (22 ) | (234 ) | (4,873 ) | (2 ) | \u2013 | (2,779 ) |
Balance at November 30, 2024 | \u2013 | 66,646 | 1,889,645 | 274,605 | 804,608 | 5,340 | \u2013 | 3,040,844 |
| Net book value: | ||||||||
At November 30, 2023 | 64,707 | 83,276 | 1,458,524 | 273,538 | 843,790 | 4,058 | 112,609 | 2,840,502 |
At November 30, 2024 | 64,340 | 80,413 | 1,356,032 | 289,571 | 863,677 | 9,771 | 111,240 | 2,775,044 |
| Accumulated depreciation and impairment | Plant and | Leasehold | Construction | |||||
| (in US $ thousands) | Land | Buildings | Ships and Barges | Tank Containers | Equipment | Improvements | In Progress | Total |
Balance at December 1, 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 | \u2013 | 34 | 2 | (2 ) | (865 ) | 15 | \u2013 | (816 ) |
Balance at November 30, 2023 | \u2013 | 62,057 | 1,840,219 | 268,692 | 758,281 | 6,485 | \u2013 | 2,935,734 |
Depreciation expense | \u2013 | 2,752 | 131,024 | 21,147 | 71,236 | 1,049 | \u2013 | 227,208 |
Disposals and retirements | \u2013 | (258 ) | (80,434 ) | (14,938 ) | (10,922 ) | (2,132 ) | \u2013 | (108,684 ) |
Net foreign exchange differences | \u2013 | (257 ) | (1,142 ) | (62 ) | (9,114 ) | (60 ) | \u2013 | (10,635 ) |
Reclasses and other | \u2013 | 2,352 | (22 ) | (234 ) | (4,873 ) | (2 ) | \u2013 | (2,779 ) |
Balance at November 30, 2024 | \u2013 | 66,646 | 1,889,645 | 274,605 | 804,608 | 5,340 | \u2013 | 3,040,844 |
| Net book value: | ||||||||
At November 30, 2023 | 64,707 | 83,276 | 1,458,524 | 273,538 | 843,790 | 4,058 | 112,609 | 2,840,502 |
At November 30, 2024 | 64,340 | 80,413 | 1,356,032 | 289,571 | 863,677 | 9,771 | 111,240 | 2,775,044 |
| Cost | Plant and | |||||
| (in US $ thousands) | Land | Buildings | Ships and Barges | Tank Containers | Equipment | Total |
Balance at December 1, 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 |
New leases and other increases | 2,511 | 10,628 | 147,736 | 39,983 | 2,507 | 203,365 |
Retirements and other decreases | (1,123 ) | (7,542 ) | (24,089 ) | (48,441 ) | (3,103 ) | (84,298 ) |
Net foreign exchange differences | (1,412 ) | 807 | (813 ) | 6 | (496 ) | (1,908 ) |
Balance at November 30, 2024 | 89,544 | 24,716 | 237,551 | 113,490 | 9,141 | 474,442 |
| Accumulated depreciation | Plant and | |||||
| (in US $ thousands) | Land | Buildings | Ships and Barges | Tank Containers | Equipment | Total |
Balance at December 1, 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 |
Depreciation expense | 3,738 | 3,973 | 28,650 | 29,047 | 1,879 | 67,287 |
Retirements and other decreases | (844 ) | (6,157 ) | (21,562 ) | (21,537 ) | (2,630 ) | (52,730 ) |
Net foreign exchange differences | (148 ) | 27 | (457 ) | 12 | (267 ) | (833 ) |
Reclasses and other | (69 ) | 172 | \u2013 | \u2013 | 111 | 214 |
Balance at November 30, 2024 | 13,459 | 6,696 | 63,860 | 55,208 | 3,727 | 142,950 |
| Net book value: | ||||||
At November 30, 2023 | 78,786 | 12,142 | 57,488 | 74,256 | 5,599 | 228,271 |
At November 30, 2024 | 76,085 | 18,020 | 173,691 | 58,282 | 5,414 | 331,492 |
| Customer | ||||||
| Relations/ | Computer | |||||
(in US $ thousands) | Goodwill | Trademark | Contracts | Software | Other | Total |
| Cost: | ||||||
Balance, December 1, 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 |
Additions | \u2013 | \u2013 | \u2013 | 8,219 | 61 | 8,280 |
Disposals and retirements | \u2013 | (1,357 ) | (7,111 ) | (329 ) | (8,797 ) | |
Net foreign exchange differences | 57 | \u2013 | \u2013 | (2,767 ) | 59 | (2,651 ) |
Reclasses and other | \u2013 | \u2013 | \u2013 | 114 | 114 | |
Balance, November 30, 2024 | 33,358 | \u2013 | \u2013 | 68,356 | 1,505 | 103,219 |
| Accumulated amortisation: | ||||||
Balance, December 1, 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 |
Amortisation charge for the year | \u2013 | \u2013 | \u2013 | 4,341 | \u2013 | 4,341 |
Disposals and retirements | \u2013 | (1,357 ) | (7,111 ) | (146 ) | \u2013 | (8,614 ) |
Net foreign exchange differences | \u2013 | \u2013 | \u2013 | (1,076 ) | 64 | (1,012 ) |
Reclasses and other | \u2013 | \u2013 | \u2013 | (32 ) | 91 | 59 |
Balance, November 30, 2024 | 12,394 | \u2013 | \u2013 | 47,164 | 1,206 | 60,764 |
| Net book value: | ||||||
At November 30, 2023 | 20,907 | \u2013 | \u2013 | 19,156 | 220 | 40,283 |
At November 30, 2024 | 20,964 | \u2013 | \u2013 | 21,192 | 299 | 42,455 |
| Customer | ||||||
| Relations/ | Computer | |||||
(in US $ thousands) | Goodwill | Trademark | Contracts | Software | Other | Total |
| Cost: | ||||||
Balance, December 1, 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 |
Additions | \u2013 | \u2013 | \u2013 | 8,219 | 61 | 8,280 |
Disposals and retirements | \u2013 | (1,357 ) | (7,111 ) | (329 ) | (8,797 ) | |
Net foreign exchange differences | 57 | \u2013 | \u2013 | (2,767 ) | 59 | (2,651 ) |
Reclasses and other | \u2013 | \u2013 | \u2013 | 114 | 114 | |
Balance, November 30, 2024 | 33,358 | \u2013 | \u2013 | 68,356 | 1,505 | 103,219 |
| Accumulated amortisation: | ||||||
Balance, December 1, 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 |
Amortisation charge for the year | \u2013 | \u2013 | \u2013 | 4,341 | \u2013 | 4,341 |
Disposals and retirements | \u2013 | (1,357 ) | (7,111 ) | (146 ) | \u2013 | (8,614 ) |
Net foreign exchange differences | \u2013 | \u2013 | \u2013 | (1,076 ) | 64 | (1,012 ) |
Reclasses and other | \u2013 | \u2013 | \u2013 | (32 ) | 91 | 59 |
Balance, November 30, 2024 | 12,394 | \u2013 | \u2013 | 47,164 | 1,206 | 60,764 |
| Net book value: | ||||||
At November 30, 2023 | 20,907 | \u2013 | \u2013 | 19,156 | 220 | 40,283 |
At November 30, 2024 | 20,964 | \u2013 | \u2013 | 21,192 | 299 | 42,455 |
| Customer | ||||||
| Relations/ | Computer | |||||
(in US $ thousands) | Goodwill | Trademark | Contracts | Software | Other | Total |
| Cost: | ||||||
Balance, December 1, 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 |
Additions | \u2013 | \u2013 | \u2013 | 8,219 | 61 | 8,280 |
Disposals and retirements | \u2013 | (1,357 ) | (7,111 ) | (329 ) | (8,797 ) | |
Net foreign exchange differences | 57 | \u2013 | \u2013 | (2,767 ) | 59 | (2,651 ) |
Reclasses and other | \u2013 | \u2013 | \u2013 | 114 | 114 | |
Balance, November 30, 2024 | 33,358 | \u2013 | \u2013 | 68,356 | 1,505 | 103,219 |
| Accumulated amortisation: | ||||||
Balance, December 1, 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 |
Amortisation charge for the year | \u2013 | \u2013 | \u2013 | 4,341 | \u2013 | 4,341 |
Disposals and retirements | \u2013 | (1,357 ) | (7,111 ) | (146 ) | \u2013 | (8,614 ) |
Net foreign exchange differences | \u2013 | \u2013 | \u2013 | (1,076 ) | 64 | (1,012 ) |
Reclasses and other | \u2013 | \u2013 | \u2013 | (32 ) | 91 | 59 |
Balance, November 30, 2024 | 12,394 | \u2013 | \u2013 | 47,164 | 1,206 | 60,764 |
| Net book value: | ||||||
At November 30, 2023 | 20,907 | \u2013 | \u2013 | 19,156 | 220 | 40,283 |
At November 30, 2024 | 20,964 | \u2013 | \u2013 | 21,192 | 299 | 42,455 |
| Customer | ||||||
| Relations/ | Computer | |||||
(in US $ thousands) | Goodwill | Trademark | Contracts | Software | Other | Total |
| Cost: | ||||||
Balance, December 1, 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 |
Additions | \u2013 | \u2013 | \u2013 | 8,219 | 61 | 8,280 |
Disposals and retirements | \u2013 | (1,357 ) | (7,111 ) | (329 ) | (8,797 ) | |
Net foreign exchange differences | 57 | \u2013 | \u2013 | (2,767 ) | 59 | (2,651 ) |
Reclasses and other | \u2013 | \u2013 | \u2013 | 114 | 114 | |
Balance, November 30, 2024 | 33,358 | \u2013 | \u2013 | 68,356 | 1,505 | 103,219 |
| Accumulated amortisation: | ||||||
Balance, December 1, 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 |
Amortisation charge for the year | \u2013 | \u2013 | \u2013 | 4,341 | \u2013 | 4,341 |
Disposals and retirements | \u2013 | (1,357 ) | (7,111 ) | (146 ) | \u2013 | (8,614 ) |
Net foreign exchange differences | \u2013 | \u2013 | \u2013 | (1,076 ) | 64 | (1,012 ) |
Reclasses and other | \u2013 | \u2013 | \u2013 | (32 ) | 91 | 59 |
Balance, November 30, 2024 | 12,394 | \u2013 | \u2013 | 47,164 | 1,206 | 60,764 |
| Net book value: | ||||||
At November 30, 2023 | 20,907 | \u2013 | \u2013 | 19,156 | 220 | 40,283 |
At November 30, 2024 | 20,964 | \u2013 | \u2013 | 21,192 | 299 | 42,455 |
| 2024 | 2024 | As of November 30 | |||
(in US $ thousands) | Location 1 | % Shares | % Voting Rights | 2024 | 2023 |
| Joint Ventures: | |||||
| Tankers\u2019 material joint ventures: | |||||
| NYK Stolt Tankers S.A. | Panama | 50 | 50 | 111,425 | 54,969 |
| NYK Stolt Shipholding Pte. Ltd. | Singapore | 50 | 50 | 75,657 | 66,576 |
| Shanghai SC-Stolt Shipping Ltd | China | 49 | 50 | 39,534 | 38,707 |
Hassel Shipping 4 AS Tankers\u2019 non-material joint ventures: | Norway | 50 | 50 | 65,343 | 66,500 |
| Stolt NYK Asia Pacific Services Inc. | Liberia | 50 | 50 | 905 | 2,689 |
| SIA LAPA, Ltd | Latvia | 70 | 50 | 1,656 | 2,418 |
| Shanghai New Xing Yang Marine Services Co. Ltd | China | 40 | 40 | \u2013 | \u2013 |
294,520 | 231,859 | ||||
| Terminals\u2019 material joint ventures: | |||||
| Advario Stolthaven Antwerp, NV | Belgium | 50 | 50 | 115,153 | 115,879 |
| Jeong-IL Stolthaven Ulsan Co. Ltd | South Korea | 50 | 50 | 118,331 | 123,738 |
| Tianjin Lingang Stolthaven Terminal Co. | China | 65 | 50 | 21,607 | 24,564 |
| Tianjin Lingang Stolthaven Jetty Company | China | 40 | 50 | 10,898 | 11,144 |
| Terminals\u2019 non-material joint ventures: | |||||
| Stolthaven Revivegen Kaohsiung Co., Ltd | Taiwan | 49 | 50 | 29,784 | 24,309 |
| Ceyhan Terminal Himzetleri Anonim Sirketu | Turkey | 33 | 50 | 9,461 | \u2013 |
| Stolthaven (Westport) Sdn. Bhd. | Malaysia | 49 | 50 | 9,122 | 6,715 |
314,356 | 306,349 | ||||
| Tank Containers\u2019 non-material joint ventures: | |||||
| Hyop Woon Stolt Transportation Services Co. Ltd | South Korea | 50 | 50 | 3,850 | 3,808 |
| Kanoo Tank Services Ltd. | Saudi Arabia | 60 | 60 | 16,352 | 16,883 |
| Vado Tank Cleaning SRL | Italy | 50 | 50 | 1,716 | 1,549 |
| Laem Chabang Tank Service Co. Ltd. | Thailand | 49 | 49 | 1,070 | 1,653 |
| FSTS CO., Ltd | Thailand | 49 | 49 | 1,056 | 1,144 |
| Joint Tank Services FZCO | United Arab Emirates | 40 | 40 | 1,494 | 1,229 |
25,538 | 26,266 | ||||
| Stolt-Nielsen Gas\u2019 material joint venture: | |||||
| Avenir LNG Limited | Bermuda | 47 | 47 | 70,482 | 76,102 |
| Stolt-Nielsen Gas\u2019 non-material joint venture: | |||||
| Higas Holdings Limited | Italy | 50 | 50 | 12,112 | \u2013 |
82,594 | 76,102 | ||||
| Subtotal | 717,008 | 640,576 |
| 2024 | 2024 | As of November 30 | |||
(in US $ thousands) | Location 1 | % Shares | % Voting Rights | 2024 | 2023 |
| Non-material associates: | |||||
Brovig SS II Indre Selskap | Norway | 50 | 50 | 31 | 5,917 |
Essberger & Stolt Tankers GMbH & Co KG | Germany | 28 | 28 | 164 | 164 |
N.C. Stolt Transportation Services Co. Ltd | Japan | 50 | 50 | 1,226 | 1,159 |
Norterminal A.S. | Norway | 25 | 25 | 648 | 674 |
N.C. Stolt Chuyko Transportation Services Co. Ltd | Japan | 35 | 35 | 486 | 428 |
Other | \u2013 | 1,245 | |||
Subtotal | 2,555 | 9,587 | |||
719,563 | 650,163 |
(in US $ thousands) | Joint Ventures | Associates | Total |
Balance, December 1, 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 |
Share of profit of joint ventures and associates | 62,646 | 112 | 62,758 |
Dividends | (48,288 ) | (5,520 ) | (53,808 ) |
Net foreign exchange differences | (12,193 ) | (30 ) | (12,223 ) |
Net loss on cash flow hedges held by joint ventures | (2,273 ) | \u2013 | (2,273 ) |
Advances to joint ventures, net of repayments | 59,108 | \u2013 | 59,108 |
Net actuarial gain on pension schemes held by joint venture | 531 | \u2013 | 531 |
Investment in joint venture and associate | 14,520 | \u2013 | 14,520 |
Transfer | 1,245 | (1,245 ) | \u2013 |
Other | 1,136 | (349 ) | 787 |
Balance, November 30, 2024 | 717,008 | 2,555 | 719,563 |
| NYK Stolt | NYK Stolt | Shanghai SC-Stolt | Hassel Shipping | |||||
| Tankers S.A. | Shipholding Pte. Ltd. | Shipping Ltd | 4 AS | |||||
| (in US $ thousands) | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
| Selected Balance Sheet Information | ||||||||
Cash and cash equivalents | 41,282 | 14,582 | 26,754 | 2,877 | 24,814 | 25,781 | 18,813 | 14,249 |
| Current assets, other than cash | 15,009 | 19,050 | 8,135 | 12,312 | 5,389 | 7,355 | 8,471 | 25,725 |
| Current assets | 56,291 | 33,632 | 34,889 | 15,189 | 30,203 | 33,136 | 27,284 | 39,974 |
Non-current assets | 294,460 | 217,721 | 154,777 | 162,636 | 55,363 | 49,956 | 282,165 | 284,566 |
| Total Assets | 350,751 | 251,353 | 189,666 | 177,825 | 85,566 | 83,092 | 309,449 | 324,540 |
Financial liabilities, other than accounts payable | 13,692 | 13,405 | 4,498 | 5,410 | \u2013 | \u2013 | 15,130 | 14,384 |
| Other current liabilities | 8,091 | 5,411 | \u2013 | \u2013 | 4,140 | 4,098 | \u2013 | \u2013 |
| Current liabilities | 21,783 | 18,816 | 4,498 | 5,410 | 4,140 | 4,098 | 15,130 | 14,384 |
Financial liabilities | 190,693 | 122,599 | 33,854 | 39,264 | 745 | \u2013 | 170,762 | 184,613 |
| Total non-current liabilities | 190,693 | 122,599 | 33,854 | 39,264 | 745 | \u2013 | 170,762 | 184,613 |
Net Assets | 138,275 | 109,938 | 151,314 | 133,151 | 80,681 | 78,994 | 123,557 | 125,543 |
| Selected Income Statement Information | ||||||||
| Operating revenue | 105,068 | 95,961 | 63,455 | 52,825 | 34,896 | 41,949 | 108,425 | 100,709 |
| Depreciation and amortisation | 15,052 | 15,506 | 12,006 | 12,536 | 6,025 | 4,392 | 13,106 | 13,628 |
| Finance income | \u2013 | \u2013 | 486 | 271 | \u2013 | \u2013 | 1,081 | 1,176 |
| Finance expense | 8,641 | 9,821 | 2,019 | 2,347 | \u2013 | \u2013 | 11,816 | 12,444 |
| Profit before taxes | 35,184 | 28,468 | 18,655 | 8,384 | 1,801 | 7,081 | 44,217 | 37,709 |
| Income tax expense | \u2013 | \u2013 | \u2013 | \u2013 | 329 | (1,930 ) | \u2013 | \u2013 |
| Net profit | 35,184 | 28,468 | 18,655 | 8,384 | 2,130 | 5,151 | 44,217 | 37,709 |
Other comprehensive (loss) income | (847 ) | 791 | (493 ) | (87 ) | (444 ) | (623 ) | (3,204 ) | 1,389 |
| Total comprehensive income | 34,337 | 29,259 | 18,162 | 8,297 | 1,686 | 4,528 | 41,013 | 39,098 |
Dividends received by Group | 3,000 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 21,500 | 20,000 |
| Tianjin Lingang Stolthaven | Tianjin Lingang Stolthaven | ||||||||||
Advario Stolthaven Antwerp, NV | Jeong-IL Stolthaven Ulsan Co. Ltd | Terminal Co. | Jetty Company | ||||||||
(in US $ thousands) | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||
| Selected Balance Sheet Information | |||||||||||
Cash and cash equivalents | 2,800 | 4,041 | 12 | 13 | 3,084 | 3,595 | 4,735 | 2,522 | |||
| Current assets, other than cash | 26,300 | 26,497 | 22,698 | 26,085 | 1,127 | 1,012 | 3,956 | 3,988 | |||
| Current assets | 29,100 | 30,538 | 22,710 | 26,098 | 4,211 | 4,607 | 8,691 | 6,510 | |||
Non-current assets | 316,542 | 329,763 | 337,249 | 369,439 | 32,550 | 34,365 | 21,239 | 22,692 | |||
| Total Assets | 345,642 | 360,301 | 359,959 | 395,537 | 36,761 | 38,972 | 29,930 | 29,202 | |||
Financial liabilities, other than accounts payable | 22,306 | 31,488 | 62,654 | 71,070 | 1,381 | 1,401 | \u2013 | \u2013 | |||
| Other current liabilities | 18,581 | 13,593 | 10,103 | 11,215 | 2,117 | 2,140 | 2,202 | 1,028 | |||
| Current liabilities | 40,887 | 45,081 | 72,757 | 82,285 | 3,498 | 3,541 | 2,202 | 1,028 | |||
Financial liabilities | 69,177 | 78,136 | 57,743 | 74,352 | 128 | 4,777 | \u2013 | \u2013 | |||
| Non-current liabilities | 42,780 | 43,977 | 787 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |||
| Total non-current liabilities | 111,957 | 122,113 | 58,530 | 74,352 | 128 | 4,777 | \u2013 | \u2013 | |||
Net Assets | 192,798 | 193,107 | 228,672 | 238,900 | 33,135 | 30,654 | 27,728 | 28,174 | |||
| Selected Income Statement Information | |||||||||||
| Operating revenue | 110,719 | 107,970 | 95,086 | 96,325 | 12,109 | 11,144 | 7,235 | 7,080 | |||
| Depreciation and amortisation | 32,611 | 32,117 | 12,298 | 12,531 | 2,363 | 2,775 | 1,269 | 1,310 | |||
| Finance income | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 17 | 26 | |||
| Finance expense | 2,972 | 3,158 | 4,019 | 4,959 | 122 | 614 | 173 | \u2013 | |||
| Profit before taxes | 20,593 | 18,914 | 37,508 | 35,694 | 3,683 | 2,489 | 2,746 | 2,593 | |||
| Income tax expense | (5,547 ) | (4,798 ) | (8,147 ) | (7,608 ) | (728 ) | 1 | (693 ) | (653 ) | |||
| Net profit | 15,046 | 14,116 | 29,361 | 28,086 | 2,955 | 2,490 | 2,053 | 1,940 | |||
Other comprehensive (loss) income | (5,531 ) | 8,825 | (16,639 ) | (44 ) | (472 ) | (217 ) | (428 ) | (245 ) | |||
| Total comprehensive income | 9,515 | 22,941 | 12,722 | 28,042 | 2,483 | 2,273 | 1,625 | 1,695 | |||
Dividends received by Group | 4,912 | 2,200 | 11,475 | 7,706 | \u2013 | \u2013 | 829 | 1,453 |
| NYK Stolt | NYK Stolt | Hassel | |||||||
| Tankers S.A. | Shipholding Pte. Ltd. | Shanghai SC-Stolt Shipping Ltd | Shipping 4 AS | ||||||
(in US $ thousands) | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| Net Assets: | |||||||||
Balance, December 1 | 109,938 | 70,679 | 133,151 | 82,855 | 78,994 | 73,771 | 125,543 | 126,445 | |
| Profit for the year | 35,184 | 28,468 | 18,655 | 8,384 | 2,130 | 5,151 | 44,217 | 37,709 | |
| Capital contribution | \u2013 | 10,000 | \u2013 | 42,000 | \u2013 | \u2013 | \u2013 | \u2013 | |
| Dividends | (6,000 ) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (43,000 ) | (40,000 ) | |
| Other comprehensive (loss) income | (847 ) | 791 | (493 ) | (87 ) | (444 ) | (623 ) | (3,204 ) | 1,389 | |
| Other | \u2013 | \u2013 | 1 | (1 ) | 1 | 695 | 1 | \u2013 | |
| Balance, November 30 | 138,275 | 109,938 | 151,314 | 133,151 | 80,681 | 78,994 | 123,557 | 125,543 | |
Percentage owned | 50% | 50% | 50% | 50% | 49% | 49% | 50% | 50% | |
| Interest in joint venture | 69,138 | 54,969 | 75,657 | 66,576 | 39,534 | 38,707 | 61,779 | 62,772 | |
Purchase adjustment to property | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 3,525 | 3,727 | |
| Advances | 42,287 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
| Other | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 39 | 1 | |
| Investment in and advances to joint ventures | 111,425 | 54,969 | 75,657 | 66,576 | 39,534 | 38,707 | 65,343 | 66,500 |
| Tianjin Lingang Stolthaven | Tianjin Lingang Stolthaven | |||||||
Advario Stolthaven Antwerp, NV | Jeong-IL Stolthaven Ulsan Co. Ltd | Terminal Co. | Jetty Company | |||||
(in US $ thousands) | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
| Net Assets: | ||||||||
Balance, December 1 | 193,107 | 174,566 | 238,900 | 226,284 | 30,654 | 28,380 | 28,174 | 30,113 |
| Profit for the year | 15,046 | 14,116 | 29,361 | 28,086 | 2,955 | 2,490 | 2,053 | 1,940 |
| Dividends | (9,824 ) | (4,400 ) | (22,950 ) | (15,413 ) | \u2013 | \u2013 | (2,071 ) | (3,632 ) |
| Other comprehensive (loss) income | (5,531 ) | 8,825 | (16,639 ) | (44 ) | (472 ) | (217 ) | (428 ) | (245 ) |
| Other | \u2013 | \u2013 | \u2013 | (13 ) | (2 ) | 1 | \u2013 | (2 ) |
| Balance, November 30 | 192,798 | 193,107 | 228,672 | 238,900 | 33,135 | 30,654 | 27,728 | 28,174 |
Percentage owned | 50% | 50% | 50% | 50% | 65% | 65% | 40% | 40% |
| Interest in joint venture | 96,399 | 96,553 | 114,336 | 119,450 | 21,538 | 19,925 | 11,091 | 11,270 |
Advances | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 4,639 | \u2013 | \u2013 |
| Purchase adjustment to property | 2,690 | 3,083 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
| Goodwill | 14,253 | 14,672 | 3,995 | 4,288 | \u2013 | \u2013 | \u2013 | \u2013 |
| Other | 1,811 | 1,571 | \u2013 | \u2013 | 69 | \u2013 | (193 ) | (126 ) |
| Investment in and advances to joint ventures | 115,153 | 115,879 | 118,331 | 123,738 | 21,607 | 24,564 | 10,898 | 11,144 |
| For the years ended November 30 | ||
(in US $ thousands) | 2024 | 2023 |
| Joint Ventures | ||
Profit before taxes | 16,186 | 11,985 |
Income tax expense | 3,151 | 1,855 |
Net profit | 13,035 | 10,130 |
Other comprehensive loss | (213 ) | (946 ) |
Total comprehensive income | 12,822 | 9,184 |
| For the years ended November 30 | ||
(in US $ thousands) | 2024 | 2023 |
| Associates | ||
Profit before taxes | 281 | 414 |
Income tax expense (benefit) | 150 | (154 ) |
Net profit | 131 | 568 |
Other comprehensive loss | \u2013 | (1,293 ) |
Total comprehensive income | 131 | (725 ) |
| (in US $ thousands) | |
Cash | 3,484 |
Accounts receivable | 2,714 |
Receivable from Avenir | 2,000 |
Inventory | 824 |
Prepayment | 103 |
Property, plant and equipment | 34,568 |
Shareholder loan to the Group, Hoegh Evi Ltd and Golar LNG Limited | (24,679 ) |
Accounts payable | (479 ) |
Accrued expenses | (2,071 ) |
Lease liability | (672 ) |
Net assets of Higas | 15,792 |
Percentage purchased by the Group | 50% |
Investment in Higas | 7,896 |
Advance to Higas | 10,500 |
Total Consideration | 18,396 |
Loan receivable impairment | (5,000 ) |
Investment and advances in Higas | 13,396 |
| 2024 | 2024 | As of November 30 | |||
(in US $ thousands) | Location 1 | % Shares | % Voting Rights | 2024 | 2023 |
| Non-material associates: | |||||
Brovig SS II Indre Selskap | Norway | 50 | 50 | 31 | 5,917 |
Essberger & Stolt Tankers GMbH & Co KG | Germany | 28 | 28 | 164 | 164 |
N.C. Stolt Transportation Services Co. Ltd | Japan | 50 | 50 | 1,226 | 1,159 |
Norterminal A.S. | Norway | 25 | 25 | 648 | 674 |
N.C. Stolt Chuyko Transportation Services Co. Ltd | Japan | 35 | 35 | 486 | 428 |
Other | \u2013 | 1,245 | |||
Subtotal | 2,555 | 9,587 | |||
719,563 | 650,163 |
(in US $ thousands) | Joint Ventures | Associates | Total |
Balance, December 1, 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 |
Share of profit of joint ventures and associates | 62,646 | 112 | 62,758 |
Dividends | (48,288 ) | (5,520 ) | (53,808 ) |
Net foreign exchange differences | (12,193 ) | (30 ) | (12,223 ) |
Net loss on cash flow hedges held by joint ventures | (2,273 ) | \u2013 | (2,273 ) |
Advances to joint ventures, net of repayments | 59,108 | \u2013 | 59,108 |
Net actuarial gain on pension schemes held by joint venture | 531 | \u2013 | 531 |
Investment in joint venture and associate | 14,520 | \u2013 | 14,520 |
Transfer | 1,245 | (1,245 ) | \u2013 |
Other | 1,136 | (349 ) | 787 |
Balance, November 30, 2024 | 717,008 | 2,555 | 719,563 |
| For the years ended November 30 | ||
(in US $ thousands) | 2024 | 2023 |
| Associates | ||
Profit before taxes | 281 | 414 |
Income tax expense (benefit) | 150 | (154 ) |
Net profit | 131 | 568 |
Other comprehensive loss | \u2013 | (1,293 ) |
Total comprehensive income | 131 | (725 ) |
| 2024 | 2024 | As of November 30 | |||
(in US $ thousands) | Location 1 | % Shares | % Voting Rights | 2024 | 2023 |
| Joint Ventures: | |||||
| Tankers\u2019 material joint ventures: | |||||
| NYK Stolt Tankers S.A. | Panama | 50 | 50 | 111,425 | 54,969 |
| NYK Stolt Shipholding Pte. Ltd. | Singapore | 50 | 50 | 75,657 | 66,576 |
| Shanghai SC-Stolt Shipping Ltd | China | 49 | 50 | 39,534 | 38,707 |
Hassel Shipping 4 AS Tankers\u2019 non-material joint ventures: | Norway | 50 | 50 | 65,343 | 66,500 |
| Stolt NYK Asia Pacific Services Inc. | Liberia | 50 | 50 | 905 | 2,689 |
| SIA LAPA, Ltd | Latvia | 70 | 50 | 1,656 | 2,418 |
| Shanghai New Xing Yang Marine Services Co. Ltd | China | 40 | 40 | \u2013 | \u2013 |
294,520 | 231,859 | ||||
| Terminals\u2019 material joint ventures: | |||||
| Advario Stolthaven Antwerp, NV | Belgium | 50 | 50 | 115,153 | 115,879 |
| Jeong-IL Stolthaven Ulsan Co. Ltd | South Korea | 50 | 50 | 118,331 | 123,738 |
| Tianjin Lingang Stolthaven Terminal Co. | China | 65 | 50 | 21,607 | 24,564 |
| Tianjin Lingang Stolthaven Jetty Company | China | 40 | 50 | 10,898 | 11,144 |
| Terminals\u2019 non-material joint ventures: | |||||
| Stolthaven Revivegen Kaohsiung Co., Ltd | Taiwan | 49 | 50 | 29,784 | 24,309 |
| Ceyhan Terminal Himzetleri Anonim Sirketu | Turkey | 33 | 50 | 9,461 | \u2013 |
| Stolthaven (Westport) Sdn. Bhd. | Malaysia | 49 | 50 | 9,122 | 6,715 |
314,356 | 306,349 | ||||
| Tank Containers\u2019 non-material joint ventures: | |||||
| Hyop Woon Stolt Transportation Services Co. Ltd | South Korea | 50 | 50 | 3,850 | 3,808 |
| Kanoo Tank Services Ltd. | Saudi Arabia | 60 | 60 | 16,352 | 16,883 |
| Vado Tank Cleaning SRL | Italy | 50 | 50 | 1,716 | 1,549 |
| Laem Chabang Tank Service Co. Ltd. | Thailand | 49 | 49 | 1,070 | 1,653 |
| FSTS CO., Ltd | Thailand | 49 | 49 | 1,056 | 1,144 |
| Joint Tank Services FZCO | United Arab Emirates | 40 | 40 | 1,494 | 1,229 |
25,538 | 26,266 | ||||
| Stolt-Nielsen Gas\u2019 material joint venture: | |||||
| Avenir LNG Limited | Bermuda | 47 | 47 | 70,482 | 76,102 |
| Stolt-Nielsen Gas\u2019 non-material joint venture: | |||||
| Higas Holdings Limited | Italy | 50 | 50 | 12,112 | \u2013 |
82,594 | 76,102 | ||||
| Subtotal | 717,008 | 640,576 |
(in US $ thousands) | Joint Ventures | Associates | Total |
Balance, December 1, 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 |
Share of profit of joint ventures and associates | 62,646 | 112 | 62,758 |
Dividends | (48,288 ) | (5,520 ) | (53,808 ) |
Net foreign exchange differences | (12,193 ) | (30 ) | (12,223 ) |
Net loss on cash flow hedges held by joint ventures | (2,273 ) | \u2013 | (2,273 ) |
Advances to joint ventures, net of repayments | 59,108 | \u2013 | 59,108 |
Net actuarial gain on pension schemes held by joint venture | 531 | \u2013 | 531 |
Investment in joint venture and associate | 14,520 | \u2013 | 14,520 |
Transfer | 1,245 | (1,245 ) | \u2013 |
Other | 1,136 | (349 ) | 787 |
Balance, November 30, 2024 | 717,008 | 2,555 | 719,563 |
| NYK Stolt | NYK Stolt | Shanghai SC-Stolt | Hassel Shipping | |||||
| Tankers S.A. | Shipholding Pte. Ltd. | Shipping Ltd | 4 AS | |||||
| (in US $ thousands) | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
| Selected Balance Sheet Information | ||||||||
Cash and cash equivalents | 41,282 | 14,582 | 26,754 | 2,877 | 24,814 | 25,781 | 18,813 | 14,249 |
| Current assets, other than cash | 15,009 | 19,050 | 8,135 | 12,312 | 5,389 | 7,355 | 8,471 | 25,725 |
| Current assets | 56,291 | 33,632 | 34,889 | 15,189 | 30,203 | 33,136 | 27,284 | 39,974 |
Non-current assets | 294,460 | 217,721 | 154,777 | 162,636 | 55,363 | 49,956 | 282,165 | 284,566 |
| Total Assets | 350,751 | 251,353 | 189,666 | 177,825 | 85,566 | 83,092 | 309,449 | 324,540 |
Financial liabilities, other than accounts payable | 13,692 | 13,405 | 4,498 | 5,410 | \u2013 | \u2013 | 15,130 | 14,384 |
| Other current liabilities | 8,091 | 5,411 | \u2013 | \u2013 | 4,140 | 4,098 | \u2013 | \u2013 |
| Current liabilities | 21,783 | 18,816 | 4,498 | 5,410 | 4,140 | 4,098 | 15,130 | 14,384 |
Financial liabilities | 190,693 | 122,599 | 33,854 | 39,264 | 745 | \u2013 | 170,762 | 184,613 |
| Total non-current liabilities | 190,693 | 122,599 | 33,854 | 39,264 | 745 | \u2013 | 170,762 | 184,613 |
Net Assets | 138,275 | 109,938 | 151,314 | 133,151 | 80,681 | 78,994 | 123,557 | 125,543 |
| Selected Income Statement Information | ||||||||
| Operating revenue | 105,068 | 95,961 | 63,455 | 52,825 | 34,896 | 41,949 | 108,425 | 100,709 |
| Depreciation and amortisation | 15,052 | 15,506 | 12,006 | 12,536 | 6,025 | 4,392 | 13,106 | 13,628 |
| Finance income | \u2013 | \u2013 | 486 | 271 | \u2013 | \u2013 | 1,081 | 1,176 |
| Finance expense | 8,641 | 9,821 | 2,019 | 2,347 | \u2013 | \u2013 | 11,816 | 12,444 |
| Profit before taxes | 35,184 | 28,468 | 18,655 | 8,384 | 1,801 | 7,081 | 44,217 | 37,709 |
| Income tax expense | \u2013 | \u2013 | \u2013 | \u2013 | 329 | (1,930 ) | \u2013 | \u2013 |
| Net profit | 35,184 | 28,468 | 18,655 | 8,384 | 2,130 | 5,151 | 44,217 | 37,709 |
Other comprehensive (loss) income | (847 ) | 791 | (493 ) | (87 ) | (444 ) | (623 ) | (3,204 ) | 1,389 |
| Total comprehensive income | 34,337 | 29,259 | 18,162 | 8,297 | 1,686 | 4,528 | 41,013 | 39,098 |
Dividends received by Group | 3,000 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 21,500 | 20,000 |
| Tianjin Lingang Stolthaven | Tianjin Lingang Stolthaven | ||||||||||
Advario Stolthaven Antwerp, NV | Jeong-IL Stolthaven Ulsan Co. Ltd | Terminal Co. | Jetty Company | ||||||||
(in US $ thousands) | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||
| Selected Balance Sheet Information | |||||||||||
Cash and cash equivalents | 2,800 | 4,041 | 12 | 13 | 3,084 | 3,595 | 4,735 | 2,522 | |||
| Current assets, other than cash | 26,300 | 26,497 | 22,698 | 26,085 | 1,127 | 1,012 | 3,956 | 3,988 | |||
| Current assets | 29,100 | 30,538 | 22,710 | 26,098 | 4,211 | 4,607 | 8,691 | 6,510 | |||
Non-current assets | 316,542 | 329,763 | 337,249 | 369,439 | 32,550 | 34,365 | 21,239 | 22,692 | |||
| Total Assets | 345,642 | 360,301 | 359,959 | 395,537 | 36,761 | 38,972 | 29,930 | 29,202 | |||
Financial liabilities, other than accounts payable | 22,306 | 31,488 | 62,654 | 71,070 | 1,381 | 1,401 | \u2013 | \u2013 | |||
| Other current liabilities | 18,581 | 13,593 | 10,103 | 11,215 | 2,117 | 2,140 | 2,202 | 1,028 | |||
| Current liabilities | 40,887 | 45,081 | 72,757 | 82,285 | 3,498 | 3,541 | 2,202 | 1,028 | |||
Financial liabilities | 69,177 | 78,136 | 57,743 | 74,352 | 128 | 4,777 | \u2013 | \u2013 | |||
| Non-current liabilities | 42,780 | 43,977 | 787 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |||
| Total non-current liabilities | 111,957 | 122,113 | 58,530 | 74,352 | 128 | 4,777 | \u2013 | \u2013 | |||
Net Assets | 192,798 | 193,107 | 228,672 | 238,900 | 33,135 | 30,654 | 27,728 | 28,174 | |||
| Selected Income Statement Information | |||||||||||
| Operating revenue | 110,719 | 107,970 | 95,086 | 96,325 | 12,109 | 11,144 | 7,235 | 7,080 | |||
| Depreciation and amortisation | 32,611 | 32,117 | 12,298 | 12,531 | 2,363 | 2,775 | 1,269 | 1,310 | |||
| Finance income | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 17 | 26 | |||
| Finance expense | 2,972 | 3,158 | 4,019 | 4,959 | 122 | 614 | 173 | \u2013 | |||
| Profit before taxes | 20,593 | 18,914 | 37,508 | 35,694 | 3,683 | 2,489 | 2,746 | 2,593 | |||
| Income tax expense | (5,547 ) | (4,798 ) | (8,147 ) | (7,608 ) | (728 ) | 1 | (693 ) | (653 ) | |||
| Net profit | 15,046 | 14,116 | 29,361 | 28,086 | 2,955 | 2,490 | 2,053 | 1,940 | |||
Other comprehensive (loss) income | (5,531 ) | 8,825 | (16,639 ) | (44 ) | (472 ) | (217 ) | (428 ) | (245 ) | |||
| Total comprehensive income | 9,515 | 22,941 | 12,722 | 28,042 | 2,483 | 2,273 | 1,625 | 1,695 | |||
Dividends received by Group | 4,912 | 2,200 | 11,475 | 7,706 | \u2013 | \u2013 | 829 | 1,453 |
| NYK Stolt | NYK Stolt | Hassel | |||||||
| Tankers S.A. | Shipholding Pte. Ltd. | Shanghai SC-Stolt Shipping Ltd | Shipping 4 AS | ||||||
(in US $ thousands) | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| Net Assets: | |||||||||
Balance, December 1 | 109,938 | 70,679 | 133,151 | 82,855 | 78,994 | 73,771 | 125,543 | 126,445 | |
| Profit for the year | 35,184 | 28,468 | 18,655 | 8,384 | 2,130 | 5,151 | 44,217 | 37,709 | |
| Capital contribution | \u2013 | 10,000 | \u2013 | 42,000 | \u2013 | \u2013 | \u2013 | \u2013 | |
| Dividends | (6,000 ) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (43,000 ) | (40,000 ) | |
| Other comprehensive (loss) income | (847 ) | 791 | (493 ) | (87 ) | (444 ) | (623 ) | (3,204 ) | 1,389 | |
| Other | \u2013 | \u2013 | 1 | (1 ) | 1 | 695 | 1 | \u2013 | |
| Balance, November 30 | 138,275 | 109,938 | 151,314 | 133,151 | 80,681 | 78,994 | 123,557 | 125,543 | |
Percentage owned | 50% | 50% | 50% | 50% | 49% | 49% | 50% | 50% | |
| Interest in joint venture | 69,138 | 54,969 | 75,657 | 66,576 | 39,534 | 38,707 | 61,779 | 62,772 | |
Purchase adjustment to property | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 3,525 | 3,727 | |
| Advances | 42,287 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
| Other | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 39 | 1 | |
| Investment in and advances to joint ventures | 111,425 | 54,969 | 75,657 | 66,576 | 39,534 | 38,707 | 65,343 | 66,500 |
| Tianjin Lingang Stolthaven | Tianjin Lingang Stolthaven | |||||||
Advario Stolthaven Antwerp, NV | Jeong-IL Stolthaven Ulsan Co. Ltd | Terminal Co. | Jetty Company | |||||
(in US $ thousands) | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
| Net Assets: | ||||||||
Balance, December 1 | 193,107 | 174,566 | 238,900 | 226,284 | 30,654 | 28,380 | 28,174 | 30,113 |
| Profit for the year | 15,046 | 14,116 | 29,361 | 28,086 | 2,955 | 2,490 | 2,053 | 1,940 |
| Dividends | (9,824 ) | (4,400 ) | (22,950 ) | (15,413 ) | \u2013 | \u2013 | (2,071 ) | (3,632 ) |
| Other comprehensive (loss) income | (5,531 ) | 8,825 | (16,639 ) | (44 ) | (472 ) | (217 ) | (428 ) | (245 ) |
| Other | \u2013 | \u2013 | \u2013 | (13 ) | (2 ) | 1 | \u2013 | (2 ) |
| Balance, November 30 | 192,798 | 193,107 | 228,672 | 238,900 | 33,135 | 30,654 | 27,728 | 28,174 |
Percentage owned | 50% | 50% | 50% | 50% | 65% | 65% | 40% | 40% |
| Interest in joint venture | 96,399 | 96,553 | 114,336 | 119,450 | 21,538 | 19,925 | 11,091 | 11,270 |
Advances | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 4,639 | \u2013 | \u2013 |
| Purchase adjustment to property | 2,690 | 3,083 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
| Goodwill | 14,253 | 14,672 | 3,995 | 4,288 | \u2013 | \u2013 | \u2013 | \u2013 |
| Other | 1,811 | 1,571 | \u2013 | \u2013 | 69 | \u2013 | (193 ) | (126 ) |
| Investment in and advances to joint ventures | 115,153 | 115,879 | 118,331 | 123,738 | 21,607 | 24,564 | 10,898 | 11,144 |
| For the years ended November 30 | ||
(in US $ thousands) | 2024 | 2023 |
| Joint Ventures | ||
Profit before taxes | 16,186 | 11,985 |
Income tax expense | 3,151 | 1,855 |
Net profit | 13,035 | 10,130 |
Other comprehensive loss | (213 ) | (946 ) |
Total comprehensive income | 12,822 | 9,184 |
As of November 30, | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
(in US $ thousands, except for per share amounts) | Golar LNG Limited | GBL | CoolCo | ||||
Number of equity shares | 2,673 | 2,673 | 6,111 | 6,111 | \u2013 | \u2013 | |
Percentage of shareholding as of November 30 | 2.5% | 2.5% | 8.5% | 9.4% | \u2013 | \u2013 | |
| Share price as of November 30 | 39.37 | 21.53 | 1.63 | 2.04 | \u2013 | \u2013 | |
| Dividends received | 2,712 | 1,336 | \u2013 | \u2013 | \u2013 | \u2013 | |
| Gain (loss) on FVTOCI | 47,521 | (9,301 ) | (2,441 ) | 1,266 | \u2013 | (261 ) | |
| Cumulative (loss) gain on FVTOCI | (1,159 ) | (48,680 ) | 4,795 | 7,236 | \u2013 | \u2013 | |
| Value of investment | 105,224 | 57,703 | 9,980 | 12,478 | \u2013 | \u2013 |
As of November 30, | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
(in US $ thousands, except for per share amounts) | Kingfish | Odfjell SE | Total | |||
Number of equity shares | 9,238 | 9,238 | 8,239 | 5,014 | ||
Percentage of shareholding as of November 30 | 8.3% | 8.3% | 13.6% | 8.3% | ||
| Share price as of November 30 | 0.61 | 0.78 | 9.93 | 10.55 | ||
| Dividends received | \u2013 | \u2013 | 13,400 | 6,323 | 16,112 | 7,659 |
| (Loss) gain on FVTOCI | (1,545 ) | (3,167 ) | (3,080 ) | 9,868 | 40,455 | (1,595 ) |
| Cumulative (loss) gain on FVTOCI | (1,774 ) | (229 ) | 29,098 | 32,178 | 30,960 | (9,495 ) |
| Convertible loan | 2,652 | 2,652 | \u2013 | \u2013 | 2,652 | 2,652 |
| Value of investment | 8,269 | 9,813 | 81,801 | 52,870 | 205,274 | 132,864 |
| As of November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Trade payables | 87,206 | 106,787 |
Withholding and value added tax | 8,005 | 7,553 |
Insurance premiums payable | 1,028 | 46 |
Other | 86 | 309 |
96,325 | 114,695 |
2024 | 2023 | |||
| (in US $ thousands) | <1 year | >1 year | <1 year | >1 year |
Balance, December 1 | 47,050 | \u2013 | 41,707 | \u2013 |
| Revenue recognised | ||||
| (from opening balance) | (47,050 ) | \u2013 | (41,707 ) | \u2013 |
| Revenue recognised | ||||
| (current year) | (1,481,940 ) | \u2013 | (1,432,201 ) | \u2013 |
| Cash received in advance | ||||
of completion of the performance obligation | 1,522,183 | \u2013 | 1,479,251 | \u2013 |
| Balance, November 30 | 40,243 | \u2013 | 47,050 | \u2013 |
| As of November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Accrued employee expenses | 85,008 | 80,543 |
Accrued transportation expenses | 45,292 | 40,508 |
Accrued VAT expenses | 40,000 | \u2013 |
Accrued consumables | 17,718 | 10,282 |
Accrued other expenses | 72,572 | 84,576 |
Deferred revenue | 21,568 | 19,135 |
282,158 | 235,044 |
| For the year ended November 30, 2024 | Less than | More than | |||
| (in US $ thousands) | 1 yr | 2-3 yrs | 4-5 yrs | 5 yrs | Total |
| Contractual obligations: | |||||
Accounts payable, excluding withholding and value added taxes | 88,320 | \u2013 | \u2013 | \u2013 | 88,320 |
Accrued expenses and dividend payable | 419,992 | \u2013 | \u2013 | \u2013 | 419,992 |
Long-term lease liabilities, including current maturities | 58,581 | 83,169 | 51,368 | 150,893 | 344,011 |
Interest on long-term lease liabilities | 17,267 | 26,459 | 18,551 | 73,010 | 135,287 |
Long-term debt, including current maturities | 200,446 | 506,426 | 605,365 | 548,260 | 1,860,497 |
Interest on long-term debt | 103,040 | 170,949 | 114,561 | 93,865 | 482,415 |
Derivative financial liabilities | 1,616 | 6,688 | 5,489 | 447 | 14,240 |
Other current liabilities | 56,031 | \u2013 | \u2013 | \u2013 | 56,031 |
Total contractual obligations | 945,293 | 793,691 | 795,334 | 866,475 | 3,400,793 |
| For the year ended November 30, 2023 | Less than | More than | |||
| (in US $ 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 |
Risk | Exposure arising from | Measurement | Management |
| Market risk \u2013 | Future commercial transactions | Cash flow forecasting | Forward foreign exchange contracts and cross-currency interest rate swaps |
| foreign exchange | Recognised financial assets and liabilities not | Sensitivity analysis | |
| denominated in US dollars | |||
| Market risk \u2013 | Long-term borrowings at variable rates | Sensitivity analysis | Cross-currency interest rate swaps, interest rate swaps |
| interest rate | |||
| Market risk \u2013 | Changes in fuel prices | Cash flow forecasting | Bunker surcharge clauses and bunker swaps |
| commodity price | Sensitivity analysis | ||
| Credit risk | Cash and cash equivalents, trade receivables, | Ageing analysis | Diversification of bank deposits, credit limits and letters of credit |
| derivative financial instruments, available-for-sale debt | Credit ratings | Investment guidelines for available-for-sale and held-to-maturity investments | |
| instruments and held-to-maturity investments | |||
| Liquidity risk | Borrowings and other liabilities | Rolling cash flow forecasts | Availability of committed credit lines and borrowing facilities |
| As of November 30, 2024 | ||
(in US $ thousands) | Not Impaired | Impaired |
Current | 216,899 | 127 |
Up to 30 days past due | 60,917 | 709 |
31 to 60 days past due | 22,763 | 494 |
61 to 90 days past due | 13,106 | 323 |
| Greater than 91 days past due | 31,647 | 19,538 |
345,332 | 21,191 |
| As of November 30, 2023 | ||
(in US $ thousands) | Not 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 | ||
| (in US $ thousands) | 2024 | 2023 |
| Allowance for impairment on customer trade and accrued | ||
| receivables, brought forward | 21,278 | 21,618 |
Impairment recognised, net | 3,112 | 1,861 |
| Accounts written off | (3,199 ) | (2,201 ) |
| Balance at the end of the year | 21,191 | 21,278 |
| As of November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Short-term loans, long-term debt and lease liabilities | 2,186,783 | 2,074,808 |
Equity attributable to equity holders of SNL less intangible assets and excluding other components of equity | 2,316,743 | 2,069,889 |
Debt to tangible net worth | 0.94 | 1.00 |
| As of November 30, 2024 | ||
(in US $ thousands) | Not Impaired | Impaired |
Current | 216,899 | 127 |
Up to 30 days past due | 60,917 | 709 |
31 to 60 days past due | 22,763 | 494 |
61 to 90 days past due | 13,106 | 323 |
| Greater than 91 days past due | 31,647 | 19,538 |
345,332 | 21,191 |
| As of November 30, 2023 | ||
(in US $ thousands) | Not 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 | ||
| (in US $ thousands) | 2024 | 2023 |
| Allowance for impairment on customer trade and accrued | ||
| receivables, brought forward | 21,278 | 21,618 |
Impairment recognised, net | 3,112 | 1,861 |
| Accounts written off | (3,199 ) | (2,201 ) |
| Balance at the end of the year | 21,191 | 21,278 |
November 30, 2024 | November 30, 2023 | |||||||
| Total carrying | Total carrying | |||||||
(in US $ 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 | 205,274 | 205,274 | 205,274 | \u2013 | 132,864 | 132,864 | 132,864 |
| Financial assets at amortised cost | ||||||||
| Cash and cash equivalents | 334,738 | \u2013 | 334,738 | 334,738 | 446,515 | \u2013 | 446,515 | 446,515 |
| Trade receivables, excluding contract receivables | 359,530 | \u2013 | 359,530 | 359,530 | 327,195 | \u2013 | 327,195 | 327,195 |
| Loans and advances to joint ventures and associates | \u2013 | 81,372 | 81,372 | 81,372 | \u2013 | 25,764 | 25,764 | 25,764 |
| Other current assets | 34,885 | \u2013 | 34,885 | 34,885 | 47,082 | \u2013 | 47,082 | 47,082 |
729,153 | 286,646 | 1,015,799 | 1,015,799 | 820,792 | 158,628 | 979,420 | 979,420 | |
| Financial Liabilities | ||||||||
| Financial liabilities at amortised cost | ||||||||
| Accounts payables, excluding withholding and value added taxes | 88,320 | \u2013 | 88,320 | 88,320 | 107,142 | \u2013 | 107,142 | 107,142 |
| Accrued expenses and accrued voyage expenses, excluding | ||||||||
| contract liabilities | 312,777 | \u2013 | 312,777 | 312,777 | 264,808 | \u2013 | 264,808 | 264,808 |
| Dividend payable | 66,972 | \u2013 | 66,972 | 66,972 | 53,591 | \u2013 | 53,591 | 53,591 |
| Short-term loans and long-term debt, including current maturities | ||||||||
and excluding debt issuance costs | 200,446 | 1,660,051 | 1,860,497 | 1,979,333 | 258,889 | 1,594,576 | 1,853,465 | 1,911,088 |
| Other current liabilities | 56,031 | \u2013 | 56,031 | 56,031 | 55,569 | \u2013 | 55,569 | 55,569 |
724,546 | 1,660,051 | 2,384,597 | 2,503,433 | 739,999 | 1,594,576 | 2,334, 575 | 2,392,198 |
November 30, 2024 | November 30, 2023 | |||||||
| Total carrying | Total carrying | |||||||
(in US $ 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 | 3,142 | \u2013 | 3,142 | 3,142 | 794 | \u2013 | 794 | 794 |
| Interest rate swaps \u2013 cash flow hedges | 3,283 | 2,337 | 5,620 | 5,620 | 5,256 | 4,788 | 10,044 | 10,044 |
| Cross-currency interest rate swaps \u2013 cash flow hedges | 189 | \u2013 | 189 | 189 | 46 | \u2013 | 46 | 46 |
| Carbon emission forward contracts \u2013 cash flow hedges | 400 | \u2013 | 400 | 400 | \u2013 | \u2013 | \u2013 | \u2013 |
7,014 | 2,337 | 9,351 | 9,351 | 6,096 | 4,788 | 10,884 | 10,884 | |
| Liabilities | ||||||||
Cross-currency interest rate swaps \u2013 cash flow hedges | 776 | 7,860 | 8,636 | 8,636 | 11,470 | 3,780 | 15,250 | 15,250 |
| Foreign currency exchange contracts \u2013 cash flow hedges | 5,720 | \u2013 | 5,720 | 5,720 | 470 | \u2013 | 470 | 470 |
| Interest rate swaps \u2013 cash flow hedges | 846 | 4,811 | 5,657 | 5,657 | \u2013 | 3,876 | 3,876 | 3,876 |
7,342 | 12,671 | 20,013 | 20,013 | 11,940 | 7,656 | 19,596 | 19,596 |
| As of November 30 | ||
| (in US $ thousands) | 2024 | 2023 |
Interest rate derivatives | (999 ) | 5,093 |
Cross-currency interest rate swaps | (4,104 ) | (1,537 ) |
| Foreign exchange and interest rate hedges held by joint | ||
| ventures | 2,612 | 5,486 |
| Deferred income tax gain on the interest rate derivatives | 1,367 | 645 |
(1,124 ) | 9,687 |
| Purchase | ||
(in local currency, thousands) | 2024 | 2023 |
Euro | 69,000 | 43,000 |
Singapore dollar | 20,000 | 14,000 |
Norwegian krone | 327,000 | \u2013 |
British pound | 18,000 | 14,000 |
| For the year ended November 30, 2024 | Less than | More than | |||
| (in US $ thousands) | 1 yr | 2-3 yrs | 4-5 yrs | 5 yrs | Total |
| Contractual obligations: | |||||
Accounts payable, excluding withholding and value added taxes | 88,320 | \u2013 | \u2013 | \u2013 | 88,320 |
Accrued expenses and dividend payable | 419,992 | \u2013 | \u2013 | \u2013 | 419,992 |
Long-term lease liabilities, including current maturities | 58,581 | 83,169 | 51,368 | 150,893 | 344,011 |
Interest on long-term lease liabilities | 17,267 | 26,459 | 18,551 | 73,010 | 135,287 |
Long-term debt, including current maturities | 200,446 | 506,426 | 605,365 | 548,260 | 1,860,497 |
Interest on long-term debt | 103,040 | 170,949 | 114,561 | 93,865 | 482,415 |
Derivative financial liabilities | 1,616 | 6,688 | 5,489 | 447 | 14,240 |
Other current liabilities | 56,031 | \u2013 | \u2013 | \u2013 | 56,031 |
Total contractual obligations | 945,293 | 793,691 | 795,334 | 866,475 | 3,400,793 |
| For the year ended November 30, 2023 | Less than | More than | |||
| (in US $ 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 |
November 30, 2024 | November 30, 2023 | |||||||
| Total carrying | Total carrying | |||||||
(in US $ 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 | 3,142 | \u2013 | 3,142 | 3,142 | 794 | \u2013 | 794 | 794 |
| Interest rate swaps \u2013 cash flow hedges | 3,283 | 2,337 | 5,620 | 5,620 | 5,256 | 4,788 | 10,044 | 10,044 |
| Cross-currency interest rate swaps \u2013 cash flow hedges | 189 | \u2013 | 189 | 189 | 46 | \u2013 | 46 | 46 |
| Carbon emission forward contracts \u2013 cash flow hedges | 400 | \u2013 | 400 | 400 | \u2013 | \u2013 | \u2013 | \u2013 |
7,014 | 2,337 | 9,351 | 9,351 | 6,096 | 4,788 | 10,884 | 10,884 | |
| Liabilities | ||||||||
Cross-currency interest rate swaps \u2013 cash flow hedges | 776 | 7,860 | 8,636 | 8,636 | 11,470 | 3,780 | 15,250 | 15,250 |
| Foreign currency exchange contracts \u2013 cash flow hedges | 5,720 | \u2013 | 5,720 | 5,720 | 470 | \u2013 | 470 | 470 |
| Interest rate swaps \u2013 cash flow hedges | 846 | 4,811 | 5,657 | 5,657 | \u2013 | 3,876 | 3,876 | 3,876 |
7,342 | 12,671 | 20,013 | 20,013 | 11,940 | 7,656 | 19,596 | 19,596 |
| As of November 30 | ||
| (in US $ thousands) | 2024 | 2023 |
Interest rate derivatives | (999 ) | 5,093 |
Cross-currency interest rate swaps | (4,104 ) | (1,537 ) |
| Foreign exchange and interest rate hedges held by joint | ||
| ventures | 2,612 | 5,486 |
| Deferred income tax gain on the interest rate derivatives | 1,367 | 645 |
(1,124 ) | 9,687 |
| Purchase | ||
(in local currency, thousands) | 2024 | 2023 |
Euro | 69,000 | 43,000 |
Singapore dollar | 20,000 | 14,000 |
Norwegian krone | 327,000 | \u2013 |
British pound | 18,000 | 14,000 |
| For the year ended November 30, 2024 | Less than | More than | |||
| (in US $ thousands) | 1 yr | 2-3 yrs | 4-5 yrs | 5 yrs | Total |
| Contractual obligations: | |||||
Accounts payable, excluding withholding and value added taxes | 88,320 | \u2013 | \u2013 | \u2013 | 88,320 |
Accrued expenses and dividend payable | 419,992 | \u2013 | \u2013 | \u2013 | 419,992 |
Long-term lease liabilities, including current maturities | 58,581 | 83,169 | 51,368 | 150,893 | 344,011 |
Interest on long-term lease liabilities | 17,267 | 26,459 | 18,551 | 73,010 | 135,287 |
Long-term debt, including current maturities | 200,446 | 506,426 | 605,365 | 548,260 | 1,860,497 |
Interest on long-term debt | 103,040 | 170,949 | 114,561 | 93,865 | 482,415 |
Derivative financial liabilities | 1,616 | 6,688 | 5,489 | 447 | 14,240 |
Other current liabilities | 56,031 | \u2013 | \u2013 | \u2013 | 56,031 |
Total contractual obligations | 945,293 | 793,691 | 795,334 | 866,475 | 3,400,793 |
| For the year ended November 30, 2023 | Less than | More than | |||
| (in US $ 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 |
November 30, 2024 | November 30, 2023 | |||||||
| Total carrying | Total carrying | |||||||
(in US $ 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 | 205,274 | 205,274 | 205,274 | \u2013 | 132,864 | 132,864 | 132,864 |
| Financial assets at amortised cost | ||||||||
| Cash and cash equivalents | 334,738 | \u2013 | 334,738 | 334,738 | 446,515 | \u2013 | 446,515 | 446,515 |
| Trade receivables, excluding contract receivables | 359,530 | \u2013 | 359,530 | 359,530 | 327,195 | \u2013 | 327,195 | 327,195 |
| Loans and advances to joint ventures and associates | \u2013 | 81,372 | 81,372 | 81,372 | \u2013 | 25,764 | 25,764 | 25,764 |
| Other current assets | 34,885 | \u2013 | 34,885 | 34,885 | 47,082 | \u2013 | 47,082 | 47,082 |
729,153 | 286,646 | 1,015,799 | 1,015,799 | 820,792 | 158,628 | 979,420 | 979,420 | |
| Financial Liabilities | ||||||||
| Financial liabilities at amortised cost | ||||||||
| Accounts payables, excluding withholding and value added taxes | 88,320 | \u2013 | 88,320 | 88,320 | 107,142 | \u2013 | 107,142 | 107,142 |
| Accrued expenses and accrued voyage expenses, excluding | ||||||||
| contract liabilities | 312,777 | \u2013 | 312,777 | 312,777 | 264,808 | \u2013 | 264,808 | 264,808 |
| Dividend payable | 66,972 | \u2013 | 66,972 | 66,972 | 53,591 | \u2013 | 53,591 | 53,591 |
| Short-term loans and long-term debt, including current maturities | ||||||||
and excluding debt issuance costs | 200,446 | 1,660,051 | 1,860,497 | 1,979,333 | 258,889 | 1,594,576 | 1,853,465 | 1,911,088 |
| Other current liabilities | 56,031 | \u2013 | 56,031 | 56,031 | 55,569 | \u2013 | 55,569 | 55,569 |
724,546 | 1,660,051 | 2,384,597 | 2,503,433 | 739,999 | 1,594,576 | 2,334, 575 | 2,392,198 |
November 30, 2024 | November 30, 2023 | |||||||
| Total carrying | Total carrying | |||||||
(in US $ 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 | 205,274 | 205,274 | 205,274 | \u2013 | 132,864 | 132,864 | 132,864 |
| Financial assets at amortised cost | ||||||||
| Cash and cash equivalents | 334,738 | \u2013 | 334,738 | 334,738 | 446,515 | \u2013 | 446,515 | 446,515 |
| Trade receivables, excluding contract receivables | 359,530 | \u2013 | 359,530 | 359,530 | 327,195 | \u2013 | 327,195 | 327,195 |
| Loans and advances to joint ventures and associates | \u2013 | 81,372 | 81,372 | 81,372 | \u2013 | 25,764 | 25,764 | 25,764 |
| Other current assets | 34,885 | \u2013 | 34,885 | 34,885 | 47,082 | \u2013 | 47,082 | 47,082 |
729,153 | 286,646 | 1,015,799 | 1,015,799 | 820,792 | 158,628 | 979,420 | 979,420 | |
| Financial Liabilities | ||||||||
| Financial liabilities at amortised cost | ||||||||
| Accounts payables, excluding withholding and value added taxes | 88,320 | \u2013 | 88,320 | 88,320 | 107,142 | \u2013 | 107,142 | 107,142 |
| Accrued expenses and accrued voyage expenses, excluding | ||||||||
| contract liabilities | 312,777 | \u2013 | 312,777 | 312,777 | 264,808 | \u2013 | 264,808 | 264,808 |
| Dividend payable | 66,972 | \u2013 | 66,972 | 66,972 | 53,591 | \u2013 | 53,591 | 53,591 |
| Short-term loans and long-term debt, including current maturities | ||||||||
and excluding debt issuance costs | 200,446 | 1,660,051 | 1,860,497 | 1,979,333 | 258,889 | 1,594,576 | 1,853,465 | 1,911,088 |
| Other current liabilities | 56,031 | \u2013 | 56,031 | 56,031 | 55,569 | \u2013 | 55,569 | 55,569 |
724,546 | 1,660,051 | 2,384,597 | 2,503,433 | 739,999 | 1,594,576 | 2,334, 575 | 2,392,198 |
November 30, 2024 | November 30, 2023 | |||||||
| Total carrying | Total carrying | |||||||
(in US $ 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 | 3,142 | \u2013 | 3,142 | 3,142 | 794 | \u2013 | 794 | 794 |
| Interest rate swaps \u2013 cash flow hedges | 3,283 | 2,337 | 5,620 | 5,620 | 5,256 | 4,788 | 10,044 | 10,044 |
| Cross-currency interest rate swaps \u2013 cash flow hedges | 189 | \u2013 | 189 | 189 | 46 | \u2013 | 46 | 46 |
| Carbon emission forward contracts \u2013 cash flow hedges | 400 | \u2013 | 400 | 400 | \u2013 | \u2013 | \u2013 | \u2013 |
7,014 | 2,337 | 9,351 | 9,351 | 6,096 | 4,788 | 10,884 | 10,884 | |
| Liabilities | ||||||||
Cross-currency interest rate swaps \u2013 cash flow hedges | 776 | 7,860 | 8,636 | 8,636 | 11,470 | 3,780 | 15,250 | 15,250 |
| Foreign currency exchange contracts \u2013 cash flow hedges | 5,720 | \u2013 | 5,720 | 5,720 | 470 | \u2013 | 470 | 470 |
| Interest rate swaps \u2013 cash flow hedges | 846 | 4,811 | 5,657 | 5,657 | \u2013 | 3,876 | 3,876 | 3,876 |
7,342 | 12,671 | 20,013 | 20,013 | 11,940 | 7,656 | 19,596 | 19,596 |
November 30, 2024 | November 30, 2023 | |||||||
| Total carrying | Total carrying | |||||||
(in US $ 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 | 205,274 | 205,274 | 205,274 | \u2013 | 132,864 | 132,864 | 132,864 |
| Financial assets at amortised cost | ||||||||
| Cash and cash equivalents | 334,738 | \u2013 | 334,738 | 334,738 | 446,515 | \u2013 | 446,515 | 446,515 |
| Trade receivables, excluding contract receivables | 359,530 | \u2013 | 359,530 | 359,530 | 327,195 | \u2013 | 327,195 | 327,195 |
| Loans and advances to joint ventures and associates | \u2013 | 81,372 | 81,372 | 81,372 | \u2013 | 25,764 | 25,764 | 25,764 |
| Other current assets | 34,885 | \u2013 | 34,885 | 34,885 | 47,082 | \u2013 | 47,082 | 47,082 |
729,153 | 286,646 | 1,015,799 | 1,015,799 | 820,792 | 158,628 | 979,420 | 979,420 | |
| Financial Liabilities | ||||||||
| Financial liabilities at amortised cost | ||||||||
| Accounts payables, excluding withholding and value added taxes | 88,320 | \u2013 | 88,320 | 88,320 | 107,142 | \u2013 | 107,142 | 107,142 |
| Accrued expenses and accrued voyage expenses, excluding | ||||||||
| contract liabilities | 312,777 | \u2013 | 312,777 | 312,777 | 264,808 | \u2013 | 264,808 | 264,808 |
| Dividend payable | 66,972 | \u2013 | 66,972 | 66,972 | 53,591 | \u2013 | 53,591 | 53,591 |
| Short-term loans and long-term debt, including current maturities | ||||||||
and excluding debt issuance costs | 200,446 | 1,660,051 | 1,860,497 | 1,979,333 | 258,889 | 1,594,576 | 1,853,465 | 1,911,088 |
| Other current liabilities | 56,031 | \u2013 | 56,031 | 56,031 | 55,569 | \u2013 | 55,569 | 55,569 |
724,546 | 1,660,051 | 2,384,597 | 2,503,433 | 739,999 | 1,594,576 | 2,334, 575 | 2,392,198 |
November 30, 2024 | November 30, 2023 | |||||||
| Total carrying | Total carrying | |||||||
(in US $ 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 | 3,142 | \u2013 | 3,142 | 3,142 | 794 | \u2013 | 794 | 794 |
| Interest rate swaps \u2013 cash flow hedges | 3,283 | 2,337 | 5,620 | 5,620 | 5,256 | 4,788 | 10,044 | 10,044 |
| Cross-currency interest rate swaps \u2013 cash flow hedges | 189 | \u2013 | 189 | 189 | 46 | \u2013 | 46 | 46 |
| Carbon emission forward contracts \u2013 cash flow hedges | 400 | \u2013 | 400 | 400 | \u2013 | \u2013 | \u2013 | \u2013 |
7,014 | 2,337 | 9,351 | 9,351 | 6,096 | 4,788 | 10,884 | 10,884 | |
| Liabilities | ||||||||
Cross-currency interest rate swaps \u2013 cash flow hedges | 776 | 7,860 | 8,636 | 8,636 | 11,470 | 3,780 | 15,250 | 15,250 |
| Foreign currency exchange contracts \u2013 cash flow hedges | 5,720 | \u2013 | 5,720 | 5,720 | 470 | \u2013 | 470 | 470 |
| Interest rate swaps \u2013 cash flow hedges | 846 | 4,811 | 5,657 | 5,657 | \u2013 | 3,876 | 3,876 | 3,876 |
7,342 | 12,671 | 20,013 | 20,013 | 11,940 | 7,656 | 19,596 | 19,596 |
| For the year ended November 30, 2024 | Less than | More than | |||
| (in US $ thousands) | 1 yr | 2-3 yrs | 4-5 yrs | 5 yrs | Total |
| Contractual obligations: | |||||
Accounts payable, excluding withholding and value added taxes | 88,320 | \u2013 | \u2013 | \u2013 | 88,320 |
Accrued expenses and dividend payable | 419,992 | \u2013 | \u2013 | \u2013 | 419,992 |
Long-term lease liabilities, including current maturities | 58,581 | 83,169 | 51,368 | 150,893 | 344,011 |
Interest on long-term lease liabilities | 17,267 | 26,459 | 18,551 | 73,010 | 135,287 |
Long-term debt, including current maturities | 200,446 | 506,426 | 605,365 | 548,260 | 1,860,497 |
Interest on long-term debt | 103,040 | 170,949 | 114,561 | 93,865 | 482,415 |
Derivative financial liabilities | 1,616 | 6,688 | 5,489 | 447 | 14,240 |
Other current liabilities | 56,031 | \u2013 | \u2013 | \u2013 | 56,031 |
Total contractual obligations | 945,293 | 793,691 | 795,334 | 866,475 | 3,400,793 |
| For the year ended November 30, 2023 | Less than | More than | |||
| (in US $ 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 |
| Purchase | ||
(in local currency, thousands) | 2024 | 2023 |
Euro | 69,000 | 43,000 |
Singapore dollar | 20,000 | 14,000 |
Norwegian krone | 327,000 | \u2013 |
British pound | 18,000 | 14,000 |
| For the year ended November 30, 2024 | Less than | More than | |||
| (in US $ thousands) | 1 yr | 2-3 yrs | 4-5 yrs | 5 yrs | Total |
| Contractual obligations: | |||||
Accounts payable, excluding withholding and value added taxes | 88,320 | \u2013 | \u2013 | \u2013 | 88,320 |
Accrued expenses and dividend payable | 419,992 | \u2013 | \u2013 | \u2013 | 419,992 |
Long-term lease liabilities, including current maturities | 58,581 | 83,169 | 51,368 | 150,893 | 344,011 |
Interest on long-term lease liabilities | 17,267 | 26,459 | 18,551 | 73,010 | 135,287 |
Long-term debt, including current maturities | 200,446 | 506,426 | 605,365 | 548,260 | 1,860,497 |
Interest on long-term debt | 103,040 | 170,949 | 114,561 | 93,865 | 482,415 |
Derivative financial liabilities | 1,616 | 6,688 | 5,489 | 447 | 14,240 |
Other current liabilities | 56,031 | \u2013 | \u2013 | \u2013 | 56,031 |
Total contractual obligations | 945,293 | 793,691 | 795,334 | 866,475 | 3,400,793 |
| For the year ended November 30, 2023 | Less than | More than | |||
| (in US $ 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 |
| (in US $ thousands) | Notes | 2024 | 2023 |
| Preferred ship fixed rate mortgages: | |||
Fixed interest rates ranging from 4.2% to 5.7% (2023: 2.7% to 5.4%), maturities vary | |||
| through 2038 | (i) | 402,636 | 443,404 |
| Preferred ship variable rate mortgages: | |||
| Interest rates ranging from 7.6% to 8.5% | |||
| (2023: 7.6% to 8.3%), maturities vary | |||
| through 2031 | (ii) | 253,749 | 313,622 |
Senior secured credit facilities | (iii) | 1,040,170 | 887,096 |
Senior unsecured bond issues | (iv) | 136,673 | 178,924 |
| Bank loans: | |||
| Interest rates ranging from 1.5% to 2.1% | |||
| (2023: 1.5% to 2.1%), maturities vary | |||
| through 2028 | 9,544 | 13,555 | |
1,842,772 | 1,836,601 | ||
Less \u2013 current maturities | (195,645 ) | (255,109 ) | |
1,647,127 | 1,581,492 |
| At December | Exchange | At November | |||
| (in US $ thousands) | 1, 2023 | Cash flow | differences | Other movements | 30, 2024 |
Cash deposits | 176,780 | (81,770 ) | (2,937 ) | \u2013 | 92,073 |
Short-term time deposits | 269,735 | (27,070 ) | \u2013 | \u2013 | 242,665 |
Cash and cash equivalents | 446,515 | (108,840 ) | (2,937 ) | \u2013 | 334,738 |
| Borrowings: | |||||
Long-term debt, including current maturities | (1,836,601 ) | 1,317 | (8,104 ) | 616 | (1,842,772 ) |
Lease liabilities, including current maturities | (238,207 ) | 64,130 | 2,567 | (172,501 ) | (344,011 ) |
Net debt | (1,628,293 ) | (43,393 ) | (8,474 ) | (171,885 ) | (1,852,045 ) |
At Dec ember | Exchange | At November | |||
| (in US $ thousands) | 1, 2022 | Cash flow | differences | Other 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 ) |
| As of November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Short-term loans, long-term debt and lease liabilities | 2,186,783 | 2,074,808 |
Equity attributable to equity holders of SNL less intangible assets and excluding other components of equity | 2,316,743 | 2,069,889 |
Debt to tangible net worth | 0.94 | 1.00 |
| For the year ended November 30, 2024 | Less than | More than | |||
| (in US $ thousands) | 1 yr | 2-3 yrs | 4-5 yrs | 5 yrs | Total |
| Contractual obligations: | |||||
Accounts payable, excluding withholding and value added taxes | 88,320 | \u2013 | \u2013 | \u2013 | 88,320 |
Accrued expenses and dividend payable | 419,992 | \u2013 | \u2013 | \u2013 | 419,992 |
Long-term lease liabilities, including current maturities | 58,581 | 83,169 | 51,368 | 150,893 | 344,011 |
Interest on long-term lease liabilities | 17,267 | 26,459 | 18,551 | 73,010 | 135,287 |
Long-term debt, including current maturities | 200,446 | 506,426 | 605,365 | 548,260 | 1,860,497 |
Interest on long-term debt | 103,040 | 170,949 | 114,561 | 93,865 | 482,415 |
Derivative financial liabilities | 1,616 | 6,688 | 5,489 | 447 | 14,240 |
Other current liabilities | 56,031 | \u2013 | \u2013 | \u2013 | 56,031 |
Total contractual obligations | 945,293 | 793,691 | 795,334 | 866,475 | 3,400,793 |
| For the year ended November 30, 2023 | Less than | More than | |||
| (in US $ 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 |
November 30, 2024 | November 30, 2023 | |||||||
| Total carrying | Total carrying | |||||||
(in US $ 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 | 3,142 | \u2013 | 3,142 | 3,142 | 794 | \u2013 | 794 | 794 |
| Interest rate swaps \u2013 cash flow hedges | 3,283 | 2,337 | 5,620 | 5,620 | 5,256 | 4,788 | 10,044 | 10,044 |
| Cross-currency interest rate swaps \u2013 cash flow hedges | 189 | \u2013 | 189 | 189 | 46 | \u2013 | 46 | 46 |
| Carbon emission forward contracts \u2013 cash flow hedges | 400 | \u2013 | 400 | 400 | \u2013 | \u2013 | \u2013 | \u2013 |
7,014 | 2,337 | 9,351 | 9,351 | 6,096 | 4,788 | 10,884 | 10,884 | |
| Liabilities | ||||||||
Cross-currency interest rate swaps \u2013 cash flow hedges | 776 | 7,860 | 8,636 | 8,636 | 11,470 | 3,780 | 15,250 | 15,250 |
| Foreign currency exchange contracts \u2013 cash flow hedges | 5,720 | \u2013 | 5,720 | 5,720 | 470 | \u2013 | 470 | 470 |
| Interest rate swaps \u2013 cash flow hedges | 846 | 4,811 | 5,657 | 5,657 | \u2013 | 3,876 | 3,876 | 3,876 |
7,342 | 12,671 | 20,013 | 20,013 | 11,940 | 7,656 | 19,596 | 19,596 |
| For the year ended November 30, 2024 | Less than | More than | |||
| (in US $ thousands) | 1 yr | 2-3 yrs | 4-5 yrs | 5 yrs | Total |
| Contractual obligations: | |||||
Accounts payable, excluding withholding and value added taxes | 88,320 | \u2013 | \u2013 | \u2013 | 88,320 |
Accrued expenses and dividend payable | 419,992 | \u2013 | \u2013 | \u2013 | 419,992 |
Long-term lease liabilities, including current maturities | 58,581 | 83,169 | 51,368 | 150,893 | 344,011 |
Interest on long-term lease liabilities | 17,267 | 26,459 | 18,551 | 73,010 | 135,287 |
Long-term debt, including current maturities | 200,446 | 506,426 | 605,365 | 548,260 | 1,860,497 |
Interest on long-term debt | 103,040 | 170,949 | 114,561 | 93,865 | 482,415 |
Derivative financial liabilities | 1,616 | 6,688 | 5,489 | 447 | 14,240 |
Other current liabilities | 56,031 | \u2013 | \u2013 | \u2013 | 56,031 |
Total contractual obligations | 945,293 | 793,691 | 795,334 | 866,475 | 3,400,793 |
| For the year ended November 30, 2023 | Less than | More than | |||
| (in US $ 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, 2024 | Less than | More than | |||
| (in US $ thousands) | 1 yr | 2-3 yrs | 4-5 yrs | 5 yrs | Total |
| Contractual obligations: | |||||
Accounts payable, excluding withholding and value added taxes | 88,320 | \u2013 | \u2013 | \u2013 | 88,320 |
Accrued expenses and dividend payable | 419,992 | \u2013 | \u2013 | \u2013 | 419,992 |
Long-term lease liabilities, including current maturities | 58,581 | 83,169 | 51,368 | 150,893 | 344,011 |
Interest on long-term lease liabilities | 17,267 | 26,459 | 18,551 | 73,010 | 135,287 |
Long-term debt, including current maturities | 200,446 | 506,426 | 605,365 | 548,260 | 1,860,497 |
Interest on long-term debt | 103,040 | 170,949 | 114,561 | 93,865 | 482,415 |
Derivative financial liabilities | 1,616 | 6,688 | 5,489 | 447 | 14,240 |
Other current liabilities | 56,031 | \u2013 | \u2013 | \u2013 | 56,031 |
Total contractual obligations | 945,293 | 793,691 | 795,334 | 866,475 | 3,400,793 |
| For the year ended November 30, 2023 | Less than | More than | |||
| (in US $ 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 |
| (in US $ thousands) | Notes | 2024 | 2023 |
| Preferred ship fixed rate mortgages: | |||
Fixed interest rates ranging from 4.2% to 5.7% (2023: 2.7% to 5.4%), maturities vary | |||
| through 2038 | (i) | 402,636 | 443,404 |
| Preferred ship variable rate mortgages: | |||
| Interest rates ranging from 7.6% to 8.5% | |||
| (2023: 7.6% to 8.3%), maturities vary | |||
| through 2031 | (ii) | 253,749 | 313,622 |
Senior secured credit facilities | (iii) | 1,040,170 | 887,096 |
Senior unsecured bond issues | (iv) | 136,673 | 178,924 |
| Bank loans: | |||
| Interest rates ranging from 1.5% to 2.1% | |||
| (2023: 1.5% to 2.1%), maturities vary | |||
| through 2028 | 9,544 | 13,555 | |
1,842,772 | 1,836,601 | ||
Less \u2013 current maturities | (195,645 ) | (255,109 ) | |
1,647,127 | 1,581,492 |
| At December | Exchange | At November | |||
| (in US $ thousands) | 1, 2023 | Cash flow | differences | Other movements | 30, 2024 |
Cash deposits | 176,780 | (81,770 ) | (2,937 ) | \u2013 | 92,073 |
Short-term time deposits | 269,735 | (27,070 ) | \u2013 | \u2013 | 242,665 |
Cash and cash equivalents | 446,515 | (108,840 ) | (2,937 ) | \u2013 | 334,738 |
| Borrowings: | |||||
Long-term debt, including current maturities | (1,836,601 ) | 1,317 | (8,104 ) | 616 | (1,842,772 ) |
Lease liabilities, including current maturities | (238,207 ) | 64,130 | 2,567 | (172,501 ) | (344,011 ) |
Net debt | (1,628,293 ) | (43,393 ) | (8,474 ) | (171,885 ) | (1,852,045 ) |
At Dec ember | Exchange | At November | |||
| (in US $ thousands) | 1, 2022 | Cash flow | differences | Other 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 ) |
| As of November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Non-current assets | 24,082 | 21,292 |
Non-current liabilities | (20,197 ) | (19,937 ) |
| Net pension asset | 3,885 | 1,355 |
| As of November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Present value of funded obligations | (170,552 ) | (168,950 ) |
Fair value of plans assets | 174,437 | 170,305 |
3,885 | 1,355 |
| For the years ended | ||
| November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Service cost | 437 | 408 |
Interest cost, net | 155 | 166 |
Cost of plan administration | 475 | 332 |
| Net periodic benefit cost | 1,067 | 906 |
| For the years ended | ||
| November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Effect of changes in demographic assumptions | (410 ) | 7 |
Effect of changes in financial assumptions | 4,149 | (7,225 ) |
Effect of experience assumptions | 439 | (796 ) |
Return on plan assets (excluding interest income) | (6,091 ) | 6,657 |
Remeasurements recognised in other comprehensive income | (1,913 ) | (1,357 ) |
| For the years ended | ||
| November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Benefit obligations at beginning of year | 168,950 | 177,630 |
Current service cost | 437 | 408 |
Interest cost | 8,856 | 8,633 |
Benefits paid | (11,823 ) | (10,425 ) |
Foreign exchange rate changes | (46 ) | 718 |
| Remeasurements: | ||
Effect of changes in demographic assumptions | (410 ) | 7 |
Effect of changes in financial assumptions | 4,149 | (7,225 ) |
Effect of experience adjustments | 439 | (796 ) |
| Benefits obligation at end of year | 170,552 | 168,950 |
| For the years ended | ||
| November 30 | ||
| (in US $ thousands) | 2024 | 2023 |
Fair value of plan assets at beginning of year | 170,305 | 177,890 |
Return on plan assets (excluding interest income) | 6,091 | (6,657 ) |
Interest income | 8,701 | 8,467 |
Company contributions | 1,612 | 443 |
Foreign exchange rate changes | 26 | 919 |
Benefits paid | (11,823 ) | (10,425 ) |
Expenses paid | (475 ) | (332 ) |
| Fair value of plan assets at end of year | 174,437 | 170,305 |
| As of November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Actives | 25,133 | 26,718 |
Vested former employees not yet retired | 27,869 | 28,584 |
Retirees | 117,550 | 113,648 |
170,552 | 168,950 |
| As of November 30 | ||
2024 | 2023 | |
Actives | 962 | 1,002 |
Vested former employees not yet retired | 465 | 476 |
Retirees | 728 | 715 |
2,155 | 2,193 |
| As of November 30 | ||
2024 | 2023 | |
| Weighted-average assumptions to determine projected | ||
| benefit obligations: | ||
Discount rate | 5.19 % | 5.45 % |
Rate of compensation increase | 3.54 % | 3.54 % |
Rate of pension increases | 3.07 % | 3.12 % |
Rate of price inflation | 3.14 % | 3.14 % |
| Life expectancy for an individual currently at 65: | ||
Male | 21.0 yrs | 21.0 yrs |
Female | 23.0 yrs | 23.0 yrs |
| Impact on Defined Benefit Obligation | |||
Change in Assumption | Increase in Assumption | Decrease in Assumption | |
Discount rate | 0.25% | Decrease by 2.4% | Increase by 2.4% |
Salary growth rate | 0.25% | Increase by 2.0% | Decrease by 2.0% |
Pension growth rate | 0.25% | Increase by 2.2% | Decrease by 2.1% |
Increase by 1 Year in Assumption | Decrease by 1 Year in Assumption | ||
Life expectancy | Increase by 2.6% | Decrease by 2.6% |
| As of November 30 | ||||
(in US $ thousands) | 2024 | % | 2023 | % |
Cash and cash equivalents | 5,836 | 3% | 7,354 | 4% |
Equity instruments | 26,780 | 15% | 39,483 | 23% |
Debt instruments | 137,117 | 79% | 117,130 | 69% |
Real estate | 2,252 | 1% | 3,260 | 2% |
Investment funds | 1,030 | 1% | 1,820 | 1% |
Assets held by insurance company | 322 | \u2013 | 190 | \u2013 |
Other | 1,100 | 1% | 1,068 | 1% |
Total | 174,437 | 100% | 170,305 | 100% |
| As of November 30, 2024 | Less than | Between | Between | More than 5 | |
| (in US $ thousands) | a year | 1-2 years | 2-5 years | years | Total |
Pension benefits | 11,503 | 23,741 | 24,853 | 60,744 | 120,841 |
| Post-employment | |||||
benefits | 409 | 643 | 559 | 1,272 | 2,883 |
Total | 11,912 | 24,384 | 25,412 | 62,016 | 123,724 |
| As of November 30, 2023 | Less than | Between | Between | More than 5 | |
| (in US $ 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 | ||
2024 | 2023 | |
| Weighted-average assumptions to determine projected | ||
| benefit obligations: | ||
Discount rate | 5.19 % | 5.45 % |
Rate of compensation increase | 3.54 % | 3.54 % |
Rate of pension increases | 3.07 % | 3.12 % |
Rate of price inflation | 3.14 % | 3.14 % |
| Life expectancy for an individual currently at 65: | ||
Male | 21.0 yrs | 21.0 yrs |
Female | 23.0 yrs | 23.0 yrs |
| Impact on Defined Benefit Obligation | |||
Change in Assumption | Increase in Assumption | Decrease in Assumption | |
Discount rate | 0.25% | Decrease by 2.4% | Increase by 2.4% |
Salary growth rate | 0.25% | Increase by 2.0% | Decrease by 2.0% |
Pension growth rate | 0.25% | Increase by 2.2% | Decrease by 2.1% |
Increase by 1 Year in Assumption | Decrease by 1 Year in Assumption | ||
Life expectancy | Increase by 2.6% | Decrease by 2.6% |
| Claims | Environmental | |||
| (in US $ thousands) | provision | provision | Restructuring | Total |
Balance at December 1, 2023 | 301,566 | 581 | 37 | 302,184 |
| Additional (reversal) provisions | ||||
recognised, net | 245 | (6 ) | \u2013 | 239 |
Reductions arising from payments | (301,333 ) | (458 ) | (37 ) | (301,828 ) |
Net foreign exchange differences | (74 ) | \u2013 | \u2013 | (74 ) |
Balance at November 30, 2024 | 404 | 117 | \u2013 | 521 |
| Asset retirement | |||
| (in US $ thousands) | obligations | Claims provision | Total |
Balance at December 1, 2023 | 1,933 | 15,261 | 17,194 |
Additional (reversal) provisions recognised, net | 3 | (2,155 ) | (2,152 ) |
| Net foreign exchange differences | (8 ) | 15 | 7 |
Balance at November 30, 2024 | 1,928 | 13,121 | 15,049 |
| For the years ended November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Board fees | 2,140 | 1,132 |
Salary and benefits | 6,048 | 5,928 |
Profit sharing | 3,607 | 3,104 |
Long-term incentives | 2,279 | 1,424 |
Defined benefit pension cost | 148 | 81 |
Defined contribution pension cost | 481 | 416 |
Total compensation and benefits | 14,703 | 12,085 |
Average number of key managers included | 11 | 10 |
| As of November 30 | ||
(in US $ thousands) | 2024 | 2023 |
| Joint ventures: | ||
| Amounts due from the Group | 26,157 | 30,337 |
Amounts due to the Group | 87,046 | 35,836 |
| For the years ended November 30 | ||
(in US $ thousands) | 2024 | 2023 |
| Joint Ventures | ||
Charter hire revenue 1 | 213,483 | 196,670 |
Tank container cleaning station revenue | 9,167 | 10,742 |
Charter hire expense | 131,535 | 63,265 |
Management, freight and joint service commission and other expenses | 37,263 | 35,076 |
| Finance expense | 4,135 | 872 |
| Other expense | \u2013 | 519 |
| Associates | ||
Bareboat revenue | 4,231 | 4,348 |
Commission, management and other revenue 2 | 1,838 | 2,613 |
Tank container cleaning station revenue | 3,531 | 3,280 |
| For the years ended November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Board fees | 2,140 | 1,132 |
Salary and benefits | 6,048 | 5,928 |
Profit sharing | 3,607 | 3,104 |
Long-term incentives | 2,279 | 1,424 |
Defined benefit pension cost | 148 | 81 |
Defined contribution pension cost | 481 | 416 |
Total compensation and benefits | 14,703 | 12,085 |
Average number of key managers included | 11 | 10 |
| As of November 30 | ||
(in US $ thousands) | 2024 | 2023 |
| Joint ventures: | ||
| Amounts due from the Group | 26,157 | 30,337 |
Amounts due to the Group | 87,046 | 35,836 |
| For the years ended November 30 | ||
(in US $ thousands) | 2024 | 2023 |
| Joint Ventures | ||
Charter hire revenue 1 | 213,483 | 196,670 |
Tank container cleaning station revenue | 9,167 | 10,742 |
Charter hire expense | 131,535 | 63,265 |
Management, freight and joint service commission and other expenses | 37,263 | 35,076 |
| Finance expense | 4,135 | 872 |
| Other expense | \u2013 | 519 |
| Associates | ||
Bareboat revenue | 4,231 | 4,348 |
Commission, management and other revenue 2 | 1,838 | 2,613 |
Tank container cleaning station revenue | 3,531 | 3,280 |
| For the years ended November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Board fees | 2,140 | 1,132 |
Salary and benefits | 6,048 | 5,928 |
Profit sharing | 3,607 | 3,104 |
Long-term incentives | 2,279 | 1,424 |
Defined benefit pension cost | 148 | 81 |
Defined contribution pension cost | 481 | 416 |
Total compensation and benefits | 14,703 | 12,085 |
Average number of key managers included | 11 | 10 |
| 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, 2023 and 2024 | 14,630,949 | 1,250,000 | 58,523,796 | 5,000,000 |
| As of November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Short-term loans, long-term debt and lease liabilities | 2,186,783 | 2,074,808 |
Equity attributable to equity holders of SNL less intangible assets and excluding other components of equity | 2,316,743 | 2,069,889 |
Debt to tangible net worth | 0.94 | 1.00 |
| 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, 2023 and 2024 | 14,630,949 | 1,250,000 | 58,523,796 | 5,000,000 |
| As of November 30 | ||
(in US $ thousands) | 2024 | 2023 |
Short-term loans, long-term debt and lease liabilities | 2,186,783 | 2,074,808 |
Equity attributable to equity holders of SNL less intangible assets and excluding other components of equity | 2,316,743 | 2,069,889 |
Debt to tangible net worth | 0.94 | 1.00 |
| For the years ended November 30 | ||
| (in US $ thousands, except per share data) | 2024 | 2023 |
Net profit | 394,759 | 296,651 |
Less: Dividends on Founder\u2019s Shares | (67 ) | (67 ) |
Net profit attributable to holders of Common Shares | 394,692 | 296,584 |
Basic and diluted weighted average shares outstanding | 53,524 | 53,524 |
Basic earnings per share | 7.38 | 5.54 |
Diluted earnings per share | 7.38 | 5.54 |
| For the years ended November 30 | |||
(in US $ thousands) | 2024 | 2023 | |
Net profit | 394,759 | 296,651 | |
Adjustments to reconcile net profit to net cash from operating activities: | |||
Depreciation of property, plant and equipment | 294,416 | 287,843 | |
Amortisation of intangible assets | 4,341 | 4,478 | |
Finance expense, net | 109,984 | 112,614 | |
| Net periodic benefit expense of defined benefit pension | |||
plans | 1,067 | 906 | |
Income tax expense | 46,356 | 12,783 | |
Share of profit of joint ventures and associates | (62,758 ) | (62,265 ) | |
Fair value adjustment on biological assets | 699 | (3,914 ) | |
Foreign currency exchange gain, net | (277 ) | (3,199 ) | |
Gain on disposal of assets, net | (7,485 ) | (3,606 ) | |
| Changes in assets and liabilities: | |||
(Increase) decrease in receivables | (36,653 ) | 26,630 | |
Decrease in inventories | 624 | 1,692 | |
Decrease (increase) in biological assets | 208 | (2,752 ) | |
| Decrease (increase) in prepaid expenses and other current | |||
assets | 25,633 | (23,978 ) | |
Increase in accounts payable and other current liabilities | 10,972 | 156,309 | |
Contributions to defined benefit pension plans | (1,642 ) | (1,794 ) | |
Payment of the MSC Flaminia provision | (290,000 ) | \u2013 | |
Insurance proceeds related to MSC Flaminia lawsuit | \u2013 | 133,000 | |
Dividends from joint ventures and associates | 53,808 | 43,832 | |
Other, net | (173 ) | (887 ) | |
Cash generated from operations | 543,879 | 974,343 |
| (in US $ thousands) | |
Cash consideration for equity | 81,905 |
Share of closing net debt and shareholder loan to SNL | 83,626 |
Share of working capital | (7,355 ) |
Total consideration | 158,176 |
Fair value of the Group\u2019s investment in Avenir before the business combination | 77,951 |
Non-controlling interest | 6,350 |
| Preliminary | |||
| Fair Value | |||
| (in US $ thousands) | Transfer Value | Adjustments | Total |
Cash and cash equivalents | 17,801 | \u2013 | 17,801 |
Net working capital | (2,875 ) | \u2013 | (2,875 ) |
Newbuildings | 25,166 | (18,218 ) | 6,948 |
Ships in service | 210,213 | 99,562 | 309,775 |
Shareholder loan to the Group | (27,818 ) | \u2013 | (27,818 ) |
Debt related to ships | (140,133 ) | (1,749 ) | (141,882 ) |
Net assets acquired | 82,354 | 79,595 | 161,949 |
Consideration paid for net assets and non- controlling interest | 166,207 | \u2013 | 166,207 |
Goodwill | 4,258 | 4,258 |
| Pro forma year | |
| ended November | |
| (in US $ thousands) | 30, 2024 |
Revenue | 2,976,009 |
Net profit | 392,468 |
| (in US $ thousands) | |
Cash consideration for equity | 111,851 |
Share of closing debt and interest rate swap assumed | 87,704 |
Share of working capital | (14,555 ) |
Total consideration | 185,000 |
Fair value of the Group\u2019s investment in HS4 before the business combination | 111,851 |
| Preliminary | |||
| Fair Value | |||
(in US $ thousands) | Transfer Value | Adjustments | Total |
Cash and cash equivalents | 21,364 | \u2013 | 21,364 |
Net working capital | 7,746 | \u2013 | 7,746 |
Derivatives | 5,541 | \u2013 | 5,541 |
Ships in service | 283,970 | 87,081 | 371,051 |
Debt related to ships | (180,949 ) | (1,051 ) | (182,000 ) |
Net assets acquired | 137,672 | 86,030 | 223,702 |
| Pro forma year | |
| ended November | |
| 30, 2024 | |
Revenue | 2,890,825 |
Net profit | 408,495 |