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"f5252": { "value": "0.46", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f5257": { "value": "1.16", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f5261": { "value": "0.46", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "pp-value-1-1": { "value": "Oslo, 31 December 2022Oslo, 6 March 2023Ernst Meyer Magne \u00d8vre\u00e5sBrita Eilertsen Chair of the BoardBoard memberBoard memberWinifred Patricia JohansenG\u00f8ran Andreassen Engebret Dahm Board memberBoard memberCEOAccounting policies01Corporate information These consolidated financial statements of Klaveness Combination Carriers ASA and its subsidiaries (collectively referred to as \u201cThe Group\u201d) for the period ended 31 December 2022 were authorized by the Board of Directors on 6 March 2023. Klaveness Combination Carriers ASA(\u201cThe Company\u201d/\u201dThe Parent Company\u201d) is a private limited companydomiciled and incorporated inNorway.The Parent Company has headquarters and is registered inDrammensveien 260, 0283 Oslo.The share is listed on Oslo Stock Exchange with ticker KCC.The Parent Company was established on 23 March, 2018.The objectives of the Group are to provide transportation for dry bulk, chemical and petroleum tanker clients, as well as to develop new investment and acquisition opportunities that fit the Group\u2019s existing business platform (see note 2 for more information).The ultimate parent of the Company is Rederiaksjeselskapet Torvald Klaveness.The consolidated financial statement for the ultimate parent is available at www.klaveness.com. Basis of preparationThe consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (\u201cIFRS\u201d) as adopted by the European Union. The Group\u2019s consolidated financial statements comprise Klaveness Combination Carriers ASA (KCC) and all subsidiaries over which the Group has control. ESEF/iXBRL reportingThe Company is required to prepare and file the annual report in the European Single Electronic Format (ESEF), and the Annual Report for 2022 is therefore prepared in the XHTML format that can be displayed in a standard browser. The primary statements in the consolidated financial statements and notes to the consolidated financial statements are tagged using inline eXtensible Business Reporting Language (iXBRL). The iXBRL tags comply with the ESEF taxonomy, which is included in the ESEF Regulation and developed based on the IFRS taxonomy published by the IFRS Foundation. Where a financial statement line item is not defined in the ESEF taxonomy, an extension to the taxonomy has been created. Extensions are anchored to elements in the ESEF taxonomy, except for extensions which are subtotals.The Annual Report submitted to the Norwegian Financial Supervisory Authority consists of the XHTML document together with certain technical files.Significant accounting judgements, estimates and assumptionsPreparing financial statements in conformity with IFRS requires the management to make judgments, use of estimates and assumptions which a\ue61eect the application of the accounting policies and the reported amounts of assets and liabilities, revenues and expenses.Management has made estimates and assumptions which have significant e\ue61eect on the amounts recognised in the financial statements. In general, accounting estimates are considered significant if:- the estimates require assumptions about matters that are highlyuncertain at the time the estimates are made- di\ue61eerent estimates could have been used- changes in the estimates have a material impact on KlavenessCombination Carriers ASA\u2019s financial positionThe areas in which The Company is particularly exposed to material uncertainty over the carrying amounts as at the end of 2022 are included within the individual note outlined below: Note 9 \u2013 Useful life, residual value, cash-generating units and impairment testingFunctional and presentation currencyThe presentation currency for the Group is US Dollar (USD). The Group companies, including the Parent Company, have USD as their functional currency. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency.Income and expenses in NOK are converted at the rate of exchange on the transaction date. The average exchange rate was 9.6197 USD/NOK in 2022 (2021: 8.5973). At 31 December 2022 an exchange rate of USD/NOK 9.9066 (2021: 8.8363) was used for the valuation of balance sheet items. Cash flow statementsThe cash flow statements are based on the indirect method. Standards, amendments and interpretationsThe financial statements have been prepared based on standards, amendments and interpretations effective for 2022. The Group has early adopted amendments to IAS 1 and IFRS Practice Statement 2 regarding disclosure of material accounting policy information instead of significant accounting policies.There was no material impact of new accounting standards or amendments adopted in the period. The Group has not early adopted other than above mentioned mandatory amendments and interpretations to existing standards that have been published and are relevant to the Group\u2019s annual accounting periods beginning on 1 January 2023 or later periods. Segment reporting 02The Group is an owner and operator of combination carriers and operates mainly within the dry bulk shipping industry and the product tanker industry. The Group owns eight CABU vessels and eight CLEANBU vessels. The CABUs are from 72,456 dwt to 80,344 dwt and have the capacity to transport caustic soda solution (CSS), floating fertilizer (UAN) and molasses as well as all types of dry bulk commodities.The CLEANBUs have approximately 82,500 dwt carrying capacity. The CLEANBUs are both full-fledged LR1 product tankers and Kamsarmaxbulk carriers transporting clean petroleum products (CPP), heavy liquid cargoes such as CSS, UAN and molasses as well as all types of dry bulkproducts. Operating income and operating 2022 2021expenses per segment(USD \u2018000)CABU CLEANBU Total CABU CLEANBU TotalOperating revenue, vessels 127 455 132 823 260 278 116 218 81 255 197 473Other revenue - 396 396 - 482 482Voyage expenses (55 018) (41 036) (96 054) (50 099) (31 989) (82 087)Net revenue from operations of vessels 72 436 92 183 164 620 66 119 49 749 115 868Gain on sale of vessels (note 9) - - - 6 360 - 6 360 Other income (note 3) - - - 1 422 - 1 422 Operating expenses, vessels (22 917) (25 657) (48 575) (24 684) (24 537) (49 221)Group commercial and administrative services (1 983) (2 220) (4 203) (1 860) (1 849) (3 709)Salaries and social expense (1 631) (1 826) (3 458) (1 191) (1 184) (2 374)Tonnage tax (105) (83) (188) (126) (88) (214)Other operating and administrative expenses (586) (656) (1 242) (536) (533) (1 069)Operating profit before depreciation (EBITDA) 45 214 61 740 106 955 45 505 21 559 67 064Depreciation (12 465) (18 880) (31 344) (13 362) (15 303) (28 665)Operating profit after depreciation (EBIT) 32 749 42 860 75 611 32 142 6 256 38 398Alternative performance measures (APMs)Average TCE earnings per onhire day is an alternative performance measure. Description and definition can be found on the Company\u2019s homepage: https://www.combinationcarriers.com/alternative-performance-measures.Reconciliation of average TCE earnings per onhire day2022 2021(USD \u2018000)CABU CLEANBU Total CABU CLEANBU TotalNet revenue from operations of vessels 72 436 92 183 164 620 66 119 49 749 115 868 Adjustment * - - - 177 213 390 Other revenue - (396) (396) - (482) (482)Net revenue ex adjustment 72 436 91 787 164 223 66 297 49 479 115 776 Onhiredays 2 703 2 814 5 518 3 073 2 450 5 523 Average TCE earnings per onhire day ($/d) 26 796 32 614 29 764 21 571 20 195 20 961 * Adjustment: Net revenue in Income Statement for 2022 and 2021 is recognized from load-to-discharge in line with IFRS. Revenue basis for average TCE earnings per day is based on load-to-discharge for 2022 and discharge-to-discharge for 2021. The difference/adjustment relates to days in ballast from discharge to loading on next voyage. The effect on TCE earnings for 2021 is immaterial (approximately 70 $/d for both segments), hence the Company has concluded not to adjust comparative figures for 2021.Accounting policyThe operating segments are reported in a manner consistent with the internal financial reporting provided to the chief operating decision-maker, who is responsible for allocating resources, making strategic decisions and assessing performance. The chief operating decision-maker has been identified as the Board of Directors.The reporting of the financial results separates the CABUs and CLEANBUs as two segments, to better evaluate and follow up on the performance of the different vessel concepts. The Group identifies and reports its segments based on information provided to the Management and the Board of Directors. Resources are allocated and decisions are made based on this information.Revenue from contracts with customers03Disaggregated revenue informationThe Group has income from Contract of Affreightment (COA) contracts, spot voyages and Time Charter (TC) contracts (mainly one voyage only). Set out below is the disaggregation of the Group\u2019s revenue from different contracts with customers.Revenue types (USD \u2019000) Classification 2022 2021Revenue from COA contracts Freight revenue 92 852 83 626 Revenue from spot voyages Freight revenue 112 917 71 938 Revenue from TC contracts Charter hire revenue 54 509 41 909 Other revenue Other revenue 396 482 Total revenue, vessels 260 674 197 955 Other income (USD \u2019000) Classification 2022 2021Gain on sale of vessels (note 9) Gain on sale of vessels - 6 360 Other income Other income - 1 422 Total other income - 7 782 Other revenue of USD 0.4 million in 2022 (2021: USD 0.5 million) is related to off-hire compensation for guarantee work on the CLEANBU vessels. Other income of USD 1.4 million in 2021 relates to equity distribution from the Norwegian Shipowners\u2019 Mutual War Risks Insurance Association (Den Norske Krigsforsikring for Skib, DNK).The Group had four (four) customers in 2022 (2021) that each represented more than five percent of operating revenue in the Group (USD 38.0 million (USD 44.4 million), USD 27.6 million (USD 18.4 million), USD 23.4 million (USD 11.6 million) and USD 19.5 million (USD 11.6 million), respectively).Geographical informationRevenue for the shipping activities is distributed based on the port of discharge for all vessels operated by the Group, including leased vessels on time charter agreements. The table below presents revenue based on the port of discharge.Region (USD \u2019000) 2022 2021Middle East 76 237 51 669 Australia / Oceania 67 618 41 160 North East Asia 47 386 69 992 South America 41 667 23 025 North America 18 303 6 036 Europe 9 200 10 472 Africa 4 091 2 466 South East Asia 2 239 7 341 South Asia - 5 344 Total revenue, regions 266 741 217 504 Gain/(loss) on FFAs (4 324) (19 642)Adjustments (2 139) (390)Other revenue 396 482 Total revenue, vessels 260 674 197 955 Contract balances(USD \u2018000) 31 Dec 2022 31 Dec 2021Trade receivables from charterers (note 14) 13 629 7 421 Contract assets (note 14) 9 663 3 437 Contract liabilities 4 485 3 477 Contract assets are accrued income related to ongoing voyages (revenue recognised from load-to-discharge). Total income related to ongoing voyages as per 31 December 2022 to be recognized in 2023 is USD 27.3 million. Contract liabilities are prepaid revenue from customers. For dry bulk cargo lifted, payment is generally due within 10 days after the cargo is loaded, while payment for wet cargo is generally due immediately upon discharge.Accounting policyThe Group is in the business of transporting cargo at sea. Contracts of affreightmentThe combination carriers are employed on both long and short term contracts of affreightment (COAs) as well as in the spot market. The ambition is to have a large part of the wet exposure covered by contracts of affreightment (COA) and to a larger extent employ the vessels in the spot market when trading dry. The mix of COA and spot business creates ability to optimize the trading of the fleet and provide the CoA customers with the flexibility they need in their logistics. The COA contracts have duration between 1-6 years. Revenue from the Group\u2019s COA commitments are classified as freight revenue in the Income Statement.Revenue from contracts with customers is recognised when control of the goods is transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods. The Group has concluded that the performance obligation under a voyage charter is satisfied over time, and begins from the point at which cargo is loaded until the point at which a cargo is discharged at the destination port. Other revenue from services, such as demurrage, is recognised when earned and is included in freight revenue. Performance obligationsIFRS 15 requires the Group to identify the performance obligations, determine the transaction price, allocate the transaction price to performance obligations for each contract with a customer to the extent that the contract covers more than one performance obligation, determine whether revenue should be recognised over time or at a point in time and recognise revenue when or as performance obligations are recognised. The Group\u2019s voyage charters and time charter (TC) contracts qualify for recognition over time. The nature of the Group\u2019s revenue from TC contracts with its customers is categorised in two groups, the leasing element of the vessel and the service element related to the leased vessel.Expenses between discharge and load are deferred and amortised over the voyage to the extent they qualify as cost to fulfil under IFRS 15. Time charter (TC) agreementsThe time charter revenue is generated from fixed rate time charter contracts. Revenue from time charters is accounted for as lease in accordance with IFRS 16 and is classified as charter hire revenue in the Income Statement. The Group\u2019s time charter contracts have normally a duration of 1-3 months and a significant portion of the risks and rewards of ownership are retained by the lessor (KCC), hence the lease is classified as operating lease. In 2021 and 2022, the Group had no TC agreements with longer than 3 months duration. Payments received under operating leases are recognised as revenue on a straight line basis over the lease term.Voyage expenses04(USD \u2018000) 2022 2021Freight expenses 21 538 20 210 TC-hire 1 449 1 952 Voyage expenses 72 486 59 009 Fuel hedge settlement (456) (224)Various expenses 1 036 1 140 Total voyage costs, vessels 96 054 82 087 Voyage expenses include bunkers cost, port costs and other voyage related expenses. TC-hire is payment for vessels hired in on short-term TCs (1-3 months).Operating expenses05(USD \u2018000) 2022 2021Technical expenses 14 387 14 040 Crewing expenses 23 418 24 760 Insurance 3 366 3 004 Crewing agency fee to Klaveness Ship Management AS 1 565 1 469 Ship management fee to Klaveness Ship Management AS 3 819 3 979 IT fee to Klaveness Ship Managment AS - 81Other operating expenses 2 019 1 886 Total operating expenses 48 575 49 219 Technical expenses are costs related to spare parts, consumables, cargo handling, power supply, navigation and communication. Crew costs include sea personnel expenses such as wages, social costs, travel expenses and training. Costs related to technical management, maintenance and crewing services are recognised as operating expenses, see note 19 for transactions with related parties. \u201dCOVID-19 has impacted operating costs in 2022 and 2021 with higher crew costs, forwarding costs for spare parts and bunkers costs during off-hire due to deviations or time in quarantine for crew change. Higher than normal costs due to COVID-19 are estimated to be approximately USD 1.7 million in 2022 (2021: USD 3.7 million). COVID-19 costs in 2021 was higher mainly due to challenges related to delivery of three newbuildings during the pandemic.\u201d Other operating and administrative expenses06Remuneration to the auditor(USD \u2018000) 2022 2021Statutory audit 135 179 Other assurance services 34 29 Total 169 208 Auditor\u2019s fee are stated excluding VAT.Salary07(USD \u2018000) 2022 2021Salaries and other remuneration 3 141 2 006 Social security tax 200 185 Pension benefit 79 83 Other social costs 15 85 Other personel related expenses 22 16 Salaries and social expense 3 458 2 374 The Group has eleven employees as per year-end 2022. Two new employees started during 2022. As from 1 June 2021, the commercial and operational team of four employees were transferred to the newly established subsidiary Klaveness Combination Carriers Asia Pte Ltd (Singapore).2022 2021Diversity of employeesNumber Percentage Number PercentageWomen 3 27% 3 33%Men 8 73% 6 67%Total employees in KCC at year end 11 100% 9 100%Average number of employees 10.3 7.6 KCC ASA in Norway 6 55% 6 67%KCC Asia in Singapore 5 45% 3 33%Nationalities 5 3 Sick leave - 0.25% - 0.29%Remuneration to the management(USD \u2019000) Base Salary Bonus Pension benefit TotalEngebret Dahm (CEO) 370 149 15 534 Liv Hege Dyrnes (CFO) 260 79 15 354 Total 630 227 31 888 Bonus shown in the above table is earned in 2021 and paid in 2022. The Company has provided a loan to CEO Engebret Dahm of USD 50k. Interest on the loan is set to the Norwegian tax administration is normal interest rate for the taxation of low-cost loans. The loan falls due in 2028.The Board has established guidelines for determining remuneration to executive personnel. The remuneration is based on a base salary, bonus and share option scheme. The CEO has an agreement of 12-month severance payment including a 6-month period of notice in case of involuntary resignation or by redundancy. Bonus schemeThe bonus scheme applicable for 2022 is based on annual distribution and is divided into two: i) Formula bonus based on return on equity for the relevant year, and ii) Discretionary element. The cap payment is set at 12 months fixed salary for the CEO and nine months for the CFO. Total bonus, included any discretionary element and holiday allowance, can in no circumstances exceed the individual cap. If not employed for a full year, the cap will be pro-rated according to number of months employed. The bonus cap is reached at 20 % return on equity. The discretionary bonus is based on goal achievements and individual performance. Any discretionary bonus to the CEO to be set by the Board, however, total bonus to CEO should never be above the bonus cap. The CFO is part of the overall discretionary bonus pool that is distributed among all employees included in the bonus scheme. The return on equity was above 20% for 2022, hence the bonus cap of respectively 12 months and 9 months payment for the CEO and the CFO was reached under the formula bonus on a standalone basis and no discretionary bonus was awarded. A limited discretionary bonus element was distributed to other employees other than the CEO and the CFO. Bonus provision for 2022 has been made in the 2022 accounts and will be paid in 2023. The existing bonus scheme is as well applicable for 2023 and 2024 and the cap and other terms of the bonus scheme remain unchanged for the CEO and the CFO. The bonus cap for other employees will be evaluated and potentially increased for the other employees. Long-term incentive programThe CFO and the CEO were in total granted 65,280 share options in December 2019, each giving the right to subscribe one share per option. Total granted options are equal to 0.1 % of the share capital. The options are vested over a period of three years from the grant date, 1/3 per year with first vesting one year after the grant date. The program was fully vested in December 2022. Vested options may be exercised at any time as long as the option holder acts within all applicable securities legislation and internal guidelines and is still employed by the Company. KCC is entitled to, rather than issuing shares, to settle in cash. Unvested options immediately lapse and expire when an employee becomes a former employee, while the vested options will lapse on the date four months after the employee becomes a former employee as long as this complies with applicable securities legislation. The exercise price was set in NOK based on the average close trading price of the KCC share the last ten days before the grant date. The option scheme includes provisions related to public offers and mergers, adjustments related to changes in share capital among others. The share option program has been accounted for based on equity settlement. See note 17 for more information.A new long-term incentive program for management and employees will be presented for approval by the Annual General Meeting in April 2023.Pension scheme for all employeesThe Group has defined contributions plan for all employees in Norway. The contribution plan includes full-time and part- time employees and comprises 5 % of salary up until 7.1G and 20 % of salary between 7.1G and 12G. As of 31 December 2022 there were six members of the defined contribution plan. The expense recognised in the current financial period in relation to the contribution plan was USD 79k (2021: USD 83k). KCC does not make any pension contributions to employees in Singapore in line with national legal requirements.Remuneration to the Board of Directors(USD \u2018000) 2022 2021Ernst Meyer (Chair of the Board from 29 April 2022)* 36 - Lasse Kristoffersen (Chair of the Board until 29 April 2022)* 18 57 Magne \u00d8vre\u00e5s (Board member and member of Audit Committee) 37 38 Morten Skedsmo (Board member until 29 April 2022)* 11 34 G\u00f8ran Andreassen (Board member from 29 April 2022)* 21 - Rebekka G. Herlofsen (Board member and Chair of Audit Committee until 29 April 2022) 13 39 Winifred Patricia Johansen (Board member from 26 April 2021) 32 23 Brita Eilertsen (Board member and Chair of Audit Committee from 29 April 2022) 26 - Lori W. N\u00e6ss (Board member until 26 April 2021) - 11 Total 195 203 *Remuneration paid to Klaveness AS, a wholly owned subsidiary of the main shareholder Rederiaksjeselskapet Torvald Klaveness. The persons are employed by Klaveness AS. Compensation for Board work is thus included in the regular salary since such positions are a part of their regular employment.Board remuneration is proposed by the Nomination Committee and approved by the Annual General Meeting. The Directors receive a fixed remuneration for the year based on the Board position, i.e. the Chair receives higher remuneration than the Board Members, which have an equal remuneration. The Directors do not receive profit-related remuneration, share options or retirement benefits. Board Members participating in committees such as the Audit Committee have received extra remuneration for these tasks. In connection with the sales process of MV Banasol in 2021, prior board member Morten Skedsmo contributed in the sales process. Compensation for the work, USD 31k, was paid to Klaveness AS in 2021 (see note 19).2022 2021Diversity of Board of DirectorsNumber Percentage Number PercentageWomen 2 40% 2 40%Men 3 60% 3 60%In appointing members to the Board of Directors, it is emphasised that the Board shall have the requisite competency to independently evaluate the cases presented by the executive management team as well as the Company\u2019s operation. It is also considered important that the Board can function well as a body of colleagues and that they meet the Company\u2019s need for expertise and diversity. An introduction to the members of the Board of Directors and their expertise can be found on www.combinationcarriers.com.Financial items08Finance income2022 2021(USD \u2018000)Other interest income 2 109 74 Fair value changes interest rate swaps 232 - Gain related to modification of debt (note 13) 1 175 - Finance income 3 516 74 Finance cost 2022 2021(USD \u2018000)Interest expenses mortgage debt 11 769 9 477 Interest expenses bond loan 4 767 4 371 Interest expenses lease liabilities 66 103 Amortization capitalized fees on loans 1 352 882 Other financial expenses 97 224 Fair value changes and realization effects of interest rate swaps - 82 Loss on foreign exchange 207 726 Finance cost 18 257 15 866 Vessels09Vessels31 Dec 2022 31 Dec 2021(USD '000)Cost price 1.1 734 955 599 826 Delivery of newbuildings - 153 763 Adjustment acquisition value newbuildings delivered - 1 408 Dry docking 5 620 8 342 Technical upgrade 4 617 4 032 Disposal of vessel (2 472) (32 416)Cost price end of period 742 721 734 955 Acc. Depreciation 1.1 198 092 195 568 Disposal of vessel (2 472) (25 560)Depreciation vessels 31 029 28 083 Acc. Depreciation end of period 226 649 198 092 Carrying amounts end of period* 516 072 536 864 *) carrying value of vessels includes dry-dockingNo. of vessels 16 16Useful life vessel 25 25Useful life Dry Docking 2-3 3-5Depreciation schedule Straight-line Straight-lineReconciliation of depreciations 2022 2021(USD '000)Depreciation vessels 31 029 28 083 Depreciation right of use assets 315 582 Depreciations for the period 31 344 28 666 AdditionsThree CABU vessels and one CLEANBU vessel have completed scheduleddry- docking in 2022 with total cost of USD 5.6 millionTechnical upgradeof USD 4.0 million is related to general improvement of the technicalperformance of the vessels and energy efficiency initiatives, deductedby grants from ENOVA of in total USD 0.3 million recognised as per yearend 2022. KCC has secured in total approximately USD 1.4 million ingrants from ENOVA to finance investments in energy saving solutions forone CABU vessel and one CLEANBU vessel. During 2022, KCC has purchased previously leased satellite equipment on board the vessels of a total value of USD 0.6 million. The equipment has from 2022 been capitalized as vessel, depreciated over the same period as each vessel\u2019s dry-dock component. The derecognition of right of use assets with corresponding lease liability had an insignificant impact on the results for the year.Pledged vesselsAll owned vessels except MV Bangor and MV Barcarena are pledged to secure the various debt facilities (refer to note 13 for further information). DisposalsMV Banasol was sold and delivered to new owners in December 2021, a gain of USD 6.4 million was recognised in 2021. Gain is calculated as sales price less book value of the vessel at time of sale less any direct costs of sale.Impairment assessmentIdentification of impairment indicators is based on an assessment of development in market rates (dry bulk, MR tanker, LR1 tanker and fuel), TCE earnings for the fleet, vessel opex, operating profit, technological development, change in regulations, interest rates and discount rate. The rise in interest rates increases the discount rate used in calculation of recoverable amount. As previous sensitivity analysis of recoverable amount shows that the decrease in recoverable amount is unlikely to result in a material impairment loss, as per IAS 36.16, this has not been considered an impairment indicator. Expected future TCE earnings for both fleets of CABUs and CLEANBUs, diversified market exposure, development in secondhand prices and the combination carriers\u2019 trading flexibility support the conclusion of no impairment indicators identified as per 31 December 2022.Accounting policySignificant accounting estimates Non-current assets such as vessels, the cost of dry-docking and newbuildings are carried at cost less accumulated depreciation and impairment charges. Cost is defined as directly attributable cost plus borrowing cost during the construction period. Useful life and residual values The carrying amount of vessels is based on management\u2019s assumptions of useful life. Useful life for the combination carrier vessels is reassessed on an annual basis. Useful life may change due to change in technological developments, competition, environmental and legal requirements, freight rates and steel prices. Management has also considered the impact of decarbonisation and climate related risks on the existing assets\u2019 useful lives. Such risks include new climate related legislation restricting the use of certain assets, new technology demanded by climate related legislation and customer requirements (see note 16). Based on the updated dry docking schedule, the vessels are planned for dry docking with a limited scope during each intermediated survey, first time approximately 2.5 years after delivery. Docking depreciation has previously been based on docking every five years during the first ten years of operation. The change was effective from 1 August 2022 and impacted 2022 depreciation with approximately USD 2.6 million and estimated to impact with approximately USD 2 million for 2023 and onwards. KCC commits to perform recycling of its vessels in compliance with the Hong Kong convention, the Norwegian Shipowner\u2019s Association\u2019s guidelines and when relevant the EU Ship Recycling Regulation. Annual assessment of residual value is based on observable market prices and available scrapping alternatives as of today. Residual value estimates for the KCC vessels have been calculated based on average price for Turkey and India, deducted by best estimate of direct costs for scrapping. There is a high degree of uncertainty in net green pricing for recycling. KCC has concluded to retain a scrap value of USD 3.8/5.3/5.9 million for CABUI/CABUII/CLEANBU for 2023.Impairment testing At the end of each reporting period the Group will assess whether there is any indication of impairment. If any indication exists, the Group will estimate the recoverable amount of the asset. Recoverable amount is set as the highest of fair value less cost to sell and value in use. If carrying value exceeds the estimated recoverable amount, impairment is recognised. Impairments are reversed in a later period if recoverable amount exceeds carrying amount. Identification of impairment indicators is based on an assessment of development in market rates (dry bulk, MR tanker, LR1 tanker and fuel), TCE earnings for the fleet, vessel opex, operating profit, technological development, change in regulations, interest rates and discount rate. As per year end 2021 and 2022 no indicators for impairment were identified. Cash-generating units The Group operates combination carrier vessels that can switch between dry and wet cargo. The CABUs have the same characteristics in respect of what cargo to transport, number of cargo holds and size of the vessel. All the CLEANBUs are identical vessels with same characteristics. CLEANBU vessels have higher cargo carrying capacity than the CABUs, and can in addition transport other types of wet commodities. All the CABU vessels are interchangeable, same for all the CLEANBU vessels. Investment, continuance and disposal decisions are made by class of vessels. The CABU and CLEANBU vessels are operated by KCC Chartering AS (KCCC). Contracts (COAs) are normally not negotiated based on a specific vessel. It is the sum of vessel capacity at any time that determines the optimization of voyages. A portion of the voyages are also executed in the spot market, and KCCC is dependent on operating the vessels as a portfolio according to free vessel capacity and available cargos. The Group has defined the fleet of CABUs and the fleet of CLEANBUs as two separate cash generating units.Newbuildings10The Group has no newbuilding commitments as per year end 2022. The Group took delivery of three CLEANBU vessels during 2021 (note 9), which completed the newbuilding programme at Jiangsu New Yangzi Shipbuilding Co., Ltd in China.Newbuildings, net carrying amount31 Dec 2022 31 Dec 2021(USD '000)Cost 1.1 - 48 441 Borrowing cost - 84 Yard installments paid - 97 650 Other capitalized cost - 7 586 Delivery of newbuildings - (153 763)Net carrying amount - - Leasing11The Group as a lesseeDuring 2022, KCC has purchased previously leased satellite equipment on board the vessels of a total value of USD 0.6 million. The equipment has been capitalized as vessel in 2022, depreciated over the same period as each vessel\u2019s dry dock component. Derecognition of right of use assets with corresponding lease liability had an insignificant impact on the results for the year.Right-of-use assets31 Dec 2022 31 Dec 2021(USD \u2018000)Cost price 1.1 2 973 2 510 Addition of right-of-use assets - 538 Disposals (2 973) (75)Costprice end of period - 2 973 Acc. Depreciation 1.1 1 420 838 Depreciation right of use assets 382 582 Disposals (1 802) -Acc. Depreciation end of period - 1 420 Carrying amounts end of period - 1 553 Undiscounted lease liabilities and maturity of cash outflows31 Dec 2022 31 Dec 2021(USD \u2018000)Less than 1 year - 662 1-5 years - 1 107 More than 5 years - - Total undiscounted lease liabilities at 31 December - 1 769 The leases do not contain any restrictions on the Group\u2019s dividend policy or financing. The Group does not have significant residual value guarantees related to its leases to disclose. Accounting policyRight of use assetsThe Group applies the recognising exemptions proposed by the standard on lease contracts with a term of less than 12 months, and lease contracts for which are the underlying asset is of low value. Lease payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Lease contracts which is not part of the exemptions are measured at the present value of remaining lease payments, discounted using the incremental borrowing rate. The right-of-use assets are measured at an amount equal to the lease liability at the date of implementation. The right-of-use asset is depreciated on a straight line basis over the lease term.Inventories12Inventories 31 Dec 2022 31 Dec 2021(USD '000)Bunkers 17 254 10 810 Spare parts 99 116 Luboil 1 545 1 302 Inventories 18 898 12 279 Inventories relate to bunkers, spare parts and luboil on board vessels.Accounting policyBunkers and lubricant oil on board vessels are recorded in the balance sheet at acquisition cost. Acquisition cost is based on FIFO (first in, first out principle).Financial assets and financial liabilities13The below tables present the Group\u2019s financing arrangements as per 31 December 2022.In June 2022 the Group agreed to amend certain terms in the Nordea /Cr\u00e9dit Agricole USD 60 million facility. The reference rate and margin were adjusted to Term SOFR + 2.25%, implying a LIBOR equivalent margin reduction of approximate 75 bps, while the repayment date was extended by one year, until March 2027. Refinanced debt has been accounted for as modification of existing agreement. A modification gain of USD 1.2 million has been recognized in profit and loss in 2022, based on the difference of the net present value of the related cash flows using the original effective interest and the carrying amount of the debt prior to modification.In December 2022 the 364-days overdraft facility was extended by additional 364 days (December 2023). The commitment under the overdraft facility was reduced from USD 20 million to USD 15 million based on the Group\u2019s reevaluated need.Discussions regarding the refinancing of the DNB/SEB facility maturing in December 2023 has been initiated and the Group targets completing a refinancing within first half of 2023.Mortgage debt Description Interest rate Maturity Carrying amount(USD '000)DNB/SEB facility Term loan, USD 105 mill LIBOR + 2.3 % December 2023 76 978 SEB/SR-Bank/SPV facility Term loan/RCF, 90.675 mill LIBOR + 2.3 % October 2025 53 338 Nordea/Cr\u00e9dit Agricole facility* Term loan/RCF, 60 mill Term SOFR + 2.25 % March 2027 50 824 Nordea/ Danske facility** Term loan, USD 80 mill LIBOR + 2.1 % December 2026 71 294 Capitalized loan fees (3 131)Mortgage debt 31 December 2022 249 303 * Potential margin adjustments up to +/- 10 bps once every year based on sustainability KPIs. ** Potential margin adjustments up to +/- 5 bps once every year based on sustainability KPIs.The Group has available revolving credit facility capacity of USD 30.1 million related to the SEB/SR-Bank/SPV facility and USD 14.8 million available capacity under a 364-days overdraft facility. Face valueCarrying amountBond loanMaturity date(NOK \u2019000) (USD \u2019000)KCC04 700 000 11.02.2025 76 390 Exchange rate adjustment (5 730)Capitalized expenses (527)Bond discount (158)Total bond loan 700 000 69 975 Interest bearing liabilities Fair valueCarrying amountCarrying amount(USD '000)31 Dec 202231 Dec 202231 Dec 2021Mortgage debt 159 664 159 664 252 547 Capitalized loan fees - (3 131) (2 554)Bond loan 71 160 70 660 79 219 Bond premium - (158) (234)Capitalized expenses bond loan - (527) (779)Total non-current interest bearing liabilties 230 825 226 509 328 198 Mortgage debt, current 92 769 92 769 23 936 Overdraft facility (Secured) 233 233 2 409 Total interest bearing liabilities 323 827 319 511 354 543 Maturity profile of financial liabilities at 31 December 2022 is presented in note 16. CovenantsAs per 31 December 2022, the Group is in compliance with all financial covenants. On Group level financial covenants relate to minimum equity (USD 125 million), equity ratio (30%), and cash (USD 15 million). Financial covenants on KCC Shipowning AS level relate to minimum cash (the higher of USD 10 million and 5 % of net interest-bearing debt) and net interest-bearing debt to EBITDA (NIBD/EBITDA) of max 7x. The NIBD/EBITDA ratio can be higher than 7x for one reporting period (measured semi-annually) provided that the NIBD/EBITDA was below 7x in the prior reporting period. The loan agreements also include a dividend restriction of 50% of net profit (based on audited annual consolidated accounts) if the equity ratio is below 35%. In addition, all secured loans contain minimum value clauses related to the value of the vessel compared to outstanding loan and a change of control clause. In case of KCC Shipowning AS, a change of control event occurs if it ceases to be owned, directly or indirectly, 100% (in issued shares and voting rights) by KCC and in case of KCC, if it ceases to be owned, directly or indirectly, 33.1/3% (in issued shares and voting rights) by Trond Harald Klaveness and/or his direct lineal descendants or if any other person or group of persons acting in concert, other than Trond Harald Klaveness and/or his direct lineal descendants, directly or indirectly, gain control of 33.1/3% or more of the shares and/or voting rights in KCC. Securities As security for the mortgage debt, the Group has included a first priority security in all except two vessels, in earnings accounts, and assignment of the earnings and insurances of the vessels in favour of the creditors.Book value of collateral and mortgaged assets (USD \u2019000) 2022 2021Vessels 500 009 520 063 Bunkers 17 254 10 810 Accounts receivables 30 061 18 484 Total book value of collateral and mortgaged assets 547 324 549 357 Risk management activities To reduce interest rate risk, the Group has entered into various interest rate swaps derivatives, such as interest rate swaps, caps and cross-currency interest rate swap (CCIRS). Interest rate swaps and CCIRS qualify for hedge accounting. These instruments have combined notional value of USD 213 million and duration until 2023-2028. Interest rate swaps qualifying for hedge accounting are recognised at fair value with changes through other comprehensive income. The Group also holds interest rate options recognised at fair value through profit and loss.The Group has entered into bunker fuel swaps and forward freight agreements (FFA) that qualify for hedge accounting. The Group uses bunker fuel swaps to hedge a portion of its floating bunkers cost to a fixed cost for bunkers to reduce the Group\u2019s exposure to changes in bunker prices. Similarly, the Group can use FFAs to fix freight rates in a future period to reduce its exposure to the dry bulk or tanker freight market (via open capacity and index linked COA commitments). Financial assets31 Dec 2022 31 Dec 2021(USD '000)Financial instruments at fair value through OCICross-currency interest rate swap 1 272 2 556 Interest rate swaps 11 110 1 421 Fuel hedge - 18 Forward freight agreements (FFA) - 660 Financial instruments at fair value through P&LInterest rate swaps 303 71 Financial assets 12 685 4 727 Current 4 923 678 Non-current 7 762 4 048 Financial liabilities31 Dec 2022 31 Dec 2021(USD '000)Financial instruments at fair value through OCICross-currency interest rate swap 2 466 43 Interest rate swaps - 1 973 Fuel Hedge - - Forward freight agreements (FFA) 249 - Financial liabilities 2 715 2 017 Current 249 - Non-current 2 466 2 017 Set out below is a comparison by class of the carrying amounts and fair value of the Group\u2019s financial assets included in the financial statements.Carrying amount Carrying amount Fair valueFair value(USD \u2018000)31 Dec 202231 Dec 202131 Dec 202231 Dec 2021Financial assets at fair value through OCIInterest rate swaps 11 110 1 421 11 110 1 421 Forward freight agreements - 660 - 660 Fuel hedge - 18 - 18 Cross-currency interest rate swap 1 272 2 556 1 272 2 556 Financial assets at fair value through profit or lossForward freight agreements - - - - Interest rate swaps 303 71 303 71 Total financial assets at fair value 12 685 4 727 12 685 4 727 Financial assets measured at amortised costsAccounts receivable 13 629 7 667 13 629 7 667 Receivables from related parties 202 2 018 202 2 018 Total financial assets measured at amortised costs 13 831 9 685 13 831 9 685 Cash and cash equivalents 64 918 53 937 64 918 53 937 Total financial assets 91 434 68 349 91 434 68 349 Total current 83 602 64 301 83 602 64 301 Total non-current 7 832 4 048 7 832 4 048 Carrying amount Carrying amount Fair valueFair value(USD \u2018000)31 Dec 202231 Dec 202131 Dec 202231 Dec 2021Financial liabilities at fair value through OCIInterest rate swaps - 1 973 - 1 973 Cross-currency interest rate swap 2 466 43 - - Forward freight agreements 249 - 249 - Total financial liabilities at fair value 2 715 2 017 249 1 973 Other financial liabilities at amortised costAccounts payable 3 940 4 361 3 940 4 361 Interest bearing debt, non-current 156 534 249 993 159 664 252 547 Interest bearing debt, current 92 769 23 936 92 769 23 936 Bond loan 69 975 78 205 71 160 75 456 Overdraft facility 233 2 409 233 2 409 Current debt to related parties 693 895 693 895 Total financial liabilities at amortised cost 324 144 359 799 328 460 359 603 Total financial liabilities 326 858 361 815 328 709 361 577 Total current 97 884 31 601 97 884 31 601 Total non-current 228 975 330 215 230 825 329 976 The fair value of the financial assets and liabilities is recognised as the value at which they could be exchanged in a transaction between willing parties other than in forced or liquidation transactions. The following methods and assumptions were used to estimate the fair value of each class of financial instrument:\u2022 Cash and restricted cash, trade receivables, trade payables and other current liabilities are recognised at their carrying amounts largely due to the short term maturities of these instruments.\u2022 Fair value of loans from banks and other financial liabilities is estimated by discounting future cash flows using rates currently available for debt on similar terms, credit risk and remaining maturities. \u2022 Fair value of derivatives is based on mark to market reports received from banks.\u2022 Fair value of the bond loan is based on transaction price on Oslo Stock Exchange (bond loan listed)Accounting policyDerivative financial instruments and hedge accounting The Group uses derivative financial instruments, such as forward currency contracts, fuel contracts and interest rate swaps to hedge its foreign currency risks, interest rate risks and to reduce exposure to volatile and potentially rising fuel costs. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. For the purpose of hedge accounting, hedges are classified as: \u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or an unrecognised firm commitment \u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment As per 31 December 2022 all the Group hedges are classified as cash flow hedges. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 There is an economic relationship between the hedged item and the hedging instrument. \u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship. \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. The effective portion of the gain or loss on the hedging instrument is recognised directly as other comprehensive income in the cash flow hedge reserve, while any ineffective portion is recognised immediately in profit and loss. Amounts recognised as other comprehensive income are transferred to profit and loss when the hedged transaction affects profit and loss, such as when the hedged financial income or expense is recognised or when a forecast transaction occurs. Derivative financial instruments that are designated as, and are effective hedging instruments are separated into a current and non-current portion consistent with the classification of the underlying item.Fair value hierarchyThe Group uses financial hierarchy under IFRS 13 for determining and disclosing the fair value of financial instruments by valuation techniques. Below table presents fair value measurements to the Group\u2019s assets and liabilities at 31 December 2022.31 December 2022Level 1 Level 2 Level 3 TotalAssets (USD \u2019000)Financial assets at fair value through profit or lossInterest rate swaps - 303 - 303 Financial assets at fair value through OCIFuel hedge - - - - Cross-currency interest rate swap - 1 272 - 1 272 Forward freight agreements - - - - Interest rate swaps - 11 110 - 11 110 31 December 2022Level 1 Level 2 Level 3 TotalLiabilities (USD \u2019000)Financial liabilities at fair value through profit or lossInterest rate swaps - - - - Financial liabilities not measured at fair value, but for which fair value is disclosedMortgage debt, non-current - - 159 664 159 664 Mortgage debt, current - - 92 769 92 769 Overdraft facility - - 233 233 Bond loan - 71 160 - 71 160 Financial liabilities at fair value through OCIForward freight agreements - 249 - 249 Interest rate swaps - - - - 31 Dec 2021Level 1 Level 2 Level 3 TotalAssets (USD \u2019000)Financial assets at fair value through profit or lossInterest rate swaps - 71 - 71 Financial assets at fair value through OCIFuel hedge - 18 - 18 Cross-currency interest rate swap - 2 556 - 2 556 Forward freight agreements - 660 - 660 Interest rate swaps - 1 421 - 1 421 31 Dec 2021 Level 1 Level 2 Level 3 TotalLiabilities (USD \u2019000)Financial liabilities not measured at fair value, but for which fair value is disclosedMortgage debt, non-current - - 252 547 252 547 Mortgage debt, current - - 23 936 23 936 Overdraft facility - - 2 409 2 409 Bond loan - 75 456 - 75 456 Financial liabilities at fair value through OCIForward freight agreements - - - - Interest rate swaps - 1 973 - 1 973 Accounting policyFair value measurementDerivatives are measured at fair value. The fair value of financial instruments traded in active markets is determined by reference to quoted market prices or dealer price quotations, without any deduction for transaction costs. The fair value of financial instruments not traded in active markets is determined using appropriate evaluation techniques.A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets and liabilitiesLevel 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observableLevel 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. The fair value of financial instruments that are not traded in an active market (for example over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instruments are included in level 2. If one or more of the significant inputs are not based on observable market data, the instrument is included in level 3. During the reporting periods there were no transfers between any of the levels.Reconciliation of movements of liabilities and equity to cash flow arising from financing activities.LiabilitiesEquityTotalInterest Interest Share Current Interest bearing bearing capital/ lease Other equity Total(USD '000)payableshort-term long-term premium/ liabilitesdebtdebtreserveBalance at 1 January 2022 - 618 26 345 328 198 159 819 94 597 568 104 Repayment of mortgage debt - - - (24 049) - - (24 049)Proceeds from mortgage debt - - - - - - - Reclassification as short-term debt - - 68 833 (68 833) - - - Transaction costs on issuance of loans - - - (193) - - (193)Interest paid (15 378) - - - - - (15 378)Paid in registered capital increase - - - - - - - Transaction costs on capital increase - - - - - - - Repayment of overdraft facility - - (2 176) - - - (2 176)Repayment of lease - (382) - - - - (382)Interest paid lease - (66) - - - - (66)Dividends - - - - - (42 421) (42 421)Total changes from financing cash flow (15 378) (448) 66 657 (93 075) - (42 421) (84 665)Liability-related Expensed capitalised borrowing costs - - - (1 352) - - (1 352)Gain related to modification of debt - - - 1 175 - - 1 175 Non-cash movement - (170) - (8 437) - - (8 607)Total liability-related changes - (170) - (8 614) - - (8 784)Total equity-related other changes - - - - 1 85 549 85 550 Balance at 31 December 2022 - - 93 002 226 509 159 820 137 725 560 204 LiabilitiesEquityTotalInterest Interest Share Current Interest bearing bearing capital/ lease Other equity Total(USD '000)payableshort-term long-term premium/ liabilitesdebtdebtreserveBalance at 1 January 2021 493 22 473 287 462 135 734 80 799 499 456 Repayment of mortgage debt - - (22 473) (100 568) - - (123 041)Proceeds from mortgage debt - - - 169 000 - - 169 000 Transaction costs on issuance of loans - - - (1 944) - - (1 944)Interest paid (13 970) - - - - - (13 970)Paid in registered capital increase - - - - 24 977 - 24 977 Transaction costs on capital increase - - - - (878) - (878)Repayment of lease - (582) - - - - (582)Interest paid lease - (103) - - - - (103)Dividends - - - - - (7 204) (7 204)Total changes from financing cash flow (13 970) (685) (22 473) 66 488 24 099 (7 204) 46 254 Liability-related Expensed capitalised borrowing costs - - - 882 - - 882 Non-cash movement - 811 26 345 (26 633) - - 522 Total liability-related changes - 811 26 345 (25 751) - - 1 404 Total equity-related other changes - - - - (13) 21 002 20 989 Balance at 31 December 2021 - 618 26 345 328 198 159 819 94 597 568 104 Trade receivables and other current assets14(USD '000) 31 Dec 2022 31 Dec 2021Trade receivables from charterers 13 629 7 421 Contract assets 9 663 3 437 Prepaid expenses 3 437 2 467 Claims 165 378 Other short term receivables 3 167 4 780 Trade receivables and other current assets 30 061 18 484 Accounts receivable comprise all items that fall due for payment within one year after the balance sheet date. For dry bulk cargo lifted, payment is generally due within 10 days after the cargo is loaded, while payment for wet cargo is due immediately upon discharge. Trade receivables are non-interest bearing. The increase in trade receivables from 2021 to 2022 is mainly related to a considerably stronger tanker market.Claims consist of yard claims for vessels delivered in 2019 and are expected to be settled when all three vessels have completed guarantee repairs.Cash and cash equivalents15The Group has bank deposits in the following currencies:(USD '000) 31 Dec 2022 31 Dec 2021Bank deposits, NOK 1 861 9 340 Bank deposits, USD 58 782 44 092 Bank deposits, EUR 3 730 - Bank deposits, other 65 42 Cash 410 389 Payroll withholding tax account (restricted cash, NOK) 69 74 Total cash and cash equivalents 64 918 53 937 Cash includes cash in hand, bank deposits and other highly liquid investments with original maturities of three months or less.Financial risk management16Capital managementThe Group intends to maintain an efficient capital structure, provide financial ability to execute on the strategy and ensure the Group has sufficient liquidity to meet liabilities and commitments as they fall due. KCC targets to have an equity ratio above 40% and gearing ratio (NIBD/EBITDA adjusted for delivery/sale of vessels) of below 5x with flexibility to stretch key ratios in growth periods. Furthermore, KCC shall have sufficient funds to withstand twelve months of weak markets/ earnings. The equity ratio as of 31 December 2022 was 46 % (2021: 40 %) and cash was USD 64.9 million (2021: USD 53.9 million). In addition, the Group had USD 44.9 million in undrawn revolving and overdraft credit facilities available as of 31 December 2022. The Group\u2019s covenants are described in note 13.The capital structure and dividend payments are considered in view of debt service ability, capital commitments and expectations of future cash flows. Available cash, loan covenants and the balance sheet composition are monitored to make sure that the Group has the necessary financial strength to continue operating as a going concern.The Group aims to spend free cash flows as follows: \u2022 Maintain and/or improve financial capacity and flexibility. To accommodate the business strategy, the Group needs to maintain a solid capital structure at all times and an acceptable level of free liquidity, at levels which will give sufficient assurance to the debt and equity providers that the Group\u2019s financial position is solid and sustainable.\u2022 Maintain an attractive dividend policy. KCC targets to distribute a substantial part of the free cash flow to the shareholders.The Group\u2019s capital structure consists of mortgage debt (note 13), bond loan (note 13), overdraft facility (note 13), cash and cash equivalents and equity attributable to the shareholders.Risk ManagementThe objective for the Company\u2019s risk management and internal control is to manage, rather than eliminate exposure to risks to successfully conduct the Group\u2019s business and to support the quality of its financial reporting.The risk assessment is a multi-disciplinary process generally performed on a quarterly basis. The value chain is assessed both upstream and downstream in addition to direct effects on KCC\u2019s business activities. All relevant risks are assessed based on defined impact and probability levels and focus on the next 12 months shown in the table below:Risk Probability ImpactLow < 3% < USD 3 millMedium 3 -30% USD 3 - 15 million High > 30% > USD 15 miIn addition to the specific assessment for the rolling 12 months period, an assessment of the long-term risk is included from time to time and at least on an annual basis. The risk management process includes the following:* Normally on a quarterly basis the finance team (in close corporation with commercial, technical and management) assesses the overall risk development with focus on main risks and new risks discovered, including assessing impact and probability for each risk and define potential mitigating actions for the main risks* The main risks are reported and discussed with the Audit Committee and the Board of Directors. A main risk is a risk already identified and well understood that could materially impact the financial results, reputation, business model, or strategy* When the combination of probability and impact is higher than what is accepted, mitigating actions are implemented either based on management decision or if relevant, after discussions with the Board of DirectorsMain risksThe following table presents the risks considered to be the main risks for KCC over the next 12 months and the main longer-term risks.Risk Description Risk typeMain risks next 12 monthsFreight rates are the main earnings driver for the Group. A fall in freight rates for dry bulk commodities, caustic soda or clean petroleum products can have a material impact on the financials of the Group. The effect of lower freight is somewhat offset by low historical correlation between dry bulk and product tankers freight rates. High fixed rate contract coverage for the CABU fleet for 2023 reduces the freight rates risks next 12 months. KCC is dependent on certain trade flows in order to obtain efficient combination trading. Production issues at plants, mines, and refineries Weak freight rates and in export regions, difference in regional commodity prices (arbitrage opportunities) as well as regional and global wars Market changes in trade flowsand conflicts may impact these trade flows.This is exemplified by Russia\u2019s war on Ukraine, having a material impact on the trades flows for both dry bulk commodities and clean petroleum products. As a major exporter of dry bulk commodities (e.g. grains and iron ore) from the Black Sea the direct impact on the demand for dry bulk shipping was negative. While for product tankers the impact was positive as importers reshuffled their sourcing.Introduction of new vessel concepts such as the CLEANBUs entails commercial and technical risks. Acceptance and/or exemptions in relation to the CLEANBU vessels from clients and terminals where policies require clean petroleum products (CPP) as the last one to three cargoes to avoid cargo contamination or where policies exclude the use of combination carriers like the CLEANBU vessels. CLEANBU commercial Operational and technical Introduction of new ship types or concepts will normally require technical adjustments and modifications, which & technicalperformance will take time and may lead to off-hire and delayed deliveries. There are outstanding guarantee items relating to one of the CLEANBU vessels, implying additional off-hire related to the repairs in 2023. While the shipyard is obliged to bear the cost of repairs, additional related costs may incur, and off-hire will be borne by KCC unless covered by KCC\u2019s loss of hire insurance.Due to stricter environmental regulations and customer requirements, older tonnage is in danger of both being rerated and losing competitiveness to more modern tonnage. The consequences for older tonnage can be lower capacity due to speed restrictions and lower utilization due to more waiting time. Operational Vessel age& technicalFor the Group this can result in less flexibility and lower net revenue for the oldest vessels in the fleet. As per year-end 2022, the Group owns three CABU vessels above 20 year age.In 2023 KCC will retrofit two vessels with air lubrication system and shaft generator to reduce fuel consumption. Operational Retrofit project riskOne of the main pillars of KCC\u2019s strategy is to improve the energy efficiency and consequently the environmental & technicalfootprint of the fleet. Success depends on the ability to deliver on retrofit/energy saving device projects at the budgeted cost and time, and that the retrofits deliver the estimated fuel/energy savings.Risk Description Risk typeThe following table presents the risks considered to be main longer-term risks for KCCFreight rates for global seaborne transportation is highly volatile and cyclical. The demand for global seaborne transportation depends on global economic growth, and in particular the development in the energy and Global economic commodities markets. The Group is exposed to changes in trade flows and in particular changes in flows in the growth and the Group\u2019s main trades in the alumina value chain. impact on energy Marketand commodity Furthermore, the demand for seaborne transportation is dependent on open economies and low barriers to markets trade. Trade restrictions such as tariffs and embargos can have a negative impact on the demand for seaborne transportation.A move to a low-carbon economy can potentially have material negative impact on the Group through several Impact of a low-channels. carbon future with \u2022 Emerging propulsion technologies and fuels might have a material negative impact on the competitiveness of introduction of the Group\u2019s existing fleet and might result in lower revenue and/or impairment of vessel values emission regulations, Climate-\u2022 New regulations can lead to material cost related to upgrades and retrofits to comply with regulations and / or zero-emission vessels relatedmaterial impairment of operational flexibility and / or operational limitations and lower demand \u2022 New regulations, such as the EU taxonomy, can reduce and restrict access to capital for transportation of \u2022 The demand for transportation of fossil fuels might be materially negatively impacted and hence the demand fossil fuels for dry bulk and product tanker vessels \u2022 New customer requirements can have a negative impact on the Group\u2019s competitive positionRisk typesThe risks have been divided into the following categories Financial riskThe Group is exposed to e.g. freight rate risk, bunker fuel price risk, as well as risks relating to foreign currency exchange rates, interest rate, counterparties (including credit), operations, technical, regulations and other risks. The Group\u2019s executive management oversees that the management of these risks are governed by appropriate policies and procedures. The Board of Directors reviews and approves policies for managing these risks. Risk management activities to reduce interest rate risk, freight rate risk and bunker fuel risk are further described in note 13.Operational and technical riskOperational risks are mainly related to the operation of vessels. The Group\u2019s vessels are on technical management to Klaveness Ship Management AS (affiliated company) which ensures compliance with IMO, flag and port state regulations. Quality and safety audits are performed regularly and the crew and officers onboard are trained to ensure that regulatory requirements are met. Operational risk is managed through quality assurance procedures and systematic training of crew and land-based employees. All vessels sailing through piracy exposed areas take necessary steps to mitigate the threat of such attacks. Operational risk is also covered by insurance where relevant to cover loss of assets, revenues and contract commitments. The vessels are insured for loss of hire, protection and indemnity (P&I), physical damage to vessel and its equipment (Hull and Machinery) and total loss. The latter is aligned with vessel values and loan agreements. The financial impact of a total loss of a vessel will not be material for the Group. The COVID-19 pandemic continued impacting vessel operations in 2022, however to a lesser extent than in 2021.Market riskOwnership of vessels involves risks related to vessel values, future vessel employment, freight rates and costs. Freight rates are volatile and a fall in freight rates may impact financial results of the Group negatively. Over time, vessel values may fluctuate, which may result in an impairment of the book value of the Group\u2019s vessels. These risks are to some extent managed through contracts of affreightment and forward freight agreements (FFA) covering part of the Group\u2019s future fleet capacity for the nearby year and covering part of the exposure for the next 1-2 years.A significant expense for transport at sea is bunkers. The price of fuel is unpredictable and fluctuates based on events outside the Group\u2019s control. To reduce the risk of fluctuations in bunker fuel prices, the Group may decide to hedge the bunker price exposure by the use of bunker fuel swaps or options to hedge the inherent fuel oil exposure in its freight contracts or include bunker adjustment factors (BAF) in the contracts. Foreign currency risk and interest rate riskThe Group\u2019s revenues and costs are denominated primarily in US Dollar (USD) which i s the fun ctio nal curre ncy of a ll signif icant e ntitie s in the Gr ouFluctuations in USD against NOK may affect the Group\u2019s tax payable, whichwill be calculated and paid in NOK. This effect is considered to be limited. The Group\u2019s interest bearing debt is exposed to floating interest rate, and the Group has some of its costs in other currencies than USD. The Group has bond debt denominated in NOK with NIBOR + 475 bps margin, however, the FX-effect is currently fixed to USD and the floating interest rate exposure has been converted to a fixed USD interest rate. Long term mortgage debt bears interest at LIBOR/SOFR plus an applicable margin.In order to hedge the risk, the Group has entered into interest rate swaps. At 31 December 2021, 43% of the floating interest mortgage debt loans are hedged including undrawn RCF commitments. The Group evaluates on an ongoing basis the need to adjust interest rate exposure.As of December 31, 2021 the publication of the one-week and two-month US Dollar (USD) London Interbank Offered Rate (LIBOR) ceased to be published on a representative basis. The remaining tenors of US DollarLIBOR will cease to be published on a representative basis on June 30,2023. The Group is exposed to LIBOR mainly in US dollar denominated debt and interest rate derivatives with interest rates indexed to LIBOR.As recommended by the Alternative Reference Rates Committee (a committee convened by the Federal Reserve), Secured Overnight Financing Rate (SOFR) will replace LIBOR as a standard interest rate benchmark. The Group has amended one of the debt facility agreements to replace LIBOR with CME Term SOFR/SOFR. The Group expects to initiate negotiations with the remainder of counterparties to transitionfrom LIBOR to an alternative benchmark within first half of 2023 for relevant agreements. The impact on the Group of the transition from LIBOR to SOFR or any other alternative rates is still uncertain but may potentially lead to increased cost of debt.The table below shows estimated changes in profit before tax for the Group from changes in interest rates in 2022 and 2021, with all other variables held constant. The changes are estimated based on a change in variable interest rate index given capital structure and hedges as of year-end 2022 and year-end 2021. In 2022 for every 100 bps increase in index interest rate, interest costs on debt increases by approx. USD 1.3 million.Change in bps (effect in USD\u2019000) 2022 2021+100 - 1 314 - 1 680+50 - 657 - 840-50 657 120-100 1 314 - 70Counterparty/credit riskThe performance of the Group depends on its counterparties\u2019 ability to perform their obligations under agreed contracts, a continued client need for the services performed by the combination carriers and KCC\u2019s ability to renew contracts with these clients. Default by a cargo customer counterparty of its obligations under, a contract, may have material adverse consequences on the contract portfolio earnings. The counterparty\u2019s financial strength will thus be very important.The Group is, to a certain degree, dependent on a limited number of key customers and renewal of key/ material contracts with these customers, particularly related to caustic soda transportation. Unfavorable changes in trade flows and volumes may adversely affect the Group\u2019s earnings and financial position. Counterparty risk is managed by mandates approved Board of Directors and know your counterparty (KYC) procedures. The counterparty mandates set out the exposure (amount and duration) permitted for a given counterparty based on that counterparty\u2019s credit standing.If the Group has a legal right to insurance coverage the Group will make provision for the deductible amount. As such, default by an insurance institution may have material financial consequences.Further, the Group is exposed to credit risk through its deposits. Deposits are currently made with investment grade financial institutions with A rating or higher from public rating agencies. However, there are concentration risk as deposits are held with only a few institutions.Total unrisked credit exposure at 31 December 2022 amounts to USD 95.0 million, 2021: USD 72.4 million (book value of trade receivables, other current assets and bank deposits).Liquidity riskLiquidity risk is the risk that the Group may not be able to fulfil its liabilities when they fall due.Volatility in freight rates, daily settlement of cleared derivatives and the potential need for posting collateral related to certain OTC derivatives are significant sources to liquidity risk. The Group manages these risks by hedging mandates setting out the permitted position and stress testing. The Group has capital commitments relating to borrowings and investments.The liquidity risk is considered to be limited as the deposits, committed bank debt and estimated cash flow are considered sufficient for all needs in the foreseeable future. The Group\u2019s bank financing is subject to financial and non-financial covenants. The Group keeps its liquidity reserves mainly in cash and bank depositsThe table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments. Interest bearing debt includes interest payments and is net of interest rate and cross currency derivative hedges.Maturity profile financial liabilities< 1 year 1-3 years 3-5 years > 5 years 31 Dec 2022Mortgage debt (incl interests) 105 989 87 133 88 196 - 281 317 Bond loan (incl interest) 4 757 81 867 - - 86 624 Other interest bearing liabilities 233 - - - 233 Trade and other payables 22 250 - - - 22 250 Current debt to related parties 693 - - - 693 133 923 169 000 88 196 - 391 118 Loan facilities to be refinanced during the next 12 months are included in <1 year. Maturity profile financial liabilities< 1 year 1-3 years 3-5 years > 5 years 31 Dec 2021Mortgage debt (incl interests) 33 815 129 950 178 242 - 342 007 Bond loan (incl interest) 4 757 9 515 77 110 - 91 382 Other interest bearing liabilities 2 409 - - - 2 409 Trade and other payables 16 199 - - - 16 199 Current debt to related parties 895 - - - 895 58 075 139 465 255 352 - 452 892 Climate-related risksClimate-related risks include both transition risks and physical risks with focus on transition risks as this is considered to have a larger impact and probability for KCC. Transition risk mainly relate to effect of reduced demand for the Group\u2019s services and the risk of stranded assets and new regulations as the fleet moves to low-carbon fuel. For 2022 (2021), total fossil fuel shipments accounted for xx % (17 %) of the Group\u2019s transported volumes in metric tons.Compliance riskThe legal and regulatory requirements of the Group are increasingly challenging and complex. The Group has established systems and processes to ensure that all relevant laws and regulations are met, such as tax-laws, anti-corruption laws, securities laws, anti-trust laws, laws related to human rights and working conditions and international sanctions. Two of the Group\u2019s subsidiaries are subject to the Norwegian tonnage tax regime. Non-compliance with the qualifying rules of this regime will have material negative impact on the Group\u2019s financial position.Share option program17In December 2019, the Board approved the adoption of a share option program, and 65,280 share options to senior management (CEO and CFO) were issued at the same date. The share options have an exercise price of NOK 46.14, adjusted for any distribution of dividends made before the relevant options are excercised. The share options have a five year term and vest over a three year period equally at a rate of 1/3 of the number of share options granted on each annual anniversary of the date of grant, subject to the option holder continuing to be employed by the Company from the grant date through the applicable vesting date. The share options have no voting or other shareholder rights. The program was fully vested in December 2022.The fair value of the share options granted was calculated on the Black-Scholes-Merton method at the time of grant. The significant assumptions used to estimate the fair value of the share options are set out below: Model inputsDividend yield (%) - Expected volatility (%)* 40%Risk-free interest rate (%)** 1.28%Expected life of share options (year) 5Weighted average share price (NOK) 45.9*The expected volatility reflects the assumption that the historical shipping industry average is indicative of future trends, which may not necessarily be the actual outcome.**Average five-year Norwegian Government bond risk-free yield-to-maturity rate of 1,28 % as of 2019 was used as an estimate for the risk-free rate to match the expected five year term of the share options.Number of shares Average exercise price 2022 2021Outstanding at 1 January NOK 46.14 65 280 65 280 Granted during the year - - Exercised during the year - - Forfeited during the year - - Expired during the year - - Outstanding at 31 December 65 280 65 280 The fair value of the share options granted is calculated to USD 100k, i.e. USD 1.542 per share option. The cost incurred in 2022 is USD 35k (2021: USD 42k).Share capital, shareholders, dividends and reserves18Dividends of in total USD 42.4 million were paid to the shareholders in 2022 (in average USD 0.81 per share). A capital increase of USD 25 million was completed on 4 November 2021 through a private placement to fund energy efficiency initiatives for the existing fleet. The Board approved the allocation of 4 345 000 shares in the private placement at a price of NOK 49.00 per share. Share capitalDate Shares Notional (NOK) Share capital (NOK)Shares and sharecapital at 31 December 2020 48 027 000 48 027 000Shares issued 4 November 2021 4 345 000 1 48 027 000Shares and sharecapital at 31 December 2021 52 372 000 52 372 000Shares and share capital at 31 December 2022 52 372 000 52 372 000All shares have equal voting rights and equal rights to dividends. The ordinary shares are listed on Oslo Stock Exchange. KCC owns a total of 40,078 in treasury shares, corresponding to 0.0765 % of the total number of issued shares. Basic Earnings Per Share (EPS) in Income Statment are calculated based on the weighted average number of ordinary shares for the period, whereas diluted Earnings Per Share (EPS) is based on all outstanding shares including dilutive shares if all convertible shares were excercised.31 Dec 2022 31 Dec 2021Weighted average number of ordinary shares for basic EPS 52 372 000 48 677 360 Effects of dilution from: Share options 65 280 65 280 Warrants 229 088 229 088 Weighted average number of ordinary shares for the effect of dilution 52 666 368 48 971 728 OwnershipOwnershipLargest shareholders at 31 December 2022Number of sharesIn %Rederiaksjeselskapet Torvald Klaveness 28 154 231 53.8%EGD Shipping Invest AS 8 805 128 16.8%Goldman Sachs & Co. LLC (nominee) 2 579 841 4.9%Hundred Roses Corporation 2 227 250 4.3%J.P. Morgan SE (nominee) 1 139 992 2.2%Verdipapirfondet Nordea Norge Verd 851 873 1.6%T.D. Veen AS 710 000 1.4%Jed AS 433 080 0.8%Verdipapirfondet Nordea Avkastning 400 000 0.8%Six Sis AG (nominee) 371 836 0.7%Other 6 698 769 12.8%Total 52 372 000 100%Management and members of the Board which hold shares in the Company are set out below.Name Position Number of sharesEngebret Dahm Chief Executive Officer 20 532 (held through E Dahm Invest AS)Liv Hege Dyrnes Chief Financial Officer 6 500Magne \u00d8vre\u00e5s Board member Indirectly owns 9.9 % of EGD Shipping Invest AS which holds 8 805 128 sharesIn an Extraordinary General Meeting held on 24 September 2018, the Company issued 229,088 non-transferable warrants, each of which entitles the holder to subscribe one new share of the Company at a subscription price of NOK 44.38 per share.The warrants for each subscriber may be exercised with one third from such time as when the Company\u2019s shares on a volume-weighted basis have traded at a price equal to minimum NOK 55.48 for ten consecutive trading days with an aggregate trading volume over such ten days of a minimum of USD 1 million. Another third may be exercised when there has been such trading at a price equal to a minimum of NOK 66.57, and the last third when there has been such trading at a price equal to a minimum of NOK 77.67. The warrants must be exercised no later than 24 September 2023. The exercise price and the threshold trading prices which trigger the right to exercise warrants shall be adjusted for paid dividends or other distributions to the shareholders.Subscription price Holder No. Of WarrantsExercise Levels (NOK)* Expiry(NOK)Rederiaksjeselskapet Torvald Klaveness 159.377 44.38 55.48/66.57/77.67 September 2023EGD Shipholding AS 55.691 44.38 55.48/66.57/77.67 September 2023Hundred Roses Corporation 14.020 44.38 55.48/66.57/77.67 September 2023Total 229.088 * Not adjusted for dividendsTransactions with related parties19The ultimate owner of the Group is Rederiaksjeselskapet Torvald Klaveness (RASTK), which owns 53.8 % of the shares in Klaveness Combination Carriers ASA.Net revenue from operation of vesselsType of service/transactionProvider* Receiver* Price method 2022 2021(USD \u2019000)Pool Participation BAU KCCC Standard pool agreement** 49 3 735 Dry bulk chartering KDB KCCC 1.25% of transaction value*** (472) (255)Total net revenue from related parties (423) 3 480 Relets of dry bulk cargoes between KCC Chartering AS and AS Klaveness Chartering (related party in the Torvald Klaveness Group) are made at spot pricing without any compensation either way. ** Hire from BAU to KCCC less pool managememnt fee. MV Bangor entered the pool in August 2021 and exited the pool agreement on 3 January 2022. *** Fixture fee applicable for fixtures in 1h 2022. From 1 July 2022 the service fee is based on time spent (cost + 7.5%) and included in \u201dTotal group commercial and administrative services\u201d.Group commercial and administrative servicesType of service/transactionProvider* Receiver* Price method 2022 2021(USD \u2019000)KCC ASA, Business administration services KASCost + 5% 1 641 1 457 on behalf of KCC companiesBusiness administration services KA Ltd KCCA Ltd Cost + 5% 160 119 Commercial services KSM KCCC Cost + 7.5% 825 1 203 Subscription Cargo Value CIA KCC Fixed fee 60 - (linked to COA with external party)0.1% of transaction FFA trading/Dry bulk chartering KDB KCCC 279 49 value/Cost + 7.5%Project management KSM KCCS, KCC Cost + 7.5% 1 237 881 Total group commercial and administrative services 4 202 3 708 As of 1 June 2021, employment of four key employees in Singapore were transferred from Klaveness Asia Pte. Ltd to the newly established company, Klaveness Combination Carriers Asia Pte Ltd, 100 % owned by KCC (parent company). Prior to the transfer, commercial services of these employees were purchased through Klaveness AS. All bunkers purchase is done through AS Klaveness Chartering (KC), a related party in the Torvald Klaveness Group, which holds the bunker contracts with the suppliers. The bunker purchase process has been centralized to enhance negotiating and purchasing power towards the suppliers. No profit margin is added to the transactions, but a service fee is charged on a cost + 7.5 % basis reflecting the time spent by the bunkering team and charged as part of the Commercial Services from Klaveness Dry Bulk AS. Other services/transactions Type of service/transactionProvider* Receiver* Price method 2022 2021(USD \u2019000)Technical management fee (opex) KSM KCCS Fixed fee per vessel 3 819 3 979 Crewing and IT fee (opex) KSM KCCS Fixed fee per vessel 1 565 1 550 Supervision fee and project management fee (newbuilding) KSM KCCS Partly cost and partly cost + 7.5% - 1 333 Fixed fee as per annual general Board member fee (administrative expenses) KAS KCC 85 94 meetingSales support, sale of vessel (gain on sale of vessels) (note 7) KAS KCCS Cost for time used + 7.5% - 31 Technical management fee for termination of agreement KSM KCCS 3 months temination period - 44 (gain on sale of vessels)Total other services/ transactions 5 468 7 031 KCCC has a bunkers derivative position of 4 800 tons (Cal-23) towards KC (a related party in the Torvald Klaveness Group) at a cost of USD 12 720 to cover margin requirments etc. Market value of the portfolio with KC was negative USD 250k as per 31 December 2022 and presented as a financial asset in Statement of Financial Position. Short term assets and debt related parties31 Dec 2022 31 Dec 2021(USD \u2019000)Klaveness Ship Management AS 137 1 502 Klaveness AS - 12 Baumarine AS - 505 Klaveness Chartering AS 65 Short-term receivables from related parties 202 2 018 AS Klaveness Chartering - 660 Short- term financial assets - 660 Klaveness AS 197 212 Klaveness Ship Management AS 273 341 Klaveness Chartering AS 201 312 Klaveness Asia Pte.Ltd 21 30 Short-term debt to related parties 693 895 Accounting policyParties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. Related parties transactions are recorded to estimated fair value.List of subsidiaries20The merger of Klaveness Combination Carriers ASA and the 100% owned subsidiary, KCC KBA AS, was registered and finalized on 4 August 2022. The subsidiary had no activities, and the merger has no effect on the consolidated figures.Klaveness Combination Carriers Asia Pte Ltd (Singapore) was incorporated on 22 March 2021 based on capital injection of USD 300 000 from Klaveness Combination Carriers ASA (100% ownership, 300 000 shares). The chartering and commercial and operation team of four employees was transferred from Klaveness Asia Pte Ltd to this company on 1 June 2021.Klaveness Combination Carriers ASA Group comprises of several subsidiaries. Below is a list of subsidiaries within the Group.Ownership interest Ownership interestCompany name Locationper 31 Dec 2022 per 31 Dec 2021KCC Shipowning AS Oslo, Norway 97% Directly / 100 % Indirectly 100%KCC KBA AS Oslo, Norway - 100%KCC Chartering AS Oslo, Norway 100% 100%Klaveness Combination Carriers Asia Pte. Ltd Singapore 100% 100%Taxes21Tonnage taxThe vessel owning company (KCC Shipowning AS) and KCC Chartering AS are subject to taxation under the Norwegian tonnage tax regime. For the financial year 2022 KCC Shipowning AS and KCC Chartering AS have payable tonnage taxes of USD 188k.Ordinary taxationThe Parent Company (Klaveness Combination Carriers ASA) is under ordinary taxation rules in Norway. The ordinary rate of corporation tax in Norway is 22 % for 2022 (2021: 22 %). The subsidiary Klaveness Combination Carriers Asia Pte. Ltd is subject to ordinary taxation in Singapore. The ordinary tax rate in Singapore is 17 % for 2022. For the financial year 2022 Klaveness Combination Carriers Asia Pte Ltd has a payable tax expense of USD 0.3k.Deferred tax assetsDeferred tax assets are only recognised to the extent that future utilisation within the Group can be justified as per 31 December 2022. As a consequence, a tax position of USD 9.2 million per 31 December 2022 has not been recognised in the balance sheet. The tax position is mainly due to accumulated financial costs deductible under the tonnage tax regime as well as a tax loss on the internal vessel sales which will be deductible at a rate of 20 % annually going forward.Income taxes for the year31 Dec 2022 31 Dec 2021(USD \u2018000)Income taxes payable - 7 Change in deferred tax - - Total tax expense / income (-) reported in the income statement - 7 Tax on net (gain)/loss on revaluation of cash flow hedges - - Deferred tax charged to OCI - - (USD \u2018000)31 Dec 202231 Dec 2021IncomeIncomeTax payableTax effect Tax effectProfit / loss (-) before taxes, incl OCI 85 515 18 813 20 955 4 610 Income from shipping activity, tonnage tax system (62 064) (13 654) (35 688) (7 851)Change in temporary differences (9 221) (2 029) 5 137 1 130 Change in tax losses carried forward 6 905 1 519 1 858 409 Exchange rate differences / Other permanent differences (21 136) (4 650) 7 737 1 702 Tax payable foreign subsidiaries - - - 7 Tax payable in the balance sheet - - - 7 Effective tax rate - 0% - 0%Tonnage tax (included in operating profit) - 188 - 221 Correction prior year tonnage tax - 5 - 5 Total tax payable in the balance sheet - 193 - 233 (USD \u2018000)Temporary31 Dec 2022Temporary31 Dec 2021 Temporary differences - ordinary taxationdifferenceTax effectdifferenceTax effectTemporary differences (5 678) (1 249) (14 899) (3 278)Tax losses carried forward (35 961) (7 911) (29 057) (6 392)Deferred tax asset not recognised in the balance sheet 41 639 9 161 43 956 9 670 Net temporary differences - deferred tax liability/asset (-) - - - - Deferred tax asset in balance sheet - - - - Deferred tax liability in balance sheet - - - - Accounting policyUnder the tonnage tax regime, profit from operations are tax exempt. Companies within the tonnage tax system pay a tonnage tax based on the deadweight tonnage of the vessels. The tonnage tax is recognised as an operating expense in the profit & loss. Taxable profit is calculated on the basis of financial income after deduction of a portion of financial expenses (based on financial assets in percent of total assets). For companies subject to ordinary taxation, tax expense comprises tax payable and changes in deferred tax assets. Tax payable corresponds to the amount expected to be paid to authorities while deferred tax assets/liabilities are calculated based on temporary differences at the reporting date. Deferred tax assets are recognised to the extent that future utilisation is probable. Deferred tax liabilities/deferred tax assets within the same tax system that may be offset are recorded on a net basis. Income tax relating to items recognised directly in equity is included directly in equity and not in the statement of income.Companies subject to tonnage tax regimes are exempt from ordinary tax on their shipping income. Within the Group, the subsidiaries KCC Shipowning AS and KCC Chartering AS are subject to tonnage taxation. Companies within the tonnage tax system pay a tonnage fee based on the deadweight tonnage of the vessels. The fee is recognized as an operating expense. Financial income is taxed under the Norwegian tonnage tax regime, however only a portion of the interest cost and net currency expenses are deductible.Events a\ue61fer the balance sheet date22In January 2023 KCC Shipowning AS, a subsidiary of KCC, repaid USD 15 million in debt under a revolving credit facility agreement. The amount is, however, available to be redrawn under this revolving credit facility agreement.On 15 February 2023, the Company\u2019s Board of Directors declared to pay a cash dividend to the Company\u2019s shareholders of USD 15.7 million for Q4 2022 (USD 0.30 per share).On 22 February 2023, the CEO of Klaveness Combination Carriers ASA, Engebret Dahm, exercised all his 38,580 options in the Company against cash settlement by the Company. The share options were granted in December 2019 and were fully vested in December 2022 (Group note 7). The amount payable per share from the Company is equal to NOK 81.0 per share (close on 22 February 2023) less exercise price of NOK 32.8 per share (exercise price at grant date less dividends paid since grant date). The option settlement in cash of USD 0.2 million will be recognized as payroll expenses in Q1 2023.There are no other events after the balance sheet date that have material effect on the financial statement as of 31 December 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1-2": { "value": "Oslo, 31 December 2022Oslo, 6 March 2023Ernst Meyer Magne \u00d8vre\u00e5sBrita Eilertsen Chair of the BoardBoard memberBoard memberWinifred Patricia JohansenG\u00f8ran Andreassen Engebret Dahm Board memberBoard memberCEO", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f5395": { "value": "516072000", "decimals": -3, "dimensions": { "concept": 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"f6879": { "value": "64685000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6882": { "value": "51529000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6899": { "value": "200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6965": { "value": " Klaveness Combination Carriers ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6972": { "value": "private limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6979": { "value": "Norway.", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6980": { "value": "Norway.", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f6981": { "value": "Norway.", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-11-2": { "value": "Drammensveien 260, 0283 Oslo.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-15-2": { "value": "The objectives of the Group are to provide transportation for dry bulk, chemical and petroleum tanker clients, as well as to develop new investment and acquisition opportunities that fit the Group\u2019s existing business platform (see note 2 for more information).", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-17-2": { "value": " Rederiaksjeselskapet Torvald Klaveness.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-17-3": { "value": " Rederiaksjeselskapet Torvald Klaveness.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-21-2": { "value": "Basis of preparationThe consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (\u201cIFRS\u201d) as adopted by the European Union. The Group\u2019s consolidated financial statements comprise Klaveness Combination Carriers ASA (KCC) and all subsidiaries over which the Group has control. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-21-3": { "value": "Basis of preparationThe consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (\u201cIFRS\u201d) as adopted by the European Union. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-24-2": { "value": "Significant accounting judgements, estimates and assumptionsPreparing financial statements in conformity with IFRS requires the management to make judgments, use of estimates and assumptions which a\ue61eect the application of the accounting policies and the reported amounts of assets and liabilities, revenues and expenses.Management has made estimates and assumptions which have significant e\ue61eect on the amounts recognised in the financial statements. In general, accounting estimates are considered significant if:- the estimates require assumptions about matters that are highlyuncertain at the time the estimates are made- di\ue61eerent estimates could have been used- changes in the estimates have a material impact on KlavenessCombination Carriers ASA\u2019s financial positionImpairment assessmentIdentification of impairment indicators is based on an assessment of development in market rates (dry bulk, MR tanker, LR1 tanker and fuel), TCE earnings for the fleet, vessel opex, operating profit, technological development, change in regulations, interest rates and discount rate. The rise in interest rates increases the discount rate used in calculation of recoverable amount. As previous sensitivity analysis of recoverable amount shows that the decrease in recoverable amount is unlikely to result in a material impairment loss, as per IAS 36.16, this has not been considered an impairment indicator. Expected future TCE earnings for both fleets of CABUs and CLEANBUs, diversified market exposure, development in secondhand prices and the combination carriers\u2019 trading flexibility support the conclusion of no impairment indicators identified as per 31 December 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-24-3": { "value": "Significant accounting judgements, estimates and assumptionsPreparing financial statements in conformity with IFRS requires the management to make judgments, use of estimates and assumptions which a\ue61eect the application of the accounting policies and the reported amounts of assets and liabilities, revenues and expenses.Management has made estimates and assumptions which have significant e\ue61eect on the amounts recognised in the financial statements. In general, accounting estimates are considered significant if:- the estimates require assumptions about matters that are highlyuncertain at the time the estimates are made- di\ue61eerent estimates could have been used- changes in the estimates have a material impact on KlavenessCombination Carriers ASA\u2019s financial positionThe areas in which The Company is particularly exposed to material uncertainty over the carrying amounts as at the end of 2022 are included within the individual note outlined below: Note 9 \u2013 Useful life, residual value, cash-generating units and impairment testingFunctional and presentation currencyThe presentation currency for the Group is US Dollar (USD). The Group companies, including the Parent Company, have USD as their functional currency. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency.Income and expenses in NOK are converted at the rate of exchange on the transaction date. The average exchange rate was 9.6197 USD/NOK in 2022 (2021: 8.5973). At 31 December 2022 an exchange rate of USD/NOK 9.9066 (2021: 8.8363) was used for the valuation of balance sheet items. Cash flow statementsThe cash flow statements are based on the indirect method. Standards, amendments and interpretationsThe financial statements have been prepared based on standards, amendments and interpretations effective for 2022. The Group has early adopted amendments to IAS 1 and IFRS Practice Statement 2 regarding disclosure of material accounting policy information instead of significant accounting policies.There was no material impact of new accounting standards or amendments adopted in the period. The Group has not early adopted other than above mentioned mandatory amendments and interpretations to existing standards that have been published and are relevant to the Group\u2019s annual accounting periods beginning on 1 January 2023 or later periods. Segment reporting 02Accounting policyThe operating segments are reported in a manner consistent with the internal financial reporting provided to the chief operating decision-maker, who is responsible for allocating resources, making strategic decisions and assessing performance. The chief operating decision-maker has been identified as the Board of Directors.The reporting of the financial results separates the CABUs and CLEANBUs as two segments, to better evaluate and follow up on the performance of the different vessel concepts. The Group identifies and reports its segments based on information provided to the Management and the Board of Directors. Resources are allocated and decisions are made based on this information.Revenue from contracts with customers03Accounting policyThe Group is in the business of transporting cargo at sea. Contracts of affreightmentThe combination carriers are employed on both long and short term contracts of affreightment (COAs) as well as in the spot market. The ambition is to have a large part of the wet exposure covered by contracts of affreightment (COA) and to a larger extent employ the vessels in the spot market when trading dry. The mix of COA and spot business creates ability to optimize the trading of the fleet and provide the CoA customers with the flexibility they need in their logistics. The COA contracts have duration between 1-6 years. Revenue from the Group\u2019s COA commitments are classified as freight revenue in the Income Statement.Revenue from contracts with customers is recognised when control of the goods is transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods. The Group has concluded that the performance obligation under a voyage charter is satisfied over time, and begins from the point at which cargo is loaded until the point at which a cargo is discharged at the destination port. Other revenue from services, such as demurrage, is recognised when earned and is included in freight revenue. Performance obligationsIFRS 15 requires the Group to identify the performance obligations, determine the transaction price, allocate the transaction price to performance obligations for each contract with a customer to the extent that the contract covers more than one performance obligation, determine whether revenue should be recognised over time or at a point in time and recognise revenue when or as performance obligations are recognised. The Group\u2019s voyage charters and time charter (TC) contracts qualify for recognition over time. The nature of the Group\u2019s revenue from TC contracts with its customers is categorised in two groups, the leasing element of the vessel and the service element related to the leased vessel.Expenses between discharge and load are deferred and amortised over the voyage to the extent they qualify as cost to fulfil under IFRS 15. Time charter (TC) agreementsThe time charter revenue is generated from fixed rate time charter contracts. Revenue from time charters is accounted for as lease in accordance with IFRS 16 and is classified as charter hire revenue in the Income Statement. The Group\u2019s time charter contracts have normally a duration of 1-3 months and a significant portion of the risks and rewards of ownership are retained by the lessor (KCC), hence the lease is classified as operating lease. In 2021 and 2022, the Group had no TC agreements with longer than 3 months duration. Payments received under operating leases are recognised as revenue on a straight line basis over the lease term.Vessels09Accounting policySignificant accounting estimates Non-current assets such as vessels, the cost of dry-docking and newbuildings are carried at cost less accumulated depreciation and impairment charges. Cost is defined as directly attributable cost plus borrowing cost during the construction period. Useful life and residual values The carrying amount of vessels is based on management\u2019s assumptions of useful life. Useful life for the combination carrier vessels is reassessed on an annual basis. Useful life may change due to change in technological developments, competition, environmental and legal requirements, freight rates and steel prices. Management has also considered the impact of decarbonisation and climate related risks on the existing assets\u2019 useful lives. Such risks include new climate related legislation restricting the use of certain assets, new technology demanded by climate related legislation and customer requirements (see note 16). Based on the updated dry docking schedule, the vessels are planned for dry docking with a limited scope during each intermediated survey, first time approximately 2.5 years after delivery. Docking depreciation has previously been based on docking every five years during the first ten years of operation. The change was effective from 1 August 2022 and impacted 2022 depreciation with approximately USD 2.6 million and estimated to impact with approximately USD 2 million for 2023 and onwards. KCC commits to perform recycling of its vessels in compliance with the Hong Kong convention, the Norwegian Shipowner\u2019s Association\u2019s guidelines and when relevant the EU Ship Recycling Regulation. Annual assessment of residual value is based on observable market prices and available scrapping alternatives as of today. Residual value estimates for the KCC vessels have been calculated based on average price for Turkey and India, deducted by best estimate of direct costs for scrapping. There is a high degree of uncertainty in net green pricing for recycling. KCC has concluded to retain a scrap value of USD 3.8/5.3/5.9 million for CABUI/CABUII/CLEANBU for 2023.Impairment testing At the end of each reporting period the Group will assess whether there is any indication of impairment. If any indication exists, the Group will estimate the recoverable amount of the asset. Recoverable amount is set as the highest of fair value less cost to sell and value in use. If carrying value exceeds the estimated recoverable amount, impairment is recognised. Impairments are reversed in a later period if recoverable amount exceeds carrying amount. Identification of impairment indicators is based on an assessment of development in market rates (dry bulk, MR tanker, LR1 tanker and fuel), TCE earnings for the fleet, vessel opex, operating profit, technological development, change in regulations, interest rates and discount rate. As per year end 2021 and 2022 no indicators for impairment were identified. Cash-generating units The Group operates combination carrier vessels that can switch between dry and wet cargo. The CABUs have the same characteristics in respect of what cargo to transport, number of cargo holds and size of the vessel. All the CLEANBUs are identical vessels with same characteristics. CLEANBU vessels have higher cargo carrying capacity than the CABUs, and can in addition transport other types of wet commodities. All the CABU vessels are interchangeable, same for all the CLEANBU vessels. Investment, continuance and disposal decisions are made by class of vessels. The CABU and CLEANBU vessels are operated by KCC Chartering AS (KCCC). Contracts (COAs) are normally not negotiated based on a specific vessel. It is the sum of vessel capacity at any time that determines the optimization of voyages. A portion of the voyages are also executed in the spot market, and KCCC is dependent on operating the vessels as a portfolio according to free vessel capacity and available cargos. The Group has defined the fleet of CABUs and the fleet of CLEANBUs as two separate cash generating units.Accounting policyRight of use assetsThe Group applies the recognising exemptions proposed by the standard on lease contracts with a term of less than 12 months, and lease contracts for which are the underlying asset is of low value. Lease payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Lease contracts which is not part of the exemptions are measured at the present value of remaining lease payments, discounted using the incremental borrowing rate. The right-of-use assets are measured at an amount equal to the lease liability at the date of implementation. The right-of-use asset is depreciated on a straight line basis over the lease term.Accounting policyBunkers and lubricant oil on board vessels are recorded in the balance sheet at acquisition cost. Acquisition cost is based on FIFO (first in, first out principle).Accounting policyDerivative financial instruments and hedge accounting The Group uses derivative financial instruments, such as forward currency contracts, fuel contracts and interest rate swaps to hedge its foreign currency risks, interest rate risks and to reduce exposure to volatile and potentially rising fuel costs. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. For the purpose of hedge accounting, hedges are classified as: \u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or an unrecognised firm commitment \u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment As per 31 December 2022 all the Group hedges are classified as cash flow hedges. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 There is an economic relationship between the hedged item and the hedging instrument. \u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship. \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. The effective portion of the gain or loss on the hedging instrument is recognised directly as other comprehensive income in the cash flow hedge reserve, while any ineffective portion is recognised immediately in profit and loss. Amounts recognised as other comprehensive income are transferred to profit and loss when the hedged transaction affects profit and loss, such as when the hedged financial income or expense is recognised or when a forecast transaction occurs. Derivative financial instruments that are designated as, and are effective hedging instruments are separated into a current and non-current portion consistent with the classification of the underlying item.Accounting policyFair value measurementDerivatives are measured at fair value. The fair value of financial instruments traded in active markets is determined by reference to quoted market prices or dealer price quotations, without any deduction for transaction costs. The fair value of financial instruments not traded in active markets is determined using appropriate evaluation techniques.A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets and liabilitiesLevel 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observableLevel 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. The fair value of financial instruments that are not traded in an active market (for example over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instruments are included in level 2. If one or more of the significant inputs are not based on observable market data, the instrument is included in level 3. During the reporting periods there were no transfers between any of the levels.Accounting policyParties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. Related parties transactions are recorded to estimated fair value.Taxes21Accounting policyUnder the tonnage tax regime, profit from operations are tax exempt. Companies within the tonnage tax system pay a tonnage tax based on the deadweight tonnage of the vessels. The tonnage tax is recognised as an operating expense in the profit & loss. Taxable profit is calculated on the basis of financial income after deduction of a portion of financial expenses (based on financial assets in percent of total assets). For companies subject to ordinary taxation, tax expense comprises tax payable and changes in deferred tax assets. Tax payable corresponds to the amount expected to be paid to authorities while deferred tax assets/liabilities are calculated based on temporary differences at the reporting date. Deferred tax assets are recognised to the extent that future utilisation is probable. Deferred tax liabilities/deferred tax assets within the same tax system that may be offset are recorded on a net basis. Income tax relating to items recognised directly in equity is included directly in equity and not in the statement of income.", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-26-3": { "value": "Functional and presentation currencyThe presentation currency for the Group is US Dollar (USD). The Group companies, including the Parent Company, have USD as their functional currency. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency.Income and expenses in NOK are converted at the rate of exchange on the transaction date. The average exchange rate was 9.6197 USD/NOK in 2022 (2021: 8.5973). At 31 December 2022 an exchange rate of USD/NOK 9.9066 (2021: 8.8363) was used for the valuation of balance sheet items. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-27-2": { "value": "Cash flow statementsThe cash flow statements are based on the indirect method. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-27-4": { "value": "Cash flow statementsThe cash flow statements are based on the indirect method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-28-2": { "value": "Standards, amendments and interpretationsThe Group has early adopted amendments to IAS 1 and IFRS Practice Statement 2 regarding disclosure of material accounting policy information instead of significant accounting policies.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-28-3": { "value": "Standards, amendments and interpretationsThe Group has early adopted amendments to IAS 1 and IFRS Practice Statement 2 regarding disclosure of material accounting policy information instead of significant accounting policies.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-28-5": { "value": "Standards, amendments and interpretationsThe financial statements have been prepared based on standards, amendments and interpretations effective for 2022. The Group has early adopted amendments to IAS 1 and IFRS Practice Statement 2 regarding disclosure of material accounting policy information instead of significant accounting policies.There was no material impact of new accounting standards or amendments adopted in the period. The Group has not early adopted other than above mentioned mandatory amendments and interpretations to existing standards that have been published and are relevant to the Group\u2019s annual accounting periods beginning on 1 January 2023 or later periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-32-2": { "value": "Segment reporting 02The Group is an owner and operator of combination carriers and operates mainly within the dry bulk shipping industry and the product tanker industry. The Group owns eight CABU vessels and eight CLEANBU vessels. The CABUs are from 72,456 dwt to 80,344 dwt and have the capacity to transport caustic soda solution (CSS), floating fertilizer (UAN) and molasses as well as all types of dry bulk commodities.The CLEANBUs have approximately 82,500 dwt carrying capacity. The CLEANBUs are both full-fledged LR1 product tankers and Kamsarmaxbulk carriers transporting clean petroleum products (CPP), heavy liquid cargoes such as CSS, UAN and molasses as well as all types of dry bulkproducts. Operating income and operating 2022 2021expenses per segment(USD \u2018000)CABU CLEANBU Total CABU CLEANBU TotalOperating revenue, vessels 127 455 132 823 260 278 116 218 81 255 197 473Other revenue - 396 396 - 482 482Voyage expenses (55 018) (41 036) (96 054) (50 099) (31 989) (82 087)Net revenue from operations of vessels 72 436 92 183 164 620 66 119 49 749 115 868Gain on sale of vessels (note 9) - - - 6 360 - 6 360 Other income (note 3) - - - 1 422 - 1 422 Operating expenses, vessels (22 917) (25 657) (48 575) (24 684) (24 537) (49 221)Group commercial and administrative services (1 983) (2 220) (4 203) (1 860) (1 849) (3 709)Salaries and social expense (1 631) (1 826) (3 458) (1 191) (1 184) (2 374)Tonnage tax (105) (83) (188) (126) (88) (214)Other operating and administrative expenses (586) (656) (1 242) (536) (533) (1 069)Operating profit before depreciation (EBITDA) 45 214 61 740 106 955 45 505 21 559 67 064Depreciation (12 465) (18 880) (31 344) (13 362) (15 303) (28 665)Operating profit after depreciation (EBIT) 32 749 42 860 75 611 32 142 6 256 38 398Alternative performance measures (APMs)Average TCE earnings per onhire day is an alternative performance measure. Description and definition can be found on the Company\u2019s homepage: https://www.combinationcarriers.com/alternative-performance-measures.Reconciliation of average TCE earnings per onhire day2022 2021(USD \u2018000)CABU CLEANBU Total CABU CLEANBU TotalNet revenue from operations of vessels 72 436 92 183 164 620 66 119 49 749 115 868 Adjustment * - - - 177 213 390 Other revenue - (396) (396) - (482) (482)Net revenue ex adjustment 72 436 91 787 164 223 66 297 49 479 115 776 Onhiredays 2 703 2 814 5 518 3 073 2 450 5 523 Average TCE earnings per onhire day ($/d) 26 796 32 614 29 764 21 571 20 195 20 961 * Adjustment: Net revenue in Income Statement for 2022 and 2021 is recognized from load-to-discharge in line with IFRS. Revenue basis for average TCE earnings per day is based on load-to-discharge for 2022 and discharge-to-discharge for 2021. The difference/adjustment relates to days in ballast from discharge to loading on next voyage. The effect on TCE earnings for 2021 is immaterial (approximately 70 $/d for both segments), hence the Company has concluded not to adjust comparative figures for 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-32-4": { "value": "Segment reporting 02Accounting policyThe operating segments are reported in a manner consistent with the internal financial reporting provided to the chief operating decision-maker, who is responsible for allocating resources, making strategic decisions and assessing performance. The chief operating decision-maker has been identified as the Board of Directors.The reporting of the financial results separates the CABUs and CLEANBUs as two segments, to better evaluate and follow up on the performance of the different vessel concepts. The Group identifies and reports its segments based on information provided to the Management and the Board of Directors. Resources are allocated and decisions are made based on this information.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-39-2": { "value": "Revenue from contracts with customers03Disaggregated revenue informationThe Group has income from Contract of Affreightment (COA) contracts, spot voyages and Time Charter (TC) contracts (mainly one voyage only). Set out below is the disaggregation of the Group\u2019s revenue from different contracts with customers.Revenue types (USD \u2019000) Classification 2022 2021Revenue from COA contracts Freight revenue 92 852 83 626 Revenue from spot voyages Freight revenue 112 917 71 938 Revenue from TC contracts Charter hire revenue 54 509 41 909 Other revenue Other revenue 396 482 Total revenue, vessels 260 674 197 955 Other income (USD \u2019000) Classification 2022 2021Gain on sale of vessels (note 9) Gain on sale of vessels - 6 360 Other income Other income - 1 422 Total other income - 7 782 Other revenue of USD 0.4 million in 2022 (2021: USD 0.5 million) is related to off-hire compensation for guarantee work on the CLEANBU vessels. Other income of USD 1.4 million in 2021 relates to equity distribution from the Norwegian Shipowners\u2019 Mutual War Risks Insurance Association (Den Norske Krigsforsikring for Skib, DNK).The Group had four (four) customers in 2022 (2021) that each represented more than five percent of operating revenue in the Group (USD 38.0 million (USD 44.4 million), USD 27.6 million (USD 18.4 million), USD 23.4 million (USD 11.6 million) and USD 19.5 million (USD 11.6 million), respectively).Geographical informationRevenue for the shipping activities is distributed based on the port of discharge for all vessels operated by the Group, including leased vessels on time charter agreements. The table below presents revenue based on the port of discharge.Region (USD \u2019000) 2022 2021Middle East 76 237 51 669 Australia / Oceania 67 618 41 160 North East Asia 47 386 69 992 South America 41 667 23 025 North America 18 303 6 036 Europe 9 200 10 472 Africa 4 091 2 466 South East Asia 2 239 7 341 South Asia - 5 344 Total revenue, regions 266 741 217 504 Gain/(loss) on FFAs (4 324) (19 642)Adjustments (2 139) (390)Other revenue 396 482 Total revenue, vessels 260 674 197 955 Contract balances(USD \u2018000) 31 Dec 2022 31 Dec 2021Trade receivables from charterers (note 14) 13 629 7 421 Contract assets (note 14) 9 663 3 437 Contract liabilities 4 485 3 477 Contract assets are accrued income related to ongoing voyages (revenue recognised from load-to-discharge). Total income related to ongoing voyages as per 31 December 2022 to be recognized in 2023 is USD 27.3 million. Contract liabilities are prepaid revenue from customers. For dry bulk cargo lifted, payment is generally due within 10 days after the cargo is loaded, while payment for wet cargo is generally due immediately upon discharge.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-39-3": { "value": "Revenue from contracts with customers03Disaggregated revenue informationThe Group has income from Contract of Affreightment (COA) contracts, spot voyages and Time Charter (TC) contracts (mainly one voyage only). Set out below is the disaggregation of the Group\u2019s revenue from different contracts with customers.Revenue types (USD \u2019000) Classification 2022 2021Revenue from COA contracts Freight revenue 92 852 83 626 Revenue from spot voyages Freight revenue 112 917 71 938 Revenue from TC contracts Charter hire revenue 54 509 41 909 Other revenue Other revenue 396 482 Total revenue, vessels 260 674 197 955 Other income (USD \u2019000) Classification 2022 2021Gain on sale of vessels (note 9) Gain on sale of vessels - 6 360 Other income Other income - 1 422 Total other income - 7 782 Other revenue of USD 0.4 million in 2022 (2021: USD 0.5 million) is related to off-hire compensation for guarantee work on the CLEANBU vessels. Other income of USD 1.4 million in 2021 relates to equity distribution from the Norwegian Shipowners\u2019 Mutual War Risks Insurance Association (Den Norske Krigsforsikring for Skib, DNK).The Group had four (four) customers in 2022 (2021) that each represented more than five percent of operating revenue in the Group (USD 38.0 million (USD 44.4 million), USD 27.6 million (USD 18.4 million), USD 23.4 million (USD 11.6 million) and USD 19.5 million (USD 11.6 million), respectively).Geographical informationRevenue for the shipping activities is distributed based on the port of discharge for all vessels operated by the Group, including leased vessels on time charter agreements. The table below presents revenue based on the port of discharge.Region (USD \u2019000) 2022 2021Middle East 76 237 51 669 Australia / Oceania 67 618 41 160 North East Asia 47 386 69 992 South America 41 667 23 025 North America 18 303 6 036 Europe 9 200 10 472 Africa 4 091 2 466 South East Asia 2 239 7 341 South Asia - 5 344 Total revenue, regions 266 741 217 504 Gain/(loss) on FFAs (4 324) (19 642)Adjustments (2 139) (390)Other revenue 396 482 Total revenue, vessels 260 674 197 955 Contract balances(USD \u2018000) 31 Dec 2022 31 Dec 2021Trade receivables from charterers (note 14) 13 629 7 421 Contract assets (note 14) 9 663 3 437 Contract liabilities 4 485 3 477 Contract assets are accrued income related to ongoing voyages (revenue recognised from load-to-discharge). Total income related to ongoing voyages as per 31 December 2022 to be recognized in 2023 is USD 27.3 million. Contract liabilities are prepaid revenue from customers. For dry bulk cargo lifted, payment is generally due within 10 days after the cargo is loaded, while payment for wet cargo is generally due immediately upon discharge.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-39-5": { "value": "Revenue from contracts with customers03Accounting policyThe Group is in the business of transporting cargo at sea. Contracts of affreightmentThe combination carriers are employed on both long and short term contracts of affreightment (COAs) as well as in the spot market. The ambition is to have a large part of the wet exposure covered by contracts of affreightment (COA) and to a larger extent employ the vessels in the spot market when trading dry. The mix of COA and spot business creates ability to optimize the trading of the fleet and provide the CoA customers with the flexibility they need in their logistics. The COA contracts have duration between 1-6 years. Revenue from the Group\u2019s COA commitments are classified as freight revenue in the Income Statement.Revenue from contracts with customers is recognised when control of the goods is transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods. The Group has concluded that the performance obligation under a voyage charter is satisfied over time, and begins from the point at which cargo is loaded until the point at which a cargo is discharged at the destination port. Other revenue from services, such as demurrage, is recognised when earned and is included in freight revenue. Performance obligationsIFRS 15 requires the Group to identify the performance obligations, determine the transaction price, allocate the transaction price to performance obligations for each contract with a customer to the extent that the contract covers more than one performance obligation, determine whether revenue should be recognised over time or at a point in time and recognise revenue when or as performance obligations are recognised. The Group\u2019s voyage charters and time charter (TC) contracts qualify for recognition over time. The nature of the Group\u2019s revenue from TC contracts with its customers is categorised in two groups, the leasing element of the vessel and the service element related to the leased vessel.Expenses between discharge and load are deferred and amortised over the voyage to the extent they qualify as cost to fulfil under IFRS 15. Time charter (TC) agreementsThe time charter revenue is generated from fixed rate time charter contracts. Revenue from time charters is accounted for as lease in accordance with IFRS 16 and is classified as charter hire revenue in the Income Statement. The Group\u2019s time charter contracts have normally a duration of 1-3 months and a significant portion of the risks and rewards of ownership are retained by the lessor (KCC), hence the lease is classified as operating lease. In 2021 and 2022, the Group had no TC agreements with longer than 3 months duration. Payments received under operating leases are recognised as revenue on a straight line basis over the lease term.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-49-2": { "value": "Voyage expenses04(USD \u2018000) 2022 2021Freight expenses 21 538 20 210 TC-hire 1 449 1 952 Voyage expenses 72 486 59 009 Fuel hedge settlement (456) (224)Various expenses 1 036 1 140 Total voyage costs, vessels 96 054 82 087 Voyage expenses include bunkers cost, port costs and other voyage related expenses. TC-hire is payment for vessels hired in on short-term TCs (1-3 months).", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-52-2": { "value": "Operating expenses05(USD \u2018000) 2022 2021Technical expenses 14 387 14 040 Crewing expenses 23 418 24 760 Insurance 3 366 3 004 Crewing agency fee to Klaveness Ship Management AS 1 565 1 469 Ship management fee to Klaveness Ship Management AS 3 819 3 979 IT fee to Klaveness Ship Managment AS - 81Other operating expenses 2 019 1 886 Total operating expenses 48 575 49 219 Technical expenses are costs related to spare parts, consumables, cargo handling, power supply, navigation and communication. Crew costs include sea personnel expenses such as wages, social costs, travel expenses and training. Costs related to technical management, maintenance and crewing services are recognised as operating expenses, see note 19 for transactions with related parties. \u201dCOVID-19 has impacted operating costs in 2022 and 2021 with higher crew costs, forwarding costs for spare parts and bunkers costs during off-hire due to deviations or time in quarantine for crew change. Higher than normal costs due to COVID-19 are estimated to be approximately USD 1.7 million in 2022 (2021: USD 3.7 million). COVID-19 costs in 2021 was higher mainly due to challenges related to delivery of three newbuildings during the pandemic.\u201d ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-52-3": { "value": "Operating expenses05(USD \u2018000) 2022 2021Technical expenses 14 387 14 040 Crewing expenses 23 418 24 760 Insurance 3 366 3 004 Crewing agency fee to Klaveness Ship Management AS 1 565 1 469 Ship management fee to Klaveness Ship Management AS 3 819 3 979 IT fee to Klaveness Ship Managment AS - 81Other operating expenses 2 019 1 886 Total operating expenses 48 575 49 219 Technical expenses are costs related to spare parts, consumables, cargo handling, power supply, navigation and communication. Crew costs include sea personnel expenses such as wages, social costs, travel expenses and training. Costs related to technical management, maintenance and crewing services are recognised as operating expenses, see note 19 for transactions with related parties. \u201dCOVID-19 has impacted operating costs in 2022 and 2021 with higher crew costs, forwarding costs for spare parts and bunkers costs during off-hire due to deviations or time in quarantine for crew change. Higher than normal costs due to COVID-19 are estimated to be approximately USD 1.7 million in 2022 (2021: USD 3.7 million). COVID-19 costs in 2021 was higher mainly due to challenges related to delivery of three newbuildings during the pandemic.\u201d Other operating and administrative expenses06Remuneration to the auditor(USD \u2018000) 2022 2021Statutory audit 135 179 Other assurance services 34 29 Total 169 208 Auditor\u2019s fee are stated excluding VAT.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-56-3": { "value": "Other operating and administrative expenses06Remuneration to the auditor(USD \u2018000) 2022 2021Statutory audit 135 179 Other assurance services 34 29 Total 169 208 Auditor\u2019s fee are stated excluding VAT.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-58-2": { "value": "Salary07(USD \u2018000) 2022 2021Salaries and other remuneration 3 141 2 006 Social security tax 200 185 Pension benefit 79 83 Other social costs 15 85 Other personel related expenses 22 16 Salaries and social expense 3 458 2 374 Bonus schemeThe bonus scheme applicable for 2022 is based on annual distribution and is divided into two: i) Formula bonus based on return on equity for the relevant year, and ii) Discretionary element. The cap payment is set at 12 months fixed salary for the CEO and nine months for the CFO. Total bonus, included any discretionary element and holiday allowance, can in no circumstances exceed the individual cap. If not employed for a full year, the cap will be pro-rated according to number of months employed. The bonus cap is reached at 20 % return on equity. The discretionary bonus is based on goal achievements and individual performance. Any discretionary bonus to the CEO to be set by the Board, however, total bonus to CEO should never be above the bonus cap. The CFO is part of the overall discretionary bonus pool that is distributed among all employees included in the bonus scheme. The return on equity was above 20% for 2022, hence the bonus cap of respectively 12 months and 9 months payment for the CEO and the CFO was reached under the formula bonus on a standalone basis and no discretionary bonus was awarded. A limited discretionary bonus element was distributed to other employees other than the CEO and the CFO. Bonus provision for 2022 has been made in the 2022 accounts and will be paid in 2023. The existing bonus scheme is as well applicable for 2023 and 2024 and the cap and other terms of the bonus scheme remain unchanged for the CEO and the CFO. The bonus cap for other employees will be evaluated and potentially increased for the other employees. Pension scheme for all employeesThe Group has defined contributions plan for all employees in Norway. The contribution plan includes full-time and part- time employees and comprises 5 % of salary up until 7.1G and 20 % of salary between 7.1G and 12G. As of 31 December 2022 there were six members of the defined contribution plan. The expense recognised in the current financial period in relation to the contribution plan was USD 79k (2021: USD 83k). KCC does not make any pension contributions to employees in Singapore in line with national legal requirements.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-60-2": { "value": "The Group has eleven employees as per year-end 2022. Two new employees started during 2022. As from 1 June 2021, the commercial and operational team of four employees were transferred to the newly established subsidiary Klaveness Combination Carriers Asia Pte Ltd (Singapore).2022 2021Diversity of employeesNumber Percentage Number PercentageWomen 3 27% 3 33%Men 8 73% 6 67%Total employees in KCC at year end 11 100% 9 100%Average number of employees 10.3 7.6 KCC ASA in Norway 6 55% 6 67%KCC Asia in Singapore 5 45% 3 33%Nationalities 5 3 Sick leave - 0.25% - 0.29%", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-62-2": { "value": "Remuneration to the management(USD \u2019000) Base Salary Bonus Pension benefit TotalEngebret Dahm (CEO) 370 149 15 534 Liv Hege Dyrnes (CFO) 260 79 15 354 Total 630 227 31 888 Bonus shown in the above table is earned in 2021 and paid in 2022. The Company has provided a loan to CEO Engebret Dahm of USD 50k. Interest on the loan is set to the Norwegian tax administration is normal interest rate for the taxation of low-cost loans. The loan falls due in 2028.The Board has established guidelines for determining remuneration to executive personnel. The remuneration is based on a base salary, bonus and share option scheme. The CEO has an agreement of 12-month severance payment including a 6-month period of notice in case of involuntary resignation or by redundancy. Long-term incentive programThe CFO and the CEO were in total granted 65,280 share options in December 2019, each giving the right to subscribe one share per option. Total granted options are equal to 0.1 % of the share capital. The options are vested over a period of three years from the grant date, 1/3 per year with first vesting one year after the grant date. The program was fully vested in December 2022. Vested options may be exercised at any time as long as the option holder acts within all applicable securities legislation and internal guidelines and is still employed by the Company. KCC is entitled to, rather than issuing shares, to settle in cash. Unvested options immediately lapse and expire when an employee becomes a former employee, while the vested options will lapse on the date four months after the employee becomes a former employee as long as this complies with applicable securities legislation. The exercise price was set in NOK based on the average close trading price of the KCC share the last ten days before the grant date. The option scheme includes provisions related to public offers and mergers, adjustments related to changes in share capital among others. The share option program has been accounted for based on equity settlement. See note 17 for more information.A new long-term incentive program for management and employees will be presented for approval by the Annual General Meeting in April 2023.Remuneration to the Board of Directors(USD \u2018000) 2022 2021Ernst Meyer (Chair of the Board from 29 April 2022)* 36 - Lasse Kristoffersen (Chair of the Board until 29 April 2022)* 18 57 Magne \u00d8vre\u00e5s (Board member and member of Audit Committee) 37 38 Morten Skedsmo (Board member until 29 April 2022)* 11 34 G\u00f8ran Andreassen (Board member from 29 April 2022)* 21 - Rebekka G. Herlofsen (Board member and Chair of Audit Committee until 29 April 2022) 13 39 Winifred Patricia Johansen (Board member from 26 April 2021) 32 23 Brita Eilertsen (Board member and Chair of Audit Committee from 29 April 2022) 26 - Lori W. N\u00e6ss (Board member until 26 April 2021) - 11 Total 195 203 *Remuneration paid to Klaveness AS, a wholly owned subsidiary of the main shareholder Rederiaksjeselskapet Torvald Klaveness. The persons are employed by Klaveness AS. Compensation for Board work is thus included in the regular salary since such positions are a part of their regular employment.Board remuneration is proposed by the Nomination Committee and approved by the Annual General Meeting. The Directors receive a fixed remuneration for the year based on the Board position, i.e. the Chair receives higher remuneration than the Board Members, which have an equal remuneration. The Directors do not receive profit-related remuneration, share options or retirement benefits. Board Members participating in committees such as the Audit Committee have received extra remuneration for these tasks. In connection with the sales process of MV Banasol in 2021, prior board member Morten Skedsmo contributed in the sales process. Compensation for the work, USD 31k, was paid to Klaveness AS in 2021 (see note 19).2022 2021Diversity of Board of DirectorsNumber Percentage Number PercentageWomen 2 40% 2 40%Men 3 60% 3 60%In appointing members to the Board of Directors, it is emphasised that the Board shall have the requisite competency to independently evaluate the cases presented by the executive management team as well as the Company\u2019s operation. It is also considered important that the Board can function well as a body of colleagues and that they meet the Company\u2019s need for expertise and diversity. An introduction to the members of the Board of Directors and their expertise can be found on www.combinationcarriers.com.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-73-2": { "value": "Financial items08Finance income2022 2021(USD \u2018000)Other interest income 2 109 74 Fair value changes interest rate swaps 232 - Gain related to modification of debt (note 13) 1 175 - Finance income 3 516 74 Finance cost 2022 2021(USD \u2018000)Interest expenses mortgage debt 11 769 9 477 Interest expenses bond loan 4 767 4 371 Interest expenses lease liabilities 66 103 Amortization capitalized fees on loans 1 352 882 Other financial expenses 97 224 Fair value changes and realization effects of interest rate swaps - 82 Loss on foreign exchange 207 726 Finance cost 18 257 15 866 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-73-3": { "value": "Financial items08Finance cost 2022 2021(USD \u2018000)Interest expenses mortgage debt 11 769 9 477 Interest expenses bond loan 4 767 4 371 Interest expenses lease liabilities 66 103 Amortization capitalized fees on loans 1 352 882 Other financial expenses 97 224 Fair value changes and realization effects of interest rate swaps - 82 Loss on foreign exchange 207 726 Finance cost 18 257 15 866 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-73-4": { "value": "Financial items08Finance income2022 2021(USD \u2018000)Other interest income 2 109 74 Fair value changes interest rate swaps 232 - Gain related to modification of debt (note 13) 1 175 - Finance income 3 516 74 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-73-5": { "value": "Financial items08Finance income2022 2021(USD \u2018000)Other interest income 2 109 74 Fair value changes interest rate swaps 232 - Gain related to modification of debt (note 13) 1 175 - Finance income 3 516 74 Finance cost 2022 2021(USD \u2018000)Interest expenses mortgage debt 11 769 9 477 Interest expenses bond loan 4 767 4 371 Interest expenses lease liabilities 66 103 Amortization capitalized fees on loans 1 352 882 Other financial expenses 97 224 Fair value changes and realization effects of interest rate swaps - 82 Loss on foreign exchange 207 726 Finance cost 18 257 15 866 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-73-6": { "value": "Financial items08Finance income2022 2021(USD \u2018000)Other interest income 2 109 74 Fair value changes interest rate swaps 232 - Gain related to modification of debt (note 13) 1 175 - Finance income 3 516 74 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-73-7": { "value": "Financial items08Finance cost 2022 2021(USD \u2018000)Interest expenses mortgage debt 11 769 9 477 Interest expenses bond loan 4 767 4 371 Interest expenses lease liabilities 66 103 Amortization capitalized fees on loans 1 352 882 Other financial expenses 97 224 Fair value changes and realization effects of interest rate swaps - 82 Loss on foreign exchange 207 726 Finance cost 18 257 15 866 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-76-2": { "value": "Vessels09Vessels31 Dec 2022 31 Dec 2021(USD '000)Cost price 1.1 734 955 599 826 Delivery of newbuildings - 153 763 Adjustment acquisition value newbuildings delivered - 1 408 Dry docking 5 620 8 342 Technical upgrade 4 617 4 032 Disposal of vessel (2 472) (32 416)Cost price end of period 742 721 734 955 Acc. Depreciation 1.1 198 092 195 568 Disposal of vessel (2 472) (25 560)Depreciation vessels 31 029 28 083 Acc. Depreciation end of period 226 649 198 092 Carrying amounts end of period* 516 072 536 864 *) carrying value of vessels includes dry-dockingNo. of vessels 16 16Useful life vessel 25 25Useful life Dry Docking 2-3 3-5Depreciation schedule Straight-line Straight-lineReconciliation of depreciations 2022 2021(USD '000)Depreciation vessels 31 029 28 083 Depreciation right of use assets 315 582 Depreciations for the period 31 344 28 666 AdditionsThree CABU vessels and one CLEANBU vessel have completed scheduleddry- docking in 2022 with total cost of USD 5.6 millionTechnical upgradeof USD 4.0 million is related to general improvement of the technicalperformance of the vessels and energy efficiency initiatives, deductedby grants from ENOVA of in total USD 0.3 million recognised as per yearend 2022. KCC has secured in total approximately USD 1.4 million ingrants from ENOVA to finance investments in energy saving solutions forone CABU vessel and one CLEANBU vessel. During 2022, KCC has purchased previously leased satellite equipment on board the vessels of a total value of USD 0.6 million. The equipment has from 2022 been capitalized as vessel, depreciated over the same period as each vessel\u2019s dry-dock component. The derecognition of right of use assets with corresponding lease liability had an insignificant impact on the results for the year.Pledged vesselsAll owned vessels except MV Bangor and MV Barcarena are pledged to secure the various debt facilities (refer to note 13 for further information). DisposalsMV Banasol was sold and delivered to new owners in December 2021, a gain of USD 6.4 million was recognised in 2021. Gain is calculated as sales price less book value of the vessel at time of sale less any direct costs of sale.Impairment assessmentIdentification of impairment indicators is based on an assessment of development in market rates (dry bulk, MR tanker, LR1 tanker and fuel), TCE earnings for the fleet, vessel opex, operating profit, technological development, change in regulations, interest rates and discount rate. The rise in interest rates increases the discount rate used in calculation of recoverable amount. As previous sensitivity analysis of recoverable amount shows that the decrease in recoverable amount is unlikely to result in a material impairment loss, as per IAS 36.16, this has not been considered an impairment indicator. Expected future TCE earnings for both fleets of CABUs and CLEANBUs, diversified market exposure, development in secondhand prices and the combination carriers\u2019 trading flexibility support the conclusion of no impairment indicators identified as per 31 December 2022.Newbuildings10The Group has no newbuilding commitments as per year end 2022. The Group took delivery of three CLEANBU vessels during 2021 (note 9), which completed the newbuilding programme at Jiangsu New Yangzi Shipbuilding Co., Ltd in China.Newbuildings, net carrying amount31 Dec 2022 31 Dec 2021(USD '000)Cost 1.1 - 48 441 Borrowing cost - 84 Yard installments paid - 97 650 Other capitalized cost - 7 586 Delivery of newbuildings - (153 763)Net carrying amount - - ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-76-3": { "value": "Vessels09Technical upgradeof USD 4.0 million is related to general improvement of the technicalperformance of the vessels and energy efficiency initiatives, deductedby grants from ENOVA of in total USD 0.3 million recognised as per yearend 2022. KCC has secured in total approximately USD 1.4 million ingrants from ENOVA to finance investments in energy saving solutions forone CABU vessel and one CLEANBU vessel. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-76-5": { "value": "Vessels09Accounting policySignificant accounting estimates Non-current assets such as vessels, the cost of dry-docking and newbuildings are carried at cost less accumulated depreciation and impairment charges. Cost is defined as directly attributable cost plus borrowing cost during the construction period. Useful life and residual values The carrying amount of vessels is based on management\u2019s assumptions of useful life. Useful life for the combination carrier vessels is reassessed on an annual basis. Useful life may change due to change in technological developments, competition, environmental and legal requirements, freight rates and steel prices. Management has also considered the impact of decarbonisation and climate related risks on the existing assets\u2019 useful lives. Such risks include new climate related legislation restricting the use of certain assets, new technology demanded by climate related legislation and customer requirements (see note 16). Based on the updated dry docking schedule, the vessels are planned for dry docking with a limited scope during each intermediated survey, first time approximately 2.5 years after delivery. Docking depreciation has previously been based on docking every five years during the first ten years of operation. The change was effective from 1 August 2022 and impacted 2022 depreciation with approximately USD 2.6 million and estimated to impact with approximately USD 2 million for 2023 and onwards. KCC commits to perform recycling of its vessels in compliance with the Hong Kong convention, the Norwegian Shipowner\u2019s Association\u2019s guidelines and when relevant the EU Ship Recycling Regulation. Annual assessment of residual value is based on observable market prices and available scrapping alternatives as of today. Residual value estimates for the KCC vessels have been calculated based on average price for Turkey and India, deducted by best estimate of direct costs for scrapping. There is a high degree of uncertainty in net green pricing for recycling. KCC has concluded to retain a scrap value of USD 3.8/5.3/5.9 million for CABUI/CABUII/CLEANBU for 2023.Impairment testing At the end of each reporting period the Group will assess whether there is any indication of impairment. If any indication exists, the Group will estimate the recoverable amount of the asset. Recoverable amount is set as the highest of fair value less cost to sell and value in use. If carrying value exceeds the estimated recoverable amount, impairment is recognised. Impairments are reversed in a later period if recoverable amount exceeds carrying amount. Identification of impairment indicators is based on an assessment of development in market rates (dry bulk, MR tanker, LR1 tanker and fuel), TCE earnings for the fleet, vessel opex, operating profit, technological development, change in regulations, interest rates and discount rate. As per year end 2021 and 2022 no indicators for impairment were identified. Cash-generating units The Group operates combination carrier vessels that can switch between dry and wet cargo. The CABUs have the same characteristics in respect of what cargo to transport, number of cargo holds and size of the vessel. All the CLEANBUs are identical vessels with same characteristics. CLEANBU vessels have higher cargo carrying capacity than the CABUs, and can in addition transport other types of wet commodities. All the CABU vessels are interchangeable, same for all the CLEANBU vessels. Investment, continuance and disposal decisions are made by class of vessels. The CABU and CLEANBU vessels are operated by KCC Chartering AS (KCCC). Contracts (COAs) are normally not negotiated based on a specific vessel. It is the sum of vessel capacity at any time that determines the optimization of voyages. A portion of the voyages are also executed in the spot market, and KCCC is dependent on operating the vessels as a portfolio according to free vessel capacity and available cargos. The Group has defined the fleet of CABUs and the fleet of CLEANBUs as two separate cash generating units.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-85-4": { "value": "Impairment assessmentIdentification of impairment indicators is based on an assessment of development in market rates (dry bulk, MR tanker, LR1 tanker and fuel), TCE earnings for the fleet, vessel opex, operating profit, technological development, change in regulations, interest rates and discount rate. The rise in interest rates increases the discount rate used in calculation of recoverable amount. As previous sensitivity analysis of recoverable amount shows that the decrease in recoverable amount is unlikely to result in a material impairment loss, as per IAS 36.16, this has not been considered an impairment indicator. Expected future TCE earnings for both fleets of CABUs and CLEANBUs, diversified market exposure, development in secondhand prices and the combination carriers\u2019 trading flexibility support the conclusion of no impairment indicators identified as per 31 December 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-88-4": { "value": "Impairment testing At the end of each reporting period the Group will assess whether there is any indication of impairment. If any indication exists, the Group will estimate the recoverable amount of the asset. Recoverable amount is set as the highest of fair value less cost to sell and value in use. If carrying value exceeds the estimated recoverable amount, impairment is recognised. Impairments are reversed in a later period if recoverable amount exceeds carrying amount. Identification of impairment indicators is based on an assessment of development in market rates (dry bulk, MR tanker, LR1 tanker and fuel), TCE earnings for the fleet, vessel opex, operating profit, technological development, change in regulations, interest rates and discount rate. As per year end 2021 and 2022 no indicators for impairment were identified. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-93-2": { "value": "Leasing11The Group as a lesseeDuring 2022, KCC has purchased previously leased satellite equipment on board the vessels of a total value of USD 0.6 million. The equipment has been capitalized as vessel in 2022, depreciated over the same period as each vessel\u2019s dry dock component. Derecognition of right of use assets with corresponding lease liability had an insignificant impact on the results for the year.Right-of-use assets31 Dec 2022 31 Dec 2021(USD \u2018000)Cost price 1.1 2 973 2 510 Addition of right-of-use assets - 538 Disposals (2 973) (75)Costprice end of period - 2 973 Acc. Depreciation 1.1 1 420 838 Depreciation right of use assets 382 582 Disposals (1 802) -Acc. Depreciation end of period - 1 420 Carrying amounts end of period - 1 553 Undiscounted lease liabilities and maturity of cash outflows31 Dec 2022 31 Dec 2021(USD \u2018000)Less than 1 year - 662 1-5 years - 1 107 More than 5 years - - Total undiscounted lease liabilities at 31 December - 1 769 The leases do not contain any restrictions on the Group\u2019s dividend policy or financing. The Group does not have significant residual value guarantees related to its leases to disclose. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-99-2": { "value": "Inventories12Inventories 31 Dec 2022 31 Dec 2021(USD '000)Bunkers 17 254 10 810 Spare parts 99 116 Luboil 1 545 1 302 Inventories 18 898 12 279 Inventories relate to bunkers, spare parts and luboil on board vessels.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-98-3": { "value": "Accounting policyRight of use assetsThe Group applies the recognising exemptions proposed by the standard on lease contracts with a term of less than 12 months, and lease contracts for which are the underlying asset is of low value. Lease payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Lease contracts which is not part of the exemptions are measured at the present value of remaining lease payments, discounted using the incremental borrowing rate. The right-of-use assets are measured at an amount equal to the lease liability at the date of implementation. The right-of-use asset is depreciated on a straight line basis over the lease term.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-102-3": { "value": "Accounting policyBunkers and lubricant oil on board vessels are recorded in the balance sheet at acquisition cost. Acquisition cost is based on FIFO (first in, first out principle).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-107-3": { "value": "Mortgage debt Description Interest rate Maturity Carrying amount(USD '000)DNB/SEB facility Term loan, USD 105 mill LIBOR + 2.3 % December 2023 76 978 SEB/SR-Bank/SPV facility Term loan/RCF, 90.675 mill LIBOR + 2.3 % October 2025 53 338 Nordea/Cr\u00e9dit Agricole facility* Term loan/RCF, 60 mill Term SOFR + 2.25 % March 2027 50 824 Nordea/ Danske facility** Term loan, USD 80 mill LIBOR + 2.1 % December 2026 71 294 Capitalized loan fees (3 131)Mortgage debt 31 December 2022 249 303 * Potential margin adjustments up to +/- 10 bps once every year based on sustainability KPIs. ** Potential margin adjustments up to +/- 5 bps once every year based on sustainability KPIs.The Group has available revolving credit facility capacity of USD 30.1 million related to the SEB/SR-Bank/SPV facility and USD 14.8 million available capacity under a 364-days overdraft facility. Face valueCarrying amountBond loanMaturity date(NOK \u2019000) (USD \u2019000)KCC04 700 000 11.02.2025 76 390 Exchange rate adjustment (5 730)Capitalized expenses (527)Bond discount (158)Total bond loan 700 000 69 975 Interest bearing liabilities Fair valueCarrying amountCarrying amount(USD '000)31 Dec 202231 Dec 202231 Dec 2021Mortgage debt 159 664 159 664 252 547 Capitalized loan fees - (3 131) (2 554)Bond loan 71 160 70 660 79 219 Bond premium - (158) (234)Capitalized expenses bond loan - (527) (779)Total non-current interest bearing liabilties 230 825 226 509 328 198 Mortgage debt, current 92 769 92 769 23 936 Overdraft facility (Secured) 233 233 2 409 Total interest bearing liabilities 323 827 319 511 354 543 Maturity profile of financial liabilities at 31 December 2022 is presented in note 16. CovenantsAs per 31 December 2022, the Group is in compliance with all financial covenants. On Group level financial covenants relate to minimum equity (USD 125 million), equity ratio (30%), and cash (USD 15 million). Financial covenants on KCC Shipowning AS level relate to minimum cash (the higher of USD 10 million and 5 % of net interest-bearing debt) and net interest-bearing debt to EBITDA (NIBD/EBITDA) of max 7x. The NIBD/EBITDA ratio can be higher than 7x for one reporting period (measured semi-annually) provided that the NIBD/EBITDA was below 7x in the prior reporting period. The loan agreements also include a dividend restriction of 50% of net profit (based on audited annual consolidated accounts) if the equity ratio is below 35%. In addition, all secured loans contain minimum value clauses related to the value of the vessel compared to outstanding loan and a change of control clause. In case of KCC Shipowning AS, a change of control event occurs if it ceases to be owned, directly or indirectly, 100% (in issued shares and voting rights) by KCC and in case of KCC, if it ceases to be owned, directly or indirectly, 33.1/3% (in issued shares and voting rights) by Trond Harald Klaveness and/or his direct lineal descendants or if any other person or group of persons acting in concert, other than Trond Harald Klaveness and/or his direct lineal descendants, directly or indirectly, gain control of 33.1/3% or more of the shares and/or voting rights in KCC. Securities As security for the mortgage debt, the Group has included a first priority security in all except two vessels, in earnings accounts, and assignment of the earnings and insurances of the vessels in favour of the creditors.Book value of collateral and mortgaged assets (USD \u2019000) 2022 2021Vessels 500 009 520 063 Bunkers 17 254 10 810 Accounts receivables 30 061 18 484 Total book value of collateral and mortgaged assets 547 324 549 357 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-103-2": { "value": "Financial assets and financial liabilities13Risk management activities To reduce interest rate risk, the Group has entered into various interest rate swaps derivatives, such as interest rate swaps, caps and cross-currency interest rate swap (CCIRS). Interest rate swaps and CCIRS qualify for hedge accounting. These instruments have combined notional value of USD 213 million and duration until 2023-2028. Interest rate swaps qualifying for hedge accounting are recognised at fair value with changes through other comprehensive income. The Group also holds interest rate options recognised at fair value through profit and loss.The Group has entered into bunker fuel swaps and forward freight agreements (FFA) that qualify for hedge accounting. The Group uses bunker fuel swaps to hedge a portion of its floating bunkers cost to a fixed cost for bunkers to reduce the Group\u2019s exposure to changes in bunker prices. Similarly, the Group can use FFAs to fix freight rates in a future period to reduce its exposure to the dry bulk or tanker freight market (via open capacity and index linked COA commitments). Financial assets31 Dec 2022 31 Dec 2021(USD '000)Financial instruments at fair value through OCICross-currency interest rate swap 1 272 2 556 Interest rate swaps 11 110 1 421 Fuel hedge - 18 Forward freight agreements (FFA) - 660 Financial instruments at fair value through P&LInterest rate swaps 303 71 Financial assets 12 685 4 727 Current 4 923 678 Non-current 7 762 4 048 Financial liabilities31 Dec 2022 31 Dec 2021(USD '000)Financial instruments at fair value through OCICross-currency interest rate swap 2 466 43 Interest rate swaps - 1 973 Fuel Hedge - - Forward freight agreements (FFA) 249 - Financial liabilities 2 715 2 017 Current 249 - Non-current 2 466 2 017 Set out below is a comparison by class of the carrying amounts and fair value of the Group\u2019s financial assets included in the financial statements.Carrying amount Carrying amount Fair valueFair value(USD \u2018000)31 Dec 202231 Dec 202131 Dec 202231 Dec 2021Financial assets at fair value through OCIInterest rate swaps 11 110 1 421 11 110 1 421 Forward freight agreements - 660 - 660 Fuel hedge - 18 - 18 Cross-currency interest rate swap 1 272 2 556 1 272 2 556 Financial assets at fair value through profit or lossForward freight agreements - - - - Interest rate swaps 303 71 303 71 Total financial assets at fair value 12 685 4 727 12 685 4 727 Financial assets measured at amortised costsAccounts receivable 13 629 7 667 13 629 7 667 Receivables from related parties 202 2 018 202 2 018 Total financial assets measured at amortised costs 13 831 9 685 13 831 9 685 Cash and cash equivalents 64 918 53 937 64 918 53 937 Total financial assets 91 434 68 349 91 434 68 349 Total current 83 602 64 301 83 602 64 301 Total non-current 7 832 4 048 7 832 4 048 Carrying amount Carrying amount Fair valueFair value(USD \u2018000)31 Dec 202231 Dec 202131 Dec 202231 Dec 2021Financial liabilities at fair value through OCIInterest rate swaps - 1 973 - 1 973 Cross-currency interest rate swap 2 466 43 - - Forward freight agreements 249 - 249 - Total financial liabilities at fair value 2 715 2 017 249 1 973 Other financial liabilities at amortised costAccounts payable 3 940 4 361 3 940 4 361 Interest bearing debt, non-current 156 534 249 993 159 664 252 547 Interest bearing debt, current 92 769 23 936 92 769 23 936 Bond loan 69 975 78 205 71 160 75 456 Overdraft facility 233 2 409 233 2 409 Current debt to related parties 693 895 693 895 Total financial liabilities at amortised cost 324 144 359 799 328 460 359 603 Total financial liabilities 326 858 361 815 328 709 361 577 Total current 97 884 31 601 97 884 31 601 Total non-current 228 975 330 215 230 825 329 976 The fair value of the financial assets and liabilities is recognised as the value at which they could be exchanged in a transaction between willing parties other than in forced or liquidation transactions. The following methods and assumptions were used to estimate the fair value of each class of financial instrument:\u2022 Cash and restricted cash, trade receivables, trade payables and other current liabilities are recognised at their carrying amounts largely due to the short term maturities of these instruments.\u2022 Fair value of loans from banks and other financial liabilities is estimated by discounting future cash flows using rates currently available for debt on similar terms, credit risk and remaining maturities. \u2022 Fair value of derivatives is based on mark to market reports received from banks.\u2022 Fair value of the bond loan is based on transaction price on Oslo Stock Exchange (bond loan listed)Fair value hierarchyThe Group uses financial hierarchy under IFRS 13 for determining and disclosing the fair value of financial instruments by valuation techniques. Below table presents fair value measurements to the Group\u2019s assets and liabilities at 31 December 2022.31 December 2022Level 1 Level 2 Level 3 TotalAssets (USD \u2019000)Financial assets at fair value through profit or lossInterest rate swaps - 303 - 303 Financial assets at fair value through OCIFuel hedge - - - - Cross-currency interest rate swap - 1 272 - 1 272 Forward freight agreements - - - - Interest rate swaps - 11 110 - 11 110 31 December 2022Level 1 Level 2 Level 3 TotalLiabilities (USD \u2019000)Financial liabilities at fair value through profit or lossInterest rate swaps - - - - Financial liabilities not measured at fair value, but for which fair value is disclosedMortgage debt, non-current - - 159 664 159 664 Mortgage debt, current - - 92 769 92 769 Overdraft facility - - 233 233 Bond loan - 71 160 - 71 160 Financial liabilities at fair value through OCIForward freight agreements - 249 - 249 Interest rate swaps - - - - 31 Dec 2021Level 1 Level 2 Level 3 TotalAssets (USD \u2019000)Financial assets at fair value through profit or lossInterest rate swaps - 71 - 71 Financial assets at fair value through OCIFuel hedge - 18 - 18 Cross-currency interest rate swap - 2 556 - 2 556 Forward freight agreements - 660 - 660 Interest rate swaps - 1 421 - 1 421 31 Dec 2021 Level 1 Level 2 Level 3 TotalLiabilities (USD \u2019000)Financial liabilities not measured at fair value, but for which fair value is disclosedMortgage debt, non-current - - 252 547 252 547 Mortgage debt, current - - 23 936 23 936 Overdraft facility - - 2 409 2 409 Bond loan - 75 456 - 75 456 Financial liabilities at fair value through OCIForward freight agreements - - - - Interest rate swaps - 1 973 - 1 973 Reconciliation of movements of liabilities and equity to cash flow arising from financing activities.LiabilitiesEquityTotalInterest Interest Share Current Interest bearing bearing capital/ lease Other equity Total(USD '000)payableshort-term long-term premium/ liabilitesdebtdebtreserveBalance at 1 January 2022 - 618 26 345 328 198 159 819 94 597 568 104 Repayment of mortgage debt - - - (24 049) - - (24 049)Proceeds from mortgage debt - - - - - - - Reclassification as short-term debt - - 68 833 (68 833) - - - Transaction costs on issuance of loans - - - (193) - - (193)Interest paid (15 378) - - - - - (15 378)Paid in registered capital increase - - - - - - - Transaction costs on capital increase - - - - - - - Repayment of overdraft facility - - (2 176) - - - (2 176)Repayment of lease - (382) - - - - (382)Interest paid lease - (66) - - - - (66)Dividends - - - - - (42 421) (42 421)Total changes from financing cash flow (15 378) (448) 66 657 (93 075) - (42 421) (84 665)Liability-related Expensed capitalised borrowing costs - - - (1 352) - - (1 352)Gain related to modification of debt - - - 1 175 - - 1 175 Non-cash movement - (170) - (8 437) - - (8 607)Total liability-related changes - (170) - (8 614) - - (8 784)Total equity-related other changes - - - - 1 85 549 85 550 Balance at 31 December 2022 - - 93 002 226 509 159 820 137 725 560 204 LiabilitiesEquityTotalInterest Interest Share Current Interest bearing bearing capital/ lease Other equity Total(USD '000)payableshort-term long-term premium/ liabilitesdebtdebtreserveBalance at 1 January 2021 493 22 473 287 462 135 734 80 799 499 456 Repayment of mortgage debt - - (22 473) (100 568) - - (123 041)Proceeds from mortgage debt - - - 169 000 - - 169 000 Transaction costs on issuance of loans - - - (1 944) - - (1 944)Interest paid (13 970) - - - - - (13 970)Paid in registered capital increase - - - - 24 977 - 24 977 Transaction costs on capital increase - - - - (878) - (878)Repayment of lease - (582) - - - - (582)Interest paid lease - (103) - - - - (103)Dividends - - - - - (7 204) (7 204)Total changes from financing cash flow (13 970) (685) (22 473) 66 488 24 099 (7 204) 46 254 Liability-related Expensed capitalised borrowing costs - - - 882 - - 882 Non-cash movement - 811 26 345 (26 633) - - 522 Total liability-related changes - 811 26 345 (25 751) - - 1 404 Total equity-related other changes - - - - (13) 21 002 20 989 Balance at 31 December 2021 - 618 26 345 328 198 159 819 94 597 568 104 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-103-3": { "value": "Financial assets and financial liabilities13The below tables present the Group\u2019s financing arrangements as per 31 December 2022.In June 2022 the Group agreed to amend certain terms in the Nordea /Cr\u00e9dit Agricole USD 60 million facility. The reference rate and margin were adjusted to Term SOFR + 2.25%, implying a LIBOR equivalent margin reduction of approximate 75 bps, while the repayment date was extended by one year, until March 2027. Refinanced debt has been accounted for as modification of existing agreement. A modification gain of USD 1.2 million has been recognized in profit and loss in 2022, based on the difference of the net present value of the related cash flows using the original effective interest and the carrying amount of the debt prior to modification.In December 2022 the 364-days overdraft facility was extended by additional 364 days (December 2023). The commitment under the overdraft facility was reduced from USD 20 million to USD 15 million based on the Group\u2019s reevaluated need.Discussions regarding the refinancing of the DNB/SEB facility maturing in December 2023 has been initiated and the Group targets completing a refinancing within first half of 2023.\u2022 Fair value of loans from banks and other financial liabilities is estimated by discounting future cash flows using rates currently available for debt on similar terms, credit risk and remaining maturities. \u2022 Fair value of derivatives is based on mark to market reports received from banks.\u2022 Fair value of the bond loan is based on transaction price on Oslo Stock Exchange (bond loan listed)", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-103-4": { "value": "Financial assets and financial liabilities13", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-103-5": { "value": "Financial assets and financial liabilities13The below tables present the Group\u2019s financing arrangements as per 31 December 2022.In June 2022 the Group agreed to amend certain terms in the Nordea /Cr\u00e9dit Agricole USD 60 million facility. The reference rate and margin were adjusted to Term SOFR + 2.25%, implying a LIBOR equivalent margin reduction of approximate 75 bps, while the repayment date was extended by one year, until March 2027. Refinanced debt has been accounted for as modification of existing agreement. A modification gain of USD 1.2 million has been recognized in profit and loss in 2022, based on the difference of the net present value of the related cash flows using the original effective interest and the carrying amount of the debt prior to modification.In December 2022 the 364-days overdraft facility was extended by additional 364 days (December 2023). The commitment under the overdraft facility was reduced from USD 20 million to USD 15 million based on the Group\u2019s reevaluated need.Discussions regarding the refinancing of the DNB/SEB facility maturing in December 2023 has been initiated and the Group targets completing a refinancing within first half of 2023.Mortgage debt Description Interest rate Maturity Carrying amount(USD '000)DNB/SEB facility Term loan, USD 105 mill LIBOR + 2.3 % December 2023 76 978 SEB/SR-Bank/SPV facility Term loan/RCF, 90.675 mill LIBOR + 2.3 % October 2025 53 338 Nordea/Cr\u00e9dit Agricole facility* Term loan/RCF, 60 mill Term SOFR + 2.25 % March 2027 50 824 Nordea/ Danske facility** Term loan, USD 80 mill LIBOR + 2.1 % December 2026 71 294 Capitalized loan fees (3 131)Mortgage debt 31 December 2022 249 303 * Potential margin adjustments up to +/- 10 bps once every year based on sustainability KPIs. ** Potential margin adjustments up to +/- 5 bps once every year based on sustainability KPIs.The Group has available revolving credit facility capacity of USD 30.1 million related to the SEB/SR-Bank/SPV facility and USD 14.8 million available capacity under a 364-days overdraft facility. Face valueCarrying amountBond loanMaturity date(NOK \u2019000) (USD \u2019000)KCC04 700 000 11.02.2025 76 390 Exchange rate adjustment (5 730)Capitalized expenses (527)Bond discount (158)Total bond loan 700 000 69 975 Interest bearing liabilities Fair valueCarrying amountCarrying amount(USD '000)31 Dec 202231 Dec 202231 Dec 2021Mortgage debt 159 664 159 664 252 547 Capitalized loan fees - (3 131) (2 554)Bond loan 71 160 70 660 79 219 Bond premium - (158) (234)Capitalized expenses bond loan - (527) (779)Total non-current interest bearing liabilties 230 825 226 509 328 198 Mortgage debt, current 92 769 92 769 23 936 Overdraft facility (Secured) 233 233 2 409 Total interest bearing liabilities 323 827 319 511 354 543 Maturity profile of financial liabilities at 31 December 2022 is presented in note 16. CovenantsAs per 31 December 2022, the Group is in compliance with all financial covenants. On Group level financial covenants relate to minimum equity (USD 125 million), equity ratio (30%), and cash (USD 15 million). Financial covenants on KCC Shipowning AS level relate to minimum cash (the higher of USD 10 million and 5 % of net interest-bearing debt) and net interest-bearing debt to EBITDA (NIBD/EBITDA) of max 7x. The NIBD/EBITDA ratio can be higher than 7x for one reporting period (measured semi-annually) provided that the NIBD/EBITDA was below 7x in the prior reporting period. The loan agreements also include a dividend restriction of 50% of net profit (based on audited annual consolidated accounts) if the equity ratio is below 35%. In addition, all secured loans contain minimum value clauses related to the value of the vessel compared to outstanding loan and a change of control clause. In case of KCC Shipowning AS, a change of control event occurs if it ceases to be owned, directly or indirectly, 100% (in issued shares and voting rights) by KCC and in case of KCC, if it ceases to be owned, directly or indirectly, 33.1/3% (in issued shares and voting rights) by Trond Harald Klaveness and/or his direct lineal descendants or if any other person or group of persons acting in concert, other than Trond Harald Klaveness and/or his direct lineal descendants, directly or indirectly, gain control of 33.1/3% or more of the shares and/or voting rights in KCC. Securities As security for the mortgage debt, the Group has included a first priority security in all except two vessels, in earnings accounts, and assignment of the earnings and insurances of the vessels in favour of the creditors.Book value of collateral and mortgaged assets (USD \u2019000) 2022 2021Vessels 500 009 520 063 Bunkers 17 254 10 810 Accounts receivables 30 061 18 484 Total book value of collateral and mortgaged assets 547 324 549 357 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-103-6": { "value": "Financial assets and financial liabilities13Financial assets31 Dec 2022 31 Dec 2021(USD '000)Financial instruments at fair value through OCICross-currency interest rate swap 1 272 2 556 Interest rate swaps 11 110 1 421 Fuel hedge - 18 Forward freight agreements (FFA) - 660 Financial instruments at fair value through P&LInterest rate swaps 303 71 Financial assets 12 685 4 727 Current 4 923 678 Non-current 7 762 4 048 Financial liabilities31 Dec 2022 31 Dec 2021(USD '000)Financial instruments at fair value through OCICross-currency interest rate swap 2 466 43 Interest rate swaps - 1 973 Fuel Hedge - - Forward freight agreements (FFA) 249 - Financial liabilities 2 715 2 017 Current 249 - Non-current 2 466 2 017 Set out below is a comparison by class of the carrying amounts and fair value of the Group\u2019s financial assets included in the financial statements.Carrying amount Carrying amount Fair valueFair value(USD \u2018000)31 Dec 202231 Dec 202131 Dec 202231 Dec 2021Financial assets at fair value through OCIInterest rate swaps 11 110 1 421 11 110 1 421 Forward freight agreements - 660 - 660 Fuel hedge - 18 - 18 Cross-currency interest rate swap 1 272 2 556 1 272 2 556 Financial assets at fair value through profit or lossForward freight agreements - - - - Interest rate swaps 303 71 303 71 Total financial assets at fair value 12 685 4 727 12 685 4 727 Financial assets measured at amortised costsAccounts receivable 13 629 7 667 13 629 7 667 Receivables from related parties 202 2 018 202 2 018 Total financial assets measured at amortised costs 13 831 9 685 13 831 9 685 Cash and cash equivalents 64 918 53 937 64 918 53 937 Total financial assets 91 434 68 349 91 434 68 349 Total current 83 602 64 301 83 602 64 301 Total non-current 7 832 4 048 7 832 4 048 Carrying amount Carrying amount Fair valueFair value(USD \u2018000)31 Dec 202231 Dec 202131 Dec 202231 Dec 2021Financial liabilities at fair value through OCIInterest rate swaps - 1 973 - 1 973 Cross-currency interest rate swap 2 466 43 - - Forward freight agreements 249 - 249 - Total financial liabilities at fair value 2 715 2 017 249 1 973 Other financial liabilities at amortised costAccounts payable 3 940 4 361 3 940 4 361 Interest bearing debt, non-current 156 534 249 993 159 664 252 547 Interest bearing debt, current 92 769 23 936 92 769 23 936 Bond loan 69 975 78 205 71 160 75 456 Overdraft facility 233 2 409 233 2 409 Current debt to related parties 693 895 693 895 Total financial liabilities at amortised cost 324 144 359 799 328 460 359 603 Total financial liabilities 326 858 361 815 328 709 361 577 Total current 97 884 31 601 97 884 31 601 Total non-current 228 975 330 215 230 825 329 976 The fair value of the financial assets and liabilities is recognised as the value at which they could be exchanged in a transaction between willing parties other than in forced or liquidation transactions. The following methods and assumptions were used to estimate the fair value of each class of financial instrument:\u2022 Cash and restricted cash, trade receivables, trade payables and other current liabilities are recognised at their carrying amounts largely due to the short term maturities of these instruments.\u2022 Fair value of loans from banks and other financial liabilities is estimated by discounting future cash flows using rates currently available for debt on similar terms, credit risk and remaining maturities. \u2022 Fair value of derivatives is based on mark to market reports received from banks.\u2022 Fair value of the bond loan is based on transaction price on Oslo Stock Exchange (bond loan listed)Fair value hierarchyThe Group uses financial hierarchy under IFRS 13 for determining and disclosing the fair value of financial instruments by valuation techniques. Below table presents fair value measurements to the Group\u2019s assets and liabilities at 31 December 2022.31 December 2022Level 1 Level 2 Level 3 TotalAssets (USD \u2019000)Financial assets at fair value through profit or lossInterest rate swaps - 303 - 303 Financial assets at fair value through OCIFuel hedge - - - - Cross-currency interest rate swap - 1 272 - 1 272 Forward freight agreements - - - - Interest rate swaps - 11 110 - 11 110 31 December 2022Level 1 Level 2 Level 3 TotalLiabilities (USD \u2019000)Financial liabilities at fair value through profit or lossInterest rate swaps - - - - Financial liabilities not measured at fair value, but for which fair value is disclosedMortgage debt, non-current - - 159 664 159 664 Mortgage debt, current - - 92 769 92 769 Overdraft facility - - 233 233 Bond loan - 71 160 - 71 160 Financial liabilities at fair value through OCIForward freight agreements - 249 - 249 Interest rate swaps - - - - 31 Dec 2021Level 1 Level 2 Level 3 TotalAssets (USD \u2019000)Financial assets at fair value through profit or lossInterest rate swaps - 71 - 71 Financial assets at fair value through OCIFuel hedge - 18 - 18 Cross-currency interest rate swap - 2 556 - 2 556 Forward freight agreements - 660 - 660 Interest rate swaps - 1 421 - 1 421 31 Dec 2021 Level 1 Level 2 Level 3 TotalLiabilities (USD \u2019000)Financial liabilities not measured at fair value, but for which fair value is disclosedMortgage debt, non-current - - 252 547 252 547 Mortgage debt, current - - 23 936 23 936 Overdraft facility - - 2 409 2 409 Bond loan - 75 456 - 75 456 Financial liabilities at fair value through OCIForward freight agreements - - - - Interest rate swaps - 1 973 - 1 973 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-115-3": { "value": "Risk management activities To reduce interest rate risk, the Group has entered into various interest rate swaps derivatives, such as interest rate swaps, caps and cross-currency interest rate swap (CCIRS). Interest rate swaps and CCIRS qualify for hedge accounting. These instruments have combined notional value of USD 213 million and duration until 2023-2028. Interest rate swaps qualifying for hedge accounting are recognised at fair value with changes through other comprehensive income. The Group also holds interest rate options recognised at fair value through profit and loss.Financial assets31 Dec 2022 31 Dec 2021(USD '000)Financial instruments at fair value through OCICross-currency interest rate swap 1 272 2 556 Interest rate swaps 11 110 1 421 Fuel hedge - 18 Forward freight agreements (FFA) - 660 Financial instruments at fair value through P&LInterest rate swaps 303 71 Financial assets 12 685 4 727 Current 4 923 678 Non-current 7 762 4 048 Set out below is a comparison by class of the carrying amounts and fair value of the Group\u2019s financial assets included in the financial statements.Carrying amount Carrying amount Fair valueFair value(USD \u2018000)31 Dec 202231 Dec 202131 Dec 202231 Dec 2021Financial assets at fair value through OCIInterest rate swaps 11 110 1 421 11 110 1 421 Forward freight agreements - 660 - 660 Fuel hedge - 18 - 18 Cross-currency interest rate swap 1 272 2 556 1 272 2 556 Financial assets at fair value through profit or lossForward freight agreements - - - - Interest rate swaps 303 71 303 71 Total financial assets at fair value 12 685 4 727 12 685 4 727 Financial assets measured at amortised costsAccounts receivable 13 629 7 667 13 629 7 667 Receivables from related parties 202 2 018 202 2 018 Total financial assets measured at amortised costs 13 831 9 685 13 831 9 685 Cash and cash equivalents 64 918 53 937 64 918 53 937 Total financial assets 91 434 68 349 91 434 68 349 Total current 83 602 64 301 83 602 64 301 Total non-current 7 832 4 048 7 832 4 048 The fair value of the financial assets and liabilities is recognised as the value at which they could be exchanged in a transaction between willing parties other than in forced or liquidation transactions. The following methods and assumptions were used to estimate the fair value of each class of financial instrument:\u2022 Cash and restricted cash, trade receivables, trade payables and other current liabilities are recognised at their carrying amounts largely due to the short term maturities of these instruments.\u2022 Fair value of loans from banks and other financial liabilities is estimated by discounting future cash flows using rates currently available for debt on similar terms, credit risk and remaining maturities. \u2022 Fair value of derivatives is based on mark to market reports received from banks.\u2022 Fair value of the bond loan is based on transaction price on Oslo Stock Exchange (bond loan listed)Fair value hierarchyThe Group uses financial hierarchy under IFRS 13 for determining and disclosing the fair value of financial instruments by valuation techniques. Below table presents fair value measurements to the Group\u2019s assets and liabilities at 31 December 2022.31 December 2022Level 1 Level 2 Level 3 TotalAssets (USD \u2019000)Financial assets at fair value through profit or lossInterest rate swaps - 303 - 303 Financial assets at fair value through OCIFuel hedge - - - - Cross-currency interest rate swap - 1 272 - 1 272 Forward freight agreements - - - - Interest rate swaps - 11 110 - 11 110 31 December 2022Level 1 Level 2 Level 3 TotalLiabilities (USD \u2019000)Financial liabilities at fair value through profit or lossInterest rate swaps - - - - Financial liabilities not measured at fair value, but for which fair value is disclosedMortgage debt, non-current - - 159 664 159 664 Mortgage debt, current - - 92 769 92 769 Overdraft facility - - 233 233 Bond loan - 71 160 - 71 160 Financial liabilities at fair value through OCIForward freight agreements - 249 - 249 Interest rate swaps - - - - 31 Dec 2021Level 1 Level 2 Level 3 TotalAssets (USD \u2019000)Financial assets at fair value through profit or lossInterest rate swaps - 71 - 71 Financial assets at fair value through OCIFuel hedge - 18 - 18 Cross-currency interest rate swap - 2 556 - 2 556 Forward freight agreements - 660 - 660 Interest rate swaps - 1 421 - 1 421 31 Dec 2021 Level 1 Level 2 Level 3 TotalLiabilities (USD \u2019000)Financial liabilities not measured at fair value, but for which fair value is disclosedMortgage debt, non-current - - 252 547 252 547 Mortgage debt, current - - 23 936 23 936 Overdraft facility - - 2 409 2 409 Bond loan - 75 456 - 75 456 Financial liabilities at fair value through OCIForward freight agreements - - - - Interest rate swaps - 1 973 - 1 973 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-117-5": { "value": "Financial assets31 Dec 2022 31 Dec 2021(USD '000)Financial instruments at fair value through OCICross-currency interest rate swap 1 272 2 556 Interest rate swaps 11 110 1 421 Fuel hedge - 18 Forward freight agreements (FFA) - 660 Financial instruments at fair value through P&LInterest rate swaps 303 71 Financial assets 12 685 4 727 Current 4 923 678 Non-current 7 762 4 048 Carrying amount Carrying amount Fair valueFair value(USD \u2018000)31 Dec 202231 Dec 202131 Dec 202231 Dec 2021Financial assets at fair value through OCIInterest rate swaps 11 110 1 421 11 110 1 421 Forward freight agreements - 660 - 660 Fuel hedge - 18 - 18 Cross-currency interest rate swap 1 272 2 556 1 272 2 556 Financial assets at fair value through profit or lossForward freight agreements - - - - Interest rate swaps 303 71 303 71 Total financial assets at fair value 12 685 4 727 12 685 4 727 Financial assets measured at amortised costsAccounts receivable 13 629 7 667 13 629 7 667 Receivables from related parties 202 2 018 202 2 018 Total financial assets measured at amortised costs 13 831 9 685 13 831 9 685 Cash and cash equivalents 64 918 53 937 64 918 53 937 Total financial assets 91 434 68 349 91 434 68 349 Total current 83 602 64 301 83 602 64 301 Total non-current 7 832 4 048 7 832 4 048 Trade receivables and other current assets14(USD '000) 31 Dec 2022 31 Dec 2021Trade receivables from charterers 13 629 7 421 Contract assets 9 663 3 437 Prepaid expenses 3 437 2 467 Claims 165 378 Other short term receivables 3 167 4 780 Trade receivables and other current assets 30 061 18 484 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-117-6": { "value": "Financial assets31 Dec 2022 31 Dec 2021(USD '000)Financial instruments at fair value through OCICross-currency interest rate swap 1 272 2 556 Interest rate swaps 11 110 1 421 Fuel hedge - 18 Forward freight agreements (FFA) - 660 Financial instruments at fair value through P&LInterest rate swaps 303 71 Financial assets 12 685 4 727 Current 4 923 678 Non-current 7 762 4 048 Carrying amount Carrying amount Fair valueFair value(USD \u2018000)31 Dec 202231 Dec 202131 Dec 202231 Dec 2021Financial assets at fair value through OCIInterest rate swaps 11 110 1 421 11 110 1 421 Forward freight agreements - 660 - 660 Fuel hedge - 18 - 18 Cross-currency interest rate swap 1 272 2 556 1 272 2 556 Financial assets at fair value through profit or lossForward freight agreements - - - - Interest rate swaps 303 71 303 71 Total financial assets at fair value 12 685 4 727 12 685 4 727 Financial assets measured at amortised costsAccounts receivable 13 629 7 667 13 629 7 667 Receivables from related parties 202 2 018 202 2 018 Total financial assets measured at amortised costs 13 831 9 685 13 831 9 685 Cash and cash equivalents 64 918 53 937 64 918 53 937 Total financial assets 91 434 68 349 91 434 68 349 Total current 83 602 64 301 83 602 64 301 Total non-current 7 832 4 048 7 832 4 048 Trade receivables and other current assets14(USD '000) 31 Dec 2022 31 Dec 2021Trade receivables from charterers 13 629 7 421 Contract assets 9 663 3 437 Prepaid expenses 3 437 2 467 Claims 165 378 Other short term receivables 3 167 4 780 Trade receivables and other current assets 30 061 18 484 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-117-7": { "value": "Financial assets31 Dec 2022 31 Dec 2021(USD '000)Financial instruments at fair value through OCICross-currency interest rate swap 1 272 2 556 Interest rate swaps 11 110 1 421 Fuel hedge - 18 Forward freight agreements (FFA) - 660 Financial instruments at fair value through P&LInterest rate swaps 303 71 Financial assets 12 685 4 727 Current 4 923 678 Non-current 7 762 4 048 Carrying amount Carrying amount Fair valueFair value(USD \u2018000)31 Dec 202231 Dec 202131 Dec 202231 Dec 2021Financial assets at fair value through OCIInterest rate swaps 11 110 1 421 11 110 1 421 Forward freight agreements - 660 - 660 Fuel hedge - 18 - 18 Cross-currency interest rate swap 1 272 2 556 1 272 2 556 Financial assets at fair value through profit or lossForward freight agreements - - - - Interest rate swaps 303 71 303 71 Total financial assets at fair value 12 685 4 727 12 685 4 727 Financial assets measured at amortised costsAccounts receivable 13 629 7 667 13 629 7 667 Receivables from related parties 202 2 018 202 2 018 Total financial assets measured at amortised costs 13 831 9 685 13 831 9 685 Cash and cash equivalents 64 918 53 937 64 918 53 937 Total financial assets 91 434 68 349 91 434 68 349 Total current 83 602 64 301 83 602 64 301 Total non-current 7 832 4 048 7 832 4 048 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-117-8": { "value": "Financial assets31 Dec 2022 31 Dec 2021(USD '000)Financial instruments at fair value through OCICross-currency interest rate swap 1 272 2 556 Interest rate swaps 11 110 1 421 Fuel hedge - 18 Forward freight agreements (FFA) - 660 Financial instruments at fair value through P&LInterest rate swaps 303 71 Financial assets 12 685 4 727 Current 4 923 678 Non-current 7 762 4 048 Financial liabilities31 Dec 2022 31 Dec 2021(USD '000)Financial instruments at fair value through OCICross-currency interest rate swap 2 466 43 Interest rate swaps - 1 973 Fuel Hedge - - Forward freight agreements (FFA) 249 - Financial liabilities 2 715 2 017 Current 249 - Non-current 2 466 2 017 Set out below is a comparison by class of the carrying amounts and fair value of the Group\u2019s financial assets included in the financial statements.Carrying amount Carrying amount Fair valueFair value(USD \u2018000)31 Dec 202231 Dec 202131 Dec 202231 Dec 2021Financial assets at fair value through OCIInterest rate swaps 11 110 1 421 11 110 1 421 Forward freight agreements - 660 - 660 Fuel hedge - 18 - 18 Cross-currency interest rate swap 1 272 2 556 1 272 2 556 Financial assets at fair value through profit or lossForward freight agreements - - - - Interest rate swaps 303 71 303 71 Total financial assets at fair value 12 685 4 727 12 685 4 727 Financial assets measured at amortised costsAccounts receivable 13 629 7 667 13 629 7 667 Receivables from related parties 202 2 018 202 2 018 Total financial assets measured at amortised costs 13 831 9 685 13 831 9 685 Cash and cash equivalents 64 918 53 937 64 918 53 937 Total financial assets 91 434 68 349 91 434 68 349 Total current 83 602 64 301 83 602 64 301 Total non-current 7 832 4 048 7 832 4 048 Carrying amount Carrying amount Fair valueFair value(USD \u2018000)31 Dec 202231 Dec 202131 Dec 202231 Dec 2021Financial liabilities at fair value through OCIInterest rate swaps - 1 973 - 1 973 Cross-currency interest rate swap 2 466 43 - - Forward freight agreements 249 - 249 - Total financial liabilities at fair value 2 715 2 017 249 1 973 Other financial liabilities at amortised costAccounts payable 3 940 4 361 3 940 4 361 Interest bearing debt, non-current 156 534 249 993 159 664 252 547 Interest bearing debt, current 92 769 23 936 92 769 23 936 Bond loan 69 975 78 205 71 160 75 456 Overdraft facility 233 2 409 233 2 409 Current debt to related parties 693 895 693 895 Total financial liabilities at amortised cost 324 144 359 799 328 460 359 603 Total financial liabilities 326 858 361 815 328 709 361 577 Total current 97 884 31 601 97 884 31 601 Total non-current 228 975 330 215 230 825 329 976 The fair value of the financial assets and liabilities is recognised as the value at which they could be exchanged in a transaction between willing parties other than in forced or liquidation transactions. The following methods and assumptions were used to estimate the fair value of each class of financial instrument:\u2022 Cash and restricted cash, trade receivables, trade payables and other current liabilities are recognised at their carrying amounts largely due to the short term maturities of these instruments.\u2022 Fair value of loans from banks and other financial liabilities is estimated by discounting future cash flows using rates currently available for debt on similar terms, credit risk and remaining maturities. \u2022 Fair value of derivatives is based on mark to market reports received from banks.\u2022 Fair value of the bond loan is based on transaction price on Oslo Stock Exchange (bond loan listed)", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-118-5": { "value": "Financial liabilities31 Dec 2022 31 Dec 2021(USD '000)Financial instruments at fair value through OCICross-currency interest rate swap 2 466 43 Interest rate swaps - 1 973 Fuel Hedge - - Forward freight agreements (FFA) 249 - Financial liabilities 2 715 2 017 Current 249 - Non-current 2 466 2 017 Carrying amount Carrying amount Fair valueFair value(USD \u2018000)31 Dec 202231 Dec 202131 Dec 202231 Dec 2021Financial liabilities at fair value through OCIInterest rate swaps - 1 973 - 1 973 Cross-currency interest rate swap 2 466 43 - - Forward freight agreements 249 - 249 - Total financial liabilities at fair value 2 715 2 017 249 1 973 Other financial liabilities at amortised costAccounts payable 3 940 4 361 3 940 4 361 Interest bearing debt, non-current 156 534 249 993 159 664 252 547 Interest bearing debt, current 92 769 23 936 92 769 23 936 Bond loan 69 975 78 205 71 160 75 456 Overdraft facility 233 2 409 233 2 409 Current debt to related parties 693 895 693 895 Total financial liabilities at amortised cost 324 144 359 799 328 460 359 603 Total financial liabilities 326 858 361 815 328 709 361 577 Total current 97 884 31 601 97 884 31 601 Total non-current 228 975 330 215 230 825 329 976 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-118-6": { "value": "Financial liabilities31 Dec 2022 31 Dec 2021(USD '000)Financial instruments at fair value through OCICross-currency interest rate swap 2 466 43 Interest rate swaps - 1 973 Fuel Hedge - - Forward freight agreements (FFA) 249 - Financial liabilities 2 715 2 017 Current 249 - Non-current 2 466 2 017 Carrying amount Carrying amount Fair valueFair value(USD \u2018000)31 Dec 202231 Dec 202131 Dec 202231 Dec 2021Financial liabilities at fair value through OCIInterest rate swaps - 1 973 - 1 973 Cross-currency interest rate swap 2 466 43 - - Forward freight agreements 249 - 249 - Total financial liabilities at fair value 2 715 2 017 249 1 973 Other financial liabilities at amortised costAccounts payable 3 940 4 361 3 940 4 361 Interest bearing debt, non-current 156 534 249 993 159 664 252 547 Interest bearing debt, current 92 769 23 936 92 769 23 936 Bond loan 69 975 78 205 71 160 75 456 Overdraft facility 233 2 409 233 2 409 Current debt to related parties 693 895 693 895 Total financial liabilities at amortised cost 324 144 359 799 328 460 359 603 Total financial liabilities 326 858 361 815 328 709 361 577 Total current 97 884 31 601 97 884 31 601 Total non-current 228 975 330 215 230 825 329 976 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-118-7": { "value": "Financial liabilities31 Dec 2022 31 Dec 2021(USD '000)Financial instruments at fair value through OCICross-currency interest rate swap 2 466 43 Interest rate swaps - 1 973 Fuel Hedge - - Forward freight agreements (FFA) 249 - Financial liabilities 2 715 2 017 Current 249 - Non-current 2 466 2 017 Carrying amount Carrying amount Fair valueFair value(USD \u2018000)31 Dec 202231 Dec 202131 Dec 202231 Dec 2021Financial liabilities at fair value through OCIInterest rate swaps - 1 973 - 1 973 Cross-currency interest rate swap 2 466 43 - - Forward freight agreements 249 - 249 - Total financial liabilities at fair value 2 715 2 017 249 1 973 Other financial liabilities at amortised costAccounts payable 3 940 4 361 3 940 4 361 Interest bearing debt, non-current 156 534 249 993 159 664 252 547 Interest bearing debt, current 92 769 23 936 92 769 23 936 Bond loan 69 975 78 205 71 160 75 456 Overdraft facility 233 2 409 233 2 409 Current debt to related parties 693 895 693 895 Total financial liabilities at amortised cost 324 144 359 799 328 460 359 603 Total financial liabilities 326 858 361 815 328 709 361 577 Total current 97 884 31 601 97 884 31 601 Total non-current 228 975 330 215 230 825 329 976 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-124-3": { "value": "Accounting policyDerivative financial instruments and hedge accounting The Group uses derivative financial instruments, such as forward currency contracts, fuel contracts and interest rate swaps to hedge its foreign currency risks, interest rate risks and to reduce exposure to volatile and potentially rising fuel costs. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. For the purpose of hedge accounting, hedges are classified as: \u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or an unrecognised firm commitment \u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment As per 31 December 2022 all the Group hedges are classified as cash flow hedges. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 There is an economic relationship between the hedged item and the hedging instrument. \u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship. \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. The effective portion of the gain or loss on the hedging instrument is recognised directly as other comprehensive income in the cash flow hedge reserve, while any ineffective portion is recognised immediately in profit and loss. Amounts recognised as other comprehensive income are transferred to profit and loss when the hedged transaction affects profit and loss, such as when the hedged financial income or expense is recognised or when a forecast transaction occurs. Derivative financial instruments that are designated as, and are effective hedging instruments are separated into a current and non-current portion consistent with the classification of the underlying item.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-124-4": { "value": "Accounting policyDerivative financial instruments and hedge accounting The Group uses derivative financial instruments, such as forward currency contracts, fuel contracts and interest rate swaps to hedge its foreign currency risks, interest rate risks and to reduce exposure to volatile and potentially rising fuel costs. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. For the purpose of hedge accounting, hedges are classified as: \u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or an unrecognised firm commitment \u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment As per 31 December 2022 all the Group hedges are classified as cash flow hedges. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 There is an economic relationship between the hedged item and the hedging instrument. \u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship. \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. The effective portion of the gain or loss on the hedging instrument is recognised directly as other comprehensive income in the cash flow hedge reserve, while any ineffective portion is recognised immediately in profit and loss. Amounts recognised as other comprehensive income are transferred to profit and loss when the hedged transaction affects profit and loss, such as when the hedged financial income or expense is recognised or when a forecast transaction occurs. Derivative financial instruments that are designated as, and are effective hedging instruments are separated into a current and non-current portion consistent with the classification of the underlying item.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-131-3": { "value": "Accounting policyFair value measurementDerivatives are measured at fair value. The fair value of financial instruments traded in active markets is determined by reference to quoted market prices or dealer price quotations, without any deduction for transaction costs. The fair value of financial instruments not traded in active markets is determined using appropriate evaluation techniques.A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets and liabilitiesLevel 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observableLevel 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. The fair value of financial instruments that are not traded in an active market (for example over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instruments are included in level 2. If one or more of the significant inputs are not based on observable market data, the instrument is included in level 3. During the reporting periods there were no transfers between any of the levels.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-136-4": { "value": "Trade receivables and other current assets14(USD '000) 31 Dec 2022 31 Dec 2021Trade receivables from charterers 13 629 7 421 Contract assets 9 663 3 437 Prepaid expenses 3 437 2 467 Claims 165 378 Other short term receivables 3 167 4 780 Trade receivables and other current assets 30 061 18 484 Accounts receivable comprise all items that fall due for payment within one year after the balance sheet date. For dry bulk cargo lifted, payment is generally due within 10 days after the cargo is loaded, while payment for wet cargo is due immediately upon discharge. Trade receivables are non-interest bearing. The increase in trade receivables from 2021 to 2022 is mainly related to a considerably stronger tanker market.Claims consist of yard claims for vessels delivered in 2019 and are expected to be settled when all three vessels have completed guarantee repairs.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-140-2": { "value": "Cash and cash equivalents15The Group has bank deposits in the following currencies:(USD '000) 31 Dec 2022 31 Dec 2021Bank deposits, NOK 1 861 9 340 Bank deposits, USD 58 782 44 092 Bank deposits, EUR 3 730 - Bank deposits, other 65 42 Cash 410 389 Payroll withholding tax account (restricted cash, NOK) 69 74 Total cash and cash equivalents 64 918 53 937 Cash includes cash in hand, bank deposits and other highly liquid investments with original maturities of three months or less.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-140-3": { "value": "Cash and cash equivalents15The Group has bank deposits in the following currencies:(USD '000) 31 Dec 2022 31 Dec 2021Bank deposits, NOK 1 861 9 340 Bank deposits, USD 58 782 44 092 Bank deposits, EUR 3 730 - Bank deposits, other 65 42 Cash 410 389 Payroll withholding tax account (restricted cash, NOK) 69 74 Total cash and cash equivalents 64 918 53 937 Cash includes cash in hand, bank deposits and other highly liquid investments with original maturities of three months or less.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-143-2": { "value": "Financial risk management16Capital managementThe Group intends to maintain an efficient capital structure, provide financial ability to execute on the strategy and ensure the Group has sufficient liquidity to meet liabilities and commitments as they fall due. KCC targets to have an equity ratio above 40% and gearing ratio (NIBD/EBITDA adjusted for delivery/sale of vessels) of below 5x with flexibility to stretch key ratios in growth periods. Furthermore, KCC shall have sufficient funds to withstand twelve months of weak markets/ earnings. The equity ratio as of 31 December 2022 was 46 % (2021: 40 %) and cash was USD 64.9 million (2021: USD 53.9 million). In addition, the Group had USD 44.9 million in undrawn revolving and overdraft credit facilities available as of 31 December 2022. The Group\u2019s covenants are described in note 13.The capital structure and dividend payments are considered in view of debt service ability, capital commitments and expectations of future cash flows. Available cash, loan covenants and the balance sheet composition are monitored to make sure that the Group has the necessary financial strength to continue operating as a going concern.The Group aims to spend free cash flows as follows: \u2022 Maintain and/or improve financial capacity and flexibility. To accommodate the business strategy, the Group needs to maintain a solid capital structure at all times and an acceptable level of free liquidity, at levels which will give sufficient assurance to the debt and equity providers that the Group\u2019s financial position is solid and sustainable.\u2022 Maintain an attractive dividend policy. KCC targets to distribute a substantial part of the free cash flow to the shareholders.The Group\u2019s capital structure consists of mortgage debt (note 13), bond loan (note 13), overdraft facility (note 13), cash and cash equivalents and equity attributable to the shareholders.Risk ManagementThe objective for the Company\u2019s risk management and internal control is to manage, rather than eliminate exposure to risks to successfully conduct the Group\u2019s business and to support the quality of its financial reporting.The risk assessment is a multi-disciplinary process generally performed on a quarterly basis. The value chain is assessed both upstream and downstream in addition to direct effects on KCC\u2019s business activities. All relevant risks are assessed based on defined impact and probability levels and focus on the next 12 months shown in the table below:Risk Probability ImpactLow < 3% < USD 3 millMedium 3 -30% USD 3 - 15 million High > 30% > USD 15 miIn addition to the specific assessment for the rolling 12 months period, an assessment of the long-term risk is included from time to time and at least on an annual basis. The risk management process includes the following:* Normally on a quarterly basis the finance team (in close corporation with commercial, technical and management) assesses the overall risk development with focus on main risks and new risks discovered, including assessing impact and probability for each risk and define potential mitigating actions for the main risks* The main risks are reported and discussed with the Audit Committee and the Board of Directors. A main risk is a risk already identified and well understood that could materially impact the financial results, reputation, business model, or strategy* When the combination of probability and impact is higher than what is accepted, mitigating actions are implemented either based on management decision or if relevant, after discussions with the Board of DirectorsMain risksThe following table presents the risks considered to be the main risks for KCC over the next 12 months and the main longer-term risks.Risk Description Risk typeMain risks next 12 monthsFreight rates are the main earnings driver for the Group. A fall in freight rates for dry bulk commodities, caustic soda or clean petroleum products can have a material impact on the financials of the Group. The effect of lower freight is somewhat offset by low historical correlation between dry bulk and product tankers freight rates. High fixed rate contract coverage for the CABU fleet for 2023 reduces the freight rates risks next 12 months. KCC is dependent on certain trade flows in order to obtain efficient combination trading. Production issues at plants, mines, and refineries Weak freight rates and in export regions, difference in regional commodity prices (arbitrage opportunities) as well as regional and global wars Market changes in trade flowsand conflicts may impact these trade flows.This is exemplified by Russia\u2019s war on Ukraine, having a material impact on the trades flows for both dry bulk commodities and clean petroleum products. As a major exporter of dry bulk commodities (e.g. grains and iron ore) from the Black Sea the direct impact on the demand for dry bulk shipping was negative. While for product tankers the impact was positive as importers reshuffled their sourcing.Introduction of new vessel concepts such as the CLEANBUs entails commercial and technical risks. Acceptance and/or exemptions in relation to the CLEANBU vessels from clients and terminals where policies require clean petroleum products (CPP) as the last one to three cargoes to avoid cargo contamination or where policies exclude the use of combination carriers like the CLEANBU vessels. CLEANBU commercial Operational and technical Introduction of new ship types or concepts will normally require technical adjustments and modifications, which & technicalperformance will take time and may lead to off-hire and delayed deliveries. There are outstanding guarantee items relating to one of the CLEANBU vessels, implying additional off-hire related to the repairs in 2023. While the shipyard is obliged to bear the cost of repairs, additional related costs may incur, and off-hire will be borne by KCC unless covered by KCC\u2019s loss of hire insurance.Due to stricter environmental regulations and customer requirements, older tonnage is in danger of both being rerated and losing competitiveness to more modern tonnage. The consequences for older tonnage can be lower capacity due to speed restrictions and lower utilization due to more waiting time. Operational Vessel age& technicalFor the Group this can result in less flexibility and lower net revenue for the oldest vessels in the fleet. As per year-end 2022, the Group owns three CABU vessels above 20 year age.In 2023 KCC will retrofit two vessels with air lubrication system and shaft generator to reduce fuel consumption. Operational Retrofit project riskOne of the main pillars of KCC\u2019s strategy is to improve the energy efficiency and consequently the environmental & technicalfootprint of the fleet. Success depends on the ability to deliver on retrofit/energy saving device projects at the budgeted cost and time, and that the retrofits deliver the estimated fuel/energy savings.Risk Description Risk typeThe following table presents the risks considered to be main longer-term risks for KCCFreight rates for global seaborne transportation is highly volatile and cyclical. The demand for global seaborne transportation depends on global economic growth, and in particular the development in the energy and Global economic commodities markets. The Group is exposed to changes in trade flows and in particular changes in flows in the growth and the Group\u2019s main trades in the alumina value chain. impact on energy Marketand commodity Furthermore, the demand for seaborne transportation is dependent on open economies and low barriers to markets trade. Trade restrictions such as tariffs and embargos can have a negative impact on the demand for seaborne transportation.A move to a low-carbon economy can potentially have material negative impact on the Group through several Impact of a low-channels. carbon future with \u2022 Emerging propulsion technologies and fuels might have a material negative impact on the competitiveness of introduction of the Group\u2019s existing fleet and might result in lower revenue and/or impairment of vessel values emission regulations, Climate-\u2022 New regulations can lead to material cost related to upgrades and retrofits to comply with regulations and / or zero-emission vessels relatedmaterial impairment of operational flexibility and / or operational limitations and lower demand \u2022 New regulations, such as the EU taxonomy, can reduce and restrict access to capital for transportation of \u2022 The demand for transportation of fossil fuels might be materially negatively impacted and hence the demand fossil fuels for dry bulk and product tanker vessels \u2022 New customer requirements can have a negative impact on the Group\u2019s competitive positionRisk typesThe risks have been divided into the following categories Financial riskThe Group is exposed to e.g. freight rate risk, bunker fuel price risk, as well as risks relating to foreign currency exchange rates, interest rate, counterparties (including credit), operations, technical, regulations and other risks. The Group\u2019s executive management oversees that the management of these risks are governed by appropriate policies and procedures. The Board of Directors reviews and approves policies for managing these risks. Risk management activities to reduce interest rate risk, freight rate risk and bunker fuel risk are further described in note 13.Operational and technical riskOperational risks are mainly related to the operation of vessels. The Group\u2019s vessels are on technical management to Klaveness Ship Management AS (affiliated company) which ensures compliance with IMO, flag and port state regulations. Quality and safety audits are performed regularly and the crew and officers onboard are trained to ensure that regulatory requirements are met. Operational risk is managed through quality assurance procedures and systematic training of crew and land-based employees. All vessels sailing through piracy exposed areas take necessary steps to mitigate the threat of such attacks. Operational risk is also covered by insurance where relevant to cover loss of assets, revenues and contract commitments. The vessels are insured for loss of hire, protection and indemnity (P&I), physical damage to vessel and its equipment (Hull and Machinery) and total loss. The latter is aligned with vessel values and loan agreements. The financial impact of a total loss of a vessel will not be material for the Group. The COVID-19 pandemic continued impacting vessel operations in 2022, however to a lesser extent than in 2021.Market riskOwnership of vessels involves risks related to vessel values, future vessel employment, freight rates and costs. Freight rates are volatile and a fall in freight rates may impact financial results of the Group negatively. Over time, vessel values may fluctuate, which may result in an impairment of the book value of the Group\u2019s vessels. These risks are to some extent managed through contracts of affreightment and forward freight agreements (FFA) covering part of the Group\u2019s future fleet capacity for the nearby year and covering part of the exposure for the next 1-2 years.A significant expense for transport at sea is bunkers. The price of fuel is unpredictable and fluctuates based on events outside the Group\u2019s control. To reduce the risk of fluctuations in bunker fuel prices, the Group may decide to hedge the bunker price exposure by the use of bunker fuel swaps or options to hedge the inherent fuel oil exposure in its freight contracts or include bunker adjustment factors (BAF) in the contracts. Foreign currency risk and interest rate riskThe Group\u2019s revenues and costs are denominated primarily in US Dollar (USD) which i s the fun ctio nal curre ncy of a ll signif icant e ntitie s in the Gr ouFluctuations in USD against NOK may affect the Group\u2019s tax payable, whichwill be calculated and paid in NOK. This effect is considered to be limited. The Group\u2019s interest bearing debt is exposed to floating interest rate, and the Group has some of its costs in other currencies than USD. The Group has bond debt denominated in NOK with NIBOR + 475 bps margin, however, the FX-effect is currently fixed to USD and the floating interest rate exposure has been converted to a fixed USD interest rate. Long term mortgage debt bears interest at LIBOR/SOFR plus an applicable margin.In order to hedge the risk, the Group has entered into interest rate swaps. At 31 December 2021, 43% of the floating interest mortgage debt loans are hedged including undrawn RCF commitments. The Group evaluates on an ongoing basis the need to adjust interest rate exposure.As of December 31, 2021 the publication of the one-week and two-month US Dollar (USD) London Interbank Offered Rate (LIBOR) ceased to be published on a representative basis. The remaining tenors of US DollarLIBOR will cease to be published on a representative basis on June 30,2023. The Group is exposed to LIBOR mainly in US dollar denominated debt and interest rate derivatives with interest rates indexed to LIBOR.As recommended by the Alternative Reference Rates Committee (a committee convened by the Federal Reserve), Secured Overnight Financing Rate (SOFR) will replace LIBOR as a standard interest rate benchmark. The Group has amended one of the debt facility agreements to replace LIBOR with CME Term SOFR/SOFR. The Group expects to initiate negotiations with the remainder of counterparties to transitionfrom LIBOR to an alternative benchmark within first half of 2023 for relevant agreements. The impact on the Group of the transition from LIBOR to SOFR or any other alternative rates is still uncertain but may potentially lead to increased cost of debt.The table below shows estimated changes in profit before tax for the Group from changes in interest rates in 2022 and 2021, with all other variables held constant. The changes are estimated based on a change in variable interest rate index given capital structure and hedges as of year-end 2022 and year-end 2021. In 2022 for every 100 bps increase in index interest rate, interest costs on debt increases by approx. USD 1.3 million.Change in bps (effect in USD\u2019000) 2022 2021+100 - 1 314 - 1 680+50 - 657 - 840-50 657 120-100 1 314 - 70Counterparty/credit riskThe performance of the Group depends on its counterparties\u2019 ability to perform their obligations under agreed contracts, a continued client need for the services performed by the combination carriers and KCC\u2019s ability to renew contracts with these clients. Default by a cargo customer counterparty of its obligations under, a contract, may have material adverse consequences on the contract portfolio earnings. The counterparty\u2019s financial strength will thus be very important.The Group is, to a certain degree, dependent on a limited number of key customers and renewal of key/ material contracts with these customers, particularly related to caustic soda transportation. Unfavorable changes in trade flows and volumes may adversely affect the Group\u2019s earnings and financial position. Counterparty risk is managed by mandates approved Board of Directors and know your counterparty (KYC) procedures. The counterparty mandates set out the exposure (amount and duration) permitted for a given counterparty based on that counterparty\u2019s credit standing.If the Group has a legal right to insurance coverage the Group will make provision for the deductible amount. As such, default by an insurance institution may have material financial consequences.Further, the Group is exposed to credit risk through its deposits. Deposits are currently made with investment grade financial institutions with A rating or higher from public rating agencies. However, there are concentration risk as deposits are held with only a few institutions.Total unrisked credit exposure at 31 December 2022 amounts to USD 95.0 million, 2021: USD 72.4 million (book value of trade receivables, other current assets and bank deposits).Liquidity riskLiquidity risk is the risk that the Group may not be able to fulfil its liabilities when they fall due.Volatility in freight rates, daily settlement of cleared derivatives and the potential need for posting collateral related to certain OTC derivatives are significant sources to liquidity risk. The Group manages these risks by hedging mandates setting out the permitted position and stress testing. The Group has capital commitments relating to borrowings and investments.The liquidity risk is considered to be limited as the deposits, committed bank debt and estimated cash flow are considered sufficient for all needs in the foreseeable future. The Group\u2019s bank financing is subject to financial and non-financial covenants. The Group keeps its liquidity reserves mainly in cash and bank depositsThe table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments. Interest bearing debt includes interest payments and is net of interest rate and cross currency derivative hedges.Maturity profile financial liabilities< 1 year 1-3 years 3-5 years > 5 years 31 Dec 2022Mortgage debt (incl interests) 105 989 87 133 88 196 - 281 317 Bond loan (incl interest) 4 757 81 867 - - 86 624 Other interest bearing liabilities 233 - - - 233 Trade and other payables 22 250 - - - 22 250 Current debt to related parties 693 - - - 693 133 923 169 000 88 196 - 391 118 Loan facilities to be refinanced during the next 12 months are included in <1 year. Maturity profile financial liabilities< 1 year 1-3 years 3-5 years > 5 years 31 Dec 2021Mortgage debt (incl interests) 33 815 129 950 178 242 - 342 007 Bond loan (incl interest) 4 757 9 515 77 110 - 91 382 Other interest bearing liabilities 2 409 - - - 2 409 Trade and other payables 16 199 - - - 16 199 Current debt to related parties 895 - - - 895 58 075 139 465 255 352 - 452 892 Climate-related risksClimate-related risks include both transition risks and physical risks with focus on transition risks as this is considered to have a larger impact and probability for KCC. Transition risk mainly relate to effect of reduced demand for the Group\u2019s services and the risk of stranded assets and new regulations as the fleet moves to low-carbon fuel. For 2022 (2021), total fossil fuel shipments accounted for xx % (17 %) of the Group\u2019s transported volumes in metric tons.Compliance riskThe legal and regulatory requirements of the Group are increasingly challenging and complex. The Group has established systems and processes to ensure that all relevant laws and regulations are met, such as tax-laws, anti-corruption laws, securities laws, anti-trust laws, laws related to human rights and working conditions and international sanctions. Two of the Group\u2019s subsidiaries are subject to the Norwegian tonnage tax regime. Non-compliance with the qualifying rules of this regime will have material negative impact on the Group\u2019s financial position.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-143-3": { "value": "Financial risk management16Main risksThe following table presents the risks considered to be the main risks for KCC over the next 12 months and the main longer-term risks.Risk Description Risk typeMain risks next 12 monthsFreight rates are the main earnings driver for the Group. A fall in freight rates for dry bulk commodities, caustic soda or clean petroleum products can have a material impact on the financials of the Group. The effect of lower freight is somewhat offset by low historical correlation between dry bulk and product tankers freight rates. High fixed rate contract coverage for the CABU fleet for 2023 reduces the freight rates risks next 12 months. KCC is dependent on certain trade flows in order to obtain efficient combination trading. Production issues at plants, mines, and refineries Weak freight rates and in export regions, difference in regional commodity prices (arbitrage opportunities) as well as regional and global wars Market changes in trade flowsand conflicts may impact these trade flows.This is exemplified by Russia\u2019s war on Ukraine, having a material impact on the trades flows for both dry bulk commodities and clean petroleum products. As a major exporter of dry bulk commodities (e.g. grains and iron ore) from the Black Sea the direct impact on the demand for dry bulk shipping was negative. While for product tankers the impact was positive as importers reshuffled their sourcing.Introduction of new vessel concepts such as the CLEANBUs entails commercial and technical risks. Acceptance and/or exemptions in relation to the CLEANBU vessels from clients and terminals where policies require clean petroleum products (CPP) as the last one to three cargoes to avoid cargo contamination or where policies exclude the use of combination carriers like the CLEANBU vessels. CLEANBU commercial Operational and technical Introduction of new ship types or concepts will normally require technical adjustments and modifications, which & technicalperformance will take time and may lead to off-hire and delayed deliveries. There are outstanding guarantee items relating to one of the CLEANBU vessels, implying additional off-hire related to the repairs in 2023. While the shipyard is obliged to bear the cost of repairs, additional related costs may incur, and off-hire will be borne by KCC unless covered by KCC\u2019s loss of hire insurance.Due to stricter environmental regulations and customer requirements, older tonnage is in danger of both being rerated and losing competitiveness to more modern tonnage. The consequences for older tonnage can be lower capacity due to speed restrictions and lower utilization due to more waiting time. Operational Vessel age& technicalFor the Group this can result in less flexibility and lower net revenue for the oldest vessels in the fleet. As per year-end 2022, the Group owns three CABU vessels above 20 year age.In 2023 KCC will retrofit two vessels with air lubrication system and shaft generator to reduce fuel consumption. Operational Retrofit project riskOne of the main pillars of KCC\u2019s strategy is to improve the energy efficiency and consequently the environmental & technicalfootprint of the fleet. Success depends on the ability to deliver on retrofit/energy saving device projects at the budgeted cost and time, and that the retrofits deliver the estimated fuel/energy savings.Risk Description Risk typeThe following table presents the risks considered to be main longer-term risks for KCCFreight rates for global seaborne transportation is highly volatile and cyclical. The demand for global seaborne transportation depends on global economic growth, and in particular the development in the energy and Global economic commodities markets. The Group is exposed to changes in trade flows and in particular changes in flows in the growth and the Group\u2019s main trades in the alumina value chain. impact on energy Marketand commodity Furthermore, the demand for seaborne transportation is dependent on open economies and low barriers to markets trade. Trade restrictions such as tariffs and embargos can have a negative impact on the demand for seaborne transportation.A move to a low-carbon economy can potentially have material negative impact on the Group through several Impact of a low-channels. carbon future with \u2022 Emerging propulsion technologies and fuels might have a material negative impact on the competitiveness of introduction of the Group\u2019s existing fleet and might result in lower revenue and/or impairment of vessel values emission regulations, Climate-\u2022 New regulations can lead to material cost related to upgrades and retrofits to comply with regulations and / or zero-emission vessels relatedmaterial impairment of operational flexibility and / or operational limitations and lower demand \u2022 New regulations, such as the EU taxonomy, can reduce and restrict access to capital for transportation of \u2022 The demand for transportation of fossil fuels might be materially negatively impacted and hence the demand fossil fuels for dry bulk and product tanker vessels \u2022 New customer requirements can have a negative impact on the Group\u2019s competitive positionRisk typesThe risks have been divided into the following categories Market riskOwnership of vessels involves risks related to vessel values, future vessel employment, freight rates and costs. Freight rates are volatile and a fall in freight rates may impact financial results of the Group negatively. Over time, vessel values may fluctuate, which may result in an impairment of the book value of the Group\u2019s vessels. These risks are to some extent managed through contracts of affreightment and forward freight agreements (FFA) covering part of the Group\u2019s future fleet capacity for the nearby year and covering part of the exposure for the next 1-2 years.A significant expense for transport at sea is bunkers. The price of fuel is unpredictable and fluctuates based on events outside the Group\u2019s control. To reduce the risk of fluctuations in bunker fuel prices, the Group may decide to hedge the bunker price exposure by the use of bunker fuel swaps or options to hedge the inherent fuel oil exposure in its freight contracts or include bunker adjustment factors (BAF) in the contracts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-143-4": { "value": "Financial risk management16Risk typesThe risks have been divided into the following categories Counterparty/credit riskThe performance of the Group depends on its counterparties\u2019 ability to perform their obligations under agreed contracts, a continued client need for the services performed by the combination carriers and KCC\u2019s ability to renew contracts with these clients. Default by a cargo customer counterparty of its obligations under, a contract, may have material adverse consequences on the contract portfolio earnings. The counterparty\u2019s financial strength will thus be very important.The Group is, to a certain degree, dependent on a limited number of key customers and renewal of key/ material contracts with these customers, particularly related to caustic soda transportation. Unfavorable changes in trade flows and volumes may adversely affect the Group\u2019s earnings and financial position. Counterparty risk is managed by mandates approved Board of Directors and know your counterparty (KYC) procedures. The counterparty mandates set out the exposure (amount and duration) permitted for a given counterparty based on that counterparty\u2019s credit standing.If the Group has a legal right to insurance coverage the Group will make provision for the deductible amount. As such, default by an insurance institution may have material financial consequences.Further, the Group is exposed to credit risk through its deposits. Deposits are currently made with investment grade financial institutions with A rating or higher from public rating agencies. However, there are concentration risk as deposits are held with only a few institutions.Total unrisked credit exposure at 31 December 2022 amounts to USD 95.0 million, 2021: USD 72.4 million (book value of trade receivables, other current assets and bank deposits).", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-143-5": { "value": "Financial risk management16Risk typesThe risks have been divided into the following categories Liquidity riskLiquidity risk is the risk that the Group may not be able to fulfil its liabilities when they fall due.Volatility in freight rates, daily settlement of cleared derivatives and the potential need for posting collateral related to certain OTC derivatives are significant sources to liquidity risk. The Group manages these risks by hedging mandates setting out the permitted position and stress testing. The Group has capital commitments relating to borrowings and investments.The liquidity risk is considered to be limited as the deposits, committed bank debt and estimated cash flow are considered sufficient for all needs in the foreseeable future. The Group\u2019s bank financing is subject to financial and non-financial covenants. The Group keeps its liquidity reserves mainly in cash and bank deposits", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-143-6": { "value": "Financial risk management16Capital managementThe Group intends to maintain an efficient capital structure, provide financial ability to execute on the strategy and ensure the Group has sufficient liquidity to meet liabilities and commitments as they fall due. KCC targets to have an equity ratio above 40% and gearing ratio (NIBD/EBITDA adjusted for delivery/sale of vessels) of below 5x with flexibility to stretch key ratios in growth periods. Furthermore, KCC shall have sufficient funds to withstand twelve months of weak markets/ earnings. The equity ratio as of 31 December 2022 was 46 % (2021: 40 %) and cash was USD 64.9 million (2021: USD 53.9 million). In addition, the Group had USD 44.9 million in undrawn revolving and overdraft credit facilities available as of 31 December 2022. The Group\u2019s covenants are described in note 13.The capital structure and dividend payments are considered in view of debt service ability, capital commitments and expectations of future cash flows. Available cash, loan covenants and the balance sheet composition are monitored to make sure that the Group has the necessary financial strength to continue operating as a going concern.The Group aims to spend free cash flows as follows: \u2022 Maintain and/or improve financial capacity and flexibility. To accommodate the business strategy, the Group needs to maintain a solid capital structure at all times and an acceptable level of free liquidity, at levels which will give sufficient assurance to the debt and equity providers that the Group\u2019s financial position is solid and sustainable.\u2022 Maintain an attractive dividend policy. KCC targets to distribute a substantial part of the free cash flow to the shareholders.The Group\u2019s capital structure consists of mortgage debt (note 13), bond loan (note 13), overdraft facility (note 13), cash and cash equivalents and equity attributable to the shareholders.Risk ManagementThe objective for the Company\u2019s risk management and internal control is to manage, rather than eliminate exposure to risks to successfully conduct the Group\u2019s business and to support the quality of its financial reporting.The risk assessment is a multi-disciplinary process generally performed on a quarterly basis. The value chain is assessed both upstream and downstream in addition to direct effects on KCC\u2019s business activities. All relevant risks are assessed based on defined impact and probability levels and focus on the next 12 months shown in the table below:", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-168-2": { "value": "Share option program17In December 2019, the Board approved the adoption of a share option program, and 65,280 share options to senior management (CEO and CFO) were issued at the same date. The share options have an exercise price of NOK 46.14, adjusted for any distribution of dividends made before the relevant options are excercised. The share options have a five year term and vest over a three year period equally at a rate of 1/3 of the number of share options granted on each annual anniversary of the date of grant, subject to the option holder continuing to be employed by the Company from the grant date through the applicable vesting date. The share options have no voting or other shareholder rights. The program was fully vested in December 2022.The fair value of the share options granted was calculated on the Black-Scholes-Merton method at the time of grant. The significant assumptions used to estimate the fair value of the share options are set out below: Model inputsDividend yield (%) - Expected volatility (%)* 40%Risk-free interest rate (%)** 1.28%Expected life of share options (year) 5Weighted average share price (NOK) 45.9*The expected volatility reflects the assumption that the historical shipping industry average is indicative of future trends, which may not necessarily be the actual outcome.**Average five-year Norwegian Government bond risk-free yield-to-maturity rate of 1,28 % as of 2019 was used as an estimate for the risk-free rate to match the expected five year term of the share options.Number of shares Average exercise price 2022 2021Outstanding at 1 January NOK 46.14 65 280 65 280 Granted during the year - - Exercised during the year - - Forfeited during the year - - Expired during the year - - Outstanding at 31 December 65 280 65 280 The fair value of the share options granted is calculated to USD 100k, i.e. USD 1.542 per share option. The cost incurred in 2022 is USD 35k (2021: USD 42k).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_notes__6__5": { "value": "0.81", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "pp-value-175-2": { "value": "Share capital, shareholders, dividends and reserves18Dividends of in total USD 42.4 million were paid to the shareholders in 2022 (in average USD 0.81 per share). A capital increase of USD 25 million was completed on 4 November 2021 through a private placement to fund energy efficiency initiatives for the existing fleet. The Board approved the allocation of 4 345 000 shares in the private placement at a price of NOK 49.00 per share. Share capitalDate Shares Notional (NOK) Share capital (NOK)Shares and sharecapital at 31 December 2020 48 027 000 48 027 000Shares issued 4 November 2021 4 345 000 1 48 027 000Shares and sharecapital at 31 December 2021 52 372 000 52 372 000Shares and share capital at 31 December 2022 52 372 000 52 372 000All shares have equal voting rights and equal rights to dividends. The ordinary shares are listed on Oslo Stock Exchange. KCC owns a total of 40,078 in treasury shares, corresponding to 0.0765 % of the total number of issued shares. Basic Earnings Per Share (EPS) in Income Statment are calculated based on the weighted average number of ordinary shares for the period, whereas diluted Earnings Per Share (EPS) is based on all outstanding shares including dilutive shares if all convertible shares were excercised.31 Dec 2022 31 Dec 2021Weighted average number of ordinary shares for basic EPS 52 372 000 48 677 360 Effects of dilution from: Share options 65 280 65 280 Warrants 229 088 229 088 Weighted average number of ordinary shares for the effect of dilution 52 666 368 48 971 728 OwnershipOwnershipLargest shareholders at 31 December 2022Number of sharesIn %Rederiaksjeselskapet Torvald Klaveness 28 154 231 53.8%EGD Shipping Invest AS 8 805 128 16.8%Goldman Sachs & Co. LLC (nominee) 2 579 841 4.9%Hundred Roses Corporation 2 227 250 4.3%J.P. Morgan SE (nominee) 1 139 992 2.2%Verdipapirfondet Nordea Norge Verd 851 873 1.6%T.D. Veen AS 710 000 1.4%Jed AS 433 080 0.8%Verdipapirfondet Nordea Avkastning 400 000 0.8%Six Sis AG (nominee) 371 836 0.7%Other 6 698 769 12.8%Total 52 372 000 100%Management and members of the Board which hold shares in the Company are set out below.Name Position Number of sharesEngebret Dahm Chief Executive Officer 20 532 (held through E Dahm Invest AS)Liv Hege Dyrnes Chief Financial Officer 6 500Magne \u00d8vre\u00e5s Board member Indirectly owns 9.9 % of EGD Shipping Invest AS which holds 8 805 128 sharesIn an Extraordinary General Meeting held on 24 September 2018, the Company issued 229,088 non-transferable warrants, each of which entitles the holder to subscribe one new share of the Company at a subscription price of NOK 44.38 per share.The warrants for each subscriber may be exercised with one third from such time as when the Company\u2019s shares on a volume-weighted basis have traded at a price equal to minimum NOK 55.48 for ten consecutive trading days with an aggregate trading volume over such ten days of a minimum of USD 1 million. Another third may be exercised when there has been such trading at a price equal to a minimum of NOK 66.57, and the last third when there has been such trading at a price equal to a minimum of NOK 77.67. The warrants must be exercised no later than 24 September 2023. The exercise price and the threshold trading prices which trigger the right to exercise warrants shall be adjusted for paid dividends or other distributions to the shareholders.Subscription price Holder No. Of WarrantsExercise Levels (NOK)* Expiry(NOK)Rederiaksjeselskapet Torvald Klaveness 159.377 44.38 55.48/66.57/77.67 September 2023EGD Shipholding AS 55.691 44.38 55.48/66.57/77.67 September 2023Hundred Roses Corporation 14.020 44.38 55.48/66.57/77.67 September 2023Total 229.088 * Not adjusted for dividends", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-175-3": { "value": "Share capital, shareholders, dividends and reserves18All shares have equal voting rights and equal rights to dividends. The ordinary shares are listed on Oslo Stock Exchange. KCC owns a total of 40,078 in treasury shares, corresponding to 0.0765 % of the total number of issued shares. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-175-4": { "value": "Share capital, shareholders, dividends and reserves18Basic Earnings Per Share (EPS) in Income Statment are calculated based on the weighted average number of ordinary shares for the period, whereas diluted Earnings Per Share (EPS) is based on all outstanding shares including dilutive shares if all convertible shares were excercised.31 Dec 2022 31 Dec 2021Weighted average number of ordinary shares for basic EPS 52 372 000 48 677 360 Effects of dilution from: Share options 65 280 65 280 Warrants 229 088 229 088 Weighted average number of ordinary shares for the effect of dilution 52 666 368 48 971 728 ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-175-5": { "value": "Share capital, shareholders, dividends and reserves18Dividends of in total USD 42.4 million were paid to the shareholders in 2022 (in average USD 0.81 per share). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-189-2": { "value": "Transactions with related parties19The ultimate owner of the Group is Rederiaksjeselskapet Torvald Klaveness (RASTK), which owns 53.8 % of the shares in Klaveness Combination Carriers ASA.Net revenue from operation of vesselsType of service/transactionProvider* Receiver* Price method 2022 2021(USD \u2019000)Pool Participation BAU KCCC Standard pool agreement** 49 3 735 Dry bulk chartering KDB KCCC 1.25% of transaction value*** (472) (255)Total net revenue from related parties (423) 3 480 Relets of dry bulk cargoes between KCC Chartering AS and AS Klaveness Chartering (related party in the Torvald Klaveness Group) are made at spot pricing without any compensation either way. ** Hire from BAU to KCCC less pool managememnt fee. MV Bangor entered the pool in August 2021 and exited the pool agreement on 3 January 2022. *** Fixture fee applicable for fixtures in 1h 2022. From 1 July 2022 the service fee is based on time spent (cost + 7.5%) and included in \u201dTotal group commercial and administrative services\u201d.Group commercial and administrative servicesType of service/transactionProvider* Receiver* Price method 2022 2021(USD \u2019000)KCC ASA, Business administration services KASCost + 5% 1 641 1 457 on behalf of KCC companiesBusiness administration services KA Ltd KCCA Ltd Cost + 5% 160 119 Commercial services KSM KCCC Cost + 7.5% 825 1 203 Subscription Cargo Value CIA KCC Fixed fee 60 - (linked to COA with external party)0.1% of transaction FFA trading/Dry bulk chartering KDB KCCC 279 49 value/Cost + 7.5%Project management KSM KCCS, KCC Cost + 7.5% 1 237 881 Total group commercial and administrative services 4 202 3 708 As of 1 June 2021, employment of four key employees in Singapore were transferred from Klaveness Asia Pte. Ltd to the newly established company, Klaveness Combination Carriers Asia Pte Ltd, 100 % owned by KCC (parent company). Prior to the transfer, commercial services of these employees were purchased through Klaveness AS. All bunkers purchase is done through AS Klaveness Chartering (KC), a related party in the Torvald Klaveness Group, which holds the bunker contracts with the suppliers. The bunker purchase process has been centralized to enhance negotiating and purchasing power towards the suppliers. No profit margin is added to the transactions, but a service fee is charged on a cost + 7.5 % basis reflecting the time spent by the bunkering team and charged as part of the Commercial Services from Klaveness Dry Bulk AS. Other services/transactions Type of service/transactionProvider* Receiver* Price method 2022 2021(USD \u2019000)Technical management fee (opex) KSM KCCS Fixed fee per vessel 3 819 3 979 Crewing and IT fee (opex) KSM KCCS Fixed fee per vessel 1 565 1 550 Supervision fee and project management fee (newbuilding) KSM KCCS Partly cost and partly cost + 7.5% - 1 333 Fixed fee as per annual general Board member fee (administrative expenses) KAS KCC 85 94 meetingSales support, sale of vessel (gain on sale of vessels) (note 7) KAS KCCS Cost for time used + 7.5% - 31 Technical management fee for termination of agreement KSM KCCS 3 months temination period - 44 (gain on sale of vessels)Total other services/ transactions 5 468 7 031 KCCC has a bunkers derivative position of 4 800 tons (Cal-23) towards KC (a related party in the Torvald Klaveness Group) at a cost of USD 12 720 to cover margin requirments etc. Market value of the portfolio with KC was negative USD 250k as per 31 December 2022 and presented as a financial asset in Statement of Financial Position. Short term assets and debt related parties31 Dec 2022 31 Dec 2021(USD \u2019000)Klaveness Ship Management AS 137 1 502 Klaveness AS - 12 Baumarine AS - 505 Klaveness Chartering AS 65 Short-term receivables from related parties 202 2 018 AS Klaveness Chartering - 660 Short- term financial assets - 660 Klaveness AS 197 212 Klaveness Ship Management AS 273 341 Klaveness Chartering AS 201 312 Klaveness Asia Pte.Ltd 21 30 Short-term debt to related parties 693 895 ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-198-3": { "value": "Accounting policyParties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. Related parties transactions are recorded to estimated fair value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-206-4": { "value": "Income taxes for the year31 Dec 2022 31 Dec 2021(USD \u2018000)Income taxes payable - 7 Change in deferred tax - - Total tax expense / income (-) reported in the income statement - 7 Tax on net (gain)/loss on revaluation of cash flow hedges - - Deferred tax charged to OCI - - ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-199-2": { "value": "List of subsidiaries20The merger of Klaveness Combination Carriers ASA and the 100% owned subsidiary, KCC KBA AS, was registered and finalized on 4 August 2022. The subsidiary had no activities, and the merger has no effect on the consolidated figures.Klaveness Combination Carriers Asia Pte Ltd (Singapore) was incorporated on 22 March 2021 based on capital injection of USD 300 000 from Klaveness Combination Carriers ASA (100% ownership, 300 000 shares). The chartering and commercial and operation team of four employees was transferred from Klaveness Asia Pte Ltd to this company on 1 June 2021.Klaveness Combination Carriers ASA Group comprises of several subsidiaries. Below is a list of subsidiaries within the Group.Ownership interest Ownership interestCompany name Locationper 31 Dec 2022 per 31 Dec 2021KCC Shipowning AS Oslo, Norway 97% Directly / 100 % Indirectly 100%KCC KBA AS Oslo, Norway - 100%KCC Chartering AS Oslo, Norway 100% 100%Klaveness Combination Carriers Asia Pte. Ltd Singapore 100% 100%", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-202-2": { "value": "Taxes21Tonnage taxThe vessel owning company (KCC Shipowning AS) and KCC Chartering AS are subject to taxation under the Norwegian tonnage tax regime. For the financial year 2022 KCC Shipowning AS and KCC Chartering AS have payable tonnage taxes of USD 188k.Ordinary taxationThe Parent Company (Klaveness Combination Carriers ASA) is under ordinary taxation rules in Norway. The ordinary rate of corporation tax in Norway is 22 % for 2022 (2021: 22 %). The subsidiary Klaveness Combination Carriers Asia Pte. Ltd is subject to ordinary taxation in Singapore. The ordinary tax rate in Singapore is 17 % for 2022. For the financial year 2022 Klaveness Combination Carriers Asia Pte Ltd has a payable tax expense of USD 0.3k.Deferred tax assetsDeferred tax assets are only recognised to the extent that future utilisation within the Group can be justified as per 31 December 2022. As a consequence, a tax position of USD 9.2 million per 31 December 2022 has not been recognised in the balance sheet. The tax position is mainly due to accumulated financial costs deductible under the tonnage tax regime as well as a tax loss on the internal vessel sales which will be deductible at a rate of 20 % annually going forward.Income taxes for the year31 Dec 2022 31 Dec 2021(USD \u2018000)Income taxes payable - 7 Change in deferred tax - - Total tax expense / income (-) reported in the income statement - 7 Tax on net (gain)/loss on revaluation of cash flow hedges - - Deferred tax charged to OCI - - (USD \u2018000)31 Dec 202231 Dec 2021IncomeIncomeTax payableTax effect Tax effectProfit / loss (-) before taxes, incl OCI 85 515 18 813 20 955 4 610 Income from shipping activity, tonnage tax system (62 064) (13 654) (35 688) (7 851)Change in temporary differences (9 221) (2 029) 5 137 1 130 Change in tax losses carried forward 6 905 1 519 1 858 409 Exchange rate differences / Other permanent differences (21 136) (4 650) 7 737 1 702 Tax payable foreign subsidiaries - - - 7 Tax payable in the balance sheet - - - 7 Effective tax rate - 0% - 0%Tonnage tax (included in operating profit) - 188 - 221 Correction prior year tonnage tax - 5 - 5 Total tax payable in the balance sheet - 193 - 233 (USD \u2018000)Temporary31 Dec 2022Temporary31 Dec 2021 Temporary differences - ordinary taxationdifferenceTax effectdifferenceTax effectTemporary differences (5 678) (1 249) (14 899) (3 278)Tax losses carried forward (35 961) (7 911) (29 057) (6 392)Deferred tax asset not recognised in the balance sheet 41 639 9 161 43 956 9 670 Net temporary differences - deferred tax liability/asset (-) - - - - Deferred tax asset in balance sheet - - - - Deferred tax liability in balance sheet - - - - Companies subject to tonnage tax regimes are exempt from ordinary tax on their shipping income. Within the Group, the subsidiaries KCC Shipowning AS and KCC Chartering AS are subject to tonnage taxation. Companies within the tonnage tax system pay a tonnage fee based on the deadweight tonnage of the vessels. The fee is recognized as an operating expense. Financial income is taxed under the Norwegian tonnage tax regime, however only a portion of the interest cost and net currency expenses are deductible.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-202-3": { "value": "Taxes21Deferred tax assetsDeferred tax assets are only recognised to the extent that future utilisation within the Group can be justified as per 31 December 2022. As a consequence, a tax position of USD 9.2 million per 31 December 2022 has not been recognised in the balance sheet. The tax position is mainly due to accumulated financial costs deductible under the tonnage tax regime as well as a tax loss on the internal vessel sales which will be deductible at a rate of 20 % annually going forward.Income taxes for the year31 Dec 2022 31 Dec 2021(USD \u2018000)Income taxes payable - 7 Change in deferred tax - - Total tax expense / income (-) reported in the income statement - 7 Tax on net (gain)/loss on revaluation of cash flow hedges - - Deferred tax charged to OCI - - (USD \u2018000)Temporary31 Dec 2022Temporary31 Dec 2021 Temporary differences - ordinary taxationdifferenceTax effectdifferenceTax effectTemporary differences (5 678) (1 249) (14 899) (3 278)Tax losses carried forward (35 961) (7 911) (29 057) (6 392)Deferred tax asset not recognised in the balance sheet 41 639 9 161 43 956 9 670 Net temporary differences - deferred tax liability/asset (-) - - - - Deferred tax asset in balance sheet - - - - Deferred tax liability in balance sheet - - - - ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-202-5": { "value": "Taxes21Accounting policyUnder the tonnage tax regime, profit from operations are tax exempt. Companies within the tonnage tax system pay a tonnage tax based on the deadweight tonnage of the vessels. The tonnage tax is recognised as an operating expense in the profit & loss. Taxable profit is calculated on the basis of financial income after deduction of a portion of financial expenses (based on financial assets in percent of total assets). For companies subject to ordinary taxation, tax expense comprises tax payable and changes in deferred tax assets. Tax payable corresponds to the amount expected to be paid to authorities while deferred tax assets/liabilities are calculated based on temporary differences at the reporting date. Deferred tax assets are recognised to the extent that future utilisation is probable. Deferred tax liabilities/deferred tax assets within the same tax system that may be offset are recorded on a net basis. Income tax relating to items recognised directly in equity is included directly in equity and not in the statement of income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-202-6": { "value": "Taxes21For companies subject to ordinary taxation, tax expense comprises tax payable and changes in deferred tax assets. Tax payable corresponds to the amount expected to be paid to authorities while deferred tax assets/liabilities are calculated based on temporary differences at the reporting date. Deferred tax assets are recognised to the extent that future utilisation is probable. Deferred tax liabilities/deferred tax assets within the same tax system that may be offset are recorded on a net basis. Income tax relating to items recognised directly in equity is included directly in equity and not in the statement of income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-212-2": { "value": "Events a\ue61fer the balance sheet date22In January 2023 KCC Shipowning AS, a subsidiary of KCC, repaid USD 15 million in debt under a revolving credit facility agreement. The amount is, however, available to be redrawn under this revolving credit facility agreement.On 15 February 2023, the Company\u2019s Board of Directors declared to pay a cash dividend to the Company\u2019s shareholders of USD 15.7 million for Q4 2022 (USD 0.30 per share).On 22 February 2023, the CEO of Klaveness Combination Carriers ASA, Engebret Dahm, exercised all his 38,580 options in the Company against cash settlement by the Company. The share options were granted in December 2019 and were fully vested in December 2022 (Group note 7). The amount payable per share from the Company is equal to NOK 81.0 per share (close on 22 February 2023) less exercise price of NOK 32.8 per share (exercise price at grant date less dividends paid since grant date). The option settlement in cash of USD 0.2 million will be recognized as payroll expenses in Q1 2023.There are no other events after the balance sheet date that have material effect on the financial statement as of 31 December 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-209-4": { "value": "Accounting policyUnder the tonnage tax regime, profit from operations are tax exempt. Companies within the tonnage tax system pay a tonnage tax based on the deadweight tonnage of the vessels. The tonnage tax is recognised as an operating expense in the profit & loss. Taxable profit is calculated on the basis of financial income after deduction of a portion of financial expenses (based on financial assets in percent of total assets). For companies subject to ordinary taxation, tax expense comprises tax payable and changes in deferred tax assets. Tax payable corresponds to the amount expected to be paid to authorities while deferred tax assets/liabilities are calculated based on temporary differences at the reporting date. Deferred tax assets are recognised to the extent that future utilisation is probable. Deferred tax liabilities/deferred tax assets within the same tax system that may be offset are recorded on a net basis. Income tax relating to items recognised directly in equity is included directly in equity and not in the statement of income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800ZFB2MQM3JA6K52", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }