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"value": "1.1 Basis\u00a0of preparation \u00a0
\n\n\t\t\t\t\tThis note provides a list of accounting policies adopted in the preparation of \u00a0
\n\n\t\t\t\t\tthe Consolidated Financial Statements and the Financial Statements of the \u00a0
\n\n\t\t\t\t\tParent Company to the extent they have not been disclosed in the respective \u00a0
\n\n\t\t\t\t\tnotes below. These policies have been consistently applied to all the years \u00a0
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\n\n\t\t\t\t\tDampskibsselskabet NORDEN A/S with its subsidiaries is one of Denmark\u2019s
\n\n\t\t\t\t\toldest internationally operating shipping companies. NORDEN operates in \u00a0
\n\n\t\t\t\t\tDry Cargo and Tankers worldwide. \u00a0
\n\n\t\t\t\t\tDampskibsselskabet NORDEN A/S is a public limited company incorporated \u00a0
\n\n\t\t\t\t\tin Denmark and is listed on Nasdaq Copenhagen. \u00a0
Change in reportable segments \u00a0
\n\n\t\t\t\t\tChanges to the segment structure were made with effect from 1 January \u00a0
\n\n\t\t\t\t\t2022. The changes involve combining Dry Operator and Tanker Operator \u00a0
\n\n\t\t\t\t\tinto Freight Services & Trading. In addition, the segment Asset Management \u00a0
\n\n\t\t\t\t\thas been renamed to Assets & Logistics. Comparison figures for note 2.1 \u00a0
\n\n\t\t\t\t\t\"Segment information\" have been restated as if the change had been imple- \u00a0
\n\n\t\t\t\t\tmented in 2021. \u00a0
Applying materiality \u00a0
\n\n\t\t\t\t\tThe Financial Statements are a result of processing large numbers of trans- \u00a0
\n\n\t\t\t\t\tactions and aggregating those transactions into classes according to their \u00a0
\n\n\t\t\t\t\tnature. When aggregated, the transactions are presented in classes of similar \u00a0
\n\n\t\t\t\t\titems in the financial statements. If a line item is not individually material, it is \u00a0
\n\n\t\t\t\t\taggregated with other items of a similar nature in the Financial Statements or \u00a0
\n\n\t\t\t\t\tin the notes. \u00a0
\n\n\t\t\t\t\tThere are substantial disclosure requirements throughout IFRS. Manage- \u00a0
\n\n\t\t\t\t\tment provides specific disclosures required by IFRS unless the information is \u00a0
\n\n\t\t\t\t\tconsidered immaterial to the economic decision-making of the users of these \u00a0
\n\n\t\t\t\t\tFinancial Statements or not applicable. \u00a0
",
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"fact4367": {
"value": "1.1 Basis\u00a0of preparation \u00a0
\n\n\t\t\t\t\tThis note provides a list of accounting policies adopted in the preparation of \u00a0
\n\n\t\t\t\t\tthe Consolidated Financial Statements and the Financial Statements of the \u00a0
\n\n\t\t\t\t\tParent Company to the extent they have not been disclosed in the respective \u00a0
\n\n\t\t\t\t\tnotes below. These policies have been consistently applied to all the years \u00a0
\n\n\t\t\t\t\tpresented, unless otherwise stated. \u00a0
\n\n\t\t\t\t\tDampskibsselskabet NORDEN A/S with its subsidiaries is one of Denmark\u2019s
\n\n\t\t\t\t\toldest internationally operating shipping companies. NORDEN operates in \u00a0
\n\n\t\t\t\t\tDry Cargo and Tankers worldwide. \u00a0
\n\n\t\t\t\t\tDampskibsselskabet NORDEN A/S is a public limited company incorporated \u00a0
\n\n\t\t\t\t\tin Denmark and is listed on Nasdaq Copenhagen. \u00a0
Change in reportable segments \u00a0
\n\n\t\t\t\t\tChanges to the segment structure were made with effect from 1 January \u00a0
\n\n\t\t\t\t\t2022. The changes involve combining Dry Operator and Tanker Operator \u00a0
\n\n\t\t\t\t\tinto Freight Services & Trading. In addition, the segment Asset Management \u00a0
\n\n\t\t\t\t\thas been renamed to Assets & Logistics. Comparison figures for note 2.1 \u00a0
\n\n\t\t\t\t\t\"Segment information\" have been restated as if the change had been imple- \u00a0
\n\n\t\t\t\t\tmented in 2021. \u00a0
Principal accounting policies \u00a0
\n\n\t\t\t\t\tThe annual report for the period 1 January - 31 December 2022 with compar- \u00a0
\n\n\t\t\t\t\tative figures comprises the Consolidated Financial Statements of Dampskibs- \u00a0
\n\n\t\t\t\t\tselskabet NORDEN A/S (the Parent Company) and its subsidiaries (the Group) \u00a0
\n\n\t\t\t\t\tand the Financial Statements of the Parent Company. \u00a0
\n\n\t\t\t\t\tThe Consolidated Financial Statements of the Group have been prepared on a \u00a0
\n\n\t\t\t\t\tgoing concern basis and in accordance with International Financial Reporting \u00a0
\n\n\t\t\t\t\tStandards (IFRS) as adopted by the EU and additional requirements from the \u00a0
\n\n\t\t\t\t\tDanish Financial Statements Act. \u00a0
The Financial Statements of the Parent Company, Dampskibsselskabet \u00a0
\n\n\t\t\t\t\tNORDEN A/S, have been prepared in accordance with the Danish Financial \u00a0
\n\n\t\t\t\t\tStatements Act applying to enterprises of reporting class D. \u00a0
Measurement basis \u00a0
\n\n\t\t\t\t\tThe Consolidated Financial Statements and the Financial Statements of the \u00a0
\n\n\t\t\t\t\tParent Company have been prepared based on the historical cost principle, \u00a0
\n\n\t\t\t\t\twith the exception of the following assets and liabilities: \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tDerivative financial instruments, which are measured at fair value \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tNon-current assets and groups of assets held for sale are measured at the \u00a0
\n\n\t\t\t\t\tlower of carrying amount before the changed classification and fair value \u00a0
\n\n\t\t\t\t\tless selling costs \u00a0
\n\n\t\t\t\t\tUSD is the functional currency of all enterprises in the Group as well as the \u00a0
\n\n\t\t\t\t\tParent Company. In the annual report, the presentation currency is USD, and \u00a0
\n\n\t\t\t\t\tamounts are presented in million USD with one decimal rounded, except \u00a0
\n\n\t\t\t\t\twhen otherwise stated. \u00a0
Applying materiality \u00a0
\n\n\t\t\t\t\tThe Financial Statements are a result of processing large numbers of trans- \u00a0
\n\n\t\t\t\t\tactions and aggregating those transactions into classes according to their \u00a0
\n\n\t\t\t\t\tnature. When aggregated, the transactions are presented in classes of similar \u00a0
\n\n\t\t\t\t\titems in the financial statements. If a line item is not individually material, it is \u00a0
\n\n\t\t\t\t\taggregated with other items of a similar nature in the Financial Statements or \u00a0
\n\n\t\t\t\t\tin the notes. \u00a0
\n\n\t\t\t\t\tThere are substantial disclosure requirements throughout IFRS. Manage- \u00a0
\n\n\t\t\t\t\tment provides specific disclosures required by IFRS unless the information is \u00a0
\n\n\t\t\t\t\tconsidered immaterial to the economic decision-making of the users of these \u00a0
\n\n\t\t\t\t\tFinancial Statements or not applicable. \u00a0
1.2 Basis\u00a0of consolidation \u00a0
\n\n\t\t\t\t\tConsolidation principles \u00a0
\n\n\t\t\t\t\tThe Consolidated Financial Statements comprise the Parent Company, Damp- \u00a0
\n\n\t\t\t\t\tskibsselskabet NORDEN A/S and subsidiaries. An investment is classified as a \u00a0
\n\n\t\t\t\t\tsubsidiary when below conditions are met: \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tDampskibsselskabet NORDEN A/S has control over the company \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tDampskibsselskabet NORDEN A/S is exposed to variability in return on the \u00a0
\n\n\t\t\t\t\tinvestment \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tThe control over the company can be used to affect the return on the \u00a0
\n\n\t\t\t\t\tinvestment \u00a0
\n\n\t\t\t\t\tAt consolidation, intra-group income and expenses, shareholdings, dividends \u00a0
\n\n\t\t\t\t\tand accounts as well as unrealised intra-group gains and losses on transac- \u00a0
\n\n\t\t\t\t\ttions between the consolidated enterprises are eliminated. \u00a0
\n\n\t\t\t\t\tThe Financial Statements used in the consolidation are prepared in accord- \u00a0
\n\n\t\t\t\t\tance with the Group\u2019s accounting policies. The Consolidated Financial State- \u00a0
\n\n\t\t\t\t\tments are prepared on the basis of the Financial Statements of the Parent \u00a0
\n\n\t\t\t\t\tCompany and the subsidiaries by aggregating items of a uniform nature. \u00a0
\n\n\t\t\t\t\tNewly acquired or newly established enterprises are recognised in the Consol- \u00a0
\n\n\t\t\t\t\tidated Financial Statements from the date of acquisition using the purchase \u00a0
\n\n\t\t\t\t\tmethod. Enterprises divested or wound up are included in the consolidated \u00a0
\n\n\t\t\t\t\tincome statement until the date of disposal. Comparative figures are not \u00a0
\n\n\t\t\t\t\trestated to reflect acquisitions or companies wound up. \u00a0
1.3 General\u00a0accounting policies \u00a0
\n\n\t\t\t\t\tInventories \u00a0
\n\n\t\t\t\t\tInventories primarily comprise of bunker and lubrication oil kept on board \u00a0
\n\n\t\t\t\t\tvessels. Inventories are measured at the lower of either cost according to the \u00a0
\n\n\t\t\t\t\tFIFO method or net realisable value. \u00a0
Prepayments \u00a0
\n\n\t\t\t\t\tPrepayments include costs incurred regarding the succeeding financial year \u00a0
\n\n\t\t\t\t\tsuch as prepaid hire, interest and insurance premiums. \u00a0
Deferred income \u00a0
\n\n\t\t\t\t\tDeferred income arises from prepayments for voyages and time-charter \u00a0
\n\n\t\t\t\t\tincome. Part of deferred income comprises prepaid time-charter income \u00a0
\n\n\t\t\t\t\tcomprising a lease element as well as a service element. \u00a0
Foreign currency translation \u00a0
\n\n\t\t\t\t\tA functional currency is determined for each of the reporting entities in the \u00a0
\n\n\t\t\t\t\tGroup. The functional currency is the currency in the primary economic envi- \u00a0
\n\n\t\t\t\t\tronment in which the reporting entity operates. Transactions in currencies \u00a0
\n\n\t\t\t\t\tother than the functional currency are transactions in foreign currencies. \u00a0
\n\n\t\t\t\t\tTransactions in foreign currencies during the year are translated at the \u00a0
\n\n\t\t\t\t\texchange rates at the transaction date. Gains and losses arising between the \u00a0
\n\n\t\t\t\t\texchange rate at the transaction date and the exchange rate at the date of \u00a0
\n\n\t\t\t\t\tpayment are recognised in the income statement as \u201cFinancial income\u201d or \u00a0
\n\n\t\t\t\t\t\u201cFinancial expenses\u201d. \u00a0
\n\n\t\t\t\t\tReceivables, payables and other monetary items denominated in foreign \u00a0
\n\n\t\t\t\t\tcurrencies that have not been settled at the reporting date are translated at \u00a0
\n\n\t\t\t\t\tthe exchange rates at the reporting date. Differences between the exchange \u00a0
\n\n\t\t\t\t\trates at the transaction date and the exchange rate at the reporting date \u00a0
\n\n\t\t\t\t\tare recognised in the income statement as \u201cFinancial income\u201d or \u201cFinancial \u00a0
\n\n\t\t\t\t\texpenses\u201d. \u00a0
\n\n\t\t\t\t\tNon-monetary items that are measured in terms of historical cost in a foreign \u00a0
\n\n\t\t\t\t\tcurrency are translated using the exchange rates at the dates of the initial \u00a0
transactions. Non-monetary items measured at fair value in a foreign currency \u00a0
\n\n\t\t\t\t\tare translated using the exchange rates at the date, when fair value in a \u00a0
\n\n\t\t\t\t\tforeign currency are translated using the exchange rate at the date, when the \u00a0
\n\n\t\t\t\t\tfair value is determined. The gain or loss arising on translation of non-mone- \u00a0
\n\n\t\t\t\t\ttary items measured at fair value is treated in line with the recognition of the \u00a0
\n\n\t\t\t\t\tgain or loss on the change in fair value of the item. \u00a0
\n\n\t\t\t\t\tIn determining the spot exchange rate used on initial recognition of the \u00a0
\n\n\t\t\t\t\trelated asset, expense or income on the derecognition of a non-monetary \u00a0
\n\n\t\t\t\t\tasset or non-monetary liability relating to advance consideration, the date \u00a0
\n\n\t\t\t\t\tof the transaction is the date on which the Group initially recognises the \u00a0
\n\n\t\t\t\t\tnon-monetary asset or non-monetary liability arising from the advance \u00a0
\n\n\t\t\t\t\tconsideration. If there are multiple payment or receipts in advance, the Group \u00a0
\n\n\t\t\t\t\tdetermines the transaction date for each payment or receipt of advance \u00a0
\n\n\t\t\t\t\tconsideration. \u00a0
Financial ratios \u00a0
\n\n\t\t\t\t\tFinancial ratios are calculated in accordance with the \u201cRecommendations \u00a0
\n\n\t\t\t\t\tand Financial Ratios\u201d issued by the Danish Association of Financial Analysts, \u00a0
\n\n\t\t\t\t\tunless specifically stated. However, \u201cProfit/loss from sale of vessels, etc.\u201d is \u00a0
\n\n\t\t\t\t\tnot included in EBITDA. The figures are adjusted for the Group\u2019s holding of \u00a0
\n\n\t\t\t\t\ttreasury shares. \u00a0
\n\n\t\t\t\t\tDefinitions of key figures and financial ratios are shown on page 134. \u00a0
\n\n\t\t\t\t\tNon-IFRS financial measures \u00a0
\n\n\t\t\t\t\tIn the annual report, the Group discloses certain financial measures of the \u00a0
\n\n\t\t\t\t\tGroup\u2019s financial performance, financial position and cash flows that reflect \u00a0
\n\n\t\t\t\t\tadjustments to the most directly comparable measures calculated and \u00a0
\n\n\t\t\t\t\tpresented in accordance with IFRS. These non-IFRS financial measures may \u00a0
\n\n\t\t\t\t\tnot be defined and calculated by other companies in the same manner and \u00a0
\n\n\t\t\t\t\tmay thus not be comparable. \u00a0
\n\n\t\t\t\t\tThe non-IFRS financial measures disclosed in the annual report are: \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tContribution margin \u2013 The contribution margin is defined as Revenue \u00a0
\n\n\t\t\t\t\tless Vessel operating costs plus Other operating income, net. Using the \u00a0
terminology in the segment reporting in note 2.1 \u201cSegment information\u201d, \u00a0
\n\n\t\t\t\t\tcontribution margin is defined as T/C equivalent revenue less Charter hire \u00a0
\n\n\t\t\t\t\tfor vessels and OPEX element less Operating costs plus Other operating \u00a0
\n\n\t\t\t\t\tincome/(expense). \u00a0
1.4 Significant\u00a0accounting estimates and judgements \u00a0
\n\n\t\t\t\t\tThe preparation of the Consolidated Financial Statements of the Group and \u00a0
\n\n\t\t\t\t\tthe Financial Statements of the Parent Company requires Management to \u00a0
\n\n\t\t\t\t\tmake estimates and judgements. These are the basis for recognition and \u00a0
\n\n\t\t\t\t\tmeasurement of the Group\u2019s and Parent Company\u2019s income, expenses, assets \u00a0
\n\n\t\t\t\t\tand liabilities. \u00a0
\n\n\t\t\t\t\tThe applied estimates are based on historical data and other factors that \u00a0
\n\n\t\t\t\t\tManagement considers appropriate under the given circumstances, but which \u00a0
\n\n\t\t\t\t\tare inherently uncertain or unpredictable. Such assumptions may be incom- \u00a0
\n\n\t\t\t\t\tplete or inaccurate, and unexpected events or circumstances may occur. In \u00a0
\n\n\t\t\t\t\taddition, the Group is subject to risks and uncertainties that may cause actual \u00a0
\n\n\t\t\t\t\toutcomes to deviate from these estimates. \u00a0
\n\n\t\t\t\t\tIt may be necessary to change previous estimates as a result of changes to the \u00a0
\n\n\t\t\t\t\tassumptions on which the estimates were based or due to new information or \u00a0
\n\n\t\t\t\t\tsubsequent events that affects the current as well as future periods. \u00a0
\n\n\t\t\t\t\tBelow are the accounting estimates and judgements, which Management \u00a0
\n\n\t\t\t\t\tdeems to be significant to the preparation of the Financial Statements: \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tImpairment, note 3.1 \u201cTangible assets\u201d \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tNon-lease component for leases under IFRS 16 \"Leases\", note 4.7 \u201cLeases - \u00a0
\n\n\t\t\t\t\tlessee\u201d \u00a0
\n\n\t\t\t\t\tThe accounting policies are described in each of the specific notes in the \u00a0
\n\n\t\t\t\t\tFinancial Statements, which also include additional description of the most \u00a0
\n\n\t\t\t\t\tsignificant accounting estimates and judgements. \u00a0
1.5 Changes\u00a0in accounting policies and disclosures \u00a0
\n\n\t\t\t\t\tThe Group has adopted standards and interpretations effective as of 1 \u00a0
\n\n\t\t\t\t\tJanuary 2022. The Group has not early adopted any standards, interpreta- \u00a0
\n\n\t\t\t\t\ttions or amendments that have been issued but are not yet effective. \u00a0
\n\n\t\t\t\t\tAdoption of new or amended IFRSs \u00a0
\n\n\t\t\t\t\tNORDEN has implemented the following amendments and interpretations to \u00a0
\n\n\t\t\t\t\texisting standards: amendments to IAS 16, IAS 37 and IFRS 3. \u00a0
\n\n\t\t\t\t\tThe amendments listed above did not have any impact on the amounts recog- \u00a0
\n\n\t\t\t\t\tnised in prior periods and are not expected to significantly affect the current \u00a0
\n\n\t\t\t\t\tor future periods. \u00a0
Standards issued but not yet effective \u00a0
\n\n\t\t\t\t\tCertain new accounting standards, amendments to accounting standards and \u00a0
\n\n\t\t\t\t\tinterpretations have been published that are not mandatory for 31 December \u00a0
\n\n\t\t\t\t\t2022 reporting periods and have not been early adopted by the Group. \u00a0
\n\n\t\t\t\t\tThese standards, amendments or interpretations are not expected to have a \u00a0
\n\n\t\t\t\t\tmaterial impact on NORDEN in the current or future reporting periods and on \u00a0
\n\n\t\t\t\t\tforeseeable future transactions. \u00a0
1.6 Reporting\u00a0under the ESEF Regulation \u00a0
\n\n\t\t\t\t\tNORDEN is required to prepare and file the annual report in the European \u00a0
\n\n\t\t\t\t\tSingle Electronic Format (ESEF), and the annual report for 2022 is therefore \u00a0
\n\n\t\t\t\t\tprepared in the XHTML format that can be displayed in a standard browser. \u00a0
\n\n\t\t\t\t\tThe primary statements and the notes to the Consolidated Financial State- \u00a0
\n\n\t\t\t\t\tments are tagged using inline eXtensible Business Reporting Language \u00a0
\n\n\t\t\t\t\t(iXBRL). The iXBRL tags comply with the ESEF taxonomy, which is included in \u00a0
\n\n\t\t\t\t\tthe ESEF Regulation and developed based on the IFRS taxonomy published \u00a0
\n\n\t\t\t\t\tby the IFRS Foundation. \u00a0
\n\n\t\t\t\t\tWhere a financial statement line item is not defined in the ESEF taxonomy, \u00a0
\n\n\t\t\t\t\tan extension to the taxonomy has been created. Extensions are anchored to \u00a0
\n\n\t\t\t\t\telements in the ESEF taxonomy, except for extensions which are subtotals. \u00a0
\n\n\t\t\t\t\tThe annual report submitted to the Danish Financial Supervisory Authority \u00a0
\n\n\t\t\t\t\tconsists of the XHTML document together with certain technical files, all \u00a0
\n\n\t\t\t\t\tincluded in a file named \"norden-2022-12-31-en.zip\". \u00a0
2.1 Segment\u00a0information \u00a0
\n\n\t\t\t\t\tFreight \u00a0
\n\n\t\t\t\t\tAssets &\u00a0Services & \u00a0
\n\n\t\t\t\t\tElimi- \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\tLogistics \u00a0
\n\n\t\t\t\t\tTrading \u00a0
\n\n\t\t\t\t\tnations \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tRevenue \u2013 services rendered, external \u00a0
\n\n\t\t\t\t\t215.5 \u00a0
\n\n\t\t\t\t\t5,094.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t5,309.7 \u00a0
\n\n\t\t\t\t\tRevenue \u2013 services rendered, internal \u00a0
\n\n\t\t\t\t\t377.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-377.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tRevenue \u2013 sublease financial income \u00a0
\n\n\t\t\t\t\t1.8 \u00a0
\n\n\t\t\t\t\t0.9 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t2.7 \u00a0
\n\n\t\t\t\t\tVoyage costs* \u00a0
\n\n\t\t\t\t\t-32.2 \u00a0
\n\n\t\t\t\t\t-1,730.0 \u00a0
\n\n\t\t\t\t\t12.7 \u00a0
\n\n\t\t\t\t\t-1,749.5 \u00a0
\n\n\t\t\t\t\tT/C equivalent revenue \u00a0
\n\n\t\t\t\t\t562.1 \u00a0
\n\n\t\t\t\t\t3,365.1 \u00a0
\n\n\t\t\t\t\t-364.3 \u00a0
\n\n\t\t\t\t\t3,562.9 \u00a0
\n\n\t\t\t\t\tOther operating income \u00a0
\n\n\t\t\t\t\t-0.9 \u00a0
\n\n\t\t\t\t\t28.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t27.7 \u00a0
\n\n\t\t\t\t\tCharter hire and OPEX element* \u00a0
\n\n\t\t\t\t\t-149.9 \u00a0
\n\n\t\t\t\t\t-2,366.1 \u00a0
\n\n\t\t\t\t\t364.3 \u00a0
\n\n\t\t\t\t\t-2,151.7 \u00a0
\n\n\t\t\t\t\tOperating costs* \u00a0
\n\n\t\t\t\t\t-71.5 \u00a0
\n\n\t\t\t\t\t-1.5 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-73.0 \u00a0
\n\n\t\t\t\t\tContribution margin \u00a0
\n\n\t\t\t\t\t339.8 \u00a0
\n\n\t\t\t\t\t1,026.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1,365.9 \u00a0
\n\n\t\t\t\t\tOverhead and administration costs \u00a0
\n\n\t\t\t\t\t-22.4 \u00a0
\n\n\t\t\t\t\t-184.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-206.8 \u00a0
\n\n\t\t\t\t\tProfit before depreciation, amortisation and \u00a0
\n\n\t\t\t\t\timpairment losses, etc. (EBITDA) \u00a0
\n\n\t\t\t\t\t317.4 \u00a0
\n\n\t\t\t\t\t841.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1,159.1 \u00a0
\n\n\t\t\t\t\tProfit/loss from sale of vessels, etc. \u00a0
\n\n\t\t\t\t\t79.5 \u00a0
\n\n\t\t\t\t\t-0.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t79.4 \u00a0
\n\n\t\t\t\t\tDepreciation, amortisation and impairment losses \u00a0
\n\n\t\t\t\t\t-180.4 \u00a0
\n\n\t\t\t\t\t-269.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-449.7 \u00a0
\n\n\t\t\t\t\tProfit/loss from investments in joint ventures \u00a0
\n\n\t\t\t\t\t2.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t2.8 \u00a0
\n\n\t\t\t\t\tProfit from operations (EBIT) \u00a0
\n\n\t\t\t\t\t219.3 \u00a0
\n\n\t\t\t\t\t572.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t791.6 \u00a0
\n\n\t\t\t\t\tFinancial income \u00a0
\n\n\t\t\t\t\t6.3 \u00a0
\n\n\t\t\t\t\t6.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t12.3 \u00a0
\n\n\t\t\t\t\tFinancial expenses \u00a0
\n\n\t\t\t\t\t-32.1 \u00a0
\n\n\t\t\t\t\t-19.9 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-52.0 \u00a0
\n\n\t\t\t\t\tProfit before tax \u00a0
\n\n\t\t\t\t\t193.5 \u00a0
\n\n\t\t\t\t\t558.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t751.9 \u00a0
\n\n\t\t\t\t\tTax for the year \u00a0
\n\n\t\t\t\t\t-0.4 \u00a0
\n\n\t\t\t\t\t-8.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-8.4 \u00a0
\n\n\t\t\t\t\tProfit for the year \u00a0
\n\n\t\t\t\t\t193.1 \u00a0
\n\n\t\t\t\t\t550.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t743.5 \u00a0
\n\n\t\t\t\t\t*Included in the item \u201cVessel operating costs\u201d in the income statement. \u00a0
Freight \u00a0
\n\n\t\t\t\t\tAssets &\u00a0Services & \u00a0
\n\n\t\t\t\t\tElimi- \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\tLogistics \u00a0
\n\n\t\t\t\t\tTrading \u00a0
\n\n\t\t\t\t\tnations \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tRevenue \u2013 services rendered, external \u00a0
\n\n\t\t\t\t\t68.0 \u00a0
\n\n\t\t\t\t\t3,482.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t3,550.4 \u00a0
\n\n\t\t\t\t\tRevenue \u2013 services rendered, internal \u00a0
\n\n\t\t\t\t\t339.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-339.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tRevenue \u2013 sublease financial income \u00a0
\n\n\t\t\t\t\t1.2 \u00a0
\n\n\t\t\t\t\t0.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1.4 \u00a0
\n\n\t\t\t\t\tVoyage costs* \u00a0
\n\n\t\t\t\t\t-17.8 \u00a0
\n\n\t\t\t\t\t-1,270.6 \u00a0
\n\n\t\t\t\t\t19.8 \u00a0
\n\n\t\t\t\t\t-1,268.6 \u00a0
\n\n\t\t\t\t\tT/C equivalent revenue \u00a0
\n\n\t\t\t\t\t391.2 \u00a0
\n\n\t\t\t\t\t2,212.0 \u00a0
\n\n\t\t\t\t\t-320.0 \u00a0
\n\n\t\t\t\t\t2,283.2 \u00a0
\n\n\t\t\t\t\tOther operating income \u00a0
\n\n\t\t\t\t\t0.3 \u00a0
\n\n\t\t\t\t\t7.2 \u00a0
\n\n\t\t\t\t\t-0.8 \u00a0
\n\n\t\t\t\t\t6.7 \u00a0
\n\n\t\t\t\t\tCharter hire and OPEX element* \u00a0
\n\n\t\t\t\t\t-114.3 \u00a0
\n\n\t\t\t\t\t-1,773.5 \u00a0
\n\n\t\t\t\t\t320.8 \u00a0
\n\n\t\t\t\t\t-1,567.0 \u00a0
\n\n\t\t\t\t\tOperating costs* \u00a0
\n\n\t\t\t\t\t-73.1 \u00a0
\n\n\t\t\t\t\t-0.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-73.3 \u00a0
\n\n\t\t\t\t\tContribution margin \u00a0
\n\n\t\t\t\t\t204.1 \u00a0
\n\n\t\t\t\t\t445.5 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t649.6 \u00a0
\n\n\t\t\t\t\tOverhead and administration costs \u00a0
\n\n\t\t\t\t\t-11.4 \u00a0
\n\n\t\t\t\t\t-106.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-117.4 \u00a0
\n\n\t\t\t\t\tProfit before depreciation, amortisation and \u00a0
\n\n\t\t\t\t\timpairment losses, etc. (EBITDA) \u00a0
\n\n\t\t\t\t\t192.7 \u00a0
\n\n\t\t\t\t\t339.5 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t532.2 \u00a0
\n\n\t\t\t\t\tProfit/loss from sale of vessels, etc. \u00a0
\n\n\t\t\t\t\t7.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t7.7 \u00a0
\n\n\t\t\t\t\tDepreciation, amortisation and impairment losses \u00a0
\n\n\t\t\t\t\t-168.3 \u00a0
\n\n\t\t\t\t\t-127.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-295.5 \u00a0
\n\n\t\t\t\t\tProfit/loss from investments in joint ventures \u00a0
\n\n\t\t\t\t\t-1.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-1.1 \u00a0
\n\n\t\t\t\t\tProfit from operations (EBIT) \u00a0
\n\n\t\t\t\t\t33.2 \u00a0
\n\n\t\t\t\t\t212.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t245.5 \u00a0
\n\n\t\t\t\t\tFinancial income \u00a0
\n\n\t\t\t\t\t-0.1 \u00a0
\n\n\t\t\t\t\t0.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t0.3 \u00a0
\n\n\t\t\t\t\tFinancial expenses \u00a0
\n\n\t\t\t\t\t-27.5 \u00a0
\n\n\t\t\t\t\t-7.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-35.1 \u00a0
\n\n\t\t\t\t\tProfit before tax \u00a0
\n\n\t\t\t\t\t5.6 \u00a0
\n\n\t\t\t\t\t205.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t210.7 \u00a0
\n\n\t\t\t\t\tTax for the year \u00a0
\n\n\t\t\t\t\t-0.5 \u00a0
\n\n\t\t\t\t\t-5.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-6.2 \u00a0
\n\n\t\t\t\t\tProfit for the year \u00a0
\n\n\t\t\t\t\t5.1 \u00a0
\n\n\t\t\t\t\t199.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t204.5 \u00a0
\n\n\t\t\t\t\t* Included\u00a0in the item \u201cVessel operating costs\u201d in the income statement. \u00a0
The amounts of revenue stated in the above tables for both current financial year and the comparable financial year include the agreed time charter rates earned during the lease. The lease and service components are recognised as revenue under \u00a0
\n\n\t\t\t\t\tthe same pattern of transfer to the customers. Separate disclosure of the lease components and the service income components have not been provided as it is impracticable to establish this disclosure. \u00a0
\n\n\t\t\t\t\tNORDEN has no single customer with whom the external revenue exceeds 10% of total revenue. All deferred revenue as of 31 December 2021 has been recognised as revenue in 2022. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tOn 1 January 2022, we consolidated three business units into two, Assets & \u00a0
\n\n\t\t\t\t\tLogistics and Freight Services & Trading. \u00a0
Assets & Logistics \u00a0
\n\n\t\t\t\t\tAssets & Logistics is our business unit focusing on investments. \u00a0
\n\n\t\t\t\t\tThe segment handles owned vessels and charters in long-term vessel \u00a0
\n\n\t\t\t\t\tcapacity and charters out its capacity of owned and long-term chartered \u00a0
\n\n\t\t\t\t\ttonnage to Freight Services & Trading at market rates and to third parties. \u00a0
\n\n\t\t\t\t\tAssets & Logistics furthermore aims to develop customer solutions beyond \u00a0
\n\n\t\t\t\t\ta standard freight service, improving supply chain efficiency and reducing \u00a0
\n\n\t\t\t\t\tcarbon emissions for our customers. \u00a0
Freight Services & Trading \u00a0
\n\n\t\t\t\t\tThe Freight Services & Trading business unit is the combination of the Dry \u00a0
\n\n\t\t\t\t\tOperator and Tanker Operator business units. \u00a0
\n\n\t\t\t\t\tThe Freight Services & Trading segment offers transport of bulk commodities \u00a0
\n\n\t\t\t\t\tsuch as grain, coal, iron ore and sugar, and of fuel oil and refined oil products. \u00a0
\n\n\t\t\t\t\tThe vessel capacity comprises vessels chartered either from third parties or \u00a0
\n\n\t\t\t\t\tfrom Assets & Logistics at market rates. \u00a0
Operating segments \u00a0
\n\n\t\t\t\t\tThe segment information is based on the Group\u2019s organisation, business \u00a0
\n\n\t\t\t\t\tmanagement and management control, including internal financial reporting \u00a0
\n\n\t\t\t\t\tto NORDEN\u2019s operative management. \u00a0
\n\n\t\t\t\t\tNORDEN\u2019s operative management function comprises the Executive Manage- \u00a0
\n\n\t\t\t\t\tment and the Board of Directors in union. \u00a0
The Executive Management is responsible for the day-to-day management, \u00a0
\n\n\t\t\t\t\tand the Board of Directors approves strategy, action plans, targets and \u00a0
\n\n\t\t\t\t\tbudgets and limits for financial and market risks, as well as supervises the \u00a0
\n\n\t\t\t\t\tExecutive Management. \u00a0
\n\n\t\t\t\t\tThe Executive Management\u2019s and Board of Directors\u2019 functions and responsi- \u00a0
\n\n\t\t\t\t\tbilities are described in further detail in the section \u201cCorporate governance\u201d \u00a0
\n\n\t\t\t\t\tin the Management's Review. The operative management function assesses \u00a0
\n\n\t\t\t\t\tperformance and carries out allocation of resources on the basis of the results \u00a0
\n\n\t\t\t\t\tfor the year. \u00a0
\n\n\t\t\t\t\tPresentation of the segment income statement items and their order is \u00a0
\n\n\t\t\t\t\tconsistent with NORDEN\u2019s consolidated income statement, except for \u00a0
\n\n\t\t\t\t\tvoyage costs, which are not included in the item \u201cVessel operating costs\u201d but \u00a0
\n\n\t\t\t\t\tpresented as a separate item, and the segment income statement therefore \u00a0
\n\n\t\t\t\t\tcomprises the subtotal \u201cT/C equivalent revenue\u201d. \u00a0
\n\n\t\t\t\t\tThe methods of allocating income statement items to segments are \u00a0
\n\n\t\t\t\t\tconsistent. The allocation between Assets & Logistics and Freight Services & \u00a0
\n\n\t\t\t\t\tTrading is as follows: \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tItems included in the segment profit are allocated to the extent that the \u00a0
\n\n\t\t\t\t\titems are directly or indirectly attributable to the segments. \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tItems allocated by indirect calculation, the allocation keys are defined on \u00a0
\n\n\t\t\t\t\tthe basis of each segment\u2019s drawing on key resources. \u00a0
\n\n\t\t\t\t\tInter-segment transactions comprise charter hire from Freight Services & \u00a0
\n\n\t\t\t\t\tTrading to Assets & Logistics. \u00a0
Geographical areas \u00a0
\n\n\t\t\t\t\tInformation is not provided by geographical segment as the global market \u00a0
\n\n\t\t\t\t\tis a unit, and the activities of the individual vessels are not limited to specific \u00a0
\n\n\t\t\t\t\tparts of the world. Nor does the internal financial reporting for the operative \u00a0
\n\n\t\t\t\t\tmanagement provide such information. It is therefore not possible to provide \u00a0
geographical segment information on revenue from external customers or \u00a0
\n\n\t\t\t\t\tnon-current assets. \u00a0
Revenue \u00a0
\n\n\t\t\t\t\tRevenue comprises the present value of services rendered, net of discounts, \u00a0
\n\n\t\t\t\t\tand revenue obtained from subleasing. Services rendered comprise freight \u00a0
\n\n\t\t\t\t\tincome, time charter income and commercial management fee. Revenue is \u00a0
\n\n\t\t\t\t\trecognised in the income statement for the financial year as earned. \u00a0
\n\n\t\t\t\t\tAll freight income and voyage costs are recognised as the freight services are \u00a0
\n\n\t\t\t\t\trendered (percentage of completion). The percentage of completion is deter- \u00a0
\n\n\t\t\t\t\tmined using the load-to-discharge method based on the percentage of the \u00a0
\n\n\t\t\t\t\testimated duration of the voyage completed at the reporting date. According \u00a0
\n\n\t\t\t\t\tto this method, freight income and related costs are recognised in the income \u00a0
\n\n\t\t\t\t\tstatement according to the entered charter parties from the vessel\u2019s load date \u00a0
\n\n\t\t\t\t\tto the delivery of the cargo (discharge). The voyage begins on the date when \u00a0
\n\n\t\t\t\t\tthe cargo is loaded, and the voyage ends at the date of the discharge (load to \u00a0
\n\n\t\t\t\t\tdischarge). This applies to all spot transports and transports under Contracts \u00a0
\n\n\t\t\t\t\tof Affreightment (COAs). \u00a0
\n\n\t\t\t\t\tDemurrage is recognised if the claim is considered probable. Costs directly \u00a0
\n\n\t\t\t\t\tattributable to relocating the vessel to the load port under the contract are \u00a0
\n\n\t\t\t\t\tcapitalised to the extent that they are recoverable. \u00a0
Other operating income \u00a0
\n\n\t\t\t\t\tManagement income, mainly income in connection with administration of \u00a0
\n\n\t\t\t\t\tpool arrangements, is recognised upon receipt of the services in accordance \u00a0
\n\n\t\t\t\t\twith the management agreements concluded. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
\n\n\t\t\t\t\tIn recognition of freight income and voyage costs, including net income from \u00a0
\n\n\t\t\t\t\tpool arrangements, NORDEN decides on closing dates, voyages, etc. \u00a0
2.2 Expenses\u00a0by nature \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tVessel operating costs \u00a0
\n\n\t\t\t\t\t3,974.2 \u00a0
\n\n\t\t\t\t\t2,908.9 \u00a0
\n\n\t\t\t\t\tOverhead and administration costs \u00a0
\n\n\t\t\t\t\t206.8 \u00a0
\n\n\t\t\t\t\t117.4 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t4,181.0 \u00a0
\n\n\t\t\t\t\t3,026.3 \u00a0
\n\n\t\t\t\t\tThese costs can be split by nature: \u00a0
\n\n\t\t\t\t\tVoyage costs, excluding bunker oil \u00a0
\n\n\t\t\t\t\t703.4 \u00a0
\n\n\t\t\t\t\t609.6 \u00a0
\n\n\t\t\t\t\tBunker oil \u00a0
\n\n\t\t\t\t\t1,046.1 \u00a0
\n\n\t\t\t\t\t659.0 \u00a0
\n\n\t\t\t\t\tService component of right-of-use assets \u00a0
\n\n\t\t\t\t\t285.7 \u00a0
\n\n\t\t\t\t\t205.9 \u00a0
\n\n\t\t\t\t\tExpenses related to short-term leases \u00a0
\n\n\t\t\t\t\t1,866.0 \u00a0
\n\n\t\t\t\t\t1,361.1 \u00a0
\n\n\t\t\t\t\tOperating costs, owned vessels \u00a0
\n\n\t\t\t\t\t73.0 \u00a0
\n\n\t\t\t\t\t73.3 \u00a0
\n\n\t\t\t\t\tOther external costs \u00a0
\n\n\t\t\t\t\t27.1 \u00a0
\n\n\t\t\t\t\t20.4 \u00a0
\n\n\t\t\t\t\tStaff costs and remuneration, cf. note 2.3 \u00a0
\n\n\t\t\t\t\t179.7 \u00a0
\n\n\t\t\t\t\t97.0 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t4,181.0 \u00a0
\n\n\t\t\t\t\t3,026.3 \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tExpenses by nature disclose information about expenses arising from the \u00a0
\n\n\t\t\t\t\tmain inputs that are utilised in order to accomplish the Group's activities such \u00a0
\n\n\t\t\t\t\tas charter hire for chartered vessels, bunker oil consumption, other voyage \u00a0
\n\n\t\t\t\t\tcosts such as commissions and port charges, repair and maintenance costs, \u00a0
\n\n\t\t\t\t\tinsurance costs, crew wages and other operating expenses, all included \u00a0
\n\n\t\t\t\t\tunder vessel operating costs. Expenses, excluding depreciation, incurred to \u00a0
\n\n\t\t\t\t\tgenerate the revenue for the year. \u00a0
\n\n\t\t\t\t\tCosts directly attributable to transportation of the vessel to the loading port \u00a0
\n\n\t\t\t\t\tare capitalised and amortised over the course of the transportation period. \u00a0
\n\n\t\t\t\t\tVessel operating costs other than these capitalised are recognised upon \u00a0
\n\n\t\t\t\t\treceipt of services in accordance with the charter concluded by the parties. \u00a0
\n\n\t\t\t\t\tOther external costs comprise costs of properties, travel, office expenses, \u00a0
\n\n\t\t\t\t\texternal assistance, etc. \u00a0
2.3 Staff\u00a0costs and remuneration \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tWages and salaries, including of cash incentive \u00a0
\n\n\t\t\t\t\t6.2 \u00a0
\n\n\t\t\t\t\t5.2 \u00a0
\n\n\t\t\t\t\tShare-based payment, cf. note 2.4 \u00a0
\n\n\t\t\t\t\t0.5 \u00a0
\n\n\t\t\t\t\t0.5 \u00a0
\n\n\t\t\t\t\tRemuneration of Executive Management \u00a0
\n\n\t\t\t\t\t6.7 \u00a0
\n\n\t\t\t\t\t5.7 \u00a0
\n\n\t\t\t\t\tRemuneration of Board of Directors \u00a0
\n\n\t\t\t\t\t0.7 \u00a0
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\tWages and salaries \u00a0
\n\n\t\t\t\t\t173.4 \u00a0
\n\n\t\t\t\t\t91.2 \u00a0
\n\n\t\t\t\t\tPensions - defined contribution plans \u00a0
\n\n\t\t\t\t\t2.7 \u00a0
\n\n\t\t\t\t\t2.8 \u00a0
\n\n\t\t\t\t\tOther social security costs \u00a0
\n\n\t\t\t\t\t2.2 \u00a0
\n\n\t\t\t\t\t1.9 \u00a0
\n\n\t\t\t\t\tShare-based payment, cf. note 2.4 \u00a0
\n\n\t\t\t\t\t1.4 \u00a0
\n\n\t\t\t\t\t1.1 \u00a0
\n\n\t\t\t\t\tRemuneration of employees \u00a0
\n\n\t\t\t\t\t179.7 \u00a0
\n\n\t\t\t\t\t97.0 \u00a0
\n\n\t\t\t\t\tAverage number of onshore employees \u00a0
\n\n\t\t\t\t\t425 \u00a0
\n\n\t\t\t\t\t376 \u00a0
\n\n\t\t\t\t\tThe employment contracts of Executive Management entitle the CEO or CFO \u00a0
\n\n\t\t\t\t\tto 12 months' remuneration in cases where they terminate their employment \u00a0
\n\n\t\t\t\t\twithin four weeks of any change of control of the Company. \u00a0
\n\n\t\t\t\t\tRefer to \u201cRemuneration report 2022\u201c published on NORDEN\u2019s website: \u00a0
\n\n\t\t\t\t\twww.norden.com/investor/governance/remuneration for further details. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tStaff costs and remuneration comprise expenses related to wages, salaries, \u00a0
\n\n\t\t\t\t\tpension contributions, social security contributions, annual leave, sick leave, \u00a0
\n\n\t\t\t\t\tetc., and bonuses. Expenses are recognised in the year in which the associ- \u00a0
\n\n\t\t\t\t\tated services are rendered by employees of the Group. \u00a0
2.4 Share-based\u00a0payment \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tOutstanding restricted shares at 1 January \u00a0
\n\n\t\t\t\t\t218,195 \u00a0
\n\n\t\t\t\t\t209,844 \u00a0
\n\n\t\t\t\t\tGranted during the period \u00a0
\n\n\t\t\t\t\t81,344 \u00a0
\n\n\t\t\t\t\t75,946 \u00a0
\n\n\t\t\t\t\tExercised during the period \u00a0
\n\n\t\t\t\t\t-67,044 \u00a0
\n\n\t\t\t\t\t-58,502 \u00a0
\n\n\t\t\t\t\tLapsed during the period \u00a0
\n\n\t\t\t\t\t-3,428 \u00a0
\n\n\t\t\t\t\t-9,093 \u00a0
\n\n\t\t\t\t\tOutstanding restricted shares at 31 December \u00a0
\n\n\t\t\t\t\t229,067 \u00a0
\n\n\t\t\t\t\t218,195 \u00a0
\n\n\t\t\t\t\tOutstanding share options at 1 January \u00a0
\n\n\t\t\t\t\t336,378 1,056,526 \u00a0
\n\n\t\t\t\t\tExercised during the period \u00a0
\n\n\t\t\t\t\t-308,978 \u00a0
\n\n\t\t\t\t\t-447,932 \u00a0
\n\n\t\t\t\t\tLapsed during the period \u00a0
\n\n\t\t\t\t\t-13,000 \u00a0
\n\n\t\t\t\t\t-272,216 \u00a0
\n\n\t\t\t\t\tOutstanding share options at 31 December \u00a0
\n\n\t\t\t\t\t14,400 \u00a0
\n\n\t\t\t\t\t336,378 \u00a0
\n\n\t\t\t\t\tAverage price of exercised share options (DKK) \u00a0
\n\n\t\t\t\t\t54.89 \u00a0
\n\n\t\t\t\t\t107.68 \u00a0
The overall purpose of the restricted share programmes and the share option \u00a0
\n\n\t\t\t\t\tprogrammes is to ensure a shared interest with shareholders and to reward \u00a0
\n\n\t\t\t\t\tlong-term and dedicated work which is deemed to be of value to NORDEN. \u00a0
\n\n\t\t\t\t\tRestricted shares programme \u00a0
\n\n\t\t\t\t\tRestricted shares are granted free of charge and remain restricted during a \u00a0
\n\n\t\t\t\t\tvesting period of three years. \u00a0
\n\n\t\t\t\t\tTransfer of the restricted shares is subject to the continued employment \u00a0
\n\n\t\t\t\t\twithin the three year vesting period. It applies that upon vesting, the \u00a0
\n\n\t\t\t\t\temployee will receive one share of nominally DKK 1 for each vested restricted \u00a0
\n\n\t\t\t\t\tshare. \u00a0
\n\n\t\t\t\t\tThe decision to grant restricted shares is taken on an annual basis by the \u00a0
\n\n\t\t\t\t\tBoard of Directors. \u00a0
\n\n\t\t\t\t\tSpecial terms apply in case of death and illness. \u00a0
Active restricted share programmes \u00a0
\n\n\t\t\t\t\tProgramme \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\t2020 \u00a0
\n\n\t\t\t\t\tShare value at launch (DKK) \u00a0
\n\n\t\t\t\t\t159.83 \u00a0
\n\n\t\t\t\t\t115.39 \u00a0
\n\n\t\t\t\t\t91.05 \u00a0
\n\n\t\t\t\t\tFair value at grant (USDk) \u00a0
\n\n\t\t\t\t\t1,712 \u00a0
\n\n\t\t\t\t\t1,437 \u00a0
\n\n\t\t\t\t\t1,183 \u00a0
\n\n\t\t\t\t\tAllocated to recipients \u00a0
\n\n\t\t\t\t\tJan. 2025\u00a0Jan. 2024\u00a0Feb. 2023 \u00a0
\n\n\t\t\t\t\tVesting period \u00a0
\n\n\t\t\t\t\t2022 to \u00a0
\n\n\t\t\t\t\t2021 to \u00a0
\n\n\t\t\t\t\t2020 to \u00a0
\n\n\t\t\t\t\t2025 \u00a0
\n\n\t\t\t\t\t2024 \u00a0
\n\n\t\t\t\t\t2023 \u00a0
\n\n\t\t\t\t\tAmortisation period \u00a0
\n\n\t\t\t\t\t3 years \u00a0
\n\n\t\t\t\t\t3 years \u00a0
\n\n\t\t\t\t\t3 years \u00a0
\n\n\t\t\t\t\tOriginally granted shares \u00a0
\n\n\t\t\t\t\t81,344 \u00a0
\n\n\t\t\t\t\t87,698 \u00a0
\n\n\t\t\t\t\t75,946 \u00a0
\n\n\t\t\t\t\tExpense for the year (USDk) \u00a0
\n\n\t\t\t\t\t1,401 \u00a0
\n\n\t\t\t\t\t1,128 \u00a0
\n\n\t\t\t\t\t883 \u00a0
\n\n\t\t\t\t\tOutstanding restricted shares: \u00a0
\n\n\t\t\t\t\tExcecutive Management \u00a0
\n\n\t\t\t\t\t20,591 \u00a0
\n\n\t\t\t\t\t18,899 \u00a0
\n\n\t\t\t\t\t23,779 \u00a0
\n\n\t\t\t\t\tOther executives \u00a0
\n\n\t\t\t\t\t11,403 \u00a0
\n\n\t\t\t\t\t13,247 \u00a0
\n\n\t\t\t\t\t16,148 \u00a0
\n\n\t\t\t\t\tOthers \u00a0
\n\n\t\t\t\t\t47,962 \u00a0
\n\n\t\t\t\t\t39,762 \u00a0
\n\n\t\t\t\t\t32,276 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t79,956 \u00a0
\n\n\t\t\t\t\t71,908 \u00a0
\n\n\t\t\t\t\t77,203 \u00a0
\n\n\t\t\t\t\tOther than being employed by NORDEN at the time of granting of the \u00a0
\n\n\t\t\t\t\trestricted shares no. conditions are attached to the grant. Where a recipient \u00a0
\n\n\t\t\t\t\tresigns during the vesting period, non-vested restricted shares will lapse. \u00a0
\n\n\t\t\t\t\tProgrammes are expected to be covered by treasury shares. \u00a0
Active share option programmes \u00a0
\n\n\t\t\t\t\tProgramme \u00a0
\n\n\t\t\t\t\t2017.2 \u00a0
\n\n\t\t\t\t\t2017.1 \u00a0
\n\n\t\t\t\t\t2016 \u00a0
\n\n\t\t\t\t\tExcercise period \u00a0
\n\n\t\t\t\t\t2020 to \u00a0
\n\n\t\t\t\t\t2020 to \u00a0
\n\n\t\t\t\t\t2019 to \u00a0
\n\n\t\t\t\t\t2023 \u00a0
\n\n\t\t\t\t\t2023 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tExercise price (DKK) \u00a0
\n\n\t\t\t\t\t54.89 \u00a0
\n\n\t\t\t\t\t115.30 \u00a0
\n\n\t\t\t\t\t94.50 \u00a0
\n\n\t\t\t\t\tOriginally granted options \u00a0
\n\n\t\t\t\t\t408,191 \u00a0
\n\n\t\t\t\t\t50,000 \u00a0
\n\n\t\t\t\t\t435,159 \u00a0
\n\n\t\t\t\t\tNumber of shares per option \u00a0
\n\n\t\t\t\t\t1
\n\n\t\t\t\t\t1
\n\n\t\t\t\t\t1
\n\n\t\t\t\t\tExpense for the year (USDk) \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOutstanding share options: \u00a0
\n\n\t\t\t\t\tExecutive Management \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOther executives \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOthers \u00a0
\n\n\t\t\t\t\t14,400 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t14,400 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tShare options may be exercised after at least three years and no more than six \u00a0
\n\n\t\t\t\t\tyears from the respective grant dates. Exercise of the share options is subject \u00a0
\n\n\t\t\t\t\tto the continued employment with the Company at the exercise date. \u00a0
\n\n\t\t\t\t\tUpon exercise, the Executive Management and some of the executives must \u00a0
\n\n\t\t\t\t\treinvest 25% of any net gain in NORDEN shares and keep these for at least \u00a0
\n\n\t\t\t\t\ttwo years. If the employee already owns shares, this can be included in the \u00a0
\n\n\t\t\t\t\tdetermination of the investment amount. \u00a0
\n\n\t\t\t\t\tProgrammes are expected to be covered by treasury shares. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tThe value of services rendered by employees as consideration for share- \u00a0
\n\n\t\t\t\t\tbased incentive payments is measured at the fair value of the granted options \u00a0
\n\n\t\t\t\t\tand restricted shares, respectively. For both, this fair value is recognised in \u00a0
\n\n\t\t\t\t\tthe income statement over the vesting period. A corresponding increase is \u00a0
\n\n\t\t\t\t\trecognised in equity. \u00a0
\n\n\t\t\t\t\tThe fair value of the options is determined using the Black-Scholes valuation \u00a0
\n\n\t\t\t\t\tmodel, taking into account the terms of the grant and the actual number of \u00a0
\n\n\t\t\t\t\tvested options. The fair value of restricted shares is determined using the \u00a0
\n\n\t\t\t\t\tshare price at the grant date adjusted for expected dividend per share, which \u00a0
\n\n\t\t\t\t\tis based on historical dividends. On recognition, the number of options and \u00a0
\n\n\t\t\t\t\trestricted shares expected to vest are estimated. The estimate is adjusted \u00a0
\n\n\t\t\t\t\tover the vesting period to the actual number of vested options and restricted \u00a0
\n\n\t\t\t\t\tshares. \u00a0
\n\n\t\t\t\t\tThe exercise price of share options is determined as the five day average \u00a0
\n\n\t\t\t\t\tof the market price following the grant, less all dividend payments after the \u00a0
\n\n\t\t\t\t\tgrant date plus a fee of 10%, respectively, in proportion to the market price at \u00a0
\n\n\t\t\t\t\tthe date of grant. \u00a0
\n\n\t\t\t\t\tThe division into employee categories is based on the current title of the \u00a0
\n\n\t\t\t\t\temployee. Resigned employees are included in the category \u201cOthers\u201d. \u00a0
2.5 Depreciation,\u00a0amortisation and impairment losses, net \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tVessels, cf. note 3.1 and 3.4 \u00a0
\n\n\t\t\t\t\t28.7 \u00a0
\n\n\t\t\t\t\t42.6 \u00a0
\n\n\t\t\t\t\tRight-of-use assets, cf. note 4.7 \u00a0
\n\n\t\t\t\t\t420.0 \u00a0
\n\n\t\t\t\t\t252.1 \u00a0
\n\n\t\t\t\t\tProperty and equipment, cf. note 3.1 \u00a0
\n\n\t\t\t\t\t1.0 \u00a0
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t449.7 \u00a0
\n\n\t\t\t\t\t295.5 \u00a0
\n\n\t\t\t\t\tRefer to notes above for accounting policies. \u00a0
2.6 Financial\u00a0income and expenses \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tInterest income \u00a0
\n\n\t\t\t\t\t12.3 \u00a0
\n\n\t\t\t\t\t0.3 \u00a0
\n\n\t\t\t\t\tTotal financial income \u00a0
\n\n\t\t\t\t\t12.3 \u00a0
\n\n\t\t\t\t\t0.3 \u00a0
\n\n\t\t\t\t\tInterest expenses \u00a0
\n\n\t\t\t\t\t18.2 \u00a0
\n\n\t\t\t\t\t11.1 \u00a0
\n\n\t\t\t\t\tFair value adjustment, derivatives \u00a0
\n\n\t\t\t\t\t0.3 \u00a0
\n\n\t\t\t\t\t0.1 \u00a0
\n\n\t\t\t\t\tExchange rate adjustments \u00a0
\n\n\t\t\t\t\t1.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tInterest expenses on lease liabilities \u00a0
\n\n\t\t\t\t\t32.3 \u00a0
\n\n\t\t\t\t\t23.9 \u00a0
\n\n\t\t\t\t\tTotal financial expenses \u00a0
\n\n\t\t\t\t\t52.0 \u00a0
\n\n\t\t\t\t\t35.1 \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tFinancial income and expenses comprise interest income and expenses, \u00a0
\n\n\t\t\t\t\trealised and unrealised gains, losses on transactions denominated in foreign \u00a0
\n\n\t\t\t\t\tcurrencies, amortisation of loan costs and securities and subsequent changes \u00a0
\n\n\t\t\t\t\tto contingent acquisition costs. \u00a0
2.7 Taxation \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tTax on profit/loss for the year \u00a0
\n\n\t\t\t\t\t8.6 \u00a0
\n\n\t\t\t\t\t6.7 \u00a0
\n\n\t\t\t\t\tAdjustment of tax regarding previous years \u00a0
\n\n\t\t\t\t\t-0.2 \u00a0
\n\n\t\t\t\t\t-0.5 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t8.4 \u00a0
\n\n\t\t\t\t\t6.2 \u00a0
\n\n\t\t\t\t\tCan be broken down as follows: \u00a0
\n\n\t\t\t\t\tProfit/loss before tax \u00a0
\n\n\t\t\t\t\t751.9 \u00a0
\n\n\t\t\t\t\t210.7 \u00a0
\n\n\t\t\t\t\tof which results from Danish tonnage activity \u00a0
\n\n\t\t\t\t\t-735.0 \u00a0
\n\n\t\t\t\t\t-206.5 \u00a0
\n\n\t\t\t\t\tProfit/loss from non-tonnage activity \u00a0
\n\n\t\t\t\t\t16.9 \u00a0
\n\n\t\t\t\t\t4.2 \u00a0
\n\n\t\t\t\t\tCalculated tax of this, 22.0% (22.0%) \u00a0
\n\n\t\t\t\t\t3.7 \u00a0
\n\n\t\t\t\t\t0.9 \u00a0
\n\n\t\t\t\t\tTax effect from: \u00a0
\n\n\t\t\t\t\t- Tonnage tax \u00a0
\n\n\t\t\t\t\t6.3 \u00a0
\n\n\t\t\t\t\t6.0 \u00a0
\n\n\t\t\t\t\t- Higher/lower tax rate in subsidiaries \u00a0
\n\n\t\t\t\t\t-9.3 \u00a0
\n\n\t\t\t\t\t-7.3 \u00a0
\n\n\t\t\t\t\t- Adjustments of tax regarding previous years \u00a0
\n\n\t\t\t\t\t-0.2 \u00a0
\n\n\t\t\t\t\t-0.5 \u00a0
\n\n\t\t\t\t\t- Non-tax deductible interest, etc. \u00a0
\n\n\t\t\t\t\t7.9 \u00a0
\n\n\t\t\t\t\t7.1 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t8.4 \u00a0
\n\n\t\t\t\t\t6.2 \u00a0
\n\n\t\t\t\t\tContingent tax under the tonnage tax scheme \u00a0
\n\n\t\t\t\t\t16.3 \u00a0
\n\n\t\t\t\t\t16.3 \u00a0
\n\n\t\t\t\t\tContingent tax is calculated equalling the tax rate for \u00a0
\n\n\t\t\t\t\t2022 and going forward \u00a0
\n\n\t\t\t\t\t22% \u00a0
\n\n\t\t\t\t\t22% \u00a0
\n\n\t\t\t\t\tContingent tax may become a current tax if the tonnage tax regime is \u00a0
\n\n\t\t\t\t\tdissolved, if the Danish group entities in question net investments in vessels \u00a0
\n\n\t\t\t\t\tdecrease significantly or if the Danish group entities in question are liqui- \u00a0
\n\n\t\t\t\t\tdated. The Group\u2019s business plans therefore constitute an important basis for \u00a0
\n\n\t\t\t\t\tthis estimate. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tThe Group\u2019s current tax consists of tax payable according to the regulations of \u00a0
\n\n\t\t\t\t\tthe Danish Tonnage Tax Act for shipping activities and according to general \u00a0
\n\n\t\t\t\t\ttax regulations for net financial income and other activities. \u00a0
\n\n\t\t\t\t\tOther activities mainly comprise commercial management income of \u00a0
\n\n\t\t\t\t\tNORDEN tanker pools. Shipping activities in Denmark are taxed on the basis \u00a0
\n\n\t\t\t\t\tof the net tonnage (vessels), which the Danish group entities in question have \u00a0
\n\n\t\t\t\t\tat their disposal. \u00a0
\n\n\t\t\t\t\tBased on the planned use of vessels and recovery of reversed depreciation, \u00a0
\n\n\t\t\t\t\trespectively, the Danish tonnage tax regime does not result in a liability, \u00a0
\n\n\t\t\t\t\thence, it does not result in any deferred tax in the balance sheet. The liability \u00a0
\n\n\t\t\t\t\tis merely a contingent liability. \u00a0
\n\n\t\t\t\t\tOther activities of the Group and the Parent Company are not subject to \u00a0
\n\n\t\t\t\t\tdeferred tax either. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
\n\n\t\t\t\t\tBased on the Group\u2019s business plans, the Danish group entities have entered \u00a0
\n\n\t\t\t\t\tthe Danish tonnage tax regime for a binding ten year period from 2021. \u00a0
\n\n\t\t\t\t\tIn addition, the tax rules are complicated when a company has activities that \u00a0
\n\n\t\t\t\t\tare partly covered by the tonnage tax regime and partly by corporate taxa- \u00a0
\n\n\t\t\t\t\ttion. \u00a0
\n\n\t\t\t\t\tIn calculation of the taxable income, estimates are made which in a later \u00a0
\n\n\t\t\t\t\tassessment by the Danish tax authorities may result in corrections to previous \u00a0
\n\n\t\t\t\t\testimates of recognised tax assets and liabilities in the balance sheet. \u00a0
3.1 Tangible\u00a0assets \u00a0
\n\n\t\t\t\t\tPrepayments \u00a0
\n\n\t\t\t\t\tProperty and\u00a0on vessels and \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\tVessels \u00a0
\n\n\t\t\t\t\tequipment \u00a0
\n\n\t\t\t\t\tnewbuildings \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tCost at 1 January \u00a0
\n\n\t\t\t\t\t951.3 \u00a0
\n\n\t\t\t\t\t56.8 \u00a0
\n\n\t\t\t\t\t11.3 \u00a0
\n\n\t\t\t\t\t1,019.4 \u00a0
\n\n\t\t\t\t\tAdditions \u00a0
\n\n\t\t\t\t\t99.2 \u00a0
\n\n\t\t\t\t\t1.7 \u00a0
\n\n\t\t\t\t\t122.6 \u00a0
\n\n\t\t\t\t\t223.5 \u00a0
\n\n\t\t\t\t\tDisposals \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-1.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-1.7 \u00a0
\n\n\t\t\t\t\tTransferred from prepayments on vessels and newbuildings \u00a0
\n\n\t\t\t\t\t56.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-56.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTransferred to tangible assets held for sale \u00a0
\n\n\t\t\t\t\t-444.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-45.0 \u00a0
\n\n\t\t\t\t\t-489.1 \u00a0
\n\n\t\t\t\t\tCost \u00a0
\n\n\t\t\t\t\t663.2 \u00a0
\n\n\t\t\t\t\t56.8 \u00a0
\n\n\t\t\t\t\t32.1 \u00a0
\n\n\t\t\t\t\t752.1 \u00a0
\n\n\t\t\t\t\tDepreciation and impairment losses at 1 January \u00a0
\n\n\t\t\t\t\t-248.3 \u00a0
\n\n\t\t\t\t\t-7.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-255.4 \u00a0
\n\n\t\t\t\t\tDepreciation \u00a0
\n\n\t\t\t\t\t-37.2 \u00a0
\n\n\t\t\t\t\t-1.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-38.2 \u00a0
\n\n\t\t\t\t\tImpairment loss from sale of vessels \u00a0
\n\n\t\t\t\t\t-17.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-17.4 \u00a0
\n\n\t\t\t\t\tReversal of impairment losses \u00a0
\n\n\t\t\t\t\t4.9 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t4.9 \u00a0
\n\n\t\t\t\t\tDisposals related to derecognised assets \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1.7 \u00a0
\n\n\t\t\t\t\tTransferred to tangible assets held for sale \u00a0
\n\n\t\t\t\t\t160.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t160.4 \u00a0
\n\n\t\t\t\t\tDepreciation and impairment losses \u00a0
\n\n\t\t\t\t\t-137.6 \u00a0
\n\n\t\t\t\t\t-6.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-144.0 \u00a0
\n\n\t\t\t\t\tCarrying amount \u00a0
\n\n\t\t\t\t\t525.6 \u00a0
\n\n\t\t\t\t\t50.4 \u00a0
\n\n\t\t\t\t\t32.1 \u00a0
\n\n\t\t\t\t\t608.1 \u00a0
Capital commitments \u00a0
\n\n\t\t\t\t\tThe Group has entered into agreements for future delivery of vessels. \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t<1 year\u00a02-3 years \u00a0
\n\n\t\t\t\t\t>3 years \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tThe remaining contract amount is payable as follows: \u00a0
\n\n\t\t\t\t\t107.0 8.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t115.0 \u00a0
\n\n\t\t\t\t\tFuture payments to NORDEN from vessels sold: USD 224 million. \u00a0
Prepayments \u00a0
\n\n\t\t\t\t\tProperty and\u00a0on vessels and \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\tVessels \u00a0
\n\n\t\t\t\t\tequipment \u00a0
\n\n\t\t\t\t\tnewbuildings \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tCost at 1 January \u00a0
\n\n\t\t\t\t\t1,079.7 \u00a0
\n\n\t\t\t\t\t54.9 \u00a0
\n\n\t\t\t\t\t15.5 \u00a0
\n\n\t\t\t\t\t1,150.1 \u00a0
\n\n\t\t\t\t\tAdditions \u00a0
\n\n\t\t\t\t\t104.1 \u00a0
\n\n\t\t\t\t\t1.9 \u00a0
\n\n\t\t\t\t\t155.8 \u00a0
\n\n\t\t\t\t\t261.8 \u00a0
\n\n\t\t\t\t\tDisposals \u00a0
\n\n\t\t\t\t\t-1.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-1.3 \u00a0
\n\n\t\t\t\t\tTransferred from prepayments on vessels and newbuildings \u00a0
\n\n\t\t\t\t\t76.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-76.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTransferred to tangible assets held for sale \u00a0
\n\n\t\t\t\t\t-307.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-83.4 \u00a0
\n\n\t\t\t\t\t-391.2 \u00a0
\n\n\t\t\t\t\tCost \u00a0
\n\n\t\t\t\t\t951.3 \u00a0
\n\n\t\t\t\t\t56.8 \u00a0
\n\n\t\t\t\t\t11.3 \u00a0
\n\n\t\t\t\t\t1,019.4 \u00a0
\n\n\t\t\t\t\tDepreciation and impairment losses at 1 January \u00a0
\n\n\t\t\t\t\t-312.3 \u00a0
\n\n\t\t\t\t\t-6.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-318.6 \u00a0
\n\n\t\t\t\t\tDepreciation \u00a0
\n\n\t\t\t\t\t-42.6 \u00a0
\n\n\t\t\t\t\t-0.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-43.4 \u00a0
\n\n\t\t\t\t\tImpairment loss from sale of vessels \u00a0
\n\n\t\t\t\t\t-14.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-14.4 \u00a0
\n\n\t\t\t\t\tReversal of impairment losses \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tDisposals related to derecognised assets \u00a0
\n\n\t\t\t\t\t1.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1.3 \u00a0
\n\n\t\t\t\t\tTransferred to tangible assets held for sale \u00a0
\n\n\t\t\t\t\t119.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t119.7 \u00a0
\n\n\t\t\t\t\tDepreciation and impairment losses \u00a0
\n\n\t\t\t\t\t-248.3 \u00a0
\n\n\t\t\t\t\t-7.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-255.4 \u00a0
\n\n\t\t\t\t\tCarrying amount \u00a0
\n\n\t\t\t\t\t703.0 \u00a0
\n\n\t\t\t\t\t49.7 \u00a0
\n\n\t\t\t\t\t11.3 \u00a0
\n\n\t\t\t\t\t764.0 \u00a0
Capital commitments \u00a0
\n\n\t\t\t\t\tThe Group has entered into agreements for future delivery of vessels. \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t<1 year\u00a02-3 years \u00a0
\n\n\t\t\t\t\t>3 years \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tThe remaining contract amount is payable as follows: \u00a0
\n\n\t\t\t\t\t120.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t120.0 \u00a0
\n\n\t\t\t\t\tFuture payments to NORDEN from vessels sold: USD 220 million. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tTangible assets are measured at cost less accumulated depreciation and \u00a0
\n\n\t\t\t\t\timpairment losses. Cost comprises the acquisition price and costs directly \u00a0
\n\n\t\t\t\t\trelated to the acquisition up until the time when the asset is ready for use. \u00a0
\n\n\t\t\t\t\tBorrowing costs concerning either specific or general borrowing directly \u00a0
\n\n\t\t\t\t\trelated to assets with an extended construction period are included in cost \u00a0
\n\n\t\t\t\t\tover the period of construction. \u00a0
\n\n\t\t\t\t\tDepreciation is based on the straight-line method over the estimated useful \u00a0
\n\n\t\t\t\t\tlives of the assets. Depreciation is calculated based on the following esti- \u00a0
\n\n\t\t\t\t\tmated useful lives (unchanged compared to last year): \u00a0
\n\n\t\t\t\t\tBuildings \u00a0
\n\n\t\t\t\t\t50 \u00a0
\n\n\t\t\t\t\tVessels \u00a0
\n\n\t\t\t\t\t25 \u00a0
\n\n\t\t\t\t\tFixtures, fittings and equipment \u00a0
\n\n\t\t\t\t\t3-10 \u00a0
\n\n\t\t\t\t\tLand is not depreciated. \u00a0
\n\n\t\t\t\t\tUseful lives of the assets and residual values are reviewed and adjusted at \u00a0
\n\n\t\t\t\t\teach balance sheet date, if appropriate. \u00a0
Vessels \u00a0
\n\n\t\t\t\t\tDry docking costs are recognised in the carrying amount of vessels when \u00a0
\n\n\t\t\t\t\tincurred and depreciated over the period until the next dry docking. \u00a0
\n\n\t\t\t\t\tThe scrap value of vessels is determined based on the market price per light- \u00a0
\n\n\t\t\t\t\tweight tonne for scrapping of the vessel. \u00a0
\n\n\t\t\t\t\tThe depreciation period for secondhand vessels is determined on the basis of \u00a0
\n\n\t\t\t\t\tthe condition and age of the vessels at the time of acquisition, but the depre- \u00a0
\n\n\t\t\t\t\tciation period does not exceed 25 years from delivery from the shipyard. \u00a0
Prepayments on newbuildings are recognised in assets as vessels under \u00a0
\n\n\t\t\t\t\tconstruction as payments are made. At the delivery of the vessel, it is reclassi- \u00a0
\n\n\t\t\t\t\tfied to the item \u201cVessels\u201d. \u00a0
\n\n\t\t\t\t\tProfit/loss from sale of vessels is stated as the difference between the sales \u00a0
\n\n\t\t\t\t\tprice less selling costs and the carrying amount of the vessel in question at \u00a0
\n\n\t\t\t\t\tthe time of delivery. Furthermore, impairment of assets held for sale and any \u00a0
\n\n\t\t\t\t\tgains and losses upon repayment of related loans are included. \u00a0
Impairment test \u00a0
\n\n\t\t\t\t\tManagement monitors continuously, on a portfolio basis, the carrying value \u00a0
\n\n\t\t\t\t\tof tangible non-current assets in order to determine, whether there are any \u00a0
\n\n\t\t\t\t\tindications of impairment in excess of the amount provided for by normal \u00a0
\n\n\t\t\t\t\tdepreciation and whether previous impairments should be reversed. \u00a0
\n\n\t\t\t\t\tAn impairment test is conducted if there is an indication that the carrying \u00a0
\n\n\t\t\t\t\tamount of an asset or a cash-generating unit exceeds the expected future \u00a0
\n\n\t\t\t\t\tcash flows from the asset. If the carrying amount exceeds the recoverable \u00a0
\n\n\t\t\t\t\tamount, the asset is written down to the lower recoverable amount. The \u00a0
\n\n\t\t\t\t\trecoverable amount of the asset is determined as the higher of the net selling \u00a0
\n\n\t\t\t\t\tprice and the value-in-use. If a recoverable amount for the individual assets \u00a0
\n\n\t\t\t\t\tcannot be determined, the smallest group of assets for which it is possible \u00a0
\n\n\t\t\t\t\tto determine the recoverable amount (cash-generating unit) is analysed for \u00a0
\n\n\t\t\t\t\timpairment. \u00a0
\n\n\t\t\t\t\tManagement\u2019s assessment of indication of impairment on owned vessels, \u00a0
\n\n\t\t\t\t\tleased vessels recognised in the statement of financial position as right-of-use \u00a0
\n\n\t\t\t\t\tassets and prepayments on newbuildings is based on the cash-generating \u00a0
\n\n\t\t\t\t\tunits (CGUs) in which vessels, etc. are included; Dry Cargo and Tankers. \u00a0
\n\n\t\t\t\t\tAssessment of indication of impairment is made concurrently on a portfolio \u00a0
\n\n\t\t\t\t\tbasis. \u00a0
Reversal of previous impairments is only recognised if there has been a \u00a0
\n\n\t\t\t\t\tchange in the assumptions used to determine the recoverable amount since \u00a0
\n\n\t\t\t\t\tthe last impairment test was carried out. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
\n\n\t\t\t\t\tSignificant accounting judgement includes the definition of CGUs. Among \u00a0
\n\n\t\t\t\t\tother things, the judgement affects on which basis an impairment test is \u00a0
\n\n\t\t\t\t\tperformed. \u00a0
\n\n\t\t\t\t\tManagement has considered the degree of interdependency between \u00a0
\n\n\t\t\t\t\tthe two business units Assets & Logistics and Freight Services & Trading, \u00a0
\n\n\t\t\t\t\tin respect of taking decisions related to the vessel capacity. It has been \u00a0
\n\n\t\t\t\t\tconcluded that the interdependency is to such an extent that the cash inflows \u00a0
\n\n\t\t\t\t\tare not largely independent. Consequently, the respective dry cargo and \u00a0
\n\n\t\t\t\t\ttanker vessels of the two segments have been included in the respective \u00a0
\n\n\t\t\t\t\tCGU; Dry Cargo or Tankers, according to the nature of the vessels. \u00a0
\n\n\t\t\t\t\tWhen determining that the CGU is not at a lower level than the total Dry \u00a0
\n\n\t\t\t\t\tCargo and Tanker fleets, respectively, Management has attached importance \u00a0
\n\n\t\t\t\t\tto the fact that both fleets are managed on a portfolio level. \u00a0
\n\n\t\t\t\t\tFurthermore, assessing whether any indication of impairment exists is \u00a0
\n\n\t\t\t\t\tdepending on complex and subjective judgements by Management. Only \u00a0
\n\n\t\t\t\t\tif any indication of impairment, or reversal of previously recognised impair- \u00a0
\n\n\t\t\t\t\tment, exists, an impairment test is performed within a CGU. \u00a0
\n\n\t\t\t\t\tThe indications assessed by Management comprise, among other things, \u00a0
\n\n\t\t\t\t\tfinancial performance, vessel values, newbuilding prices and development in \u00a0
\n\n\t\t\t\t\tfreight and time charter rates. \u00a0
\n\n\t\t\t\t\tWhen considering vessel values, Management obtains two independent \u00a0
\n\n\t\t\t\t\tbroker valuations of vessels and newbuildings. Assessment of development \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES - CONTINUED \u00a0
\n\n\t\t\t\t\tin newbuilding prices is based on market data such as known transactions, \u00a0
\n\n\t\t\t\t\tprices of potential newbuildings and analysis reports from brokers. \u00a0
\n\n\t\t\t\t\tManagement considers all these indicators when assessing whether an \u00a0
\n\n\t\t\t\t\timpairment test has to be performed. \u00a0
\n\n\t\t\t\t\tIf indications exist, Management assesses through an impairment test the \u00a0
\n\n\t\t\t\t\trecoverability of the carrying amount of tangible assets and other related \u00a0
\n\n\t\t\t\t\tassets related to the relevant CGU (see above under \"Accounting policies\" in \u00a0
\n\n\t\t\t\t\tthis note). \u00a0
\n\n\t\t\t\t\tRecoverable amount is generally determined based on a calculation of the \u00a0
\n\n\t\t\t\t\thigher of the fair value less costs to sell and the value-in-use. \u00a0
\n\n\t\t\t\t\tAs the CGUs contain both owned vessels and capitalised charter contracts \u00a0
\n\n\t\t\t\t\t(right-of-use assets), the fair value less costs to sell of the CGU cannot be \u00a0
\n\n\t\t\t\t\tdetermined solely based on the broker valuations obtained but requires valu- \u00a0
\n\n\t\t\t\t\tations similar to those in performing a value-in-use calculation. \u00a0
\n\n\t\t\t\t\tThe principal risk when determining the value-in-use is in relation to Manage- \u00a0
\n\n\t\t\t\t\tment\u2019s assessment of the timing and value of future cash flows, including \u00a0
\n\n\t\t\t\t\tManagement\u2019s estimates of long-term freight and T/C rates as well as determi- \u00a0
\n\n\t\t\t\t\tnation of a discount rate (WACC). \u00a0
\n\n\t\t\t\t\tGiven the war in Ukraine, the full effect of sanctions on Russia and macroeco- \u00a0
\n\n\t\t\t\t\tnomic uncertainties in general, the freight market uncertainty and volatility \u00a0
\n\n\t\t\t\t\tare expected to remain high and could cause a shift in freight rates and other \u00a0
\n\n\t\t\t\t\tsignificant assumptions impacting the impairment assessment. \u00a0
\n\n\t\t\t\t\tOther significant accounting estimates when determining the carrying value \u00a0
\n\n\t\t\t\t\tof tangible assets include i.a. useful lives and residual values. \u00a0
Dry Cargo \u00a0
\n\n\t\t\t\t\tThe Dry Cargo CGU is defined as NORDEN\u2019s Dry Cargo fleet, including \u00a0
\n\n\t\t\t\t\tchartered vessels and agreed coverage (revenue) in the form of Contracts \u00a0
\n\n\t\t\t\t\tof Affreightment (COAs), vessels chartered out and Forward Freight Agree- \u00a0
\n\n\t\t\t\t\tments (FFAs). \u00a0
\n\n\t\t\t\t\tDuring the first half of 2022, dry cargo spot rates were strong, supported by \u00a0
\n\n\t\t\t\t\tmarket inefficiencies built up in the previous year. However, the dry cargo \u00a0
\n\n\t\t\t\t\tmarket gradually deflated during 2022, reversing the market tightness. The \u00a0
\n\n\t\t\t\t\tdry cargo market is expected to face further headwinds in the first half of \u00a0
\n\n\t\t\t\t\t2023 in line with a slowdown in the world economy and corresponding low \u00a0
\n\n\t\t\t\t\tgrowth in global commodity volumes. \u00a0
\n\n\t\t\t\t\tHowever, a low newbuilding orderbook is expected to mitigate a potentially \u00a0
\n\n\t\t\t\t\tdeep and prolonged downturn and long-term rates are expected to align with \u00a0
\n\n\t\t\t\t\tthe long-term rate assumed in the latest impairment test of the Dry Cargo \u00a0
\n\n\t\t\t\t\tCGU performed at the end of 2021. As such, no indications of a need for \u00a0
\n\n\t\t\t\t\timpairments were identified. \u00a0
Tankers \u00a0
\n\n\t\t\t\t\tThe Tankers CGU is defined as NORDEN\u2019s Tanker fleet, including chartered \u00a0
\n\n\t\t\t\t\tvessels and agreed coverage (revenue) in the form of Contracts of Affreight- \u00a0
\n\n\t\t\t\t\tment (COAs), vessels chartered out and Forward Freight Agreements (FFAs). \u00a0
\n\n\t\t\t\t\tProduct tanker spot rates surged during 2022. Average MR spot rates more \u00a0
\n\n\t\t\t\t\tthan quadrupled from USD 7,500 in 2021 to USD 34,200 per day in 2022, and \u00a0
\n\n\t\t\t\t\tthe one year T/C rate for MR Eco vessels increased by more than 100% to USD \u00a0
\n\n\t\t\t\t\t32,500 per day at the end of 2022. Due to the substantial improvements, an \u00a0
\n\n\t\t\t\t\timpairment test was performed in order to assess potential reversal of previ- \u00a0
\n\n\t\t\t\t\tously recognised impairment. \u00a0
\n\n\t\t\t\t\tA WACC of 7.75% was used for the calculation (2021: 7.25%). Whilst the value- \u00a0
\n\n\t\t\t\t\tin-use calculation in 2021 showed that the long-term values of the Tanker fleet \u00a0
\n\n\t\t\t\t\tsupported the carrying amounts at the time, the 2022 value-in-use calculation \u00a0
indicated substantial headroom and the remaining prior year impairments of \u00a0
\n\n\t\t\t\t\tUSD 5 million were reversed. \u00a0
\n\n\t\t\t\t\tDue to the large number of open vessel days in the Tankers CGU, the value- \u00a0
\n\n\t\t\t\t\tin-use calculation was particularly sensitive to even minor fluctuations in \u00a0
\n\n\t\t\t\t\tfreight rates and WACC. As an example of these sensitivities, a reduction of \u00a0
\n\n\t\t\t\t\tthe assumed freight rates of USD 1,000 would affect the value-in-use nega- \u00a0
\n\n\t\t\t\t\ttively by approximately USD 75 million (2021: USD 80 million). An increase in \u00a0
\n\n\t\t\t\t\tWACC of one percentage point would similarly affect the value-in-use nega- \u00a0
\n\n\t\t\t\t\ttively by approximately USD 35 million (2021: USD 30 million). \u00a0
3.2 Investments\u00a0in joint ventures \u00a0
\n\n\t\t\t\t\tNORDEN engages in jointly controlled arrangements which include joint \u00a0
\n\n\t\t\t\t\tventures and joint operations. In joint ventures, the parties do not have a \u00a0
\n\n\t\t\t\t\tdirect share in assets and liabilities, etc., but solely a share in the net profit or \u00a0
\n\n\t\t\t\t\tloss and equity. \u00a0
\n\n\t\t\t\t\tOn the other hand, joint operations provide the parties with direct rights to \u00a0
\n\n\t\t\t\t\tthe assets and direct obligations for the liabilities. Each joint operator recog- \u00a0
\n\n\t\t\t\t\tnises its part of assets, liabilities, income and costs. \u00a0
\n\n\t\t\t\t\tThe table below summarises the key figures from investment in joint ventures: \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tKey figures (100%) \u00a0
\n\n\t\t\t\t\tRevenue and other income \u00a0
\n\n\t\t\t\t\t23.3 \u00a0
\n\n\t\t\t\t\t26.0 \u00a0
\n\n\t\t\t\t\tCosts \u00a0
\n\n\t\t\t\t\t-17.7 \u00a0
\n\n\t\t\t\t\t-23.1 \u00a0
\n\n\t\t\t\t\tImpairment \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-0.6 \u00a0
\n\n\t\t\t\t\tTotal profit/loss \u00a0
\n\n\t\t\t\t\t5.6 \u00a0
\n\n\t\t\t\t\t2.3 \u00a0
\n\n\t\t\t\t\tShare of profit/loss of joint ventures \u00a0
\n\n\t\t\t\t\t2.8 \u00a0
\n\n\t\t\t\t\t1.1 \u00a0
\n\n\t\t\t\t\tNon-current assets \u00a0
\n\n\t\t\t\t\t0.1 \u00a0
\n\n\t\t\t\t\t10.1 \u00a0
\n\n\t\t\t\t\tCurrent assets \u00a0
\n\n\t\t\t\t\t5.5 \u00a0
\n\n\t\t\t\t\t21.5 \u00a0
\n\n\t\t\t\t\t- of this, cash and cash equivalents \u00a0
\n\n\t\t\t\t\t5.7 \u00a0
\n\n\t\t\t\t\t7.1 \u00a0
\n\n\t\t\t\t\tNon-current liabilities, debt \u00a0
\n\n\t\t\t\t\t-0.6 \u00a0
\n\n\t\t\t\t\t-11.0 \u00a0
\n\n\t\t\t\t\tCurrent liabilities \u00a0
\n\n\t\t\t\t\t-0.9 \u00a0
\n\n\t\t\t\t\t-2.1 \u00a0
\n\n\t\t\t\t\tTotal carrying amount \u00a0
\n\n\t\t\t\t\t4.1 \u00a0
\n\n\t\t\t\t\t18.5 \u00a0
\n\n\t\t\t\t\tShare of carrying amount \u00a0
\n\n\t\t\t\t\t2.0 \u00a0
\n\n\t\t\t\t\t9.2 \u00a0
\n\n\t\t\t\t\tTransferred to other payables due to negative equity \u00a0
\n\n\t\t\t\t\t-2.0 \u00a0
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\tRecognised carrying amount \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t10.0 \u00a0
\n\n\t\t\t\t\tNo significant restrictions apply to distributions from joint ventures. For \u00a0
\n\n\t\t\t\t\tfurther disclosure related to joint venture, see note 3.5. \u00a0
Investments comprise: \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tOwner- Share\u00a0of profit/loss of \u00a0
\n\n\t\t\t\t\tship \u00a0
\n\n\t\t\t\t\tjoint ventures \u00a0
\n\n\t\t\t\t\tCarrying amount \u00a0
\n\n\t\t\t\t\tNord Summit Pte. \u00a0
\n\n\t\t\t\t\tLtd., Singapore* \u00a0
\n\n\t\t\t\t\t50% \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-1.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t10.0 \u00a0
\n\n\t\t\t\t\tPolar Navigation \u00a0
\n\n\t\t\t\t\tPte. Ltd., Singapore \u00a0
\n\n\t\t\t\t\t50% \u00a0
\n\n\t\t\t\t\t2.8 \u00a0
\n\n\t\t\t\t\t2.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tNORDEN SYNERGY \u00a0
\n\n\t\t\t\t\tShip Management \u00a0
\n\n\t\t\t\t\tA/S, Denmark* \u00a0
\n\n\t\t\t\t\t50% \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-0.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t2.8 \u00a0
\n\n\t\t\t\t\t1.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t10.0 \u00a0
\n\n\t\t\t\t\tNORDEN SYNERGY Ship Management A/S was sold as of 31 July 2022. Nord Summit Pte. \u00a0
\n\n\t\t\t\t\texpected to be liquidated in the beginning of 2023. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tIn the Group\u2019s income statement, the Group\u2019s share of the joint ventures\u2019 \u00a0
\n\n\t\t\t\t\tprofit/loss after tax is included in the item \u201cShare of profit/loss of joint \u00a0
\n\n\t\t\t\t\tventures\u201d. \u00a0
\n\n\t\t\t\t\tEnterprises which are contractually operated jointly with one or more other \u00a0
\n\n\t\t\t\t\tenterprises, and which are thus jointly controlled, are recognised in the \u00a0
\n\n\t\t\t\t\tConsolidated Financial Statements according to the equity method. \u00a0
\n\n\t\t\t\t\tIn the Group\u2019s statement of financial position, the Group\u2019s share of the net \u00a0
\n\n\t\t\t\t\tasset value of joint ventures is thus included in the item \u201cInvestments in joint \u00a0
\n\n\t\t\t\t\tventures\u201d, calculated on the basis of the Group\u2019s accounting policies and \u00a0
\n\n\t\t\t\t\tafter deduction or addition of the Group\u2019s share of any unrealised intra-group \u00a0
\n\n\t\t\t\t\tgains or losses. \u00a0
\n\n\t\t\t\t\tJoint ventures with negative net asset values are measured at USD 0 million. \u00a0
\n\n\t\t\t\t\tIf the Group has a legal or constructive obligation to cover the enterprises\u2019 \u00a0
negative balance, such obligation is recognised by writing down any receiv- \u00a0
\n\n\t\t\t\t\table from the joint venture or under provisions. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
\n\n\t\t\t\t\tAssessment of control in shared ownership \u00a0
\n\n\t\t\t\t\tThe classification of activities and enterprises which are in part jointly owned \u00a0
\n\n\t\t\t\t\twith other companies and thus how these activities and enterprises are \u00a0
\n\n\t\t\t\t\ttreated in the Consolidated Financial Statements is to a certain extent based \u00a0
\n\n\t\t\t\t\ton judgements of formal and actual conditions. \u00a0
\n\n\t\t\t\t\tIn the assessment of joint control, an analysis has been made as to which \u00a0
\n\n\t\t\t\t\tdecisions require unanimity and whether these relate to relevant activities, \u00a0
\n\n\t\t\t\t\twhich are activities that significantly affect the return of the arrangement. It is \u00a0
\n\n\t\t\t\t\tassessed that joint control by default exists when business plans and budgets \u00a0
\n\n\t\t\t\t\tmust be adopted unanimously. \u00a0
3.3 Freight\u00a0receivables \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tReceivables from invoiced voyages \u00a0
\n\n\t\t\t\t\t190.7 \u00a0
\n\n\t\t\t\t\t111.2 \u00a0
\n\n\t\t\t\t\tReceivables from voyages commenced at the \u00a0
\n\n\t\t\t\t\tbalance sheet date \u00a0
\n\n\t\t\t\t\t154.3 \u00a0
\n\n\t\t\t\t\t152.9 \u00a0
\n\n\t\t\t\t\tFreight receivables \u00a0
\n\n\t\t\t\t\t345.0 \u00a0
\n\n\t\t\t\t\t264.1 \u00a0
\n\n\t\t\t\t\tWritedown regarding demurrage, claims, etc. \u00a0
\n\n\t\t\t\t\t-16.1 \u00a0
\n\n\t\t\t\t\t-8.4 \u00a0
\n\n\t\t\t\t\tFreight receivables, net \u00a0
\n\n\t\t\t\t\t328.9 \u00a0
\n\n\t\t\t\t\t255.7 \u00a0
\n\n\t\t\t\t\tCarrying amount at 31 December \u00a0
\n\n\t\t\t\t\t328.9 \u00a0
\n\n\t\t\t\t\t255.7 \u00a0
\n\n\t\t\t\t\tFreight receivables are predominately denominated in USD as other curren- \u00a0
\n\n\t\t\t\t\tcies account for less than 1% in both 2022 and 2021. \u00a0
\n\n\t\t\t\t\tRegarding freight receivables, the Group usually has the opportunity to use \u00a0
\n\n\t\t\t\t\tthe cargo as security. Refer to note 4.1 \"Financial risk management\" and note \u00a0
\n\n\t\t\t\t\t4.3 \"Fair value hierarchy\" for further information. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tReceivables are measured at amortised cost less allowances for impair- \u00a0
\n\n\t\t\t\t\tment losses. Impairment losses for trade receivables are determined as the \u00a0
\n\n\t\t\t\t\texpected loss over the life of the receivables. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
\n\n\t\t\t\t\tAllowances of trade receivables are determined using the lifetime expected \u00a0
\n\n\t\t\t\t\tcredit loss which includes factors such as internal rating, historical information \u00a0
\n\n\t\t\t\t\tabout payment patterns, collateral received as well as prevailing economic \u00a0
\n\n\t\t\t\t\tconditions. Estimates made are updated if the debtor\u2019s ability to pay changes. \u00a0
\n\n\t\t\t\t\tIt is estimated that the allowances made are sufficient to cover bad debt. \u00a0
3.4 Vessels\u00a0held for sale and related liabilities \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tCarrying amount at 1 January \u00a0
\n\n\t\t\t\t\t150.8 \u00a0
\n\n\t\t\t\t\t17.1 \u00a0
\n\n\t\t\t\t\tAdditions \u00a0
\n\n\t\t\t\t\t104.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tAdditions from vessels \u00a0
\n\n\t\t\t\t\t283.7 \u00a0
\n\n\t\t\t\t\t188.1 \u00a0
\n\n\t\t\t\t\tAdditions from prepayments on vessels \u00a0
\n\n\t\t\t\t\tand newbuildings \u00a0
\n\n\t\t\t\t\t44.9 \u00a0
\n\n\t\t\t\t\t83.4 \u00a0
\n\n\t\t\t\t\tDisposals \u00a0
\n\n\t\t\t\t\t-477.2 \u00a0
\n\n\t\t\t\t\t-137.8 \u00a0
\n\n\t\t\t\t\tRevsersal of impairment losses \u00a0
\n\n\t\t\t\t\t3.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tCarrying amount at 31 December \u00a0
\n\n\t\t\t\t\t110.0 \u00a0
\n\n\t\t\t\t\t150.8 \u00a0
\n\n\t\t\t\t\tLiabilities relating to vessels held for sale \u00a0
\n\n\t\t\t\t\tPrepayments received newbuildings \u00a0
\n\n\t\t\t\t\tand vessels sold \u00a0
\n\n\t\t\t\t\t21.0 \u00a0
\n\n\t\t\t\t\t9.4 \u00a0
\n\n\t\t\t\t\t31 December \u00a0
\n\n\t\t\t\t\t21.0 \u00a0
\n\n\t\t\t\t\t9.4 \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tVessels held for sale comprise vessels for which a binding sales agreement \u00a0
\n\n\t\t\t\t\thas been entered into and the vessel will be transferred to the buyer within 12 \u00a0
\n\n\t\t\t\t\tmonths of the reporting date. \u00a0
\n\n\t\t\t\t\tNewbuilding vessels and prepayments on vessels held for sale are measured at \u00a0
\n\n\t\t\t\t\tthe lower of carrying amount before classification as held for sale and fair value \u00a0
\n\n\t\t\t\t\tless selling costs and are recognised under current assets. Vessels held for sale \u00a0
\n\n\t\t\t\t\tare not depreciated. \u00a0
\n\n\t\t\t\t\tAssets and directly related liabilities in relation to vessels held for sale are \u00a0
\n\n\t\t\t\t\trecognised in separate items in the statement of financial position. Gains and \u00a0
\n\n\t\t\t\t\tlosses are included in the income statement in the item \"Profit/loss from sale of \u00a0
\n\n\t\t\t\t\tvessels, etc.\u201d. Gains are recognised on delivery and losses when they are classified as \u00a0
\n\n\t\t\t\t\t\"held for sale\u201d. \u00a0
3.5 Joint\u00a0operations \u00a0
\n\n\t\t\t\t\tNORDEN engages in jointly controlled arrangements which include joint \u00a0
\n\n\t\t\t\t\tventures and joint operations. In joint ventures, the parties do not have a \u00a0
\n\n\t\t\t\t\tdirect share in assets and liabilities, etc., but solely a share in the net profit or \u00a0
\n\n\t\t\t\t\tloss and equity. On the other hand, joint operations provide the parties with \u00a0
\n\n\t\t\t\t\tdirect rights to the assets and direct obligations for the liabilities. Each joint \u00a0
\n\n\t\t\t\t\toperator recognises its part of assets, liabilities, income and costs. \u00a0
\n\n\t\t\t\t\tNORDEN\u2019s shipping activities are to some extent conducted through pool \u00a0
\n\n\t\t\t\t\tarrangements. In pools, revenue and related costs are recognised according \u00a0
\n\n\t\t\t\t\tto criteria corresponding to the pool agreements. \u00a0
\n\n\t\t\t\t\tFor vessels operating in pools, the pool\u2019s profit is allocated to the pool parti- \u00a0
\n\n\t\t\t\t\tcipants on the basis of an agreed principle. The agreed principle may differ \u00a0
\n\n\t\t\t\t\tfrom pool to pool. Generally, the pool profit is allocated to the participants \u00a0
\n\n\t\t\t\t\taccording to the number of days the vessels have been at the pool\u2019s disposal, \u00a0
\n\n\t\t\t\t\tbut weighted for the capacity and characteristics of the individual vessels. \u00a0
\n\n\t\t\t\t\tNORDEN operates a few pools. As pool operator, NORDEN receives manage- \u00a0
\n\n\t\t\t\t\tment income to cover its costs in this respect. Management income is calcu- \u00a0
\n\n\t\t\t\t\tlated as a fixed percentage of charter/freight income for each individual \u00a0
\n\n\t\t\t\t\tagreement, however, with a minimum amount. The management income is \u00a0
\n\n\t\t\t\t\trecognised in the income statement in the item \u201cOther operating income\u201d as \u00a0
\n\n\t\t\t\t\tthe underlying charter/freight agreement is recognised. \u00a0
The following is an overview of NORDEN\u2019s total liabilities and coverage in \u00a0
\n\n\t\t\t\t\trespect of jointly controlled operations in the event that other pool partners \u00a0
\n\n\t\t\t\t\tare unable to meet their obligations. \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tShare of unrecognised liabilities for which \u00a0
\n\n\t\t\t\t\tthe pool partners are jointly and severally liable \u00a0
\n\n\t\t\t\t\t42.8 \u00a0
\n\n\t\t\t\t\t24.6 \u00a0
\n\n\t\t\t\t\tCash and cash equivalents liable to the pool partners \u00a0
\n\n\t\t\t\t\t63.9 \u00a0
\n\n\t\t\t\t\t6.7 \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tPool arrangements are considered joint operations. Accordingly for vessels \u00a0
\n\n\t\t\t\t\toperating in pools, the proportionate share of income and costs is presented \u00a0
\n\n\t\t\t\t\tas gross amounts in the income statement. For example, the share of revenue \u00a0
\n\n\t\t\t\t\tin pools is recognised in \u201cRevenue\u201d, while the proportionate share of costs \u00a0
\n\n\t\t\t\t\tin pools, such as direct voyage costs (e.g. bunker oil, commissions and port \u00a0
\n\n\t\t\t\t\tcharges) and charter hire for chartered pool tonnage, is recognised in \u201cVessel \u00a0
\n\n\t\t\t\t\toperating costs\u201d. Similarly, NORDEN\u2019s share of assets and liabilities in pools \u00a0
\n\n\t\t\t\t\tis recognised, and NORDEN\u2019s share of other liabilities, etc. is included in the \u00a0
\n\n\t\t\t\t\tnotes to the Financial Statements. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
\n\n\t\t\t\t\tAssessment of control in shared ownership - pool arrangements \u00a0
\n\n\t\t\t\t\tThe classification of activities and enterprises which are in part jointly owned \u00a0
\n\n\t\t\t\t\twith other companies and thus how these activities and enterprises are \u00a0
\n\n\t\t\t\t\ttreated in the Consolidated Financial Statements are to a certain extent based \u00a0
\n\n\t\t\t\t\ton judgements of formal and actual conditions. \u00a0
\n\n\t\t\t\t\tIn connection with the assessment of control, an analysis of the operator role \u00a0
\n\n\t\t\t\t\tin NORDEN\u2019s agreements on pool arrangements has been made. The opera- \u00a0
\n\n\t\t\t\t\ttor is responsible for the day-to-day management of activities carried out \u00a0
\n\n\t\t\t\t\twithin a jointly established framework. Since the operators are not exposed \u00a0
\n\n\t\t\t\t\tto, and are not entitled to, a return apart from the participating share and the \u00a0
\n\n\t\t\t\t\tfact that they can be replaced upon agreement, the operators are considered \u00a0
\n\n\t\t\t\t\tto be agents as defined in IFRS 10. \u00a0
\n\n\t\t\t\t\tIn the assessment of joint control, an analysis has been made as to which deci- \u00a0
\n\n\t\t\t\t\tsions require unanimity and whether these relate to relevant activities, which \u00a0
\n\n\t\t\t\t\tare activities that significantly affect the return of the pool arrangement. It is \u00a0
\n\n\t\t\t\t\tassessed that joint control by default exists when business plans and budgets \u00a0
\n\n\t\t\t\t\tmust be adopted unanimously. \u00a0
For NORDEN\u2019s pool arrangements, unanimity is required on decisions \u00a0
\n\n\t\t\t\t\trelating to relevant activities. It has also been established that the pool part- \u00a0
\n\n\t\t\t\t\tners have rights and obligations directly and unlimited with regard to the \u00a0
\n\n\t\t\t\t\tassets and liabilities of the arrangements, and as the pool arrangements have \u00a0
\n\n\t\t\t\t\tnot been structured into separate legal units, these are treated and classified \u00a0
\n\n\t\t\t\t\tas joint operations. \u00a0
4.1 Financial\u00a0risk management \u00a0
\n\n\t\t\t\t\tThe Group is exposed to a variety of risks from its operations in shipping \u00a0
\n\n\t\t\t\t\tmarkets. \u00a0
\n\n\t\t\t\t\tThe Board of Directors is advised by the Risk Committee in matters related \u00a0
\n\n\t\t\t\t\tto the management of these risks, where the Risk Committee is responsible \u00a0
\n\n\t\t\t\t\tfor ensuring development and implementation of robust risk frameworks that \u00a0
\n\n\t\t\t\t\tappropriately identify and measure risks. \u00a0
\n\n\t\t\t\t\tBased on advice from the Risk Committee, the Board of Directors reviews and \u00a0
\n\n\t\t\t\t\tagrees on policies for managing each of the risks, which are described below. \u00a0
\n\n\t\t\t\t\tFor further information, see the \"Risk Management\" section on pages 17-18 in \u00a0
\n\n\t\t\t\t\tthe Management's Review. \u00a0
Credit risks \u00a0
\n\n\t\t\t\t\tThe Group is exposed to credit risk related to trade receivables from its \u00a0
\n\n\t\t\t\t\tcounterparties and agreed future COAs, its prepayments to shipyards and \u00a0
\n\n\t\t\t\t\tship owners, its cash deposits with financial institutions and potential initial \u00a0
\n\n\t\t\t\t\tmargins and intraday volatility market values in relation to derivative instru- \u00a0
\n\n\t\t\t\t\tments. \u00a0
\n\n\t\t\t\t\tCredit risk is reduced by systematic credit assessment of counterparties and \u00a0
\n\n\t\t\t\t\tregular monitoring of their creditworthiness. For this purpose, own analyses \u00a0
\n\n\t\t\t\t\tare applied based on external credit rating agencies and publicly available \u00a0
\n\n\t\t\t\t\tinformation. Each analysis results in an internal rating, which is subsequently \u00a0
\n\n\t\t\t\t\tused for determining the allowed scope of the commitment. \u00a0
\n\n\t\t\t\t\tThe internal ratings are based both on a financial and a non-financial assess- \u00a0
\n\n\t\t\t\t\tment of the counterparty profile, where each category ranges between A to \u00a0
\n\n\t\t\t\t\tD, with A being the highest achievable score. \u00a0
Customer credit risk exposure \u00a0
\n\n\t\t\t\t\tThe total Group credit exposure was USD 1,907 million (USD 1,767 million) at \u00a0
\n\n\t\t\t\t\tthe end of 2022 with USD 1,463 million (USD 1,684 million) in Dry Cargo and \u00a0
\n\n\t\t\t\t\tUSD 444 million (USD 83 million) in Tankers. \u00a0
\n\n\t\t\t\t\tWhile concentration risk is mitigated by distributing exposure between many \u00a0
\n\n\t\t\t\t\tcounterparties, it is still a few counterparties that account for a large part of \u00a0
\n\n\t\t\t\t\tthe exposure. \u00a0
\n\n\t\t\t\t\tIn Dry Cargo, the exposure involves 315 (285) counterparties, where the five \u00a0
\n\n\t\t\t\t\tlargest counterparties accounted for 27% (30%) of the covered revenue in the \u00a0
\n\n\t\t\t\t\tsegment. \u00a0
\n\n\t\t\t\t\tIn Tankers, the exposure involves 87 (59) counterparties, where the five largest \u00a0
\n\n\t\t\t\t\taccounted for 71% (68%) of the covered revenue in the segment. It is assessed \u00a0
\n\n\t\t\t\t\tthat most of the counterparties referred to above are solid, and the Group \u00a0
\n\n\t\t\t\t\tstays updated on the performance and activities of these companies on a \u00a0
\n\n\t\t\t\t\tregular basis. \u00a0
\n\n\t\t\t\t\tCredit risks related to trade receivables differ somewhat for timecharters and \u00a0
\n\n\t\t\t\t\tvoyage charters. For timecharters, revenues are in general paid in advance \u00a0
\n\n\t\t\t\t\tfor the next two to four weeks, while for voyage charters, substantially all \u00a0
\n\n\t\t\t\t\trevenue is paid before discharge in Dry Cargo and within two to five days \u00a0
\n\n\t\t\t\t\tafter discharge in Tankers. \u00a0
\n\n\t\t\t\t\tDue to the nature of the counterparties as described above and the system- \u00a0
\n\n\t\t\t\t\tatic and regular monitoring of their creditworthiness, the customer credit risk \u00a0
\n\n\t\t\t\t\tis determined to be limited. \u00a0
Prepayments \u00a0
\n\n\t\t\t\t\tThe Group has credit risk related to prepayments to shipyards. To mitigate \u00a0
\n\n\t\t\t\t\tthis risk, the Group generally obtains a guarantee from a financial institution. \u00a0
Cash deposits \u00a0
\n\n\t\t\t\t\tThe Group liquidity is strictly placed with financial institutions that are either \u00a0
\n\n\t\t\t\t\tclassified as a systemically important financial institution (SIFI) or that have a \u00a0
\n\n\t\t\t\t\tMoody's rating of at least A-. \u00a0
Derivatives \u00a0
\n\n\t\t\t\t\tNORDEN uses derivatives instruments to hedge freight risk, bunker risk and \u00a0
\n\n\t\t\t\t\tcurrency risk. The credit risk related to these instruments is deemed to be \u00a0
\n\n\t\t\t\t\tsmall, since cleared and OTC contracts are subject to daily margin payments, \u00a0
\n\n\t\t\t\t\twith the only difference that OTC contracts have a threshold before daily \u00a0
\n\n\t\t\t\t\tmargin payments are made. \u00a0
\n\n\t\t\t\t\tAt year end, a total positive market value of USD 152 million (2021: USD 180 \u00a0
\n\n\t\t\t\t\tmillion) and a total negative market value of USD 97 million (2021: USD 222 \u00a0
\n\n\t\t\t\t\tmillion) had been cleared through NORDEN's margin account with Skandina- \u00a0
\n\n\t\t\t\t\tviska Enskilda Banken (SEB). \u00a0
Freight rate risks \u00a0
\n\n\t\t\t\t\tPurchasing and chartering vessels, and cargo contracts, imply a risk as the \u00a0
\n\n\t\t\t\t\tGroup assumes financial liability in expectation of generating earnings which \u00a0
\n\n\t\t\t\t\tare dependent on the freight market. \u00a0
\n\n\t\t\t\t\tThe Group uses FFAs to hedge cash flow risk to the extent Management finds \u00a0
\n\n\t\t\t\t\tit attractive, cf. note 4.2 \"Derivatives\". \u00a0
Bunker price risks \u00a0
\n\n\t\t\t\t\tA large part of the variable revenues and expenses are related to bunker \u00a0
\n\n\t\t\t\t\tprices, which impact the Group's result. The Group uses bunker swaps to \u00a0
\n\n\t\t\t\t\thedge the bunker price risk to the extent possible, cf. note 4.2 \"Derivatives\". \u00a0
\n\n\t\t\t\t\tNote that for vessels that are scrubber-fitted, the Group has a bunker price \u00a0
\n\n\t\t\t\t\trisk related the spread between high sulphur fuel oil and a combination of \u00a0
\n\n\t\t\t\t\thigh sulphur fuel oil and a combination of very low sulphur fuel oil and gas oil, \u00a0
respectively. As the available hedging tools are not very liquid, only parts of \u00a0
\n\n\t\t\t\t\tthis risk is hedged. \u00a0
Interest rate risks \u00a0
\n\n\t\t\t\t\tMost of the Group\u2019s loan obligations are paying interest on the basis of SOFR \u00a0
\n\n\t\t\t\t\tor one, three, or six months' USD LIBOR. Most of the Group\u2019s considerable \u00a0
\n\n\t\t\t\t\tcash balance is held at banks thus netting out the loan\u2019s interest rate expo- \u00a0
\n\n\t\t\t\t\tsure. The Group\u2019s significant net cash position implies positive interest rate \u00a0
\n\n\t\t\t\t\texposure. \u00a0
\n\n\t\t\t\t\tMost of the Group\u2019s considerable cash balance is placed on short-term \u00a0
\n\n\t\t\t\t\tdeposit accounts thus netting out the loan\u2019s LIBOR exposure. The Group\u2019s net \u00a0
\n\n\t\t\t\t\tinterest rate exposure does not have a significant effect on the results of the \u00a0
Currency risks \u00a0
\n\n\t\t\t\t\tThe Group\u2019s functional currency is USD. Since administrative expenses and \u00a0
\n\n\t\t\t\t\tdividends are paid in other currencies - mainly DKK - there is a currency risk \u00a0
\n\n\t\t\t\t\tin this connection. The Group hedges expected administrative expenses \u00a0
\n\n\t\t\t\t\tpayable in DKK for a period of 6-24 months. \u00a0
\n\n\t\t\t\t\tIn connection with newbuilding payments, typically in JPY, CNY or KRW, there \u00a0
\n\n\t\t\t\t\tmay also be a currency risk. This is hedged by forward contracts in connection \u00a0
\n\n\t\t\t\t\twith newbuilding orders. At the end of 2022, all newbuilding payments were, \u00a0
\n\n\t\t\t\t\thowever, in USD. \u00a0
\n\n\t\t\t\t\tThe strike price in some of the Group\u2019s purchase options is determined in JPY, \u00a0
\n\n\t\t\t\t\tand it is the Group\u2019s policy only to hedge these if the option is exercised and \u00a0
\n\n\t\t\t\t\tonly upon exercise. \u00a0
\n\n\t\t\t\t\tIn connection with the conclusion of a COA in GBP, cross currency swaps were \u00a0
Liquidity risks \u00a0
\n\n\t\t\t\t\tThe Group maintains sufficient liquidity to handle short-term fluctuations in \u00a0
\n\n\t\t\t\t\tcash flows while at the same time complying with bank covenants. \u00a0
\n\n\t\t\t\t\tMost of the Group's derivatives contracts, including but not limited to bunker \u00a0
\n\n\t\t\t\t\tswaps and FFAs, are mainly traded cleared. The derivatives contracts can also \u00a0
\n\n\t\t\t\t\tbe traded OTC, but in this case always supported by ISDAs with CSAs. This \u00a0
\n\n\t\t\t\t\timplies a liquidity risk as changes in market value of the financial contracts \u00a0
\n\n\t\t\t\t\tmust be backed by collateral on a daily basis. \u00a0
\n\n\t\t\t\t\tThe Group actively monitors and manages this risk using Cash Flow at Risk to \u00a0
\n\n\t\t\t\t\tensure sufficient available liquidity to handle severe stress of current market \u00a0
\n\n\t\t\t\t\tconditions. \u00a0
\n\n\t\t\t\t\tThe terms to maturity of financial assets and liabilities are disclosed by \u00a0
\n\n\t\t\t\t\tcategory and class distributed on maturity periods. All interest payments and \u00a0
\n\n\t\t\t\t\trepayments of financial assets and liabilities are based on contractual agree- \u00a0
\n\n\t\t\t\t\tments. \u00a0
\n\n\t\t\t\t\tInterest payments on floating-rate instruments are determined based on a \u00a0
\n\n\t\t\t\t\tzero-coupon interest structure adjusted by the Group's interest margin. All \u00a0
\n\n\t\t\t\t\tcash flows are undiscounted. \u00a0
Capital management risks \u00a0
\n\n\t\t\t\t\tThe Group\u2019s formal external capital requirement is limited to the contributed \u00a0
\n\n\t\t\t\t\tcapital of the Parent Company and the subsidiaries, which is significantly \u00a0
\n\n\t\t\t\t\tlower than the Group\u2019s equity. \u00a0
\n\n\t\t\t\t\tThe Group\u2019s equity ratio was 48.3% (40.5%) at the end of 2022. This significant \u00a0
\n\n\t\t\t\t\tequity ratio should be considered relative to the Group\u2019s future payment obli- \u00a0
\n\n\t\t\t\t\tgations in the form of operating lease liabilities (T/C contracts) and payments \u00a0
\n\n\t\t\t\t\tfor newbuildings not recognised in the statement of financial position. \u00a0
Financial comments \u00a0
\n\n\t\t\t\t\tOn the reporting date, floating-rate bank loans had an interest rate up to \u00a0
\n\n\t\t\t\t\tSOFR plus a margin of 1.85%. NORDEN's USD 100 million bond issue pays \u00a0
\n\n\t\t\t\t\tthree months' LIBOR plus a margin of 4.75%. Refer to note 4.3 \u201cFair value \u00a0
\n\n\t\t\t\t\thierarchy\u201d for further information. \u00a0
Overview of financial risks \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\tNominal value \u00a0
\n\n\t\t\t\t\tCredit \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tComments on NORDEN\u2019s policy \u00a0
\n\n\t\t\t\t\tFreight receivables \u00a0
\n\n\t\t\t\t\t345 \u00a0
\n\n\t\t\t\t\t264 \u00a0
\n\n\t\t\t\t\tThe credit rating of counterparties is assessed on an ongoing basis through systematic credit assessment and regular monitoring of creditworthiness. \u00a0
\n\n\t\t\t\t\tBank deposits \u00a0
\n\n\t\t\t\t\t842 \u00a0
\n\n\t\t\t\t\t411 \u00a0
\n\n\t\t\t\t\tLiquidity is strictly placed with financial institutions that are either classified as a systemically important financial institution or that have a Moody's rating of at least A-. \u00a0
\n\n\t\t\t\t\tPrepayments on vessels and newbuildings \u00a0
\n\n\t\t\t\t\t32 \u00a0
\n\n\t\t\t\t\t95 \u00a0
\n\n\t\t\t\t\tAs a main rule, newbuilding contracts with shipyards are entered into with repayment guarantees issued by banks with good credit ratings. \u00a0
\n\n\t\t\t\t\tFreight rate risks (FFAs) \u00a0
\n\n\t\t\t\t\t224S \u00a0
\n\n\t\t\t\t\t231S \u00a0
\n\n\t\t\t\t\tTo limit credit risk, the Group\u2019s FFAs are for the main part entered through established clearing houses as these have daily margin settlement. \u00a0
\n\n\t\t\t\t\tBunker swaps \u00a0
\n\n\t\t\t\t\t113B \u00a0
\n\n\t\t\t\t\t111B \u00a0
\n\n\t\t\t\t\tBunker swaps are in general traded cleared, but in some cases bunker swaps are traded OTC with financial institutions and with major, recognised business partners \u00a0
\n\n\t\t\t\t\twith good credit ratings. In the case of OTC trades, the Group always includes an ISDA agreement ensuring continuous collateral above a specific threshold. \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\tNominal value \u00a0
\n\n\t\t\t\t\tMarket \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tSensitivity \u00a0
\n\n\t\t\t\t\tComments on NORDEN\u2019s policy \u00a0
\n\n\t\t\t\t\tFreight rate risks (FFAs) \u00a0
\n\n\t\t\t\t\t224S \u00a0
\n\n\t\t\t\t\t231S \u00a0
\n\n\t\t\t\t\tA 10% drop in freight rates at year end would positively impact equity by USD 16 \u00a0
\n\n\t\t\t\t\tFFAs are used to hedge the cash flow risk related to highly probable freight \u00a0
\n\n\t\t\t\t\t(positive impact of USD 28). \u00a0
\n\n\t\t\t\t\texpenses and revenues. \u00a0
\n\n\t\t\t\t\tBunker price risks \u00a0
\n\n\t\t\t\t\t113B \u00a0
\n\n\t\t\t\t\t111B \u00a0
\n\n\t\t\t\t\tA 10% drop in bunker prices at year end would negatively impact equity by USD 10 \u00a0
\n\n\t\t\t\t\tBunker swaps are used to hedge the cash flow risk related to expenses of highly \u00a0
\n\n\t\t\t\t\t(negative impact of USD 12). \u00a0
\n\n\t\t\t\t\tprobable bunker purchases and revenues from the bunker price component of \u00a0
\n\n\t\t\t\t\texpected, highly probable, cargoes. \u00a0
\n\n\t\t\t\t\tCurrency risks \u00a0
\n\n\t\t\t\t\t186 \u00a0
\n\n\t\t\t\t\t120 \u00a0
\n\n\t\t\t\t\tA 10% increase in the DKK, GBP and JPY exchange rates at year end would have \u00a0
\n\n\t\t\t\t\t\u2022 DKK forward currency contracts are used to hedge expected DKK overhead and \u00a0
\n\n\t\t\t\t\tthe following impact: \u00a0
\n\n\t\t\t\t\tadministration costs for the next 12-24 months. \u00a0
\n\n\t\t\t\t\t\u2022 DKK; net results positively by USD 0 (USD 0) and equity USD 0 (USD 0), and \u00a0
\n\n\t\t\t\t\t\u2022 GBP forward currency contracts\u00a0are used to hedge expected freight income \u00a0
\n\n\t\t\t\t\t\u2022 GBP; net results positively by USD 0 (USD 0) and equity by USD 3 (USD 3), and \u00a0
\n\n\t\t\t\t\tfrom a COA concluded in GBP, cf. note 4.2. \u00a0
\n\n\t\t\t\t\t\u2022 JPY; net results positively by USD 4 (USD 0) and equity by USD 4 (USD 0). \u00a0
\n\n\t\t\t\t\t\u2022 JPY forward currency contracts are used to hedge the excersise price of vessel \u00a0
\n\n\t\t\t\t\tpurchase options. \u00a0
\n\n\t\t\t\t\tAny exposure to other currencies than DKK, GBP and JPY is insignificant. \u00a0
\n\n\t\t\t\t\tInterest rate risks \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tBased on the Group\u2019s liquidity and debt at year end, a 1% increase in interest rates \u00a0
\n\n\t\t\t\t\tMost of the Group\u2019s loan obligations are paying interest on the basis of one, three, \u00a0
\n\n\t\t\t\t\twould, all other things being equal, impact earnings before tax positively by USD 7\u00a0and six months' USD LIBOR. Most of the Group\u2019s considerable cash balance is \u00a0
\n\n\t\t\t\t\tmillion (USD 1) and equity by USD 7 (USD 1).\u00a0placed in short-term bank deposits thus netting out the loan\u2019s LIBOR exposure. \u00a0
The table below summarises the maturity profile of the Group\u2019s financial assets and liabilities based on \u00a0
\n\n\t\t\t\t\tcontractual undiscounted payments: \u00a0
\n\n\t\t\t\t\tMaturities \u00a0
\n\n\t\t\t\t\tCarrying \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t<1 year\u00a01-3 years \u00a0
\n\n\t\t\t\t\t>3 years \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tamount \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tDerivative financial instruments \u00a0
\n\n\t\t\t\t\tDerivative financial instruments with a positive \u00a0
\n\n\t\t\t\t\tmarket value \u00a0
\n\n\t\t\t\t\t5.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t5.7 \u00a0
\n\n\t\t\t\t\t5.7 \u00a0
\n\n\t\t\t\t\tDerivative financial instruments with a negative \u00a0
\n\n\t\t\t\t\tmarket value \u00a0
\n\n\t\t\t\t\t-6.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-6.0 \u00a0
\n\n\t\t\t\t\t-6.0 \u00a0
\n\n\t\t\t\t\tCash flow hedging with a positive market value \u00a0
\n\n\t\t\t\t\t0.7 \u00a0
\n\n\t\t\t\t\t0.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\tCash flow hedging with a negative market value \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tFinancial assets measured at amortised cost \u00a0
\n\n\t\t\t\t\tReceivables from subleasing \u00a0
\n\n\t\t\t\t\t77.3 \u00a0
\n\n\t\t\t\t\t23.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t100.9 \u00a0
\n\n\t\t\t\t\t91.9 \u00a0
\n\n\t\t\t\t\tCash and cash equivalents \u00a0
\n\n\t\t\t\t\t842.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t842.3 \u00a0
\n\n\t\t\t\t\t842.3 \u00a0
\n\n\t\t\t\t\tFreight receivables \u00a0
\n\n\t\t\t\t\t328.9 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t328.9 \u00a0
\n\n\t\t\t\t\t328.9 \u00a0
\n\n\t\t\t\t\tReceivables from joint ventures \u00a0
\n\n\t\t\t\t\t1.5 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1.5 \u00a0
\n\n\t\t\t\t\t1.5 \u00a0
\n\n\t\t\t\t\tOther receivables \u00a0
\n\n\t\t\t\t\t42.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t42.8 \u00a0
\n\n\t\t\t\t\t42.8 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t1,292.8 \u00a0
\n\n\t\t\t\t\t23.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1,316.4 \u00a0
\n\n\t\t\t\t\t1,307.4 \u00a0
\n\n\t\t\t\t\tFinancial liabilities measured at amortised cost \u00a0
\n\n\t\t\t\t\tLoans \u00a0
\n\n\t\t\t\t\t-24.3 \u00a0
\n\n\t\t\t\t\t-99.2 \u00a0
\n\n\t\t\t\t\t-107.2 \u00a0
\n\n\t\t\t\t\t-230.7 \u00a0
\n\n\t\t\t\t\t-221.6 \u00a0
\n\n\t\t\t\t\tBonds \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-74.5 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-74.5 \u00a0
\n\n\t\t\t\t\t-73.7 \u00a0
\n\n\t\t\t\t\tLease liabilities, current \u00a0
\n\n\t\t\t\t\t-331.2 \u00a0
\n\n\t\t\t\t\t-175.7 \u00a0
\n\n\t\t\t\t\t-37.0 \u00a0
\n\n\t\t\t\t\t-543.9 \u00a0
\n\n\t\t\t\t\t-519.5 \u00a0
\n\n\t\t\t\t\tLease liabilities, future commencement date \u00a0
\n\n\t\t\t\t\t-4.9 \u00a0
\n\n\t\t\t\t\t-59.0 \u00a0
\n\n\t\t\t\t\t-124.7 \u00a0
\n\n\t\t\t\t\t-188.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTrade and other payables \u00a0
\n\n\t\t\t\t\t-519.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-519.3 \u00a0
\n\n\t\t\t\t\t-519.3 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t-879.7 \u00a0
\n\n\t\t\t\t\t-408.4 \u00a0
\n\n\t\t\t\t\t-268.9 \u00a0
\n\n\t\t\t\t\t-1.557,0 \u00a0
\n\n\t\t\t\t\t1,334.1 \u00a0
\n\n\t\t\t\t\tRefer to page 104 in the note's Financial comments section and to note 4.3 \u201cFair value hierarchy\u201d for further information. \u00a0
Maturities \u00a0
\n\n\t\t\t\t\tCarrying \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t<1 year\u00a01-3 years \u00a0
\n\n\t\t\t\t\t>3 years \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tamount \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tDerivative financial instruments \u00a0
\n\n\t\t\t\t\tDerivative financial instruments with a positive \u00a0
\n\n\t\t\t\t\tmarket value \u00a0
\n\n\t\t\t\t\t0.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t0.2 \u00a0
\n\n\t\t\t\t\t0.2 \u00a0
\n\n\t\t\t\t\tDerivative financial instruments with a negative \u00a0
\n\n\t\t\t\t\tmarket value \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tCash flow hedging with a positive market value \u00a0
\n\n\t\t\t\t\t3.0 \u00a0
\n\n\t\t\t\t\t0.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t3.3 \u00a0
\n\n\t\t\t\t\t3.3 \u00a0
\n\n\t\t\t\t\tCash flow hedging with a negative market value \u00a0
\n\n\t\t\t\t\t-1.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-1.0 \u00a0
\n\n\t\t\t\t\t-1.0 \u00a0
\n\n\t\t\t\t\tFinancial assets measured at amortised cost \u00a0
\n\n\t\t\t\t\tReceivables from subleasing \u00a0
\n\n\t\t\t\t\t24.5 \u00a0
\n\n\t\t\t\t\t9.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t33.7 \u00a0
\n\n\t\t\t\t\t26.7 \u00a0
\n\n\t\t\t\t\tCash and cash equivalents \u00a0
\n\n\t\t\t\t\t410.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t410.7 \u00a0
\n\n\t\t\t\t\t410.7 \u00a0
\n\n\t\t\t\t\tFreight receivables \u00a0
\n\n\t\t\t\t\t255.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t255.7 \u00a0
\n\n\t\t\t\t\t255.7 \u00a0
\n\n\t\t\t\t\tReceivables from joint ventures \u00a0
\n\n\t\t\t\t\t1.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1.0 \u00a0
\n\n\t\t\t\t\t1.0 \u00a0
\n\n\t\t\t\t\tOther receivables \u00a0
\n\n\t\t\t\t\t15.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t15.6 \u00a0
\n\n\t\t\t\t\t15.6 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t707.5 \u00a0
\n\n\t\t\t\t\t9.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t716.7 \u00a0
\n\n\t\t\t\t\t709.7 \u00a0
\n\n\t\t\t\t\tFinancial liabilities measured at amortised cost \u00a0
\n\n\t\t\t\t\tLoans \u00a0
\n\n\t\t\t\t\t-48.7 \u00a0
\n\n\t\t\t\t\t-98.6 \u00a0
\n\n\t\t\t\t\t-236.1 \u00a0
\n\n\t\t\t\t\t-383.4 \u00a0
\n\n\t\t\t\t\t-342.0 \u00a0
\n\n\t\t\t\t\tBonds \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-100.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-100.0 \u00a0
\n\n\t\t\t\t\t-98.7 \u00a0
\n\n\t\t\t\t\tLease liabilities, current \u00a0
\n\n\t\t\t\t\t-355.9 \u00a0
\n\n\t\t\t\t\t-234.9 \u00a0
\n\n\t\t\t\t\t-44.0 \u00a0
\n\n\t\t\t\t\t-634.8 \u00a0
\n\n\t\t\t\t\t-607.7 \u00a0
\n\n\t\t\t\t\tLease liabilities, future commencement date \u00a0
\n\n\t\t\t\t\t-27.6 \u00a0
\n\n\t\t\t\t\t-64.9 \u00a0
\n\n\t\t\t\t\t-54.2 \u00a0
\n\n\t\t\t\t\t-146.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTrade and other payables \u00a0
\n\n\t\t\t\t\t-307.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-307.8 \u00a0
\n\n\t\t\t\t\t-307.8 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t-740.0 \u00a0
\n\n\t\t\t\t\t-498.4 \u00a0
\n\n\t\t\t\t\t-334.3 \u00a0
\n\n\t\t\t\t\t-1,572.7 \u00a0
\n\n\t\t\t\t\t-1,356.2 \u00a0
Cash flow hedging \u00a0
\n\n\t\t\t\t\tSet out below are the fair value of cash flow hedging recognised and the \u00a0
\n\n\t\t\t\t\tmovements during the period: \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tFair value of cash flow hedges \u00a0
\n\n\t\t\t\t\tFair value at 1 January \u00a0
\n\n\t\t\t\t\t-31.2 \u00a0
\n\n\t\t\t\t\t4.1 \u00a0
\n\n\t\t\t\t\tFair value adjustment at year end, net \u00a0
\n\n\t\t\t\t\t94.3 \u00a0
\n\n\t\t\t\t\t-35.3 \u00a0
\n\n\t\t\t\t\tFair value at 31 December \u00a0
\n\n\t\t\t\t\t63.1 \u00a0
\n\n\t\t\t\t\t-31.2 \u00a0
\n\n\t\t\t\t\tThe fair value of cash flow hedges at 31 December \u00a0
\n\n\t\t\t\t\tcan be specified as follows: \u00a0
\n\n\t\t\t\t\tBunker hedging \u00a0
\n\n\t\t\t\t\t-10.8 \u00a0
\n\n\t\t\t\t\t7.4 \u00a0
\n\n\t\t\t\t\tFFA hedging \u00a0
\n\n\t\t\t\t\t71.9 \u00a0
\n\n\t\t\t\t\t-39.0 \u00a0
\n\n\t\t\t\t\tForeign currency risk hedging \u00a0
\n\n\t\t\t\t\t2.0 \u00a0
\n\n\t\t\t\t\t0.4 \u00a0
\n\n\t\t\t\t\tFair value at 31 December \u00a0
\n\n\t\t\t\t\t63.1 \u00a0
\n\n\t\t\t\t\t-31.2 \u00a0
\n\n\t\t\t\t\tAt year end, cash-flow hedges cleared through \u00a0
\n\n\t\t\t\t\tmargin accounts can be specified as follows: \u00a0
\n\n\t\t\t\t\tFFA hedging \u00a0
\n\n\t\t\t\t\t71.9 \u00a0
\n\n\t\t\t\t\t-39.0 \u00a0
\n\n\t\t\t\t\tBunker hedging \u00a0
\n\n\t\t\t\t\t-11.6 \u00a0
\n\n\t\t\t\t\t5.1 \u00a0
\n\n\t\t\t\t\tForeign currency risk hedging \u00a0
\n\n\t\t\t\t\t2.0 \u00a0
\n\n\t\t\t\t\t0.4 \u00a0
\n\n\t\t\t\t\tAt year end, cash-flow hedges not cleared through \u00a0
\n\n\t\t\t\t\tmargin accounts can be specified as follows: \u00a0
\n\n\t\t\t\t\tBunker hedging \u00a0
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\t2.3 \u00a0
\n\n\t\t\t\t\tFair value at 31 December \u00a0
\n\n\t\t\t\t\t63.1 \u00a0
\n\n\t\t\t\t\t-31.2 \u00a0
Bunker hedging \u00a0
\n\n\t\t\t\t\tThe Group hedges cash flow risk from bunker prices to the extent possible. \u00a0
\n\n\t\t\t\t\tThe risk strategy is built on portfolio hedging where Risk Management, which \u00a0
\n\n\t\t\t\t\tmanages the bunker risk, is given a mandate in terms of Value at Risk. \u00a0
\n\n\t\t\t\t\tBunker swaps are used to hedge expected bunker revenues and planned \u00a0
\n\n\t\t\t\t\tbunker expenses. The bunker swaps are designated as hedges of the forward \u00a0
\n\n\t\t\t\t\tbunker prices. \u00a0
\n\n\t\t\t\t\tBunker swaps are sold to hedge revenue related to the bunker price compo- \u00a0
\n\n\t\t\t\t\tnent of expected, highly probable cargoes up to a limit given by the bunkers \u00a0
\n\n\t\t\t\t\tonboard and the redelivery commitment related to time chartered-out \u00a0
\n\n\t\t\t\t\tvessels. \u00a0
\n\n\t\t\t\t\tThe expected bunker sales arise from expected, highly probable cargoes as \u00a0
\n\n\t\t\t\t\tthe Group's basis analysis of the freight market structure has concluded that \u00a0
\n\n\t\t\t\t\tbunkers are a separate and identifiable component of cargo freight prices. \u00a0
\n\n\t\t\t\t\tBunker swaps are purchased to hedge expenses related to planned, highly \u00a0
\n\n\t\t\t\t\tprobable bunker purchases. The planned bunker purchases are related to \u00a0
\n\n\t\t\t\t\texisting cargoes, where owners must cover the bunker expenses required to \u00a0
\n\n\t\t\t\t\tcarry the cargo from its load to discharge port, and the redelivery commit- \u00a0
\n\n\t\t\t\t\tment related to time chartered-in vessels, as charterers must redeliver the \u00a0
\n\n\t\t\t\t\tvessel with a bunker volume specified in the charterparty to owners. \u00a0
\n\n\t\t\t\t\tBunker swaps are contracts that are priced against published Platts prices for \u00a0
\n\n\t\t\t\t\tthe respective bunker product in the given bunkering hub. The Group has in \u00a0
\n\n\t\t\t\t\tits basis analysis of the bunker market structure concluded that Rotterdam \u00a0
\n\n\t\t\t\t\tand Singapore prices are separate and identifiable components of bunker \u00a0
\n\n\t\t\t\t\tprices in other ports. \u00a0
\n\n\t\t\t\t\tThe Group, therefore, uses bunker swaps with price reference in Rotterdam to \u00a0
\n\n\t\t\t\t\thedge bunker prices West of Suez, and in Singapore to hedge bunker prices \u00a0
\n\n\t\t\t\t\tEast of Suez. \u00a0
As a result of the Ukraine conflict, a number of COAs were cancelled during \u00a0
\n\n\t\t\t\t\tthe year resulting in highly probable hedged bunker purchases no longer \u00a0
\n\n\t\t\t\t\texpected to occur. Consequently, a corresponding volume of bunker hedge \u00a0
\n\n\t\t\t\t\tcontracts were terminated. The cumulative\u00a0gain of USD 10 million upon \u00a0
\n\n\t\t\t\t\tcancellation has been recycled from the hedging reserve to other income as \u00a0
\n\n\t\t\t\t\tineffectiveness in second quarter 2022, not included in the table below. \u00a0
Amounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tMovements in the hedging reserve: \u00a0
\n\n\t\t\t\t\tBeginning of year \u00a0
\n\n\t\t\t\t\t7.4 \u00a0
\n\n\t\t\t\t\t9.2 \u00a0
\n\n\t\t\t\t\tFair value adjustment \u00a0
\n\n\t\t\t\t\t26.2 \u00a0
\n\n\t\t\t\t\t42.3 \u00a0
\n\n\t\t\t\t\tTransferred to revenue \u00a0
\n\n\t\t\t\t\t54.7 \u00a0
\n\n\t\t\t\t\t29.4 \u00a0
\n\n\t\t\t\t\tTransferred to operating costs \u00a0
\n\n\t\t\t\t\t-99.1 \u00a0
\n\n\t\t\t\t\t-73.5 \u00a0
\n\n\t\t\t\t\tEnd of year \u00a0
\n\n\t\t\t\t\t-10.8 \u00a0
\n\n\t\t\t\t\t7.4 \u00a0
The bunker hedging activities comprise the following contracts: \u00a0
\n\n\t\t\t\t\tSettlement Mts\u00a0Fair value \u00a0
\n\n\t\t\t\t\t1-2 \u00a0
\n\n\t\t\t\t\t2-3 \u00a0
\n\n\t\t\t\t\t>3 \u00a0
\n\n\t\t\t\t\t<1 year\u00a0years \u00a0
\n\n\t\t\t\t\tyears \u00a0
\n\n\t\t\t\t\tyears \u00a0
\n\n\t\t\t\t\tPositive Negative \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tPurchased \u00a0
\n\n\t\t\t\t\t980,106 \u00a0
\n\n\t\t\t\t\t20,192 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t20.1 \u00a0
\n\n\t\t\t\t\t-35.5 \u00a0
\n\n\t\t\t\t\tAverage USD/Mts \u00a0
\n\n\t\t\t\t\t575.8 \u00a0
\n\n\t\t\t\t\t549.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tSold \u00a0
\n\n\t\t\t\t\t776,954 \u00a0
\n\n\t\t\t\t\t3,000 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t21.1 \u00a0
\n\n\t\t\t\t\t-22.1 \u00a0
\n\n\t\t\t\t\tAverage USD/Mts \u00a0
\n\n\t\t\t\t\t568.0 \u00a0
\n\n\t\t\t\t\t537.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tPurchased \u00a0
\n\n\t\t\t\t\t763,747 86,200 \u00a0
\n\n\t\t\t\t\t4,200 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t33.4 \u00a0
\n\n\t\t\t\t\t-5.8 \u00a0
\n\n\t\t\t\t\tAverage USD/Mts \u00a0
\n\n\t\t\t\t\t528.7 \u00a0
\n\n\t\t\t\t\t375.4 \u00a0
\n\n\t\t\t\t\t361.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tSold \u00a0
\n\n\t\t\t\t\t545,756 60,000 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t4.1 \u00a0
\n\n\t\t\t\t\t-26.2 \u00a0
\n\n\t\t\t\t\tAverage USD/Mts \u00a0
\n\n\t\t\t\t\t548.2 \u00a0
\n\n\t\t\t\t\t451.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
Freight hedging \u00a0
\n\n\t\t\t\t\tTo control the uncertainty relating to cash flow risk from freight prices, future \u00a0
\n\n\t\t\t\t\topen ship days are covered by cargo contracts, T/C contracts and Forward \u00a0
\n\n\t\t\t\t\tFreight Agreements (FFAs) to the extent Management finds it attractive. \u00a0
\n\n\t\t\t\t\tThe risk is managed by the Business Unit Leaders, based on Value at Risk \u00a0
\n\n\t\t\t\t\tlimits defined by Management. \u00a0
\n\n\t\t\t\t\tThe FFAs are designated as hedges of the forward freight rate. FFAs are sold \u00a0
\n\n\t\t\t\t\tto hedge freight revenue of expected, highly probable cargoes that will be \u00a0
\n\n\t\t\t\t\tbooked. FFAs are purchased to hedge freight expenses related to expected, \u00a0
\n\n\t\t\t\t\thighly probable vessels to be time chartered-in. \u00a0
\n\n\t\t\t\t\tFFA contracts are priced against published Baltic spot indices for the respec- \u00a0
\n\n\t\t\t\t\ttive vessel types (Handysize, Supramax, Panamax). Actual earnings on spot \u00a0
\n\n\t\t\t\t\tvoyages within the respective vessel type show strong correlation to the \u00a0
\n\n\t\t\t\t\trelevant Baltic spot indices, and FFA contracts are therefore considered to be \u00a0
\n\n\t\t\t\t\teffective hedges against highly probable freight revenue when applying a 1:1 \u00a0
\n\n\t\t\t\t\thedging ratio. \u00a0
\n\n\t\t\t\t\tThe movement in price difference between the Baltic indices and the actual \u00a0
\n\n\t\t\t\t\tfreight rates and difference in actual number of days may cause ineffective- \u00a0
\n\n\t\t\t\t\tness. \u00a0
Amounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tMovements in the hedging reserve: \u00a0
\n\n\t\t\t\t\tBeginning of year \u00a0
\n\n\t\t\t\t\t-39.0 \u00a0
\n\n\t\t\t\t\t-5.2 \u00a0
\n\n\t\t\t\t\tFair value adjustment \u00a0
\n\n\t\t\t\t\t101.7 \u00a0
\n\n\t\t\t\t\t-288.1 \u00a0
\n\n\t\t\t\t\tRealised contracts, transferred to operating costs \u00a0
\n\n\t\t\t\t\t-57.9 \u00a0
\n\n\t\t\t\t\t-292.2 \u00a0
\n\n\t\t\t\t\tRealised contracts, transferred to revenue \u00a0
\n\n\t\t\t\t\t67.1 \u00a0
\n\n\t\t\t\t\t546.5 \u00a0
\n\n\t\t\t\t\tEnd of year \u00a0
\n\n\t\t\t\t\t71.9 \u00a0
\n\n\t\t\t\t\t-39.0 \u00a0
The freight hedging comprises the following contracts: \u00a0
\n\n\t\t\t\t\tSettlement days \u00a0
\n\n\t\t\t\t\tFair value \u00a0
\n\n\t\t\t\t\t<1 \u00a0
\n\n\t\t\t\t\t1-2 \u00a0
\n\n\t\t\t\t\t2-3 \u00a0
\n\n\t\t\t\t\t>3 \u00a0
\n\n\t\t\t\t\tyear \u00a0
\n\n\t\t\t\t\tyears \u00a0
\n\n\t\t\t\t\tyears \u00a0
\n\n\t\t\t\t\tyears Positive\u00a0Negative \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tPurchased \u00a0
\n\n\t\t\t\t\t15,749 \u00a0
\n\n\t\t\t\t\t4,560 \u00a0
\n\n\t\t\t\t\t600 \u00a0
\n\n\t\t\t\t\t300 \u00a0
\n\n\t\t\t\t\t29.0 \u00a0
\n\n\t\t\t\t\t-23.4 \u00a0
\n\n\t\t\t\t\tAverage USDk/day \u00a0
\n\n\t\t\t\t\t13.5 \u00a0
\n\n\t\t\t\t\t13.1 \u00a0
\n\n\t\t\t\t\t12.6 \u00a0
\n\n\t\t\t\t\t13.7 \u00a0
\n\n\t\t\t\t\tSold \u00a0
\n\n\t\t\t\t\t31,703 \u00a0
\n\n\t\t\t\t\t4,440 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t78.0 \u00a0
\n\n\t\t\t\t\t-11.6 \u00a0
\n\n\t\t\t\t\tAverage USDk/day \u00a0
\n\n\t\t\t\t\t15.0 \u00a0
\n\n\t\t\t\t\t12.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tPurchased \u00a0
\n\n\t\t\t\t\t12,928 \u00a0
\n\n\t\t\t\t\t9,840 \u00a0
\n\n\t\t\t\t\t1,320 \u00a0
\n\n\t\t\t\t\t360 \u00a0
\n\n\t\t\t\t\t127.1 \u00a0
\n\n\t\t\t\t\t-4.3 \u00a0
\n\n\t\t\t\t\tAverage USDk/day \u00a0
\n\n\t\t\t\t\t15.1 \u00a0
\n\n\t\t\t\t\t13.0 \u00a0
\n\n\t\t\t\t\t11.3 \u00a0
\n\n\t\t\t\t\t11.8 \u00a0
\n\n\t\t\t\t\tSold \u00a0
\n\n\t\t\t\t\t26,559 \u00a0
\n\n\t\t\t\t\t6,180 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t4.5 \u00a0
\n\n\t\t\t\t\t-166.3 \u00a0
\n\n\t\t\t\t\tAverage USDk/day \u00a0
\n\n\t\t\t\t\t17.7 \u00a0
\n\n\t\t\t\t\t14.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
Foreign currency risk hedging \u00a0
\n\n\t\t\t\t\tIn 2016, NORDEN agreed to transport wood pellets from the USA to the UK \u00a0
\n\n\t\t\t\t\twith one monthly cargo during 2019-2034. Part of the payments for the trans- \u00a0
\n\n\t\t\t\t\tport during 2020-2025 was denominated in GBP. \u00a0
\n\n\t\t\t\t\tAmounts in USD \u00a0
\n\n\t\t\t\t\tmillion \u00a0
\n\n\t\t\t\t\tSettlement \u00a0
\n\n\t\t\t\t\tFair value \u00a0
\n\n\t\t\t\t\t<1 \u00a0
\n\n\t\t\t\t\t1-2 \u00a0
\n\n\t\t\t\t\t2-3 \u00a0
\n\n\t\t\t\t\t>3 \u00a0
\n\n\t\t\t\t\tyear \u00a0
\n\n\t\t\t\t\tyears \u00a0
\n\n\t\t\t\t\tyears \u00a0
\n\n\t\t\t\t\tyears Positive\u00a0Negative \u00a0
\n\n\t\t\t\t\t2022 - GBP \u00a0
\n\n\t\t\t\t\t8.7 \u00a0
\n\n\t\t\t\t\t8.7 \u00a0
\n\n\t\t\t\t\t0.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t2.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t2021 - GBP \u00a0
\n\n\t\t\t\t\t8.7 \u00a0
\n\n\t\t\t\t\t8.7 \u00a0
\n\n\t\t\t\t\t8.7 \u00a0
\n\n\t\t\t\t\t0.7 \u00a0
\n\n\t\t\t\t\t0.1 \u00a0
\n\n\t\t\t\t\t-
The currency exposure arising from these payments has been swapped to \u00a0
\n\n\t\t\t\t\tUSD at two of NORDEN\u2019s partnership banks at an average GBP/USD rate of \u00a0
\n\n\t\t\t\t\t1.37. \u00a0
Derivatives \u2013 not hedge accounting \u00a0
\n\n\t\t\t\t\tThe Group has entered into hedging transactions, where hedge accounting \u00a0
\n\n\t\t\t\t\tis not used and where assets and liabilities are recognised with the following \u00a0
\n\n\t\t\t\t\tamounts: \u00a0
\n\n\t\t\t\t\tFair value \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\tPositive Negative \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tFreight Forward Agreements \u00a0
\n\n\t\t\t\t\t3.9 \u00a0
\n\n\t\t\t\t\t-4.4 \u00a0
\n\n\t\t\t\t\tForward exchange contracts \u00a0
\n\n\t\t\t\t\t5.7 \u00a0
\n\n\t\t\t\t\t-6.0 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tFreight Forward Agreements \u00a0
\n\n\t\t\t\t\t14.1 \u00a0
\n\n\t\t\t\t\t-19.8 \u00a0
\n\n\t\t\t\t\tForward exchange contracts \u00a0
\n\n\t\t\t\t\t0.2 \u00a0
\n\n\t\t\t\t\t-
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tThe Group uses derivative financial instruments to hedge its bunker price \u00a0
\n\n\t\t\t\t\trisks, freight risk and currency risks. Such derivative financial instruments are \u00a0
\n\n\t\t\t\t\tinitially recognised at fair value on the date on which a derivative contract is \u00a0
\n\n\t\t\t\t\tentered into and are subsequently remeasured at fair value. Derivatives are \u00a0
\n\n\t\t\t\t\tcarried as financial assets (other receivables) when the fair value is positive \u00a0
\n\n\t\t\t\t\tand as financial liabilities (other payables) when the fair value is negative. \u00a0
\n\n\t\t\t\t\tAt the inception of a hedge relationship, the Group formally designates \u00a0
\n\n\t\t\t\t\tand documents the hedge relationship to which it wishes to apply hedge \u00a0
\n\n\t\t\t\t\taccounting and the risk management objective and strategy for undertaking \u00a0
\n\n\t\t\t\t\tthe hedge. \u00a0
Changes in the fair value of derivative financial instruments that are desig- \u00a0
\n\n\t\t\t\t\tnated as fair value hedges of a recognised asset or a recognised liability are \u00a0
\n\n\t\t\t\t\trecognised in the income statement in the same item as any changes in the \u00a0
\n\n\t\t\t\t\tcarrying amount of the hedged asset or hedged liability. \u00a0
\n\n\t\t\t\t\tChanges in the fair value of derivative financial instruments designated as \u00a0
\n\n\t\t\t\t\thedges of expected future transactions (cash flow hedge) are recognised in \u00a0
\n\n\t\t\t\t\tother comprehensive income and presented under \u201cReserve for cash flow \u00a0
\n\n\t\t\t\t\thedges\u201d (equity). A break down of the movement into each type of cash flow \u00a0
\n\n\t\t\t\t\thedge is presented below. Where the expected future transactions results \u00a0
\n\n\t\t\t\t\tin the acquisition of non-financial assets, any amounts deferred under equity \u00a0
\n\n\t\t\t\t\tare transferred from equity to the cost of the asset. Where an expected future \u00a0
\n\n\t\t\t\t\ttransaction results in income or expense, any amount deferred under equity \u00a0
\n\n\t\t\t\t\tare transferred from equity to the income statement in the same item as the \u00a0
\n\n\t\t\t\t\thedged transaction. \u00a0
\n\n\t\t\t\t\tChanges in derivative financial instruments used for economic trading are \u00a0
\n\n\t\t\t\t\trecognised in the income statement in a separate item under other operating \u00a0
\n\n\t\t\t\t\tincome. \u00a0
4.3 Fair\u00a0value hierarchy \u00a0
\n\n\t\t\t\t\tFair value measurement \u00a0
\n\n\t\t\t\t\tThe Group measures financial instruments such as derivatives at fair value at \u00a0
\n\n\t\t\t\t\teach balance sheet date. Fair value is the price that would be received to sell \u00a0
\n\n\t\t\t\t\tan asset or paid to transfer a liability in an orderly transaction between market \u00a0
\n\n\t\t\t\t\tparticipants at the measurement date. \u00a0
\n\n\t\t\t\t\tThe fair value measurement is based on the presumption that the transaction \u00a0
\n\n\t\t\t\t\tof selling the asset or transferring the liability takes place either in the prin- \u00a0
\n\n\t\t\t\t\tcipal market for the asset or liability, or in the absence of a principal market, \u00a0
\n\n\t\t\t\t\tthe most advantageous market. The principal or the most advantageous \u00a0
\n\n\t\t\t\t\tmarket must be accessible by the Group. \u00a0
\n\n\t\t\t\t\tThe fair value of an asset or a liability is measured using the assumptions that \u00a0
\n\n\t\t\t\t\tmarket participants would use when pricing the asset or liability, assuming \u00a0
\n\n\t\t\t\t\tthat market participants act in their economic best interest. \u00a0
\n\n\t\t\t\t\tIn measuring the fair value of unlisted derivative financial instruments and \u00a0
\n\n\t\t\t\t\tother financial instruments for which there is no active market, fair value is \u00a0
\n\n\t\t\t\t\tdetermined using generally accepted valuation techniques. \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tMarket-based parameters such as market-based yield curves and forward \u00a0
\n\n\t\t\t\t\texchange prices are used for the valuation. \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tFor bunker contracts, the price is based on observable stock markets, e.g. \u00a0
\n\n\t\t\t\t\tRotterdam and Singapore. \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tThe value of FFAs is assessed on the basis of daily recorded prices from the \u00a0
\n\n\t\t\t\t\tBaltic Exchange. \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tFor non-current liabilities and other interest rate-based financial instru- \u00a0
\n\n\t\t\t\t\tments, the fair value is based on a discounted value of future cash flows. \u00a0
\n\n\t\t\t\t\tThe zero-coupon rate with the addition of the Group\u2019s interest margin is \u00a0
\n\n\t\t\t\t\tused as discount factor. \u00a0
The fair value of receivables and debt with a maturity of less than one year is \u00a0
\n\n\t\t\t\t\tassumed to approximate their face values less any estimated credit adjust- \u00a0
\n\n\t\t\t\t\tments. \u00a0
\n\n\t\t\t\t\tThe fair value of bank debt is calculated as the present value of expected \u00a0
\n\n\t\t\t\t\tfuture repayments and interest payments. As discount rate at the calculation \u00a0
\n\n\t\t\t\t\tof present value, a zero-coupon interest with similar maturities adjusted with \u00a0
\n\n\t\t\t\t\tthe Group\u2019s interest margin has been used. \u00a0
\n\n\t\t\t\t\tThe Group uses valuation techniques that are appropriate in the circum- \u00a0
\n\n\t\t\t\t\tstances and for which sufficient data is available to measure fair value, \u00a0
\n\n\t\t\t\t\tmaximising the use of relevant observable inputs and minimising the use of \u00a0
\n\n\t\t\t\t\tunobservable inputs. \u00a0
\n\n\t\t\t\t\tFinancial instruments for which fair value is measured or disclosed in the \u00a0
\n\n\t\t\t\t\tFinancial Statements are categorised within the fair value hierarchy, described \u00a0
\n\n\t\t\t\t\tfollowing the accounting hierarchy: \u00a0
\n\n\t\t\t\t\tLevel 1: \u00a0
\n\n\t\t\t\t\tQuoted (unadjusted) market prices in active markets for identical \u00a0
\n\n\t\t\t\t\tassets or liabilities \u00a0
\n\n\t\t\t\t\tLevel 2: \u00a0
\n\n\t\t\t\t\tValuation techniques for which the lowest level input that is signifi- \u00a0
\n\n\t\t\t\t\tcant to the fair value measurement is directly or indirectly observ- \u00a0
\n\n\t\t\t\t\table \u00a0
\n\n\t\t\t\t\tLevel 3: \u00a0
\n\n\t\t\t\t\tValuation techniques for which the lowest level input that is signifi- \u00a0
\n\n\t\t\t\t\tcant to the fair value measurement is unobservable \u00a0
The following table provides the fair value measurement hierarchy of the Group\u2019s assets and liabilities: \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\tFair value measurement using \u00a0
\n\n\t\t\t\t\tQuoted prices in \u00a0
\n\n\t\t\t\t\tSignificant \u00a0
\n\n\t\t\t\t\tSignificant un- \u00a0
\n\n\t\t\t\t\tCarrying \u00a0
\n\n\t\t\t\t\tactive markets \u00a0
\n\n\t\t\t\t\tobservable \u00a0
\n\n\t\t\t\t\tobservable \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tamount \u00a0
\n\n\t\t\t\t\t(Level 1) \u00a0
\n\n\t\t\t\t\tinputs (Level 2) \u00a0
\n\n\t\t\t\t\tinputs (Level 3) \u00a0
\n\n\t\t\t\t\tReceivables from subleasing 1) \u00a0
\n\n\t\t\t\t\t91.9 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t91.9 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tFreight receivables 2) \u00a0
\n\n\t\t\t\t\t328.9 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOther receivables 2) \u00a0
\n\n\t\t\t\t\t39.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tReceivables from joint ventures 2) \u00a0
\n\n\t\t\t\t\t1.5 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tCash and cash equivalents 2) \u00a0
\n\n\t\t\t\t\t842.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal financial assets at amortised cost \u00a0
\n\n\t\t\t\t\t1,303.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t91.9 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOther receivables, derivatives \u00a0
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal financial assets at fair value \u00a0
\n\n\t\t\t\t\tthrough other comprehensive income \u00a0
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOther receivables, derivatives \u00a0
\n\n\t\t\t\t\t5.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t5.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal financial assets at fair value \u00a0
\n\n\t\t\t\t\tthrough the income statement \u00a0
\n\n\t\t\t\t\t5.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t5.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tLoans \u00a0
\n\n\t\t\t\t\t-221.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-221.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tBonds \u00a0
\n\n\t\t\t\t\t-73.7 \u00a0
\n\n\t\t\t\t\t-76.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tLease liabilities 1) \u00a0
\n\n\t\t\t\t\t-519.5 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tDebt to joint ventures 2) \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTrade payables 2) \u00a0
\n\n\t\t\t\t\t-279.5 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal debt at amortised cost \u00a0
\n\n\t\t\t\t\t-1,094.3 \u00a0
\n\n\t\t\t\t\t-76.2 \u00a0
\n\n\t\t\t\t\t-221.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tDerivatives \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal financial liabilities at fair value \u00a0
\n\n\t\t\t\t\tthrough other comprehensive income \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tDerivatives \u00a0
\n\n\t\t\t\t\t-6.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-6.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal financial liabilities at fair value \u00a0
\n\n\t\t\t\t\tthrough the income statement \u00a0
\n\n\t\t\t\t\t-6.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-6.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1) The carrying amount is approximately equal to the fair value. \u00a0
\n\n\t\t\t\t\t2) Due to the short-term nature, the carrying amount is assumed to approximate the fair value. \u00a0
Amounts in USD million \u00a0
\n\n\t\t\t\t\tFair value measurement using \u00a0
\n\n\t\t\t\t\tQuoted prices in \u00a0
\n\n\t\t\t\t\tSignificant \u00a0
\n\n\t\t\t\t\tSignificant un- \u00a0
\n\n\t\t\t\t\tCarrying \u00a0
\n\n\t\t\t\t\tactive markets \u00a0
\n\n\t\t\t\t\tobservable \u00a0
\n\n\t\t\t\t\tobservable \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tamount \u00a0
\n\n\t\t\t\t\t(Level 1) \u00a0
\n\n\t\t\t\t\tinputs (Level 2) \u00a0
\n\n\t\t\t\t\tinputs (Level 3) \u00a0
\n\n\t\t\t\t\tReceivables from subleasing 1) \u00a0
\n\n\t\t\t\t\t32.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t32.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tFreight receivables 2) \u00a0
\n\n\t\t\t\t\t255.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOther receivables 2) \u00a0
\n\n\t\t\t\t\t15.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tReceivables from joint ventures 2) \u00a0
\n\n\t\t\t\t\t1.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tCash and cash equivalents 2) \u00a0
\n\n\t\t\t\t\t410.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal financial assets at amortised cost \u00a0
\n\n\t\t\t\t\t715.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t32.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOther receivables, derivatives \u00a0
\n\n\t\t\t\t\t3.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t3.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal financial assets at fair value \u00a0
\n\n\t\t\t\t\tthrough other comprehensive income \u00a0
\n\n\t\t\t\t\t3.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t3.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOther receivables, derivatives \u00a0
\n\n\t\t\t\t\t0.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t0.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal financial assets at fair value \u00a0
\n\n\t\t\t\t\tthrough the income statement \u00a0
\n\n\t\t\t\t\t0.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t0.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tLoans \u00a0
\n\n\t\t\t\t\t-342.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-342.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tBonds \u00a0
\n\n\t\t\t\t\t-98.7 \u00a0
\n\n\t\t\t\t\t-102.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tLease liabilities 1) \u00a0
\n\n\t\t\t\t\t-607.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tDebt to joint ventures 2) \u00a0
\n\n\t\t\t\t\t-13.9 \u00a0
\n\n\t\t\t\t\tTrade payables 2) \u00a0
\n\n\t\t\t\t\t-226.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal debt at amortised cost \u00a0
\n\n\t\t\t\t\t-1,288.4 \u00a0
\n\n\t\t\t\t\t-102.0 \u00a0
\n\n\t\t\t\t\t-342.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tDerivatives \u00a0
\n\n\t\t\t\t\t-1.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-1.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal financial liabilities at fair value \u00a0
\n\n\t\t\t\t\tthrough other comprehensive income \u00a0
\n\n\t\t\t\t\t-1.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-1.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tDerivatives \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal financial liabilities at fair value \u00a0
\n\n\t\t\t\t\tthrough the income statement \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1) The carrying amount is approximately equal to the fair value. \u00a0
\n\n\t\t\t\t\t2) Due to the short term nature, the carrying amount is assumed to approximate the fair value. \u00a0
NORDEN's forward exchange contracts and other derivative financial instru- \u00a0
\n\n\t\t\t\t\tments (commodity instruments) are considered for fair value measurement \u00a0
\n\n\t\t\t\t\tat level two as the fair value can be determined directly on the basis of \u00a0
\n\n\t\t\t\t\tthe published exchange rates and forward interest rates and prices at the \u00a0
\n\n\t\t\t\t\treporting date. \u00a0
\n\n\t\t\t\t\tNORDEN's bonds are considered for fair value measurement at level 1 as the \u00a0
\n\n\t\t\t\t\tbond is quoted by NASDAQ, valued at the official closing price. \u00a0
\n\n\t\t\t\t\tNORDEN's other financial instruments are considered for fair value measure- \u00a0
\n\n\t\t\t\t\tment at level two as the fair value can be determined on the basis of observ- \u00a0
\n\n\t\t\t\t\table inputs. \u00a0
4.4 Share\u00a0capital and dividends \u00a0
\n\n\t\t\t\t\tDistribution to shareholders \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tInterim dividend for the year \u00a0
\n\n\t\t\t\t\t279.5 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tDividend for the prior year \u00a0
\n\n\t\t\t\t\t96.7 \u00a0
\n\n\t\t\t\t\t53.0 \u00a0
\n\n\t\t\t\t\tShare repurchases for the year \u00a0
\n\n\t\t\t\t\t129.8 \u00a0
\n\n\t\t\t\t\t33.1 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t506.0 \u00a0
\n\n\t\t\t\t\t86.1 \u00a0
\n\n\t\t\t\t\tThe net cash distribution to shareholders in the form of dividends and share \u00a0
\n\n\t\t\t\t\trepurchases amounts to USD 506 million, compared with a free cash flow of \u00a0
\n\n\t\t\t\t\tUSD 1,079 million. \u00a0
\n\n\t\t\t\t\tThe total dividend related to 2022 amounts to USD 424.7 million (DKK 90 per \u00a0
\n\n\t\t\t\t\tshare), corresponding to a payout ratio of 57.1%. The 2022 final dividend of \u00a0
\n\n\t\t\t\t\tUSD 145.2 million (DKK 30 per share) is expected to be distributed pending \u00a0
\n\n\t\t\t\t\tapproval at the Annual General Meeting. \u00a0
Interim dividends of USD 141 million (DKK 30 per share) were paid in August \u00a0
\n\n\t\t\t\t\t2022 and USD 139 million (DKK 30 per share) in November 2022. \u00a0
\n\n\t\t\t\t\tAmounts excluding dividend declared on treasury shares. \u00a0
Treasury shares \u00a0
\n\n\t\t\t\t\tMarket \u00a0
\n\n\t\t\t\t\tvalue, \u00a0
\n\n\t\t\t\t\tTreasury \u00a0
\n\n\t\t\t\t\tUSD \u00a0
\n\n\t\t\t\t\tshares \u00a0
\n\n\t\t\t\t\tmillion \u00a0
\n\n\t\t\t\t\tin % \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tHolding at 1 January \u00a0
\n\n\t\t\t\t\t61.8 \u00a0
\n\n\t\t\t\t\t6.22 \u00a0
\n\n\t\t\t\t\t2,436,939 \u00a0
\n\n\t\t\t\t\t2,894,467 \u00a0
\n\n\t\t\t\t\tPurchases \u00a0
\n\n\t\t\t\t\t3,327,721 \u00a0
\n\n\t\t\t\t\t1,481,230 \u00a0
\n\n\t\t\t\t\tTransfers \u00a0
\n\n\t\t\t\t\t-316,648 \u00a0
\n\n\t\t\t\t\t-438,758 \u00a0
\n\n\t\t\t\t\tCancellations \u00a0
\n\n\t\t\t\t\t-2,200,000 \u00a0
\n\n\t\t\t\t\t-1,500,000 \u00a0
\n\n\t\t\t\t\tHolding at 31 December \u00a0
\n\n\t\t\t\t\t194.7 \u00a0
\n\n\t\t\t\t\t8.78 \u00a0
\n\n\t\t\t\t\t3,248,012 \u00a0
\n\n\t\t\t\t\t2,436,939 \u00a0
\n\n\t\t\t\t\tTreasury shares are acquired for the purpose of hedging in connection with \u00a0
\n\n\t\t\t\t\tshare-based payment and in connection with share buy-back programmes. \u00a0
\n\n\t\t\t\t\tThe Company is authorised by the general meeting to acquire treasury shares \u00a0
\n\n\t\t\t\t\tin the period until next year\u2019s annual general meeting at a total nominal value \u00a0
\n\n\t\t\t\t\tnot exceeding 15% of the share capital at the market price applicable at the \u00a0
\n\n\t\t\t\t\ttime of acquisition with a deviation of up to 10%. \u00a0
Share buy-back programmes \u00a0
\n\n\t\t\t\t\tNORDEN initiated four share buy-back programmes in 2022. The share buy-back \u00a0
\n\n\t\t\t\t\tprogrammes were initiated pursuant to the authorisation granted to the Board of \u00a0
\n\n\t\t\t\t\tDirectors. The details of the four share buy-back programmes can be found in the \u00a0
\n\n\t\t\t\t\tfollowing table: \u00a0
Limit* of Number\u00a0of Cost\u00a0of shares\u00a0Avg. price of \u00a0
\n\n\t\t\t\t\tPeriod \u00a0
\n\n\t\t\t\t\tshare capital\u00a0shares acq.\u00a0acq., DKK\u00a0shares acq. \u00a0
\n\n\t\t\t\t\t4 Nov 21 - 28 Feb 22 \u00a0
\n\n\t\t\t\t\t10% \u00a0
\n\n\t\t\t\t\t754,900 \u00a0
\n\n\t\t\t\t\t120,816,462 \u00a0
\n\n\t\t\t\t\t159 \u00a0
\n\n\t\t\t\t\t3 Mar - 30 Apr 22 \u00a0
\n\n\t\t\t\t\t10% \u00a0
\n\n\t\t\t\t\t814,921 \u00a0
\n\n\t\t\t\t\t198,723,547 \u00a0
\n\n\t\t\t\t\t243 \u00a0
\n\n\t\t\t\t\t6 Jul - 16 Aug 22 \u00a0
\n\n\t\t\t\t\t15% \u00a0
\n\n\t\t\t\t\t357,700 \u00a0
\n\n\t\t\t\t\t106,373,379 \u00a0
\n\n\t\t\t\t\t296 \u00a0
\n\n\t\t\t\t\t18 Aug - 1 Nov 22 \u00a0
\n\n\t\t\t\t\t15% \u00a0
\n\n\t\t\t\t\t841,200 \u00a0
\n\n\t\t\t\t\t291,827,249 \u00a0
\n\n\t\t\t\t\t345 \u00a0
\n\n\t\t\t\t\t3 Nov 22 - 7 Feb 23 \u00a0
\n\n\t\t\t\t\t15% \u00a0
\n\n\t\t\t\t\t559,000 \u00a0
\n\n\t\t\t\t\t205,951,180 \u00a0
\n\n\t\t\t\t\t368 \u00a0
\n\n\t\t\t\t\t3,327,721 923,691,817 \u00a0
\n\n\t\t\t\t\t277 \u00a0
\n\n\t\t\t\t\t* applicable at the time of acquisition with a deviation of up to 10% \u00a0
\n\n\t\t\t\t\tThe figures in the above table only include shares acquired through share \u00a0
\n\n\t\t\t\t\tbuy-back programmes in 2022. \u00a0
\n\n\t\t\t\t\tThe total cost of DKK 923,691,817 was deducted from retained earnings. \u00a0
Accounting policies \u00a0
\n\n\t\t\t\t\tDividend \u00a0
\n\n\t\t\t\t\tDividend is recognised as a liability at the time of adoption by the share- \u00a0
\n\n\t\t\t\t\tholders at the annual general meeting. Dividend proposed by Management in \u00a0
\n\n\t\t\t\t\trespect of the year is stated under equity. \u00a0
Treasury shares \u00a0
\n\n\t\t\t\t\tThe acquisition and sale of treasury shares and dividends thereon are taken \u00a0
\n\n\t\t\t\t\tdirectly to retained earnings under equity. \u00a0
4.5 Earnings\u00a0per share (EPS) \u00a0
\n\n\t\t\t\t\tThe basis for calculating earnings per share and diluted earnings per share is \u00a0
\n\n\t\t\t\t\tset out below: \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tProfit for the year \u00a0
\n\n\t\t\t\t\t743.5 \u00a0
\n\n\t\t\t\t\t204.5 \u00a0
\n\n\t\t\t\t\tWeighted average number of ordinary shares \u00a0
\n\n\t\t\t\t\t37,572,603 39,717,808 \u00a0
\n\n\t\t\t\t\tWeighted average number of treasury shares \u00a0
\n\n\t\t\t\t\t2,484,477 2,203,639 \u00a0
\n\n\t\t\t\t\tWeighted average number of shares \u00a0
\n\n\t\t\t\t\t35,088,126 37,514,169 \u00a0
\n\n\t\t\t\t\tDilutive effect of outstanding options and \u00a0
\n\n\t\t\t\t\trestricted performance shares \u00a0
\n\n\t\t\t\t\t209,071 \u00a0
\n\n\t\t\t\t\t187,742 \u00a0
\n\n\t\t\t\t\tWeighted average number of shares, including \u00a0
\n\n\t\t\t\t\tdilutive effect of options and restricted perfor- \u00a0
\n\n\t\t\t\t\tmance shares \u00a0
\n\n\t\t\t\t\t35,297,197 \u00a0
\n\n\t\t\t\t\t37,701,911 \u00a0
\n\n\t\t\t\t\tEarnings per share, EPS (USD) \u00a0
\n\n\t\t\t\t\t21.2 \u00a0
\n\n\t\t\t\t\t5.5 \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tEarnings per share is presented as both basic and diluted earnings per share. \u00a0
\n\n\t\t\t\t\tBasic earnings per share is calculated as net profit divided by the weighted \u00a0
\n\n\t\t\t\t\taverage number of shares outstanding. \u00a0
\n\n\t\t\t\t\tDiluted earnings per share is calculated as net profit divided by the sum of \u00a0
\n\n\t\t\t\t\taverage number of shares outstanding, including the dilutive effect of the \u00a0
4.6 Loans\u00a0and bonds \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tCurrent debt \u00a0
\n\n\t\t\t\t\t21.0 \u00a0
\n\n\t\t\t\t\t39.9 \u00a0
\n\n\t\t\t\t\tNon-current debt \u00a0
\n\n\t\t\t\t\t274.3 \u00a0
\n\n\t\t\t\t\t400.8 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t295.3 \u00a0
\n\n\t\t\t\t\t440.7 \u00a0
\n\n\t\t\t\t\tFixed-rate \u00a0
\n\n\t\t\t\t\t107.1 \u00a0
\n\n\t\t\t\t\t59.3 \u00a0
\n\n\t\t\t\t\tFloating-rate \u00a0
\n\n\t\t\t\t\t115.2 \u00a0
\n\n\t\t\t\t\t284.9 \u00a0
\n\n\t\t\t\t\tBonds \u00a0
\n\n\t\t\t\t\t73.7 \u00a0
\n\n\t\t\t\t\t98.7 \u00a0
\n\n\t\t\t\t\tCommission \u00a0
\n\n\t\t\t\t\t-0.7 \u00a0
\n\n\t\t\t\t\t-2.2 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t295.3 \u00a0
\n\n\t\t\t\t\t440.7 \u00a0
\n\n\t\t\t\t\tMovements in interest-bearing debt: \u00a0
\n\n\t\t\t\t\tInterest-bearing debt at 1 January \u00a0
\n\n\t\t\t\t\t440.7 \u00a0
\n\n\t\t\t\t\t320.0 \u00a0
\n\n\t\t\t\t\tProceeds from loans \u00a0
\n\n\t\t\t\t\t60.6 \u00a0
\n\n\t\t\t\t\t417.1 \u00a0
\n\n\t\t\t\t\tRepayment of loans \u00a0
\n\n\t\t\t\t\t-180.4 \u00a0
\n\n\t\t\t\t\t-395.1 \u00a0
\n\n\t\t\t\t\tRepayment of and proceeds from bonds \u00a0
\n\n\t\t\t\t\t-25.5 \u00a0
\n\n\t\t\t\t\t98.7 \u00a0
\n\n\t\t\t\t\tOther adjustments \u00a0
\n\n\t\t\t\t\t-0.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tInterest-bearing debt at 31 December \u00a0
\n\n\t\t\t\t\t295.3 \u00a0
\n\n\t\t\t\t\t440.7 \u00a0
\n\n\t\t\t\t\tMortgages and securities \u00a0
\n\n\t\t\t\t\tSecurity for loans \u00a0
\n\n\t\t\t\t\t116.2 \u00a0
\n\n\t\t\t\t\t296.4 \u00a0
\n\n\t\t\t\t\t\u2013 number of vessels pledged \u00a0
\n\n\t\t\t\t\t13 \u00a0
\n\n\t\t\t\t\t26 \u00a0
\n\n\t\t\t\t\t\u2013 number of buildings pledged \u00a0
\n\n\t\t\t\t\t2
\n\n\t\t\t\t\t2
\n\n\t\t\t\t\t\u2013 carrying amount \u00a0
\n\n\t\t\t\t\t388.2 \u00a0
\n\n\t\t\t\t\t641.1 \u00a0
\n\n\t\t\t\t\t\u2013 mortgaged amount \u00a0
\n\n\t\t\t\t\t485.5 \u00a0
\n\n\t\t\t\t\t594.9 \u00a0
\n\n\t\t\t\t\tAmount insured on vessels \u00a0
\n\n\t\t\t\t\t564.0 \u00a0
\n\n\t\t\t\t\t777.6 \u00a0
\n\n\t\t\t\t\tFixed-rate loans include financial leasing debt of USD 105.5 million. \u00a0
\n\n\t\t\t\t\tSome of the mortgages have been registered with an amount to secure future \u00a0
\n\n\t\t\t\t\tdrawings under a revolving credit facility of USD 200 million of which 0 million \u00a0
\n\n\t\t\t\t\thave been drawn. \u00a0
The Group\u2019s loan agreements generally include a clause on the lender\u2019s \u00a0
\n\n\t\t\t\t\toption to terminate the agreement in the event the majority control of the \u00a0
\n\n\t\t\t\t\tGroup is changed. \u00a0
\n\n\t\t\t\t\tMortgages and security provided in relation to liabilities are disclosed in note \u00a0
\n\n\t\t\t\t\t3.1 \"Tangible assets\". Refer to note 4.3 \"Fair value hierarchy\" for a description \u00a0
\n\n\t\t\t\t\tof the fair value hierarchy. \u00a0
Net interest-bearing debt \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tInterest-bearing debt \u00a0
\n\n\t\t\t\t\t-295.3 \u00a0
\n\n\t\t\t\t\t-440.7 \u00a0
\n\n\t\t\t\t\tLease liabilities \u00a0
\n\n\t\t\t\t\t-519.5 \u00a0
\n\n\t\t\t\t\t-607.7 \u00a0
\n\n\t\t\t\t\tCash and cash equivalents \u00a0
\n\n\t\t\t\t\t842.3 \u00a0
\n\n\t\t\t\t\t410.7 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t27.5 \u00a0
\n\n\t\t\t\t\t-637.7 \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tLoans and bonds comprise amounts borrowed from banks and a credit insti- \u00a0
\n\n\t\t\t\t\ttution, and senior unsecured bonds listed on NASDAQ Copenhagen A/S. \u00a0
\n\n\t\t\t\t\tLoans and bonds are recognised at the time the liabilities are obtained in the \u00a0
\n\n\t\t\t\t\tamount of the proceeds after deduction of transaction costs. In subsequent \u00a0
\n\n\t\t\t\t\tperiods, such loans and bonds are recognised at amortised cost, equivalent \u00a0
\n\n\t\t\t\t\tto the capitalised value applying the effective rate of interest at the inception \u00a0
\n\n\t\t\t\t\tof the loan or bond, to the effect that the difference between the proceeds \u00a0
\n\n\t\t\t\t\tand the nominal value is recognised as interest expense in the income state- \u00a0
\n\n\t\t\t\t\tment over the term of the loan or bond. \u00a0
\n\n\t\t\t\t\tCommission paid to set up a credit facility is recognised as transaction costs \u00a0
\n\n\t\t\t\t\tto the extent that it is probable that the facility will be partially utilised. To the \u00a0
\n\n\t\t\t\t\textent that it is not probable that the facility will be partially or fully utilised, \u00a0
\n\n\t\t\t\t\tcommission is amortised over the term of the credit facility. \u00a0
4.7 Leases\u00a0\u2013 lessee \u00a0
\n\n\t\t\t\t\tThe nature of the leasing activities \u00a0
\n\n\t\t\t\t\tThe majority of the lease contracts are time charter contracts on vessels, \u00a0
\n\n\t\t\t\t\toffice spaces, and other equipment from external parties under non-cancel- \u00a0
\n\n\t\t\t\t\tlable operating lease agreements. \u00a0
\n\n\t\t\t\t\tThe time charter leases have been entered with a lease period of up to five \u00a0
\n\n\t\t\t\t\tyears. Leases have varying terms, including options to extend and options to \u00a0
\n\n\t\t\t\t\tpurchase. \u00a0
Amounts recognised in the statement of financial position \u00a0
\n\n\t\t\t\t\tSet out below are the carrying amounts of right-of-use assets and lease liabili- \u00a0
\n\n\t\t\t\t\tties recognised and the movements during the period: \u00a0
Amounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tRight-of-use assets \u00a0
\n\n\t\t\t\t\tCost at 1 January \u00a0
\n\n\t\t\t\t\t958.3 \u00a0
\n\n\t\t\t\t\t527.3 \u00a0
\n\n\t\t\t\t\tAdditions \u00a0
\n\n\t\t\t\t\t244.7 \u00a0
\n\n\t\t\t\t\t443.1 \u00a0
\n\n\t\t\t\t\tRemeasurements \u00a0
\n\n\t\t\t\t\t78.1 \u00a0
\n\n\t\t\t\t\t67.5 \u00a0
\n\n\t\t\t\t\tDisposals \u00a0
\n\n\t\t\t\t\t-133.5 \u00a0
\n\n\t\t\t\t\t-79.6 \u00a0
\n\n\t\t\t\t\tCost at 31 December \u00a0
\n\n\t\t\t\t\t1,147.6 \u00a0
\n\n\t\t\t\t\t958.3 \u00a0
\n\n\t\t\t\t\tDepreciation at 1 January \u00a0
\n\n\t\t\t\t\t-401.8 \u00a0
\n\n\t\t\t\t\t-228.7 \u00a0
\n\n\t\t\t\t\tDepreciation \u00a0
\n\n\t\t\t\t\t-420.0 \u00a0
\n\n\t\t\t\t\t-252.1 \u00a0
\n\n\t\t\t\t\tDisposals \u00a0
\n\n\t\t\t\t\t128.2 \u00a0
\n\n\t\t\t\t\t79.0 \u00a0
\n\n\t\t\t\t\tDepreciation at 31 December \u00a0
\n\n\t\t\t\t\t-693.6 \u00a0
\n\n\t\t\t\t\t-401.8 \u00a0
\n\n\t\t\t\t\tCarrying amount at 31 December \u00a0
\n\n\t\t\t\t\t454.0 \u00a0
\n\n\t\t\t\t\t556.5 \u00a0
\n\n\t\t\t\t\tLease liabilities \u00a0
\n\n\t\t\t\t\tLease liabilities at 1 January \u00a0
\n\n\t\t\t\t\t607.7 \u00a0
\n\n\t\t\t\t\t355.4 \u00a0
\n\n\t\t\t\t\tAdditions \u00a0
\n\n\t\t\t\t\t300.4 \u00a0
\n\n\t\t\t\t\t454.7 \u00a0
\n\n\t\t\t\t\tRemeasurements \u00a0
\n\n\t\t\t\t\t83.2 \u00a0
\n\n\t\t\t\t\t66.9 \u00a0
\n\n\t\t\t\t\tInstalments \u00a0
\n\n\t\t\t\t\t-466.4 \u00a0
\n\n\t\t\t\t\t-268.4 \u00a0
\n\n\t\t\t\t\tDisposals \u00a0
\n\n\t\t\t\t\t-5.4 \u00a0
\n\n\t\t\t\t\t-0.9 \u00a0
\n\n\t\t\t\t\tLease liabilities at 31 December \u00a0
\n\n\t\t\t\t\t519.5 \u00a0
\n\n\t\t\t\t\t607.7 \u00a0
Amounts recognised in the income statement \u00a0
\n\n\t\t\t\t\tSet out below are the amounts related to right-of-use assets and lease \u00a0
\n\n\t\t\t\t\tliabilities recognised in the income statement: \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tExpenses related to the service component of right- \u00a0
\n\n\t\t\t\t\tof-use assets \u00a0
\n\n\t\t\t\t\t285.6 \u00a0
\n\n\t\t\t\t\t206.2 \u00a0
\n\n\t\t\t\t\tExpenses related to short-term leases \u00a0
\n\n\t\t\t\t\t1,866.0 \u00a0
\n\n\t\t\t\t\t1,361.1 \u00a0
\n\n\t\t\t\t\tExpenses/gains related to derecognition of leases \u00a0
\n\n\t\t\t\t\t-1.8 \u00a0
\n\n\t\t\t\t\t-0.5 \u00a0
\n\n\t\t\t\t\tDepreciation of right-of-use assets \u00a0
\n\n\t\t\t\t\t420.0 \u00a0
\n\n\t\t\t\t\t252.1 \u00a0
\n\n\t\t\t\t\tInterest expenses related to lease liabilities \u00a0
\n\n\t\t\t\t\t32.3 \u00a0
\n\n\t\t\t\t\t23.9 \u00a0
Leases with future commencement date \u00a0
\n\n\t\t\t\t\tThe Group has entered into has entered lease agreements with future \u00a0
\n\n\t\t\t\t\tcommencement dates, which will affect the statement of financial position as \u00a0
\n\n\t\t\t\t\tshown below, when the time-chartered vessels will be delivered, and the Group \u00a0
\n\n\t\t\t\t\tobtains control of the asset. \u00a0
Daily running cost \u00a0
\n\n\t\t\t\t\tThe Group has elected to separate lease and non-lease components. For \u00a0
\n\n\t\t\t\t\tthese contracts, the consideration is allocated based on the relative stand- \u00a0
\n\n\t\t\t\t\talone prices between the lease and non-lease component. \u00a0
For time charter contracts, the non-lease component is the technical \u00a0
\n\n\t\t\t\t\tmanagement services provided to operate the vessel. The future effect in \u00a0
\n\n\t\t\t\t\tthe income statement related to the non-lease component (daily running \u00a0
\n\n\t\t\t\t\tcosts) is as shown below. \u00a0
Extension options \u00a0
\n\n\t\t\t\t\tSome leases include an option to be extended for one additional year at a \u00a0
\n\n\t\t\t\t\ttime. Where\u00a0practicable, the Group seeks to include extension options in \u00a0
\n\n\t\t\t\t\tnew leases to provide operational flexibility. The extension options held are \u00a0
\n\n\t\t\t\t\texercisable only by the Group and not by the lessors. \u00a0
\n\n\t\t\t\t\tThe Group assesses at the lease commencement date whether it is \u00a0
\n\n\t\t\t\t\treasonably certain that the extension option will be exercised. The Group \u00a0
\n\n\t\t\t\t\treassesses whether it is reasonably certain that the extension option will \u00a0
\n\n\t\t\t\t\tbe exercised if there is a significant event or significant changes in circum- \u00a0
\n\n\t\t\t\t\tstances within its control. \u00a0
\n\n\t\t\t\t\tIf all available extension options at year end were exercised when possible, \u00a0
\n\n\t\t\t\t\tthe right-of-use asset and corresponding lease liability would increase by \u00a0
\n\n\t\t\t\t\tthe following amounts in each future year (undiscounted and excluding \u00a0
\n\n\t\t\t\t\tnon-lease component). \u00a0
<1 year \u00a0
\n\n\t\t\t\t\t1-5 years \u00a0
\n\n\t\t\t\t\t>5 years \u00a0
\n\n\t\t\t\t\tFreight \u00a0
\n\n\t\t\t\t\tFreight \u00a0
\n\n\t\t\t\t\tFreight \u00a0
\n\n\t\t\t\t\tAssets & \u00a0
\n\n\t\t\t\t\tServices \u00a0
\n\n\t\t\t\t\tAssets & \u00a0
\n\n\t\t\t\t\tServices \u00a0
\n\n\t\t\t\t\tAssets &\u00a0Services \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\tLogistics &\u00a0Trading Logistics &\u00a0Trading Logistics &\u00a0Trading \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tLeases with future commencement date \u00a0
\n\n\t\t\t\t\t27.7 \u00a0
\n\n\t\t\t\t\t0.5 \u00a0
\n\n\t\t\t\t\t139.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t167.8 \u00a0
\n\n\t\t\t\t\tExtension options \u00a0
\n\n\t\t\t\t\t38.8 \u00a0
\n\n\t\t\t\t\t19.6 \u00a0
\n\n\t\t\t\t\t344.3 \u00a0
\n\n\t\t\t\t\t9.6 \u00a0
\n\n\t\t\t\t\t168.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t581.0 \u00a0
\n\n\t\t\t\t\tDaily running cost \u00a0
\n\n\t\t\t\t\t137.0 \u00a0
\n\n\t\t\t\t\t76.2 \u00a0
\n\n\t\t\t\t\t266.6 \u00a0
\n\n\t\t\t\t\t15.1 \u00a0
\n\n\t\t\t\t\t7.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t502.6 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tLeases with future commencement date \u00a0
\n\n\t\t\t\t\t99.0 \u00a0
\n\n\t\t\t\t\t19.6 \u00a0
\n\n\t\t\t\t\t15.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t134.0 \u00a0
\n\n\t\t\t\t\tExtension options \u00a0
\n\n\t\t\t\t\t39.7 \u00a0
\n\n\t\t\t\t\t31.5 \u00a0
\n\n\t\t\t\t\t322.5 \u00a0
\n\n\t\t\t\t\t41.8 \u00a0
\n\n\t\t\t\t\t153.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t588.5 \u00a0
\n\n\t\t\t\t\tDaily running cost \u00a0
\n\n\t\t\t\t\t136.7 \u00a0
\n\n\t\t\t\t\t95.3 \u00a0
\n\n\t\t\t\t\t243.6 \u00a0
\n\n\t\t\t\t\t39.8 \u00a0
\n\n\t\t\t\t\t4.9 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t520.3 \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tAt inception of a new contract, NORDEN assesses whether a contract is a \u00a0
\n\n\t\t\t\t\tlease or contains a lease. This involves exercise of judgement as to whether: \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tthe contract depends on the use of a specific asset, \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tNORDEN obtains substantially all the economic benefits from the use of \u00a0
\n\n\t\t\t\t\tthe asset, and \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tNORDEN has the right to direct the use of the asset. \u00a0
Right-of-use assets \u00a0
\n\n\t\t\t\t\tNORDEN recognises right-of-use assets at the commencement date of the \u00a0
\n\n\t\t\t\t\tlease (i.e. the date the underlying asset is available for use). Right-of-use \u00a0
\n\n\t\t\t\t\tassets are measured at cost less any accumulated depreciation, impairment \u00a0
\n\n\t\t\t\t\tlosses and adjusted for any remeasurement of lease liabilities. \u00a0
\n\n\t\t\t\t\tThe cost of right-of-use assets includes the amount of lease liabilities recog- \u00a0
\n\n\t\t\t\t\tnised, and lease payments made before the commencement date. Unless \u00a0
\n\n\t\t\t\t\tNORDEN is reasonably certain to obtain ownership of the leased asset at the \u00a0
\n\n\t\t\t\t\tend of the lease term, the recognised right-of-use assets are depreciated on \u00a0
\n\n\t\t\t\t\ta straight-line basis over the shorter of its estimated useful life and the lease \u00a0
\n\n\t\t\t\t\tterm. \u00a0
Impairment of right-of-use assets \u00a0
\n\n\t\t\t\t\tSimilar to owned assets, right-of-use assets are subject to testing for impair- \u00a0
\n\n\t\t\t\t\tment if there is an indication of impairment. Refer to note 3.1 \"Tangible assets\" \u00a0
\n\n\t\t\t\t\tfor further information. \u00a0
Lease liabilities \u00a0
\n\n\t\t\t\t\tAt the commencement date of a lease, NORDEN recognises lease liabilities \u00a0
\n\n\t\t\t\t\tmeasured at the present value of lease payments to be made over the lease term. \u00a0
\n\n\t\t\t\t\tThe lease term comprises the non-cancellable period with addition of periods \u00a0
\n\n\t\t\t\t\tcovered by options, if NORDEN is reasonably certain to exercise such exten- \u00a0
sion options. This assessment is made on inception of the lease. The lease \u00a0
\n\n\t\t\t\t\tpayments include fixed payments and variable payments depending on \u00a0
\n\n\t\t\t\t\tan index or a rate. The lease payments also include the exercise price of a \u00a0
\n\n\t\t\t\t\tpurchase option reasonably certain to be exercised by NORDEN. \u00a0
\n\n\t\t\t\t\tLease payments are allocated between principal and finance cost. The \u00a0
\n\n\t\t\t\t\tfinance cost is charged to the income statement over the lease period so as \u00a0
\n\n\t\t\t\t\tto produce a constant period rate of interest on the remaining balance of the \u00a0
\n\n\t\t\t\t\tliabilities for each period. \u00a0
\n\n\t\t\t\t\tIn calculating the present value of lease payments, NORDEN uses the incre- \u00a0
\n\n\t\t\t\t\tmental borrowing rate at the lease commencement date. The incremental \u00a0
\n\n\t\t\t\t\tborrowing rate applied is in the range of 4-6%, depending on the maturity of \u00a0
\n\n\t\t\t\t\tthe lease contracts. \u00a0
\n\n\t\t\t\t\tIn addition, the carrying amount of lease liabilities is remeasured if there is a \u00a0
\n\n\t\t\t\t\tmodification, a change in the lease term, a change in the fixed lease payments \u00a0
\n\n\t\t\t\t\tor a change in the assessment to purchase the underlying asset. \u00a0
Short-term leases and leases of low-value assets \u00a0
\n\n\t\t\t\t\tNORDEN applies the lease recognition exemptions related to the short-term \u00a0
\n\n\t\t\t\t\tleases (lease term of 12 months or less) and leases of low-value assets. Lease \u00a0
\n\n\t\t\t\t\tpayments on short-term leases and leases of low-value assets are recognised in \u00a0
\n\n\t\t\t\t\tthe income statement as an expense on a straight-line basis over the lease term. \u00a0
Sale and lease back \u00a0
\n\n\t\t\t\t\tFor sale and leaseback transactions, if there is a transfer of control within \u00a0
\n\n\t\t\t\t\tthe meaning of IFRS 15, NORDEN as the seller-lessee measures the right- \u00a0
\n\n\t\t\t\t\tof-use asset arising from the leaseback at the proportion of the previous \u00a0
\n\n\t\t\t\t\tcarrying amount of the asset that relates to the right of use retained by the \u00a0
\n\n\t\t\t\t\tseller-lessee. \u00a0
\n\n\t\t\t\t\tAny gain or loss that relates to the rights transferred to the buyer-lessor is \u00a0
\n\n\t\t\t\t\trecognised in profit or loss. \u00a0
If there is no transfer of control, the seller-lessee recognizes the transaction \u00a0
\n\n\t\t\t\t\tas a financing transaction. While the transaction is legally subject to a lease \u00a0
\n\n\t\t\t\t\tcontract, it is not accounted for as a lease and the underlying asset is not \u00a0
\n\n\t\t\t\t\tderecognised. \u00a0
Cash flows \u00a0
\n\n\t\t\t\t\tIn the statement of cash flows, cash payments for the principal portion of the \u00a0
\n\n\t\t\t\t\tlease liabilities and related cash payments for the interest portion are classi- \u00a0
\n\n\t\t\t\t\tfied within the financing activities. For short-term leases or leases of low-value \u00a0
\n\n\t\t\t\t\tassets, the lease payments are classified within the operating activities. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
\n\n\t\t\t\t\tNORDEN has elected to separate lease and non-lease components for leases \u00a0
\n\n\t\t\t\t\tof time charter contracts on vessels. For these contracts, the estimated \u00a0
\n\n\t\t\t\t\tnon-lease component (daily running costs) is excluded from the right-of-use \u00a0
\n\n\t\t\t\t\tassets. \u00a0
\n\n\t\t\t\t\tAssessing the consideration attributable to the non-lease component \u00a0
\n\n\t\t\t\t\tincludes a significant accounting judgement, where Management uses market \u00a0
\n\n\t\t\t\t\tdata from an independent service provider. The market data consists of \u00a0
\n\n\t\t\t\t\tbenchmarking reports and allows NORDEN to benchmark vessels' operating \u00a0
\n\n\t\t\t\t\tcosts against a global sample. The measurement of the non-lease component \u00a0
\n\n\t\t\t\t\ttakes several factors into consideration such as operating costs, aging of the \u00a0
\n\n\t\t\t\t\tvessels, vessel types, etc. \u00a0
\n\n\t\t\t\t\tIn this regard, Management assesses the service provider\u2019s independence, \u00a0
\n\n\t\t\t\t\tobjectivity and qualifications and whether the market data is appropriate for \u00a0
\n\n\t\t\t\t\tthe purpose, e.g. based on sufficient market data. \u00a0
4.8 Leases\u00a0\u2013 lessor and COAs \u00a0
\n\n\t\t\t\t\tThis note provides information on leases where the Group is the lessor. \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tAmounts recognised in the income statement \u00a0
\n\n\t\t\t\t\tRevenue from sublease financial income* \u00a0
\n\n\t\t\t\t\t2.7 \u00a0
\n\n\t\t\t\t\t1.5 \u00a0
\n\n\t\t\t\t\tGain on derecognised right-of-use assets* \u00a0
\n\n\t\t\t\t\t55.7 \u00a0
\n\n\t\t\t\t\t18.8 \u00a0
\n\n\t\t\t\t\tAmounts recognised in the statement of cash flows \u00a0
\n\n\t\t\t\t\tInstalment on sublease receivables \u00a0
\n\n\t\t\t\t\t52.9 \u00a0
\n\n\t\t\t\t\t24.8 \u00a0
\n\n\t\t\t\t\tReceivables from subleasing \u00a0
\n\n\t\t\t\t\tReceivables from subleases at 1 January \u00a0
\n\n\t\t\t\t\t32.8 \u00a0
\n\n\t\t\t\t\t26.7 \u00a0
\n\n\t\t\t\t\tAdditions \u00a0
\n\n\t\t\t\t\t111.0 \u00a0
\n\n\t\t\t\t\t31.5 \u00a0
\n\n\t\t\t\t\tDisposals \u00a0
\n\n\t\t\t\t\t-6.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tRemeasurements \u00a0
\n\n\t\t\t\t\t7.3 \u00a0
\n\n\t\t\t\t\t-0.6 \u00a0
\n\n\t\t\t\t\tPayments received \u00a0
\n\n\t\t\t\t\t-52.9 \u00a0
\n\n\t\t\t\t\t-24.8 \u00a0
\n\n\t\t\t\t\tReceivables from subleases \u00a0
\n\n\t\t\t\t\t91.9 \u00a0
\n\n\t\t\t\t\t32.8 \u00a0
\n\n\t\t\t\t\t* Included in revenue \u00a0
Income as lessor \u00a0
\n\n\t\t\t\t\tAmounts regarding operation lease income comprise the agreed time charter \u00a0
\n\n\t\t\t\t\trates. The lease and service components will be recognised as revenue under \u00a0
\n\n\t\t\t\t\tthe same pattern of transfer to the customer. \u00a0
Sublease receivables \u00a0
\n\n\t\t\t\t\tSet out in the table to the right are the carrying amounts of receivables from \u00a0
\n\n\t\t\t\t\tsubleasing recognised and the movements during the period. \u00a0
COAs with customers \u00a0
\n\n\t\t\t\t\tThe Group leases out vessel under non-cancellable operating leases agree- \u00a0
\n\n\t\t\t\t\tments. The leases have varying terms, escalation clauses and renewal rights. \u00a0
\n\n\t\t\t\t\tSeparate disclosure on owned vessels, cf. note 3.1 \"Tangible assets\" and \u00a0
\n\n\t\t\t\t\tright-of-use assets, cf. note 4.7 \"Leases - Lessee\", leased out under operating \u00a0
\n\n\t\t\t\t\tleases, is not provided as entering time charter-out contracts is an integral \u00a0
part of the business and no vessels are designated as time charter-out \u00a0
\n\n\t\t\t\t\tvessels. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tSubleases \u00a0
\n\n\t\t\t\t\tNORDEN enters into arrangements to sublease an underlying asset to a third \u00a0
\n\n\t\t\t\t\tparty, while NORDEN retains the primary obligation under the original lease. \u00a0
\n\n\t\t\t\t\tIn such arrangements, NORDEN acts as both the lessee and lessor of the \u00a0
\n\n\t\t\t\t\tsame underlying asset. \u00a0
\n\n\t\t\t\t\tIf a leased vessel is subleased under terms transferring substantially all \u00a0
\n\n\t\t\t\t\tremaining risks and rewards under the head lease to the lessee in the \u00a0
\n\n\t\t\t\t\tsublease, the right-of-use asset is derecognised, and a lease receivable is \u00a0
\n\n\t\t\t\t\trecognised. Gain/loss on the derecognised right-of-use asset is recognised in \u00a0
\n\n\t\t\t\t\tthe income statement as revenue. \u00a0
\n\n\t\t\t\t\tDuring the term of the sublease, NORDEN recognises both finance income on \u00a0
\n\n\t\t\t\t\tthe sublease (as revenue) and interest expense on the head lease (as financial \u00a0
\n\n\t\t\t\t\texpenses). \u00a0
Cash flows \u00a0
\n\n\t\t\t\t\tCash payments received on sublease receivables are classified within the \u00a0
\n\n\t\t\t\t\toperating activities. \u00a0
COAs and operating lease income \u00a0
\n\n\t\t\t\t\tAgreements to charter out vessels on time charters, where all significant risks \u00a0
\n\n\t\t\t\t\tand rewards of ownership have been transferred to the lessee, are recognised \u00a0
\n\n\t\t\t\t\tas a receivable in the statement of financial position. The receivable is meas- \u00a0
\n\n\t\t\t\t\tured in the same way as the lease liability in cases, where the Group is the \u00a0
\n\n\t\t\t\t\tlessee. \u00a0
\n\n\t\t\t\t\tOther agreements to charter out vessels are considered operating leases in \u00a0
\n\n\t\t\t\t\taccordance with IFRS 16 \"Leases\", where NORDEN is presented as the lessee. \u00a0
\n\n\t\t\t\t\tPayments in connection with operating leases are recognised on a straight- \u00a0
\n\n\t\t\t\t\tline basis in the income statement over the terms of the leases. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
\n\n\t\t\t\t\tManagement\u2019s assessment of whether leases on vessels should be classified \u00a0
\n\n\t\t\t\t\tas finance or operating leasing is based on an overall evaluation of each lease. \u00a0
Amounts in USD million \u00a0
\n\n\t\t\t\t\t<1 year \u00a0
\n\n\t\t\t\t\t1-2 years\u00a02-3 years\u00a03-4 years\u00a04-5 years\u00a0>5 years \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tSublease receivables, contractual undiscounted payments \u00a0
\n\n\t\t\t\t\t77.3 \u00a0
\n\n\t\t\t\t\t23.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t100.9 \u00a0
\n\n\t\t\t\t\tExpected share of COAs with customers \u00a0
\n\n\t\t\t\t\t389.6 \u00a0
\n\n\t\t\t\t\t137.3 \u00a0
\n\n\t\t\t\t\t57.1 \u00a0
\n\n\t\t\t\t\t34.1 \u00a0
\n\n\t\t\t\t\t18.1 \u00a0
\n\n\t\t\t\t\t55.0 \u00a0
\n\n\t\t\t\t\t691.2 \u00a0
\n\n\t\t\t\t\tExpected income as lessor \u00a0
\n\n\t\t\t\t\t308.5 \u00a0
\n\n\t\t\t\t\t95.8 \u00a0
\n\n\t\t\t\t\t44.5 \u00a0
\n\n\t\t\t\t\t0.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t449.2 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tSublease receivables, contractual undiscounted payments \u00a0
\n\n\t\t\t\t\t24.6 \u00a0
\n\n\t\t\t\t\t9.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t33.8 \u00a0
\n\n\t\t\t\t\tExpected share of COAs with customers \u00a0
\n\n\t\t\t\t\t454.5 \u00a0
\n\n\t\t\t\t\t79.6 \u00a0
\n\n\t\t\t\t\t58.3 \u00a0
\n\n\t\t\t\t\t51.4 \u00a0
\n\n\t\t\t\t\t29.9 \u00a0
\n\n\t\t\t\t\t68.6 \u00a0
\n\n\t\t\t\t\t742.3 \u00a0
\n\n\t\t\t\t\tExpected income as lessor \u00a0
\n\n\t\t\t\t\t220.7 \u00a0
\n\n\t\t\t\t\t48.4 \u00a0
\n\n\t\t\t\t\t14.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t283.4 \u00a0
\n\n\t\t\t\t\tSeparate disclosure of the lease components and the service income components has not been provided as it is impracticable to establish this disclosure. \u00a0
5.1 Cash\u00a0flow specifications \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tReversal of items from the income statement \u00a0
\n\n\t\t\t\t\tDepreciation, amortisation and impairment losses \u00a0
\n\n\t\t\t\t\t449.7 \u00a0
\n\n\t\t\t\t\t295.5 \u00a0
\n\n\t\t\t\t\tFinancial items, net \u00a0
\n\n\t\t\t\t\t39.7 \u00a0
\n\n\t\t\t\t\t34.8 \u00a0
\n\n\t\t\t\t\tProfit/loss from sale of vessels, etc. \u00a0
\n\n\t\t\t\t\t-79.4 \u00a0
\n\n\t\t\t\t\t-7.7 \u00a0
\n\n\t\t\t\t\tShare of profit/loss of joint ventures \u00a0
\n\n\t\t\t\t\t2.8 \u00a0
\n\n\t\t\t\t\t-1.1 \u00a0
\n\n\t\t\t\t\tOther reversed non-cash operating items \u00a0
\n\n\t\t\t\t\t-41.7 \u00a0
\n\n\t\t\t\t\t-12.9 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t371.1 \u00a0
\n\n\t\t\t\t\t308.6 \u00a0
\n\n\t\t\t\t\tChange in working capital \u00a0
\n\n\t\t\t\t\tInventories \u00a0
\n\n\t\t\t\t\t-17.1 \u00a0
\n\n\t\t\t\t\t-51.3 \u00a0
\n\n\t\t\t\t\tFreight and other receivables, etc. \u00a0
\n\n\t\t\t\t\t-90.7 \u00a0
\n\n\t\t\t\t\t-169.7 \u00a0
\n\n\t\t\t\t\tTrade and other payables, etc. \u00a0
\n\n\t\t\t\t\t198.0 \u00a0
\n\n\t\t\t\t\t157.5 \u00a0
\n\n\t\t\t\t\tFair value adjustments of cash flow \u00a0
\n\n\t\t\t\t\thedging instruments taken to equity \u00a0
\n\n\t\t\t\t\t94.4 \u00a0
\n\n\t\t\t\t\t-35.3 \u00a0
\n\n\t\t\t\t\tExchange rate adjustment of working capital \u00a0
\n\n\t\t\t\t\t-1.1 \u00a0
\n\n\t\t\t\t\t2.4 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t183.5 \u00a0
\n\n\t\t\t\t\t-96.4 \u00a0
\n\n\t\t\t\t\tFree cash flow \u00a0
\n\n\t\t\t\t\tCash flow from operating activities \u00a0
\n\n\t\t\t\t\t1,342.9 \u00a0
\n\n\t\t\t\t\t433.9 \u00a0
\n\n\t\t\t\t\tCash flow from investing activities \u00a0
\n\n\t\t\t\t\t57.9 \u00a0
\n\n\t\t\t\t\t2.6 \u00a0
\n\n\t\t\t\t\tAdjusted for change in cash and cash equivalents \u00a0
\n\n\t\t\t\t\twith rate agreements of more than 3 months, etc. \u00a0
\n\n\t\t\t\t\t182.6 \u00a0
\n\n\t\t\t\t\t-93.1 \u00a0
\n\n\t\t\t\t\tInstalments on lease liabilities \u00a0
\n\n\t\t\t\t\t-466.4 \u00a0
\n\n\t\t\t\t\t-268.4 \u00a0
\n\n\t\t\t\t\tFinancial payments, received \u00a0
\n\n\t\t\t\t\t12.3 \u00a0
\n\n\t\t\t\t\t0.3 \u00a0
\n\n\t\t\t\t\tFinancial payments, paid \u00a0
\n\n\t\t\t\t\t-50.5 \u00a0
\n\n\t\t\t\t\t-35.0 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t1,078.8 \u00a0
\n\n\t\t\t\t\t40.3 \u00a0
Supply Chain Financing \u00a0
\n\n\t\t\t\t\tThe Group uses Supply Chain Financing to strengthen its financial position. \u00a0
\n\n\t\t\t\t\tThe programme is based on a three-way relationship between the Group, \u00a0
\n\n\t\t\t\t\ta supplier and the syndication bank facilitating the programme.\u00a0When \u00a0
\n\n\t\t\t\t\tsuppliers participate in the programme, they have the option of receiving \u00a0
\n\n\t\t\t\t\tearly payment from the syndication bank based on the invoices. \u00a0
\n\n\t\t\t\t\tThe arrangement of early payment is a transaction between the supplier and \u00a0
\n\n\t\t\t\t\tthe syndication banks, which does not involve NORDEN. The advantage of \u00a0
\n\n\t\t\t\t\tparticipating in the programme for suppliers is that their cash position can be \u00a0
\n\n\t\t\t\t\timproved. The supply chain finance programme has not changed significant \u00a0
\n\n\t\t\t\t\tcharacteristics of the debt, and therefore the classification as trade payable is \u00a0
\n\n\t\t\t\t\tmaintained. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tStatement of cash flows \u00a0
\n\n\t\t\t\t\tThe statement of cash flows shows the Group\u2019s cash flows for the year distrib- \u00a0
\n\n\t\t\t\t\tuted on operating, investing and financing activities, net changes for the year \u00a0
\n\n\t\t\t\t\tin cash and cash equivalents at the beginning and end of the year. Positive \u00a0
\n\n\t\t\t\t\tamounts indicate inflows, whereas negative amounts indicate outflows. \u00a0
Cash flow from operating activities \u00a0
\n\n\t\t\t\t\tCash flow from operating activities are stated as the profit/loss for the year \u00a0
\n\n\t\t\t\t\tadjusted for non-cash operating items such as depreciation, profit/loss from \u00a0
\n\n\t\t\t\t\tsale of vessels, etc., changes in working capital plus or minus corporation tax \u00a0
\n\n\t\t\t\t\tpaid or received. Working capital includes current assets less current liabil- \u00a0
\n\n\t\t\t\t\tities, excluding the items included in cash and cash equivalents and vessels \u00a0
\n\n\t\t\t\t\theld for sale. \u00a0
Cash flow from investing activities \u00a0
\n\n\t\t\t\t\tCash flow from investing activities comprise cash flow from the acquisition \u00a0
\n\n\t\t\t\t\tand sale of non-current assets. \u00a0
Cash flow from financing activities \u00a0
\n\n\t\t\t\t\tCash flow from financing activities comprise cash flow from the raising and \u00a0
\n\n\t\t\t\t\trepayment of loans and bonds, instalments on lease liabilities as well as \u00a0
\n\n\t\t\t\t\tpayments to and from shareholders and interest received and paid. \u00a0
Liquidity \u00a0
\n\n\t\t\t\t\tLiquidity comprises marketable securities with a term of less than three \u00a0
\n\n\t\t\t\t\tmonths and cash not subject to significant limits to its availability. \u00a0
Cash and cash equivalents \u00a0
\n\n\t\t\t\t\tCash and cash equivalents are measured in the statement of financial position \u00a0
\n\n\t\t\t\t\tat nominal value and mainly consist of demand deposits, cash balance and \u00a0
\n\n\t\t\t\t\tmoney market investments. \u00a0
5.2 Fees\u00a0to auditor appointed at the general meeting \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\t\u201cOverhead and administration costs\u201d include the \u00a0
\n\n\t\t\t\t\tfollowing fees to PricewaterhouseCoopers: \u00a0
\n\n\t\t\t\t\tStatutory audit \u00a0
\n\n\t\t\t\t\t0.5 \u00a0
\n\n\t\t\t\t\t0.5 \u00a0
\n\n\t\t\t\t\tOther assurance services \u00a0
\n\n\t\t\t\t\t0.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTax consultancy \u00a0
\n\n\t\t\t\t\t0.1 \u00a0
\n\n\t\t\t\t\t0.4 \u00a0
\n\n\t\t\t\t\tOther services \u00a0
\n\n\t\t\t\t\t0.1 \u00a0
\n\n\t\t\t\t\t0.1 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\t1.0 \u00a0
\n\n\t\t\t\t\tThe fee for non-audit services performed by PricewaterhouseCoopers Stats- \u00a0
\n\n\t\t\t\t\tautoriseret Revisionspartnerselskab is USD 0.3 million (2021: USD 0.5 million) \u00a0
\n\n\t\t\t\t\tand comprises assurance, accounting and tax advisory services. \u00a0
5.3 Unrecognised\u00a0contingent assets and liabilities \u00a0
\n\n\t\t\t\t\tClaims have been made against the Group, primarily concerning discharge \u00a0
\n\n\t\t\t\t\tresponsibility and broker fees, etc. The Group and its legal advisors consider \u00a0
\n\n\t\t\t\t\tthe claims unjustified, and it is Management\u2019s opinion that the claims will not \u00a0
\n\n\t\t\t\t\thave any material impact on the Group\u2019s financial position, results of opera- \u00a0
\n\n\t\t\t\t\ttions and cash flows. \u00a0
\n\n\t\t\t\t\tThe Group has provided financial support for its liabilities as regards the joint \u00a0
\n\n\t\t\t\t\tventures Polar Navigation Ltd. and Nord Summit Pte. Ltd. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tContingent assets are recognised, when it is virtually certain that the claim will \u00a0
\n\n\t\t\t\t\thave a positive outcome for the Group. A contingent liability is recognised if \u00a0
\n\n\t\t\t\t\tit is likely that the claim will have a negative outcome and when the amount is \u00a0
\n\n\t\t\t\t\testimable. Rulings in connection with such matters may in future accounting \u00a0
\n\n\t\t\t\t\tperiods produce realised gains or losses, which may differ considerably from \u00a0
\n\n\t\t\t\t\tthe recognised amounts or information. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
\n\n\t\t\t\t\tManagement assesses provisions and contingencies on an ongoing basis, \u00a0
\n\n\t\t\t\t\tas well as the likely outcome of pending or potential legal proceedings, etc. \u00a0
\n\n\t\t\t\t\tThe assessments are made on the basis of legal opinions of the signed agree- \u00a0
\n\n\t\t\t\t\tments, which in considerable claims also include assessments obtained from \u00a0
\n\n\t\t\t\t\texternal advisors, including external legal advisers, among others. \u00a0
5.4 Related\u00a0party disclosures \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tIncome statement \u00a0
\n\n\t\t\t\t\tSale of goods and services, joint ventures \u00a0
\n\n\t\t\t\t\t15.6 \u00a0
\n\n\t\t\t\t\t16.1 \u00a0
\n\n\t\t\t\t\tPurchase of goods and services, joint ventures \u00a0
\n\n\t\t\t\t\t24.0 \u00a0
\n\n\t\t\t\t\t45.8 \u00a0
\n\n\t\t\t\t\tAssets \u00a0
\n\n\t\t\t\t\tReceivables, joint ventures \u00a0
\n\n\t\t\t\t\t1.5 \u00a0
\n\n\t\t\t\t\t1.0 \u00a0
\n\n\t\t\t\t\tLiabilities \u00a0
\n\n\t\t\t\t\tDebt, joint ventures \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t13.9 \u00a0
\n\n\t\t\t\t\tShareholders with significant influence \u00a0
\n\n\t\t\t\t\tA/S Motortramp \u00a0
\n\n\t\t\t\t\t- Dividends paid to shareholder \u00a0
\n\n\t\t\t\t\t121.6 \u00a0
\n\n\t\t\t\t\t17.4 \u00a0
\n\n\t\t\t\t\tA/S Motortramp participates on a pro-rata basis to \u00a0
\n\n\t\t\t\t\tthe shares purchased in the Company\u2019s share \u00a0
\n\n\t\t\t\t\tbuy-back programme. \u00a0
\n\n\t\t\t\t\tThe Group has no related parties controlling NORDEN. \u00a0
\n\n\t\t\t\t\tRemuneration and share-based payment of the Board of Directors and the \u00a0
\n\n\t\t\t\t\tExecutive Management are disclosed in note 2.3 \"Staff costs and remunera- \u00a0
\n\n\t\t\t\t\ttion\" and note 2.4 \"Share-based payment\". \u00a0
\n\n\t\t\t\t\tAccounts with joint ventures are related to operations, unsecured and with \u00a0
\n\n\t\t\t\t\tusual interest rates. Guarantees to joint ventures are mentioned in note 3.2 \u00a0
\n\n\t\t\t\t\t\"Investments in joint ventures\". No other transactions took place during the \u00a0
\n\n\t\t\t\t\tyear with the Board of Directors, the Executive Management, major share- \u00a0
\n\n\t\t\t\t\tholders or other related parties. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tRelated parties include the Board of Directors and the Executive Manage- \u00a0
\n\n\t\t\t\t\tment as well as their close relatives. Related parties also include companies \u00a0
\n\n\t\t\t\t\tin which the above persons have significant interests as well as companies \u00a0
\n\n\t\t\t\t\tand foundations which have direct or indirect significant influence through \u00a0
\n\n\t\t\t\t\tshareholdings. \u00a0
\n\n\t\t\t\t\tIn addition, related parties include joint ventures, refer to note 3.2 \"Invest- \u00a0
\n\n\t\t\t\t\tments in joint ventures\". \u00a0
5.5 Events\u00a0after the reporting date \u00a0
\n\n\t\t\t\t\tThere are no subsequent events. Refer to page 12 in the Management's \u00a0
\n\n\t\t\t\t\tReview. \u00a0
5.6 Group\u00a0structure \u00a0
\n\n\t\t\t\t\tNORDEN Tankers & Bulkers Chile SpA \u00a0
\n\n\t\t\t\t\tNORDEN Tankers & Bulkers India Private Ltd. \u00a0
\n\n\t\t\t\t\tChile 100% \u00a0
\n\n\t\t\t\t\tIndia 100% \u00a0
\n\n\t\t\t\t\tNORDEN Shipping (Singapore) Pte. Ltd. \u00a0
\n\n\t\t\t\t\tNORDEN Shipping (Shanghai) \u00a0
\n\n\t\t\t\t\tSingapore 100% \u00a0
\n\n\t\t\t\t\tChina 100% Branch \u00a0
\n\n\t\t\t\t\tNORDEN Shipping (USA) LLC \u00a0
\n\n\t\t\t\t\tPolar Navigation Pte. Ltd. \u00a0
\n\n\t\t\t\t\tUSA 100% \u00a0
\n\n\t\t\t\t\tSingapore 50% \u00a0
\n\n\t\t\t\t\tNORDEN Tankers & Bulkers do Brazil Ltda. \u00a0
\n\n\t\t\t\t\tNORDEN Shipping (Australia) Pty. Ltd. \u00a0
\n\n\t\t\t\t\tBrazil 100% \u00a0
\n\n\t\t\t\t\tAustralia 100% \u00a0
\n\n\t\t\t\t\tNORDEN Cyprus Ltd. \u00a0
\n\n\t\t\t\t\tNord Goodwill LLC \u00a0
\n\n\t\t\t\t\tCyprus 100% \u00a0
\n\n\t\t\t\t\tUSA 100% \u00a0
\n\n\t\t\t\t\tNORDEN Asset Management A/S \u00a0
\n\n\t\t\t\t\tDampskibsselskabet NORDEN A/S \u00a0
\n\n\t\t\t\t\tDenmark 100% \u00a0
\n\n\t\t\t\t\tDenmark \u00a0
\n\n\t\t\t\t\tNORDEN Shipping Abidjan SARLU \u00a0
\n\n\t\t\t\t\tIvory Coast 100% \u00a0
\n\n\t\t\t\t\tNORDEN Shipping (Canada) \u00a0
\n\n\t\t\t\t\tCanada 100% Branch \u00a0
\n\n\t\t\t\t\tNORDEN Shipping Middle East DMCC \u00a0
\n\n\t\t\t\t\tUAE 100% \u00a0
\n\n\t\t\t\t\tNORDEN Gabon A/S \u00a0
\n\n\t\t\t\t\tNORDEN Transhipment Services Gabon \u00a0
\n\n\t\t\t\t\tGabon 100% \u00a0
\n\n\t\t\t\t\tGabon 100% Branch \u00a0
\n\n\t\t\t\t\tNORDEN Japan K.K. \u00a0
\n\n\t\t\t\t\tJapan 100% \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4535": {
"value": "1.1 Basis\u00a0of preparation \u00a0
\n\n\t\t\t\t\tThis note provides a list of accounting policies adopted in the preparation of \u00a0
\n\n\t\t\t\t\tthe Consolidated Financial Statements and the Financial Statements of the \u00a0
\n\n\t\t\t\t\tParent Company to the extent they have not been disclosed in the respective \u00a0
\n\n\t\t\t\t\tnotes below. These policies have been consistently applied to all the years \u00a0
\n\n\t\t\t\t\tpresented, unless otherwise stated. \u00a0
\n\n\t\t\t\t\tDampskibsselskabet NORDEN A/S with its subsidiaries is one of Denmark\u2019s
\n\n\t\t\t\t\toldest internationally operating shipping companies. NORDEN operates in \u00a0
\n\n\t\t\t\t\tDry Cargo and Tankers worldwide. \u00a0
\n\n\t\t\t\t\tDampskibsselskabet NORDEN A/S is a public limited company incorporated \u00a0
\n\n\t\t\t\t\tin Denmark and is listed on Nasdaq Copenhagen. \u00a0
Change in reportable segments \u00a0
\n\n\t\t\t\t\tChanges to the segment structure were made with effect from 1 January \u00a0
\n\n\t\t\t\t\t2022. The changes involve combining Dry Operator and Tanker Operator \u00a0
\n\n\t\t\t\t\tinto Freight Services & Trading. In addition, the segment Asset Management \u00a0
\n\n\t\t\t\t\thas been renamed to Assets & Logistics. Comparison figures for note 2.1 \u00a0
\n\n\t\t\t\t\t\"Segment information\" have been restated as if the change had been imple- \u00a0
\n\n\t\t\t\t\tmented in 2021. \u00a0
Principal accounting policies \u00a0
\n\n\t\t\t\t\tThe annual report for the period 1 January - 31 December 2022 with compar- \u00a0
\n\n\t\t\t\t\tative figures comprises the Consolidated Financial Statements of Dampskibs- \u00a0
\n\n\t\t\t\t\tselskabet NORDEN A/S (the Parent Company) and its subsidiaries (the Group) \u00a0
\n\n\t\t\t\t\tand the Financial Statements of the Parent Company. \u00a0
\n\n\t\t\t\t\tThe Consolidated Financial Statements of the Group have been prepared on a \u00a0
\n\n\t\t\t\t\tgoing concern basis and in accordance with International Financial Reporting \u00a0
\n\n\t\t\t\t\tStandards (IFRS) as adopted by the EU and additional requirements from the \u00a0
\n\n\t\t\t\t\tDanish Financial Statements Act. \u00a0
The Financial Statements of the Parent Company, Dampskibsselskabet \u00a0
\n\n\t\t\t\t\tNORDEN A/S, have been prepared in accordance with the Danish Financial \u00a0
\n\n\t\t\t\t\tStatements Act applying to enterprises of reporting class D. \u00a0
Measurement basis \u00a0
\n\n\t\t\t\t\tThe Consolidated Financial Statements and the Financial Statements of the \u00a0
\n\n\t\t\t\t\tParent Company have been prepared based on the historical cost principle, \u00a0
\n\n\t\t\t\t\twith the exception of the following assets and liabilities: \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tDerivative financial instruments, which are measured at fair value \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tNon-current assets and groups of assets held for sale are measured at the \u00a0
\n\n\t\t\t\t\tlower of carrying amount before the changed classification and fair value \u00a0
\n\n\t\t\t\t\tless selling costs \u00a0
\n\n\t\t\t\t\tUSD is the functional currency of all enterprises in the Group as well as the \u00a0
\n\n\t\t\t\t\tParent Company. In the annual report, the presentation currency is USD, and \u00a0
\n\n\t\t\t\t\tamounts are presented in million USD with one decimal rounded, except \u00a0
\n\n\t\t\t\t\twhen otherwise stated. \u00a0
Applying materiality \u00a0
\n\n\t\t\t\t\tThe Financial Statements are a result of processing large numbers of trans- \u00a0
\n\n\t\t\t\t\tactions and aggregating those transactions into classes according to their \u00a0
\n\n\t\t\t\t\tnature. When aggregated, the transactions are presented in classes of similar \u00a0
\n\n\t\t\t\t\titems in the financial statements. If a line item is not individually material, it is \u00a0
\n\n\t\t\t\t\taggregated with other items of a similar nature in the Financial Statements or \u00a0
\n\n\t\t\t\t\tin the notes. \u00a0
\n\n\t\t\t\t\tThere are substantial disclosure requirements throughout IFRS. Manage- \u00a0
\n\n\t\t\t\t\tment provides specific disclosures required by IFRS unless the information is \u00a0
\n\n\t\t\t\t\tconsidered immaterial to the economic decision-making of the users of these \u00a0
\n\n\t\t\t\t\tFinancial Statements or not applicable. \u00a0
1.2 Basis\u00a0of consolidation \u00a0
\n\n\t\t\t\t\tConsolidation principles \u00a0
\n\n\t\t\t\t\tThe Consolidated Financial Statements comprise the Parent Company, Damp- \u00a0
\n\n\t\t\t\t\tskibsselskabet NORDEN A/S and subsidiaries. An investment is classified as a \u00a0
\n\n\t\t\t\t\tsubsidiary when below conditions are met: \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tDampskibsselskabet NORDEN A/S has control over the company \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tDampskibsselskabet NORDEN A/S is exposed to variability in return on the \u00a0
\n\n\t\t\t\t\tinvestment \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tThe control over the company can be used to affect the return on the \u00a0
\n\n\t\t\t\t\tinvestment \u00a0
\n\n\t\t\t\t\tAt consolidation, intra-group income and expenses, shareholdings, dividends \u00a0
\n\n\t\t\t\t\tand accounts as well as unrealised intra-group gains and losses on transac- \u00a0
\n\n\t\t\t\t\ttions between the consolidated enterprises are eliminated. \u00a0
\n\n\t\t\t\t\tThe Financial Statements used in the consolidation are prepared in accord- \u00a0
\n\n\t\t\t\t\tance with the Group\u2019s accounting policies. The Consolidated Financial State- \u00a0
\n\n\t\t\t\t\tments are prepared on the basis of the Financial Statements of the Parent \u00a0
\n\n\t\t\t\t\tCompany and the subsidiaries by aggregating items of a uniform nature. \u00a0
\n\n\t\t\t\t\tNewly acquired or newly established enterprises are recognised in the Consol- \u00a0
\n\n\t\t\t\t\tidated Financial Statements from the date of acquisition using the purchase \u00a0
\n\n\t\t\t\t\tmethod. Enterprises divested or wound up are included in the consolidated \u00a0
\n\n\t\t\t\t\tincome statement until the date of disposal. Comparative figures are not \u00a0
\n\n\t\t\t\t\trestated to reflect acquisitions or companies wound up. \u00a0
1.3 General\u00a0accounting policies \u00a0
\n\n\t\t\t\t\tInventories \u00a0
\n\n\t\t\t\t\tInventories primarily comprise of bunker and lubrication oil kept on board \u00a0
\n\n\t\t\t\t\tvessels. Inventories are measured at the lower of either cost according to the \u00a0
\n\n\t\t\t\t\tFIFO method or net realisable value. \u00a0
Prepayments \u00a0
\n\n\t\t\t\t\tPrepayments include costs incurred regarding the succeeding financial year \u00a0
\n\n\t\t\t\t\tsuch as prepaid hire, interest and insurance premiums. \u00a0
Deferred income \u00a0
\n\n\t\t\t\t\tDeferred income arises from prepayments for voyages and time-charter \u00a0
\n\n\t\t\t\t\tincome. Part of deferred income comprises prepaid time-charter income \u00a0
\n\n\t\t\t\t\tcomprising a lease element as well as a service element. \u00a0
Foreign currency translation \u00a0
\n\n\t\t\t\t\tA functional currency is determined for each of the reporting entities in the \u00a0
\n\n\t\t\t\t\tGroup. The functional currency is the currency in the primary economic envi- \u00a0
\n\n\t\t\t\t\tronment in which the reporting entity operates. Transactions in currencies \u00a0
\n\n\t\t\t\t\tother than the functional currency are transactions in foreign currencies. \u00a0
\n\n\t\t\t\t\tTransactions in foreign currencies during the year are translated at the \u00a0
\n\n\t\t\t\t\texchange rates at the transaction date. Gains and losses arising between the \u00a0
\n\n\t\t\t\t\texchange rate at the transaction date and the exchange rate at the date of \u00a0
\n\n\t\t\t\t\tpayment are recognised in the income statement as \u201cFinancial income\u201d or \u00a0
\n\n\t\t\t\t\t\u201cFinancial expenses\u201d. \u00a0
\n\n\t\t\t\t\tReceivables, payables and other monetary items denominated in foreign \u00a0
\n\n\t\t\t\t\tcurrencies that have not been settled at the reporting date are translated at \u00a0
\n\n\t\t\t\t\tthe exchange rates at the reporting date. Differences between the exchange \u00a0
\n\n\t\t\t\t\trates at the transaction date and the exchange rate at the reporting date \u00a0
\n\n\t\t\t\t\tare recognised in the income statement as \u201cFinancial income\u201d or \u201cFinancial \u00a0
\n\n\t\t\t\t\texpenses\u201d. \u00a0
\n\n\t\t\t\t\tNon-monetary items that are measured in terms of historical cost in a foreign \u00a0
\n\n\t\t\t\t\tcurrency are translated using the exchange rates at the dates of the initial \u00a0
transactions. Non-monetary items measured at fair value in a foreign currency \u00a0
\n\n\t\t\t\t\tare translated using the exchange rates at the date, when fair value in a \u00a0
\n\n\t\t\t\t\tforeign currency are translated using the exchange rate at the date, when the \u00a0
\n\n\t\t\t\t\tfair value is determined. The gain or loss arising on translation of non-mone- \u00a0
\n\n\t\t\t\t\ttary items measured at fair value is treated in line with the recognition of the \u00a0
\n\n\t\t\t\t\tgain or loss on the change in fair value of the item. \u00a0
\n\n\t\t\t\t\tIn determining the spot exchange rate used on initial recognition of the \u00a0
\n\n\t\t\t\t\trelated asset, expense or income on the derecognition of a non-monetary \u00a0
\n\n\t\t\t\t\tasset or non-monetary liability relating to advance consideration, the date \u00a0
\n\n\t\t\t\t\tof the transaction is the date on which the Group initially recognises the \u00a0
\n\n\t\t\t\t\tnon-monetary asset or non-monetary liability arising from the advance \u00a0
\n\n\t\t\t\t\tconsideration. If there are multiple payment or receipts in advance, the Group \u00a0
\n\n\t\t\t\t\tdetermines the transaction date for each payment or receipt of advance \u00a0
\n\n\t\t\t\t\tconsideration. \u00a0
Financial ratios \u00a0
\n\n\t\t\t\t\tFinancial ratios are calculated in accordance with the \u201cRecommendations \u00a0
\n\n\t\t\t\t\tand Financial Ratios\u201d issued by the Danish Association of Financial Analysts, \u00a0
\n\n\t\t\t\t\tunless specifically stated. However, \u201cProfit/loss from sale of vessels, etc.\u201d is \u00a0
\n\n\t\t\t\t\tnot included in EBITDA. The figures are adjusted for the Group\u2019s holding of \u00a0
\n\n\t\t\t\t\ttreasury shares. \u00a0
\n\n\t\t\t\t\tDefinitions of key figures and financial ratios are shown on page 134. \u00a0
\n\n\t\t\t\t\tNon-IFRS financial measures \u00a0
\n\n\t\t\t\t\tIn the annual report, the Group discloses certain financial measures of the \u00a0
\n\n\t\t\t\t\tGroup\u2019s financial performance, financial position and cash flows that reflect \u00a0
\n\n\t\t\t\t\tadjustments to the most directly comparable measures calculated and \u00a0
\n\n\t\t\t\t\tpresented in accordance with IFRS. These non-IFRS financial measures may \u00a0
\n\n\t\t\t\t\tnot be defined and calculated by other companies in the same manner and \u00a0
\n\n\t\t\t\t\tmay thus not be comparable. \u00a0
\n\n\t\t\t\t\tThe non-IFRS financial measures disclosed in the annual report are: \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tContribution margin \u2013 The contribution margin is defined as Revenue \u00a0
\n\n\t\t\t\t\tless Vessel operating costs plus Other operating income, net. Using the \u00a0
terminology in the segment reporting in note 2.1 \u201cSegment information\u201d, \u00a0
\n\n\t\t\t\t\tcontribution margin is defined as T/C equivalent revenue less Charter hire \u00a0
\n\n\t\t\t\t\tfor vessels and OPEX element less Operating costs plus Other operating \u00a0
\n\n\t\t\t\t\tincome/(expense). \u00a0
1.4 Significant\u00a0accounting estimates and judgements \u00a0
\n\n\t\t\t\t\tThe preparation of the Consolidated Financial Statements of the Group and \u00a0
\n\n\t\t\t\t\tthe Financial Statements of the Parent Company requires Management to \u00a0
\n\n\t\t\t\t\tmake estimates and judgements. These are the basis for recognition and \u00a0
\n\n\t\t\t\t\tmeasurement of the Group\u2019s and Parent Company\u2019s income, expenses, assets \u00a0
\n\n\t\t\t\t\tand liabilities. \u00a0
\n\n\t\t\t\t\tThe applied estimates are based on historical data and other factors that \u00a0
\n\n\t\t\t\t\tManagement considers appropriate under the given circumstances, but which \u00a0
\n\n\t\t\t\t\tare inherently uncertain or unpredictable. Such assumptions may be incom- \u00a0
\n\n\t\t\t\t\tplete or inaccurate, and unexpected events or circumstances may occur. In \u00a0
\n\n\t\t\t\t\taddition, the Group is subject to risks and uncertainties that may cause actual \u00a0
\n\n\t\t\t\t\toutcomes to deviate from these estimates. \u00a0
\n\n\t\t\t\t\tIt may be necessary to change previous estimates as a result of changes to the \u00a0
\n\n\t\t\t\t\tassumptions on which the estimates were based or due to new information or \u00a0
\n\n\t\t\t\t\tsubsequent events that affects the current as well as future periods. \u00a0
\n\n\t\t\t\t\tBelow are the accounting estimates and judgements, which Management \u00a0
\n\n\t\t\t\t\tdeems to be significant to the preparation of the Financial Statements: \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tImpairment, note 3.1 \u201cTangible assets\u201d \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tNon-lease component for leases under IFRS 16 \"Leases\", note 4.7 \u201cLeases - \u00a0
\n\n\t\t\t\t\tlessee\u201d \u00a0
\n\n\t\t\t\t\tThe accounting policies are described in each of the specific notes in the \u00a0
\n\n\t\t\t\t\tFinancial Statements, which also include additional description of the most \u00a0
\n\n\t\t\t\t\tsignificant accounting estimates and judgements. \u00a0
1.5 Changes\u00a0in accounting policies and disclosures \u00a0
\n\n\t\t\t\t\tThe Group has adopted standards and interpretations effective as of 1 \u00a0
\n\n\t\t\t\t\tJanuary 2022. The Group has not early adopted any standards, interpreta- \u00a0
\n\n\t\t\t\t\ttions or amendments that have been issued but are not yet effective. \u00a0
\n\n\t\t\t\t\tAdoption of new or amended IFRSs \u00a0
\n\n\t\t\t\t\tNORDEN has implemented the following amendments and interpretations to \u00a0
\n\n\t\t\t\t\texisting standards: amendments to IAS 16, IAS 37 and IFRS 3. \u00a0
\n\n\t\t\t\t\tThe amendments listed above did not have any impact on the amounts recog- \u00a0
\n\n\t\t\t\t\tnised in prior periods and are not expected to significantly affect the current \u00a0
\n\n\t\t\t\t\tor future periods. \u00a0
Standards issued but not yet effective \u00a0
\n\n\t\t\t\t\tCertain new accounting standards, amendments to accounting standards and \u00a0
\n\n\t\t\t\t\tinterpretations have been published that are not mandatory for 31 December \u00a0
\n\n\t\t\t\t\t2022 reporting periods and have not been early adopted by the Group. \u00a0
\n\n\t\t\t\t\tThese standards, amendments or interpretations are not expected to have a \u00a0
\n\n\t\t\t\t\tmaterial impact on NORDEN in the current or future reporting periods and on \u00a0
\n\n\t\t\t\t\tforeseeable future transactions. \u00a0
1.6 Reporting\u00a0under the ESEF Regulation \u00a0
\n\n\t\t\t\t\tNORDEN is required to prepare and file the annual report in the European \u00a0
\n\n\t\t\t\t\tSingle Electronic Format (ESEF), and the annual report for 2022 is therefore \u00a0
\n\n\t\t\t\t\tprepared in the XHTML format that can be displayed in a standard browser. \u00a0
\n\n\t\t\t\t\tThe primary statements and the notes to the Consolidated Financial State- \u00a0
\n\n\t\t\t\t\tments are tagged using inline eXtensible Business Reporting Language \u00a0
\n\n\t\t\t\t\t(iXBRL). The iXBRL tags comply with the ESEF taxonomy, which is included in \u00a0
\n\n\t\t\t\t\tthe ESEF Regulation and developed based on the IFRS taxonomy published \u00a0
\n\n\t\t\t\t\tby the IFRS Foundation. \u00a0
\n\n\t\t\t\t\tWhere a financial statement line item is not defined in the ESEF taxonomy, \u00a0
\n\n\t\t\t\t\tan extension to the taxonomy has been created. Extensions are anchored to \u00a0
\n\n\t\t\t\t\telements in the ESEF taxonomy, except for extensions which are subtotals. \u00a0
\n\n\t\t\t\t\tThe annual report submitted to the Danish Financial Supervisory Authority \u00a0
\n\n\t\t\t\t\tconsists of the XHTML document together with certain technical files, all \u00a0
\n\n\t\t\t\t\tincluded in a file named \"norden-2022-12-31-en.zip\". \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tOn 1 January 2022, we consolidated three business units into two, Assets & \u00a0
\n\n\t\t\t\t\tLogistics and Freight Services & Trading. \u00a0
Assets & Logistics \u00a0
\n\n\t\t\t\t\tAssets & Logistics is our business unit focusing on investments. \u00a0
\n\n\t\t\t\t\tThe segment handles owned vessels and charters in long-term vessel \u00a0
\n\n\t\t\t\t\tcapacity and charters out its capacity of owned and long-term chartered \u00a0
\n\n\t\t\t\t\ttonnage to Freight Services & Trading at market rates and to third parties. \u00a0
\n\n\t\t\t\t\tAssets & Logistics furthermore aims to develop customer solutions beyond \u00a0
\n\n\t\t\t\t\ta standard freight service, improving supply chain efficiency and reducing \u00a0
\n\n\t\t\t\t\tcarbon emissions for our customers. \u00a0
Freight Services & Trading \u00a0
\n\n\t\t\t\t\tThe Freight Services & Trading business unit is the combination of the Dry \u00a0
\n\n\t\t\t\t\tOperator and Tanker Operator business units. \u00a0
\n\n\t\t\t\t\tThe Freight Services & Trading segment offers transport of bulk commodities \u00a0
\n\n\t\t\t\t\tsuch as grain, coal, iron ore and sugar, and of fuel oil and refined oil products. \u00a0
\n\n\t\t\t\t\tThe vessel capacity comprises vessels chartered either from third parties or \u00a0
\n\n\t\t\t\t\tfrom Assets & Logistics at market rates. \u00a0
Operating segments \u00a0
\n\n\t\t\t\t\tThe segment information is based on the Group\u2019s organisation, business \u00a0
\n\n\t\t\t\t\tmanagement and management control, including internal financial reporting \u00a0
\n\n\t\t\t\t\tto NORDEN\u2019s operative management. \u00a0
\n\n\t\t\t\t\tNORDEN\u2019s operative management function comprises the Executive Manage- \u00a0
\n\n\t\t\t\t\tment and the Board of Directors in union. \u00a0
The Executive Management is responsible for the day-to-day management, \u00a0
\n\n\t\t\t\t\tand the Board of Directors approves strategy, action plans, targets and \u00a0
\n\n\t\t\t\t\tbudgets and limits for financial and market risks, as well as supervises the \u00a0
\n\n\t\t\t\t\tExecutive Management. \u00a0
\n\n\t\t\t\t\tThe Executive Management\u2019s and Board of Directors\u2019 functions and responsi- \u00a0
\n\n\t\t\t\t\tbilities are described in further detail in the section \u201cCorporate governance\u201d \u00a0
\n\n\t\t\t\t\tin the Management's Review. The operative management function assesses \u00a0
\n\n\t\t\t\t\tperformance and carries out allocation of resources on the basis of the results \u00a0
\n\n\t\t\t\t\tfor the year. \u00a0
\n\n\t\t\t\t\tPresentation of the segment income statement items and their order is \u00a0
\n\n\t\t\t\t\tconsistent with NORDEN\u2019s consolidated income statement, except for \u00a0
\n\n\t\t\t\t\tvoyage costs, which are not included in the item \u201cVessel operating costs\u201d but \u00a0
\n\n\t\t\t\t\tpresented as a separate item, and the segment income statement therefore \u00a0
\n\n\t\t\t\t\tcomprises the subtotal \u201cT/C equivalent revenue\u201d. \u00a0
\n\n\t\t\t\t\tThe methods of allocating income statement items to segments are \u00a0
\n\n\t\t\t\t\tconsistent. The allocation between Assets & Logistics and Freight Services & \u00a0
\n\n\t\t\t\t\tTrading is as follows: \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tItems included in the segment profit are allocated to the extent that the \u00a0
\n\n\t\t\t\t\titems are directly or indirectly attributable to the segments. \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tItems allocated by indirect calculation, the allocation keys are defined on \u00a0
\n\n\t\t\t\t\tthe basis of each segment\u2019s drawing on key resources. \u00a0
\n\n\t\t\t\t\tInter-segment transactions comprise charter hire from Freight Services & \u00a0
\n\n\t\t\t\t\tTrading to Assets & Logistics. \u00a0
Geographical areas \u00a0
\n\n\t\t\t\t\tInformation is not provided by geographical segment as the global market \u00a0
\n\n\t\t\t\t\tis a unit, and the activities of the individual vessels are not limited to specific \u00a0
\n\n\t\t\t\t\tparts of the world. Nor does the internal financial reporting for the operative \u00a0
\n\n\t\t\t\t\tmanagement provide such information. It is therefore not possible to provide \u00a0
geographical segment information on revenue from external customers or \u00a0
\n\n\t\t\t\t\tnon-current assets. \u00a0
Revenue \u00a0
\n\n\t\t\t\t\tRevenue comprises the present value of services rendered, net of discounts, \u00a0
\n\n\t\t\t\t\tand revenue obtained from subleasing. Services rendered comprise freight \u00a0
\n\n\t\t\t\t\tincome, time charter income and commercial management fee. Revenue is \u00a0
\n\n\t\t\t\t\trecognised in the income statement for the financial year as earned. \u00a0
\n\n\t\t\t\t\tAll freight income and voyage costs are recognised as the freight services are \u00a0
\n\n\t\t\t\t\trendered (percentage of completion). The percentage of completion is deter- \u00a0
\n\n\t\t\t\t\tmined using the load-to-discharge method based on the percentage of the \u00a0
\n\n\t\t\t\t\testimated duration of the voyage completed at the reporting date. According \u00a0
\n\n\t\t\t\t\tto this method, freight income and related costs are recognised in the income \u00a0
\n\n\t\t\t\t\tstatement according to the entered charter parties from the vessel\u2019s load date \u00a0
\n\n\t\t\t\t\tto the delivery of the cargo (discharge). The voyage begins on the date when \u00a0
\n\n\t\t\t\t\tthe cargo is loaded, and the voyage ends at the date of the discharge (load to \u00a0
\n\n\t\t\t\t\tdischarge). This applies to all spot transports and transports under Contracts \u00a0
\n\n\t\t\t\t\tof Affreightment (COAs). \u00a0
\n\n\t\t\t\t\tDemurrage is recognised if the claim is considered probable. Costs directly \u00a0
\n\n\t\t\t\t\tattributable to relocating the vessel to the load port under the contract are \u00a0
\n\n\t\t\t\t\tcapitalised to the extent that they are recoverable. \u00a0
Other operating income \u00a0
\n\n\t\t\t\t\tManagement income, mainly income in connection with administration of \u00a0
\n\n\t\t\t\t\tpool arrangements, is recognised upon receipt of the services in accordance \u00a0
\n\n\t\t\t\t\twith the management agreements concluded. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
\n\n\t\t\t\t\tIn recognition of freight income and voyage costs, including net income from \u00a0
\n\n\t\t\t\t\tpool arrangements, NORDEN decides on closing dates, voyages, etc. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tExpenses by nature disclose information about expenses arising from the \u00a0
\n\n\t\t\t\t\tmain inputs that are utilised in order to accomplish the Group's activities such \u00a0
\n\n\t\t\t\t\tas charter hire for chartered vessels, bunker oil consumption, other voyage \u00a0
\n\n\t\t\t\t\tcosts such as commissions and port charges, repair and maintenance costs, \u00a0
\n\n\t\t\t\t\tinsurance costs, crew wages and other operating expenses, all included \u00a0
\n\n\t\t\t\t\tunder vessel operating costs. Expenses, excluding depreciation, incurred to \u00a0
\n\n\t\t\t\t\tgenerate the revenue for the year. \u00a0
\n\n\t\t\t\t\tCosts directly attributable to transportation of the vessel to the loading port \u00a0
\n\n\t\t\t\t\tare capitalised and amortised over the course of the transportation period. \u00a0
\n\n\t\t\t\t\tVessel operating costs other than these capitalised are recognised upon \u00a0
\n\n\t\t\t\t\treceipt of services in accordance with the charter concluded by the parties. \u00a0
\n\n\t\t\t\t\tOther external costs comprise costs of properties, travel, office expenses, \u00a0
\n\n\t\t\t\t\texternal assistance, etc. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tStaff costs and remuneration comprise expenses related to wages, salaries, \u00a0
\n\n\t\t\t\t\tpension contributions, social security contributions, annual leave, sick leave, \u00a0
\n\n\t\t\t\t\tetc., and bonuses. Expenses are recognised in the year in which the associ- \u00a0
\n\n\t\t\t\t\tated services are rendered by employees of the Group. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tThe value of services rendered by employees as consideration for share- \u00a0
\n\n\t\t\t\t\tbased incentive payments is measured at the fair value of the granted options \u00a0
\n\n\t\t\t\t\tand restricted shares, respectively. For both, this fair value is recognised in \u00a0
\n\n\t\t\t\t\tthe income statement over the vesting period. A corresponding increase is \u00a0
\n\n\t\t\t\t\trecognised in equity. \u00a0
\n\n\t\t\t\t\tThe fair value of the options is determined using the Black-Scholes valuation \u00a0
\n\n\t\t\t\t\tmodel, taking into account the terms of the grant and the actual number of \u00a0
\n\n\t\t\t\t\tvested options. The fair value of restricted shares is determined using the \u00a0
\n\n\t\t\t\t\tshare price at the grant date adjusted for expected dividend per share, which \u00a0
\n\n\t\t\t\t\tis based on historical dividends. On recognition, the number of options and \u00a0
\n\n\t\t\t\t\trestricted shares expected to vest are estimated. The estimate is adjusted \u00a0
\n\n\t\t\t\t\tover the vesting period to the actual number of vested options and restricted \u00a0
\n\n\t\t\t\t\tshares. \u00a0
\n\n\t\t\t\t\tThe exercise price of share options is determined as the five day average \u00a0
\n\n\t\t\t\t\tof the market price following the grant, less all dividend payments after the \u00a0
\n\n\t\t\t\t\tgrant date plus a fee of 10%, respectively, in proportion to the market price at \u00a0
\n\n\t\t\t\t\tthe date of grant. \u00a0
\n\n\t\t\t\t\tThe division into employee categories is based on the current title of the \u00a0
\n\n\t\t\t\t\temployee. Resigned employees are included in the category \u201cOthers\u201d. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tFinancial income and expenses comprise interest income and expenses, \u00a0
\n\n\t\t\t\t\trealised and unrealised gains, losses on transactions denominated in foreign \u00a0
\n\n\t\t\t\t\tcurrencies, amortisation of loan costs and securities and subsequent changes \u00a0
\n\n\t\t\t\t\tto contingent acquisition costs. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tThe Group\u2019s current tax consists of tax payable according to the regulations of \u00a0
\n\n\t\t\t\t\tthe Danish Tonnage Tax Act for shipping activities and according to general \u00a0
\n\n\t\t\t\t\ttax regulations for net financial income and other activities. \u00a0
\n\n\t\t\t\t\tOther activities mainly comprise commercial management income of \u00a0
\n\n\t\t\t\t\tNORDEN tanker pools. Shipping activities in Denmark are taxed on the basis \u00a0
\n\n\t\t\t\t\tof the net tonnage (vessels), which the Danish group entities in question have \u00a0
\n\n\t\t\t\t\tat their disposal. \u00a0
\n\n\t\t\t\t\tBased on the planned use of vessels and recovery of reversed depreciation, \u00a0
\n\n\t\t\t\t\trespectively, the Danish tonnage tax regime does not result in a liability, \u00a0
\n\n\t\t\t\t\thence, it does not result in any deferred tax in the balance sheet. The liability \u00a0
\n\n\t\t\t\t\tis merely a contingent liability. \u00a0
\n\n\t\t\t\t\tOther activities of the Group and the Parent Company are not subject to \u00a0
\n\n\t\t\t\t\tdeferred tax either. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tTangible assets are measured at cost less accumulated depreciation and \u00a0
\n\n\t\t\t\t\timpairment losses. Cost comprises the acquisition price and costs directly \u00a0
\n\n\t\t\t\t\trelated to the acquisition up until the time when the asset is ready for use. \u00a0
\n\n\t\t\t\t\tBorrowing costs concerning either specific or general borrowing directly \u00a0
\n\n\t\t\t\t\trelated to assets with an extended construction period are included in cost \u00a0
\n\n\t\t\t\t\tover the period of construction. \u00a0
\n\n\t\t\t\t\tDepreciation is based on the straight-line method over the estimated useful \u00a0
\n\n\t\t\t\t\tlives of the assets. Depreciation is calculated based on the following esti- \u00a0
\n\n\t\t\t\t\tmated useful lives (unchanged compared to last year): \u00a0
\n\n\t\t\t\t\tBuildings \u00a0
\n\n\t\t\t\t\t50 \u00a0
\n\n\t\t\t\t\tVessels \u00a0
\n\n\t\t\t\t\t25 \u00a0
\n\n\t\t\t\t\tFixtures, fittings and equipment \u00a0
\n\n\t\t\t\t\t3-10 \u00a0
\n\n\t\t\t\t\tLand is not depreciated. \u00a0
\n\n\t\t\t\t\tUseful lives of the assets and residual values are reviewed and adjusted at \u00a0
\n\n\t\t\t\t\teach balance sheet date, if appropriate. \u00a0
Vessels \u00a0
\n\n\t\t\t\t\tDry docking costs are recognised in the carrying amount of vessels when \u00a0
\n\n\t\t\t\t\tincurred and depreciated over the period until the next dry docking. \u00a0
\n\n\t\t\t\t\tThe scrap value of vessels is determined based on the market price per light- \u00a0
\n\n\t\t\t\t\tweight tonne for scrapping of the vessel. \u00a0
\n\n\t\t\t\t\tThe depreciation period for secondhand vessels is determined on the basis of \u00a0
\n\n\t\t\t\t\tthe condition and age of the vessels at the time of acquisition, but the depre- \u00a0
\n\n\t\t\t\t\tciation period does not exceed 25 years from delivery from the shipyard. \u00a0
Prepayments on newbuildings are recognised in assets as vessels under \u00a0
\n\n\t\t\t\t\tconstruction as payments are made. At the delivery of the vessel, it is reclassi- \u00a0
\n\n\t\t\t\t\tfied to the item \u201cVessels\u201d. \u00a0
\n\n\t\t\t\t\tProfit/loss from sale of vessels is stated as the difference between the sales \u00a0
\n\n\t\t\t\t\tprice less selling costs and the carrying amount of the vessel in question at \u00a0
\n\n\t\t\t\t\tthe time of delivery. Furthermore, impairment of assets held for sale and any \u00a0
\n\n\t\t\t\t\tgains and losses upon repayment of related loans are included. \u00a0
Impairment test \u00a0
\n\n\t\t\t\t\tManagement monitors continuously, on a portfolio basis, the carrying value \u00a0
\n\n\t\t\t\t\tof tangible non-current assets in order to determine, whether there are any \u00a0
\n\n\t\t\t\t\tindications of impairment in excess of the amount provided for by normal \u00a0
\n\n\t\t\t\t\tdepreciation and whether previous impairments should be reversed. \u00a0
\n\n\t\t\t\t\tAn impairment test is conducted if there is an indication that the carrying \u00a0
\n\n\t\t\t\t\tamount of an asset or a cash-generating unit exceeds the expected future \u00a0
\n\n\t\t\t\t\tcash flows from the asset. If the carrying amount exceeds the recoverable \u00a0
\n\n\t\t\t\t\tamount, the asset is written down to the lower recoverable amount. The \u00a0
\n\n\t\t\t\t\trecoverable amount of the asset is determined as the higher of the net selling \u00a0
\n\n\t\t\t\t\tprice and the value-in-use. If a recoverable amount for the individual assets \u00a0
\n\n\t\t\t\t\tcannot be determined, the smallest group of assets for which it is possible \u00a0
\n\n\t\t\t\t\tto determine the recoverable amount (cash-generating unit) is analysed for \u00a0
\n\n\t\t\t\t\timpairment. \u00a0
\n\n\t\t\t\t\tManagement\u2019s assessment of indication of impairment on owned vessels, \u00a0
\n\n\t\t\t\t\tleased vessels recognised in the statement of financial position as right-of-use \u00a0
\n\n\t\t\t\t\tassets and prepayments on newbuildings is based on the cash-generating \u00a0
\n\n\t\t\t\t\tunits (CGUs) in which vessels, etc. are included; Dry Cargo and Tankers. \u00a0
\n\n\t\t\t\t\tAssessment of indication of impairment is made concurrently on a portfolio \u00a0
\n\n\t\t\t\t\tbasis. \u00a0
Reversal of previous impairments is only recognised if there has been a \u00a0
\n\n\t\t\t\t\tchange in the assumptions used to determine the recoverable amount since \u00a0
\n\n\t\t\t\t\tthe last impairment test was carried out. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
\n\n\t\t\t\t\tSignificant accounting judgement includes the definition of CGUs. Among \u00a0
\n\n\t\t\t\t\tother things, the judgement affects on which basis an impairment test is \u00a0
\n\n\t\t\t\t\tperformed. \u00a0
\n\n\t\t\t\t\tManagement has considered the degree of interdependency between \u00a0
\n\n\t\t\t\t\tthe two business units Assets & Logistics and Freight Services & Trading, \u00a0
\n\n\t\t\t\t\tin respect of taking decisions related to the vessel capacity. It has been \u00a0
\n\n\t\t\t\t\tconcluded that the interdependency is to such an extent that the cash inflows \u00a0
\n\n\t\t\t\t\tare not largely independent. Consequently, the respective dry cargo and \u00a0
\n\n\t\t\t\t\ttanker vessels of the two segments have been included in the respective \u00a0
\n\n\t\t\t\t\tCGU; Dry Cargo or Tankers, according to the nature of the vessels. \u00a0
\n\n\t\t\t\t\tWhen determining that the CGU is not at a lower level than the total Dry \u00a0
\n\n\t\t\t\t\tCargo and Tanker fleets, respectively, Management has attached importance \u00a0
\n\n\t\t\t\t\tto the fact that both fleets are managed on a portfolio level. \u00a0
\n\n\t\t\t\t\tFurthermore, assessing whether any indication of impairment exists is \u00a0
\n\n\t\t\t\t\tdepending on complex and subjective judgements by Management. Only \u00a0
\n\n\t\t\t\t\tif any indication of impairment, or reversal of previously recognised impair- \u00a0
\n\n\t\t\t\t\tment, exists, an impairment test is performed within a CGU. \u00a0
\n\n\t\t\t\t\tThe indications assessed by Management comprise, among other things, \u00a0
\n\n\t\t\t\t\tfinancial performance, vessel values, newbuilding prices and development in \u00a0
\n\n\t\t\t\t\tfreight and time charter rates. \u00a0
\n\n\t\t\t\t\tWhen considering vessel values, Management obtains two independent \u00a0
\n\n\t\t\t\t\tbroker valuations of vessels and newbuildings. Assessment of development \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tIn the Group\u2019s income statement, the Group\u2019s share of the joint ventures\u2019 \u00a0
\n\n\t\t\t\t\tprofit/loss after tax is included in the item \u201cShare of profit/loss of joint \u00a0
\n\n\t\t\t\t\tventures\u201d. \u00a0
\n\n\t\t\t\t\tEnterprises which are contractually operated jointly with one or more other \u00a0
\n\n\t\t\t\t\tenterprises, and which are thus jointly controlled, are recognised in the \u00a0
\n\n\t\t\t\t\tConsolidated Financial Statements according to the equity method. \u00a0
\n\n\t\t\t\t\tIn the Group\u2019s statement of financial position, the Group\u2019s share of the net \u00a0
\n\n\t\t\t\t\tasset value of joint ventures is thus included in the item \u201cInvestments in joint \u00a0
\n\n\t\t\t\t\tventures\u201d, calculated on the basis of the Group\u2019s accounting policies and \u00a0
\n\n\t\t\t\t\tafter deduction or addition of the Group\u2019s share of any unrealised intra-group \u00a0
\n\n\t\t\t\t\tgains or losses. \u00a0
\n\n\t\t\t\t\tJoint ventures with negative net asset values are measured at USD 0 million. \u00a0
\n\n\t\t\t\t\tIf the Group has a legal or constructive obligation to cover the enterprises\u2019 \u00a0
negative balance, such obligation is recognised by writing down any receiv- \u00a0
\n\n\t\t\t\t\table from the joint venture or under provisions. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tReceivables are measured at amortised cost less allowances for impair- \u00a0
\n\n\t\t\t\t\tment losses. Impairment losses for trade receivables are determined as the \u00a0
\n\n\t\t\t\t\texpected loss over the life of the receivables. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tVessels held for sale comprise vessels for which a binding sales agreement \u00a0
\n\n\t\t\t\t\thas been entered into and the vessel will be transferred to the buyer within 12 \u00a0
\n\n\t\t\t\t\tmonths of the reporting date. \u00a0
\n\n\t\t\t\t\tNewbuilding vessels and prepayments on vessels held for sale are measured at \u00a0
\n\n\t\t\t\t\tthe lower of carrying amount before classification as held for sale and fair value \u00a0
\n\n\t\t\t\t\tless selling costs and are recognised under current assets. Vessels held for sale \u00a0
\n\n\t\t\t\t\tare not depreciated. \u00a0
\n\n\t\t\t\t\tAssets and directly related liabilities in relation to vessels held for sale are \u00a0
\n\n\t\t\t\t\trecognised in separate items in the statement of financial position. Gains and \u00a0
\n\n\t\t\t\t\tlosses are included in the income statement in the item \"Profit/loss from sale of \u00a0
\n\n\t\t\t\t\tvessels, etc.\u201d. Gains are recognised on delivery and losses when they are classified as \u00a0
\n\n\t\t\t\t\t\"held for sale\u201d. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tPool arrangements are considered joint operations. Accordingly for vessels \u00a0
\n\n\t\t\t\t\toperating in pools, the proportionate share of income and costs is presented \u00a0
\n\n\t\t\t\t\tas gross amounts in the income statement. For example, the share of revenue \u00a0
\n\n\t\t\t\t\tin pools is recognised in \u201cRevenue\u201d, while the proportionate share of costs \u00a0
\n\n\t\t\t\t\tin pools, such as direct voyage costs (e.g. bunker oil, commissions and port \u00a0
\n\n\t\t\t\t\tcharges) and charter hire for chartered pool tonnage, is recognised in \u201cVessel \u00a0
\n\n\t\t\t\t\toperating costs\u201d. Similarly, NORDEN\u2019s share of assets and liabilities in pools \u00a0
\n\n\t\t\t\t\tis recognised, and NORDEN\u2019s share of other liabilities, etc. is included in the \u00a0
\n\n\t\t\t\t\tnotes to the Financial Statements. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tThe Group uses derivative financial instruments to hedge its bunker price \u00a0
\n\n\t\t\t\t\trisks, freight risk and currency risks. Such derivative financial instruments are \u00a0
\n\n\t\t\t\t\tinitially recognised at fair value on the date on which a derivative contract is \u00a0
\n\n\t\t\t\t\tentered into and are subsequently remeasured at fair value. Derivatives are \u00a0
\n\n\t\t\t\t\tcarried as financial assets (other receivables) when the fair value is positive \u00a0
\n\n\t\t\t\t\tand as financial liabilities (other payables) when the fair value is negative. \u00a0
\n\n\t\t\t\t\tAt the inception of a hedge relationship, the Group formally designates \u00a0
\n\n\t\t\t\t\tand documents the hedge relationship to which it wishes to apply hedge \u00a0
\n\n\t\t\t\t\taccounting and the risk management objective and strategy for undertaking \u00a0
\n\n\t\t\t\t\tthe hedge. \u00a0
Changes in the fair value of derivative financial instruments that are desig- \u00a0
\n\n\t\t\t\t\tnated as fair value hedges of a recognised asset or a recognised liability are \u00a0
\n\n\t\t\t\t\trecognised in the income statement in the same item as any changes in the \u00a0
\n\n\t\t\t\t\tcarrying amount of the hedged asset or hedged liability. \u00a0
\n\n\t\t\t\t\tChanges in the fair value of derivative financial instruments designated as \u00a0
\n\n\t\t\t\t\thedges of expected future transactions (cash flow hedge) are recognised in \u00a0
\n\n\t\t\t\t\tother comprehensive income and presented under \u201cReserve for cash flow \u00a0
\n\n\t\t\t\t\thedges\u201d (equity). A break down of the movement into each type of cash flow \u00a0
\n\n\t\t\t\t\thedge is presented below. Where the expected future transactions results \u00a0
\n\n\t\t\t\t\tin the acquisition of non-financial assets, any amounts deferred under equity \u00a0
\n\n\t\t\t\t\tare transferred from equity to the cost of the asset. Where an expected future \u00a0
\n\n\t\t\t\t\ttransaction results in income or expense, any amount deferred under equity \u00a0
\n\n\t\t\t\t\tare transferred from equity to the income statement in the same item as the \u00a0
\n\n\t\t\t\t\thedged transaction. \u00a0
\n\n\t\t\t\t\tChanges in derivative financial instruments used for economic trading are \u00a0
\n\n\t\t\t\t\trecognised in the income statement in a separate item under other operating \u00a0
\n\n\t\t\t\t\tincome. \u00a0
Accounting policies \u00a0
\n\n\t\t\t\t\tDividend \u00a0
\n\n\t\t\t\t\tDividend is recognised as a liability at the time of adoption by the share- \u00a0
\n\n\t\t\t\t\tholders at the annual general meeting. Dividend proposed by Management in \u00a0
\n\n\t\t\t\t\trespect of the year is stated under equity. \u00a0
Treasury shares \u00a0
\n\n\t\t\t\t\tThe acquisition and sale of treasury shares and dividends thereon are taken \u00a0
\n\n\t\t\t\t\tdirectly to retained earnings under equity. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tEarnings per share is presented as both basic and diluted earnings per share. \u00a0
\n\n\t\t\t\t\tBasic earnings per share is calculated as net profit divided by the weighted \u00a0
\n\n\t\t\t\t\taverage number of shares outstanding. \u00a0
\n\n\t\t\t\t\tDiluted earnings per share is calculated as net profit divided by the sum of \u00a0
\n\n\t\t\t\t\taverage number of shares outstanding, including the dilutive effect of the \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tLoans and bonds comprise amounts borrowed from banks and a credit insti- \u00a0
\n\n\t\t\t\t\ttution, and senior unsecured bonds listed on NASDAQ Copenhagen A/S. \u00a0
\n\n\t\t\t\t\tLoans and bonds are recognised at the time the liabilities are obtained in the \u00a0
\n\n\t\t\t\t\tamount of the proceeds after deduction of transaction costs. In subsequent \u00a0
\n\n\t\t\t\t\tperiods, such loans and bonds are recognised at amortised cost, equivalent \u00a0
\n\n\t\t\t\t\tto the capitalised value applying the effective rate of interest at the inception \u00a0
\n\n\t\t\t\t\tof the loan or bond, to the effect that the difference between the proceeds \u00a0
\n\n\t\t\t\t\tand the nominal value is recognised as interest expense in the income state- \u00a0
\n\n\t\t\t\t\tment over the term of the loan or bond. \u00a0
\n\n\t\t\t\t\tCommission paid to set up a credit facility is recognised as transaction costs \u00a0
\n\n\t\t\t\t\tto the extent that it is probable that the facility will be partially utilised. To the \u00a0
\n\n\t\t\t\t\textent that it is not probable that the facility will be partially or fully utilised, \u00a0
\n\n\t\t\t\t\tcommission is amortised over the term of the credit facility. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tAt inception of a new contract, NORDEN assesses whether a contract is a \u00a0
\n\n\t\t\t\t\tlease or contains a lease. This involves exercise of judgement as to whether: \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tthe contract depends on the use of a specific asset, \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tNORDEN obtains substantially all the economic benefits from the use of \u00a0
\n\n\t\t\t\t\tthe asset, and \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tNORDEN has the right to direct the use of the asset. \u00a0
Right-of-use assets \u00a0
\n\n\t\t\t\t\tNORDEN recognises right-of-use assets at the commencement date of the \u00a0
\n\n\t\t\t\t\tlease (i.e. the date the underlying asset is available for use). Right-of-use \u00a0
\n\n\t\t\t\t\tassets are measured at cost less any accumulated depreciation, impairment \u00a0
\n\n\t\t\t\t\tlosses and adjusted for any remeasurement of lease liabilities. \u00a0
\n\n\t\t\t\t\tThe cost of right-of-use assets includes the amount of lease liabilities recog- \u00a0
\n\n\t\t\t\t\tnised, and lease payments made before the commencement date. Unless \u00a0
\n\n\t\t\t\t\tNORDEN is reasonably certain to obtain ownership of the leased asset at the \u00a0
\n\n\t\t\t\t\tend of the lease term, the recognised right-of-use assets are depreciated on \u00a0
\n\n\t\t\t\t\ta straight-line basis over the shorter of its estimated useful life and the lease \u00a0
\n\n\t\t\t\t\tterm. \u00a0
Impairment of right-of-use assets \u00a0
\n\n\t\t\t\t\tSimilar to owned assets, right-of-use assets are subject to testing for impair- \u00a0
\n\n\t\t\t\t\tment if there is an indication of impairment. Refer to note 3.1 \"Tangible assets\" \u00a0
\n\n\t\t\t\t\tfor further information. \u00a0
Lease liabilities \u00a0
\n\n\t\t\t\t\tAt the commencement date of a lease, NORDEN recognises lease liabilities \u00a0
\n\n\t\t\t\t\tmeasured at the present value of lease payments to be made over the lease term. \u00a0
\n\n\t\t\t\t\tThe lease term comprises the non-cancellable period with addition of periods \u00a0
\n\n\t\t\t\t\tcovered by options, if NORDEN is reasonably certain to exercise such exten- \u00a0
sion options. This assessment is made on inception of the lease. The lease \u00a0
\n\n\t\t\t\t\tpayments include fixed payments and variable payments depending on \u00a0
\n\n\t\t\t\t\tan index or a rate. The lease payments also include the exercise price of a \u00a0
\n\n\t\t\t\t\tpurchase option reasonably certain to be exercised by NORDEN. \u00a0
\n\n\t\t\t\t\tLease payments are allocated between principal and finance cost. The \u00a0
\n\n\t\t\t\t\tfinance cost is charged to the income statement over the lease period so as \u00a0
\n\n\t\t\t\t\tto produce a constant period rate of interest on the remaining balance of the \u00a0
\n\n\t\t\t\t\tliabilities for each period. \u00a0
\n\n\t\t\t\t\tIn calculating the present value of lease payments, NORDEN uses the incre- \u00a0
\n\n\t\t\t\t\tmental borrowing rate at the lease commencement date. The incremental \u00a0
\n\n\t\t\t\t\tborrowing rate applied is in the range of 4-6%, depending on the maturity of \u00a0
\n\n\t\t\t\t\tthe lease contracts. \u00a0
\n\n\t\t\t\t\tIn addition, the carrying amount of lease liabilities is remeasured if there is a \u00a0
\n\n\t\t\t\t\tmodification, a change in the lease term, a change in the fixed lease payments \u00a0
\n\n\t\t\t\t\tor a change in the assessment to purchase the underlying asset. \u00a0
Short-term leases and leases of low-value assets \u00a0
\n\n\t\t\t\t\tNORDEN applies the lease recognition exemptions related to the short-term \u00a0
\n\n\t\t\t\t\tleases (lease term of 12 months or less) and leases of low-value assets. Lease \u00a0
\n\n\t\t\t\t\tpayments on short-term leases and leases of low-value assets are recognised in \u00a0
\n\n\t\t\t\t\tthe income statement as an expense on a straight-line basis over the lease term. \u00a0
Sale and lease back \u00a0
\n\n\t\t\t\t\tFor sale and leaseback transactions, if there is a transfer of control within \u00a0
\n\n\t\t\t\t\tthe meaning of IFRS 15, NORDEN as the seller-lessee measures the right- \u00a0
\n\n\t\t\t\t\tof-use asset arising from the leaseback at the proportion of the previous \u00a0
\n\n\t\t\t\t\tcarrying amount of the asset that relates to the right of use retained by the \u00a0
\n\n\t\t\t\t\tseller-lessee. \u00a0
\n\n\t\t\t\t\tAny gain or loss that relates to the rights transferred to the buyer-lessor is \u00a0
\n\n\t\t\t\t\trecognised in profit or loss. \u00a0
If there is no transfer of control, the seller-lessee recognizes the transaction \u00a0
\n\n\t\t\t\t\tas a financing transaction. While the transaction is legally subject to a lease \u00a0
\n\n\t\t\t\t\tcontract, it is not accounted for as a lease and the underlying asset is not \u00a0
\n\n\t\t\t\t\tderecognised. \u00a0
Cash flows \u00a0
\n\n\t\t\t\t\tIn the statement of cash flows, cash payments for the principal portion of the \u00a0
\n\n\t\t\t\t\tlease liabilities and related cash payments for the interest portion are classi- \u00a0
\n\n\t\t\t\t\tfied within the financing activities. For short-term leases or leases of low-value \u00a0
\n\n\t\t\t\t\tassets, the lease payments are classified within the operating activities. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tSubleases \u00a0
\n\n\t\t\t\t\tNORDEN enters into arrangements to sublease an underlying asset to a third \u00a0
\n\n\t\t\t\t\tparty, while NORDEN retains the primary obligation under the original lease. \u00a0
\n\n\t\t\t\t\tIn such arrangements, NORDEN acts as both the lessee and lessor of the \u00a0
\n\n\t\t\t\t\tsame underlying asset. \u00a0
\n\n\t\t\t\t\tIf a leased vessel is subleased under terms transferring substantially all \u00a0
\n\n\t\t\t\t\tremaining risks and rewards under the head lease to the lessee in the \u00a0
\n\n\t\t\t\t\tsublease, the right-of-use asset is derecognised, and a lease receivable is \u00a0
\n\n\t\t\t\t\trecognised. Gain/loss on the derecognised right-of-use asset is recognised in \u00a0
\n\n\t\t\t\t\tthe income statement as revenue. \u00a0
\n\n\t\t\t\t\tDuring the term of the sublease, NORDEN recognises both finance income on \u00a0
\n\n\t\t\t\t\tthe sublease (as revenue) and interest expense on the head lease (as financial \u00a0
\n\n\t\t\t\t\texpenses). \u00a0
Cash flows \u00a0
\n\n\t\t\t\t\tCash payments received on sublease receivables are classified within the \u00a0
\n\n\t\t\t\t\toperating activities. \u00a0
COAs and operating lease income \u00a0
\n\n\t\t\t\t\tAgreements to charter out vessels on time charters, where all significant risks \u00a0
\n\n\t\t\t\t\tand rewards of ownership have been transferred to the lessee, are recognised \u00a0
\n\n\t\t\t\t\tas a receivable in the statement of financial position. The receivable is meas- \u00a0
\n\n\t\t\t\t\tured in the same way as the lease liability in cases, where the Group is the \u00a0
\n\n\t\t\t\t\tlessee. \u00a0
\n\n\t\t\t\t\tOther agreements to charter out vessels are considered operating leases in \u00a0
\n\n\t\t\t\t\taccordance with IFRS 16 \"Leases\", where NORDEN is presented as the lessee. \u00a0
\n\n\t\t\t\t\tPayments in connection with operating leases are recognised on a straight- \u00a0
\n\n\t\t\t\t\tline basis in the income statement over the terms of the leases. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tStatement of cash flows \u00a0
\n\n\t\t\t\t\tThe statement of cash flows shows the Group\u2019s cash flows for the year distrib- \u00a0
\n\n\t\t\t\t\tuted on operating, investing and financing activities, net changes for the year \u00a0
\n\n\t\t\t\t\tin cash and cash equivalents at the beginning and end of the year. Positive \u00a0
\n\n\t\t\t\t\tamounts indicate inflows, whereas negative amounts indicate outflows. \u00a0
Cash flow from operating activities \u00a0
\n\n\t\t\t\t\tCash flow from operating activities are stated as the profit/loss for the year \u00a0
\n\n\t\t\t\t\tadjusted for non-cash operating items such as depreciation, profit/loss from \u00a0
\n\n\t\t\t\t\tsale of vessels, etc., changes in working capital plus or minus corporation tax \u00a0
\n\n\t\t\t\t\tpaid or received. Working capital includes current assets less current liabil- \u00a0
\n\n\t\t\t\t\tities, excluding the items included in cash and cash equivalents and vessels \u00a0
\n\n\t\t\t\t\theld for sale. \u00a0
Cash flow from investing activities \u00a0
\n\n\t\t\t\t\tCash flow from investing activities comprise cash flow from the acquisition \u00a0
\n\n\t\t\t\t\tand sale of non-current assets. \u00a0
Cash flow from financing activities \u00a0
\n\n\t\t\t\t\tCash flow from financing activities comprise cash flow from the raising and \u00a0
\n\n\t\t\t\t\trepayment of loans and bonds, instalments on lease liabilities as well as \u00a0
\n\n\t\t\t\t\tpayments to and from shareholders and interest received and paid. \u00a0
Liquidity \u00a0
\n\n\t\t\t\t\tLiquidity comprises marketable securities with a term of less than three \u00a0
\n\n\t\t\t\t\tmonths and cash not subject to significant limits to its availability. \u00a0
Cash and cash equivalents \u00a0
\n\n\t\t\t\t\tCash and cash equivalents are measured in the statement of financial position \u00a0
\n\n\t\t\t\t\tat nominal value and mainly consist of demand deposits, cash balance and \u00a0
\n\n\t\t\t\t\tmoney market investments. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tContingent assets are recognised, when it is virtually certain that the claim will \u00a0
\n\n\t\t\t\t\thave a positive outcome for the Group. A contingent liability is recognised if \u00a0
\n\n\t\t\t\t\tit is likely that the claim will have a negative outcome and when the amount is \u00a0
\n\n\t\t\t\t\testimable. Rulings in connection with such matters may in future accounting \u00a0
\n\n\t\t\t\t\tperiods produce realised gains or losses, which may differ considerably from \u00a0
\n\n\t\t\t\t\tthe recognised amounts or information. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tRelated parties include the Board of Directors and the Executive Manage- \u00a0
\n\n\t\t\t\t\tment as well as their close relatives. Related parties also include companies \u00a0
\n\n\t\t\t\t\tin which the above persons have significant interests as well as companies \u00a0
\n\n\t\t\t\t\tand foundations which have direct or indirect significant influence through \u00a0
\n\n\t\t\t\t\tshareholdings. \u00a0
\n\n\t\t\t\t\tIn addition, related parties include joint ventures, refer to note 3.2 \"Invest- \u00a0
\n\n\t\t\t\t\tments in joint ventures\". \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1052": {
"value": "A/S",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4609": {
"value": "1.2 Basis\u00a0of consolidation \u00a0
\n\n\t\t\t\t\tConsolidation principles \u00a0
\n\n\t\t\t\t\tThe Consolidated Financial Statements comprise the Parent Company, Damp- \u00a0
\n\n\t\t\t\t\tskibsselskabet NORDEN A/S and subsidiaries. An investment is classified as a \u00a0
\n\n\t\t\t\t\tsubsidiary when below conditions are met: \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tDampskibsselskabet NORDEN A/S has control over the company \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tDampskibsselskabet NORDEN A/S is exposed to variability in return on the \u00a0
\n\n\t\t\t\t\tinvestment \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tThe control over the company can be used to affect the return on the \u00a0
\n\n\t\t\t\t\tinvestment \u00a0
\n\n\t\t\t\t\tAt consolidation, intra-group income and expenses, shareholdings, dividends \u00a0
\n\n\t\t\t\t\tand accounts as well as unrealised intra-group gains and losses on transac- \u00a0
\n\n\t\t\t\t\ttions between the consolidated enterprises are eliminated. \u00a0
\n\n\t\t\t\t\tThe Financial Statements used in the consolidation are prepared in accord- \u00a0
\n\n\t\t\t\t\tance with the Group\u2019s accounting policies. The Consolidated Financial State- \u00a0
\n\n\t\t\t\t\tments are prepared on the basis of the Financial Statements of the Parent \u00a0
\n\n\t\t\t\t\tCompany and the subsidiaries by aggregating items of a uniform nature. \u00a0
\n\n\t\t\t\t\tNewly acquired or newly established enterprises are recognised in the Consol- \u00a0
\n\n\t\t\t\t\tidated Financial Statements from the date of acquisition using the purchase \u00a0
\n\n\t\t\t\t\tmethod. Enterprises divested or wound up are included in the consolidated \u00a0
\n\n\t\t\t\t\tincome statement until the date of disposal. Comparative figures are not \u00a0
\n\n\t\t\t\t\trestated to reflect acquisitions or companies wound up. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4605": {
"value": "Change in reportable segments \u00a0
\n\n\t\t\t\t\tChanges to the segment structure were made with effect from 1 January \u00a0
\n\n\t\t\t\t\t2022. The changes involve combining Dry Operator and Tanker Operator \u00a0
\n\n\t\t\t\t\tinto Freight Services & Trading. In addition, the segment Asset Management \u00a0
\n\n\t\t\t\t\thas been renamed to Assets & Logistics. Comparison figures for note 2.1 \u00a0
\n\n\t\t\t\t\t\"Segment information\" have been restated as if the change had been imple- \u00a0
\n\n\t\t\t\t\tmented in 2021. \u00a0
1.5 Changes\u00a0in accounting policies and disclosures \u00a0
\n\n\t\t\t\t\tThe Group has adopted standards and interpretations effective as of 1 \u00a0
\n\n\t\t\t\t\tJanuary 2022. The Group has not early adopted any standards, interpreta- \u00a0
\n\n\t\t\t\t\ttions or amendments that have been issued but are not yet effective. \u00a0
\n\n\t\t\t\t\tAdoption of new or amended IFRSs \u00a0
\n\n\t\t\t\t\tNORDEN has implemented the following amendments and interpretations to \u00a0
\n\n\t\t\t\t\texisting standards: amendments to IAS 16, IAS 37 and IFRS 3. \u00a0
\n\n\t\t\t\t\tThe amendments listed above did not have any impact on the amounts recog- \u00a0
\n\n\t\t\t\t\tnised in prior periods and are not expected to significantly affect the current \u00a0
\n\n\t\t\t\t\tor future periods. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4607": {
"value": "Principal accounting policies \u00a0
\n\n\t\t\t\t\tThe annual report for the period 1 January - 31 December 2022 with compar- \u00a0
\n\n\t\t\t\t\tative figures comprises the Consolidated Financial Statements of Dampskibs- \u00a0
\n\n\t\t\t\t\tselskabet NORDEN A/S (the Parent Company) and its subsidiaries (the Group) \u00a0
\n\n\t\t\t\t\tand the Financial Statements of the Parent Company. \u00a0
\n\n\t\t\t\t\tThe Consolidated Financial Statements of the Group have been prepared on a \u00a0
\n\n\t\t\t\t\tgoing concern basis and in accordance with International Financial Reporting \u00a0
\n\n\t\t\t\t\tStandards (IFRS) as adopted by the EU and additional requirements from the \u00a0
\n\n\t\t\t\t\tDanish Financial Statements Act. \u00a0
The Financial Statements of the Parent Company, Dampskibsselskabet \u00a0
\n\n\t\t\t\t\tNORDEN A/S, have been prepared in accordance with the Danish Financial \u00a0
\n\n\t\t\t\t\tStatements Act applying to enterprises of reporting class D. \u00a0
",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4610": {
"value": "1.3 General\u00a0accounting policies \u00a0
\n\n\t\t\t\t\tInventories \u00a0
\n\n\t\t\t\t\tInventories primarily comprise of bunker and lubrication oil kept on board \u00a0
\n\n\t\t\t\t\tvessels. Inventories are measured at the lower of either cost according to the \u00a0
\n\n\t\t\t\t\tFIFO method or net realisable value. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4611": {
"value": "1.3 General\u00a0accounting policies \u00a0
\n\n\t\t\t\t\tInventories \u00a0
\n\n\t\t\t\t\tInventories primarily comprise of bunker and lubrication oil kept on board \u00a0
\n\n\t\t\t\t\tvessels. Inventories are measured at the lower of either cost according to the \u00a0
\n\n\t\t\t\t\tFIFO method or net realisable value. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4623": {
"value": "1.4 Significant\u00a0accounting estimates and judgements \u00a0
\n\n\t\t\t\t\tThe preparation of the Consolidated Financial Statements of the Group and \u00a0
\n\n\t\t\t\t\tthe Financial Statements of the Parent Company requires Management to \u00a0
\n\n\t\t\t\t\tmake estimates and judgements. These are the basis for recognition and \u00a0
\n\n\t\t\t\t\tmeasurement of the Group\u2019s and Parent Company\u2019s income, expenses, assets \u00a0
\n\n\t\t\t\t\tand liabilities. \u00a0
\n\n\t\t\t\t\tThe applied estimates are based on historical data and other factors that \u00a0
\n\n\t\t\t\t\tManagement considers appropriate under the given circumstances, but which \u00a0
\n\n\t\t\t\t\tare inherently uncertain or unpredictable. Such assumptions may be incom- \u00a0
\n\n\t\t\t\t\tplete or inaccurate, and unexpected events or circumstances may occur. In \u00a0
\n\n\t\t\t\t\taddition, the Group is subject to risks and uncertainties that may cause actual \u00a0
\n\n\t\t\t\t\toutcomes to deviate from these estimates. \u00a0
\n\n\t\t\t\t\tIt may be necessary to change previous estimates as a result of changes to the \u00a0
\n\n\t\t\t\t\tassumptions on which the estimates were based or due to new information or \u00a0
\n\n\t\t\t\t\tsubsequent events that affects the current as well as future periods. \u00a0
\n\n\t\t\t\t\tBelow are the accounting estimates and judgements, which Management \u00a0
\n\n\t\t\t\t\tdeems to be significant to the preparation of the Financial Statements: \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tImpairment, note 3.1 \u201cTangible assets\u201d \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tNon-lease component for leases under IFRS 16 \"Leases\", note 4.7 \u201cLeases - \u00a0
\n\n\t\t\t\t\tlessee\u201d \u00a0
\n\n\t\t\t\t\tThe accounting policies are described in each of the specific notes in the \u00a0
\n\n\t\t\t\t\tFinancial Statements, which also include additional description of the most \u00a0
\n\n\t\t\t\t\tsignificant accounting estimates and judgements. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
\n\n\t\t\t\t\tIn recognition of freight income and voyage costs, including net income from \u00a0
\n\n\t\t\t\t\tpool arrangements, NORDEN decides on closing dates, voyages, etc. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
\n\n\t\t\t\t\tBased on the Group\u2019s business plans, the Danish group entities have entered \u00a0
\n\n\t\t\t\t\tthe Danish tonnage tax regime for a binding ten year period from 2021. \u00a0
\n\n\t\t\t\t\tIn addition, the tax rules are complicated when a company has activities that \u00a0
\n\n\t\t\t\t\tare partly covered by the tonnage tax regime and partly by corporate taxa- \u00a0
\n\n\t\t\t\t\ttion. \u00a0
\n\n\t\t\t\t\tIn calculation of the taxable income, estimates are made which in a later \u00a0
\n\n\t\t\t\t\tassessment by the Danish tax authorities may result in corrections to previous \u00a0
\n\n\t\t\t\t\testimates of recognised tax assets and liabilities in the balance sheet. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES - CONTINUED \u00a0
\n\n\t\t\t\t\tin newbuilding prices is based on market data such as known transactions, \u00a0
\n\n\t\t\t\t\tprices of potential newbuildings and analysis reports from brokers. \u00a0
\n\n\t\t\t\t\tManagement considers all these indicators when assessing whether an \u00a0
\n\n\t\t\t\t\timpairment test has to be performed. \u00a0
\n\n\t\t\t\t\tIf indications exist, Management assesses through an impairment test the \u00a0
\n\n\t\t\t\t\trecoverability of the carrying amount of tangible assets and other related \u00a0
\n\n\t\t\t\t\tassets related to the relevant CGU (see above under \"Accounting policies\" in \u00a0
\n\n\t\t\t\t\tthis note). \u00a0
\n\n\t\t\t\t\tRecoverable amount is generally determined based on a calculation of the \u00a0
\n\n\t\t\t\t\thigher of the fair value less costs to sell and the value-in-use. \u00a0
\n\n\t\t\t\t\tAs the CGUs contain both owned vessels and capitalised charter contracts \u00a0
\n\n\t\t\t\t\t(right-of-use assets), the fair value less costs to sell of the CGU cannot be \u00a0
\n\n\t\t\t\t\tdetermined solely based on the broker valuations obtained but requires valu- \u00a0
\n\n\t\t\t\t\tations similar to those in performing a value-in-use calculation. \u00a0
\n\n\t\t\t\t\tThe principal risk when determining the value-in-use is in relation to Manage- \u00a0
\n\n\t\t\t\t\tment\u2019s assessment of the timing and value of future cash flows, including \u00a0
\n\n\t\t\t\t\tManagement\u2019s estimates of long-term freight and T/C rates as well as determi- \u00a0
\n\n\t\t\t\t\tnation of a discount rate (WACC). \u00a0
\n\n\t\t\t\t\tGiven the war in Ukraine, the full effect of sanctions on Russia and macroeco- \u00a0
\n\n\t\t\t\t\tnomic uncertainties in general, the freight market uncertainty and volatility \u00a0
\n\n\t\t\t\t\tare expected to remain high and could cause a shift in freight rates and other \u00a0
\n\n\t\t\t\t\tsignificant assumptions impacting the impairment assessment. \u00a0
\n\n\t\t\t\t\tOther significant accounting estimates when determining the carrying value \u00a0
\n\n\t\t\t\t\tof tangible assets include i.a. useful lives and residual values. \u00a0
Dry Cargo \u00a0
\n\n\t\t\t\t\tThe Dry Cargo CGU is defined as NORDEN\u2019s Dry Cargo fleet, including \u00a0
\n\n\t\t\t\t\tchartered vessels and agreed coverage (revenue) in the form of Contracts \u00a0
\n\n\t\t\t\t\tof Affreightment (COAs), vessels chartered out and Forward Freight Agree- \u00a0
\n\n\t\t\t\t\tments (FFAs). \u00a0
\n\n\t\t\t\t\tDuring the first half of 2022, dry cargo spot rates were strong, supported by \u00a0
\n\n\t\t\t\t\tmarket inefficiencies built up in the previous year. However, the dry cargo \u00a0
\n\n\t\t\t\t\tmarket gradually deflated during 2022, reversing the market tightness. The \u00a0
\n\n\t\t\t\t\tdry cargo market is expected to face further headwinds in the first half of \u00a0
\n\n\t\t\t\t\t2023 in line with a slowdown in the world economy and corresponding low \u00a0
\n\n\t\t\t\t\tgrowth in global commodity volumes. \u00a0
\n\n\t\t\t\t\tHowever, a low newbuilding orderbook is expected to mitigate a potentially \u00a0
\n\n\t\t\t\t\tdeep and prolonged downturn and long-term rates are expected to align with \u00a0
\n\n\t\t\t\t\tthe long-term rate assumed in the latest impairment test of the Dry Cargo \u00a0
\n\n\t\t\t\t\tCGU performed at the end of 2021. As such, no indications of a need for \u00a0
\n\n\t\t\t\t\timpairments were identified. \u00a0
Tankers \u00a0
\n\n\t\t\t\t\tThe Tankers CGU is defined as NORDEN\u2019s Tanker fleet, including chartered \u00a0
\n\n\t\t\t\t\tvessels and agreed coverage (revenue) in the form of Contracts of Affreight- \u00a0
\n\n\t\t\t\t\tment (COAs), vessels chartered out and Forward Freight Agreements (FFAs). \u00a0
\n\n\t\t\t\t\tProduct tanker spot rates surged during 2022. Average MR spot rates more \u00a0
\n\n\t\t\t\t\tthan quadrupled from USD 7,500 in 2021 to USD 34,200 per day in 2022, and \u00a0
\n\n\t\t\t\t\tthe one year T/C rate for MR Eco vessels increased by more than 100% to USD \u00a0
\n\n\t\t\t\t\t32,500 per day at the end of 2022. Due to the substantial improvements, an \u00a0
\n\n\t\t\t\t\timpairment test was performed in order to assess potential reversal of previ- \u00a0
\n\n\t\t\t\t\tously recognised impairment. \u00a0
\n\n\t\t\t\t\tA WACC of 7.75% was used for the calculation (2021: 7.25%). Whilst the value- \u00a0
\n\n\t\t\t\t\tin-use calculation in 2021 showed that the long-term values of the Tanker fleet \u00a0
\n\n\t\t\t\t\tsupported the carrying amounts at the time, the 2022 value-in-use calculation \u00a0
indicated substantial headroom and the remaining prior year impairments of \u00a0
\n\n\t\t\t\t\tUSD 5 million were reversed. \u00a0
\n\n\t\t\t\t\tDue to the large number of open vessel days in the Tankers CGU, the value- \u00a0
\n\n\t\t\t\t\tin-use calculation was particularly sensitive to even minor fluctuations in \u00a0
\n\n\t\t\t\t\tfreight rates and WACC. As an example of these sensitivities, a reduction of \u00a0
\n\n\t\t\t\t\tthe assumed freight rates of USD 1,000 would affect the value-in-use nega- \u00a0
\n\n\t\t\t\t\ttively by approximately USD 75 million (2021: USD 80 million). An increase in \u00a0
\n\n\t\t\t\t\tWACC of one percentage point would similarly affect the value-in-use nega- \u00a0
\n\n\t\t\t\t\ttively by approximately USD 35 million (2021: USD 30 million). \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
\n\n\t\t\t\t\tAssessment of control in shared ownership \u00a0
\n\n\t\t\t\t\tThe classification of activities and enterprises which are in part jointly owned \u00a0
\n\n\t\t\t\t\twith other companies and thus how these activities and enterprises are \u00a0
\n\n\t\t\t\t\ttreated in the Consolidated Financial Statements is to a certain extent based \u00a0
\n\n\t\t\t\t\ton judgements of formal and actual conditions. \u00a0
\n\n\t\t\t\t\tIn the assessment of joint control, an analysis has been made as to which \u00a0
\n\n\t\t\t\t\tdecisions require unanimity and whether these relate to relevant activities, \u00a0
\n\n\t\t\t\t\twhich are activities that significantly affect the return of the arrangement. It is \u00a0
\n\n\t\t\t\t\tassessed that joint control by default exists when business plans and budgets \u00a0
\n\n\t\t\t\t\tmust be adopted unanimously. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
\n\n\t\t\t\t\tAllowances of trade receivables are determined using the lifetime expected \u00a0
\n\n\t\t\t\t\tcredit loss which includes factors such as internal rating, historical information \u00a0
\n\n\t\t\t\t\tabout payment patterns, collateral received as well as prevailing economic \u00a0
\n\n\t\t\t\t\tconditions. Estimates made are updated if the debtor\u2019s ability to pay changes. \u00a0
\n\n\t\t\t\t\tIt is estimated that the allowances made are sufficient to cover bad debt. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
\n\n\t\t\t\t\tAssessment of control in shared ownership - pool arrangements \u00a0
\n\n\t\t\t\t\tThe classification of activities and enterprises which are in part jointly owned \u00a0
\n\n\t\t\t\t\twith other companies and thus how these activities and enterprises are \u00a0
\n\n\t\t\t\t\ttreated in the Consolidated Financial Statements are to a certain extent based \u00a0
\n\n\t\t\t\t\ton judgements of formal and actual conditions. \u00a0
\n\n\t\t\t\t\tIn connection with the assessment of control, an analysis of the operator role \u00a0
\n\n\t\t\t\t\tin NORDEN\u2019s agreements on pool arrangements has been made. The opera- \u00a0
\n\n\t\t\t\t\ttor is responsible for the day-to-day management of activities carried out \u00a0
\n\n\t\t\t\t\twithin a jointly established framework. Since the operators are not exposed \u00a0
\n\n\t\t\t\t\tto, and are not entitled to, a return apart from the participating share and the \u00a0
\n\n\t\t\t\t\tfact that they can be replaced upon agreement, the operators are considered \u00a0
\n\n\t\t\t\t\tto be agents as defined in IFRS 10. \u00a0
\n\n\t\t\t\t\tIn the assessment of joint control, an analysis has been made as to which deci- \u00a0
\n\n\t\t\t\t\tsions require unanimity and whether these relate to relevant activities, which \u00a0
\n\n\t\t\t\t\tare activities that significantly affect the return of the pool arrangement. It is \u00a0
\n\n\t\t\t\t\tassessed that joint control by default exists when business plans and budgets \u00a0
\n\n\t\t\t\t\tmust be adopted unanimously. \u00a0
For NORDEN\u2019s pool arrangements, unanimity is required on decisions \u00a0
\n\n\t\t\t\t\trelating to relevant activities. It has also been established that the pool part- \u00a0
\n\n\t\t\t\t\tners have rights and obligations directly and unlimited with regard to the \u00a0
\n\n\t\t\t\t\tassets and liabilities of the arrangements, and as the pool arrangements have \u00a0
\n\n\t\t\t\t\tnot been structured into separate legal units, these are treated and classified \u00a0
\n\n\t\t\t\t\tas joint operations. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
\n\n\t\t\t\t\tNORDEN has elected to separate lease and non-lease components for leases \u00a0
\n\n\t\t\t\t\tof time charter contracts on vessels. For these contracts, the estimated \u00a0
\n\n\t\t\t\t\tnon-lease component (daily running costs) is excluded from the right-of-use \u00a0
\n\n\t\t\t\t\tassets. \u00a0
\n\n\t\t\t\t\tAssessing the consideration attributable to the non-lease component \u00a0
\n\n\t\t\t\t\tincludes a significant accounting judgement, where Management uses market \u00a0
\n\n\t\t\t\t\tdata from an independent service provider. The market data consists of \u00a0
\n\n\t\t\t\t\tbenchmarking reports and allows NORDEN to benchmark vessels' operating \u00a0
\n\n\t\t\t\t\tcosts against a global sample. The measurement of the non-lease component \u00a0
\n\n\t\t\t\t\ttakes several factors into consideration such as operating costs, aging of the \u00a0
\n\n\t\t\t\t\tvessels, vessel types, etc. \u00a0
\n\n\t\t\t\t\tIn this regard, Management assesses the service provider\u2019s independence, \u00a0
\n\n\t\t\t\t\tobjectivity and qualifications and whether the market data is appropriate for \u00a0
\n\n\t\t\t\t\tthe purpose, e.g. based on sufficient market data. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
\n\n\t\t\t\t\tManagement\u2019s assessment of whether leases on vessels should be classified \u00a0
\n\n\t\t\t\t\tas finance or operating leasing is based on an overall evaluation of each lease. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
\n\n\t\t\t\t\tManagement assesses provisions and contingencies on an ongoing basis, \u00a0
\n\n\t\t\t\t\tas well as the likely outcome of pending or potential legal proceedings, etc. \u00a0
\n\n\t\t\t\t\tThe assessments are made on the basis of legal opinions of the signed agree- \u00a0
\n\n\t\t\t\t\tments, which in considerable claims also include assessments obtained from \u00a0
\n\n\t\t\t\t\texternal advisors, including external legal advisers, among others. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4612": {
"value": "Prepayments \u00a0
\n\n\t\t\t\t\tPrepayments include costs incurred regarding the succeeding financial year \u00a0
\n\n\t\t\t\t\tsuch as prepaid hire, interest and insurance premiums. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4613": {
"value": "Deferred income \u00a0
\n\n\t\t\t\t\tDeferred income arises from prepayments for voyages and time-charter \u00a0
\n\n\t\t\t\t\tincome. Part of deferred income comprises prepaid time-charter income \u00a0
\n\n\t\t\t\t\tcomprising a lease element as well as a service element. \u00a0
2.1 Segment\u00a0information \u00a0
\n\n\t\t\t\t\tFreight \u00a0
\n\n\t\t\t\t\tAssets &\u00a0Services & \u00a0
\n\n\t\t\t\t\tElimi- \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\tLogistics \u00a0
\n\n\t\t\t\t\tTrading \u00a0
\n\n\t\t\t\t\tnations \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tRevenue \u2013 services rendered, external \u00a0
\n\n\t\t\t\t\t215.5 \u00a0
\n\n\t\t\t\t\t5,094.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t5,309.7 \u00a0
\n\n\t\t\t\t\tRevenue \u2013 services rendered, internal \u00a0
\n\n\t\t\t\t\t377.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-377.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tRevenue \u2013 sublease financial income \u00a0
\n\n\t\t\t\t\t1.8 \u00a0
\n\n\t\t\t\t\t0.9 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t2.7 \u00a0
\n\n\t\t\t\t\tVoyage costs* \u00a0
\n\n\t\t\t\t\t-32.2 \u00a0
\n\n\t\t\t\t\t-1,730.0 \u00a0
\n\n\t\t\t\t\t12.7 \u00a0
\n\n\t\t\t\t\t-1,749.5 \u00a0
\n\n\t\t\t\t\tT/C equivalent revenue \u00a0
\n\n\t\t\t\t\t562.1 \u00a0
\n\n\t\t\t\t\t3,365.1 \u00a0
\n\n\t\t\t\t\t-364.3 \u00a0
\n\n\t\t\t\t\t3,562.9 \u00a0
\n\n\t\t\t\t\tOther operating income \u00a0
\n\n\t\t\t\t\t-0.9 \u00a0
\n\n\t\t\t\t\t28.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t27.7 \u00a0
\n\n\t\t\t\t\tCharter hire and OPEX element* \u00a0
\n\n\t\t\t\t\t-149.9 \u00a0
\n\n\t\t\t\t\t-2,366.1 \u00a0
\n\n\t\t\t\t\t364.3 \u00a0
\n\n\t\t\t\t\t-2,151.7 \u00a0
\n\n\t\t\t\t\tOperating costs* \u00a0
\n\n\t\t\t\t\t-71.5 \u00a0
\n\n\t\t\t\t\t-1.5 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-73.0 \u00a0
\n\n\t\t\t\t\tContribution margin \u00a0
\n\n\t\t\t\t\t339.8 \u00a0
\n\n\t\t\t\t\t1,026.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1,365.9 \u00a0
\n\n\t\t\t\t\tOverhead and administration costs \u00a0
\n\n\t\t\t\t\t-22.4 \u00a0
\n\n\t\t\t\t\t-184.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-206.8 \u00a0
\n\n\t\t\t\t\tProfit before depreciation, amortisation and \u00a0
\n\n\t\t\t\t\timpairment losses, etc. (EBITDA) \u00a0
\n\n\t\t\t\t\t317.4 \u00a0
\n\n\t\t\t\t\t841.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1,159.1 \u00a0
\n\n\t\t\t\t\tProfit/loss from sale of vessels, etc. \u00a0
\n\n\t\t\t\t\t79.5 \u00a0
\n\n\t\t\t\t\t-0.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t79.4 \u00a0
\n\n\t\t\t\t\tDepreciation, amortisation and impairment losses \u00a0
\n\n\t\t\t\t\t-180.4 \u00a0
\n\n\t\t\t\t\t-269.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-449.7 \u00a0
\n\n\t\t\t\t\tProfit/loss from investments in joint ventures \u00a0
\n\n\t\t\t\t\t2.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t2.8 \u00a0
\n\n\t\t\t\t\tProfit from operations (EBIT) \u00a0
\n\n\t\t\t\t\t219.3 \u00a0
\n\n\t\t\t\t\t572.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t791.6 \u00a0
\n\n\t\t\t\t\tFinancial income \u00a0
\n\n\t\t\t\t\t6.3 \u00a0
\n\n\t\t\t\t\t6.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t12.3 \u00a0
\n\n\t\t\t\t\tFinancial expenses \u00a0
\n\n\t\t\t\t\t-32.1 \u00a0
\n\n\t\t\t\t\t-19.9 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-52.0 \u00a0
\n\n\t\t\t\t\tProfit before tax \u00a0
\n\n\t\t\t\t\t193.5 \u00a0
\n\n\t\t\t\t\t558.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t751.9 \u00a0
\n\n\t\t\t\t\tTax for the year \u00a0
\n\n\t\t\t\t\t-0.4 \u00a0
\n\n\t\t\t\t\t-8.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-8.4 \u00a0
\n\n\t\t\t\t\tProfit for the year \u00a0
\n\n\t\t\t\t\t193.1 \u00a0
\n\n\t\t\t\t\t550.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t743.5 \u00a0
\n\n\t\t\t\t\t*Included in the item \u201cVessel operating costs\u201d in the income statement. \u00a0
Freight \u00a0
\n\n\t\t\t\t\tAssets &\u00a0Services & \u00a0
\n\n\t\t\t\t\tElimi- \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\tLogistics \u00a0
\n\n\t\t\t\t\tTrading \u00a0
\n\n\t\t\t\t\tnations \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tRevenue \u2013 services rendered, external \u00a0
\n\n\t\t\t\t\t68.0 \u00a0
\n\n\t\t\t\t\t3,482.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t3,550.4 \u00a0
\n\n\t\t\t\t\tRevenue \u2013 services rendered, internal \u00a0
\n\n\t\t\t\t\t339.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-339.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tRevenue \u2013 sublease financial income \u00a0
\n\n\t\t\t\t\t1.2 \u00a0
\n\n\t\t\t\t\t0.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1.4 \u00a0
\n\n\t\t\t\t\tVoyage costs* \u00a0
\n\n\t\t\t\t\t-17.8 \u00a0
\n\n\t\t\t\t\t-1,270.6 \u00a0
\n\n\t\t\t\t\t19.8 \u00a0
\n\n\t\t\t\t\t-1,268.6 \u00a0
\n\n\t\t\t\t\tT/C equivalent revenue \u00a0
\n\n\t\t\t\t\t391.2 \u00a0
\n\n\t\t\t\t\t2,212.0 \u00a0
\n\n\t\t\t\t\t-320.0 \u00a0
\n\n\t\t\t\t\t2,283.2 \u00a0
\n\n\t\t\t\t\tOther operating income \u00a0
\n\n\t\t\t\t\t0.3 \u00a0
\n\n\t\t\t\t\t7.2 \u00a0
\n\n\t\t\t\t\t-0.8 \u00a0
\n\n\t\t\t\t\t6.7 \u00a0
\n\n\t\t\t\t\tCharter hire and OPEX element* \u00a0
\n\n\t\t\t\t\t-114.3 \u00a0
\n\n\t\t\t\t\t-1,773.5 \u00a0
\n\n\t\t\t\t\t320.8 \u00a0
\n\n\t\t\t\t\t-1,567.0 \u00a0
\n\n\t\t\t\t\tOperating costs* \u00a0
\n\n\t\t\t\t\t-73.1 \u00a0
\n\n\t\t\t\t\t-0.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-73.3 \u00a0
\n\n\t\t\t\t\tContribution margin \u00a0
\n\n\t\t\t\t\t204.1 \u00a0
\n\n\t\t\t\t\t445.5 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t649.6 \u00a0
\n\n\t\t\t\t\tOverhead and administration costs \u00a0
\n\n\t\t\t\t\t-11.4 \u00a0
\n\n\t\t\t\t\t-106.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-117.4 \u00a0
\n\n\t\t\t\t\tProfit before depreciation, amortisation and \u00a0
\n\n\t\t\t\t\timpairment losses, etc. (EBITDA) \u00a0
\n\n\t\t\t\t\t192.7 \u00a0
\n\n\t\t\t\t\t339.5 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t532.2 \u00a0
\n\n\t\t\t\t\tProfit/loss from sale of vessels, etc. \u00a0
\n\n\t\t\t\t\t7.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t7.7 \u00a0
\n\n\t\t\t\t\tDepreciation, amortisation and impairment losses \u00a0
\n\n\t\t\t\t\t-168.3 \u00a0
\n\n\t\t\t\t\t-127.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-295.5 \u00a0
\n\n\t\t\t\t\tProfit/loss from investments in joint ventures \u00a0
\n\n\t\t\t\t\t-1.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-1.1 \u00a0
\n\n\t\t\t\t\tProfit from operations (EBIT) \u00a0
\n\n\t\t\t\t\t33.2 \u00a0
\n\n\t\t\t\t\t212.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t245.5 \u00a0
\n\n\t\t\t\t\tFinancial income \u00a0
\n\n\t\t\t\t\t-0.1 \u00a0
\n\n\t\t\t\t\t0.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t0.3 \u00a0
\n\n\t\t\t\t\tFinancial expenses \u00a0
\n\n\t\t\t\t\t-27.5 \u00a0
\n\n\t\t\t\t\t-7.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-35.1 \u00a0
\n\n\t\t\t\t\tProfit before tax \u00a0
\n\n\t\t\t\t\t5.6 \u00a0
\n\n\t\t\t\t\t205.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t210.7 \u00a0
\n\n\t\t\t\t\tTax for the year \u00a0
\n\n\t\t\t\t\t-0.5 \u00a0
\n\n\t\t\t\t\t-5.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-6.2 \u00a0
\n\n\t\t\t\t\tProfit for the year \u00a0
\n\n\t\t\t\t\t5.1 \u00a0
\n\n\t\t\t\t\t199.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t204.5 \u00a0
\n\n\t\t\t\t\t* Included\u00a0in the item \u201cVessel operating costs\u201d in the income statement. \u00a0
Revenue \u00a0
\n\n\t\t\t\t\tRevenue comprises the present value of services rendered, net of discounts, \u00a0
\n\n\t\t\t\t\tand revenue obtained from subleasing. Services rendered comprise freight \u00a0
\n\n\t\t\t\t\tincome, time charter income and commercial management fee. Revenue is \u00a0
\n\n\t\t\t\t\trecognised in the income statement for the financial year as earned. \u00a0
\n\n\t\t\t\t\tAll freight income and voyage costs are recognised as the freight services are \u00a0
\n\n\t\t\t\t\trendered (percentage of completion). The percentage of completion is deter- \u00a0
\n\n\t\t\t\t\tmined using the load-to-discharge method based on the percentage of the \u00a0
\n\n\t\t\t\t\testimated duration of the voyage completed at the reporting date. According \u00a0
\n\n\t\t\t\t\tto this method, freight income and related costs are recognised in the income \u00a0
\n\n\t\t\t\t\tstatement according to the entered charter parties from the vessel\u2019s load date \u00a0
\n\n\t\t\t\t\tto the delivery of the cargo (discharge). The voyage begins on the date when \u00a0
\n\n\t\t\t\t\tthe cargo is loaded, and the voyage ends at the date of the discharge (load to \u00a0
\n\n\t\t\t\t\tdischarge). This applies to all spot transports and transports under Contracts \u00a0
\n\n\t\t\t\t\tof Affreightment (COAs). \u00a0
\n\n\t\t\t\t\tDemurrage is recognised if the claim is considered probable. Costs directly \u00a0
\n\n\t\t\t\t\tattributable to relocating the vessel to the load port under the contract are \u00a0
\n\n\t\t\t\t\tcapitalised to the extent that they are recoverable. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
\n\n\t\t\t\t\tIn recognition of freight income and voyage costs, including net income from \u00a0
\n\n\t\t\t\t\tpool arrangements, NORDEN decides on closing dates, voyages, etc. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4618": {
"value": "Deferred income \u00a0
\n\n\t\t\t\t\tDeferred income arises from prepayments for voyages and time-charter \u00a0
\n\n\t\t\t\t\tincome. Part of deferred income comprises prepaid time-charter income \u00a0
\n\n\t\t\t\t\tcomprising a lease element as well as a service element. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4619": {
"value": "Foreign currency translation \u00a0
\n\n\t\t\t\t\tA functional currency is determined for each of the reporting entities in the \u00a0
\n\n\t\t\t\t\tGroup. The functional currency is the currency in the primary economic envi- \u00a0
\n\n\t\t\t\t\tronment in which the reporting entity operates. Transactions in currencies \u00a0
\n\n\t\t\t\t\tother than the functional currency are transactions in foreign currencies. \u00a0
\n\n\t\t\t\t\tTransactions in foreign currencies during the year are translated at the \u00a0
\n\n\t\t\t\t\texchange rates at the transaction date. Gains and losses arising between the \u00a0
\n\n\t\t\t\t\texchange rate at the transaction date and the exchange rate at the date of \u00a0
\n\n\t\t\t\t\tpayment are recognised in the income statement as \u201cFinancial income\u201d or \u00a0
\n\n\t\t\t\t\t\u201cFinancial expenses\u201d. \u00a0
\n\n\t\t\t\t\tReceivables, payables and other monetary items denominated in foreign \u00a0
\n\n\t\t\t\t\tcurrencies that have not been settled at the reporting date are translated at \u00a0
\n\n\t\t\t\t\tthe exchange rates at the reporting date. Differences between the exchange \u00a0
\n\n\t\t\t\t\trates at the transaction date and the exchange rate at the reporting date \u00a0
\n\n\t\t\t\t\tare recognised in the income statement as \u201cFinancial income\u201d or \u201cFinancial \u00a0
\n\n\t\t\t\t\texpenses\u201d. \u00a0
\n\n\t\t\t\t\tNon-monetary items that are measured in terms of historical cost in a foreign \u00a0
\n\n\t\t\t\t\tcurrency are translated using the exchange rates at the dates of the initial \u00a0
transactions. Non-monetary items measured at fair value in a foreign currency \u00a0
\n\n\t\t\t\t\tare translated using the exchange rates at the date, when fair value in a \u00a0
\n\n\t\t\t\t\tforeign currency are translated using the exchange rate at the date, when the \u00a0
\n\n\t\t\t\t\tfair value is determined. The gain or loss arising on translation of non-mone- \u00a0
\n\n\t\t\t\t\ttary items measured at fair value is treated in line with the recognition of the \u00a0
\n\n\t\t\t\t\tgain or loss on the change in fair value of the item. \u00a0
\n\n\t\t\t\t\tIn determining the spot exchange rate used on initial recognition of the \u00a0
\n\n\t\t\t\t\trelated asset, expense or income on the derecognition of a non-monetary \u00a0
\n\n\t\t\t\t\tasset or non-monetary liability relating to advance consideration, the date \u00a0
\n\n\t\t\t\t\tof the transaction is the date on which the Group initially recognises the \u00a0
\n\n\t\t\t\t\tnon-monetary asset or non-monetary liability arising from the advance \u00a0
\n\n\t\t\t\t\tconsideration. If there are multiple payment or receipts in advance, the Group \u00a0
\n\n\t\t\t\t\tdetermines the transaction date for each payment or receipt of advance \u00a0
\n\n\t\t\t\t\tconsideration. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4621": {
"value": "Foreign currency translation \u00a0
\n\n\t\t\t\t\tA functional currency is determined for each of the reporting entities in the \u00a0
\n\n\t\t\t\t\tGroup. The functional currency is the currency in the primary economic envi- \u00a0
\n\n\t\t\t\t\tronment in which the reporting entity operates. Transactions in currencies \u00a0
\n\n\t\t\t\t\tother than the functional currency are transactions in foreign currencies. \u00a0
\n\n\t\t\t\t\tTransactions in foreign currencies during the year are translated at the \u00a0
\n\n\t\t\t\t\texchange rates at the transaction date. Gains and losses arising between the \u00a0
\n\n\t\t\t\t\texchange rate at the transaction date and the exchange rate at the date of \u00a0
\n\n\t\t\t\t\tpayment are recognised in the income statement as \u201cFinancial income\u201d or \u00a0
\n\n\t\t\t\t\t\u201cFinancial expenses\u201d. \u00a0
\n\n\t\t\t\t\tReceivables, payables and other monetary items denominated in foreign \u00a0
\n\n\t\t\t\t\tcurrencies that have not been settled at the reporting date are translated at \u00a0
\n\n\t\t\t\t\tthe exchange rates at the reporting date. Differences between the exchange \u00a0
\n\n\t\t\t\t\trates at the transaction date and the exchange rate at the reporting date \u00a0
\n\n\t\t\t\t\tare recognised in the income statement as \u201cFinancial income\u201d or \u201cFinancial \u00a0
\n\n\t\t\t\t\texpenses\u201d. \u00a0
\n\n\t\t\t\t\tNon-monetary items that are measured in terms of historical cost in a foreign \u00a0
\n\n\t\t\t\t\tcurrency are translated using the exchange rates at the dates of the initial \u00a0
transactions. Non-monetary items measured at fair value in a foreign currency \u00a0
\n\n\t\t\t\t\tare translated using the exchange rates at the date, when fair value in a \u00a0
\n\n\t\t\t\t\tforeign currency are translated using the exchange rate at the date, when the \u00a0
\n\n\t\t\t\t\tfair value is determined. The gain or loss arising on translation of non-mone- \u00a0
\n\n\t\t\t\t\ttary items measured at fair value is treated in line with the recognition of the \u00a0
\n\n\t\t\t\t\tgain or loss on the change in fair value of the item. \u00a0
\n\n\t\t\t\t\tIn determining the spot exchange rate used on initial recognition of the \u00a0
\n\n\t\t\t\t\trelated asset, expense or income on the derecognition of a non-monetary \u00a0
\n\n\t\t\t\t\tasset or non-monetary liability relating to advance consideration, the date \u00a0
\n\n\t\t\t\t\tof the transaction is the date on which the Group initially recognises the \u00a0
\n\n\t\t\t\t\tnon-monetary asset or non-monetary liability arising from the advance \u00a0
\n\n\t\t\t\t\tconsideration. If there are multiple payment or receipts in advance, the Group \u00a0
\n\n\t\t\t\t\tdetermines the transaction date for each payment or receipt of advance \u00a0
\n\n\t\t\t\t\tconsideration. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4637": {
"value": "1.5 Changes\u00a0in accounting policies and disclosures \u00a0
\n\n\t\t\t\t\tThe Group has adopted standards and interpretations effective as of 1 \u00a0
\n\n\t\t\t\t\tJanuary 2022. The Group has not early adopted any standards, interpreta- \u00a0
\n\n\t\t\t\t\ttions or amendments that have been issued but are not yet effective. \u00a0
\n\n\t\t\t\t\tAdoption of new or amended IFRSs \u00a0
\n\n\t\t\t\t\tNORDEN has implemented the following amendments and interpretations to \u00a0
\n\n\t\t\t\t\texisting standards: amendments to IAS 16, IAS 37 and IFRS 3. \u00a0
\n\n\t\t\t\t\tThe amendments listed above did not have any impact on the amounts recog- \u00a0
\n\n\t\t\t\t\tnised in prior periods and are not expected to significantly affect the current \u00a0
\n\n\t\t\t\t\tor future periods. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4638": {
"value": "1.6 Reporting\u00a0under the ESEF Regulation \u00a0
\n\n\t\t\t\t\tNORDEN is required to prepare and file the annual report in the European \u00a0
\n\n\t\t\t\t\tSingle Electronic Format (ESEF), and the annual report for 2022 is therefore \u00a0
\n\n\t\t\t\t\tprepared in the XHTML format that can be displayed in a standard browser. \u00a0
\n\n\t\t\t\t\tThe primary statements and the notes to the Consolidated Financial State- \u00a0
\n\n\t\t\t\t\tments are tagged using inline eXtensible Business Reporting Language \u00a0
\n\n\t\t\t\t\t(iXBRL). The iXBRL tags comply with the ESEF taxonomy, which is included in \u00a0
\n\n\t\t\t\t\tthe ESEF Regulation and developed based on the IFRS taxonomy published \u00a0
\n\n\t\t\t\t\tby the IFRS Foundation. \u00a0
\n\n\t\t\t\t\tWhere a financial statement line item is not defined in the ESEF taxonomy, \u00a0
\n\n\t\t\t\t\tan extension to the taxonomy has been created. Extensions are anchored to \u00a0
\n\n\t\t\t\t\telements in the ESEF taxonomy, except for extensions which are subtotals. \u00a0
\n\n\t\t\t\t\tThe annual report submitted to the Danish Financial Supervisory Authority \u00a0
\n\n\t\t\t\t\tconsists of the XHTML document together with certain technical files, all \u00a0
\n\n\t\t\t\t\tincluded in a file named \"norden-2022-12-31-en.zip\". \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4639": {
"value": "2.1 Segment\u00a0information \u00a0
\n\n\t\t\t\t\tFreight \u00a0
\n\n\t\t\t\t\tAssets &\u00a0Services & \u00a0
\n\n\t\t\t\t\tElimi- \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\tLogistics \u00a0
\n\n\t\t\t\t\tTrading \u00a0
\n\n\t\t\t\t\tnations \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tRevenue \u2013 services rendered, external \u00a0
\n\n\t\t\t\t\t215.5 \u00a0
\n\n\t\t\t\t\t5,094.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t5,309.7 \u00a0
\n\n\t\t\t\t\tRevenue \u2013 services rendered, internal \u00a0
\n\n\t\t\t\t\t377.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-377.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tRevenue \u2013 sublease financial income \u00a0
\n\n\t\t\t\t\t1.8 \u00a0
\n\n\t\t\t\t\t0.9 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t2.7 \u00a0
\n\n\t\t\t\t\tVoyage costs* \u00a0
\n\n\t\t\t\t\t-32.2 \u00a0
\n\n\t\t\t\t\t-1,730.0 \u00a0
\n\n\t\t\t\t\t12.7 \u00a0
\n\n\t\t\t\t\t-1,749.5 \u00a0
\n\n\t\t\t\t\tT/C equivalent revenue \u00a0
\n\n\t\t\t\t\t562.1 \u00a0
\n\n\t\t\t\t\t3,365.1 \u00a0
\n\n\t\t\t\t\t-364.3 \u00a0
\n\n\t\t\t\t\t3,562.9 \u00a0
\n\n\t\t\t\t\tOther operating income \u00a0
\n\n\t\t\t\t\t-0.9 \u00a0
\n\n\t\t\t\t\t28.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t27.7 \u00a0
\n\n\t\t\t\t\tCharter hire and OPEX element* \u00a0
\n\n\t\t\t\t\t-149.9 \u00a0
\n\n\t\t\t\t\t-2,366.1 \u00a0
\n\n\t\t\t\t\t364.3 \u00a0
\n\n\t\t\t\t\t-2,151.7 \u00a0
\n\n\t\t\t\t\tOperating costs* \u00a0
\n\n\t\t\t\t\t-71.5 \u00a0
\n\n\t\t\t\t\t-1.5 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-73.0 \u00a0
\n\n\t\t\t\t\tContribution margin \u00a0
\n\n\t\t\t\t\t339.8 \u00a0
\n\n\t\t\t\t\t1,026.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1,365.9 \u00a0
\n\n\t\t\t\t\tOverhead and administration costs \u00a0
\n\n\t\t\t\t\t-22.4 \u00a0
\n\n\t\t\t\t\t-184.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-206.8 \u00a0
\n\n\t\t\t\t\tProfit before depreciation, amortisation and \u00a0
\n\n\t\t\t\t\timpairment losses, etc. (EBITDA) \u00a0
\n\n\t\t\t\t\t317.4 \u00a0
\n\n\t\t\t\t\t841.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1,159.1 \u00a0
\n\n\t\t\t\t\tProfit/loss from sale of vessels, etc. \u00a0
\n\n\t\t\t\t\t79.5 \u00a0
\n\n\t\t\t\t\t-0.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t79.4 \u00a0
\n\n\t\t\t\t\tDepreciation, amortisation and impairment losses \u00a0
\n\n\t\t\t\t\t-180.4 \u00a0
\n\n\t\t\t\t\t-269.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-449.7 \u00a0
\n\n\t\t\t\t\tProfit/loss from investments in joint ventures \u00a0
\n\n\t\t\t\t\t2.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t2.8 \u00a0
\n\n\t\t\t\t\tProfit from operations (EBIT) \u00a0
\n\n\t\t\t\t\t219.3 \u00a0
\n\n\t\t\t\t\t572.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t791.6 \u00a0
\n\n\t\t\t\t\tFinancial income \u00a0
\n\n\t\t\t\t\t6.3 \u00a0
\n\n\t\t\t\t\t6.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t12.3 \u00a0
\n\n\t\t\t\t\tFinancial expenses \u00a0
\n\n\t\t\t\t\t-32.1 \u00a0
\n\n\t\t\t\t\t-19.9 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-52.0 \u00a0
\n\n\t\t\t\t\tProfit before tax \u00a0
\n\n\t\t\t\t\t193.5 \u00a0
\n\n\t\t\t\t\t558.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t751.9 \u00a0
\n\n\t\t\t\t\tTax for the year \u00a0
\n\n\t\t\t\t\t-0.4 \u00a0
\n\n\t\t\t\t\t-8.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-8.4 \u00a0
\n\n\t\t\t\t\tProfit for the year \u00a0
\n\n\t\t\t\t\t193.1 \u00a0
\n\n\t\t\t\t\t550.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t743.5 \u00a0
\n\n\t\t\t\t\t*Included in the item \u201cVessel operating costs\u201d in the income statement. \u00a0
Freight \u00a0
\n\n\t\t\t\t\tAssets &\u00a0Services & \u00a0
\n\n\t\t\t\t\tElimi- \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\tLogistics \u00a0
\n\n\t\t\t\t\tTrading \u00a0
\n\n\t\t\t\t\tnations \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tRevenue \u2013 services rendered, external \u00a0
\n\n\t\t\t\t\t68.0 \u00a0
\n\n\t\t\t\t\t3,482.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t3,550.4 \u00a0
\n\n\t\t\t\t\tRevenue \u2013 services rendered, internal \u00a0
\n\n\t\t\t\t\t339.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-339.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tRevenue \u2013 sublease financial income \u00a0
\n\n\t\t\t\t\t1.2 \u00a0
\n\n\t\t\t\t\t0.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1.4 \u00a0
\n\n\t\t\t\t\tVoyage costs* \u00a0
\n\n\t\t\t\t\t-17.8 \u00a0
\n\n\t\t\t\t\t-1,270.6 \u00a0
\n\n\t\t\t\t\t19.8 \u00a0
\n\n\t\t\t\t\t-1,268.6 \u00a0
\n\n\t\t\t\t\tT/C equivalent revenue \u00a0
\n\n\t\t\t\t\t391.2 \u00a0
\n\n\t\t\t\t\t2,212.0 \u00a0
\n\n\t\t\t\t\t-320.0 \u00a0
\n\n\t\t\t\t\t2,283.2 \u00a0
\n\n\t\t\t\t\tOther operating income \u00a0
\n\n\t\t\t\t\t0.3 \u00a0
\n\n\t\t\t\t\t7.2 \u00a0
\n\n\t\t\t\t\t-0.8 \u00a0
\n\n\t\t\t\t\t6.7 \u00a0
\n\n\t\t\t\t\tCharter hire and OPEX element* \u00a0
\n\n\t\t\t\t\t-114.3 \u00a0
\n\n\t\t\t\t\t-1,773.5 \u00a0
\n\n\t\t\t\t\t320.8 \u00a0
\n\n\t\t\t\t\t-1,567.0 \u00a0
\n\n\t\t\t\t\tOperating costs* \u00a0
\n\n\t\t\t\t\t-73.1 \u00a0
\n\n\t\t\t\t\t-0.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-73.3 \u00a0
\n\n\t\t\t\t\tContribution margin \u00a0
\n\n\t\t\t\t\t204.1 \u00a0
\n\n\t\t\t\t\t445.5 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t649.6 \u00a0
\n\n\t\t\t\t\tOverhead and administration costs \u00a0
\n\n\t\t\t\t\t-11.4 \u00a0
\n\n\t\t\t\t\t-106.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-117.4 \u00a0
\n\n\t\t\t\t\tProfit before depreciation, amortisation and \u00a0
\n\n\t\t\t\t\timpairment losses, etc. (EBITDA) \u00a0
\n\n\t\t\t\t\t192.7 \u00a0
\n\n\t\t\t\t\t339.5 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t532.2 \u00a0
\n\n\t\t\t\t\tProfit/loss from sale of vessels, etc. \u00a0
\n\n\t\t\t\t\t7.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t7.7 \u00a0
\n\n\t\t\t\t\tDepreciation, amortisation and impairment losses \u00a0
\n\n\t\t\t\t\t-168.3 \u00a0
\n\n\t\t\t\t\t-127.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-295.5 \u00a0
\n\n\t\t\t\t\tProfit/loss from investments in joint ventures \u00a0
\n\n\t\t\t\t\t-1.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-1.1 \u00a0
\n\n\t\t\t\t\tProfit from operations (EBIT) \u00a0
\n\n\t\t\t\t\t33.2 \u00a0
\n\n\t\t\t\t\t212.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t245.5 \u00a0
\n\n\t\t\t\t\tFinancial income \u00a0
\n\n\t\t\t\t\t-0.1 \u00a0
\n\n\t\t\t\t\t0.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t0.3 \u00a0
\n\n\t\t\t\t\tFinancial expenses \u00a0
\n\n\t\t\t\t\t-27.5 \u00a0
\n\n\t\t\t\t\t-7.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-35.1 \u00a0
\n\n\t\t\t\t\tProfit before tax \u00a0
\n\n\t\t\t\t\t5.6 \u00a0
\n\n\t\t\t\t\t205.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t210.7 \u00a0
\n\n\t\t\t\t\tTax for the year \u00a0
\n\n\t\t\t\t\t-0.5 \u00a0
\n\n\t\t\t\t\t-5.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-6.2 \u00a0
\n\n\t\t\t\t\tProfit for the year \u00a0
\n\n\t\t\t\t\t5.1 \u00a0
\n\n\t\t\t\t\t199.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t204.5 \u00a0
\n\n\t\t\t\t\t* Included\u00a0in the item \u201cVessel operating costs\u201d in the income statement. \u00a0
The amounts of revenue stated in the above tables for both current financial year and the comparable financial year include the agreed time charter rates earned during the lease. The lease and service components are recognised as revenue under \u00a0
\n\n\t\t\t\t\tthe same pattern of transfer to the customers. Separate disclosure of the lease components and the service income components have not been provided as it is impracticable to establish this disclosure. \u00a0
\n\n\t\t\t\t\tNORDEN has no single customer with whom the external revenue exceeds 10% of total revenue. All deferred revenue as of 31 December 2021 has been recognised as revenue in 2022. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tOn 1 January 2022, we consolidated three business units into two, Assets & \u00a0
\n\n\t\t\t\t\tLogistics and Freight Services & Trading. \u00a0
Assets & Logistics \u00a0
\n\n\t\t\t\t\tAssets & Logistics is our business unit focusing on investments. \u00a0
\n\n\t\t\t\t\tThe segment handles owned vessels and charters in long-term vessel \u00a0
\n\n\t\t\t\t\tcapacity and charters out its capacity of owned and long-term chartered \u00a0
\n\n\t\t\t\t\ttonnage to Freight Services & Trading at market rates and to third parties. \u00a0
\n\n\t\t\t\t\tAssets & Logistics furthermore aims to develop customer solutions beyond \u00a0
\n\n\t\t\t\t\ta standard freight service, improving supply chain efficiency and reducing \u00a0
\n\n\t\t\t\t\tcarbon emissions for our customers. \u00a0
Freight Services & Trading \u00a0
\n\n\t\t\t\t\tThe Freight Services & Trading business unit is the combination of the Dry \u00a0
\n\n\t\t\t\t\tOperator and Tanker Operator business units. \u00a0
\n\n\t\t\t\t\tThe Freight Services & Trading segment offers transport of bulk commodities \u00a0
\n\n\t\t\t\t\tsuch as grain, coal, iron ore and sugar, and of fuel oil and refined oil products. \u00a0
\n\n\t\t\t\t\tThe vessel capacity comprises vessels chartered either from third parties or \u00a0
\n\n\t\t\t\t\tfrom Assets & Logistics at market rates. \u00a0
Operating segments \u00a0
\n\n\t\t\t\t\tThe segment information is based on the Group\u2019s organisation, business \u00a0
\n\n\t\t\t\t\tmanagement and management control, including internal financial reporting \u00a0
\n\n\t\t\t\t\tto NORDEN\u2019s operative management. \u00a0
\n\n\t\t\t\t\tNORDEN\u2019s operative management function comprises the Executive Manage- \u00a0
\n\n\t\t\t\t\tment and the Board of Directors in union. \u00a0
The Executive Management is responsible for the day-to-day management, \u00a0
\n\n\t\t\t\t\tand the Board of Directors approves strategy, action plans, targets and \u00a0
\n\n\t\t\t\t\tbudgets and limits for financial and market risks, as well as supervises the \u00a0
\n\n\t\t\t\t\tExecutive Management. \u00a0
\n\n\t\t\t\t\tThe Executive Management\u2019s and Board of Directors\u2019 functions and responsi- \u00a0
\n\n\t\t\t\t\tbilities are described in further detail in the section \u201cCorporate governance\u201d \u00a0
\n\n\t\t\t\t\tin the Management's Review. The operative management function assesses \u00a0
\n\n\t\t\t\t\tperformance and carries out allocation of resources on the basis of the results \u00a0
\n\n\t\t\t\t\tfor the year. \u00a0
\n\n\t\t\t\t\tPresentation of the segment income statement items and their order is \u00a0
\n\n\t\t\t\t\tconsistent with NORDEN\u2019s consolidated income statement, except for \u00a0
\n\n\t\t\t\t\tvoyage costs, which are not included in the item \u201cVessel operating costs\u201d but \u00a0
\n\n\t\t\t\t\tpresented as a separate item, and the segment income statement therefore \u00a0
\n\n\t\t\t\t\tcomprises the subtotal \u201cT/C equivalent revenue\u201d. \u00a0
\n\n\t\t\t\t\tThe methods of allocating income statement items to segments are \u00a0
\n\n\t\t\t\t\tconsistent. The allocation between Assets & Logistics and Freight Services & \u00a0
\n\n\t\t\t\t\tTrading is as follows: \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tItems included in the segment profit are allocated to the extent that the \u00a0
\n\n\t\t\t\t\titems are directly or indirectly attributable to the segments. \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tItems allocated by indirect calculation, the allocation keys are defined on \u00a0
\n\n\t\t\t\t\tthe basis of each segment\u2019s drawing on key resources. \u00a0
\n\n\t\t\t\t\tInter-segment transactions comprise charter hire from Freight Services & \u00a0
\n\n\t\t\t\t\tTrading to Assets & Logistics. \u00a0
Geographical areas \u00a0
\n\n\t\t\t\t\tInformation is not provided by geographical segment as the global market \u00a0
\n\n\t\t\t\t\tis a unit, and the activities of the individual vessels are not limited to specific \u00a0
\n\n\t\t\t\t\tparts of the world. Nor does the internal financial reporting for the operative \u00a0
\n\n\t\t\t\t\tmanagement provide such information. It is therefore not possible to provide \u00a0
geographical segment information on revenue from external customers or \u00a0
\n\n\t\t\t\t\tnon-current assets. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4649": {
"value": "2.1 Segment\u00a0information \u00a0
\n\n\t\t\t\t\tFreight \u00a0
\n\n\t\t\t\t\tAssets &\u00a0Services & \u00a0
\n\n\t\t\t\t\tElimi- \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\tLogistics \u00a0
\n\n\t\t\t\t\tTrading \u00a0
\n\n\t\t\t\t\tnations \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tRevenue \u2013 services rendered, external \u00a0
\n\n\t\t\t\t\t215.5 \u00a0
\n\n\t\t\t\t\t5,094.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t5,309.7 \u00a0
\n\n\t\t\t\t\tRevenue \u2013 services rendered, internal \u00a0
\n\n\t\t\t\t\t377.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-377.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tRevenue \u2013 sublease financial income \u00a0
\n\n\t\t\t\t\t1.8 \u00a0
\n\n\t\t\t\t\t0.9 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t2.7 \u00a0
\n\n\t\t\t\t\tVoyage costs* \u00a0
\n\n\t\t\t\t\t-32.2 \u00a0
\n\n\t\t\t\t\t-1,730.0 \u00a0
\n\n\t\t\t\t\t12.7 \u00a0
\n\n\t\t\t\t\t-1,749.5 \u00a0
\n\n\t\t\t\t\tT/C equivalent revenue \u00a0
\n\n\t\t\t\t\t562.1 \u00a0
\n\n\t\t\t\t\t3,365.1 \u00a0
\n\n\t\t\t\t\t-364.3 \u00a0
\n\n\t\t\t\t\t3,562.9 \u00a0
\n\n\t\t\t\t\tOther operating income \u00a0
\n\n\t\t\t\t\t-0.9 \u00a0
\n\n\t\t\t\t\t28.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t27.7 \u00a0
\n\n\t\t\t\t\tCharter hire and OPEX element* \u00a0
\n\n\t\t\t\t\t-149.9 \u00a0
\n\n\t\t\t\t\t-2,366.1 \u00a0
\n\n\t\t\t\t\t364.3 \u00a0
\n\n\t\t\t\t\t-2,151.7 \u00a0
\n\n\t\t\t\t\tOperating costs* \u00a0
\n\n\t\t\t\t\t-71.5 \u00a0
\n\n\t\t\t\t\t-1.5 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-73.0 \u00a0
\n\n\t\t\t\t\tContribution margin \u00a0
\n\n\t\t\t\t\t339.8 \u00a0
\n\n\t\t\t\t\t1,026.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1,365.9 \u00a0
\n\n\t\t\t\t\tOverhead and administration costs \u00a0
\n\n\t\t\t\t\t-22.4 \u00a0
\n\n\t\t\t\t\t-184.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-206.8 \u00a0
\n\n\t\t\t\t\tProfit before depreciation, amortisation and \u00a0
\n\n\t\t\t\t\timpairment losses, etc. (EBITDA) \u00a0
\n\n\t\t\t\t\t317.4 \u00a0
\n\n\t\t\t\t\t841.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1,159.1 \u00a0
\n\n\t\t\t\t\tProfit/loss from sale of vessels, etc. \u00a0
\n\n\t\t\t\t\t79.5 \u00a0
\n\n\t\t\t\t\t-0.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t79.4 \u00a0
\n\n\t\t\t\t\tDepreciation, amortisation and impairment losses \u00a0
\n\n\t\t\t\t\t-180.4 \u00a0
\n\n\t\t\t\t\t-269.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-449.7 \u00a0
\n\n\t\t\t\t\tProfit/loss from investments in joint ventures \u00a0
\n\n\t\t\t\t\t2.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t2.8 \u00a0
\n\n\t\t\t\t\tProfit from operations (EBIT) \u00a0
\n\n\t\t\t\t\t219.3 \u00a0
\n\n\t\t\t\t\t572.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t791.6 \u00a0
\n\n\t\t\t\t\tFinancial income \u00a0
\n\n\t\t\t\t\t6.3 \u00a0
\n\n\t\t\t\t\t6.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t12.3 \u00a0
\n\n\t\t\t\t\tFinancial expenses \u00a0
\n\n\t\t\t\t\t-32.1 \u00a0
\n\n\t\t\t\t\t-19.9 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-52.0 \u00a0
\n\n\t\t\t\t\tProfit before tax \u00a0
\n\n\t\t\t\t\t193.5 \u00a0
\n\n\t\t\t\t\t558.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t751.9 \u00a0
\n\n\t\t\t\t\tTax for the year \u00a0
\n\n\t\t\t\t\t-0.4 \u00a0
\n\n\t\t\t\t\t-8.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-8.4 \u00a0
\n\n\t\t\t\t\tProfit for the year \u00a0
\n\n\t\t\t\t\t193.1 \u00a0
\n\n\t\t\t\t\t550.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t743.5 \u00a0
\n\n\t\t\t\t\t*Included in the item \u201cVessel operating costs\u201d in the income statement. \u00a0
Freight \u00a0
\n\n\t\t\t\t\tAssets &\u00a0Services & \u00a0
\n\n\t\t\t\t\tElimi- \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\tLogistics \u00a0
\n\n\t\t\t\t\tTrading \u00a0
\n\n\t\t\t\t\tnations \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tRevenue \u2013 services rendered, external \u00a0
\n\n\t\t\t\t\t68.0 \u00a0
\n\n\t\t\t\t\t3,482.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t3,550.4 \u00a0
\n\n\t\t\t\t\tRevenue \u2013 services rendered, internal \u00a0
\n\n\t\t\t\t\t339.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-339.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tRevenue \u2013 sublease financial income \u00a0
\n\n\t\t\t\t\t1.2 \u00a0
\n\n\t\t\t\t\t0.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1.4 \u00a0
\n\n\t\t\t\t\tVoyage costs* \u00a0
\n\n\t\t\t\t\t-17.8 \u00a0
\n\n\t\t\t\t\t-1,270.6 \u00a0
\n\n\t\t\t\t\t19.8 \u00a0
\n\n\t\t\t\t\t-1,268.6 \u00a0
\n\n\t\t\t\t\tT/C equivalent revenue \u00a0
\n\n\t\t\t\t\t391.2 \u00a0
\n\n\t\t\t\t\t2,212.0 \u00a0
\n\n\t\t\t\t\t-320.0 \u00a0
\n\n\t\t\t\t\t2,283.2 \u00a0
\n\n\t\t\t\t\tOther operating income \u00a0
\n\n\t\t\t\t\t0.3 \u00a0
\n\n\t\t\t\t\t7.2 \u00a0
\n\n\t\t\t\t\t-0.8 \u00a0
\n\n\t\t\t\t\t6.7 \u00a0
\n\n\t\t\t\t\tCharter hire and OPEX element* \u00a0
\n\n\t\t\t\t\t-114.3 \u00a0
\n\n\t\t\t\t\t-1,773.5 \u00a0
\n\n\t\t\t\t\t320.8 \u00a0
\n\n\t\t\t\t\t-1,567.0 \u00a0
\n\n\t\t\t\t\tOperating costs* \u00a0
\n\n\t\t\t\t\t-73.1 \u00a0
\n\n\t\t\t\t\t-0.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-73.3 \u00a0
\n\n\t\t\t\t\tContribution margin \u00a0
\n\n\t\t\t\t\t204.1 \u00a0
\n\n\t\t\t\t\t445.5 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t649.6 \u00a0
\n\n\t\t\t\t\tOverhead and administration costs \u00a0
\n\n\t\t\t\t\t-11.4 \u00a0
\n\n\t\t\t\t\t-106.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-117.4 \u00a0
\n\n\t\t\t\t\tProfit before depreciation, amortisation and \u00a0
\n\n\t\t\t\t\timpairment losses, etc. (EBITDA) \u00a0
\n\n\t\t\t\t\t192.7 \u00a0
\n\n\t\t\t\t\t339.5 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t532.2 \u00a0
\n\n\t\t\t\t\tProfit/loss from sale of vessels, etc. \u00a0
\n\n\t\t\t\t\t7.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t7.7 \u00a0
\n\n\t\t\t\t\tDepreciation, amortisation and impairment losses \u00a0
\n\n\t\t\t\t\t-168.3 \u00a0
\n\n\t\t\t\t\t-127.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-295.5 \u00a0
\n\n\t\t\t\t\tProfit/loss from investments in joint ventures \u00a0
\n\n\t\t\t\t\t-1.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-1.1 \u00a0
\n\n\t\t\t\t\tProfit from operations (EBIT) \u00a0
\n\n\t\t\t\t\t33.2 \u00a0
\n\n\t\t\t\t\t212.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t245.5 \u00a0
\n\n\t\t\t\t\tFinancial income \u00a0
\n\n\t\t\t\t\t-0.1 \u00a0
\n\n\t\t\t\t\t0.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t0.3 \u00a0
\n\n\t\t\t\t\tFinancial expenses \u00a0
\n\n\t\t\t\t\t-27.5 \u00a0
\n\n\t\t\t\t\t-7.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-35.1 \u00a0
\n\n\t\t\t\t\tProfit before tax \u00a0
\n\n\t\t\t\t\t5.6 \u00a0
\n\n\t\t\t\t\t205.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t210.7 \u00a0
\n\n\t\t\t\t\tTax for the year \u00a0
\n\n\t\t\t\t\t-0.5 \u00a0
\n\n\t\t\t\t\t-5.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-6.2 \u00a0
\n\n\t\t\t\t\tProfit for the year \u00a0
\n\n\t\t\t\t\t5.1 \u00a0
\n\n\t\t\t\t\t199.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t204.5 \u00a0
\n\n\t\t\t\t\t* Included\u00a0in the item \u201cVessel operating costs\u201d in the income statement. \u00a0
The amounts of revenue stated in the above tables for both current financial year and the comparable financial year include the agreed time charter rates earned during the lease. The lease and service components are recognised as revenue under \u00a0
\n\n\t\t\t\t\tthe same pattern of transfer to the customers. Separate disclosure of the lease components and the service income components have not been provided as it is impracticable to establish this disclosure. \u00a0
\n\n\t\t\t\t\tNORDEN has no single customer with whom the external revenue exceeds 10% of total revenue. All deferred revenue as of 31 December 2021 has been recognised as revenue in 2022. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
\n\n\t\t\t\t\tIn recognition of freight income and voyage costs, including net income from \u00a0
\n\n\t\t\t\t\tpool arrangements, NORDEN decides on closing dates, voyages, etc. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4653": {
"value": "ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tOn 1 January 2022, we consolidated three business units into two, Assets & \u00a0
\n\n\t\t\t\t\tLogistics and Freight Services & Trading. \u00a0
Assets & Logistics \u00a0
\n\n\t\t\t\t\tAssets & Logistics is our business unit focusing on investments. \u00a0
\n\n\t\t\t\t\tThe segment handles owned vessels and charters in long-term vessel \u00a0
\n\n\t\t\t\t\tcapacity and charters out its capacity of owned and long-term chartered \u00a0
\n\n\t\t\t\t\ttonnage to Freight Services & Trading at market rates and to third parties. \u00a0
\n\n\t\t\t\t\tAssets & Logistics furthermore aims to develop customer solutions beyond \u00a0
\n\n\t\t\t\t\ta standard freight service, improving supply chain efficiency and reducing \u00a0
\n\n\t\t\t\t\tcarbon emissions for our customers. \u00a0
Freight Services & Trading \u00a0
\n\n\t\t\t\t\tThe Freight Services & Trading business unit is the combination of the Dry \u00a0
\n\n\t\t\t\t\tOperator and Tanker Operator business units. \u00a0
\n\n\t\t\t\t\tThe Freight Services & Trading segment offers transport of bulk commodities \u00a0
\n\n\t\t\t\t\tsuch as grain, coal, iron ore and sugar, and of fuel oil and refined oil products. \u00a0
\n\n\t\t\t\t\tThe vessel capacity comprises vessels chartered either from third parties or \u00a0
\n\n\t\t\t\t\tfrom Assets & Logistics at market rates. \u00a0
Operating segments \u00a0
\n\n\t\t\t\t\tThe segment information is based on the Group\u2019s organisation, business \u00a0
\n\n\t\t\t\t\tmanagement and management control, including internal financial reporting \u00a0
\n\n\t\t\t\t\tto NORDEN\u2019s operative management. \u00a0
\n\n\t\t\t\t\tNORDEN\u2019s operative management function comprises the Executive Manage- \u00a0
\n\n\t\t\t\t\tment and the Board of Directors in union. \u00a0
The Executive Management is responsible for the day-to-day management, \u00a0
\n\n\t\t\t\t\tand the Board of Directors approves strategy, action plans, targets and \u00a0
\n\n\t\t\t\t\tbudgets and limits for financial and market risks, as well as supervises the \u00a0
\n\n\t\t\t\t\tExecutive Management. \u00a0
\n\n\t\t\t\t\tThe Executive Management\u2019s and Board of Directors\u2019 functions and responsi- \u00a0
\n\n\t\t\t\t\tbilities are described in further detail in the section \u201cCorporate governance\u201d \u00a0
\n\n\t\t\t\t\tin the Management's Review. The operative management function assesses \u00a0
\n\n\t\t\t\t\tperformance and carries out allocation of resources on the basis of the results \u00a0
\n\n\t\t\t\t\tfor the year. \u00a0
\n\n\t\t\t\t\tPresentation of the segment income statement items and their order is \u00a0
\n\n\t\t\t\t\tconsistent with NORDEN\u2019s consolidated income statement, except for \u00a0
\n\n\t\t\t\t\tvoyage costs, which are not included in the item \u201cVessel operating costs\u201d but \u00a0
\n\n\t\t\t\t\tpresented as a separate item, and the segment income statement therefore \u00a0
\n\n\t\t\t\t\tcomprises the subtotal \u201cT/C equivalent revenue\u201d. \u00a0
\n\n\t\t\t\t\tThe methods of allocating income statement items to segments are \u00a0
\n\n\t\t\t\t\tconsistent. The allocation between Assets & Logistics and Freight Services & \u00a0
\n\n\t\t\t\t\tTrading is as follows: \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tItems included in the segment profit are allocated to the extent that the \u00a0
\n\n\t\t\t\t\titems are directly or indirectly attributable to the segments. \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tItems allocated by indirect calculation, the allocation keys are defined on \u00a0
\n\n\t\t\t\t\tthe basis of each segment\u2019s drawing on key resources. \u00a0
\n\n\t\t\t\t\tInter-segment transactions comprise charter hire from Freight Services & \u00a0
\n\n\t\t\t\t\tTrading to Assets & Logistics. \u00a0
Geographical areas \u00a0
\n\n\t\t\t\t\tInformation is not provided by geographical segment as the global market \u00a0
\n\n\t\t\t\t\tis a unit, and the activities of the individual vessels are not limited to specific \u00a0
\n\n\t\t\t\t\tparts of the world. Nor does the internal financial reporting for the operative \u00a0
\n\n\t\t\t\t\tmanagement provide such information. It is therefore not possible to provide \u00a0
geographical segment information on revenue from external customers or \u00a0
\n\n\t\t\t\t\tnon-current assets. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4660": {
"value": "Revenue \u00a0
\n\n\t\t\t\t\tRevenue comprises the present value of services rendered, net of discounts, \u00a0
\n\n\t\t\t\t\tand revenue obtained from subleasing. Services rendered comprise freight \u00a0
\n\n\t\t\t\t\tincome, time charter income and commercial management fee. Revenue is \u00a0
\n\n\t\t\t\t\trecognised in the income statement for the financial year as earned. \u00a0
\n\n\t\t\t\t\tAll freight income and voyage costs are recognised as the freight services are \u00a0
\n\n\t\t\t\t\trendered (percentage of completion). The percentage of completion is deter- \u00a0
\n\n\t\t\t\t\tmined using the load-to-discharge method based on the percentage of the \u00a0
\n\n\t\t\t\t\testimated duration of the voyage completed at the reporting date. According \u00a0
\n\n\t\t\t\t\tto this method, freight income and related costs are recognised in the income \u00a0
\n\n\t\t\t\t\tstatement according to the entered charter parties from the vessel\u2019s load date \u00a0
\n\n\t\t\t\t\tto the delivery of the cargo (discharge). The voyage begins on the date when \u00a0
\n\n\t\t\t\t\tthe cargo is loaded, and the voyage ends at the date of the discharge (load to \u00a0
\n\n\t\t\t\t\tdischarge). This applies to all spot transports and transports under Contracts \u00a0
\n\n\t\t\t\t\tof Affreightment (COAs). \u00a0
\n\n\t\t\t\t\tDemurrage is recognised if the claim is considered probable. Costs directly \u00a0
\n\n\t\t\t\t\tattributable to relocating the vessel to the load port under the contract are \u00a0
\n\n\t\t\t\t\tcapitalised to the extent that they are recoverable. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4661": {
"value": "Other operating income \u00a0
\n\n\t\t\t\t\tManagement income, mainly income in connection with administration of \u00a0
\n\n\t\t\t\t\tpool arrangements, is recognised upon receipt of the services in accordance \u00a0
\n\n\t\t\t\t\twith the management agreements concluded. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4662": {
"value": "Other operating income \u00a0
\n\n\t\t\t\t\tManagement income, mainly income in connection with administration of \u00a0
\n\n\t\t\t\t\tpool arrangements, is recognised upon receipt of the services in accordance \u00a0
\n\n\t\t\t\t\twith the management agreements concluded. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4663": {
"value": "2.2 Expenses\u00a0by nature \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tVessel operating costs \u00a0
\n\n\t\t\t\t\t3,974.2 \u00a0
\n\n\t\t\t\t\t2,908.9 \u00a0
\n\n\t\t\t\t\tOverhead and administration costs \u00a0
\n\n\t\t\t\t\t206.8 \u00a0
\n\n\t\t\t\t\t117.4 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t4,181.0 \u00a0
\n\n\t\t\t\t\t3,026.3 \u00a0
\n\n\t\t\t\t\tThese costs can be split by nature: \u00a0
\n\n\t\t\t\t\tVoyage costs, excluding bunker oil \u00a0
\n\n\t\t\t\t\t703.4 \u00a0
\n\n\t\t\t\t\t609.6 \u00a0
\n\n\t\t\t\t\tBunker oil \u00a0
\n\n\t\t\t\t\t1,046.1 \u00a0
\n\n\t\t\t\t\t659.0 \u00a0
\n\n\t\t\t\t\tService component of right-of-use assets \u00a0
\n\n\t\t\t\t\t285.7 \u00a0
\n\n\t\t\t\t\t205.9 \u00a0
\n\n\t\t\t\t\tExpenses related to short-term leases \u00a0
\n\n\t\t\t\t\t1,866.0 \u00a0
\n\n\t\t\t\t\t1,361.1 \u00a0
\n\n\t\t\t\t\tOperating costs, owned vessels \u00a0
\n\n\t\t\t\t\t73.0 \u00a0
\n\n\t\t\t\t\t73.3 \u00a0
\n\n\t\t\t\t\tOther external costs \u00a0
\n\n\t\t\t\t\t27.1 \u00a0
\n\n\t\t\t\t\t20.4 \u00a0
\n\n\t\t\t\t\tStaff costs and remuneration, cf. note 2.3 \u00a0
\n\n\t\t\t\t\t179.7 \u00a0
\n\n\t\t\t\t\t97.0 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t4,181.0 \u00a0
\n\n\t\t\t\t\t3,026.3 \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tExpenses by nature disclose information about expenses arising from the \u00a0
\n\n\t\t\t\t\tmain inputs that are utilised in order to accomplish the Group's activities such \u00a0
\n\n\t\t\t\t\tas charter hire for chartered vessels, bunker oil consumption, other voyage \u00a0
\n\n\t\t\t\t\tcosts such as commissions and port charges, repair and maintenance costs, \u00a0
\n\n\t\t\t\t\tinsurance costs, crew wages and other operating expenses, all included \u00a0
\n\n\t\t\t\t\tunder vessel operating costs. Expenses, excluding depreciation, incurred to \u00a0
\n\n\t\t\t\t\tgenerate the revenue for the year. \u00a0
\n\n\t\t\t\t\tCosts directly attributable to transportation of the vessel to the loading port \u00a0
\n\n\t\t\t\t\tare capitalised and amortised over the course of the transportation period. \u00a0
\n\n\t\t\t\t\tVessel operating costs other than these capitalised are recognised upon \u00a0
\n\n\t\t\t\t\treceipt of services in accordance with the charter concluded by the parties. \u00a0
\n\n\t\t\t\t\tOther external costs comprise costs of properties, travel, office expenses, \u00a0
\n\n\t\t\t\t\texternal assistance, etc. \u00a0
2.5 Depreciation,\u00a0amortisation and impairment losses, net \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tVessels, cf. note 3.1 and 3.4 \u00a0
\n\n\t\t\t\t\t28.7 \u00a0
\n\n\t\t\t\t\t42.6 \u00a0
\n\n\t\t\t\t\tRight-of-use assets, cf. note 4.7 \u00a0
\n\n\t\t\t\t\t420.0 \u00a0
\n\n\t\t\t\t\t252.1 \u00a0
\n\n\t\t\t\t\tProperty and equipment, cf. note 3.1 \u00a0
\n\n\t\t\t\t\t1.0 \u00a0
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t449.7 \u00a0
\n\n\t\t\t\t\t295.5 \u00a0
\n\n\t\t\t\t\tRefer to notes above for accounting policies. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4666": {
"value": "2.2 Expenses\u00a0by nature \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tVessel operating costs \u00a0
\n\n\t\t\t\t\t3,974.2 \u00a0
\n\n\t\t\t\t\t2,908.9 \u00a0
\n\n\t\t\t\t\tOverhead and administration costs \u00a0
\n\n\t\t\t\t\t206.8 \u00a0
\n\n\t\t\t\t\t117.4 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t4,181.0 \u00a0
\n\n\t\t\t\t\t3,026.3 \u00a0
\n\n\t\t\t\t\tThese costs can be split by nature: \u00a0
\n\n\t\t\t\t\tVoyage costs, excluding bunker oil \u00a0
\n\n\t\t\t\t\t703.4 \u00a0
\n\n\t\t\t\t\t609.6 \u00a0
\n\n\t\t\t\t\tBunker oil \u00a0
\n\n\t\t\t\t\t1,046.1 \u00a0
\n\n\t\t\t\t\t659.0 \u00a0
\n\n\t\t\t\t\tService component of right-of-use assets \u00a0
\n\n\t\t\t\t\t285.7 \u00a0
\n\n\t\t\t\t\t205.9 \u00a0
\n\n\t\t\t\t\tExpenses related to short-term leases \u00a0
\n\n\t\t\t\t\t1,866.0 \u00a0
\n\n\t\t\t\t\t1,361.1 \u00a0
\n\n\t\t\t\t\tOperating costs, owned vessels \u00a0
\n\n\t\t\t\t\t73.0 \u00a0
\n\n\t\t\t\t\t73.3 \u00a0
\n\n\t\t\t\t\tOther external costs \u00a0
\n\n\t\t\t\t\t27.1 \u00a0
\n\n\t\t\t\t\t20.4 \u00a0
\n\n\t\t\t\t\tStaff costs and remuneration, cf. note 2.3 \u00a0
\n\n\t\t\t\t\t179.7 \u00a0
\n\n\t\t\t\t\t97.0 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t4,181.0 \u00a0
\n\n\t\t\t\t\t3,026.3 \u00a0
2.5 Depreciation,\u00a0amortisation and impairment losses, net \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tVessels, cf. note 3.1 and 3.4 \u00a0
\n\n\t\t\t\t\t28.7 \u00a0
\n\n\t\t\t\t\t42.6 \u00a0
\n\n\t\t\t\t\tRight-of-use assets, cf. note 4.7 \u00a0
\n\n\t\t\t\t\t420.0 \u00a0
\n\n\t\t\t\t\t252.1 \u00a0
\n\n\t\t\t\t\tProperty and equipment, cf. note 3.1 \u00a0
\n\n\t\t\t\t\t1.0 \u00a0
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t449.7 \u00a0
\n\n\t\t\t\t\t295.5 \u00a0
\n\n\t\t\t\t\tRefer to notes above for accounting policies. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4669": {
"value": "2.3 Staff\u00a0costs and remuneration \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tWages and salaries, including of cash incentive \u00a0
\n\n\t\t\t\t\t6.2 \u00a0
\n\n\t\t\t\t\t5.2 \u00a0
\n\n\t\t\t\t\tShare-based payment, cf. note 2.4 \u00a0
\n\n\t\t\t\t\t0.5 \u00a0
\n\n\t\t\t\t\t0.5 \u00a0
\n\n\t\t\t\t\tRemuneration of Executive Management \u00a0
\n\n\t\t\t\t\t6.7 \u00a0
\n\n\t\t\t\t\t5.7 \u00a0
\n\n\t\t\t\t\tRemuneration of Board of Directors \u00a0
\n\n\t\t\t\t\t0.7 \u00a0
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\tWages and salaries \u00a0
\n\n\t\t\t\t\t173.4 \u00a0
\n\n\t\t\t\t\t91.2 \u00a0
\n\n\t\t\t\t\tPensions - defined contribution plans \u00a0
\n\n\t\t\t\t\t2.7 \u00a0
\n\n\t\t\t\t\t2.8 \u00a0
\n\n\t\t\t\t\tOther social security costs \u00a0
\n\n\t\t\t\t\t2.2 \u00a0
\n\n\t\t\t\t\t1.9 \u00a0
\n\n\t\t\t\t\tShare-based payment, cf. note 2.4 \u00a0
\n\n\t\t\t\t\t1.4 \u00a0
\n\n\t\t\t\t\t1.1 \u00a0
\n\n\t\t\t\t\tRemuneration of employees \u00a0
\n\n\t\t\t\t\t179.7 \u00a0
\n\n\t\t\t\t\t97.0 \u00a0
\n\n\t\t\t\t\tAverage number of onshore employees \u00a0
\n\n\t\t\t\t\t425 \u00a0
\n\n\t\t\t\t\t376 \u00a0
\n\n\t\t\t\t\tThe employment contracts of Executive Management entitle the CEO or CFO \u00a0
\n\n\t\t\t\t\tto 12 months' remuneration in cases where they terminate their employment \u00a0
\n\n\t\t\t\t\twithin four weeks of any change of control of the Company. \u00a0
\n\n\t\t\t\t\tRefer to \u201cRemuneration report 2022\u201c published on NORDEN\u2019s website: \u00a0
\n\n\t\t\t\t\twww.norden.com/investor/governance/remuneration for further details. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tStaff costs and remuneration comprise expenses related to wages, salaries, \u00a0
\n\n\t\t\t\t\tpension contributions, social security contributions, annual leave, sick leave, \u00a0
\n\n\t\t\t\t\tetc., and bonuses. Expenses are recognised in the year in which the associ- \u00a0
\n\n\t\t\t\t\tated services are rendered by employees of the Group. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4671": {
"value": "2.3 Staff\u00a0costs and remuneration \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tWages and salaries, including of cash incentive \u00a0
\n\n\t\t\t\t\t6.2 \u00a0
\n\n\t\t\t\t\t5.2 \u00a0
\n\n\t\t\t\t\tShare-based payment, cf. note 2.4 \u00a0
\n\n\t\t\t\t\t0.5 \u00a0
\n\n\t\t\t\t\t0.5 \u00a0
\n\n\t\t\t\t\tRemuneration of Executive Management \u00a0
\n\n\t\t\t\t\t6.7 \u00a0
\n\n\t\t\t\t\t5.7 \u00a0
\n\n\t\t\t\t\tRemuneration of Board of Directors \u00a0
\n\n\t\t\t\t\t0.7 \u00a0
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\tWages and salaries \u00a0
\n\n\t\t\t\t\t173.4 \u00a0
\n\n\t\t\t\t\t91.2 \u00a0
\n\n\t\t\t\t\tPensions - defined contribution plans \u00a0
\n\n\t\t\t\t\t2.7 \u00a0
\n\n\t\t\t\t\t2.8 \u00a0
\n\n\t\t\t\t\tOther social security costs \u00a0
\n\n\t\t\t\t\t2.2 \u00a0
\n\n\t\t\t\t\t1.9 \u00a0
\n\n\t\t\t\t\tShare-based payment, cf. note 2.4 \u00a0
\n\n\t\t\t\t\t1.4 \u00a0
\n\n\t\t\t\t\t1.1 \u00a0
\n\n\t\t\t\t\tRemuneration of employees \u00a0
\n\n\t\t\t\t\t179.7 \u00a0
\n\n\t\t\t\t\t97.0 \u00a0
\n\n\t\t\t\t\tAverage number of onshore employees \u00a0
\n\n\t\t\t\t\t425 \u00a0
\n\n\t\t\t\t\t376 \u00a0
\n\n\t\t\t\t\tThe employment contracts of Executive Management entitle the CEO or CFO \u00a0
\n\n\t\t\t\t\tto 12 months' remuneration in cases where they terminate their employment \u00a0
\n\n\t\t\t\t\twithin four weeks of any change of control of the Company. \u00a0
\n\n\t\t\t\t\tRefer to \u201cRemuneration report 2022\u201c published on NORDEN\u2019s website: \u00a0
\n\n\t\t\t\t\twww.norden.com/investor/governance/remuneration for further details. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4672": {
"value": "2.3 Staff\u00a0costs and remuneration \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tWages and salaries, including of cash incentive \u00a0
\n\n\t\t\t\t\t6.2 \u00a0
\n\n\t\t\t\t\t5.2 \u00a0
\n\n\t\t\t\t\tShare-based payment, cf. note 2.4 \u00a0
\n\n\t\t\t\t\t0.5 \u00a0
\n\n\t\t\t\t\t0.5 \u00a0
\n\n\t\t\t\t\tRemuneration of Executive Management \u00a0
\n\n\t\t\t\t\t6.7 \u00a0
\n\n\t\t\t\t\t5.7 \u00a0
\n\n\t\t\t\t\tRemuneration of Board of Directors \u00a0
\n\n\t\t\t\t\t0.7 \u00a0
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\tWages and salaries \u00a0
\n\n\t\t\t\t\t173.4 \u00a0
\n\n\t\t\t\t\t91.2 \u00a0
\n\n\t\t\t\t\tPensions - defined contribution plans \u00a0
\n\n\t\t\t\t\t2.7 \u00a0
\n\n\t\t\t\t\t2.8 \u00a0
\n\n\t\t\t\t\tOther social security costs \u00a0
\n\n\t\t\t\t\t2.2 \u00a0
\n\n\t\t\t\t\t1.9 \u00a0
\n\n\t\t\t\t\tShare-based payment, cf. note 2.4 \u00a0
\n\n\t\t\t\t\t1.4 \u00a0
\n\n\t\t\t\t\t1.1 \u00a0
\n\n\t\t\t\t\tRemuneration of employees \u00a0
\n\n\t\t\t\t\t179.7 \u00a0
\n\n\t\t\t\t\t97.0 \u00a0
\n\n\t\t\t\t\tAverage number of onshore employees \u00a0
\n\n\t\t\t\t\t425 \u00a0
\n\n\t\t\t\t\t376 \u00a0
\n\n\t\t\t\t\tThe employment contracts of Executive Management entitle the CEO or CFO \u00a0
\n\n\t\t\t\t\tto 12 months' remuneration in cases where they terminate their employment \u00a0
\n\n\t\t\t\t\twithin four weeks of any change of control of the Company. \u00a0
\n\n\t\t\t\t\tRefer to \u201cRemuneration report 2022\u201c published on NORDEN\u2019s website: \u00a0
\n\n\t\t\t\t\twww.norden.com/investor/governance/remuneration for further details. \u00a0
2.4 Share-based\u00a0payment \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tOutstanding restricted shares at 1 January \u00a0
\n\n\t\t\t\t\t218,195 \u00a0
\n\n\t\t\t\t\t209,844 \u00a0
\n\n\t\t\t\t\tGranted during the period \u00a0
\n\n\t\t\t\t\t81,344 \u00a0
\n\n\t\t\t\t\t75,946 \u00a0
\n\n\t\t\t\t\tExercised during the period \u00a0
\n\n\t\t\t\t\t-67,044 \u00a0
\n\n\t\t\t\t\t-58,502 \u00a0
\n\n\t\t\t\t\tLapsed during the period \u00a0
\n\n\t\t\t\t\t-3,428 \u00a0
\n\n\t\t\t\t\t-9,093 \u00a0
\n\n\t\t\t\t\tOutstanding restricted shares at 31 December \u00a0
\n\n\t\t\t\t\t229,067 \u00a0
\n\n\t\t\t\t\t218,195 \u00a0
\n\n\t\t\t\t\tOutstanding share options at 1 January \u00a0
\n\n\t\t\t\t\t336,378 1,056,526 \u00a0
\n\n\t\t\t\t\tExercised during the period \u00a0
\n\n\t\t\t\t\t-308,978 \u00a0
\n\n\t\t\t\t\t-447,932 \u00a0
\n\n\t\t\t\t\tLapsed during the period \u00a0
\n\n\t\t\t\t\t-13,000 \u00a0
\n\n\t\t\t\t\t-272,216 \u00a0
\n\n\t\t\t\t\tOutstanding share options at 31 December \u00a0
\n\n\t\t\t\t\t14,400 \u00a0
\n\n\t\t\t\t\t336,378 \u00a0
\n\n\t\t\t\t\tAverage price of exercised share options (DKK) \u00a0
\n\n\t\t\t\t\t54.89 \u00a0
\n\n\t\t\t\t\t107.68 \u00a0
The overall purpose of the restricted share programmes and the share option \u00a0
\n\n\t\t\t\t\tprogrammes is to ensure a shared interest with shareholders and to reward \u00a0
\n\n\t\t\t\t\tlong-term and dedicated work which is deemed to be of value to NORDEN. \u00a0
\n\n\t\t\t\t\tRestricted shares programme \u00a0
\n\n\t\t\t\t\tRestricted shares are granted free of charge and remain restricted during a \u00a0
\n\n\t\t\t\t\tvesting period of three years. \u00a0
\n\n\t\t\t\t\tTransfer of the restricted shares is subject to the continued employment \u00a0
\n\n\t\t\t\t\twithin the three year vesting period. It applies that upon vesting, the \u00a0
\n\n\t\t\t\t\temployee will receive one share of nominally DKK 1 for each vested restricted \u00a0
\n\n\t\t\t\t\tshare. \u00a0
\n\n\t\t\t\t\tThe decision to grant restricted shares is taken on an annual basis by the \u00a0
\n\n\t\t\t\t\tBoard of Directors. \u00a0
\n\n\t\t\t\t\tSpecial terms apply in case of death and illness. \u00a0
Active restricted share programmes \u00a0
\n\n\t\t\t\t\tProgramme \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\t2020 \u00a0
\n\n\t\t\t\t\tShare value at launch (DKK) \u00a0
\n\n\t\t\t\t\t159.83 \u00a0
\n\n\t\t\t\t\t115.39 \u00a0
\n\n\t\t\t\t\t91.05 \u00a0
\n\n\t\t\t\t\tFair value at grant (USDk) \u00a0
\n\n\t\t\t\t\t1,712 \u00a0
\n\n\t\t\t\t\t1,437 \u00a0
\n\n\t\t\t\t\t1,183 \u00a0
\n\n\t\t\t\t\tAllocated to recipients \u00a0
\n\n\t\t\t\t\tJan. 2025\u00a0Jan. 2024\u00a0Feb. 2023 \u00a0
\n\n\t\t\t\t\tVesting period \u00a0
\n\n\t\t\t\t\t2022 to \u00a0
\n\n\t\t\t\t\t2021 to \u00a0
\n\n\t\t\t\t\t2020 to \u00a0
\n\n\t\t\t\t\t2025 \u00a0
\n\n\t\t\t\t\t2024 \u00a0
\n\n\t\t\t\t\t2023 \u00a0
\n\n\t\t\t\t\tAmortisation period \u00a0
\n\n\t\t\t\t\t3 years \u00a0
\n\n\t\t\t\t\t3 years \u00a0
\n\n\t\t\t\t\t3 years \u00a0
\n\n\t\t\t\t\tOriginally granted shares \u00a0
\n\n\t\t\t\t\t81,344 \u00a0
\n\n\t\t\t\t\t87,698 \u00a0
\n\n\t\t\t\t\t75,946 \u00a0
\n\n\t\t\t\t\tExpense for the year (USDk) \u00a0
\n\n\t\t\t\t\t1,401 \u00a0
\n\n\t\t\t\t\t1,128 \u00a0
\n\n\t\t\t\t\t883 \u00a0
\n\n\t\t\t\t\tOutstanding restricted shares: \u00a0
\n\n\t\t\t\t\tExcecutive Management \u00a0
\n\n\t\t\t\t\t20,591 \u00a0
\n\n\t\t\t\t\t18,899 \u00a0
\n\n\t\t\t\t\t23,779 \u00a0
\n\n\t\t\t\t\tOther executives \u00a0
\n\n\t\t\t\t\t11,403 \u00a0
\n\n\t\t\t\t\t13,247 \u00a0
\n\n\t\t\t\t\t16,148 \u00a0
\n\n\t\t\t\t\tOthers \u00a0
\n\n\t\t\t\t\t47,962 \u00a0
\n\n\t\t\t\t\t39,762 \u00a0
\n\n\t\t\t\t\t32,276 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t79,956 \u00a0
\n\n\t\t\t\t\t71,908 \u00a0
\n\n\t\t\t\t\t77,203 \u00a0
\n\n\t\t\t\t\tOther than being employed by NORDEN at the time of granting of the \u00a0
\n\n\t\t\t\t\trestricted shares no. conditions are attached to the grant. Where a recipient \u00a0
\n\n\t\t\t\t\tresigns during the vesting period, non-vested restricted shares will lapse. \u00a0
\n\n\t\t\t\t\tProgrammes are expected to be covered by treasury shares. \u00a0
Active share option programmes \u00a0
\n\n\t\t\t\t\tProgramme \u00a0
\n\n\t\t\t\t\t2017.2 \u00a0
\n\n\t\t\t\t\t2017.1 \u00a0
\n\n\t\t\t\t\t2016 \u00a0
\n\n\t\t\t\t\tExcercise period \u00a0
\n\n\t\t\t\t\t2020 to \u00a0
\n\n\t\t\t\t\t2020 to \u00a0
\n\n\t\t\t\t\t2019 to \u00a0
\n\n\t\t\t\t\t2023 \u00a0
\n\n\t\t\t\t\t2023 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tExercise price (DKK) \u00a0
\n\n\t\t\t\t\t54.89 \u00a0
\n\n\t\t\t\t\t115.30 \u00a0
\n\n\t\t\t\t\t94.50 \u00a0
\n\n\t\t\t\t\tOriginally granted options \u00a0
\n\n\t\t\t\t\t408,191 \u00a0
\n\n\t\t\t\t\t50,000 \u00a0
\n\n\t\t\t\t\t435,159 \u00a0
\n\n\t\t\t\t\tNumber of shares per option \u00a0
\n\n\t\t\t\t\t1
\n\n\t\t\t\t\t1
\n\n\t\t\t\t\t1
\n\n\t\t\t\t\tExpense for the year (USDk) \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOutstanding share options: \u00a0
\n\n\t\t\t\t\tExecutive Management \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOther executives \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOthers \u00a0
\n\n\t\t\t\t\t14,400 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t14,400 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tShare options may be exercised after at least three years and no more than six \u00a0
\n\n\t\t\t\t\tyears from the respective grant dates. Exercise of the share options is subject \u00a0
\n\n\t\t\t\t\tto the continued employment with the Company at the exercise date. \u00a0
\n\n\t\t\t\t\tUpon exercise, the Executive Management and some of the executives must \u00a0
\n\n\t\t\t\t\treinvest 25% of any net gain in NORDEN shares and keep these for at least \u00a0
\n\n\t\t\t\t\ttwo years. If the employee already owns shares, this can be included in the \u00a0
\n\n\t\t\t\t\tdetermination of the investment amount. \u00a0
\n\n\t\t\t\t\tProgrammes are expected to be covered by treasury shares. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tThe value of services rendered by employees as consideration for share- \u00a0
\n\n\t\t\t\t\tbased incentive payments is measured at the fair value of the granted options \u00a0
\n\n\t\t\t\t\tand restricted shares, respectively. For both, this fair value is recognised in \u00a0
\n\n\t\t\t\t\tthe income statement over the vesting period. A corresponding increase is \u00a0
\n\n\t\t\t\t\trecognised in equity. \u00a0
\n\n\t\t\t\t\tThe fair value of the options is determined using the Black-Scholes valuation \u00a0
\n\n\t\t\t\t\tmodel, taking into account the terms of the grant and the actual number of \u00a0
\n\n\t\t\t\t\tvested options. The fair value of restricted shares is determined using the \u00a0
\n\n\t\t\t\t\tshare price at the grant date adjusted for expected dividend per share, which \u00a0
\n\n\t\t\t\t\tis based on historical dividends. On recognition, the number of options and \u00a0
\n\n\t\t\t\t\trestricted shares expected to vest are estimated. The estimate is adjusted \u00a0
\n\n\t\t\t\t\tover the vesting period to the actual number of vested options and restricted \u00a0
\n\n\t\t\t\t\tshares. \u00a0
\n\n\t\t\t\t\tThe exercise price of share options is determined as the five day average \u00a0
\n\n\t\t\t\t\tof the market price following the grant, less all dividend payments after the \u00a0
\n\n\t\t\t\t\tgrant date plus a fee of 10%, respectively, in proportion to the market price at \u00a0
\n\n\t\t\t\t\tthe date of grant. \u00a0
\n\n\t\t\t\t\tThe division into employee categories is based on the current title of the \u00a0
\n\n\t\t\t\t\temployee. Resigned employees are included in the category \u201cOthers\u201d. \u00a0
5.4 Related\u00a0party disclosures \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tIncome statement \u00a0
\n\n\t\t\t\t\tSale of goods and services, joint ventures \u00a0
\n\n\t\t\t\t\t15.6 \u00a0
\n\n\t\t\t\t\t16.1 \u00a0
\n\n\t\t\t\t\tPurchase of goods and services, joint ventures \u00a0
\n\n\t\t\t\t\t24.0 \u00a0
\n\n\t\t\t\t\t45.8 \u00a0
\n\n\t\t\t\t\tAssets \u00a0
\n\n\t\t\t\t\tReceivables, joint ventures \u00a0
\n\n\t\t\t\t\t1.5 \u00a0
\n\n\t\t\t\t\t1.0 \u00a0
\n\n\t\t\t\t\tLiabilities \u00a0
\n\n\t\t\t\t\tDebt, joint ventures \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t13.9 \u00a0
\n\n\t\t\t\t\tShareholders with significant influence \u00a0
\n\n\t\t\t\t\tA/S Motortramp \u00a0
\n\n\t\t\t\t\t- Dividends paid to shareholder \u00a0
\n\n\t\t\t\t\t121.6 \u00a0
\n\n\t\t\t\t\t17.4 \u00a0
\n\n\t\t\t\t\tA/S Motortramp participates on a pro-rata basis to \u00a0
\n\n\t\t\t\t\tthe shares purchased in the Company\u2019s share \u00a0
\n\n\t\t\t\t\tbuy-back programme. \u00a0
\n\n\t\t\t\t\tThe Group has no related parties controlling NORDEN. \u00a0
\n\n\t\t\t\t\tRemuneration and share-based payment of the Board of Directors and the \u00a0
\n\n\t\t\t\t\tExecutive Management are disclosed in note 2.3 \"Staff costs and remunera- \u00a0
\n\n\t\t\t\t\ttion\" and note 2.4 \"Share-based payment\". \u00a0
\n\n\t\t\t\t\tAccounts with joint ventures are related to operations, unsecured and with \u00a0
\n\n\t\t\t\t\tusual interest rates. Guarantees to joint ventures are mentioned in note 3.2 \u00a0
\n\n\t\t\t\t\t\"Investments in joint ventures\". No other transactions took place during the \u00a0
\n\n\t\t\t\t\tyear with the Board of Directors, the Executive Management, major share- \u00a0
\n\n\t\t\t\t\tholders or other related parties. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tRelated parties include the Board of Directors and the Executive Manage- \u00a0
\n\n\t\t\t\t\tment as well as their close relatives. Related parties also include companies \u00a0
\n\n\t\t\t\t\tin which the above persons have significant interests as well as companies \u00a0
\n\n\t\t\t\t\tand foundations which have direct or indirect significant influence through \u00a0
\n\n\t\t\t\t\tshareholdings. \u00a0
\n\n\t\t\t\t\tIn addition, related parties include joint ventures, refer to note 3.2 \"Invest- \u00a0
\n\n\t\t\t\t\tments in joint ventures\". \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4680": {
"value": "2.3 Staff\u00a0costs and remuneration \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tWages and salaries, including of cash incentive \u00a0
\n\n\t\t\t\t\t6.2 \u00a0
\n\n\t\t\t\t\t5.2 \u00a0
\n\n\t\t\t\t\tShare-based payment, cf. note 2.4 \u00a0
\n\n\t\t\t\t\t0.5 \u00a0
\n\n\t\t\t\t\t0.5 \u00a0
\n\n\t\t\t\t\tRemuneration of Executive Management \u00a0
\n\n\t\t\t\t\t6.7 \u00a0
\n\n\t\t\t\t\t5.7 \u00a0
\n\n\t\t\t\t\tRemuneration of Board of Directors \u00a0
\n\n\t\t\t\t\t0.7 \u00a0
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\tWages and salaries \u00a0
\n\n\t\t\t\t\t173.4 \u00a0
\n\n\t\t\t\t\t91.2 \u00a0
\n\n\t\t\t\t\tPensions - defined contribution plans \u00a0
\n\n\t\t\t\t\t2.7 \u00a0
\n\n\t\t\t\t\t2.8 \u00a0
\n\n\t\t\t\t\tOther social security costs \u00a0
\n\n\t\t\t\t\t2.2 \u00a0
\n\n\t\t\t\t\t1.9 \u00a0
\n\n\t\t\t\t\tShare-based payment, cf. note 2.4 \u00a0
\n\n\t\t\t\t\t1.4 \u00a0
\n\n\t\t\t\t\t1.1 \u00a0
\n\n\t\t\t\t\tRemuneration of employees \u00a0
\n\n\t\t\t\t\t179.7 \u00a0
\n\n\t\t\t\t\t97.0 \u00a0
\n\n\t\t\t\t\tAverage number of onshore employees \u00a0
\n\n\t\t\t\t\t425 \u00a0
\n\n\t\t\t\t\t376 \u00a0
\n\n\t\t\t\t\tThe employment contracts of Executive Management entitle the CEO or CFO \u00a0
\n\n\t\t\t\t\tto 12 months' remuneration in cases where they terminate their employment \u00a0
\n\n\t\t\t\t\twithin four weeks of any change of control of the Company. \u00a0
\n\n\t\t\t\t\tRefer to \u201cRemuneration report 2022\u201c published on NORDEN\u2019s website: \u00a0
\n\n\t\t\t\t\twww.norden.com/investor/governance/remuneration for further details. \u00a0
2.4 Share-based\u00a0payment \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tOutstanding restricted shares at 1 January \u00a0
\n\n\t\t\t\t\t218,195 \u00a0
\n\n\t\t\t\t\t209,844 \u00a0
\n\n\t\t\t\t\tGranted during the period \u00a0
\n\n\t\t\t\t\t81,344 \u00a0
\n\n\t\t\t\t\t75,946 \u00a0
\n\n\t\t\t\t\tExercised during the period \u00a0
\n\n\t\t\t\t\t-67,044 \u00a0
\n\n\t\t\t\t\t-58,502 \u00a0
\n\n\t\t\t\t\tLapsed during the period \u00a0
\n\n\t\t\t\t\t-3,428 \u00a0
\n\n\t\t\t\t\t-9,093 \u00a0
\n\n\t\t\t\t\tOutstanding restricted shares at 31 December \u00a0
\n\n\t\t\t\t\t229,067 \u00a0
\n\n\t\t\t\t\t218,195 \u00a0
\n\n\t\t\t\t\tOutstanding share options at 1 January \u00a0
\n\n\t\t\t\t\t336,378 1,056,526 \u00a0
\n\n\t\t\t\t\tExercised during the period \u00a0
\n\n\t\t\t\t\t-308,978 \u00a0
\n\n\t\t\t\t\t-447,932 \u00a0
\n\n\t\t\t\t\tLapsed during the period \u00a0
\n\n\t\t\t\t\t-13,000 \u00a0
\n\n\t\t\t\t\t-272,216 \u00a0
\n\n\t\t\t\t\tOutstanding share options at 31 December \u00a0
\n\n\t\t\t\t\t14,400 \u00a0
\n\n\t\t\t\t\t336,378 \u00a0
\n\n\t\t\t\t\tAverage price of exercised share options (DKK) \u00a0
\n\n\t\t\t\t\t54.89 \u00a0
\n\n\t\t\t\t\t107.68 \u00a0
The overall purpose of the restricted share programmes and the share option \u00a0
\n\n\t\t\t\t\tprogrammes is to ensure a shared interest with shareholders and to reward \u00a0
\n\n\t\t\t\t\tlong-term and dedicated work which is deemed to be of value to NORDEN. \u00a0
\n\n\t\t\t\t\tRestricted shares programme \u00a0
\n\n\t\t\t\t\tRestricted shares are granted free of charge and remain restricted during a \u00a0
\n\n\t\t\t\t\tvesting period of three years. \u00a0
\n\n\t\t\t\t\tTransfer of the restricted shares is subject to the continued employment \u00a0
\n\n\t\t\t\t\twithin the three year vesting period. It applies that upon vesting, the \u00a0
\n\n\t\t\t\t\temployee will receive one share of nominally DKK 1 for each vested restricted \u00a0
\n\n\t\t\t\t\tshare. \u00a0
\n\n\t\t\t\t\tThe decision to grant restricted shares is taken on an annual basis by the \u00a0
\n\n\t\t\t\t\tBoard of Directors. \u00a0
\n\n\t\t\t\t\tSpecial terms apply in case of death and illness. \u00a0
Active restricted share programmes \u00a0
\n\n\t\t\t\t\tProgramme \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\t2020 \u00a0
\n\n\t\t\t\t\tShare value at launch (DKK) \u00a0
\n\n\t\t\t\t\t159.83 \u00a0
\n\n\t\t\t\t\t115.39 \u00a0
\n\n\t\t\t\t\t91.05 \u00a0
\n\n\t\t\t\t\tFair value at grant (USDk) \u00a0
\n\n\t\t\t\t\t1,712 \u00a0
\n\n\t\t\t\t\t1,437 \u00a0
\n\n\t\t\t\t\t1,183 \u00a0
\n\n\t\t\t\t\tAllocated to recipients \u00a0
\n\n\t\t\t\t\tJan. 2025\u00a0Jan. 2024\u00a0Feb. 2023 \u00a0
\n\n\t\t\t\t\tVesting period \u00a0
\n\n\t\t\t\t\t2022 to \u00a0
\n\n\t\t\t\t\t2021 to \u00a0
\n\n\t\t\t\t\t2020 to \u00a0
\n\n\t\t\t\t\t2025 \u00a0
\n\n\t\t\t\t\t2024 \u00a0
\n\n\t\t\t\t\t2023 \u00a0
\n\n\t\t\t\t\tAmortisation period \u00a0
\n\n\t\t\t\t\t3 years \u00a0
\n\n\t\t\t\t\t3 years \u00a0
\n\n\t\t\t\t\t3 years \u00a0
\n\n\t\t\t\t\tOriginally granted shares \u00a0
\n\n\t\t\t\t\t81,344 \u00a0
\n\n\t\t\t\t\t87,698 \u00a0
\n\n\t\t\t\t\t75,946 \u00a0
\n\n\t\t\t\t\tExpense for the year (USDk) \u00a0
\n\n\t\t\t\t\t1,401 \u00a0
\n\n\t\t\t\t\t1,128 \u00a0
\n\n\t\t\t\t\t883 \u00a0
\n\n\t\t\t\t\tOutstanding restricted shares: \u00a0
\n\n\t\t\t\t\tExcecutive Management \u00a0
\n\n\t\t\t\t\t20,591 \u00a0
\n\n\t\t\t\t\t18,899 \u00a0
\n\n\t\t\t\t\t23,779 \u00a0
\n\n\t\t\t\t\tOther executives \u00a0
\n\n\t\t\t\t\t11,403 \u00a0
\n\n\t\t\t\t\t13,247 \u00a0
\n\n\t\t\t\t\t16,148 \u00a0
\n\n\t\t\t\t\tOthers \u00a0
\n\n\t\t\t\t\t47,962 \u00a0
\n\n\t\t\t\t\t39,762 \u00a0
\n\n\t\t\t\t\t32,276 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t79,956 \u00a0
\n\n\t\t\t\t\t71,908 \u00a0
\n\n\t\t\t\t\t77,203 \u00a0
\n\n\t\t\t\t\tOther than being employed by NORDEN at the time of granting of the \u00a0
\n\n\t\t\t\t\trestricted shares no. conditions are attached to the grant. Where a recipient \u00a0
\n\n\t\t\t\t\tresigns during the vesting period, non-vested restricted shares will lapse. \u00a0
\n\n\t\t\t\t\tProgrammes are expected to be covered by treasury shares. \u00a0
Active share option programmes \u00a0
\n\n\t\t\t\t\tProgramme \u00a0
\n\n\t\t\t\t\t2017.2 \u00a0
\n\n\t\t\t\t\t2017.1 \u00a0
\n\n\t\t\t\t\t2016 \u00a0
\n\n\t\t\t\t\tExcercise period \u00a0
\n\n\t\t\t\t\t2020 to \u00a0
\n\n\t\t\t\t\t2020 to \u00a0
\n\n\t\t\t\t\t2019 to \u00a0
\n\n\t\t\t\t\t2023 \u00a0
\n\n\t\t\t\t\t2023 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tExercise price (DKK) \u00a0
\n\n\t\t\t\t\t54.89 \u00a0
\n\n\t\t\t\t\t115.30 \u00a0
\n\n\t\t\t\t\t94.50 \u00a0
\n\n\t\t\t\t\tOriginally granted options \u00a0
\n\n\t\t\t\t\t408,191 \u00a0
\n\n\t\t\t\t\t50,000 \u00a0
\n\n\t\t\t\t\t435,159 \u00a0
\n\n\t\t\t\t\tNumber of shares per option \u00a0
\n\n\t\t\t\t\t1
\n\n\t\t\t\t\t1
\n\n\t\t\t\t\t1
\n\n\t\t\t\t\tExpense for the year (USDk) \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOutstanding share options: \u00a0
\n\n\t\t\t\t\tExecutive Management \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOther executives \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOthers \u00a0
\n\n\t\t\t\t\t14,400 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t14,400 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tShare options may be exercised after at least three years and no more than six \u00a0
\n\n\t\t\t\t\tyears from the respective grant dates. Exercise of the share options is subject \u00a0
\n\n\t\t\t\t\tto the continued employment with the Company at the exercise date. \u00a0
\n\n\t\t\t\t\tUpon exercise, the Executive Management and some of the executives must \u00a0
\n\n\t\t\t\t\treinvest 25% of any net gain in NORDEN shares and keep these for at least \u00a0
\n\n\t\t\t\t\ttwo years. If the employee already owns shares, this can be included in the \u00a0
\n\n\t\t\t\t\tdetermination of the investment amount. \u00a0
\n\n\t\t\t\t\tProgrammes are expected to be covered by treasury shares. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tThe value of services rendered by employees as consideration for share- \u00a0
\n\n\t\t\t\t\tbased incentive payments is measured at the fair value of the granted options \u00a0
\n\n\t\t\t\t\tand restricted shares, respectively. For both, this fair value is recognised in \u00a0
\n\n\t\t\t\t\tthe income statement over the vesting period. A corresponding increase is \u00a0
\n\n\t\t\t\t\trecognised in equity. \u00a0
\n\n\t\t\t\t\tThe fair value of the options is determined using the Black-Scholes valuation \u00a0
\n\n\t\t\t\t\tmodel, taking into account the terms of the grant and the actual number of \u00a0
\n\n\t\t\t\t\tvested options. The fair value of restricted shares is determined using the \u00a0
\n\n\t\t\t\t\tshare price at the grant date adjusted for expected dividend per share, which \u00a0
\n\n\t\t\t\t\tis based on historical dividends. On recognition, the number of options and \u00a0
\n\n\t\t\t\t\trestricted shares expected to vest are estimated. The estimate is adjusted \u00a0
\n\n\t\t\t\t\tover the vesting period to the actual number of vested options and restricted \u00a0
\n\n\t\t\t\t\tshares. \u00a0
\n\n\t\t\t\t\tThe exercise price of share options is determined as the five day average \u00a0
\n\n\t\t\t\t\tof the market price following the grant, less all dividend payments after the \u00a0
\n\n\t\t\t\t\tgrant date plus a fee of 10%, respectively, in proportion to the market price at \u00a0
\n\n\t\t\t\t\tthe date of grant. \u00a0
\n\n\t\t\t\t\tThe division into employee categories is based on the current title of the \u00a0
\n\n\t\t\t\t\temployee. Resigned employees are included in the category \u201cOthers\u201d. \u00a0
5.4 Related\u00a0party disclosures \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tIncome statement \u00a0
\n\n\t\t\t\t\tSale of goods and services, joint ventures \u00a0
\n\n\t\t\t\t\t15.6 \u00a0
\n\n\t\t\t\t\t16.1 \u00a0
\n\n\t\t\t\t\tPurchase of goods and services, joint ventures \u00a0
\n\n\t\t\t\t\t24.0 \u00a0
\n\n\t\t\t\t\t45.8 \u00a0
\n\n\t\t\t\t\tAssets \u00a0
\n\n\t\t\t\t\tReceivables, joint ventures \u00a0
\n\n\t\t\t\t\t1.5 \u00a0
\n\n\t\t\t\t\t1.0 \u00a0
\n\n\t\t\t\t\tLiabilities \u00a0
\n\n\t\t\t\t\tDebt, joint ventures \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t13.9 \u00a0
\n\n\t\t\t\t\tShareholders with significant influence \u00a0
\n\n\t\t\t\t\tA/S Motortramp \u00a0
\n\n\t\t\t\t\t- Dividends paid to shareholder \u00a0
\n\n\t\t\t\t\t121.6 \u00a0
\n\n\t\t\t\t\t17.4 \u00a0
\n\n\t\t\t\t\tA/S Motortramp participates on a pro-rata basis to \u00a0
\n\n\t\t\t\t\tthe shares purchased in the Company\u2019s share \u00a0
\n\n\t\t\t\t\tbuy-back programme. \u00a0
\n\n\t\t\t\t\tThe Group has no related parties controlling NORDEN. \u00a0
\n\n\t\t\t\t\tRemuneration and share-based payment of the Board of Directors and the \u00a0
\n\n\t\t\t\t\tExecutive Management are disclosed in note 2.3 \"Staff costs and remunera- \u00a0
\n\n\t\t\t\t\ttion\" and note 2.4 \"Share-based payment\". \u00a0
\n\n\t\t\t\t\tAccounts with joint ventures are related to operations, unsecured and with \u00a0
\n\n\t\t\t\t\tusual interest rates. Guarantees to joint ventures are mentioned in note 3.2 \u00a0
\n\n\t\t\t\t\t\"Investments in joint ventures\". No other transactions took place during the \u00a0
\n\n\t\t\t\t\tyear with the Board of Directors, the Executive Management, major share- \u00a0
\n\n\t\t\t\t\tholders or other related parties. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tRelated parties include the Board of Directors and the Executive Manage- \u00a0
\n\n\t\t\t\t\tment as well as their close relatives. Related parties also include companies \u00a0
\n\n\t\t\t\t\tin which the above persons have significant interests as well as companies \u00a0
\n\n\t\t\t\t\tand foundations which have direct or indirect significant influence through \u00a0
\n\n\t\t\t\t\tshareholdings. \u00a0
\n\n\t\t\t\t\tIn addition, related parties include joint ventures, refer to note 3.2 \"Invest- \u00a0
\n\n\t\t\t\t\tments in joint ventures\". \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4689": {
"value": "2.4 Share-based\u00a0payment \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tOutstanding restricted shares at 1 January \u00a0
\n\n\t\t\t\t\t218,195 \u00a0
\n\n\t\t\t\t\t209,844 \u00a0
\n\n\t\t\t\t\tGranted during the period \u00a0
\n\n\t\t\t\t\t81,344 \u00a0
\n\n\t\t\t\t\t75,946 \u00a0
\n\n\t\t\t\t\tExercised during the period \u00a0
\n\n\t\t\t\t\t-67,044 \u00a0
\n\n\t\t\t\t\t-58,502 \u00a0
\n\n\t\t\t\t\tLapsed during the period \u00a0
\n\n\t\t\t\t\t-3,428 \u00a0
\n\n\t\t\t\t\t-9,093 \u00a0
\n\n\t\t\t\t\tOutstanding restricted shares at 31 December \u00a0
\n\n\t\t\t\t\t229,067 \u00a0
\n\n\t\t\t\t\t218,195 \u00a0
\n\n\t\t\t\t\tOutstanding share options at 1 January \u00a0
\n\n\t\t\t\t\t336,378 1,056,526 \u00a0
\n\n\t\t\t\t\tExercised during the period \u00a0
\n\n\t\t\t\t\t-308,978 \u00a0
\n\n\t\t\t\t\t-447,932 \u00a0
\n\n\t\t\t\t\tLapsed during the period \u00a0
\n\n\t\t\t\t\t-13,000 \u00a0
\n\n\t\t\t\t\t-272,216 \u00a0
\n\n\t\t\t\t\tOutstanding share options at 31 December \u00a0
\n\n\t\t\t\t\t14,400 \u00a0
\n\n\t\t\t\t\t336,378 \u00a0
\n\n\t\t\t\t\tAverage price of exercised share options (DKK) \u00a0
\n\n\t\t\t\t\t54.89 \u00a0
\n\n\t\t\t\t\t107.68 \u00a0
The overall purpose of the restricted share programmes and the share option \u00a0
\n\n\t\t\t\t\tprogrammes is to ensure a shared interest with shareholders and to reward \u00a0
\n\n\t\t\t\t\tlong-term and dedicated work which is deemed to be of value to NORDEN. \u00a0
\n\n\t\t\t\t\tRestricted shares programme \u00a0
\n\n\t\t\t\t\tRestricted shares are granted free of charge and remain restricted during a \u00a0
\n\n\t\t\t\t\tvesting period of three years. \u00a0
\n\n\t\t\t\t\tTransfer of the restricted shares is subject to the continued employment \u00a0
\n\n\t\t\t\t\twithin the three year vesting period. It applies that upon vesting, the \u00a0
\n\n\t\t\t\t\temployee will receive one share of nominally DKK 1 for each vested restricted \u00a0
\n\n\t\t\t\t\tshare. \u00a0
\n\n\t\t\t\t\tThe decision to grant restricted shares is taken on an annual basis by the \u00a0
\n\n\t\t\t\t\tBoard of Directors. \u00a0
\n\n\t\t\t\t\tSpecial terms apply in case of death and illness. \u00a0
Active restricted share programmes \u00a0
\n\n\t\t\t\t\tProgramme \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\t2020 \u00a0
\n\n\t\t\t\t\tShare value at launch (DKK) \u00a0
\n\n\t\t\t\t\t159.83 \u00a0
\n\n\t\t\t\t\t115.39 \u00a0
\n\n\t\t\t\t\t91.05 \u00a0
\n\n\t\t\t\t\tFair value at grant (USDk) \u00a0
\n\n\t\t\t\t\t1,712 \u00a0
\n\n\t\t\t\t\t1,437 \u00a0
\n\n\t\t\t\t\t1,183 \u00a0
\n\n\t\t\t\t\tAllocated to recipients \u00a0
\n\n\t\t\t\t\tJan. 2025\u00a0Jan. 2024\u00a0Feb. 2023 \u00a0
\n\n\t\t\t\t\tVesting period \u00a0
\n\n\t\t\t\t\t2022 to \u00a0
\n\n\t\t\t\t\t2021 to \u00a0
\n\n\t\t\t\t\t2020 to \u00a0
\n\n\t\t\t\t\t2025 \u00a0
\n\n\t\t\t\t\t2024 \u00a0
\n\n\t\t\t\t\t2023 \u00a0
\n\n\t\t\t\t\tAmortisation period \u00a0
\n\n\t\t\t\t\t3 years \u00a0
\n\n\t\t\t\t\t3 years \u00a0
\n\n\t\t\t\t\t3 years \u00a0
\n\n\t\t\t\t\tOriginally granted shares \u00a0
\n\n\t\t\t\t\t81,344 \u00a0
\n\n\t\t\t\t\t87,698 \u00a0
\n\n\t\t\t\t\t75,946 \u00a0
\n\n\t\t\t\t\tExpense for the year (USDk) \u00a0
\n\n\t\t\t\t\t1,401 \u00a0
\n\n\t\t\t\t\t1,128 \u00a0
\n\n\t\t\t\t\t883 \u00a0
\n\n\t\t\t\t\tOutstanding restricted shares: \u00a0
\n\n\t\t\t\t\tExcecutive Management \u00a0
\n\n\t\t\t\t\t20,591 \u00a0
\n\n\t\t\t\t\t18,899 \u00a0
\n\n\t\t\t\t\t23,779 \u00a0
\n\n\t\t\t\t\tOther executives \u00a0
\n\n\t\t\t\t\t11,403 \u00a0
\n\n\t\t\t\t\t13,247 \u00a0
\n\n\t\t\t\t\t16,148 \u00a0
\n\n\t\t\t\t\tOthers \u00a0
\n\n\t\t\t\t\t47,962 \u00a0
\n\n\t\t\t\t\t39,762 \u00a0
\n\n\t\t\t\t\t32,276 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t79,956 \u00a0
\n\n\t\t\t\t\t71,908 \u00a0
\n\n\t\t\t\t\t77,203 \u00a0
\n\n\t\t\t\t\tOther than being employed by NORDEN at the time of granting of the \u00a0
\n\n\t\t\t\t\trestricted shares no. conditions are attached to the grant. Where a recipient \u00a0
\n\n\t\t\t\t\tresigns during the vesting period, non-vested restricted shares will lapse. \u00a0
\n\n\t\t\t\t\tProgrammes are expected to be covered by treasury shares. \u00a0
Active share option programmes \u00a0
\n\n\t\t\t\t\tProgramme \u00a0
\n\n\t\t\t\t\t2017.2 \u00a0
\n\n\t\t\t\t\t2017.1 \u00a0
\n\n\t\t\t\t\t2016 \u00a0
\n\n\t\t\t\t\tExcercise period \u00a0
\n\n\t\t\t\t\t2020 to \u00a0
\n\n\t\t\t\t\t2020 to \u00a0
\n\n\t\t\t\t\t2019 to \u00a0
\n\n\t\t\t\t\t2023 \u00a0
\n\n\t\t\t\t\t2023 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tExercise price (DKK) \u00a0
\n\n\t\t\t\t\t54.89 \u00a0
\n\n\t\t\t\t\t115.30 \u00a0
\n\n\t\t\t\t\t94.50 \u00a0
\n\n\t\t\t\t\tOriginally granted options \u00a0
\n\n\t\t\t\t\t408,191 \u00a0
\n\n\t\t\t\t\t50,000 \u00a0
\n\n\t\t\t\t\t435,159 \u00a0
\n\n\t\t\t\t\tNumber of shares per option \u00a0
\n\n\t\t\t\t\t1
\n\n\t\t\t\t\t1
\n\n\t\t\t\t\t1
\n\n\t\t\t\t\tExpense for the year (USDk) \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOutstanding share options: \u00a0
\n\n\t\t\t\t\tExecutive Management \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOther executives \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOthers \u00a0
\n\n\t\t\t\t\t14,400 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t14,400 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tShare options may be exercised after at least three years and no more than six \u00a0
\n\n\t\t\t\t\tyears from the respective grant dates. Exercise of the share options is subject \u00a0
\n\n\t\t\t\t\tto the continued employment with the Company at the exercise date. \u00a0
\n\n\t\t\t\t\tUpon exercise, the Executive Management and some of the executives must \u00a0
\n\n\t\t\t\t\treinvest 25% of any net gain in NORDEN shares and keep these for at least \u00a0
\n\n\t\t\t\t\ttwo years. If the employee already owns shares, this can be included in the \u00a0
\n\n\t\t\t\t\tdetermination of the investment amount. \u00a0
\n\n\t\t\t\t\tProgrammes are expected to be covered by treasury shares. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tThe value of services rendered by employees as consideration for share- \u00a0
\n\n\t\t\t\t\tbased incentive payments is measured at the fair value of the granted options \u00a0
\n\n\t\t\t\t\tand restricted shares, respectively. For both, this fair value is recognised in \u00a0
\n\n\t\t\t\t\tthe income statement over the vesting period. A corresponding increase is \u00a0
\n\n\t\t\t\t\trecognised in equity. \u00a0
\n\n\t\t\t\t\tThe fair value of the options is determined using the Black-Scholes valuation \u00a0
\n\n\t\t\t\t\tmodel, taking into account the terms of the grant and the actual number of \u00a0
\n\n\t\t\t\t\tvested options. The fair value of restricted shares is determined using the \u00a0
\n\n\t\t\t\t\tshare price at the grant date adjusted for expected dividend per share, which \u00a0
\n\n\t\t\t\t\tis based on historical dividends. On recognition, the number of options and \u00a0
\n\n\t\t\t\t\trestricted shares expected to vest are estimated. The estimate is adjusted \u00a0
\n\n\t\t\t\t\tover the vesting period to the actual number of vested options and restricted \u00a0
\n\n\t\t\t\t\tshares. \u00a0
\n\n\t\t\t\t\tThe exercise price of share options is determined as the five day average \u00a0
\n\n\t\t\t\t\tof the market price following the grant, less all dividend payments after the \u00a0
\n\n\t\t\t\t\tgrant date plus a fee of 10%, respectively, in proportion to the market price at \u00a0
\n\n\t\t\t\t\tthe date of grant. \u00a0
\n\n\t\t\t\t\tThe division into employee categories is based on the current title of the \u00a0
\n\n\t\t\t\t\temployee. Resigned employees are included in the category \u201cOthers\u201d. \u00a0
Share buy-back programmes \u00a0
\n\n\t\t\t\t\tNORDEN initiated four share buy-back programmes in 2022. The share buy-back \u00a0
\n\n\t\t\t\t\tprogrammes were initiated pursuant to the authorisation granted to the Board of \u00a0
\n\n\t\t\t\t\tDirectors. The details of the four share buy-back programmes can be found in the \u00a0
\n\n\t\t\t\t\tfollowing table: \u00a0
Limit* of Number\u00a0of Cost\u00a0of shares\u00a0Avg. price of \u00a0
\n\n\t\t\t\t\tPeriod \u00a0
\n\n\t\t\t\t\tshare capital\u00a0shares acq.\u00a0acq., DKK\u00a0shares acq. \u00a0
\n\n\t\t\t\t\t4 Nov 21 - 28 Feb 22 \u00a0
\n\n\t\t\t\t\t10% \u00a0
\n\n\t\t\t\t\t754,900 \u00a0
\n\n\t\t\t\t\t120,816,462 \u00a0
\n\n\t\t\t\t\t159 \u00a0
\n\n\t\t\t\t\t3 Mar - 30 Apr 22 \u00a0
\n\n\t\t\t\t\t10% \u00a0
\n\n\t\t\t\t\t814,921 \u00a0
\n\n\t\t\t\t\t198,723,547 \u00a0
\n\n\t\t\t\t\t243 \u00a0
\n\n\t\t\t\t\t6 Jul - 16 Aug 22 \u00a0
\n\n\t\t\t\t\t15% \u00a0
\n\n\t\t\t\t\t357,700 \u00a0
\n\n\t\t\t\t\t106,373,379 \u00a0
\n\n\t\t\t\t\t296 \u00a0
\n\n\t\t\t\t\t18 Aug - 1 Nov 22 \u00a0
\n\n\t\t\t\t\t15% \u00a0
\n\n\t\t\t\t\t841,200 \u00a0
\n\n\t\t\t\t\t291,827,249 \u00a0
\n\n\t\t\t\t\t345 \u00a0
\n\n\t\t\t\t\t3 Nov 22 - 7 Feb 23 \u00a0
\n\n\t\t\t\t\t15% \u00a0
\n\n\t\t\t\t\t559,000 \u00a0
\n\n\t\t\t\t\t205,951,180 \u00a0
\n\n\t\t\t\t\t368 \u00a0
\n\n\t\t\t\t\t3,327,721 923,691,817 \u00a0
\n\n\t\t\t\t\t277 \u00a0
\n\n\t\t\t\t\t* applicable at the time of acquisition with a deviation of up to 10% \u00a0
\n\n\t\t\t\t\tThe figures in the above table only include shares acquired through share \u00a0
\n\n\t\t\t\t\tbuy-back programmes in 2022. \u00a0
\n\n\t\t\t\t\tThe total cost of DKK 923,691,817 was deducted from retained earnings. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4668": {
"value": "ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tExpenses by nature disclose information about expenses arising from the \u00a0
\n\n\t\t\t\t\tmain inputs that are utilised in order to accomplish the Group's activities such \u00a0
\n\n\t\t\t\t\tas charter hire for chartered vessels, bunker oil consumption, other voyage \u00a0
\n\n\t\t\t\t\tcosts such as commissions and port charges, repair and maintenance costs, \u00a0
\n\n\t\t\t\t\tinsurance costs, crew wages and other operating expenses, all included \u00a0
\n\n\t\t\t\t\tunder vessel operating costs. Expenses, excluding depreciation, incurred to \u00a0
\n\n\t\t\t\t\tgenerate the revenue for the year. \u00a0
\n\n\t\t\t\t\tCosts directly attributable to transportation of the vessel to the loading port \u00a0
\n\n\t\t\t\t\tare capitalised and amortised over the course of the transportation period. \u00a0
\n\n\t\t\t\t\tVessel operating costs other than these capitalised are recognised upon \u00a0
\n\n\t\t\t\t\treceipt of services in accordance with the charter concluded by the parties. \u00a0
\n\n\t\t\t\t\tOther external costs comprise costs of properties, travel, office expenses, \u00a0
\n\n\t\t\t\t\texternal assistance, etc. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4688": {
"value": "ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tStaff costs and remuneration comprise expenses related to wages, salaries, \u00a0
\n\n\t\t\t\t\tpension contributions, social security contributions, annual leave, sick leave, \u00a0
\n\n\t\t\t\t\tetc., and bonuses. Expenses are recognised in the year in which the associ- \u00a0
\n\n\t\t\t\t\tated services are rendered by employees of the Group. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4696": {
"value": "ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tThe value of services rendered by employees as consideration for share- \u00a0
\n\n\t\t\t\t\tbased incentive payments is measured at the fair value of the granted options \u00a0
\n\n\t\t\t\t\tand restricted shares, respectively. For both, this fair value is recognised in \u00a0
\n\n\t\t\t\t\tthe income statement over the vesting period. A corresponding increase is \u00a0
\n\n\t\t\t\t\trecognised in equity. \u00a0
\n\n\t\t\t\t\tThe fair value of the options is determined using the Black-Scholes valuation \u00a0
\n\n\t\t\t\t\tmodel, taking into account the terms of the grant and the actual number of \u00a0
\n\n\t\t\t\t\tvested options. The fair value of restricted shares is determined using the \u00a0
\n\n\t\t\t\t\tshare price at the grant date adjusted for expected dividend per share, which \u00a0
\n\n\t\t\t\t\tis based on historical dividends. On recognition, the number of options and \u00a0
\n\n\t\t\t\t\trestricted shares expected to vest are estimated. The estimate is adjusted \u00a0
\n\n\t\t\t\t\tover the vesting period to the actual number of vested options and restricted \u00a0
\n\n\t\t\t\t\tshares. \u00a0
\n\n\t\t\t\t\tThe exercise price of share options is determined as the five day average \u00a0
\n\n\t\t\t\t\tof the market price following the grant, less all dividend payments after the \u00a0
\n\n\t\t\t\t\tgrant date plus a fee of 10%, respectively, in proportion to the market price at \u00a0
\n\n\t\t\t\t\tthe date of grant. \u00a0
\n\n\t\t\t\t\tThe division into employee categories is based on the current title of the \u00a0
\n\n\t\t\t\t\temployee. Resigned employees are included in the category \u201cOthers\u201d. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4697": {
"value": "2.5 Depreciation,\u00a0amortisation and impairment losses, net \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tVessels, cf. note 3.1 and 3.4 \u00a0
\n\n\t\t\t\t\t28.7 \u00a0
\n\n\t\t\t\t\t42.6 \u00a0
\n\n\t\t\t\t\tRight-of-use assets, cf. note 4.7 \u00a0
\n\n\t\t\t\t\t420.0 \u00a0
\n\n\t\t\t\t\t252.1 \u00a0
\n\n\t\t\t\t\tProperty and equipment, cf. note 3.1 \u00a0
\n\n\t\t\t\t\t1.0 \u00a0
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t449.7 \u00a0
\n\n\t\t\t\t\t295.5 \u00a0
\n\n\t\t\t\t\tRefer to notes above for accounting policies. \u00a0
3.1 Tangible\u00a0assets \u00a0
\n\n\t\t\t\t\tPrepayments \u00a0
\n\n\t\t\t\t\tProperty and\u00a0on vessels and \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\tVessels \u00a0
\n\n\t\t\t\t\tequipment \u00a0
\n\n\t\t\t\t\tnewbuildings \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tCost at 1 January \u00a0
\n\n\t\t\t\t\t951.3 \u00a0
\n\n\t\t\t\t\t56.8 \u00a0
\n\n\t\t\t\t\t11.3 \u00a0
\n\n\t\t\t\t\t1,019.4 \u00a0
\n\n\t\t\t\t\tAdditions \u00a0
\n\n\t\t\t\t\t99.2 \u00a0
\n\n\t\t\t\t\t1.7 \u00a0
\n\n\t\t\t\t\t122.6 \u00a0
\n\n\t\t\t\t\t223.5 \u00a0
\n\n\t\t\t\t\tDisposals \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-1.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-1.7 \u00a0
\n\n\t\t\t\t\tTransferred from prepayments on vessels and newbuildings \u00a0
\n\n\t\t\t\t\t56.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-56.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTransferred to tangible assets held for sale \u00a0
\n\n\t\t\t\t\t-444.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-45.0 \u00a0
\n\n\t\t\t\t\t-489.1 \u00a0
\n\n\t\t\t\t\tCost \u00a0
\n\n\t\t\t\t\t663.2 \u00a0
\n\n\t\t\t\t\t56.8 \u00a0
\n\n\t\t\t\t\t32.1 \u00a0
\n\n\t\t\t\t\t752.1 \u00a0
\n\n\t\t\t\t\tDepreciation and impairment losses at 1 January \u00a0
\n\n\t\t\t\t\t-248.3 \u00a0
\n\n\t\t\t\t\t-7.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-255.4 \u00a0
\n\n\t\t\t\t\tDepreciation \u00a0
\n\n\t\t\t\t\t-37.2 \u00a0
\n\n\t\t\t\t\t-1.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-38.2 \u00a0
\n\n\t\t\t\t\tImpairment loss from sale of vessels \u00a0
\n\n\t\t\t\t\t-17.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-17.4 \u00a0
\n\n\t\t\t\t\tReversal of impairment losses \u00a0
\n\n\t\t\t\t\t4.9 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t4.9 \u00a0
\n\n\t\t\t\t\tDisposals related to derecognised assets \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1.7 \u00a0
\n\n\t\t\t\t\tTransferred to tangible assets held for sale \u00a0
\n\n\t\t\t\t\t160.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t160.4 \u00a0
\n\n\t\t\t\t\tDepreciation and impairment losses \u00a0
\n\n\t\t\t\t\t-137.6 \u00a0
\n\n\t\t\t\t\t-6.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-144.0 \u00a0
\n\n\t\t\t\t\tCarrying amount \u00a0
\n\n\t\t\t\t\t525.6 \u00a0
\n\n\t\t\t\t\t50.4 \u00a0
\n\n\t\t\t\t\t32.1 \u00a0
\n\n\t\t\t\t\t608.1 \u00a0
Prepayments \u00a0
\n\n\t\t\t\t\tProperty and\u00a0on vessels and \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\tVessels \u00a0
\n\n\t\t\t\t\tequipment \u00a0
\n\n\t\t\t\t\tnewbuildings \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tCost at 1 January \u00a0
\n\n\t\t\t\t\t1,079.7 \u00a0
\n\n\t\t\t\t\t54.9 \u00a0
\n\n\t\t\t\t\t15.5 \u00a0
\n\n\t\t\t\t\t1,150.1 \u00a0
\n\n\t\t\t\t\tAdditions \u00a0
\n\n\t\t\t\t\t104.1 \u00a0
\n\n\t\t\t\t\t1.9 \u00a0
\n\n\t\t\t\t\t155.8 \u00a0
\n\n\t\t\t\t\t261.8 \u00a0
\n\n\t\t\t\t\tDisposals \u00a0
\n\n\t\t\t\t\t-1.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-1.3 \u00a0
\n\n\t\t\t\t\tTransferred from prepayments on vessels and newbuildings \u00a0
\n\n\t\t\t\t\t76.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-76.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTransferred to tangible assets held for sale \u00a0
\n\n\t\t\t\t\t-307.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-83.4 \u00a0
\n\n\t\t\t\t\t-391.2 \u00a0
\n\n\t\t\t\t\tCost \u00a0
\n\n\t\t\t\t\t951.3 \u00a0
\n\n\t\t\t\t\t56.8 \u00a0
\n\n\t\t\t\t\t11.3 \u00a0
\n\n\t\t\t\t\t1,019.4 \u00a0
\n\n\t\t\t\t\tDepreciation and impairment losses at 1 January \u00a0
\n\n\t\t\t\t\t-312.3 \u00a0
\n\n\t\t\t\t\t-6.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-318.6 \u00a0
\n\n\t\t\t\t\tDepreciation \u00a0
\n\n\t\t\t\t\t-42.6 \u00a0
\n\n\t\t\t\t\t-0.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-43.4 \u00a0
\n\n\t\t\t\t\tImpairment loss from sale of vessels \u00a0
\n\n\t\t\t\t\t-14.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-14.4 \u00a0
\n\n\t\t\t\t\tReversal of impairment losses \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tDisposals related to derecognised assets \u00a0
\n\n\t\t\t\t\t1.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1.3 \u00a0
\n\n\t\t\t\t\tTransferred to tangible assets held for sale \u00a0
\n\n\t\t\t\t\t119.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t119.7 \u00a0
\n\n\t\t\t\t\tDepreciation and impairment losses \u00a0
\n\n\t\t\t\t\t-248.3 \u00a0
\n\n\t\t\t\t\t-7.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-255.4 \u00a0
\n\n\t\t\t\t\tCarrying amount \u00a0
\n\n\t\t\t\t\t703.0 \u00a0
\n\n\t\t\t\t\t49.7 \u00a0
\n\n\t\t\t\t\t11.3 \u00a0
\n\n\t\t\t\t\t764.0 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4700": {
"value": "2.5 Depreciation,\u00a0amortisation and impairment losses, net \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tVessels, cf. note 3.1 and 3.4 \u00a0
\n\n\t\t\t\t\t28.7 \u00a0
\n\n\t\t\t\t\t42.6 \u00a0
\n\n\t\t\t\t\tRight-of-use assets, cf. note 4.7 \u00a0
\n\n\t\t\t\t\t420.0 \u00a0
\n\n\t\t\t\t\t252.1 \u00a0
\n\n\t\t\t\t\tProperty and equipment, cf. note 3.1 \u00a0
\n\n\t\t\t\t\t1.0 \u00a0
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t449.7 \u00a0
\n\n\t\t\t\t\t295.5 \u00a0
\n\n\t\t\t\t\tRefer to notes above for accounting policies. \u00a0
3.1 Tangible\u00a0assets \u00a0
\n\n\t\t\t\t\tPrepayments \u00a0
\n\n\t\t\t\t\tProperty and\u00a0on vessels and \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\tVessels \u00a0
\n\n\t\t\t\t\tequipment \u00a0
\n\n\t\t\t\t\tnewbuildings \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tCost at 1 January \u00a0
\n\n\t\t\t\t\t951.3 \u00a0
\n\n\t\t\t\t\t56.8 \u00a0
\n\n\t\t\t\t\t11.3 \u00a0
\n\n\t\t\t\t\t1,019.4 \u00a0
\n\n\t\t\t\t\tAdditions \u00a0
\n\n\t\t\t\t\t99.2 \u00a0
\n\n\t\t\t\t\t1.7 \u00a0
\n\n\t\t\t\t\t122.6 \u00a0
\n\n\t\t\t\t\t223.5 \u00a0
\n\n\t\t\t\t\tDisposals \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-1.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-1.7 \u00a0
\n\n\t\t\t\t\tTransferred from prepayments on vessels and newbuildings \u00a0
\n\n\t\t\t\t\t56.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-56.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTransferred to tangible assets held for sale \u00a0
\n\n\t\t\t\t\t-444.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-45.0 \u00a0
\n\n\t\t\t\t\t-489.1 \u00a0
\n\n\t\t\t\t\tCost \u00a0
\n\n\t\t\t\t\t663.2 \u00a0
\n\n\t\t\t\t\t56.8 \u00a0
\n\n\t\t\t\t\t32.1 \u00a0
\n\n\t\t\t\t\t752.1 \u00a0
\n\n\t\t\t\t\tDepreciation and impairment losses at 1 January \u00a0
\n\n\t\t\t\t\t-248.3 \u00a0
\n\n\t\t\t\t\t-7.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-255.4 \u00a0
\n\n\t\t\t\t\tDepreciation \u00a0
\n\n\t\t\t\t\t-37.2 \u00a0
\n\n\t\t\t\t\t-1.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-38.2 \u00a0
\n\n\t\t\t\t\tImpairment loss from sale of vessels \u00a0
\n\n\t\t\t\t\t-17.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-17.4 \u00a0
\n\n\t\t\t\t\tReversal of impairment losses \u00a0
\n\n\t\t\t\t\t4.9 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t4.9 \u00a0
\n\n\t\t\t\t\tDisposals related to derecognised assets \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1.7 \u00a0
\n\n\t\t\t\t\tTransferred to tangible assets held for sale \u00a0
\n\n\t\t\t\t\t160.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t160.4 \u00a0
\n\n\t\t\t\t\tDepreciation and impairment losses \u00a0
\n\n\t\t\t\t\t-137.6 \u00a0
\n\n\t\t\t\t\t-6.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-144.0 \u00a0
\n\n\t\t\t\t\tCarrying amount \u00a0
\n\n\t\t\t\t\t525.6 \u00a0
\n\n\t\t\t\t\t50.4 \u00a0
\n\n\t\t\t\t\t32.1 \u00a0
\n\n\t\t\t\t\t608.1 \u00a0
Prepayments \u00a0
\n\n\t\t\t\t\tProperty and\u00a0on vessels and \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\tVessels \u00a0
\n\n\t\t\t\t\tequipment \u00a0
\n\n\t\t\t\t\tnewbuildings \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tCost at 1 January \u00a0
\n\n\t\t\t\t\t1,079.7 \u00a0
\n\n\t\t\t\t\t54.9 \u00a0
\n\n\t\t\t\t\t15.5 \u00a0
\n\n\t\t\t\t\t1,150.1 \u00a0
\n\n\t\t\t\t\tAdditions \u00a0
\n\n\t\t\t\t\t104.1 \u00a0
\n\n\t\t\t\t\t1.9 \u00a0
\n\n\t\t\t\t\t155.8 \u00a0
\n\n\t\t\t\t\t261.8 \u00a0
\n\n\t\t\t\t\tDisposals \u00a0
\n\n\t\t\t\t\t-1.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-1.3 \u00a0
\n\n\t\t\t\t\tTransferred from prepayments on vessels and newbuildings \u00a0
\n\n\t\t\t\t\t76.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-76.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTransferred to tangible assets held for sale \u00a0
\n\n\t\t\t\t\t-307.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-83.4 \u00a0
\n\n\t\t\t\t\t-391.2 \u00a0
\n\n\t\t\t\t\tCost \u00a0
\n\n\t\t\t\t\t951.3 \u00a0
\n\n\t\t\t\t\t56.8 \u00a0
\n\n\t\t\t\t\t11.3 \u00a0
\n\n\t\t\t\t\t1,019.4 \u00a0
\n\n\t\t\t\t\tDepreciation and impairment losses at 1 January \u00a0
\n\n\t\t\t\t\t-312.3 \u00a0
\n\n\t\t\t\t\t-6.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-318.6 \u00a0
\n\n\t\t\t\t\tDepreciation \u00a0
\n\n\t\t\t\t\t-42.6 \u00a0
\n\n\t\t\t\t\t-0.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-43.4 \u00a0
\n\n\t\t\t\t\tImpairment loss from sale of vessels \u00a0
\n\n\t\t\t\t\t-14.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-14.4 \u00a0
\n\n\t\t\t\t\tReversal of impairment losses \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tDisposals related to derecognised assets \u00a0
\n\n\t\t\t\t\t1.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1.3 \u00a0
\n\n\t\t\t\t\tTransferred to tangible assets held for sale \u00a0
\n\n\t\t\t\t\t119.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t119.7 \u00a0
\n\n\t\t\t\t\tDepreciation and impairment losses \u00a0
\n\n\t\t\t\t\t-248.3 \u00a0
\n\n\t\t\t\t\t-7.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-255.4 \u00a0
\n\n\t\t\t\t\tCarrying amount \u00a0
\n\n\t\t\t\t\t703.0 \u00a0
\n\n\t\t\t\t\t49.7 \u00a0
\n\n\t\t\t\t\t11.3 \u00a0
\n\n\t\t\t\t\t764.0 \u00a0
Impairment test \u00a0
\n\n\t\t\t\t\tManagement monitors continuously, on a portfolio basis, the carrying value \u00a0
\n\n\t\t\t\t\tof tangible non-current assets in order to determine, whether there are any \u00a0
\n\n\t\t\t\t\tindications of impairment in excess of the amount provided for by normal \u00a0
\n\n\t\t\t\t\tdepreciation and whether previous impairments should be reversed. \u00a0
\n\n\t\t\t\t\tAn impairment test is conducted if there is an indication that the carrying \u00a0
\n\n\t\t\t\t\tamount of an asset or a cash-generating unit exceeds the expected future \u00a0
\n\n\t\t\t\t\tcash flows from the asset. If the carrying amount exceeds the recoverable \u00a0
\n\n\t\t\t\t\tamount, the asset is written down to the lower recoverable amount. The \u00a0
\n\n\t\t\t\t\trecoverable amount of the asset is determined as the higher of the net selling \u00a0
\n\n\t\t\t\t\tprice and the value-in-use. If a recoverable amount for the individual assets \u00a0
\n\n\t\t\t\t\tcannot be determined, the smallest group of assets for which it is possible \u00a0
\n\n\t\t\t\t\tto determine the recoverable amount (cash-generating unit) is analysed for \u00a0
\n\n\t\t\t\t\timpairment. \u00a0
\n\n\t\t\t\t\tManagement\u2019s assessment of indication of impairment on owned vessels, \u00a0
\n\n\t\t\t\t\tleased vessels recognised in the statement of financial position as right-of-use \u00a0
\n\n\t\t\t\t\tassets and prepayments on newbuildings is based on the cash-generating \u00a0
\n\n\t\t\t\t\tunits (CGUs) in which vessels, etc. are included; Dry Cargo and Tankers. \u00a0
\n\n\t\t\t\t\tAssessment of indication of impairment is made concurrently on a portfolio \u00a0
\n\n\t\t\t\t\tbasis. \u00a0
Reversal of previous impairments is only recognised if there has been a \u00a0
\n\n\t\t\t\t\tchange in the assumptions used to determine the recoverable amount since \u00a0
\n\n\t\t\t\t\tthe last impairment test was carried out. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
\n\n\t\t\t\t\tSignificant accounting judgement includes the definition of CGUs. Among \u00a0
\n\n\t\t\t\t\tother things, the judgement affects on which basis an impairment test is \u00a0
\n\n\t\t\t\t\tperformed. \u00a0
\n\n\t\t\t\t\tManagement has considered the degree of interdependency between \u00a0
\n\n\t\t\t\t\tthe two business units Assets & Logistics and Freight Services & Trading, \u00a0
\n\n\t\t\t\t\tin respect of taking decisions related to the vessel capacity. It has been \u00a0
\n\n\t\t\t\t\tconcluded that the interdependency is to such an extent that the cash inflows \u00a0
\n\n\t\t\t\t\tare not largely independent. Consequently, the respective dry cargo and \u00a0
\n\n\t\t\t\t\ttanker vessels of the two segments have been included in the respective \u00a0
\n\n\t\t\t\t\tCGU; Dry Cargo or Tankers, according to the nature of the vessels. \u00a0
\n\n\t\t\t\t\tWhen determining that the CGU is not at a lower level than the total Dry \u00a0
\n\n\t\t\t\t\tCargo and Tanker fleets, respectively, Management has attached importance \u00a0
\n\n\t\t\t\t\tto the fact that both fleets are managed on a portfolio level. \u00a0
\n\n\t\t\t\t\tFurthermore, assessing whether any indication of impairment exists is \u00a0
\n\n\t\t\t\t\tdepending on complex and subjective judgements by Management. Only \u00a0
\n\n\t\t\t\t\tif any indication of impairment, or reversal of previously recognised impair- \u00a0
\n\n\t\t\t\t\tment, exists, an impairment test is performed within a CGU. \u00a0
\n\n\t\t\t\t\tThe indications assessed by Management comprise, among other things, \u00a0
\n\n\t\t\t\t\tfinancial performance, vessel values, newbuilding prices and development in \u00a0
\n\n\t\t\t\t\tfreight and time charter rates. \u00a0
\n\n\t\t\t\t\tWhen considering vessel values, Management obtains two independent \u00a0
\n\n\t\t\t\t\tbroker valuations of vessels and newbuildings. Assessment of development \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES - CONTINUED \u00a0
\n\n\t\t\t\t\tin newbuilding prices is based on market data such as known transactions, \u00a0
\n\n\t\t\t\t\tprices of potential newbuildings and analysis reports from brokers. \u00a0
\n\n\t\t\t\t\tManagement considers all these indicators when assessing whether an \u00a0
\n\n\t\t\t\t\timpairment test has to be performed. \u00a0
\n\n\t\t\t\t\tIf indications exist, Management assesses through an impairment test the \u00a0
\n\n\t\t\t\t\trecoverability of the carrying amount of tangible assets and other related \u00a0
\n\n\t\t\t\t\tassets related to the relevant CGU (see above under \"Accounting policies\" in \u00a0
\n\n\t\t\t\t\tthis note). \u00a0
\n\n\t\t\t\t\tRecoverable amount is generally determined based on a calculation of the \u00a0
\n\n\t\t\t\t\thigher of the fair value less costs to sell and the value-in-use. \u00a0
\n\n\t\t\t\t\tAs the CGUs contain both owned vessels and capitalised charter contracts \u00a0
\n\n\t\t\t\t\t(right-of-use assets), the fair value less costs to sell of the CGU cannot be \u00a0
\n\n\t\t\t\t\tdetermined solely based on the broker valuations obtained but requires valu- \u00a0
\n\n\t\t\t\t\tations similar to those in performing a value-in-use calculation. \u00a0
\n\n\t\t\t\t\tThe principal risk when determining the value-in-use is in relation to Manage- \u00a0
\n\n\t\t\t\t\tment\u2019s assessment of the timing and value of future cash flows, including \u00a0
\n\n\t\t\t\t\tManagement\u2019s estimates of long-term freight and T/C rates as well as determi- \u00a0
\n\n\t\t\t\t\tnation of a discount rate (WACC). \u00a0
\n\n\t\t\t\t\tGiven the war in Ukraine, the full effect of sanctions on Russia and macroeco- \u00a0
\n\n\t\t\t\t\tnomic uncertainties in general, the freight market uncertainty and volatility \u00a0
\n\n\t\t\t\t\tare expected to remain high and could cause a shift in freight rates and other \u00a0
\n\n\t\t\t\t\tsignificant assumptions impacting the impairment assessment. \u00a0
\n\n\t\t\t\t\tOther significant accounting estimates when determining the carrying value \u00a0
\n\n\t\t\t\t\tof tangible assets include i.a. useful lives and residual values. \u00a0
Dry Cargo \u00a0
\n\n\t\t\t\t\tThe Dry Cargo CGU is defined as NORDEN\u2019s Dry Cargo fleet, including \u00a0
\n\n\t\t\t\t\tchartered vessels and agreed coverage (revenue) in the form of Contracts \u00a0
\n\n\t\t\t\t\tof Affreightment (COAs), vessels chartered out and Forward Freight Agree- \u00a0
\n\n\t\t\t\t\tments (FFAs). \u00a0
\n\n\t\t\t\t\tDuring the first half of 2022, dry cargo spot rates were strong, supported by \u00a0
\n\n\t\t\t\t\tmarket inefficiencies built up in the previous year. However, the dry cargo \u00a0
\n\n\t\t\t\t\tmarket gradually deflated during 2022, reversing the market tightness. The \u00a0
\n\n\t\t\t\t\tdry cargo market is expected to face further headwinds in the first half of \u00a0
\n\n\t\t\t\t\t2023 in line with a slowdown in the world economy and corresponding low \u00a0
\n\n\t\t\t\t\tgrowth in global commodity volumes. \u00a0
\n\n\t\t\t\t\tHowever, a low newbuilding orderbook is expected to mitigate a potentially \u00a0
\n\n\t\t\t\t\tdeep and prolonged downturn and long-term rates are expected to align with \u00a0
\n\n\t\t\t\t\tthe long-term rate assumed in the latest impairment test of the Dry Cargo \u00a0
\n\n\t\t\t\t\tCGU performed at the end of 2021. As such, no indications of a need for \u00a0
\n\n\t\t\t\t\timpairments were identified. \u00a0
Tankers \u00a0
\n\n\t\t\t\t\tThe Tankers CGU is defined as NORDEN\u2019s Tanker fleet, including chartered \u00a0
\n\n\t\t\t\t\tvessels and agreed coverage (revenue) in the form of Contracts of Affreight- \u00a0
\n\n\t\t\t\t\tment (COAs), vessels chartered out and Forward Freight Agreements (FFAs). \u00a0
\n\n\t\t\t\t\tProduct tanker spot rates surged during 2022. Average MR spot rates more \u00a0
\n\n\t\t\t\t\tthan quadrupled from USD 7,500 in 2021 to USD 34,200 per day in 2022, and \u00a0
\n\n\t\t\t\t\tthe one year T/C rate for MR Eco vessels increased by more than 100% to USD \u00a0
\n\n\t\t\t\t\t32,500 per day at the end of 2022. Due to the substantial improvements, an \u00a0
\n\n\t\t\t\t\timpairment test was performed in order to assess potential reversal of previ- \u00a0
\n\n\t\t\t\t\tously recognised impairment. \u00a0
\n\n\t\t\t\t\tA WACC of 7.75% was used for the calculation (2021: 7.25%). Whilst the value- \u00a0
\n\n\t\t\t\t\tin-use calculation in 2021 showed that the long-term values of the Tanker fleet \u00a0
\n\n\t\t\t\t\tsupported the carrying amounts at the time, the 2022 value-in-use calculation \u00a0
indicated substantial headroom and the remaining prior year impairments of \u00a0
\n\n\t\t\t\t\tUSD 5 million were reversed. \u00a0
\n\n\t\t\t\t\tDue to the large number of open vessel days in the Tankers CGU, the value- \u00a0
\n\n\t\t\t\t\tin-use calculation was particularly sensitive to even minor fluctuations in \u00a0
\n\n\t\t\t\t\tfreight rates and WACC. As an example of these sensitivities, a reduction of \u00a0
\n\n\t\t\t\t\tthe assumed freight rates of USD 1,000 would affect the value-in-use nega- \u00a0
\n\n\t\t\t\t\ttively by approximately USD 75 million (2021: USD 80 million). An increase in \u00a0
\n\n\t\t\t\t\tWACC of one percentage point would similarly affect the value-in-use nega- \u00a0
\n\n\t\t\t\t\ttively by approximately USD 35 million (2021: USD 30 million). \u00a0
Impairment of right-of-use assets \u00a0
\n\n\t\t\t\t\tSimilar to owned assets, right-of-use assets are subject to testing for impair- \u00a0
\n\n\t\t\t\t\tment if there is an indication of impairment. Refer to note 3.1 \"Tangible assets\" \u00a0
\n\n\t\t\t\t\tfor further information. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4719": {
"value": "2.7 Taxation \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tTax on profit/loss for the year \u00a0
\n\n\t\t\t\t\t8.6 \u00a0
\n\n\t\t\t\t\t6.7 \u00a0
\n\n\t\t\t\t\tAdjustment of tax regarding previous years \u00a0
\n\n\t\t\t\t\t-0.2 \u00a0
\n\n\t\t\t\t\t-0.5 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t8.4 \u00a0
\n\n\t\t\t\t\t6.2 \u00a0
\n\n\t\t\t\t\tCan be broken down as follows: \u00a0
\n\n\t\t\t\t\tProfit/loss before tax \u00a0
\n\n\t\t\t\t\t751.9 \u00a0
\n\n\t\t\t\t\t210.7 \u00a0
\n\n\t\t\t\t\tof which results from Danish tonnage activity \u00a0
\n\n\t\t\t\t\t-735.0 \u00a0
\n\n\t\t\t\t\t-206.5 \u00a0
\n\n\t\t\t\t\tProfit/loss from non-tonnage activity \u00a0
\n\n\t\t\t\t\t16.9 \u00a0
\n\n\t\t\t\t\t4.2 \u00a0
\n\n\t\t\t\t\tCalculated tax of this, 22.0% (22.0%) \u00a0
\n\n\t\t\t\t\t3.7 \u00a0
\n\n\t\t\t\t\t0.9 \u00a0
\n\n\t\t\t\t\tTax effect from: \u00a0
\n\n\t\t\t\t\t- Tonnage tax \u00a0
\n\n\t\t\t\t\t6.3 \u00a0
\n\n\t\t\t\t\t6.0 \u00a0
\n\n\t\t\t\t\t- Higher/lower tax rate in subsidiaries \u00a0
\n\n\t\t\t\t\t-9.3 \u00a0
\n\n\t\t\t\t\t-7.3 \u00a0
\n\n\t\t\t\t\t- Adjustments of tax regarding previous years \u00a0
\n\n\t\t\t\t\t-0.2 \u00a0
\n\n\t\t\t\t\t-0.5 \u00a0
\n\n\t\t\t\t\t- Non-tax deductible interest, etc. \u00a0
\n\n\t\t\t\t\t7.9 \u00a0
\n\n\t\t\t\t\t7.1 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t8.4 \u00a0
\n\n\t\t\t\t\t6.2 \u00a0
\n\n\t\t\t\t\tContingent tax under the tonnage tax scheme \u00a0
\n\n\t\t\t\t\t16.3 \u00a0
\n\n\t\t\t\t\t16.3 \u00a0
\n\n\t\t\t\t\tContingent tax is calculated equalling the tax rate for \u00a0
\n\n\t\t\t\t\t2022 and going forward \u00a0
\n\n\t\t\t\t\t22% \u00a0
\n\n\t\t\t\t\t22% \u00a0
\n\n\t\t\t\t\tContingent tax may become a current tax if the tonnage tax regime is \u00a0
\n\n\t\t\t\t\tdissolved, if the Danish group entities in question net investments in vessels \u00a0
\n\n\t\t\t\t\tdecrease significantly or if the Danish group entities in question are liqui- \u00a0
\n\n\t\t\t\t\tdated. The Group\u2019s business plans therefore constitute an important basis for \u00a0
\n\n\t\t\t\t\tthis estimate. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tThe Group\u2019s current tax consists of tax payable according to the regulations of \u00a0
\n\n\t\t\t\t\tthe Danish Tonnage Tax Act for shipping activities and according to general \u00a0
\n\n\t\t\t\t\ttax regulations for net financial income and other activities. \u00a0
\n\n\t\t\t\t\tOther activities mainly comprise commercial management income of \u00a0
\n\n\t\t\t\t\tNORDEN tanker pools. Shipping activities in Denmark are taxed on the basis \u00a0
\n\n\t\t\t\t\tof the net tonnage (vessels), which the Danish group entities in question have \u00a0
\n\n\t\t\t\t\tat their disposal. \u00a0
\n\n\t\t\t\t\tBased on the planned use of vessels and recovery of reversed depreciation, \u00a0
\n\n\t\t\t\t\trespectively, the Danish tonnage tax regime does not result in a liability, \u00a0
\n\n\t\t\t\t\thence, it does not result in any deferred tax in the balance sheet. The liability \u00a0
\n\n\t\t\t\t\tis merely a contingent liability. \u00a0
\n\n\t\t\t\t\tOther activities of the Group and the Parent Company are not subject to \u00a0
\n\n\t\t\t\t\tdeferred tax either. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4721": {
"value": "2.7 Taxation \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tTax on profit/loss for the year \u00a0
\n\n\t\t\t\t\t8.6 \u00a0
\n\n\t\t\t\t\t6.7 \u00a0
\n\n\t\t\t\t\tAdjustment of tax regarding previous years \u00a0
\n\n\t\t\t\t\t-0.2 \u00a0
\n\n\t\t\t\t\t-0.5 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t8.4 \u00a0
\n\n\t\t\t\t\t6.2 \u00a0
\n\n\t\t\t\t\tCan be broken down as follows: \u00a0
\n\n\t\t\t\t\tProfit/loss before tax \u00a0
\n\n\t\t\t\t\t751.9 \u00a0
\n\n\t\t\t\t\t210.7 \u00a0
\n\n\t\t\t\t\tof which results from Danish tonnage activity \u00a0
\n\n\t\t\t\t\t-735.0 \u00a0
\n\n\t\t\t\t\t-206.5 \u00a0
\n\n\t\t\t\t\tProfit/loss from non-tonnage activity \u00a0
\n\n\t\t\t\t\t16.9 \u00a0
\n\n\t\t\t\t\t4.2 \u00a0
\n\n\t\t\t\t\tCalculated tax of this, 22.0% (22.0%) \u00a0
\n\n\t\t\t\t\t3.7 \u00a0
\n\n\t\t\t\t\t0.9 \u00a0
\n\n\t\t\t\t\tTax effect from: \u00a0
\n\n\t\t\t\t\t- Tonnage tax \u00a0
\n\n\t\t\t\t\t6.3 \u00a0
\n\n\t\t\t\t\t6.0 \u00a0
\n\n\t\t\t\t\t- Higher/lower tax rate in subsidiaries \u00a0
\n\n\t\t\t\t\t-9.3 \u00a0
\n\n\t\t\t\t\t-7.3 \u00a0
\n\n\t\t\t\t\t- Adjustments of tax regarding previous years \u00a0
\n\n\t\t\t\t\t-0.2 \u00a0
\n\n\t\t\t\t\t-0.5 \u00a0
\n\n\t\t\t\t\t- Non-tax deductible interest, etc. \u00a0
\n\n\t\t\t\t\t7.9 \u00a0
\n\n\t\t\t\t\t7.1 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t8.4 \u00a0
\n\n\t\t\t\t\t6.2 \u00a0
\n\n\t\t\t\t\tContingent tax under the tonnage tax scheme \u00a0
\n\n\t\t\t\t\t16.3 \u00a0
\n\n\t\t\t\t\t16.3 \u00a0
\n\n\t\t\t\t\tContingent tax is calculated equalling the tax rate for \u00a0
\n\n\t\t\t\t\t2022 and going forward \u00a0
\n\n\t\t\t\t\t22% \u00a0
\n\n\t\t\t\t\t22% \u00a0
\n\n\t\t\t\t\tContingent tax may become a current tax if the tonnage tax regime is \u00a0
\n\n\t\t\t\t\tdissolved, if the Danish group entities in question net investments in vessels \u00a0
\n\n\t\t\t\t\tdecrease significantly or if the Danish group entities in question are liqui- \u00a0
\n\n\t\t\t\t\tdated. The Group\u2019s business plans therefore constitute an important basis for \u00a0
\n\n\t\t\t\t\tthis estimate. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tThe Group\u2019s current tax consists of tax payable according to the regulations of \u00a0
\n\n\t\t\t\t\tthe Danish Tonnage Tax Act for shipping activities and according to general \u00a0
\n\n\t\t\t\t\ttax regulations for net financial income and other activities. \u00a0
\n\n\t\t\t\t\tOther activities mainly comprise commercial management income of \u00a0
\n\n\t\t\t\t\tNORDEN tanker pools. Shipping activities in Denmark are taxed on the basis \u00a0
\n\n\t\t\t\t\tof the net tonnage (vessels), which the Danish group entities in question have \u00a0
\n\n\t\t\t\t\tat their disposal. \u00a0
\n\n\t\t\t\t\tBased on the planned use of vessels and recovery of reversed depreciation, \u00a0
\n\n\t\t\t\t\trespectively, the Danish tonnage tax regime does not result in a liability, \u00a0
\n\n\t\t\t\t\thence, it does not result in any deferred tax in the balance sheet. The liability \u00a0
\n\n\t\t\t\t\tis merely a contingent liability. \u00a0
\n\n\t\t\t\t\tOther activities of the Group and the Parent Company are not subject to \u00a0
\n\n\t\t\t\t\tdeferred tax either. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
\n\n\t\t\t\t\tBased on the Group\u2019s business plans, the Danish group entities have entered \u00a0
\n\n\t\t\t\t\tthe Danish tonnage tax regime for a binding ten year period from 2021. \u00a0
\n\n\t\t\t\t\tIn addition, the tax rules are complicated when a company has activities that \u00a0
\n\n\t\t\t\t\tare partly covered by the tonnage tax regime and partly by corporate taxa- \u00a0
\n\n\t\t\t\t\ttion. \u00a0
\n\n\t\t\t\t\tIn calculation of the taxable income, estimates are made which in a later \u00a0
\n\n\t\t\t\t\tassessment by the Danish tax authorities may result in corrections to previous \u00a0
\n\n\t\t\t\t\testimates of recognised tax assets and liabilities in the balance sheet. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4724": {
"value": "ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tThe Group\u2019s current tax consists of tax payable according to the regulations of \u00a0
\n\n\t\t\t\t\tthe Danish Tonnage Tax Act for shipping activities and according to general \u00a0
\n\n\t\t\t\t\ttax regulations for net financial income and other activities. \u00a0
\n\n\t\t\t\t\tOther activities mainly comprise commercial management income of \u00a0
\n\n\t\t\t\t\tNORDEN tanker pools. Shipping activities in Denmark are taxed on the basis \u00a0
\n\n\t\t\t\t\tof the net tonnage (vessels), which the Danish group entities in question have \u00a0
\n\n\t\t\t\t\tat their disposal. \u00a0
\n\n\t\t\t\t\tBased on the planned use of vessels and recovery of reversed depreciation, \u00a0
\n\n\t\t\t\t\trespectively, the Danish tonnage tax regime does not result in a liability, \u00a0
\n\n\t\t\t\t\thence, it does not result in any deferred tax in the balance sheet. The liability \u00a0
\n\n\t\t\t\t\tis merely a contingent liability. \u00a0
\n\n\t\t\t\t\tOther activities of the Group and the Parent Company are not subject to \u00a0
\n\n\t\t\t\t\tdeferred tax either. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4725": {
"value": "ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tThe Group\u2019s current tax consists of tax payable according to the regulations of \u00a0
\n\n\t\t\t\t\tthe Danish Tonnage Tax Act for shipping activities and according to general \u00a0
\n\n\t\t\t\t\ttax regulations for net financial income and other activities. \u00a0
\n\n\t\t\t\t\tOther activities mainly comprise commercial management income of \u00a0
\n\n\t\t\t\t\tNORDEN tanker pools. Shipping activities in Denmark are taxed on the basis \u00a0
\n\n\t\t\t\t\tof the net tonnage (vessels), which the Danish group entities in question have \u00a0
\n\n\t\t\t\t\tat their disposal. \u00a0
\n\n\t\t\t\t\tBased on the planned use of vessels and recovery of reversed depreciation, \u00a0
\n\n\t\t\t\t\trespectively, the Danish tonnage tax regime does not result in a liability, \u00a0
\n\n\t\t\t\t\thence, it does not result in any deferred tax in the balance sheet. The liability \u00a0
\n\n\t\t\t\t\tis merely a contingent liability. \u00a0
\n\n\t\t\t\t\tOther activities of the Group and the Parent Company are not subject to \u00a0
\n\n\t\t\t\t\tdeferred tax either. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4711": {
"value": "2.6 Financial\u00a0income and expenses \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tInterest income \u00a0
\n\n\t\t\t\t\t12.3 \u00a0
\n\n\t\t\t\t\t0.3 \u00a0
\n\n\t\t\t\t\tTotal financial income \u00a0
\n\n\t\t\t\t\t12.3 \u00a0
\n\n\t\t\t\t\t0.3 \u00a0
\n\n\t\t\t\t\tInterest expenses \u00a0
\n\n\t\t\t\t\t18.2 \u00a0
\n\n\t\t\t\t\t11.1 \u00a0
\n\n\t\t\t\t\tFair value adjustment, derivatives \u00a0
\n\n\t\t\t\t\t0.3 \u00a0
\n\n\t\t\t\t\t0.1 \u00a0
\n\n\t\t\t\t\tExchange rate adjustments \u00a0
\n\n\t\t\t\t\t1.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tInterest expenses on lease liabilities \u00a0
\n\n\t\t\t\t\t32.3 \u00a0
\n\n\t\t\t\t\t23.9 \u00a0
\n\n\t\t\t\t\tTotal financial expenses \u00a0
\n\n\t\t\t\t\t52.0 \u00a0
\n\n\t\t\t\t\t35.1 \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tFinancial income and expenses comprise interest income and expenses, \u00a0
\n\n\t\t\t\t\trealised and unrealised gains, losses on transactions denominated in foreign \u00a0
\n\n\t\t\t\t\tcurrencies, amortisation of loan costs and securities and subsequent changes \u00a0
\n\n\t\t\t\t\tto contingent acquisition costs. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4713": {
"value": "2.6 Financial\u00a0income and expenses \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tInterest income \u00a0
\n\n\t\t\t\t\t12.3 \u00a0
\n\n\t\t\t\t\t0.3 \u00a0
\n\n\t\t\t\t\tTotal financial income \u00a0
\n\n\t\t\t\t\t12.3 \u00a0
\n\n\t\t\t\t\t0.3 \u00a0
\n\n\t\t\t\t\tInterest expenses \u00a0
\n\n\t\t\t\t\t18.2 \u00a0
\n\n\t\t\t\t\t11.1 \u00a0
\n\n\t\t\t\t\tFair value adjustment, derivatives \u00a0
\n\n\t\t\t\t\t0.3 \u00a0
\n\n\t\t\t\t\t0.1 \u00a0
\n\n\t\t\t\t\tExchange rate adjustments \u00a0
\n\n\t\t\t\t\t1.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tInterest expenses on lease liabilities \u00a0
\n\n\t\t\t\t\t32.3 \u00a0
\n\n\t\t\t\t\t23.9 \u00a0
\n\n\t\t\t\t\tTotal financial expenses \u00a0
\n\n\t\t\t\t\t52.0 \u00a0
\n\n\t\t\t\t\t35.1 \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tFinancial income and expenses comprise interest income and expenses, \u00a0
\n\n\t\t\t\t\trealised and unrealised gains, losses on transactions denominated in foreign \u00a0
\n\n\t\t\t\t\tcurrencies, amortisation of loan costs and securities and subsequent changes \u00a0
\n\n\t\t\t\t\tto contingent acquisition costs. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4715": {
"value": "2.6 Financial\u00a0income and expenses \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tInterest income \u00a0
\n\n\t\t\t\t\t12.3 \u00a0
\n\n\t\t\t\t\t0.3 \u00a0
\n\n\t\t\t\t\tTotal financial income \u00a0
\n\n\t\t\t\t\t12.3 \u00a0
\n\n\t\t\t\t\t0.3 \u00a0
\n\n\t\t\t\t\tInterest expenses \u00a0
\n\n\t\t\t\t\t18.2 \u00a0
\n\n\t\t\t\t\t11.1 \u00a0
\n\n\t\t\t\t\tFair value adjustment, derivatives \u00a0
\n\n\t\t\t\t\t0.3 \u00a0
\n\n\t\t\t\t\t0.1 \u00a0
\n\n\t\t\t\t\tExchange rate adjustments \u00a0
\n\n\t\t\t\t\t1.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tInterest expenses on lease liabilities \u00a0
\n\n\t\t\t\t\t32.3 \u00a0
\n\n\t\t\t\t\t23.9 \u00a0
\n\n\t\t\t\t\tTotal financial expenses \u00a0
\n\n\t\t\t\t\t52.0 \u00a0
\n\n\t\t\t\t\t35.1 \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tFinancial income and expenses comprise interest income and expenses, \u00a0
\n\n\t\t\t\t\trealised and unrealised gains, losses on transactions denominated in foreign \u00a0
\n\n\t\t\t\t\tcurrencies, amortisation of loan costs and securities and subsequent changes \u00a0
\n\n\t\t\t\t\tto contingent acquisition costs. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4717": {
"value": "ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tFinancial income and expenses comprise interest income and expenses, \u00a0
\n\n\t\t\t\t\trealised and unrealised gains, losses on transactions denominated in foreign \u00a0
\n\n\t\t\t\t\tcurrencies, amortisation of loan costs and securities and subsequent changes \u00a0
\n\n\t\t\t\t\tto contingent acquisition costs. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4718": {
"value": "ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tFinancial income and expenses comprise interest income and expenses, \u00a0
\n\n\t\t\t\t\trealised and unrealised gains, losses on transactions denominated in foreign \u00a0
\n\n\t\t\t\t\tcurrencies, amortisation of loan costs and securities and subsequent changes \u00a0
\n\n\t\t\t\t\tto contingent acquisition costs. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4726": {
"value": "3.1 Tangible\u00a0assets \u00a0
\n\n\t\t\t\t\tPrepayments \u00a0
\n\n\t\t\t\t\tProperty and\u00a0on vessels and \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\tVessels \u00a0
\n\n\t\t\t\t\tequipment \u00a0
\n\n\t\t\t\t\tnewbuildings \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tCost at 1 January \u00a0
\n\n\t\t\t\t\t951.3 \u00a0
\n\n\t\t\t\t\t56.8 \u00a0
\n\n\t\t\t\t\t11.3 \u00a0
\n\n\t\t\t\t\t1,019.4 \u00a0
\n\n\t\t\t\t\tAdditions \u00a0
\n\n\t\t\t\t\t99.2 \u00a0
\n\n\t\t\t\t\t1.7 \u00a0
\n\n\t\t\t\t\t122.6 \u00a0
\n\n\t\t\t\t\t223.5 \u00a0
\n\n\t\t\t\t\tDisposals \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-1.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-1.7 \u00a0
\n\n\t\t\t\t\tTransferred from prepayments on vessels and newbuildings \u00a0
\n\n\t\t\t\t\t56.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-56.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTransferred to tangible assets held for sale \u00a0
\n\n\t\t\t\t\t-444.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-45.0 \u00a0
\n\n\t\t\t\t\t-489.1 \u00a0
\n\n\t\t\t\t\tCost \u00a0
\n\n\t\t\t\t\t663.2 \u00a0
\n\n\t\t\t\t\t56.8 \u00a0
\n\n\t\t\t\t\t32.1 \u00a0
\n\n\t\t\t\t\t752.1 \u00a0
\n\n\t\t\t\t\tDepreciation and impairment losses at 1 January \u00a0
\n\n\t\t\t\t\t-248.3 \u00a0
\n\n\t\t\t\t\t-7.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-255.4 \u00a0
\n\n\t\t\t\t\tDepreciation \u00a0
\n\n\t\t\t\t\t-37.2 \u00a0
\n\n\t\t\t\t\t-1.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-38.2 \u00a0
\n\n\t\t\t\t\tImpairment loss from sale of vessels \u00a0
\n\n\t\t\t\t\t-17.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-17.4 \u00a0
\n\n\t\t\t\t\tReversal of impairment losses \u00a0
\n\n\t\t\t\t\t4.9 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t4.9 \u00a0
\n\n\t\t\t\t\tDisposals related to derecognised assets \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1.7 \u00a0
\n\n\t\t\t\t\tTransferred to tangible assets held for sale \u00a0
\n\n\t\t\t\t\t160.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t160.4 \u00a0
\n\n\t\t\t\t\tDepreciation and impairment losses \u00a0
\n\n\t\t\t\t\t-137.6 \u00a0
\n\n\t\t\t\t\t-6.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-144.0 \u00a0
\n\n\t\t\t\t\tCarrying amount \u00a0
\n\n\t\t\t\t\t525.6 \u00a0
\n\n\t\t\t\t\t50.4 \u00a0
\n\n\t\t\t\t\t32.1 \u00a0
\n\n\t\t\t\t\t608.1 \u00a0
Capital commitments \u00a0
\n\n\t\t\t\t\tThe Group has entered into agreements for future delivery of vessels. \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t<1 year\u00a02-3 years \u00a0
\n\n\t\t\t\t\t>3 years \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tThe remaining contract amount is payable as follows: \u00a0
\n\n\t\t\t\t\t107.0 8.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t115.0 \u00a0
\n\n\t\t\t\t\tFuture payments to NORDEN from vessels sold: USD 224 million. \u00a0
Prepayments \u00a0
\n\n\t\t\t\t\tProperty and\u00a0on vessels and \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\tVessels \u00a0
\n\n\t\t\t\t\tequipment \u00a0
\n\n\t\t\t\t\tnewbuildings \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tCost at 1 January \u00a0
\n\n\t\t\t\t\t1,079.7 \u00a0
\n\n\t\t\t\t\t54.9 \u00a0
\n\n\t\t\t\t\t15.5 \u00a0
\n\n\t\t\t\t\t1,150.1 \u00a0
\n\n\t\t\t\t\tAdditions \u00a0
\n\n\t\t\t\t\t104.1 \u00a0
\n\n\t\t\t\t\t1.9 \u00a0
\n\n\t\t\t\t\t155.8 \u00a0
\n\n\t\t\t\t\t261.8 \u00a0
\n\n\t\t\t\t\tDisposals \u00a0
\n\n\t\t\t\t\t-1.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-1.3 \u00a0
\n\n\t\t\t\t\tTransferred from prepayments on vessels and newbuildings \u00a0
\n\n\t\t\t\t\t76.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-76.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTransferred to tangible assets held for sale \u00a0
\n\n\t\t\t\t\t-307.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-83.4 \u00a0
\n\n\t\t\t\t\t-391.2 \u00a0
\n\n\t\t\t\t\tCost \u00a0
\n\n\t\t\t\t\t951.3 \u00a0
\n\n\t\t\t\t\t56.8 \u00a0
\n\n\t\t\t\t\t11.3 \u00a0
\n\n\t\t\t\t\t1,019.4 \u00a0
\n\n\t\t\t\t\tDepreciation and impairment losses at 1 January \u00a0
\n\n\t\t\t\t\t-312.3 \u00a0
\n\n\t\t\t\t\t-6.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-318.6 \u00a0
\n\n\t\t\t\t\tDepreciation \u00a0
\n\n\t\t\t\t\t-42.6 \u00a0
\n\n\t\t\t\t\t-0.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-43.4 \u00a0
\n\n\t\t\t\t\tImpairment loss from sale of vessels \u00a0
\n\n\t\t\t\t\t-14.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-14.4 \u00a0
\n\n\t\t\t\t\tReversal of impairment losses \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tDisposals related to derecognised assets \u00a0
\n\n\t\t\t\t\t1.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1.3 \u00a0
\n\n\t\t\t\t\tTransferred to tangible assets held for sale \u00a0
\n\n\t\t\t\t\t119.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t119.7 \u00a0
\n\n\t\t\t\t\tDepreciation and impairment losses \u00a0
\n\n\t\t\t\t\t-248.3 \u00a0
\n\n\t\t\t\t\t-7.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-255.4 \u00a0
\n\n\t\t\t\t\tCarrying amount \u00a0
\n\n\t\t\t\t\t703.0 \u00a0
\n\n\t\t\t\t\t49.7 \u00a0
\n\n\t\t\t\t\t11.3 \u00a0
\n\n\t\t\t\t\t764.0 \u00a0
Capital commitments \u00a0
\n\n\t\t\t\t\tThe Group has entered into agreements for future delivery of vessels. \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t<1 year\u00a02-3 years \u00a0
\n\n\t\t\t\t\t>3 years \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tThe remaining contract amount is payable as follows: \u00a0
\n\n\t\t\t\t\t120.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t120.0 \u00a0
\n\n\t\t\t\t\tFuture payments to NORDEN from vessels sold: USD 220 million. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tTangible assets are measured at cost less accumulated depreciation and \u00a0
\n\n\t\t\t\t\timpairment losses. Cost comprises the acquisition price and costs directly \u00a0
\n\n\t\t\t\t\trelated to the acquisition up until the time when the asset is ready for use. \u00a0
\n\n\t\t\t\t\tBorrowing costs concerning either specific or general borrowing directly \u00a0
\n\n\t\t\t\t\trelated to assets with an extended construction period are included in cost \u00a0
\n\n\t\t\t\t\tover the period of construction. \u00a0
\n\n\t\t\t\t\tDepreciation is based on the straight-line method over the estimated useful \u00a0
\n\n\t\t\t\t\tlives of the assets. Depreciation is calculated based on the following esti- \u00a0
\n\n\t\t\t\t\tmated useful lives (unchanged compared to last year): \u00a0
\n\n\t\t\t\t\tBuildings \u00a0
\n\n\t\t\t\t\t50 \u00a0
\n\n\t\t\t\t\tVessels \u00a0
\n\n\t\t\t\t\t25 \u00a0
\n\n\t\t\t\t\tFixtures, fittings and equipment \u00a0
\n\n\t\t\t\t\t3-10 \u00a0
\n\n\t\t\t\t\tLand is not depreciated. \u00a0
\n\n\t\t\t\t\tUseful lives of the assets and residual values are reviewed and adjusted at \u00a0
\n\n\t\t\t\t\teach balance sheet date, if appropriate. \u00a0
Vessels \u00a0
\n\n\t\t\t\t\tDry docking costs are recognised in the carrying amount of vessels when \u00a0
\n\n\t\t\t\t\tincurred and depreciated over the period until the next dry docking. \u00a0
\n\n\t\t\t\t\tThe scrap value of vessels is determined based on the market price per light- \u00a0
\n\n\t\t\t\t\tweight tonne for scrapping of the vessel. \u00a0
\n\n\t\t\t\t\tThe depreciation period for secondhand vessels is determined on the basis of \u00a0
\n\n\t\t\t\t\tthe condition and age of the vessels at the time of acquisition, but the depre- \u00a0
\n\n\t\t\t\t\tciation period does not exceed 25 years from delivery from the shipyard. \u00a0
Prepayments on newbuildings are recognised in assets as vessels under \u00a0
\n\n\t\t\t\t\tconstruction as payments are made. At the delivery of the vessel, it is reclassi- \u00a0
\n\n\t\t\t\t\tfied to the item \u201cVessels\u201d. \u00a0
\n\n\t\t\t\t\tProfit/loss from sale of vessels is stated as the difference between the sales \u00a0
\n\n\t\t\t\t\tprice less selling costs and the carrying amount of the vessel in question at \u00a0
\n\n\t\t\t\t\tthe time of delivery. Furthermore, impairment of assets held for sale and any \u00a0
\n\n\t\t\t\t\tgains and losses upon repayment of related loans are included. \u00a0
Impairment test \u00a0
\n\n\t\t\t\t\tManagement monitors continuously, on a portfolio basis, the carrying value \u00a0
\n\n\t\t\t\t\tof tangible non-current assets in order to determine, whether there are any \u00a0
\n\n\t\t\t\t\tindications of impairment in excess of the amount provided for by normal \u00a0
\n\n\t\t\t\t\tdepreciation and whether previous impairments should be reversed. \u00a0
\n\n\t\t\t\t\tAn impairment test is conducted if there is an indication that the carrying \u00a0
\n\n\t\t\t\t\tamount of an asset or a cash-generating unit exceeds the expected future \u00a0
\n\n\t\t\t\t\tcash flows from the asset. If the carrying amount exceeds the recoverable \u00a0
\n\n\t\t\t\t\tamount, the asset is written down to the lower recoverable amount. The \u00a0
\n\n\t\t\t\t\trecoverable amount of the asset is determined as the higher of the net selling \u00a0
\n\n\t\t\t\t\tprice and the value-in-use. If a recoverable amount for the individual assets \u00a0
\n\n\t\t\t\t\tcannot be determined, the smallest group of assets for which it is possible \u00a0
\n\n\t\t\t\t\tto determine the recoverable amount (cash-generating unit) is analysed for \u00a0
\n\n\t\t\t\t\timpairment. \u00a0
\n\n\t\t\t\t\tManagement\u2019s assessment of indication of impairment on owned vessels, \u00a0
\n\n\t\t\t\t\tleased vessels recognised in the statement of financial position as right-of-use \u00a0
\n\n\t\t\t\t\tassets and prepayments on newbuildings is based on the cash-generating \u00a0
\n\n\t\t\t\t\tunits (CGUs) in which vessels, etc. are included; Dry Cargo and Tankers. \u00a0
\n\n\t\t\t\t\tAssessment of indication of impairment is made concurrently on a portfolio \u00a0
\n\n\t\t\t\t\tbasis. \u00a0
Reversal of previous impairments is only recognised if there has been a \u00a0
\n\n\t\t\t\t\tchange in the assumptions used to determine the recoverable amount since \u00a0
\n\n\t\t\t\t\tthe last impairment test was carried out. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
\n\n\t\t\t\t\tSignificant accounting judgement includes the definition of CGUs. Among \u00a0
\n\n\t\t\t\t\tother things, the judgement affects on which basis an impairment test is \u00a0
\n\n\t\t\t\t\tperformed. \u00a0
\n\n\t\t\t\t\tManagement has considered the degree of interdependency between \u00a0
\n\n\t\t\t\t\tthe two business units Assets & Logistics and Freight Services & Trading, \u00a0
\n\n\t\t\t\t\tin respect of taking decisions related to the vessel capacity. It has been \u00a0
\n\n\t\t\t\t\tconcluded that the interdependency is to such an extent that the cash inflows \u00a0
\n\n\t\t\t\t\tare not largely independent. Consequently, the respective dry cargo and \u00a0
\n\n\t\t\t\t\ttanker vessels of the two segments have been included in the respective \u00a0
\n\n\t\t\t\t\tCGU; Dry Cargo or Tankers, according to the nature of the vessels. \u00a0
\n\n\t\t\t\t\tWhen determining that the CGU is not at a lower level than the total Dry \u00a0
\n\n\t\t\t\t\tCargo and Tanker fleets, respectively, Management has attached importance \u00a0
\n\n\t\t\t\t\tto the fact that both fleets are managed on a portfolio level. \u00a0
\n\n\t\t\t\t\tFurthermore, assessing whether any indication of impairment exists is \u00a0
\n\n\t\t\t\t\tdepending on complex and subjective judgements by Management. Only \u00a0
\n\n\t\t\t\t\tif any indication of impairment, or reversal of previously recognised impair- \u00a0
\n\n\t\t\t\t\tment, exists, an impairment test is performed within a CGU. \u00a0
\n\n\t\t\t\t\tThe indications assessed by Management comprise, among other things, \u00a0
\n\n\t\t\t\t\tfinancial performance, vessel values, newbuilding prices and development in \u00a0
\n\n\t\t\t\t\tfreight and time charter rates. \u00a0
\n\n\t\t\t\t\tWhen considering vessel values, Management obtains two independent \u00a0
\n\n\t\t\t\t\tbroker valuations of vessels and newbuildings. Assessment of development \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES - CONTINUED \u00a0
\n\n\t\t\t\t\tin newbuilding prices is based on market data such as known transactions, \u00a0
\n\n\t\t\t\t\tprices of potential newbuildings and analysis reports from brokers. \u00a0
\n\n\t\t\t\t\tManagement considers all these indicators when assessing whether an \u00a0
\n\n\t\t\t\t\timpairment test has to be performed. \u00a0
\n\n\t\t\t\t\tIf indications exist, Management assesses through an impairment test the \u00a0
\n\n\t\t\t\t\trecoverability of the carrying amount of tangible assets and other related \u00a0
\n\n\t\t\t\t\tassets related to the relevant CGU (see above under \"Accounting policies\" in \u00a0
\n\n\t\t\t\t\tthis note). \u00a0
\n\n\t\t\t\t\tRecoverable amount is generally determined based on a calculation of the \u00a0
\n\n\t\t\t\t\thigher of the fair value less costs to sell and the value-in-use. \u00a0
\n\n\t\t\t\t\tAs the CGUs contain both owned vessels and capitalised charter contracts \u00a0
\n\n\t\t\t\t\t(right-of-use assets), the fair value less costs to sell of the CGU cannot be \u00a0
\n\n\t\t\t\t\tdetermined solely based on the broker valuations obtained but requires valu- \u00a0
\n\n\t\t\t\t\tations similar to those in performing a value-in-use calculation. \u00a0
\n\n\t\t\t\t\tThe principal risk when determining the value-in-use is in relation to Manage- \u00a0
\n\n\t\t\t\t\tment\u2019s assessment of the timing and value of future cash flows, including \u00a0
\n\n\t\t\t\t\tManagement\u2019s estimates of long-term freight and T/C rates as well as determi- \u00a0
\n\n\t\t\t\t\tnation of a discount rate (WACC). \u00a0
\n\n\t\t\t\t\tGiven the war in Ukraine, the full effect of sanctions on Russia and macroeco- \u00a0
\n\n\t\t\t\t\tnomic uncertainties in general, the freight market uncertainty and volatility \u00a0
\n\n\t\t\t\t\tare expected to remain high and could cause a shift in freight rates and other \u00a0
\n\n\t\t\t\t\tsignificant assumptions impacting the impairment assessment. \u00a0
\n\n\t\t\t\t\tOther significant accounting estimates when determining the carrying value \u00a0
\n\n\t\t\t\t\tof tangible assets include i.a. useful lives and residual values. \u00a0
Dry Cargo \u00a0
\n\n\t\t\t\t\tThe Dry Cargo CGU is defined as NORDEN\u2019s Dry Cargo fleet, including \u00a0
\n\n\t\t\t\t\tchartered vessels and agreed coverage (revenue) in the form of Contracts \u00a0
\n\n\t\t\t\t\tof Affreightment (COAs), vessels chartered out and Forward Freight Agree- \u00a0
\n\n\t\t\t\t\tments (FFAs). \u00a0
\n\n\t\t\t\t\tDuring the first half of 2022, dry cargo spot rates were strong, supported by \u00a0
\n\n\t\t\t\t\tmarket inefficiencies built up in the previous year. However, the dry cargo \u00a0
\n\n\t\t\t\t\tmarket gradually deflated during 2022, reversing the market tightness. The \u00a0
\n\n\t\t\t\t\tdry cargo market is expected to face further headwinds in the first half of \u00a0
\n\n\t\t\t\t\t2023 in line with a slowdown in the world economy and corresponding low \u00a0
\n\n\t\t\t\t\tgrowth in global commodity volumes. \u00a0
\n\n\t\t\t\t\tHowever, a low newbuilding orderbook is expected to mitigate a potentially \u00a0
\n\n\t\t\t\t\tdeep and prolonged downturn and long-term rates are expected to align with \u00a0
\n\n\t\t\t\t\tthe long-term rate assumed in the latest impairment test of the Dry Cargo \u00a0
\n\n\t\t\t\t\tCGU performed at the end of 2021. As such, no indications of a need for \u00a0
\n\n\t\t\t\t\timpairments were identified. \u00a0
Tankers \u00a0
\n\n\t\t\t\t\tThe Tankers CGU is defined as NORDEN\u2019s Tanker fleet, including chartered \u00a0
\n\n\t\t\t\t\tvessels and agreed coverage (revenue) in the form of Contracts of Affreight- \u00a0
\n\n\t\t\t\t\tment (COAs), vessels chartered out and Forward Freight Agreements (FFAs). \u00a0
\n\n\t\t\t\t\tProduct tanker spot rates surged during 2022. Average MR spot rates more \u00a0
\n\n\t\t\t\t\tthan quadrupled from USD 7,500 in 2021 to USD 34,200 per day in 2022, and \u00a0
\n\n\t\t\t\t\tthe one year T/C rate for MR Eco vessels increased by more than 100% to USD \u00a0
\n\n\t\t\t\t\t32,500 per day at the end of 2022. Due to the substantial improvements, an \u00a0
\n\n\t\t\t\t\timpairment test was performed in order to assess potential reversal of previ- \u00a0
\n\n\t\t\t\t\tously recognised impairment. \u00a0
\n\n\t\t\t\t\tA WACC of 7.75% was used for the calculation (2021: 7.25%). Whilst the value- \u00a0
\n\n\t\t\t\t\tin-use calculation in 2021 showed that the long-term values of the Tanker fleet \u00a0
\n\n\t\t\t\t\tsupported the carrying amounts at the time, the 2022 value-in-use calculation \u00a0
indicated substantial headroom and the remaining prior year impairments of \u00a0
\n\n\t\t\t\t\tUSD 5 million were reversed. \u00a0
\n\n\t\t\t\t\tDue to the large number of open vessel days in the Tankers CGU, the value- \u00a0
\n\n\t\t\t\t\tin-use calculation was particularly sensitive to even minor fluctuations in \u00a0
\n\n\t\t\t\t\tfreight rates and WACC. As an example of these sensitivities, a reduction of \u00a0
\n\n\t\t\t\t\tthe assumed freight rates of USD 1,000 would affect the value-in-use nega- \u00a0
\n\n\t\t\t\t\ttively by approximately USD 75 million (2021: USD 80 million). An increase in \u00a0
\n\n\t\t\t\t\tWACC of one percentage point would similarly affect the value-in-use nega- \u00a0
\n\n\t\t\t\t\ttively by approximately USD 35 million (2021: USD 30 million). \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4740": {
"value": "Capital commitments \u00a0
\n\n\t\t\t\t\tThe Group has entered into agreements for future delivery of vessels. \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t<1 year\u00a02-3 years \u00a0
\n\n\t\t\t\t\t>3 years \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tThe remaining contract amount is payable as follows: \u00a0
\n\n\t\t\t\t\t107.0 8.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t115.0 \u00a0
\n\n\t\t\t\t\tFuture payments to NORDEN from vessels sold: USD 224 million. \u00a0
Capital commitments \u00a0
\n\n\t\t\t\t\tThe Group has entered into agreements for future delivery of vessels. \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t<1 year\u00a02-3 years \u00a0
\n\n\t\t\t\t\t>3 years \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tThe remaining contract amount is payable as follows: \u00a0
\n\n\t\t\t\t\t120.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t120.0 \u00a0
\n\n\t\t\t\t\tFuture payments to NORDEN from vessels sold: USD 220 million. \u00a0
Prepayments on newbuildings are recognised in assets as vessels under \u00a0
\n\n\t\t\t\t\tconstruction as payments are made. At the delivery of the vessel, it is reclassi- \u00a0
\n\n\t\t\t\t\tfied to the item \u201cVessels\u201d. \u00a0
\n\n\t\t\t\t\tProfit/loss from sale of vessels is stated as the difference between the sales \u00a0
\n\n\t\t\t\t\tprice less selling costs and the carrying amount of the vessel in question at \u00a0
\n\n\t\t\t\t\tthe time of delivery. Furthermore, impairment of assets held for sale and any \u00a0
\n\n\t\t\t\t\tgains and losses upon repayment of related loans are included. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4743": {
"value": "Capital commitments \u00a0
\n\n\t\t\t\t\tThe Group has entered into agreements for future delivery of vessels. \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t<1 year\u00a02-3 years \u00a0
\n\n\t\t\t\t\t>3 years \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tThe remaining contract amount is payable as follows: \u00a0
\n\n\t\t\t\t\t107.0 8.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t115.0 \u00a0
\n\n\t\t\t\t\tFuture payments to NORDEN from vessels sold: USD 224 million. \u00a0
Capital commitments \u00a0
\n\n\t\t\t\t\tThe Group has entered into agreements for future delivery of vessels. \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t<1 year\u00a02-3 years \u00a0
\n\n\t\t\t\t\t>3 years \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tThe remaining contract amount is payable as follows: \u00a0
\n\n\t\t\t\t\t120.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t120.0 \u00a0
\n\n\t\t\t\t\tFuture payments to NORDEN from vessels sold: USD 220 million. \u00a0
Prepayments on newbuildings are recognised in assets as vessels under \u00a0
\n\n\t\t\t\t\tconstruction as payments are made. At the delivery of the vessel, it is reclassi- \u00a0
\n\n\t\t\t\t\tfied to the item \u201cVessels\u201d. \u00a0
\n\n\t\t\t\t\tProfit/loss from sale of vessels is stated as the difference between the sales \u00a0
\n\n\t\t\t\t\tprice less selling costs and the carrying amount of the vessel in question at \u00a0
\n\n\t\t\t\t\tthe time of delivery. Furthermore, impairment of assets held for sale and any \u00a0
\n\n\t\t\t\t\tgains and losses upon repayment of related loans are included. \u00a0
5.3 Unrecognised\u00a0contingent assets and liabilities \u00a0
\n\n\t\t\t\t\tClaims have been made against the Group, primarily concerning discharge \u00a0
\n\n\t\t\t\t\tresponsibility and broker fees, etc. The Group and its legal advisors consider \u00a0
\n\n\t\t\t\t\tthe claims unjustified, and it is Management\u2019s opinion that the claims will not \u00a0
\n\n\t\t\t\t\thave any material impact on the Group\u2019s financial position, results of opera- \u00a0
\n\n\t\t\t\t\ttions and cash flows. \u00a0
\n\n\t\t\t\t\tThe Group has provided financial support for its liabilities as regards the joint \u00a0
\n\n\t\t\t\t\tventures Polar Navigation Ltd. and Nord Summit Pte. Ltd. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tContingent assets are recognised, when it is virtually certain that the claim will \u00a0
\n\n\t\t\t\t\thave a positive outcome for the Group. A contingent liability is recognised if \u00a0
\n\n\t\t\t\t\tit is likely that the claim will have a negative outcome and when the amount is \u00a0
\n\n\t\t\t\t\testimable. Rulings in connection with such matters may in future accounting \u00a0
\n\n\t\t\t\t\tperiods produce realised gains or losses, which may differ considerably from \u00a0
\n\n\t\t\t\t\tthe recognised amounts or information. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
\n\n\t\t\t\t\tManagement assesses provisions and contingencies on an ongoing basis, \u00a0
\n\n\t\t\t\t\tas well as the likely outcome of pending or potential legal proceedings, etc. \u00a0
\n\n\t\t\t\t\tThe assessments are made on the basis of legal opinions of the signed agree- \u00a0
\n\n\t\t\t\t\tments, which in considerable claims also include assessments obtained from \u00a0
\n\n\t\t\t\t\texternal advisors, including external legal advisers, among others. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4749": {
"value": "ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tTangible assets are measured at cost less accumulated depreciation and \u00a0
\n\n\t\t\t\t\timpairment losses. Cost comprises the acquisition price and costs directly \u00a0
\n\n\t\t\t\t\trelated to the acquisition up until the time when the asset is ready for use. \u00a0
\n\n\t\t\t\t\tBorrowing costs concerning either specific or general borrowing directly \u00a0
\n\n\t\t\t\t\trelated to assets with an extended construction period are included in cost \u00a0
\n\n\t\t\t\t\tover the period of construction. \u00a0
\n\n\t\t\t\t\tDepreciation is based on the straight-line method over the estimated useful \u00a0
\n\n\t\t\t\t\tlives of the assets. Depreciation is calculated based on the following esti- \u00a0
\n\n\t\t\t\t\tmated useful lives (unchanged compared to last year): \u00a0
\n\n\t\t\t\t\tBuildings \u00a0
\n\n\t\t\t\t\t50 \u00a0
\n\n\t\t\t\t\tVessels \u00a0
\n\n\t\t\t\t\t25 \u00a0
\n\n\t\t\t\t\tFixtures, fittings and equipment \u00a0
\n\n\t\t\t\t\t3-10 \u00a0
\n\n\t\t\t\t\tLand is not depreciated. \u00a0
\n\n\t\t\t\t\tUseful lives of the assets and residual values are reviewed and adjusted at \u00a0
\n\n\t\t\t\t\teach balance sheet date, if appropriate. \u00a0
Vessels \u00a0
\n\n\t\t\t\t\tDry docking costs are recognised in the carrying amount of vessels when \u00a0
\n\n\t\t\t\t\tincurred and depreciated over the period until the next dry docking. \u00a0
\n\n\t\t\t\t\tThe scrap value of vessels is determined based on the market price per light- \u00a0
\n\n\t\t\t\t\tweight tonne for scrapping of the vessel. \u00a0
\n\n\t\t\t\t\tThe depreciation period for secondhand vessels is determined on the basis of \u00a0
\n\n\t\t\t\t\tthe condition and age of the vessels at the time of acquisition, but the depre- \u00a0
\n\n\t\t\t\t\tciation period does not exceed 25 years from delivery from the shipyard. \u00a0
Prepayments on newbuildings are recognised in assets as vessels under \u00a0
\n\n\t\t\t\t\tconstruction as payments are made. At the delivery of the vessel, it is reclassi- \u00a0
\n\n\t\t\t\t\tfied to the item \u201cVessels\u201d. \u00a0
\n\n\t\t\t\t\tProfit/loss from sale of vessels is stated as the difference between the sales \u00a0
\n\n\t\t\t\t\tprice less selling costs and the carrying amount of the vessel in question at \u00a0
\n\n\t\t\t\t\tthe time of delivery. Furthermore, impairment of assets held for sale and any \u00a0
\n\n\t\t\t\t\tgains and losses upon repayment of related loans are included. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4752": {
"value": "ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tTangible assets are measured at cost less accumulated depreciation and \u00a0
\n\n\t\t\t\t\timpairment losses. Cost comprises the acquisition price and costs directly \u00a0
\n\n\t\t\t\t\trelated to the acquisition up until the time when the asset is ready for use. \u00a0
\n\n\t\t\t\t\tBorrowing costs concerning either specific or general borrowing directly \u00a0
\n\n\t\t\t\t\trelated to assets with an extended construction period are included in cost \u00a0
\n\n\t\t\t\t\tover the period of construction. \u00a0
\n\n\t\t\t\t\tDepreciation is based on the straight-line method over the estimated useful \u00a0
\n\n\t\t\t\t\tlives of the assets. Depreciation is calculated based on the following esti- \u00a0
\n\n\t\t\t\t\tmated useful lives (unchanged compared to last year): \u00a0
\n\n\t\t\t\t\tBuildings \u00a0
\n\n\t\t\t\t\t50 \u00a0
\n\n\t\t\t\t\tVessels \u00a0
\n\n\t\t\t\t\t25 \u00a0
\n\n\t\t\t\t\tFixtures, fittings and equipment \u00a0
\n\n\t\t\t\t\t3-10 \u00a0
\n\n\t\t\t\t\tLand is not depreciated. \u00a0
\n\n\t\t\t\t\tUseful lives of the assets and residual values are reviewed and adjusted at \u00a0
\n\n\t\t\t\t\teach balance sheet date, if appropriate. \u00a0
Vessels \u00a0
\n\n\t\t\t\t\tDry docking costs are recognised in the carrying amount of vessels when \u00a0
\n\n\t\t\t\t\tincurred and depreciated over the period until the next dry docking. \u00a0
\n\n\t\t\t\t\tThe scrap value of vessels is determined based on the market price per light- \u00a0
\n\n\t\t\t\t\tweight tonne for scrapping of the vessel. \u00a0
\n\n\t\t\t\t\tThe depreciation period for secondhand vessels is determined on the basis of \u00a0
\n\n\t\t\t\t\tthe condition and age of the vessels at the time of acquisition, but the depre- \u00a0
\n\n\t\t\t\t\tciation period does not exceed 25 years from delivery from the shipyard. \u00a0
Prepayments on newbuildings are recognised in assets as vessels under \u00a0
\n\n\t\t\t\t\tconstruction as payments are made. At the delivery of the vessel, it is reclassi- \u00a0
\n\n\t\t\t\t\tfied to the item \u201cVessels\u201d. \u00a0
\n\n\t\t\t\t\tProfit/loss from sale of vessels is stated as the difference between the sales \u00a0
\n\n\t\t\t\t\tprice less selling costs and the carrying amount of the vessel in question at \u00a0
\n\n\t\t\t\t\tthe time of delivery. Furthermore, impairment of assets held for sale and any \u00a0
\n\n\t\t\t\t\tgains and losses upon repayment of related loans are included. \u00a0
Impairment test \u00a0
\n\n\t\t\t\t\tManagement monitors continuously, on a portfolio basis, the carrying value \u00a0
\n\n\t\t\t\t\tof tangible non-current assets in order to determine, whether there are any \u00a0
\n\n\t\t\t\t\tindications of impairment in excess of the amount provided for by normal \u00a0
\n\n\t\t\t\t\tdepreciation and whether previous impairments should be reversed. \u00a0
\n\n\t\t\t\t\tAn impairment test is conducted if there is an indication that the carrying \u00a0
\n\n\t\t\t\t\tamount of an asset or a cash-generating unit exceeds the expected future \u00a0
\n\n\t\t\t\t\tcash flows from the asset. If the carrying amount exceeds the recoverable \u00a0
\n\n\t\t\t\t\tamount, the asset is written down to the lower recoverable amount. The \u00a0
\n\n\t\t\t\t\trecoverable amount of the asset is determined as the higher of the net selling \u00a0
\n\n\t\t\t\t\tprice and the value-in-use. If a recoverable amount for the individual assets \u00a0
\n\n\t\t\t\t\tcannot be determined, the smallest group of assets for which it is possible \u00a0
\n\n\t\t\t\t\tto determine the recoverable amount (cash-generating unit) is analysed for \u00a0
\n\n\t\t\t\t\timpairment. \u00a0
\n\n\t\t\t\t\tManagement\u2019s assessment of indication of impairment on owned vessels, \u00a0
\n\n\t\t\t\t\tleased vessels recognised in the statement of financial position as right-of-use \u00a0
\n\n\t\t\t\t\tassets and prepayments on newbuildings is based on the cash-generating \u00a0
\n\n\t\t\t\t\tunits (CGUs) in which vessels, etc. are included; Dry Cargo and Tankers. \u00a0
\n\n\t\t\t\t\tAssessment of indication of impairment is made concurrently on a portfolio \u00a0
\n\n\t\t\t\t\tbasis. \u00a0
Reversal of previous impairments is only recognised if there has been a \u00a0
\n\n\t\t\t\t\tchange in the assumptions used to determine the recoverable amount since \u00a0
\n\n\t\t\t\t\tthe last impairment test was carried out. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4757": {
"value": "Impairment test \u00a0
\n\n\t\t\t\t\tManagement monitors continuously, on a portfolio basis, the carrying value \u00a0
\n\n\t\t\t\t\tof tangible non-current assets in order to determine, whether there are any \u00a0
\n\n\t\t\t\t\tindications of impairment in excess of the amount provided for by normal \u00a0
\n\n\t\t\t\t\tdepreciation and whether previous impairments should be reversed. \u00a0
\n\n\t\t\t\t\tAn impairment test is conducted if there is an indication that the carrying \u00a0
\n\n\t\t\t\t\tamount of an asset or a cash-generating unit exceeds the expected future \u00a0
\n\n\t\t\t\t\tcash flows from the asset. If the carrying amount exceeds the recoverable \u00a0
\n\n\t\t\t\t\tamount, the asset is written down to the lower recoverable amount. The \u00a0
\n\n\t\t\t\t\trecoverable amount of the asset is determined as the higher of the net selling \u00a0
\n\n\t\t\t\t\tprice and the value-in-use. If a recoverable amount for the individual assets \u00a0
\n\n\t\t\t\t\tcannot be determined, the smallest group of assets for which it is possible \u00a0
\n\n\t\t\t\t\tto determine the recoverable amount (cash-generating unit) is analysed for \u00a0
\n\n\t\t\t\t\timpairment. \u00a0
\n\n\t\t\t\t\tManagement\u2019s assessment of indication of impairment on owned vessels, \u00a0
\n\n\t\t\t\t\tleased vessels recognised in the statement of financial position as right-of-use \u00a0
\n\n\t\t\t\t\tassets and prepayments on newbuildings is based on the cash-generating \u00a0
\n\n\t\t\t\t\tunits (CGUs) in which vessels, etc. are included; Dry Cargo and Tankers. \u00a0
\n\n\t\t\t\t\tAssessment of indication of impairment is made concurrently on a portfolio \u00a0
\n\n\t\t\t\t\tbasis. \u00a0
Reversal of previous impairments is only recognised if there has been a \u00a0
\n\n\t\t\t\t\tchange in the assumptions used to determine the recoverable amount since \u00a0
\n\n\t\t\t\t\tthe last impairment test was carried out. \u00a0
Impairment of right-of-use assets \u00a0
\n\n\t\t\t\t\tSimilar to owned assets, right-of-use assets are subject to testing for impair- \u00a0
\n\n\t\t\t\t\tment if there is an indication of impairment. Refer to note 3.1 \"Tangible assets\" \u00a0
\n\n\t\t\t\t\tfor further information. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4760": {
"value": "Impairment test \u00a0
\n\n\t\t\t\t\tManagement monitors continuously, on a portfolio basis, the carrying value \u00a0
\n\n\t\t\t\t\tof tangible non-current assets in order to determine, whether there are any \u00a0
\n\n\t\t\t\t\tindications of impairment in excess of the amount provided for by normal \u00a0
\n\n\t\t\t\t\tdepreciation and whether previous impairments should be reversed. \u00a0
\n\n\t\t\t\t\tAn impairment test is conducted if there is an indication that the carrying \u00a0
\n\n\t\t\t\t\tamount of an asset or a cash-generating unit exceeds the expected future \u00a0
\n\n\t\t\t\t\tcash flows from the asset. If the carrying amount exceeds the recoverable \u00a0
\n\n\t\t\t\t\tamount, the asset is written down to the lower recoverable amount. The \u00a0
\n\n\t\t\t\t\trecoverable amount of the asset is determined as the higher of the net selling \u00a0
\n\n\t\t\t\t\tprice and the value-in-use. If a recoverable amount for the individual assets \u00a0
\n\n\t\t\t\t\tcannot be determined, the smallest group of assets for which it is possible \u00a0
\n\n\t\t\t\t\tto determine the recoverable amount (cash-generating unit) is analysed for \u00a0
\n\n\t\t\t\t\timpairment. \u00a0
\n\n\t\t\t\t\tManagement\u2019s assessment of indication of impairment on owned vessels, \u00a0
\n\n\t\t\t\t\tleased vessels recognised in the statement of financial position as right-of-use \u00a0
\n\n\t\t\t\t\tassets and prepayments on newbuildings is based on the cash-generating \u00a0
\n\n\t\t\t\t\tunits (CGUs) in which vessels, etc. are included; Dry Cargo and Tankers. \u00a0
\n\n\t\t\t\t\tAssessment of indication of impairment is made concurrently on a portfolio \u00a0
\n\n\t\t\t\t\tbasis. \u00a0
Reversal of previous impairments is only recognised if there has been a \u00a0
\n\n\t\t\t\t\tchange in the assumptions used to determine the recoverable amount since \u00a0
\n\n\t\t\t\t\tthe last impairment test was carried out. \u00a0
4.7 Leases\u00a0\u2013 lessee \u00a0
\n\n\t\t\t\t\tThe nature of the leasing activities \u00a0
\n\n\t\t\t\t\tThe majority of the lease contracts are time charter contracts on vessels, \u00a0
\n\n\t\t\t\t\toffice spaces, and other equipment from external parties under non-cancel- \u00a0
\n\n\t\t\t\t\tlable operating lease agreements. \u00a0
\n\n\t\t\t\t\tThe time charter leases have been entered with a lease period of up to five \u00a0
\n\n\t\t\t\t\tyears. Leases have varying terms, including options to extend and options to \u00a0
\n\n\t\t\t\t\tpurchase. \u00a0
Amounts recognised in the statement of financial position \u00a0
\n\n\t\t\t\t\tSet out below are the carrying amounts of right-of-use assets and lease liabili- \u00a0
\n\n\t\t\t\t\tties recognised and the movements during the period: \u00a0
Amounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tRight-of-use assets \u00a0
\n\n\t\t\t\t\tCost at 1 January \u00a0
\n\n\t\t\t\t\t958.3 \u00a0
\n\n\t\t\t\t\t527.3 \u00a0
\n\n\t\t\t\t\tAdditions \u00a0
\n\n\t\t\t\t\t244.7 \u00a0
\n\n\t\t\t\t\t443.1 \u00a0
\n\n\t\t\t\t\tRemeasurements \u00a0
\n\n\t\t\t\t\t78.1 \u00a0
\n\n\t\t\t\t\t67.5 \u00a0
\n\n\t\t\t\t\tDisposals \u00a0
\n\n\t\t\t\t\t-133.5 \u00a0
\n\n\t\t\t\t\t-79.6 \u00a0
\n\n\t\t\t\t\tCost at 31 December \u00a0
\n\n\t\t\t\t\t1,147.6 \u00a0
\n\n\t\t\t\t\t958.3 \u00a0
\n\n\t\t\t\t\tDepreciation at 1 January \u00a0
\n\n\t\t\t\t\t-401.8 \u00a0
\n\n\t\t\t\t\t-228.7 \u00a0
\n\n\t\t\t\t\tDepreciation \u00a0
\n\n\t\t\t\t\t-420.0 \u00a0
\n\n\t\t\t\t\t-252.1 \u00a0
\n\n\t\t\t\t\tDisposals \u00a0
\n\n\t\t\t\t\t128.2 \u00a0
\n\n\t\t\t\t\t79.0 \u00a0
\n\n\t\t\t\t\tDepreciation at 31 December \u00a0
\n\n\t\t\t\t\t-693.6 \u00a0
\n\n\t\t\t\t\t-401.8 \u00a0
\n\n\t\t\t\t\tCarrying amount at 31 December \u00a0
\n\n\t\t\t\t\t454.0 \u00a0
\n\n\t\t\t\t\t556.5 \u00a0
\n\n\t\t\t\t\tLease liabilities \u00a0
\n\n\t\t\t\t\tLease liabilities at 1 January \u00a0
\n\n\t\t\t\t\t607.7 \u00a0
\n\n\t\t\t\t\t355.4 \u00a0
\n\n\t\t\t\t\tAdditions \u00a0
\n\n\t\t\t\t\t300.4 \u00a0
\n\n\t\t\t\t\t454.7 \u00a0
\n\n\t\t\t\t\tRemeasurements \u00a0
\n\n\t\t\t\t\t83.2 \u00a0
\n\n\t\t\t\t\t66.9 \u00a0
\n\n\t\t\t\t\tInstalments \u00a0
\n\n\t\t\t\t\t-466.4 \u00a0
\n\n\t\t\t\t\t-268.4 \u00a0
\n\n\t\t\t\t\tDisposals \u00a0
\n\n\t\t\t\t\t-5.4 \u00a0
\n\n\t\t\t\t\t-0.9 \u00a0
\n\n\t\t\t\t\tLease liabilities at 31 December \u00a0
\n\n\t\t\t\t\t519.5 \u00a0
\n\n\t\t\t\t\t607.7 \u00a0
Amounts recognised in the income statement \u00a0
\n\n\t\t\t\t\tSet out below are the amounts related to right-of-use assets and lease \u00a0
\n\n\t\t\t\t\tliabilities recognised in the income statement: \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tExpenses related to the service component of right- \u00a0
\n\n\t\t\t\t\tof-use assets \u00a0
\n\n\t\t\t\t\t285.6 \u00a0
\n\n\t\t\t\t\t206.2 \u00a0
\n\n\t\t\t\t\tExpenses related to short-term leases \u00a0
\n\n\t\t\t\t\t1,866.0 \u00a0
\n\n\t\t\t\t\t1,361.1 \u00a0
\n\n\t\t\t\t\tExpenses/gains related to derecognition of leases \u00a0
\n\n\t\t\t\t\t-1.8 \u00a0
\n\n\t\t\t\t\t-0.5 \u00a0
\n\n\t\t\t\t\tDepreciation of right-of-use assets \u00a0
\n\n\t\t\t\t\t420.0 \u00a0
\n\n\t\t\t\t\t252.1 \u00a0
\n\n\t\t\t\t\tInterest expenses related to lease liabilities \u00a0
\n\n\t\t\t\t\t32.3 \u00a0
\n\n\t\t\t\t\t23.9 \u00a0
Leases with future commencement date \u00a0
\n\n\t\t\t\t\tThe Group has entered into has entered lease agreements with future \u00a0
\n\n\t\t\t\t\tcommencement dates, which will affect the statement of financial position as \u00a0
\n\n\t\t\t\t\tshown below, when the time-chartered vessels will be delivered, and the Group \u00a0
\n\n\t\t\t\t\tobtains control of the asset. \u00a0
Daily running cost \u00a0
\n\n\t\t\t\t\tThe Group has elected to separate lease and non-lease components. For \u00a0
\n\n\t\t\t\t\tthese contracts, the consideration is allocated based on the relative stand- \u00a0
\n\n\t\t\t\t\talone prices between the lease and non-lease component. \u00a0
For time charter contracts, the non-lease component is the technical \u00a0
\n\n\t\t\t\t\tmanagement services provided to operate the vessel. The future effect in \u00a0
\n\n\t\t\t\t\tthe income statement related to the non-lease component (daily running \u00a0
\n\n\t\t\t\t\tcosts) is as shown below. \u00a0
Extension options \u00a0
\n\n\t\t\t\t\tSome leases include an option to be extended for one additional year at a \u00a0
\n\n\t\t\t\t\ttime. Where\u00a0practicable, the Group seeks to include extension options in \u00a0
\n\n\t\t\t\t\tnew leases to provide operational flexibility. The extension options held are \u00a0
\n\n\t\t\t\t\texercisable only by the Group and not by the lessors. \u00a0
\n\n\t\t\t\t\tThe Group assesses at the lease commencement date whether it is \u00a0
\n\n\t\t\t\t\treasonably certain that the extension option will be exercised. The Group \u00a0
\n\n\t\t\t\t\treassesses whether it is reasonably certain that the extension option will \u00a0
\n\n\t\t\t\t\tbe exercised if there is a significant event or significant changes in circum- \u00a0
\n\n\t\t\t\t\tstances within its control. \u00a0
\n\n\t\t\t\t\tIf all available extension options at year end were exercised when possible, \u00a0
\n\n\t\t\t\t\tthe right-of-use asset and corresponding lease liability would increase by \u00a0
\n\n\t\t\t\t\tthe following amounts in each future year (undiscounted and excluding \u00a0
\n\n\t\t\t\t\tnon-lease component). \u00a0
<1 year \u00a0
\n\n\t\t\t\t\t1-5 years \u00a0
\n\n\t\t\t\t\t>5 years \u00a0
\n\n\t\t\t\t\tFreight \u00a0
\n\n\t\t\t\t\tFreight \u00a0
\n\n\t\t\t\t\tFreight \u00a0
\n\n\t\t\t\t\tAssets & \u00a0
\n\n\t\t\t\t\tServices \u00a0
\n\n\t\t\t\t\tAssets & \u00a0
\n\n\t\t\t\t\tServices \u00a0
\n\n\t\t\t\t\tAssets &\u00a0Services \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\tLogistics &\u00a0Trading Logistics &\u00a0Trading Logistics &\u00a0Trading \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tLeases with future commencement date \u00a0
\n\n\t\t\t\t\t27.7 \u00a0
\n\n\t\t\t\t\t0.5 \u00a0
\n\n\t\t\t\t\t139.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t167.8 \u00a0
\n\n\t\t\t\t\tExtension options \u00a0
\n\n\t\t\t\t\t38.8 \u00a0
\n\n\t\t\t\t\t19.6 \u00a0
\n\n\t\t\t\t\t344.3 \u00a0
\n\n\t\t\t\t\t9.6 \u00a0
\n\n\t\t\t\t\t168.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t581.0 \u00a0
\n\n\t\t\t\t\tDaily running cost \u00a0
\n\n\t\t\t\t\t137.0 \u00a0
\n\n\t\t\t\t\t76.2 \u00a0
\n\n\t\t\t\t\t266.6 \u00a0
\n\n\t\t\t\t\t15.1 \u00a0
\n\n\t\t\t\t\t7.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t502.6 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tLeases with future commencement date \u00a0
\n\n\t\t\t\t\t99.0 \u00a0
\n\n\t\t\t\t\t19.6 \u00a0
\n\n\t\t\t\t\t15.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t134.0 \u00a0
\n\n\t\t\t\t\tExtension options \u00a0
\n\n\t\t\t\t\t39.7 \u00a0
\n\n\t\t\t\t\t31.5 \u00a0
\n\n\t\t\t\t\t322.5 \u00a0
\n\n\t\t\t\t\t41.8 \u00a0
\n\n\t\t\t\t\t153.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t588.5 \u00a0
\n\n\t\t\t\t\tDaily running cost \u00a0
\n\n\t\t\t\t\t136.7 \u00a0
\n\n\t\t\t\t\t95.3 \u00a0
\n\n\t\t\t\t\t243.6 \u00a0
\n\n\t\t\t\t\t39.8 \u00a0
\n\n\t\t\t\t\t4.9 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t520.3 \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tAt inception of a new contract, NORDEN assesses whether a contract is a \u00a0
\n\n\t\t\t\t\tlease or contains a lease. This involves exercise of judgement as to whether: \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tthe contract depends on the use of a specific asset, \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tNORDEN obtains substantially all the economic benefits from the use of \u00a0
\n\n\t\t\t\t\tthe asset, and \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tNORDEN has the right to direct the use of the asset. \u00a0
Right-of-use assets \u00a0
\n\n\t\t\t\t\tNORDEN recognises right-of-use assets at the commencement date of the \u00a0
\n\n\t\t\t\t\tlease (i.e. the date the underlying asset is available for use). Right-of-use \u00a0
\n\n\t\t\t\t\tassets are measured at cost less any accumulated depreciation, impairment \u00a0
\n\n\t\t\t\t\tlosses and adjusted for any remeasurement of lease liabilities. \u00a0
\n\n\t\t\t\t\tThe cost of right-of-use assets includes the amount of lease liabilities recog- \u00a0
\n\n\t\t\t\t\tnised, and lease payments made before the commencement date. Unless \u00a0
\n\n\t\t\t\t\tNORDEN is reasonably certain to obtain ownership of the leased asset at the \u00a0
\n\n\t\t\t\t\tend of the lease term, the recognised right-of-use assets are depreciated on \u00a0
\n\n\t\t\t\t\ta straight-line basis over the shorter of its estimated useful life and the lease \u00a0
\n\n\t\t\t\t\tterm. \u00a0
Impairment of right-of-use assets \u00a0
\n\n\t\t\t\t\tSimilar to owned assets, right-of-use assets are subject to testing for impair- \u00a0
\n\n\t\t\t\t\tment if there is an indication of impairment. Refer to note 3.1 \"Tangible assets\" \u00a0
\n\n\t\t\t\t\tfor further information. \u00a0
Lease liabilities \u00a0
\n\n\t\t\t\t\tAt the commencement date of a lease, NORDEN recognises lease liabilities \u00a0
\n\n\t\t\t\t\tmeasured at the present value of lease payments to be made over the lease term. \u00a0
\n\n\t\t\t\t\tThe lease term comprises the non-cancellable period with addition of periods \u00a0
\n\n\t\t\t\t\tcovered by options, if NORDEN is reasonably certain to exercise such exten- \u00a0
sion options. This assessment is made on inception of the lease. The lease \u00a0
\n\n\t\t\t\t\tpayments include fixed payments and variable payments depending on \u00a0
\n\n\t\t\t\t\tan index or a rate. The lease payments also include the exercise price of a \u00a0
\n\n\t\t\t\t\tpurchase option reasonably certain to be exercised by NORDEN. \u00a0
\n\n\t\t\t\t\tLease payments are allocated between principal and finance cost. The \u00a0
\n\n\t\t\t\t\tfinance cost is charged to the income statement over the lease period so as \u00a0
\n\n\t\t\t\t\tto produce a constant period rate of interest on the remaining balance of the \u00a0
\n\n\t\t\t\t\tliabilities for each period. \u00a0
\n\n\t\t\t\t\tIn calculating the present value of lease payments, NORDEN uses the incre- \u00a0
\n\n\t\t\t\t\tmental borrowing rate at the lease commencement date. The incremental \u00a0
\n\n\t\t\t\t\tborrowing rate applied is in the range of 4-6%, depending on the maturity of \u00a0
\n\n\t\t\t\t\tthe lease contracts. \u00a0
\n\n\t\t\t\t\tIn addition, the carrying amount of lease liabilities is remeasured if there is a \u00a0
\n\n\t\t\t\t\tmodification, a change in the lease term, a change in the fixed lease payments \u00a0
\n\n\t\t\t\t\tor a change in the assessment to purchase the underlying asset. \u00a0
Short-term leases and leases of low-value assets \u00a0
\n\n\t\t\t\t\tNORDEN applies the lease recognition exemptions related to the short-term \u00a0
\n\n\t\t\t\t\tleases (lease term of 12 months or less) and leases of low-value assets. Lease \u00a0
\n\n\t\t\t\t\tpayments on short-term leases and leases of low-value assets are recognised in \u00a0
\n\n\t\t\t\t\tthe income statement as an expense on a straight-line basis over the lease term. \u00a0
Sale and lease back \u00a0
\n\n\t\t\t\t\tFor sale and leaseback transactions, if there is a transfer of control within \u00a0
\n\n\t\t\t\t\tthe meaning of IFRS 15, NORDEN as the seller-lessee measures the right- \u00a0
\n\n\t\t\t\t\tof-use asset arising from the leaseback at the proportion of the previous \u00a0
\n\n\t\t\t\t\tcarrying amount of the asset that relates to the right of use retained by the \u00a0
\n\n\t\t\t\t\tseller-lessee. \u00a0
\n\n\t\t\t\t\tAny gain or loss that relates to the rights transferred to the buyer-lessor is \u00a0
\n\n\t\t\t\t\trecognised in profit or loss. \u00a0
If there is no transfer of control, the seller-lessee recognizes the transaction \u00a0
\n\n\t\t\t\t\tas a financing transaction. While the transaction is legally subject to a lease \u00a0
\n\n\t\t\t\t\tcontract, it is not accounted for as a lease and the underlying asset is not \u00a0
\n\n\t\t\t\t\tderecognised. \u00a0
Cash flows \u00a0
\n\n\t\t\t\t\tIn the statement of cash flows, cash payments for the principal portion of the \u00a0
\n\n\t\t\t\t\tlease liabilities and related cash payments for the interest portion are classi- \u00a0
\n\n\t\t\t\t\tfied within the financing activities. For short-term leases or leases of low-value \u00a0
\n\n\t\t\t\t\tassets, the lease payments are classified within the operating activities. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
\n\n\t\t\t\t\tNORDEN has elected to separate lease and non-lease components for leases \u00a0
\n\n\t\t\t\t\tof time charter contracts on vessels. For these contracts, the estimated \u00a0
\n\n\t\t\t\t\tnon-lease component (daily running costs) is excluded from the right-of-use \u00a0
\n\n\t\t\t\t\tassets. \u00a0
\n\n\t\t\t\t\tAssessing the consideration attributable to the non-lease component \u00a0
\n\n\t\t\t\t\tincludes a significant accounting judgement, where Management uses market \u00a0
\n\n\t\t\t\t\tdata from an independent service provider. The market data consists of \u00a0
\n\n\t\t\t\t\tbenchmarking reports and allows NORDEN to benchmark vessels' operating \u00a0
\n\n\t\t\t\t\tcosts against a global sample. The measurement of the non-lease component \u00a0
\n\n\t\t\t\t\ttakes several factors into consideration such as operating costs, aging of the \u00a0
\n\n\t\t\t\t\tvessels, vessel types, etc. \u00a0
\n\n\t\t\t\t\tIn this regard, Management assesses the service provider\u2019s independence, \u00a0
\n\n\t\t\t\t\tobjectivity and qualifications and whether the market data is appropriate for \u00a0
\n\n\t\t\t\t\tthe purpose, e.g. based on sufficient market data. \u00a0
4.8 Leases\u00a0\u2013 lessor and COAs \u00a0
\n\n\t\t\t\t\tThis note provides information on leases where the Group is the lessor. \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tAmounts recognised in the income statement \u00a0
\n\n\t\t\t\t\tRevenue from sublease financial income* \u00a0
\n\n\t\t\t\t\t2.7 \u00a0
\n\n\t\t\t\t\t1.5 \u00a0
\n\n\t\t\t\t\tGain on derecognised right-of-use assets* \u00a0
\n\n\t\t\t\t\t55.7 \u00a0
\n\n\t\t\t\t\t18.8 \u00a0
\n\n\t\t\t\t\tAmounts recognised in the statement of cash flows \u00a0
\n\n\t\t\t\t\tInstalment on sublease receivables \u00a0
\n\n\t\t\t\t\t52.9 \u00a0
\n\n\t\t\t\t\t24.8 \u00a0
\n\n\t\t\t\t\tReceivables from subleasing \u00a0
\n\n\t\t\t\t\tReceivables from subleases at 1 January \u00a0
\n\n\t\t\t\t\t32.8 \u00a0
\n\n\t\t\t\t\t26.7 \u00a0
\n\n\t\t\t\t\tAdditions \u00a0
\n\n\t\t\t\t\t111.0 \u00a0
\n\n\t\t\t\t\t31.5 \u00a0
\n\n\t\t\t\t\tDisposals \u00a0
\n\n\t\t\t\t\t-6.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tRemeasurements \u00a0
\n\n\t\t\t\t\t7.3 \u00a0
\n\n\t\t\t\t\t-0.6 \u00a0
\n\n\t\t\t\t\tPayments received \u00a0
\n\n\t\t\t\t\t-52.9 \u00a0
\n\n\t\t\t\t\t-24.8 \u00a0
\n\n\t\t\t\t\tReceivables from subleases \u00a0
\n\n\t\t\t\t\t91.9 \u00a0
\n\n\t\t\t\t\t32.8 \u00a0
\n\n\t\t\t\t\t* Included in revenue \u00a0
Income as lessor \u00a0
\n\n\t\t\t\t\tAmounts regarding operation lease income comprise the agreed time charter \u00a0
\n\n\t\t\t\t\trates. The lease and service components will be recognised as revenue under \u00a0
\n\n\t\t\t\t\tthe same pattern of transfer to the customer. \u00a0
Sublease receivables \u00a0
\n\n\t\t\t\t\tSet out in the table to the right are the carrying amounts of receivables from \u00a0
\n\n\t\t\t\t\tsubleasing recognised and the movements during the period. \u00a0
COAs with customers \u00a0
\n\n\t\t\t\t\tThe Group leases out vessel under non-cancellable operating leases agree- \u00a0
\n\n\t\t\t\t\tments. The leases have varying terms, escalation clauses and renewal rights. \u00a0
\n\n\t\t\t\t\tSeparate disclosure on owned vessels, cf. note 3.1 \"Tangible assets\" and \u00a0
\n\n\t\t\t\t\tright-of-use assets, cf. note 4.7 \"Leases - Lessee\", leased out under operating \u00a0
\n\n\t\t\t\t\tleases, is not provided as entering time charter-out contracts is an integral \u00a0
part of the business and no vessels are designated as time charter-out \u00a0
\n\n\t\t\t\t\tvessels. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tSubleases \u00a0
\n\n\t\t\t\t\tNORDEN enters into arrangements to sublease an underlying asset to a third \u00a0
\n\n\t\t\t\t\tparty, while NORDEN retains the primary obligation under the original lease. \u00a0
\n\n\t\t\t\t\tIn such arrangements, NORDEN acts as both the lessee and lessor of the \u00a0
\n\n\t\t\t\t\tsame underlying asset. \u00a0
\n\n\t\t\t\t\tIf a leased vessel is subleased under terms transferring substantially all \u00a0
\n\n\t\t\t\t\tremaining risks and rewards under the head lease to the lessee in the \u00a0
\n\n\t\t\t\t\tsublease, the right-of-use asset is derecognised, and a lease receivable is \u00a0
\n\n\t\t\t\t\trecognised. Gain/loss on the derecognised right-of-use asset is recognised in \u00a0
\n\n\t\t\t\t\tthe income statement as revenue. \u00a0
\n\n\t\t\t\t\tDuring the term of the sublease, NORDEN recognises both finance income on \u00a0
\n\n\t\t\t\t\tthe sublease (as revenue) and interest expense on the head lease (as financial \u00a0
\n\n\t\t\t\t\texpenses). \u00a0
Cash flows \u00a0
\n\n\t\t\t\t\tCash payments received on sublease receivables are classified within the \u00a0
\n\n\t\t\t\t\toperating activities. \u00a0
COAs and operating lease income \u00a0
\n\n\t\t\t\t\tAgreements to charter out vessels on time charters, where all significant risks \u00a0
\n\n\t\t\t\t\tand rewards of ownership have been transferred to the lessee, are recognised \u00a0
\n\n\t\t\t\t\tas a receivable in the statement of financial position. The receivable is meas- \u00a0
\n\n\t\t\t\t\tured in the same way as the lease liability in cases, where the Group is the \u00a0
\n\n\t\t\t\t\tlessee. \u00a0
\n\n\t\t\t\t\tOther agreements to charter out vessels are considered operating leases in \u00a0
\n\n\t\t\t\t\taccordance with IFRS 16 \"Leases\", where NORDEN is presented as the lessee. \u00a0
\n\n\t\t\t\t\tPayments in connection with operating leases are recognised on a straight- \u00a0
\n\n\t\t\t\t\tline basis in the income statement over the terms of the leases. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
\n\n\t\t\t\t\tManagement\u2019s assessment of whether leases on vessels should be classified \u00a0
\n\n\t\t\t\t\tas finance or operating leasing is based on an overall evaluation of each lease. \u00a0
Amounts in USD million \u00a0
\n\n\t\t\t\t\t<1 year \u00a0
\n\n\t\t\t\t\t1-2 years\u00a02-3 years\u00a03-4 years\u00a04-5 years\u00a0>5 years \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tSublease receivables, contractual undiscounted payments \u00a0
\n\n\t\t\t\t\t77.3 \u00a0
\n\n\t\t\t\t\t23.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t100.9 \u00a0
\n\n\t\t\t\t\tExpected share of COAs with customers \u00a0
\n\n\t\t\t\t\t389.6 \u00a0
\n\n\t\t\t\t\t137.3 \u00a0
\n\n\t\t\t\t\t57.1 \u00a0
\n\n\t\t\t\t\t34.1 \u00a0
\n\n\t\t\t\t\t18.1 \u00a0
\n\n\t\t\t\t\t55.0 \u00a0
\n\n\t\t\t\t\t691.2 \u00a0
\n\n\t\t\t\t\tExpected income as lessor \u00a0
\n\n\t\t\t\t\t308.5 \u00a0
\n\n\t\t\t\t\t95.8 \u00a0
\n\n\t\t\t\t\t44.5 \u00a0
\n\n\t\t\t\t\t0.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t449.2 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tSublease receivables, contractual undiscounted payments \u00a0
\n\n\t\t\t\t\t24.6 \u00a0
\n\n\t\t\t\t\t9.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t33.8 \u00a0
\n\n\t\t\t\t\tExpected share of COAs with customers \u00a0
\n\n\t\t\t\t\t454.5 \u00a0
\n\n\t\t\t\t\t79.6 \u00a0
\n\n\t\t\t\t\t58.3 \u00a0
\n\n\t\t\t\t\t51.4 \u00a0
\n\n\t\t\t\t\t29.9 \u00a0
\n\n\t\t\t\t\t68.6 \u00a0
\n\n\t\t\t\t\t742.3 \u00a0
\n\n\t\t\t\t\tExpected income as lessor \u00a0
\n\n\t\t\t\t\t220.7 \u00a0
\n\n\t\t\t\t\t48.4 \u00a0
\n\n\t\t\t\t\t14.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t283.4 \u00a0
\n\n\t\t\t\t\tSeparate disclosure of the lease components and the service income components has not been provided as it is impracticable to establish this disclosure. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4791": {
"value": "3.2 Investments\u00a0in joint ventures \u00a0
\n\n\t\t\t\t\tNORDEN engages in jointly controlled arrangements which include joint \u00a0
\n\n\t\t\t\t\tventures and joint operations. In joint ventures, the parties do not have a \u00a0
\n\n\t\t\t\t\tdirect share in assets and liabilities, etc., but solely a share in the net profit or \u00a0
\n\n\t\t\t\t\tloss and equity. \u00a0
\n\n\t\t\t\t\tOn the other hand, joint operations provide the parties with direct rights to \u00a0
\n\n\t\t\t\t\tthe assets and direct obligations for the liabilities. Each joint operator recog- \u00a0
\n\n\t\t\t\t\tnises its part of assets, liabilities, income and costs. \u00a0
\n\n\t\t\t\t\tThe table below summarises the key figures from investment in joint ventures: \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tKey figures (100%) \u00a0
\n\n\t\t\t\t\tRevenue and other income \u00a0
\n\n\t\t\t\t\t23.3 \u00a0
\n\n\t\t\t\t\t26.0 \u00a0
\n\n\t\t\t\t\tCosts \u00a0
\n\n\t\t\t\t\t-17.7 \u00a0
\n\n\t\t\t\t\t-23.1 \u00a0
\n\n\t\t\t\t\tImpairment \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-0.6 \u00a0
\n\n\t\t\t\t\tTotal profit/loss \u00a0
\n\n\t\t\t\t\t5.6 \u00a0
\n\n\t\t\t\t\t2.3 \u00a0
\n\n\t\t\t\t\tShare of profit/loss of joint ventures \u00a0
\n\n\t\t\t\t\t2.8 \u00a0
\n\n\t\t\t\t\t1.1 \u00a0
\n\n\t\t\t\t\tNon-current assets \u00a0
\n\n\t\t\t\t\t0.1 \u00a0
\n\n\t\t\t\t\t10.1 \u00a0
\n\n\t\t\t\t\tCurrent assets \u00a0
\n\n\t\t\t\t\t5.5 \u00a0
\n\n\t\t\t\t\t21.5 \u00a0
\n\n\t\t\t\t\t- of this, cash and cash equivalents \u00a0
\n\n\t\t\t\t\t5.7 \u00a0
\n\n\t\t\t\t\t7.1 \u00a0
\n\n\t\t\t\t\tNon-current liabilities, debt \u00a0
\n\n\t\t\t\t\t-0.6 \u00a0
\n\n\t\t\t\t\t-11.0 \u00a0
\n\n\t\t\t\t\tCurrent liabilities \u00a0
\n\n\t\t\t\t\t-0.9 \u00a0
\n\n\t\t\t\t\t-2.1 \u00a0
\n\n\t\t\t\t\tTotal carrying amount \u00a0
\n\n\t\t\t\t\t4.1 \u00a0
\n\n\t\t\t\t\t18.5 \u00a0
\n\n\t\t\t\t\tShare of carrying amount \u00a0
\n\n\t\t\t\t\t2.0 \u00a0
\n\n\t\t\t\t\t9.2 \u00a0
\n\n\t\t\t\t\tTransferred to other payables due to negative equity \u00a0
\n\n\t\t\t\t\t-2.0 \u00a0
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\tRecognised carrying amount \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t10.0 \u00a0
\n\n\t\t\t\t\tNo significant restrictions apply to distributions from joint ventures. For \u00a0
\n\n\t\t\t\t\tfurther disclosure related to joint venture, see note 3.5. \u00a0
Investments comprise: \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tOwner- Share\u00a0of profit/loss of \u00a0
\n\n\t\t\t\t\tship \u00a0
\n\n\t\t\t\t\tjoint ventures \u00a0
\n\n\t\t\t\t\tCarrying amount \u00a0
\n\n\t\t\t\t\tNord Summit Pte. \u00a0
\n\n\t\t\t\t\tLtd., Singapore* \u00a0
\n\n\t\t\t\t\t50% \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-1.4 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t10.0 \u00a0
\n\n\t\t\t\t\tPolar Navigation \u00a0
\n\n\t\t\t\t\tPte. Ltd., Singapore \u00a0
\n\n\t\t\t\t\t50% \u00a0
\n\n\t\t\t\t\t2.8 \u00a0
\n\n\t\t\t\t\t2.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tNORDEN SYNERGY \u00a0
\n\n\t\t\t\t\tShip Management \u00a0
\n\n\t\t\t\t\tA/S, Denmark* \u00a0
\n\n\t\t\t\t\t50% \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-0.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t2.8 \u00a0
\n\n\t\t\t\t\t1.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t10.0 \u00a0
\n\n\t\t\t\t\tNORDEN SYNERGY Ship Management A/S was sold as of 31 July 2022. Nord Summit Pte. \u00a0
\n\n\t\t\t\t\texpected to be liquidated in the beginning of 2023. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tIn the Group\u2019s income statement, the Group\u2019s share of the joint ventures\u2019 \u00a0
\n\n\t\t\t\t\tprofit/loss after tax is included in the item \u201cShare of profit/loss of joint \u00a0
\n\n\t\t\t\t\tventures\u201d. \u00a0
\n\n\t\t\t\t\tEnterprises which are contractually operated jointly with one or more other \u00a0
\n\n\t\t\t\t\tenterprises, and which are thus jointly controlled, are recognised in the \u00a0
\n\n\t\t\t\t\tConsolidated Financial Statements according to the equity method. \u00a0
\n\n\t\t\t\t\tIn the Group\u2019s statement of financial position, the Group\u2019s share of the net \u00a0
\n\n\t\t\t\t\tasset value of joint ventures is thus included in the item \u201cInvestments in joint \u00a0
\n\n\t\t\t\t\tventures\u201d, calculated on the basis of the Group\u2019s accounting policies and \u00a0
\n\n\t\t\t\t\tafter deduction or addition of the Group\u2019s share of any unrealised intra-group \u00a0
\n\n\t\t\t\t\tgains or losses. \u00a0
\n\n\t\t\t\t\tJoint ventures with negative net asset values are measured at USD 0 million. \u00a0
\n\n\t\t\t\t\tIf the Group has a legal or constructive obligation to cover the enterprises\u2019 \u00a0
negative balance, such obligation is recognised by writing down any receiv- \u00a0
\n\n\t\t\t\t\table from the joint venture or under provisions. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
\n\n\t\t\t\t\tAssessment of control in shared ownership \u00a0
\n\n\t\t\t\t\tThe classification of activities and enterprises which are in part jointly owned \u00a0
\n\n\t\t\t\t\twith other companies and thus how these activities and enterprises are \u00a0
\n\n\t\t\t\t\ttreated in the Consolidated Financial Statements is to a certain extent based \u00a0
\n\n\t\t\t\t\ton judgements of formal and actual conditions. \u00a0
\n\n\t\t\t\t\tIn the assessment of joint control, an analysis has been made as to which \u00a0
\n\n\t\t\t\t\tdecisions require unanimity and whether these relate to relevant activities, \u00a0
\n\n\t\t\t\t\twhich are activities that significantly affect the return of the arrangement. It is \u00a0
\n\n\t\t\t\t\tassessed that joint control by default exists when business plans and budgets \u00a0
\n\n\t\t\t\t\tmust be adopted unanimously. \u00a0
5.6 Group\u00a0structure \u00a0
\n\n\t\t\t\t\tNORDEN Tankers & Bulkers Chile SpA \u00a0
\n\n\t\t\t\t\tNORDEN Tankers & Bulkers India Private Ltd. \u00a0
\n\n\t\t\t\t\tChile 100% \u00a0
\n\n\t\t\t\t\tIndia 100% \u00a0
\n\n\t\t\t\t\tNORDEN Shipping (Singapore) Pte. Ltd. \u00a0
\n\n\t\t\t\t\tNORDEN Shipping (Shanghai) \u00a0
\n\n\t\t\t\t\tSingapore 100% \u00a0
\n\n\t\t\t\t\tChina 100% Branch \u00a0
\n\n\t\t\t\t\tNORDEN Shipping (USA) LLC \u00a0
\n\n\t\t\t\t\tPolar Navigation Pte. Ltd. \u00a0
\n\n\t\t\t\t\tUSA 100% \u00a0
\n\n\t\t\t\t\tSingapore 50% \u00a0
\n\n\t\t\t\t\tNORDEN Tankers & Bulkers do Brazil Ltda. \u00a0
\n\n\t\t\t\t\tNORDEN Shipping (Australia) Pty. Ltd. \u00a0
\n\n\t\t\t\t\tBrazil 100% \u00a0
\n\n\t\t\t\t\tAustralia 100% \u00a0
\n\n\t\t\t\t\tNORDEN Cyprus Ltd. \u00a0
\n\n\t\t\t\t\tNord Goodwill LLC \u00a0
\n\n\t\t\t\t\tCyprus 100% \u00a0
\n\n\t\t\t\t\tUSA 100% \u00a0
\n\n\t\t\t\t\tNORDEN Asset Management A/S \u00a0
\n\n\t\t\t\t\tDampskibsselskabet NORDEN A/S \u00a0
\n\n\t\t\t\t\tDenmark 100% \u00a0
\n\n\t\t\t\t\tDenmark \u00a0
\n\n\t\t\t\t\tNORDEN Shipping Abidjan SARLU \u00a0
\n\n\t\t\t\t\tIvory Coast 100% \u00a0
\n\n\t\t\t\t\tNORDEN Shipping (Canada) \u00a0
\n\n\t\t\t\t\tCanada 100% Branch \u00a0
\n\n\t\t\t\t\tNORDEN Shipping Middle East DMCC \u00a0
\n\n\t\t\t\t\tUAE 100% \u00a0
\n\n\t\t\t\t\tNORDEN Gabon A/S \u00a0
\n\n\t\t\t\t\tNORDEN Transhipment Services Gabon \u00a0
\n\n\t\t\t\t\tGabon 100% \u00a0
\n\n\t\t\t\t\tGabon 100% Branch \u00a0
\n\n\t\t\t\t\tNORDEN Japan K.K. \u00a0
\n\n\t\t\t\t\tJapan 100% \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4797": {
"value": "ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tIn the Group\u2019s income statement, the Group\u2019s share of the joint ventures\u2019 \u00a0
\n\n\t\t\t\t\tprofit/loss after tax is included in the item \u201cShare of profit/loss of joint \u00a0
\n\n\t\t\t\t\tventures\u201d. \u00a0
\n\n\t\t\t\t\tEnterprises which are contractually operated jointly with one or more other \u00a0
\n\n\t\t\t\t\tenterprises, and which are thus jointly controlled, are recognised in the \u00a0
\n\n\t\t\t\t\tConsolidated Financial Statements according to the equity method. \u00a0
\n\n\t\t\t\t\tIn the Group\u2019s statement of financial position, the Group\u2019s share of the net \u00a0
\n\n\t\t\t\t\tasset value of joint ventures is thus included in the item \u201cInvestments in joint \u00a0
\n\n\t\t\t\t\tventures\u201d, calculated on the basis of the Group\u2019s accounting policies and \u00a0
\n\n\t\t\t\t\tafter deduction or addition of the Group\u2019s share of any unrealised intra-group \u00a0
\n\n\t\t\t\t\tgains or losses. \u00a0
\n\n\t\t\t\t\tJoint ventures with negative net asset values are measured at USD 0 million. \u00a0
\n\n\t\t\t\t\tIf the Group has a legal or constructive obligation to cover the enterprises\u2019 \u00a0
negative balance, such obligation is recognised by writing down any receiv- \u00a0
\n\n\t\t\t\t\table from the joint venture or under provisions. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4799": {
"value": "ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tIn the Group\u2019s income statement, the Group\u2019s share of the joint ventures\u2019 \u00a0
\n\n\t\t\t\t\tprofit/loss after tax is included in the item \u201cShare of profit/loss of joint \u00a0
\n\n\t\t\t\t\tventures\u201d. \u00a0
\n\n\t\t\t\t\tEnterprises which are contractually operated jointly with one or more other \u00a0
\n\n\t\t\t\t\tenterprises, and which are thus jointly controlled, are recognised in the \u00a0
\n\n\t\t\t\t\tConsolidated Financial Statements according to the equity method. \u00a0
\n\n\t\t\t\t\tIn the Group\u2019s statement of financial position, the Group\u2019s share of the net \u00a0
\n\n\t\t\t\t\tasset value of joint ventures is thus included in the item \u201cInvestments in joint \u00a0
\n\n\t\t\t\t\tventures\u201d, calculated on the basis of the Group\u2019s accounting policies and \u00a0
\n\n\t\t\t\t\tafter deduction or addition of the Group\u2019s share of any unrealised intra-group \u00a0
\n\n\t\t\t\t\tgains or losses. \u00a0
\n\n\t\t\t\t\tJoint ventures with negative net asset values are measured at USD 0 million. \u00a0
\n\n\t\t\t\t\tIf the Group has a legal or constructive obligation to cover the enterprises\u2019 \u00a0
negative balance, such obligation is recognised by writing down any receiv- \u00a0
\n\n\t\t\t\t\table from the joint venture or under provisions. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4801": {
"value": "3.3 Freight\u00a0receivables \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tReceivables from invoiced voyages \u00a0
\n\n\t\t\t\t\t190.7 \u00a0
\n\n\t\t\t\t\t111.2 \u00a0
\n\n\t\t\t\t\tReceivables from voyages commenced at the \u00a0
\n\n\t\t\t\t\tbalance sheet date \u00a0
\n\n\t\t\t\t\t154.3 \u00a0
\n\n\t\t\t\t\t152.9 \u00a0
\n\n\t\t\t\t\tFreight receivables \u00a0
\n\n\t\t\t\t\t345.0 \u00a0
\n\n\t\t\t\t\t264.1 \u00a0
\n\n\t\t\t\t\tWritedown regarding demurrage, claims, etc. \u00a0
\n\n\t\t\t\t\t-16.1 \u00a0
\n\n\t\t\t\t\t-8.4 \u00a0
\n\n\t\t\t\t\tFreight receivables, net \u00a0
\n\n\t\t\t\t\t328.9 \u00a0
\n\n\t\t\t\t\t255.7 \u00a0
\n\n\t\t\t\t\tCarrying amount at 31 December \u00a0
\n\n\t\t\t\t\t328.9 \u00a0
\n\n\t\t\t\t\t255.7 \u00a0
\n\n\t\t\t\t\tFreight receivables are predominately denominated in USD as other curren- \u00a0
\n\n\t\t\t\t\tcies account for less than 1% in both 2022 and 2021. \u00a0
\n\n\t\t\t\t\tRegarding freight receivables, the Group usually has the opportunity to use \u00a0
\n\n\t\t\t\t\tthe cargo as security. Refer to note 4.1 \"Financial risk management\" and note \u00a0
\n\n\t\t\t\t\t4.3 \"Fair value hierarchy\" for further information. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tReceivables are measured at amortised cost less allowances for impair- \u00a0
\n\n\t\t\t\t\tment losses. Impairment losses for trade receivables are determined as the \u00a0
\n\n\t\t\t\t\texpected loss over the life of the receivables. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
\n\n\t\t\t\t\tAllowances of trade receivables are determined using the lifetime expected \u00a0
\n\n\t\t\t\t\tcredit loss which includes factors such as internal rating, historical information \u00a0
\n\n\t\t\t\t\tabout payment patterns, collateral received as well as prevailing economic \u00a0
\n\n\t\t\t\t\tconditions. Estimates made are updated if the debtor\u2019s ability to pay changes. \u00a0
\n\n\t\t\t\t\tIt is estimated that the allowances made are sufficient to cover bad debt. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4805": {
"value": "3.4 Vessels\u00a0held for sale and related liabilities \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tCarrying amount at 1 January \u00a0
\n\n\t\t\t\t\t150.8 \u00a0
\n\n\t\t\t\t\t17.1 \u00a0
\n\n\t\t\t\t\tAdditions \u00a0
\n\n\t\t\t\t\t104.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tAdditions from vessels \u00a0
\n\n\t\t\t\t\t283.7 \u00a0
\n\n\t\t\t\t\t188.1 \u00a0
\n\n\t\t\t\t\tAdditions from prepayments on vessels \u00a0
\n\n\t\t\t\t\tand newbuildings \u00a0
\n\n\t\t\t\t\t44.9 \u00a0
\n\n\t\t\t\t\t83.4 \u00a0
\n\n\t\t\t\t\tDisposals \u00a0
\n\n\t\t\t\t\t-477.2 \u00a0
\n\n\t\t\t\t\t-137.8 \u00a0
\n\n\t\t\t\t\tRevsersal of impairment losses \u00a0
\n\n\t\t\t\t\t3.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tCarrying amount at 31 December \u00a0
\n\n\t\t\t\t\t110.0 \u00a0
\n\n\t\t\t\t\t150.8 \u00a0
\n\n\t\t\t\t\tLiabilities relating to vessels held for sale \u00a0
\n\n\t\t\t\t\tPrepayments received newbuildings \u00a0
\n\n\t\t\t\t\tand vessels sold \u00a0
\n\n\t\t\t\t\t21.0 \u00a0
\n\n\t\t\t\t\t9.4 \u00a0
\n\n\t\t\t\t\t31 December \u00a0
\n\n\t\t\t\t\t21.0 \u00a0
\n\n\t\t\t\t\t9.4 \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tVessels held for sale comprise vessels for which a binding sales agreement \u00a0
\n\n\t\t\t\t\thas been entered into and the vessel will be transferred to the buyer within 12 \u00a0
\n\n\t\t\t\t\tmonths of the reporting date. \u00a0
\n\n\t\t\t\t\tNewbuilding vessels and prepayments on vessels held for sale are measured at \u00a0
\n\n\t\t\t\t\tthe lower of carrying amount before classification as held for sale and fair value \u00a0
\n\n\t\t\t\t\tless selling costs and are recognised under current assets. Vessels held for sale \u00a0
\n\n\t\t\t\t\tare not depreciated. \u00a0
\n\n\t\t\t\t\tAssets and directly related liabilities in relation to vessels held for sale are \u00a0
\n\n\t\t\t\t\trecognised in separate items in the statement of financial position. Gains and \u00a0
\n\n\t\t\t\t\tlosses are included in the income statement in the item \"Profit/loss from sale of \u00a0
\n\n\t\t\t\t\tvessels, etc.\u201d. Gains are recognised on delivery and losses when they are classified as \u00a0
\n\n\t\t\t\t\t\"held for sale\u201d. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4808": {
"value": "3.5 Joint\u00a0operations \u00a0
\n\n\t\t\t\t\tNORDEN engages in jointly controlled arrangements which include joint \u00a0
\n\n\t\t\t\t\tventures and joint operations. In joint ventures, the parties do not have a \u00a0
\n\n\t\t\t\t\tdirect share in assets and liabilities, etc., but solely a share in the net profit or \u00a0
\n\n\t\t\t\t\tloss and equity. On the other hand, joint operations provide the parties with \u00a0
\n\n\t\t\t\t\tdirect rights to the assets and direct obligations for the liabilities. Each joint \u00a0
\n\n\t\t\t\t\toperator recognises its part of assets, liabilities, income and costs. \u00a0
\n\n\t\t\t\t\tNORDEN\u2019s shipping activities are to some extent conducted through pool \u00a0
\n\n\t\t\t\t\tarrangements. In pools, revenue and related costs are recognised according \u00a0
\n\n\t\t\t\t\tto criteria corresponding to the pool agreements. \u00a0
\n\n\t\t\t\t\tFor vessels operating in pools, the pool\u2019s profit is allocated to the pool parti- \u00a0
\n\n\t\t\t\t\tcipants on the basis of an agreed principle. The agreed principle may differ \u00a0
\n\n\t\t\t\t\tfrom pool to pool. Generally, the pool profit is allocated to the participants \u00a0
\n\n\t\t\t\t\taccording to the number of days the vessels have been at the pool\u2019s disposal, \u00a0
\n\n\t\t\t\t\tbut weighted for the capacity and characteristics of the individual vessels. \u00a0
\n\n\t\t\t\t\tNORDEN operates a few pools. As pool operator, NORDEN receives manage- \u00a0
\n\n\t\t\t\t\tment income to cover its costs in this respect. Management income is calcu- \u00a0
\n\n\t\t\t\t\tlated as a fixed percentage of charter/freight income for each individual \u00a0
\n\n\t\t\t\t\tagreement, however, with a minimum amount. The management income is \u00a0
\n\n\t\t\t\t\trecognised in the income statement in the item \u201cOther operating income\u201d as \u00a0
\n\n\t\t\t\t\tthe underlying charter/freight agreement is recognised. \u00a0
The following is an overview of NORDEN\u2019s total liabilities and coverage in \u00a0
\n\n\t\t\t\t\trespect of jointly controlled operations in the event that other pool partners \u00a0
\n\n\t\t\t\t\tare unable to meet their obligations. \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tShare of unrecognised liabilities for which \u00a0
\n\n\t\t\t\t\tthe pool partners are jointly and severally liable \u00a0
\n\n\t\t\t\t\t42.8 \u00a0
\n\n\t\t\t\t\t24.6 \u00a0
\n\n\t\t\t\t\tCash and cash equivalents liable to the pool partners \u00a0
\n\n\t\t\t\t\t63.9 \u00a0
\n\n\t\t\t\t\t6.7 \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tPool arrangements are considered joint operations. Accordingly for vessels \u00a0
\n\n\t\t\t\t\toperating in pools, the proportionate share of income and costs is presented \u00a0
\n\n\t\t\t\t\tas gross amounts in the income statement. For example, the share of revenue \u00a0
\n\n\t\t\t\t\tin pools is recognised in \u201cRevenue\u201d, while the proportionate share of costs \u00a0
\n\n\t\t\t\t\tin pools, such as direct voyage costs (e.g. bunker oil, commissions and port \u00a0
\n\n\t\t\t\t\tcharges) and charter hire for chartered pool tonnage, is recognised in \u201cVessel \u00a0
\n\n\t\t\t\t\toperating costs\u201d. Similarly, NORDEN\u2019s share of assets and liabilities in pools \u00a0
\n\n\t\t\t\t\tis recognised, and NORDEN\u2019s share of other liabilities, etc. is included in the \u00a0
\n\n\t\t\t\t\tnotes to the Financial Statements. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
\n\n\t\t\t\t\tAssessment of control in shared ownership - pool arrangements \u00a0
\n\n\t\t\t\t\tThe classification of activities and enterprises which are in part jointly owned \u00a0
\n\n\t\t\t\t\twith other companies and thus how these activities and enterprises are \u00a0
\n\n\t\t\t\t\ttreated in the Consolidated Financial Statements are to a certain extent based \u00a0
\n\n\t\t\t\t\ton judgements of formal and actual conditions. \u00a0
\n\n\t\t\t\t\tIn connection with the assessment of control, an analysis of the operator role \u00a0
\n\n\t\t\t\t\tin NORDEN\u2019s agreements on pool arrangements has been made. The opera- \u00a0
\n\n\t\t\t\t\ttor is responsible for the day-to-day management of activities carried out \u00a0
\n\n\t\t\t\t\twithin a jointly established framework. Since the operators are not exposed \u00a0
\n\n\t\t\t\t\tto, and are not entitled to, a return apart from the participating share and the \u00a0
\n\n\t\t\t\t\tfact that they can be replaced upon agreement, the operators are considered \u00a0
\n\n\t\t\t\t\tto be agents as defined in IFRS 10. \u00a0
\n\n\t\t\t\t\tIn the assessment of joint control, an analysis has been made as to which deci- \u00a0
\n\n\t\t\t\t\tsions require unanimity and whether these relate to relevant activities, which \u00a0
\n\n\t\t\t\t\tare activities that significantly affect the return of the pool arrangement. It is \u00a0
\n\n\t\t\t\t\tassessed that joint control by default exists when business plans and budgets \u00a0
\n\n\t\t\t\t\tmust be adopted unanimously. \u00a0
For NORDEN\u2019s pool arrangements, unanimity is required on decisions \u00a0
\n\n\t\t\t\t\trelating to relevant activities. It has also been established that the pool part- \u00a0
\n\n\t\t\t\t\tners have rights and obligations directly and unlimited with regard to the \u00a0
\n\n\t\t\t\t\tassets and liabilities of the arrangements, and as the pool arrangements have \u00a0
\n\n\t\t\t\t\tnot been structured into separate legal units, these are treated and classified \u00a0
\n\n\t\t\t\t\tas joint operations. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointOperationsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4807": {
"value": "ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tVessels held for sale comprise vessels for which a binding sales agreement \u00a0
\n\n\t\t\t\t\thas been entered into and the vessel will be transferred to the buyer within 12 \u00a0
\n\n\t\t\t\t\tmonths of the reporting date. \u00a0
\n\n\t\t\t\t\tNewbuilding vessels and prepayments on vessels held for sale are measured at \u00a0
\n\n\t\t\t\t\tthe lower of carrying amount before classification as held for sale and fair value \u00a0
\n\n\t\t\t\t\tless selling costs and are recognised under current assets. Vessels held for sale \u00a0
\n\n\t\t\t\t\tare not depreciated. \u00a0
\n\n\t\t\t\t\tAssets and directly related liabilities in relation to vessels held for sale are \u00a0
\n\n\t\t\t\t\trecognised in separate items in the statement of financial position. Gains and \u00a0
\n\n\t\t\t\t\tlosses are included in the income statement in the item \"Profit/loss from sale of \u00a0
\n\n\t\t\t\t\tvessels, etc.\u201d. Gains are recognised on delivery and losses when they are classified as \u00a0
\n\n\t\t\t\t\t\"held for sale\u201d. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4804": {
"value": "ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tReceivables are measured at amortised cost less allowances for impair- \u00a0
\n\n\t\t\t\t\tment losses. Impairment losses for trade receivables are determined as the \u00a0
\n\n\t\t\t\t\texpected loss over the life of the receivables. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4813": {
"value": "ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tPool arrangements are considered joint operations. Accordingly for vessels \u00a0
\n\n\t\t\t\t\toperating in pools, the proportionate share of income and costs is presented \u00a0
\n\n\t\t\t\t\tas gross amounts in the income statement. For example, the share of revenue \u00a0
\n\n\t\t\t\t\tin pools is recognised in \u201cRevenue\u201d, while the proportionate share of costs \u00a0
\n\n\t\t\t\t\tin pools, such as direct voyage costs (e.g. bunker oil, commissions and port \u00a0
\n\n\t\t\t\t\tcharges) and charter hire for chartered pool tonnage, is recognised in \u201cVessel \u00a0
\n\n\t\t\t\t\toperating costs\u201d. Similarly, NORDEN\u2019s share of assets and liabilities in pools \u00a0
\n\n\t\t\t\t\tis recognised, and NORDEN\u2019s share of other liabilities, etc. is included in the \u00a0
\n\n\t\t\t\t\tnotes to the Financial Statements. \u00a0
",
"dimensions": {
"concept": "norden:DescriptionOfAccountingPoliciesForJointOperations",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4814": {
"value": "4.1 Financial\u00a0risk management \u00a0
\n\n\t\t\t\t\tThe Group is exposed to a variety of risks from its operations in shipping \u00a0
\n\n\t\t\t\t\tmarkets. \u00a0
\n\n\t\t\t\t\tThe Board of Directors is advised by the Risk Committee in matters related \u00a0
\n\n\t\t\t\t\tto the management of these risks, where the Risk Committee is responsible \u00a0
\n\n\t\t\t\t\tfor ensuring development and implementation of robust risk frameworks that \u00a0
\n\n\t\t\t\t\tappropriately identify and measure risks. \u00a0
\n\n\t\t\t\t\tBased on advice from the Risk Committee, the Board of Directors reviews and \u00a0
\n\n\t\t\t\t\tagrees on policies for managing each of the risks, which are described below. \u00a0
\n\n\t\t\t\t\tFor further information, see the \"Risk Management\" section on pages 17-18 in \u00a0
\n\n\t\t\t\t\tthe Management's Review. \u00a0
Credit risks \u00a0
\n\n\t\t\t\t\tThe Group is exposed to credit risk related to trade receivables from its \u00a0
\n\n\t\t\t\t\tcounterparties and agreed future COAs, its prepayments to shipyards and \u00a0
\n\n\t\t\t\t\tship owners, its cash deposits with financial institutions and potential initial \u00a0
\n\n\t\t\t\t\tmargins and intraday volatility market values in relation to derivative instru- \u00a0
\n\n\t\t\t\t\tments. \u00a0
\n\n\t\t\t\t\tCredit risk is reduced by systematic credit assessment of counterparties and \u00a0
\n\n\t\t\t\t\tregular monitoring of their creditworthiness. For this purpose, own analyses \u00a0
\n\n\t\t\t\t\tare applied based on external credit rating agencies and publicly available \u00a0
\n\n\t\t\t\t\tinformation. Each analysis results in an internal rating, which is subsequently \u00a0
\n\n\t\t\t\t\tused for determining the allowed scope of the commitment. \u00a0
\n\n\t\t\t\t\tThe internal ratings are based both on a financial and a non-financial assess- \u00a0
\n\n\t\t\t\t\tment of the counterparty profile, where each category ranges between A to \u00a0
\n\n\t\t\t\t\tD, with A being the highest achievable score. \u00a0
Customer credit risk exposure \u00a0
\n\n\t\t\t\t\tThe total Group credit exposure was USD 1,907 million (USD 1,767 million) at \u00a0
\n\n\t\t\t\t\tthe end of 2022 with USD 1,463 million (USD 1,684 million) in Dry Cargo and \u00a0
\n\n\t\t\t\t\tUSD 444 million (USD 83 million) in Tankers. \u00a0
\n\n\t\t\t\t\tWhile concentration risk is mitigated by distributing exposure between many \u00a0
\n\n\t\t\t\t\tcounterparties, it is still a few counterparties that account for a large part of \u00a0
\n\n\t\t\t\t\tthe exposure. \u00a0
\n\n\t\t\t\t\tIn Dry Cargo, the exposure involves 315 (285) counterparties, where the five \u00a0
\n\n\t\t\t\t\tlargest counterparties accounted for 27% (30%) of the covered revenue in the \u00a0
\n\n\t\t\t\t\tsegment. \u00a0
\n\n\t\t\t\t\tIn Tankers, the exposure involves 87 (59) counterparties, where the five largest \u00a0
\n\n\t\t\t\t\taccounted for 71% (68%) of the covered revenue in the segment. It is assessed \u00a0
\n\n\t\t\t\t\tthat most of the counterparties referred to above are solid, and the Group \u00a0
\n\n\t\t\t\t\tstays updated on the performance and activities of these companies on a \u00a0
\n\n\t\t\t\t\tregular basis. \u00a0
\n\n\t\t\t\t\tCredit risks related to trade receivables differ somewhat for timecharters and \u00a0
\n\n\t\t\t\t\tvoyage charters. For timecharters, revenues are in general paid in advance \u00a0
\n\n\t\t\t\t\tfor the next two to four weeks, while for voyage charters, substantially all \u00a0
\n\n\t\t\t\t\trevenue is paid before discharge in Dry Cargo and within two to five days \u00a0
\n\n\t\t\t\t\tafter discharge in Tankers. \u00a0
\n\n\t\t\t\t\tDue to the nature of the counterparties as described above and the system- \u00a0
\n\n\t\t\t\t\tatic and regular monitoring of their creditworthiness, the customer credit risk \u00a0
\n\n\t\t\t\t\tis determined to be limited. \u00a0
Prepayments \u00a0
\n\n\t\t\t\t\tThe Group has credit risk related to prepayments to shipyards. To mitigate \u00a0
\n\n\t\t\t\t\tthis risk, the Group generally obtains a guarantee from a financial institution. \u00a0
Cash deposits \u00a0
\n\n\t\t\t\t\tThe Group liquidity is strictly placed with financial institutions that are either \u00a0
\n\n\t\t\t\t\tclassified as a systemically important financial institution (SIFI) or that have a \u00a0
\n\n\t\t\t\t\tMoody's rating of at least A-. \u00a0
Derivatives \u00a0
\n\n\t\t\t\t\tNORDEN uses derivatives instruments to hedge freight risk, bunker risk and \u00a0
\n\n\t\t\t\t\tcurrency risk. The credit risk related to these instruments is deemed to be \u00a0
\n\n\t\t\t\t\tsmall, since cleared and OTC contracts are subject to daily margin payments, \u00a0
\n\n\t\t\t\t\twith the only difference that OTC contracts have a threshold before daily \u00a0
\n\n\t\t\t\t\tmargin payments are made. \u00a0
\n\n\t\t\t\t\tAt year end, a total positive market value of USD 152 million (2021: USD 180 \u00a0
\n\n\t\t\t\t\tmillion) and a total negative market value of USD 97 million (2021: USD 222 \u00a0
\n\n\t\t\t\t\tmillion) had been cleared through NORDEN's margin account with Skandina- \u00a0
\n\n\t\t\t\t\tviska Enskilda Banken (SEB). \u00a0
Freight rate risks \u00a0
\n\n\t\t\t\t\tPurchasing and chartering vessels, and cargo contracts, imply a risk as the \u00a0
\n\n\t\t\t\t\tGroup assumes financial liability in expectation of generating earnings which \u00a0
\n\n\t\t\t\t\tare dependent on the freight market. \u00a0
\n\n\t\t\t\t\tThe Group uses FFAs to hedge cash flow risk to the extent Management finds \u00a0
\n\n\t\t\t\t\tit attractive, cf. note 4.2 \"Derivatives\". \u00a0
Bunker price risks \u00a0
\n\n\t\t\t\t\tA large part of the variable revenues and expenses are related to bunker \u00a0
\n\n\t\t\t\t\tprices, which impact the Group's result. The Group uses bunker swaps to \u00a0
\n\n\t\t\t\t\thedge the bunker price risk to the extent possible, cf. note 4.2 \"Derivatives\". \u00a0
\n\n\t\t\t\t\tNote that for vessels that are scrubber-fitted, the Group has a bunker price \u00a0
\n\n\t\t\t\t\trisk related the spread between high sulphur fuel oil and a combination of \u00a0
\n\n\t\t\t\t\thigh sulphur fuel oil and a combination of very low sulphur fuel oil and gas oil, \u00a0
respectively. As the available hedging tools are not very liquid, only parts of \u00a0
\n\n\t\t\t\t\tthis risk is hedged. \u00a0
Interest rate risks \u00a0
\n\n\t\t\t\t\tMost of the Group\u2019s loan obligations are paying interest on the basis of SOFR \u00a0
\n\n\t\t\t\t\tor one, three, or six months' USD LIBOR. Most of the Group\u2019s considerable \u00a0
\n\n\t\t\t\t\tcash balance is held at banks thus netting out the loan\u2019s interest rate expo- \u00a0
\n\n\t\t\t\t\tsure. The Group\u2019s significant net cash position implies positive interest rate \u00a0
\n\n\t\t\t\t\texposure. \u00a0
\n\n\t\t\t\t\tMost of the Group\u2019s considerable cash balance is placed on short-term \u00a0
\n\n\t\t\t\t\tdeposit accounts thus netting out the loan\u2019s LIBOR exposure. The Group\u2019s net \u00a0
\n\n\t\t\t\t\tinterest rate exposure does not have a significant effect on the results of the \u00a0
Currency risks \u00a0
\n\n\t\t\t\t\tThe Group\u2019s functional currency is USD. Since administrative expenses and \u00a0
\n\n\t\t\t\t\tdividends are paid in other currencies - mainly DKK - there is a currency risk \u00a0
\n\n\t\t\t\t\tin this connection. The Group hedges expected administrative expenses \u00a0
\n\n\t\t\t\t\tpayable in DKK for a period of 6-24 months. \u00a0
\n\n\t\t\t\t\tIn connection with newbuilding payments, typically in JPY, CNY or KRW, there \u00a0
\n\n\t\t\t\t\tmay also be a currency risk. This is hedged by forward contracts in connection \u00a0
\n\n\t\t\t\t\twith newbuilding orders. At the end of 2022, all newbuilding payments were, \u00a0
\n\n\t\t\t\t\thowever, in USD. \u00a0
\n\n\t\t\t\t\tThe strike price in some of the Group\u2019s purchase options is determined in JPY, \u00a0
\n\n\t\t\t\t\tand it is the Group\u2019s policy only to hedge these if the option is exercised and \u00a0
\n\n\t\t\t\t\tonly upon exercise. \u00a0
\n\n\t\t\t\t\tIn connection with the conclusion of a COA in GBP, cross currency swaps were \u00a0
Liquidity risks \u00a0
\n\n\t\t\t\t\tThe Group maintains sufficient liquidity to handle short-term fluctuations in \u00a0
\n\n\t\t\t\t\tcash flows while at the same time complying with bank covenants. \u00a0
\n\n\t\t\t\t\tMost of the Group's derivatives contracts, including but not limited to bunker \u00a0
\n\n\t\t\t\t\tswaps and FFAs, are mainly traded cleared. The derivatives contracts can also \u00a0
\n\n\t\t\t\t\tbe traded OTC, but in this case always supported by ISDAs with CSAs. This \u00a0
\n\n\t\t\t\t\timplies a liquidity risk as changes in market value of the financial contracts \u00a0
\n\n\t\t\t\t\tmust be backed by collateral on a daily basis. \u00a0
\n\n\t\t\t\t\tThe Group actively monitors and manages this risk using Cash Flow at Risk to \u00a0
\n\n\t\t\t\t\tensure sufficient available liquidity to handle severe stress of current market \u00a0
\n\n\t\t\t\t\tconditions. \u00a0
\n\n\t\t\t\t\tThe terms to maturity of financial assets and liabilities are disclosed by \u00a0
\n\n\t\t\t\t\tcategory and class distributed on maturity periods. All interest payments and \u00a0
\n\n\t\t\t\t\trepayments of financial assets and liabilities are based on contractual agree- \u00a0
\n\n\t\t\t\t\tments. \u00a0
\n\n\t\t\t\t\tInterest payments on floating-rate instruments are determined based on a \u00a0
\n\n\t\t\t\t\tzero-coupon interest structure adjusted by the Group's interest margin. All \u00a0
\n\n\t\t\t\t\tcash flows are undiscounted. \u00a0
Capital management risks \u00a0
\n\n\t\t\t\t\tThe Group\u2019s formal external capital requirement is limited to the contributed \u00a0
\n\n\t\t\t\t\tcapital of the Parent Company and the subsidiaries, which is significantly \u00a0
\n\n\t\t\t\t\tlower than the Group\u2019s equity. \u00a0
\n\n\t\t\t\t\tThe Group\u2019s equity ratio was 48.3% (40.5%) at the end of 2022. This significant \u00a0
\n\n\t\t\t\t\tequity ratio should be considered relative to the Group\u2019s future payment obli- \u00a0
\n\n\t\t\t\t\tgations in the form of operating lease liabilities (T/C contracts) and payments \u00a0
\n\n\t\t\t\t\tfor newbuildings not recognised in the statement of financial position. \u00a0
Financial comments \u00a0
\n\n\t\t\t\t\tOn the reporting date, floating-rate bank loans had an interest rate up to \u00a0
\n\n\t\t\t\t\tSOFR plus a margin of 1.85%. NORDEN's USD 100 million bond issue pays \u00a0
\n\n\t\t\t\t\tthree months' LIBOR plus a margin of 4.75%. Refer to note 4.3 \u201cFair value \u00a0
\n\n\t\t\t\t\thierarchy\u201d for further information. \u00a0
Overview of financial risks \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\tNominal value \u00a0
\n\n\t\t\t\t\tCredit \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tComments on NORDEN\u2019s policy \u00a0
\n\n\t\t\t\t\tFreight receivables \u00a0
\n\n\t\t\t\t\t345 \u00a0
\n\n\t\t\t\t\t264 \u00a0
\n\n\t\t\t\t\tThe credit rating of counterparties is assessed on an ongoing basis through systematic credit assessment and regular monitoring of creditworthiness. \u00a0
\n\n\t\t\t\t\tBank deposits \u00a0
\n\n\t\t\t\t\t842 \u00a0
\n\n\t\t\t\t\t411 \u00a0
\n\n\t\t\t\t\tLiquidity is strictly placed with financial institutions that are either classified as a systemically important financial institution or that have a Moody's rating of at least A-. \u00a0
\n\n\t\t\t\t\tPrepayments on vessels and newbuildings \u00a0
\n\n\t\t\t\t\t32 \u00a0
\n\n\t\t\t\t\t95 \u00a0
\n\n\t\t\t\t\tAs a main rule, newbuilding contracts with shipyards are entered into with repayment guarantees issued by banks with good credit ratings. \u00a0
\n\n\t\t\t\t\tFreight rate risks (FFAs) \u00a0
\n\n\t\t\t\t\t224S \u00a0
\n\n\t\t\t\t\t231S \u00a0
\n\n\t\t\t\t\tTo limit credit risk, the Group\u2019s FFAs are for the main part entered through established clearing houses as these have daily margin settlement. \u00a0
\n\n\t\t\t\t\tBunker swaps \u00a0
\n\n\t\t\t\t\t113B \u00a0
\n\n\t\t\t\t\t111B \u00a0
\n\n\t\t\t\t\tBunker swaps are in general traded cleared, but in some cases bunker swaps are traded OTC with financial institutions and with major, recognised business partners \u00a0
\n\n\t\t\t\t\twith good credit ratings. In the case of OTC trades, the Group always includes an ISDA agreement ensuring continuous collateral above a specific threshold. \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\tNominal value \u00a0
\n\n\t\t\t\t\tMarket \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tSensitivity \u00a0
\n\n\t\t\t\t\tComments on NORDEN\u2019s policy \u00a0
\n\n\t\t\t\t\tFreight rate risks (FFAs) \u00a0
\n\n\t\t\t\t\t224S \u00a0
\n\n\t\t\t\t\t231S \u00a0
\n\n\t\t\t\t\tA 10% drop in freight rates at year end would positively impact equity by USD 16 \u00a0
\n\n\t\t\t\t\tFFAs are used to hedge the cash flow risk related to highly probable freight \u00a0
\n\n\t\t\t\t\t(positive impact of USD 28). \u00a0
\n\n\t\t\t\t\texpenses and revenues. \u00a0
\n\n\t\t\t\t\tBunker price risks \u00a0
\n\n\t\t\t\t\t113B \u00a0
\n\n\t\t\t\t\t111B \u00a0
\n\n\t\t\t\t\tA 10% drop in bunker prices at year end would negatively impact equity by USD 10 \u00a0
\n\n\t\t\t\t\tBunker swaps are used to hedge the cash flow risk related to expenses of highly \u00a0
\n\n\t\t\t\t\t(negative impact of USD 12). \u00a0
\n\n\t\t\t\t\tprobable bunker purchases and revenues from the bunker price component of \u00a0
\n\n\t\t\t\t\texpected, highly probable, cargoes. \u00a0
\n\n\t\t\t\t\tCurrency risks \u00a0
\n\n\t\t\t\t\t186 \u00a0
\n\n\t\t\t\t\t120 \u00a0
\n\n\t\t\t\t\tA 10% increase in the DKK, GBP and JPY exchange rates at year end would have \u00a0
\n\n\t\t\t\t\t\u2022 DKK forward currency contracts are used to hedge expected DKK overhead and \u00a0
\n\n\t\t\t\t\tthe following impact: \u00a0
\n\n\t\t\t\t\tadministration costs for the next 12-24 months. \u00a0
\n\n\t\t\t\t\t\u2022 DKK; net results positively by USD 0 (USD 0) and equity USD 0 (USD 0), and \u00a0
\n\n\t\t\t\t\t\u2022 GBP forward currency contracts\u00a0are used to hedge expected freight income \u00a0
\n\n\t\t\t\t\t\u2022 GBP; net results positively by USD 0 (USD 0) and equity by USD 3 (USD 3), and \u00a0
\n\n\t\t\t\t\tfrom a COA concluded in GBP, cf. note 4.2. \u00a0
\n\n\t\t\t\t\t\u2022 JPY; net results positively by USD 4 (USD 0) and equity by USD 4 (USD 0). \u00a0
\n\n\t\t\t\t\t\u2022 JPY forward currency contracts are used to hedge the excersise price of vessel \u00a0
\n\n\t\t\t\t\tpurchase options. \u00a0
\n\n\t\t\t\t\tAny exposure to other currencies than DKK, GBP and JPY is insignificant. \u00a0
\n\n\t\t\t\t\tInterest rate risks \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tBased on the Group\u2019s liquidity and debt at year end, a 1% increase in interest rates \u00a0
\n\n\t\t\t\t\tMost of the Group\u2019s loan obligations are paying interest on the basis of one, three, \u00a0
\n\n\t\t\t\t\twould, all other things being equal, impact earnings before tax positively by USD 7\u00a0and six months' USD LIBOR. Most of the Group\u2019s considerable cash balance is \u00a0
\n\n\t\t\t\t\tmillion (USD 1) and equity by USD 7 (USD 1).\u00a0placed in short-term bank deposits thus netting out the loan\u2019s LIBOR exposure. \u00a0
The table below summarises the maturity profile of the Group\u2019s financial assets and liabilities based on \u00a0
\n\n\t\t\t\t\tcontractual undiscounted payments: \u00a0
\n\n\t\t\t\t\tMaturities \u00a0
\n\n\t\t\t\t\tCarrying \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t<1 year\u00a01-3 years \u00a0
\n\n\t\t\t\t\t>3 years \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tamount \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tDerivative financial instruments \u00a0
\n\n\t\t\t\t\tDerivative financial instruments with a positive \u00a0
\n\n\t\t\t\t\tmarket value \u00a0
\n\n\t\t\t\t\t5.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t5.7 \u00a0
\n\n\t\t\t\t\t5.7 \u00a0
\n\n\t\t\t\t\tDerivative financial instruments with a negative \u00a0
\n\n\t\t\t\t\tmarket value \u00a0
\n\n\t\t\t\t\t-6.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-6.0 \u00a0
\n\n\t\t\t\t\t-6.0 \u00a0
\n\n\t\t\t\t\tCash flow hedging with a positive market value \u00a0
\n\n\t\t\t\t\t0.7 \u00a0
\n\n\t\t\t\t\t0.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\tCash flow hedging with a negative market value \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tFinancial assets measured at amortised cost \u00a0
\n\n\t\t\t\t\tReceivables from subleasing \u00a0
\n\n\t\t\t\t\t77.3 \u00a0
\n\n\t\t\t\t\t23.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t100.9 \u00a0
\n\n\t\t\t\t\t91.9 \u00a0
\n\n\t\t\t\t\tCash and cash equivalents \u00a0
\n\n\t\t\t\t\t842.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t842.3 \u00a0
\n\n\t\t\t\t\t842.3 \u00a0
\n\n\t\t\t\t\tFreight receivables \u00a0
\n\n\t\t\t\t\t328.9 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t328.9 \u00a0
\n\n\t\t\t\t\t328.9 \u00a0
\n\n\t\t\t\t\tReceivables from joint ventures \u00a0
\n\n\t\t\t\t\t1.5 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1.5 \u00a0
\n\n\t\t\t\t\t1.5 \u00a0
\n\n\t\t\t\t\tOther receivables \u00a0
\n\n\t\t\t\t\t42.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t42.8 \u00a0
\n\n\t\t\t\t\t42.8 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t1,292.8 \u00a0
\n\n\t\t\t\t\t23.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1,316.4 \u00a0
\n\n\t\t\t\t\t1,307.4 \u00a0
\n\n\t\t\t\t\tFinancial liabilities measured at amortised cost \u00a0
\n\n\t\t\t\t\tLoans \u00a0
\n\n\t\t\t\t\t-24.3 \u00a0
\n\n\t\t\t\t\t-99.2 \u00a0
\n\n\t\t\t\t\t-107.2 \u00a0
\n\n\t\t\t\t\t-230.7 \u00a0
\n\n\t\t\t\t\t-221.6 \u00a0
\n\n\t\t\t\t\tBonds \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-74.5 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-74.5 \u00a0
\n\n\t\t\t\t\t-73.7 \u00a0
\n\n\t\t\t\t\tLease liabilities, current \u00a0
\n\n\t\t\t\t\t-331.2 \u00a0
\n\n\t\t\t\t\t-175.7 \u00a0
\n\n\t\t\t\t\t-37.0 \u00a0
\n\n\t\t\t\t\t-543.9 \u00a0
\n\n\t\t\t\t\t-519.5 \u00a0
\n\n\t\t\t\t\tLease liabilities, future commencement date \u00a0
\n\n\t\t\t\t\t-4.9 \u00a0
\n\n\t\t\t\t\t-59.0 \u00a0
\n\n\t\t\t\t\t-124.7 \u00a0
\n\n\t\t\t\t\t-188.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTrade and other payables \u00a0
\n\n\t\t\t\t\t-519.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-519.3 \u00a0
\n\n\t\t\t\t\t-519.3 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t-879.7 \u00a0
\n\n\t\t\t\t\t-408.4 \u00a0
\n\n\t\t\t\t\t-268.9 \u00a0
\n\n\t\t\t\t\t-1.557,0 \u00a0
\n\n\t\t\t\t\t1,334.1 \u00a0
\n\n\t\t\t\t\tRefer to page 104 in the note's Financial comments section and to note 4.3 \u201cFair value hierarchy\u201d for further information. \u00a0
Maturities \u00a0
\n\n\t\t\t\t\tCarrying \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t<1 year\u00a01-3 years \u00a0
\n\n\t\t\t\t\t>3 years \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tamount \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tDerivative financial instruments \u00a0
\n\n\t\t\t\t\tDerivative financial instruments with a positive \u00a0
\n\n\t\t\t\t\tmarket value \u00a0
\n\n\t\t\t\t\t0.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t0.2 \u00a0
\n\n\t\t\t\t\t0.2 \u00a0
\n\n\t\t\t\t\tDerivative financial instruments with a negative \u00a0
\n\n\t\t\t\t\tmarket value \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tCash flow hedging with a positive market value \u00a0
\n\n\t\t\t\t\t3.0 \u00a0
\n\n\t\t\t\t\t0.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t3.3 \u00a0
\n\n\t\t\t\t\t3.3 \u00a0
\n\n\t\t\t\t\tCash flow hedging with a negative market value \u00a0
\n\n\t\t\t\t\t-1.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-1.0 \u00a0
\n\n\t\t\t\t\t-1.0 \u00a0
\n\n\t\t\t\t\tFinancial assets measured at amortised cost \u00a0
\n\n\t\t\t\t\tReceivables from subleasing \u00a0
\n\n\t\t\t\t\t24.5 \u00a0
\n\n\t\t\t\t\t9.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t33.7 \u00a0
\n\n\t\t\t\t\t26.7 \u00a0
\n\n\t\t\t\t\tCash and cash equivalents \u00a0
\n\n\t\t\t\t\t410.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t410.7 \u00a0
\n\n\t\t\t\t\t410.7 \u00a0
\n\n\t\t\t\t\tFreight receivables \u00a0
\n\n\t\t\t\t\t255.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t255.7 \u00a0
\n\n\t\t\t\t\t255.7 \u00a0
\n\n\t\t\t\t\tReceivables from joint ventures \u00a0
\n\n\t\t\t\t\t1.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1.0 \u00a0
\n\n\t\t\t\t\t1.0 \u00a0
\n\n\t\t\t\t\tOther receivables \u00a0
\n\n\t\t\t\t\t15.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t15.6 \u00a0
\n\n\t\t\t\t\t15.6 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t707.5 \u00a0
\n\n\t\t\t\t\t9.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t716.7 \u00a0
\n\n\t\t\t\t\t709.7 \u00a0
\n\n\t\t\t\t\tFinancial liabilities measured at amortised cost \u00a0
\n\n\t\t\t\t\tLoans \u00a0
\n\n\t\t\t\t\t-48.7 \u00a0
\n\n\t\t\t\t\t-98.6 \u00a0
\n\n\t\t\t\t\t-236.1 \u00a0
\n\n\t\t\t\t\t-383.4 \u00a0
\n\n\t\t\t\t\t-342.0 \u00a0
\n\n\t\t\t\t\tBonds \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-100.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-100.0 \u00a0
\n\n\t\t\t\t\t-98.7 \u00a0
\n\n\t\t\t\t\tLease liabilities, current \u00a0
\n\n\t\t\t\t\t-355.9 \u00a0
\n\n\t\t\t\t\t-234.9 \u00a0
\n\n\t\t\t\t\t-44.0 \u00a0
\n\n\t\t\t\t\t-634.8 \u00a0
\n\n\t\t\t\t\t-607.7 \u00a0
\n\n\t\t\t\t\tLease liabilities, future commencement date \u00a0
\n\n\t\t\t\t\t-27.6 \u00a0
\n\n\t\t\t\t\t-64.9 \u00a0
\n\n\t\t\t\t\t-54.2 \u00a0
\n\n\t\t\t\t\t-146.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTrade and other payables \u00a0
\n\n\t\t\t\t\t-307.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-307.8 \u00a0
\n\n\t\t\t\t\t-307.8 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t-740.0 \u00a0
\n\n\t\t\t\t\t-498.4 \u00a0
\n\n\t\t\t\t\t-334.3 \u00a0
\n\n\t\t\t\t\t-1,572.7 \u00a0
\n\n\t\t\t\t\t-1,356.2 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4836": {
"value": "Derivatives \u00a0
\n\n\t\t\t\t\tNORDEN uses derivatives instruments to hedge freight risk, bunker risk and \u00a0
\n\n\t\t\t\t\tcurrency risk. The credit risk related to these instruments is deemed to be \u00a0
\n\n\t\t\t\t\tsmall, since cleared and OTC contracts are subject to daily margin payments, \u00a0
\n\n\t\t\t\t\twith the only difference that OTC contracts have a threshold before daily \u00a0
\n\n\t\t\t\t\tmargin payments are made. \u00a0
\n\n\t\t\t\t\tAt year end, a total positive market value of USD 152 million (2021: USD 180 \u00a0
\n\n\t\t\t\t\tmillion) and a total negative market value of USD 97 million (2021: USD 222 \u00a0
\n\n\t\t\t\t\tmillion) had been cleared through NORDEN's margin account with Skandina- \u00a0
\n\n\t\t\t\t\tviska Enskilda Banken (SEB). \u00a0
Overview of financial risks \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\tNominal value \u00a0
\n\n\t\t\t\t\tCredit \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tComments on NORDEN\u2019s policy \u00a0
\n\n\t\t\t\t\tFreight receivables \u00a0
\n\n\t\t\t\t\t345 \u00a0
\n\n\t\t\t\t\t264 \u00a0
\n\n\t\t\t\t\tThe credit rating of counterparties is assessed on an ongoing basis through systematic credit assessment and regular monitoring of creditworthiness. \u00a0
\n\n\t\t\t\t\tBank deposits \u00a0
\n\n\t\t\t\t\t842 \u00a0
\n\n\t\t\t\t\t411 \u00a0
\n\n\t\t\t\t\tLiquidity is strictly placed with financial institutions that are either classified as a systemically important financial institution or that have a Moody's rating of at least A-. \u00a0
\n\n\t\t\t\t\tPrepayments on vessels and newbuildings \u00a0
\n\n\t\t\t\t\t32 \u00a0
\n\n\t\t\t\t\t95 \u00a0
\n\n\t\t\t\t\tAs a main rule, newbuilding contracts with shipyards are entered into with repayment guarantees issued by banks with good credit ratings. \u00a0
\n\n\t\t\t\t\tFreight rate risks (FFAs) \u00a0
\n\n\t\t\t\t\t224S \u00a0
\n\n\t\t\t\t\t231S \u00a0
\n\n\t\t\t\t\tTo limit credit risk, the Group\u2019s FFAs are for the main part entered through established clearing houses as these have daily margin settlement. \u00a0
\n\n\t\t\t\t\tBunker swaps \u00a0
\n\n\t\t\t\t\t113B \u00a0
\n\n\t\t\t\t\t111B \u00a0
\n\n\t\t\t\t\tBunker swaps are in general traded cleared, but in some cases bunker swaps are traded OTC with financial institutions and with major, recognised business partners \u00a0
\n\n\t\t\t\t\twith good credit ratings. In the case of OTC trades, the Group always includes an ISDA agreement ensuring continuous collateral above a specific threshold. \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\tNominal value \u00a0
\n\n\t\t\t\t\tMarket \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tSensitivity \u00a0
\n\n\t\t\t\t\tComments on NORDEN\u2019s policy \u00a0
\n\n\t\t\t\t\tFreight rate risks (FFAs) \u00a0
\n\n\t\t\t\t\t224S \u00a0
\n\n\t\t\t\t\t231S \u00a0
\n\n\t\t\t\t\tA 10% drop in freight rates at year end would positively impact equity by USD 16 \u00a0
\n\n\t\t\t\t\tFFAs are used to hedge the cash flow risk related to highly probable freight \u00a0
\n\n\t\t\t\t\t(positive impact of USD 28). \u00a0
\n\n\t\t\t\t\texpenses and revenues. \u00a0
\n\n\t\t\t\t\tBunker price risks \u00a0
\n\n\t\t\t\t\t113B \u00a0
\n\n\t\t\t\t\t111B \u00a0
\n\n\t\t\t\t\tA 10% drop in bunker prices at year end would negatively impact equity by USD 10 \u00a0
\n\n\t\t\t\t\tBunker swaps are used to hedge the cash flow risk related to expenses of highly \u00a0
\n\n\t\t\t\t\t(negative impact of USD 12). \u00a0
\n\n\t\t\t\t\tprobable bunker purchases and revenues from the bunker price component of \u00a0
\n\n\t\t\t\t\texpected, highly probable, cargoes. \u00a0
\n\n\t\t\t\t\tCurrency risks \u00a0
\n\n\t\t\t\t\t186 \u00a0
\n\n\t\t\t\t\t120 \u00a0
\n\n\t\t\t\t\tA 10% increase in the DKK, GBP and JPY exchange rates at year end would have \u00a0
\n\n\t\t\t\t\t\u2022 DKK forward currency contracts are used to hedge expected DKK overhead and \u00a0
\n\n\t\t\t\t\tthe following impact: \u00a0
\n\n\t\t\t\t\tadministration costs for the next 12-24 months. \u00a0
\n\n\t\t\t\t\t\u2022 DKK; net results positively by USD 0 (USD 0) and equity USD 0 (USD 0), and \u00a0
\n\n\t\t\t\t\t\u2022 GBP forward currency contracts\u00a0are used to hedge expected freight income \u00a0
\n\n\t\t\t\t\t\u2022 GBP; net results positively by USD 0 (USD 0) and equity by USD 3 (USD 3), and \u00a0
\n\n\t\t\t\t\tfrom a COA concluded in GBP, cf. note 4.2. \u00a0
\n\n\t\t\t\t\t\u2022 JPY; net results positively by USD 4 (USD 0) and equity by USD 4 (USD 0). \u00a0
\n\n\t\t\t\t\t\u2022 JPY forward currency contracts are used to hedge the excersise price of vessel \u00a0
\n\n\t\t\t\t\tpurchase options. \u00a0
\n\n\t\t\t\t\tAny exposure to other currencies than DKK, GBP and JPY is insignificant. \u00a0
\n\n\t\t\t\t\tInterest rate risks \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tBased on the Group\u2019s liquidity and debt at year end, a 1% increase in interest rates \u00a0
\n\n\t\t\t\t\tMost of the Group\u2019s loan obligations are paying interest on the basis of one, three, \u00a0
\n\n\t\t\t\t\twould, all other things being equal, impact earnings before tax positively by USD 7\u00a0and six months' USD LIBOR. Most of the Group\u2019s considerable cash balance is \u00a0
\n\n\t\t\t\t\tmillion (USD 1) and equity by USD 7 (USD 1).\u00a0placed in short-term bank deposits thus netting out the loan\u2019s LIBOR exposure. \u00a0
Cash flow hedging \u00a0
\n\n\t\t\t\t\tSet out below are the fair value of cash flow hedging recognised and the \u00a0
\n\n\t\t\t\t\tmovements during the period: \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tFair value of cash flow hedges \u00a0
\n\n\t\t\t\t\tFair value at 1 January \u00a0
\n\n\t\t\t\t\t-31.2 \u00a0
\n\n\t\t\t\t\t4.1 \u00a0
\n\n\t\t\t\t\tFair value adjustment at year end, net \u00a0
\n\n\t\t\t\t\t94.3 \u00a0
\n\n\t\t\t\t\t-35.3 \u00a0
\n\n\t\t\t\t\tFair value at 31 December \u00a0
\n\n\t\t\t\t\t63.1 \u00a0
\n\n\t\t\t\t\t-31.2 \u00a0
\n\n\t\t\t\t\tThe fair value of cash flow hedges at 31 December \u00a0
\n\n\t\t\t\t\tcan be specified as follows: \u00a0
\n\n\t\t\t\t\tBunker hedging \u00a0
\n\n\t\t\t\t\t-10.8 \u00a0
\n\n\t\t\t\t\t7.4 \u00a0
\n\n\t\t\t\t\tFFA hedging \u00a0
\n\n\t\t\t\t\t71.9 \u00a0
\n\n\t\t\t\t\t-39.0 \u00a0
\n\n\t\t\t\t\tForeign currency risk hedging \u00a0
\n\n\t\t\t\t\t2.0 \u00a0
\n\n\t\t\t\t\t0.4 \u00a0
\n\n\t\t\t\t\tFair value at 31 December \u00a0
\n\n\t\t\t\t\t63.1 \u00a0
\n\n\t\t\t\t\t-31.2 \u00a0
\n\n\t\t\t\t\tAt year end, cash-flow hedges cleared through \u00a0
\n\n\t\t\t\t\tmargin accounts can be specified as follows: \u00a0
\n\n\t\t\t\t\tFFA hedging \u00a0
\n\n\t\t\t\t\t71.9 \u00a0
\n\n\t\t\t\t\t-39.0 \u00a0
\n\n\t\t\t\t\tBunker hedging \u00a0
\n\n\t\t\t\t\t-11.6 \u00a0
\n\n\t\t\t\t\t5.1 \u00a0
\n\n\t\t\t\t\tForeign currency risk hedging \u00a0
\n\n\t\t\t\t\t2.0 \u00a0
\n\n\t\t\t\t\t0.4 \u00a0
\n\n\t\t\t\t\tAt year end, cash-flow hedges not cleared through \u00a0
\n\n\t\t\t\t\tmargin accounts can be specified as follows: \u00a0
\n\n\t\t\t\t\tBunker hedging \u00a0
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\t2.3 \u00a0
\n\n\t\t\t\t\tFair value at 31 December \u00a0
\n\n\t\t\t\t\t63.1 \u00a0
\n\n\t\t\t\t\t-31.2 \u00a0
Bunker hedging \u00a0
\n\n\t\t\t\t\tThe Group hedges cash flow risk from bunker prices to the extent possible. \u00a0
\n\n\t\t\t\t\tThe risk strategy is built on portfolio hedging where Risk Management, which \u00a0
\n\n\t\t\t\t\tmanages the bunker risk, is given a mandate in terms of Value at Risk. \u00a0
\n\n\t\t\t\t\tBunker swaps are used to hedge expected bunker revenues and planned \u00a0
\n\n\t\t\t\t\tbunker expenses. The bunker swaps are designated as hedges of the forward \u00a0
\n\n\t\t\t\t\tbunker prices. \u00a0
\n\n\t\t\t\t\tBunker swaps are sold to hedge revenue related to the bunker price compo- \u00a0
\n\n\t\t\t\t\tnent of expected, highly probable cargoes up to a limit given by the bunkers \u00a0
\n\n\t\t\t\t\tonboard and the redelivery commitment related to time chartered-out \u00a0
\n\n\t\t\t\t\tvessels. \u00a0
\n\n\t\t\t\t\tThe expected bunker sales arise from expected, highly probable cargoes as \u00a0
\n\n\t\t\t\t\tthe Group's basis analysis of the freight market structure has concluded that \u00a0
\n\n\t\t\t\t\tbunkers are a separate and identifiable component of cargo freight prices. \u00a0
\n\n\t\t\t\t\tBunker swaps are purchased to hedge expenses related to planned, highly \u00a0
\n\n\t\t\t\t\tprobable bunker purchases. The planned bunker purchases are related to \u00a0
\n\n\t\t\t\t\texisting cargoes, where owners must cover the bunker expenses required to \u00a0
\n\n\t\t\t\t\tcarry the cargo from its load to discharge port, and the redelivery commit- \u00a0
\n\n\t\t\t\t\tment related to time chartered-in vessels, as charterers must redeliver the \u00a0
\n\n\t\t\t\t\tvessel with a bunker volume specified in the charterparty to owners. \u00a0
\n\n\t\t\t\t\tBunker swaps are contracts that are priced against published Platts prices for \u00a0
\n\n\t\t\t\t\tthe respective bunker product in the given bunkering hub. The Group has in \u00a0
\n\n\t\t\t\t\tits basis analysis of the bunker market structure concluded that Rotterdam \u00a0
\n\n\t\t\t\t\tand Singapore prices are separate and identifiable components of bunker \u00a0
\n\n\t\t\t\t\tprices in other ports. \u00a0
\n\n\t\t\t\t\tThe Group, therefore, uses bunker swaps with price reference in Rotterdam to \u00a0
\n\n\t\t\t\t\thedge bunker prices West of Suez, and in Singapore to hedge bunker prices \u00a0
\n\n\t\t\t\t\tEast of Suez. \u00a0
As a result of the Ukraine conflict, a number of COAs were cancelled during \u00a0
\n\n\t\t\t\t\tthe year resulting in highly probable hedged bunker purchases no longer \u00a0
\n\n\t\t\t\t\texpected to occur. Consequently, a corresponding volume of bunker hedge \u00a0
\n\n\t\t\t\t\tcontracts were terminated. The cumulative\u00a0gain of USD 10 million upon \u00a0
\n\n\t\t\t\t\tcancellation has been recycled from the hedging reserve to other income as \u00a0
\n\n\t\t\t\t\tineffectiveness in second quarter 2022, not included in the table below. \u00a0
Amounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tMovements in the hedging reserve: \u00a0
\n\n\t\t\t\t\tBeginning of year \u00a0
\n\n\t\t\t\t\t7.4 \u00a0
\n\n\t\t\t\t\t9.2 \u00a0
\n\n\t\t\t\t\tFair value adjustment \u00a0
\n\n\t\t\t\t\t26.2 \u00a0
\n\n\t\t\t\t\t42.3 \u00a0
\n\n\t\t\t\t\tTransferred to revenue \u00a0
\n\n\t\t\t\t\t54.7 \u00a0
\n\n\t\t\t\t\t29.4 \u00a0
\n\n\t\t\t\t\tTransferred to operating costs \u00a0
\n\n\t\t\t\t\t-99.1 \u00a0
\n\n\t\t\t\t\t-73.5 \u00a0
\n\n\t\t\t\t\tEnd of year \u00a0
\n\n\t\t\t\t\t-10.8 \u00a0
\n\n\t\t\t\t\t7.4 \u00a0
The bunker hedging activities comprise the following contracts: \u00a0
\n\n\t\t\t\t\tSettlement Mts\u00a0Fair value \u00a0
\n\n\t\t\t\t\t1-2 \u00a0
\n\n\t\t\t\t\t2-3 \u00a0
\n\n\t\t\t\t\t>3 \u00a0
\n\n\t\t\t\t\t<1 year\u00a0years \u00a0
\n\n\t\t\t\t\tyears \u00a0
\n\n\t\t\t\t\tyears \u00a0
\n\n\t\t\t\t\tPositive Negative \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tPurchased \u00a0
\n\n\t\t\t\t\t980,106 \u00a0
\n\n\t\t\t\t\t20,192 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t20.1 \u00a0
\n\n\t\t\t\t\t-35.5 \u00a0
\n\n\t\t\t\t\tAverage USD/Mts \u00a0
\n\n\t\t\t\t\t575.8 \u00a0
\n\n\t\t\t\t\t549.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tSold \u00a0
\n\n\t\t\t\t\t776,954 \u00a0
\n\n\t\t\t\t\t3,000 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t21.1 \u00a0
\n\n\t\t\t\t\t-22.1 \u00a0
\n\n\t\t\t\t\tAverage USD/Mts \u00a0
\n\n\t\t\t\t\t568.0 \u00a0
\n\n\t\t\t\t\t537.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tPurchased \u00a0
\n\n\t\t\t\t\t763,747 86,200 \u00a0
\n\n\t\t\t\t\t4,200 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t33.4 \u00a0
\n\n\t\t\t\t\t-5.8 \u00a0
\n\n\t\t\t\t\tAverage USD/Mts \u00a0
\n\n\t\t\t\t\t528.7 \u00a0
\n\n\t\t\t\t\t375.4 \u00a0
\n\n\t\t\t\t\t361.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tSold \u00a0
\n\n\t\t\t\t\t545,756 60,000 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t4.1 \u00a0
\n\n\t\t\t\t\t-26.2 \u00a0
\n\n\t\t\t\t\tAverage USD/Mts \u00a0
\n\n\t\t\t\t\t548.2 \u00a0
\n\n\t\t\t\t\t451.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
Freight hedging \u00a0
\n\n\t\t\t\t\tTo control the uncertainty relating to cash flow risk from freight prices, future \u00a0
\n\n\t\t\t\t\topen ship days are covered by cargo contracts, T/C contracts and Forward \u00a0
\n\n\t\t\t\t\tFreight Agreements (FFAs) to the extent Management finds it attractive. \u00a0
\n\n\t\t\t\t\tThe risk is managed by the Business Unit Leaders, based on Value at Risk \u00a0
\n\n\t\t\t\t\tlimits defined by Management. \u00a0
\n\n\t\t\t\t\tThe FFAs are designated as hedges of the forward freight rate. FFAs are sold \u00a0
\n\n\t\t\t\t\tto hedge freight revenue of expected, highly probable cargoes that will be \u00a0
\n\n\t\t\t\t\tbooked. FFAs are purchased to hedge freight expenses related to expected, \u00a0
\n\n\t\t\t\t\thighly probable vessels to be time chartered-in. \u00a0
\n\n\t\t\t\t\tFFA contracts are priced against published Baltic spot indices for the respec- \u00a0
\n\n\t\t\t\t\ttive vessel types (Handysize, Supramax, Panamax). Actual earnings on spot \u00a0
\n\n\t\t\t\t\tvoyages within the respective vessel type show strong correlation to the \u00a0
\n\n\t\t\t\t\trelevant Baltic spot indices, and FFA contracts are therefore considered to be \u00a0
\n\n\t\t\t\t\teffective hedges against highly probable freight revenue when applying a 1:1 \u00a0
\n\n\t\t\t\t\thedging ratio. \u00a0
\n\n\t\t\t\t\tThe movement in price difference between the Baltic indices and the actual \u00a0
\n\n\t\t\t\t\tfreight rates and difference in actual number of days may cause ineffective- \u00a0
\n\n\t\t\t\t\tness. \u00a0
Amounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tMovements in the hedging reserve: \u00a0
\n\n\t\t\t\t\tBeginning of year \u00a0
\n\n\t\t\t\t\t-39.0 \u00a0
\n\n\t\t\t\t\t-5.2 \u00a0
\n\n\t\t\t\t\tFair value adjustment \u00a0
\n\n\t\t\t\t\t101.7 \u00a0
\n\n\t\t\t\t\t-288.1 \u00a0
\n\n\t\t\t\t\tRealised contracts, transferred to operating costs \u00a0
\n\n\t\t\t\t\t-57.9 \u00a0
\n\n\t\t\t\t\t-292.2 \u00a0
\n\n\t\t\t\t\tRealised contracts, transferred to revenue \u00a0
\n\n\t\t\t\t\t67.1 \u00a0
\n\n\t\t\t\t\t546.5 \u00a0
\n\n\t\t\t\t\tEnd of year \u00a0
\n\n\t\t\t\t\t71.9 \u00a0
\n\n\t\t\t\t\t-39.0 \u00a0
The freight hedging comprises the following contracts: \u00a0
\n\n\t\t\t\t\tSettlement days \u00a0
\n\n\t\t\t\t\tFair value \u00a0
\n\n\t\t\t\t\t<1 \u00a0
\n\n\t\t\t\t\t1-2 \u00a0
\n\n\t\t\t\t\t2-3 \u00a0
\n\n\t\t\t\t\t>3 \u00a0
\n\n\t\t\t\t\tyear \u00a0
\n\n\t\t\t\t\tyears \u00a0
\n\n\t\t\t\t\tyears \u00a0
\n\n\t\t\t\t\tyears Positive\u00a0Negative \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tPurchased \u00a0
\n\n\t\t\t\t\t15,749 \u00a0
\n\n\t\t\t\t\t4,560 \u00a0
\n\n\t\t\t\t\t600 \u00a0
\n\n\t\t\t\t\t300 \u00a0
\n\n\t\t\t\t\t29.0 \u00a0
\n\n\t\t\t\t\t-23.4 \u00a0
\n\n\t\t\t\t\tAverage USDk/day \u00a0
\n\n\t\t\t\t\t13.5 \u00a0
\n\n\t\t\t\t\t13.1 \u00a0
\n\n\t\t\t\t\t12.6 \u00a0
\n\n\t\t\t\t\t13.7 \u00a0
\n\n\t\t\t\t\tSold \u00a0
\n\n\t\t\t\t\t31,703 \u00a0
\n\n\t\t\t\t\t4,440 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t78.0 \u00a0
\n\n\t\t\t\t\t-11.6 \u00a0
\n\n\t\t\t\t\tAverage USDk/day \u00a0
\n\n\t\t\t\t\t15.0 \u00a0
\n\n\t\t\t\t\t12.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tPurchased \u00a0
\n\n\t\t\t\t\t12,928 \u00a0
\n\n\t\t\t\t\t9,840 \u00a0
\n\n\t\t\t\t\t1,320 \u00a0
\n\n\t\t\t\t\t360 \u00a0
\n\n\t\t\t\t\t127.1 \u00a0
\n\n\t\t\t\t\t-4.3 \u00a0
\n\n\t\t\t\t\tAverage USDk/day \u00a0
\n\n\t\t\t\t\t15.1 \u00a0
\n\n\t\t\t\t\t13.0 \u00a0
\n\n\t\t\t\t\t11.3 \u00a0
\n\n\t\t\t\t\t11.8 \u00a0
\n\n\t\t\t\t\tSold \u00a0
\n\n\t\t\t\t\t26,559 \u00a0
\n\n\t\t\t\t\t6,180 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t4.5 \u00a0
\n\n\t\t\t\t\t-166.3 \u00a0
\n\n\t\t\t\t\tAverage USDk/day \u00a0
\n\n\t\t\t\t\t17.7 \u00a0
\n\n\t\t\t\t\t14.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
Foreign currency risk hedging \u00a0
\n\n\t\t\t\t\tIn 2016, NORDEN agreed to transport wood pellets from the USA to the UK \u00a0
\n\n\t\t\t\t\twith one monthly cargo during 2019-2034. Part of the payments for the trans- \u00a0
\n\n\t\t\t\t\tport during 2020-2025 was denominated in GBP. \u00a0
\n\n\t\t\t\t\tAmounts in USD \u00a0
\n\n\t\t\t\t\tmillion \u00a0
\n\n\t\t\t\t\tSettlement \u00a0
\n\n\t\t\t\t\tFair value \u00a0
\n\n\t\t\t\t\t<1 \u00a0
\n\n\t\t\t\t\t1-2 \u00a0
\n\n\t\t\t\t\t2-3 \u00a0
\n\n\t\t\t\t\t>3 \u00a0
\n\n\t\t\t\t\tyear \u00a0
\n\n\t\t\t\t\tyears \u00a0
\n\n\t\t\t\t\tyears \u00a0
\n\n\t\t\t\t\tyears Positive\u00a0Negative \u00a0
\n\n\t\t\t\t\t2022 - GBP \u00a0
\n\n\t\t\t\t\t8.7 \u00a0
\n\n\t\t\t\t\t8.7 \u00a0
\n\n\t\t\t\t\t0.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t2.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t2021 - GBP \u00a0
\n\n\t\t\t\t\t8.7 \u00a0
\n\n\t\t\t\t\t8.7 \u00a0
\n\n\t\t\t\t\t8.7 \u00a0
\n\n\t\t\t\t\t0.7 \u00a0
\n\n\t\t\t\t\t0.1 \u00a0
\n\n\t\t\t\t\t-
The currency exposure arising from these payments has been swapped to \u00a0
\n\n\t\t\t\t\tUSD at two of NORDEN\u2019s partnership banks at an average GBP/USD rate of \u00a0
\n\n\t\t\t\t\t1.37. \u00a0
Derivatives \u2013 not hedge accounting \u00a0
\n\n\t\t\t\t\tThe Group has entered into hedging transactions, where hedge accounting \u00a0
\n\n\t\t\t\t\tis not used and where assets and liabilities are recognised with the following \u00a0
\n\n\t\t\t\t\tamounts: \u00a0
\n\n\t\t\t\t\tFair value \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\tPositive Negative \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tFreight Forward Agreements \u00a0
\n\n\t\t\t\t\t3.9 \u00a0
\n\n\t\t\t\t\t-4.4 \u00a0
\n\n\t\t\t\t\tForward exchange contracts \u00a0
\n\n\t\t\t\t\t5.7 \u00a0
\n\n\t\t\t\t\t-6.0 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tFreight Forward Agreements \u00a0
\n\n\t\t\t\t\t14.1 \u00a0
\n\n\t\t\t\t\t-19.8 \u00a0
\n\n\t\t\t\t\tForward exchange contracts \u00a0
\n\n\t\t\t\t\t0.2 \u00a0
\n\n\t\t\t\t\t-
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tThe Group uses derivative financial instruments to hedge its bunker price \u00a0
\n\n\t\t\t\t\trisks, freight risk and currency risks. Such derivative financial instruments are \u00a0
\n\n\t\t\t\t\tinitially recognised at fair value on the date on which a derivative contract is \u00a0
\n\n\t\t\t\t\tentered into and are subsequently remeasured at fair value. Derivatives are \u00a0
\n\n\t\t\t\t\tcarried as financial assets (other receivables) when the fair value is positive \u00a0
\n\n\t\t\t\t\tand as financial liabilities (other payables) when the fair value is negative. \u00a0
\n\n\t\t\t\t\tAt the inception of a hedge relationship, the Group formally designates \u00a0
\n\n\t\t\t\t\tand documents the hedge relationship to which it wishes to apply hedge \u00a0
\n\n\t\t\t\t\taccounting and the risk management objective and strategy for undertaking \u00a0
\n\n\t\t\t\t\tthe hedge. \u00a0
Changes in the fair value of derivative financial instruments that are desig- \u00a0
\n\n\t\t\t\t\tnated as fair value hedges of a recognised asset or a recognised liability are \u00a0
\n\n\t\t\t\t\trecognised in the income statement in the same item as any changes in the \u00a0
\n\n\t\t\t\t\tcarrying amount of the hedged asset or hedged liability. \u00a0
\n\n\t\t\t\t\tChanges in the fair value of derivative financial instruments designated as \u00a0
\n\n\t\t\t\t\thedges of expected future transactions (cash flow hedge) are recognised in \u00a0
\n\n\t\t\t\t\tother comprehensive income and presented under \u201cReserve for cash flow \u00a0
\n\n\t\t\t\t\thedges\u201d (equity). A break down of the movement into each type of cash flow \u00a0
\n\n\t\t\t\t\thedge is presented below. Where the expected future transactions results \u00a0
\n\n\t\t\t\t\tin the acquisition of non-financial assets, any amounts deferred under equity \u00a0
\n\n\t\t\t\t\tare transferred from equity to the cost of the asset. Where an expected future \u00a0
\n\n\t\t\t\t\ttransaction results in income or expense, any amount deferred under equity \u00a0
\n\n\t\t\t\t\tare transferred from equity to the income statement in the same item as the \u00a0
\n\n\t\t\t\t\thedged transaction. \u00a0
\n\n\t\t\t\t\tChanges in derivative financial instruments used for economic trading are \u00a0
\n\n\t\t\t\t\trecognised in the income statement in a separate item under other operating \u00a0
\n\n\t\t\t\t\tincome. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4831": {
"value": "Credit risks \u00a0
\n\n\t\t\t\t\tThe Group is exposed to credit risk related to trade receivables from its \u00a0
\n\n\t\t\t\t\tcounterparties and agreed future COAs, its prepayments to shipyards and \u00a0
\n\n\t\t\t\t\tship owners, its cash deposits with financial institutions and potential initial \u00a0
\n\n\t\t\t\t\tmargins and intraday volatility market values in relation to derivative instru- \u00a0
\n\n\t\t\t\t\tments. \u00a0
\n\n\t\t\t\t\tCredit risk is reduced by systematic credit assessment of counterparties and \u00a0
\n\n\t\t\t\t\tregular monitoring of their creditworthiness. For this purpose, own analyses \u00a0
\n\n\t\t\t\t\tare applied based on external credit rating agencies and publicly available \u00a0
\n\n\t\t\t\t\tinformation. Each analysis results in an internal rating, which is subsequently \u00a0
\n\n\t\t\t\t\tused for determining the allowed scope of the commitment. \u00a0
\n\n\t\t\t\t\tThe internal ratings are based both on a financial and a non-financial assess- \u00a0
\n\n\t\t\t\t\tment of the counterparty profile, where each category ranges between A to \u00a0
\n\n\t\t\t\t\tD, with A being the highest achievable score. \u00a0
Customer credit risk exposure \u00a0
\n\n\t\t\t\t\tThe total Group credit exposure was USD 1,907 million (USD 1,767 million) at \u00a0
\n\n\t\t\t\t\tthe end of 2022 with USD 1,463 million (USD 1,684 million) in Dry Cargo and \u00a0
\n\n\t\t\t\t\tUSD 444 million (USD 83 million) in Tankers. \u00a0
\n\n\t\t\t\t\tWhile concentration risk is mitigated by distributing exposure between many \u00a0
\n\n\t\t\t\t\tcounterparties, it is still a few counterparties that account for a large part of \u00a0
\n\n\t\t\t\t\tthe exposure. \u00a0
\n\n\t\t\t\t\tIn Dry Cargo, the exposure involves 315 (285) counterparties, where the five \u00a0
\n\n\t\t\t\t\tlargest counterparties accounted for 27% (30%) of the covered revenue in the \u00a0
\n\n\t\t\t\t\tsegment. \u00a0
\n\n\t\t\t\t\tIn Tankers, the exposure involves 87 (59) counterparties, where the five largest \u00a0
\n\n\t\t\t\t\taccounted for 71% (68%) of the covered revenue in the segment. It is assessed \u00a0
\n\n\t\t\t\t\tthat most of the counterparties referred to above are solid, and the Group \u00a0
\n\n\t\t\t\t\tstays updated on the performance and activities of these companies on a \u00a0
\n\n\t\t\t\t\tregular basis. \u00a0
\n\n\t\t\t\t\tCredit risks related to trade receivables differ somewhat for timecharters and \u00a0
\n\n\t\t\t\t\tvoyage charters. For timecharters, revenues are in general paid in advance \u00a0
\n\n\t\t\t\t\tfor the next two to four weeks, while for voyage charters, substantially all \u00a0
\n\n\t\t\t\t\trevenue is paid before discharge in Dry Cargo and within two to five days \u00a0
\n\n\t\t\t\t\tafter discharge in Tankers. \u00a0
\n\n\t\t\t\t\tDue to the nature of the counterparties as described above and the system- \u00a0
\n\n\t\t\t\t\tatic and regular monitoring of their creditworthiness, the customer credit risk \u00a0
\n\n\t\t\t\t\tis determined to be limited. \u00a0
Prepayments \u00a0
\n\n\t\t\t\t\tThe Group has credit risk related to prepayments to shipyards. To mitigate \u00a0
\n\n\t\t\t\t\tthis risk, the Group generally obtains a guarantee from a financial institution. \u00a0
Cash deposits \u00a0
\n\n\t\t\t\t\tThe Group liquidity is strictly placed with financial institutions that are either \u00a0
\n\n\t\t\t\t\tclassified as a systemically important financial institution (SIFI) or that have a \u00a0
\n\n\t\t\t\t\tMoody's rating of at least A-. \u00a0
Overview of financial risks \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\tNominal value \u00a0
\n\n\t\t\t\t\tCredit \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tComments on NORDEN\u2019s policy \u00a0
\n\n\t\t\t\t\tFreight receivables \u00a0
\n\n\t\t\t\t\t345 \u00a0
\n\n\t\t\t\t\t264 \u00a0
\n\n\t\t\t\t\tThe credit rating of counterparties is assessed on an ongoing basis through systematic credit assessment and regular monitoring of creditworthiness. \u00a0
\n\n\t\t\t\t\tBank deposits \u00a0
\n\n\t\t\t\t\t842 \u00a0
\n\n\t\t\t\t\t411 \u00a0
\n\n\t\t\t\t\tLiquidity is strictly placed with financial institutions that are either classified as a systemically important financial institution or that have a Moody's rating of at least A-. \u00a0
\n\n\t\t\t\t\tPrepayments on vessels and newbuildings \u00a0
\n\n\t\t\t\t\t32 \u00a0
\n\n\t\t\t\t\t95 \u00a0
\n\n\t\t\t\t\tAs a main rule, newbuilding contracts with shipyards are entered into with repayment guarantees issued by banks with good credit ratings. \u00a0
\n\n\t\t\t\t\tFreight rate risks (FFAs) \u00a0
\n\n\t\t\t\t\t224S \u00a0
\n\n\t\t\t\t\t231S \u00a0
\n\n\t\t\t\t\tTo limit credit risk, the Group\u2019s FFAs are for the main part entered through established clearing houses as these have daily margin settlement. \u00a0
\n\n\t\t\t\t\tBunker swaps \u00a0
\n\n\t\t\t\t\t113B \u00a0
\n\n\t\t\t\t\t111B \u00a0
\n\n\t\t\t\t\tBunker swaps are in general traded cleared, but in some cases bunker swaps are traded OTC with financial institutions and with major, recognised business partners \u00a0
\n\n\t\t\t\t\twith good credit ratings. In the case of OTC trades, the Group always includes an ISDA agreement ensuring continuous collateral above a specific threshold. \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\tNominal value \u00a0
\n\n\t\t\t\t\tMarket \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tSensitivity \u00a0
\n\n\t\t\t\t\tComments on NORDEN\u2019s policy \u00a0
\n\n\t\t\t\t\tFreight rate risks (FFAs) \u00a0
\n\n\t\t\t\t\t224S \u00a0
\n\n\t\t\t\t\t231S \u00a0
\n\n\t\t\t\t\tA 10% drop in freight rates at year end would positively impact equity by USD 16 \u00a0
\n\n\t\t\t\t\tFFAs are used to hedge the cash flow risk related to highly probable freight \u00a0
\n\n\t\t\t\t\t(positive impact of USD 28). \u00a0
\n\n\t\t\t\t\texpenses and revenues. \u00a0
\n\n\t\t\t\t\tBunker price risks \u00a0
\n\n\t\t\t\t\t113B \u00a0
\n\n\t\t\t\t\t111B \u00a0
\n\n\t\t\t\t\tA 10% drop in bunker prices at year end would negatively impact equity by USD 10 \u00a0
\n\n\t\t\t\t\tBunker swaps are used to hedge the cash flow risk related to expenses of highly \u00a0
\n\n\t\t\t\t\t(negative impact of USD 12). \u00a0
\n\n\t\t\t\t\tprobable bunker purchases and revenues from the bunker price component of \u00a0
\n\n\t\t\t\t\texpected, highly probable, cargoes. \u00a0
\n\n\t\t\t\t\tCurrency risks \u00a0
\n\n\t\t\t\t\t186 \u00a0
\n\n\t\t\t\t\t120 \u00a0
\n\n\t\t\t\t\tA 10% increase in the DKK, GBP and JPY exchange rates at year end would have \u00a0
\n\n\t\t\t\t\t\u2022 DKK forward currency contracts are used to hedge expected DKK overhead and \u00a0
\n\n\t\t\t\t\tthe following impact: \u00a0
\n\n\t\t\t\t\tadministration costs for the next 12-24 months. \u00a0
\n\n\t\t\t\t\t\u2022 DKK; net results positively by USD 0 (USD 0) and equity USD 0 (USD 0), and \u00a0
\n\n\t\t\t\t\t\u2022 GBP forward currency contracts\u00a0are used to hedge expected freight income \u00a0
\n\n\t\t\t\t\t\u2022 GBP; net results positively by USD 0 (USD 0) and equity by USD 3 (USD 3), and \u00a0
\n\n\t\t\t\t\tfrom a COA concluded in GBP, cf. note 4.2. \u00a0
\n\n\t\t\t\t\t\u2022 JPY; net results positively by USD 4 (USD 0) and equity by USD 4 (USD 0). \u00a0
\n\n\t\t\t\t\t\u2022 JPY forward currency contracts are used to hedge the excersise price of vessel \u00a0
\n\n\t\t\t\t\tpurchase options. \u00a0
\n\n\t\t\t\t\tAny exposure to other currencies than DKK, GBP and JPY is insignificant. \u00a0
\n\n\t\t\t\t\tInterest rate risks \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tBased on the Group\u2019s liquidity and debt at year end, a 1% increase in interest rates \u00a0
\n\n\t\t\t\t\tMost of the Group\u2019s loan obligations are paying interest on the basis of one, three, \u00a0
\n\n\t\t\t\t\twould, all other things being equal, impact earnings before tax positively by USD 7\u00a0and six months' USD LIBOR. Most of the Group\u2019s considerable cash balance is \u00a0
\n\n\t\t\t\t\tmillion (USD 1) and equity by USD 7 (USD 1).\u00a0placed in short-term bank deposits thus netting out the loan\u2019s LIBOR exposure. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4851": {
"value": "Freight rate risks \u00a0
\n\n\t\t\t\t\tPurchasing and chartering vessels, and cargo contracts, imply a risk as the \u00a0
\n\n\t\t\t\t\tGroup assumes financial liability in expectation of generating earnings which \u00a0
\n\n\t\t\t\t\tare dependent on the freight market. \u00a0
\n\n\t\t\t\t\tThe Group uses FFAs to hedge cash flow risk to the extent Management finds \u00a0
\n\n\t\t\t\t\tit attractive, cf. note 4.2 \"Derivatives\". \u00a0
Bunker price risks \u00a0
\n\n\t\t\t\t\tA large part of the variable revenues and expenses are related to bunker \u00a0
\n\n\t\t\t\t\tprices, which impact the Group's result. The Group uses bunker swaps to \u00a0
\n\n\t\t\t\t\thedge the bunker price risk to the extent possible, cf. note 4.2 \"Derivatives\". \u00a0
\n\n\t\t\t\t\tNote that for vessels that are scrubber-fitted, the Group has a bunker price \u00a0
\n\n\t\t\t\t\trisk related the spread between high sulphur fuel oil and a combination of \u00a0
\n\n\t\t\t\t\thigh sulphur fuel oil and a combination of very low sulphur fuel oil and gas oil, \u00a0
respectively. As the available hedging tools are not very liquid, only parts of \u00a0
\n\n\t\t\t\t\tthis risk is hedged. \u00a0
Interest rate risks \u00a0
\n\n\t\t\t\t\tMost of the Group\u2019s loan obligations are paying interest on the basis of SOFR \u00a0
\n\n\t\t\t\t\tor one, three, or six months' USD LIBOR. Most of the Group\u2019s considerable \u00a0
\n\n\t\t\t\t\tcash balance is held at banks thus netting out the loan\u2019s interest rate expo- \u00a0
\n\n\t\t\t\t\tsure. The Group\u2019s significant net cash position implies positive interest rate \u00a0
\n\n\t\t\t\t\texposure. \u00a0
\n\n\t\t\t\t\tMost of the Group\u2019s considerable cash balance is placed on short-term \u00a0
\n\n\t\t\t\t\tdeposit accounts thus netting out the loan\u2019s LIBOR exposure. The Group\u2019s net \u00a0
\n\n\t\t\t\t\tinterest rate exposure does not have a significant effect on the results of the \u00a0
Currency risks \u00a0
\n\n\t\t\t\t\tThe Group\u2019s functional currency is USD. Since administrative expenses and \u00a0
\n\n\t\t\t\t\tdividends are paid in other currencies - mainly DKK - there is a currency risk \u00a0
\n\n\t\t\t\t\tin this connection. The Group hedges expected administrative expenses \u00a0
\n\n\t\t\t\t\tpayable in DKK for a period of 6-24 months. \u00a0
\n\n\t\t\t\t\tIn connection with newbuilding payments, typically in JPY, CNY or KRW, there \u00a0
\n\n\t\t\t\t\tmay also be a currency risk. This is hedged by forward contracts in connection \u00a0
\n\n\t\t\t\t\twith newbuilding orders. At the end of 2022, all newbuilding payments were, \u00a0
\n\n\t\t\t\t\thowever, in USD. \u00a0
\n\n\t\t\t\t\tThe strike price in some of the Group\u2019s purchase options is determined in JPY, \u00a0
\n\n\t\t\t\t\tand it is the Group\u2019s policy only to hedge these if the option is exercised and \u00a0
\n\n\t\t\t\t\tonly upon exercise. \u00a0
\n\n\t\t\t\t\tIn connection with the conclusion of a COA in GBP, cross currency swaps were \u00a0
Financial comments \u00a0
\n\n\t\t\t\t\tOn the reporting date, floating-rate bank loans had an interest rate up to \u00a0
\n\n\t\t\t\t\tSOFR plus a margin of 1.85%. NORDEN's USD 100 million bond issue pays \u00a0
\n\n\t\t\t\t\tthree months' LIBOR plus a margin of 4.75%. Refer to note 4.3 \u201cFair value \u00a0
\n\n\t\t\t\t\thierarchy\u201d for further information. \u00a0
Overview of financial risks \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\tNominal value \u00a0
\n\n\t\t\t\t\tCredit \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tComments on NORDEN\u2019s policy \u00a0
\n\n\t\t\t\t\tFreight receivables \u00a0
\n\n\t\t\t\t\t345 \u00a0
\n\n\t\t\t\t\t264 \u00a0
\n\n\t\t\t\t\tThe credit rating of counterparties is assessed on an ongoing basis through systematic credit assessment and regular monitoring of creditworthiness. \u00a0
\n\n\t\t\t\t\tBank deposits \u00a0
\n\n\t\t\t\t\t842 \u00a0
\n\n\t\t\t\t\t411 \u00a0
\n\n\t\t\t\t\tLiquidity is strictly placed with financial institutions that are either classified as a systemically important financial institution or that have a Moody's rating of at least A-. \u00a0
\n\n\t\t\t\t\tPrepayments on vessels and newbuildings \u00a0
\n\n\t\t\t\t\t32 \u00a0
\n\n\t\t\t\t\t95 \u00a0
\n\n\t\t\t\t\tAs a main rule, newbuilding contracts with shipyards are entered into with repayment guarantees issued by banks with good credit ratings. \u00a0
\n\n\t\t\t\t\tFreight rate risks (FFAs) \u00a0
\n\n\t\t\t\t\t224S \u00a0
\n\n\t\t\t\t\t231S \u00a0
\n\n\t\t\t\t\tTo limit credit risk, the Group\u2019s FFAs are for the main part entered through established clearing houses as these have daily margin settlement. \u00a0
\n\n\t\t\t\t\tBunker swaps \u00a0
\n\n\t\t\t\t\t113B \u00a0
\n\n\t\t\t\t\t111B \u00a0
\n\n\t\t\t\t\tBunker swaps are in general traded cleared, but in some cases bunker swaps are traded OTC with financial institutions and with major, recognised business partners \u00a0
\n\n\t\t\t\t\twith good credit ratings. In the case of OTC trades, the Group always includes an ISDA agreement ensuring continuous collateral above a specific threshold. \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\tNominal value \u00a0
\n\n\t\t\t\t\tMarket \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tSensitivity \u00a0
\n\n\t\t\t\t\tComments on NORDEN\u2019s policy \u00a0
\n\n\t\t\t\t\tFreight rate risks (FFAs) \u00a0
\n\n\t\t\t\t\t224S \u00a0
\n\n\t\t\t\t\t231S \u00a0
\n\n\t\t\t\t\tA 10% drop in freight rates at year end would positively impact equity by USD 16 \u00a0
\n\n\t\t\t\t\tFFAs are used to hedge the cash flow risk related to highly probable freight \u00a0
\n\n\t\t\t\t\t(positive impact of USD 28). \u00a0
\n\n\t\t\t\t\texpenses and revenues. \u00a0
\n\n\t\t\t\t\tBunker price risks \u00a0
\n\n\t\t\t\t\t113B \u00a0
\n\n\t\t\t\t\t111B \u00a0
\n\n\t\t\t\t\tA 10% drop in bunker prices at year end would negatively impact equity by USD 10 \u00a0
\n\n\t\t\t\t\tBunker swaps are used to hedge the cash flow risk related to expenses of highly \u00a0
\n\n\t\t\t\t\t(negative impact of USD 12). \u00a0
\n\n\t\t\t\t\tprobable bunker purchases and revenues from the bunker price component of \u00a0
\n\n\t\t\t\t\texpected, highly probable, cargoes. \u00a0
\n\n\t\t\t\t\tCurrency risks \u00a0
\n\n\t\t\t\t\t186 \u00a0
\n\n\t\t\t\t\t120 \u00a0
\n\n\t\t\t\t\tA 10% increase in the DKK, GBP and JPY exchange rates at year end would have \u00a0
\n\n\t\t\t\t\t\u2022 DKK forward currency contracts are used to hedge expected DKK overhead and \u00a0
\n\n\t\t\t\t\tthe following impact: \u00a0
\n\n\t\t\t\t\tadministration costs for the next 12-24 months. \u00a0
\n\n\t\t\t\t\t\u2022 DKK; net results positively by USD 0 (USD 0) and equity USD 0 (USD 0), and \u00a0
\n\n\t\t\t\t\t\u2022 GBP forward currency contracts\u00a0are used to hedge expected freight income \u00a0
\n\n\t\t\t\t\t\u2022 GBP; net results positively by USD 0 (USD 0) and equity by USD 3 (USD 3), and \u00a0
\n\n\t\t\t\t\tfrom a COA concluded in GBP, cf. note 4.2. \u00a0
\n\n\t\t\t\t\t\u2022 JPY; net results positively by USD 4 (USD 0) and equity by USD 4 (USD 0). \u00a0
\n\n\t\t\t\t\t\u2022 JPY forward currency contracts are used to hedge the excersise price of vessel \u00a0
\n\n\t\t\t\t\tpurchase options. \u00a0
\n\n\t\t\t\t\tAny exposure to other currencies than DKK, GBP and JPY is insignificant. \u00a0
\n\n\t\t\t\t\tInterest rate risks \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tBased on the Group\u2019s liquidity and debt at year end, a 1% increase in interest rates \u00a0
\n\n\t\t\t\t\tMost of the Group\u2019s loan obligations are paying interest on the basis of one, three, \u00a0
\n\n\t\t\t\t\twould, all other things being equal, impact earnings before tax positively by USD 7\u00a0and six months' USD LIBOR. Most of the Group\u2019s considerable cash balance is \u00a0
\n\n\t\t\t\t\tmillion (USD 1) and equity by USD 7 (USD 1).\u00a0placed in short-term bank deposits thus netting out the loan\u2019s LIBOR exposure. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4858": {
"value": "Liquidity risks \u00a0
\n\n\t\t\t\t\tThe Group maintains sufficient liquidity to handle short-term fluctuations in \u00a0
\n\n\t\t\t\t\tcash flows while at the same time complying with bank covenants. \u00a0
\n\n\t\t\t\t\tMost of the Group's derivatives contracts, including but not limited to bunker \u00a0
\n\n\t\t\t\t\tswaps and FFAs, are mainly traded cleared. The derivatives contracts can also \u00a0
\n\n\t\t\t\t\tbe traded OTC, but in this case always supported by ISDAs with CSAs. This \u00a0
\n\n\t\t\t\t\timplies a liquidity risk as changes in market value of the financial contracts \u00a0
\n\n\t\t\t\t\tmust be backed by collateral on a daily basis. \u00a0
\n\n\t\t\t\t\tThe Group actively monitors and manages this risk using Cash Flow at Risk to \u00a0
\n\n\t\t\t\t\tensure sufficient available liquidity to handle severe stress of current market \u00a0
\n\n\t\t\t\t\tconditions. \u00a0
\n\n\t\t\t\t\tThe terms to maturity of financial assets and liabilities are disclosed by \u00a0
\n\n\t\t\t\t\tcategory and class distributed on maturity periods. All interest payments and \u00a0
\n\n\t\t\t\t\trepayments of financial assets and liabilities are based on contractual agree- \u00a0
\n\n\t\t\t\t\tments. \u00a0
\n\n\t\t\t\t\tInterest payments on floating-rate instruments are determined based on a \u00a0
\n\n\t\t\t\t\tzero-coupon interest structure adjusted by the Group's interest margin. All \u00a0
\n\n\t\t\t\t\tcash flows are undiscounted. \u00a0
The table below summarises the maturity profile of the Group\u2019s financial assets and liabilities based on \u00a0
\n\n\t\t\t\t\tcontractual undiscounted payments: \u00a0
\n\n\t\t\t\t\tMaturities \u00a0
\n\n\t\t\t\t\tCarrying \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t<1 year\u00a01-3 years \u00a0
\n\n\t\t\t\t\t>3 years \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tamount \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tDerivative financial instruments \u00a0
\n\n\t\t\t\t\tDerivative financial instruments with a positive \u00a0
\n\n\t\t\t\t\tmarket value \u00a0
\n\n\t\t\t\t\t5.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t5.7 \u00a0
\n\n\t\t\t\t\t5.7 \u00a0
\n\n\t\t\t\t\tDerivative financial instruments with a negative \u00a0
\n\n\t\t\t\t\tmarket value \u00a0
\n\n\t\t\t\t\t-6.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-6.0 \u00a0
\n\n\t\t\t\t\t-6.0 \u00a0
\n\n\t\t\t\t\tCash flow hedging with a positive market value \u00a0
\n\n\t\t\t\t\t0.7 \u00a0
\n\n\t\t\t\t\t0.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\tCash flow hedging with a negative market value \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tFinancial assets measured at amortised cost \u00a0
\n\n\t\t\t\t\tReceivables from subleasing \u00a0
\n\n\t\t\t\t\t77.3 \u00a0
\n\n\t\t\t\t\t23.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t100.9 \u00a0
\n\n\t\t\t\t\t91.9 \u00a0
\n\n\t\t\t\t\tCash and cash equivalents \u00a0
\n\n\t\t\t\t\t842.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t842.3 \u00a0
\n\n\t\t\t\t\t842.3 \u00a0
\n\n\t\t\t\t\tFreight receivables \u00a0
\n\n\t\t\t\t\t328.9 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t328.9 \u00a0
\n\n\t\t\t\t\t328.9 \u00a0
\n\n\t\t\t\t\tReceivables from joint ventures \u00a0
\n\n\t\t\t\t\t1.5 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1.5 \u00a0
\n\n\t\t\t\t\t1.5 \u00a0
\n\n\t\t\t\t\tOther receivables \u00a0
\n\n\t\t\t\t\t42.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t42.8 \u00a0
\n\n\t\t\t\t\t42.8 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t1,292.8 \u00a0
\n\n\t\t\t\t\t23.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1,316.4 \u00a0
\n\n\t\t\t\t\t1,307.4 \u00a0
\n\n\t\t\t\t\tFinancial liabilities measured at amortised cost \u00a0
\n\n\t\t\t\t\tLoans \u00a0
\n\n\t\t\t\t\t-24.3 \u00a0
\n\n\t\t\t\t\t-99.2 \u00a0
\n\n\t\t\t\t\t-107.2 \u00a0
\n\n\t\t\t\t\t-230.7 \u00a0
\n\n\t\t\t\t\t-221.6 \u00a0
\n\n\t\t\t\t\tBonds \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-74.5 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-74.5 \u00a0
\n\n\t\t\t\t\t-73.7 \u00a0
\n\n\t\t\t\t\tLease liabilities, current \u00a0
\n\n\t\t\t\t\t-331.2 \u00a0
\n\n\t\t\t\t\t-175.7 \u00a0
\n\n\t\t\t\t\t-37.0 \u00a0
\n\n\t\t\t\t\t-543.9 \u00a0
\n\n\t\t\t\t\t-519.5 \u00a0
\n\n\t\t\t\t\tLease liabilities, future commencement date \u00a0
\n\n\t\t\t\t\t-4.9 \u00a0
\n\n\t\t\t\t\t-59.0 \u00a0
\n\n\t\t\t\t\t-124.7 \u00a0
\n\n\t\t\t\t\t-188.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTrade and other payables \u00a0
\n\n\t\t\t\t\t-519.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-519.3 \u00a0
\n\n\t\t\t\t\t-519.3 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t-879.7 \u00a0
\n\n\t\t\t\t\t-408.4 \u00a0
\n\n\t\t\t\t\t-268.9 \u00a0
\n\n\t\t\t\t\t-1.557,0 \u00a0
\n\n\t\t\t\t\t1,334.1 \u00a0
\n\n\t\t\t\t\tRefer to page 104 in the note's Financial comments section and to note 4.3 \u201cFair value hierarchy\u201d for further information. \u00a0
Maturities \u00a0
\n\n\t\t\t\t\tCarrying \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t<1 year\u00a01-3 years \u00a0
\n\n\t\t\t\t\t>3 years \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\tamount \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tDerivative financial instruments \u00a0
\n\n\t\t\t\t\tDerivative financial instruments with a positive \u00a0
\n\n\t\t\t\t\tmarket value \u00a0
\n\n\t\t\t\t\t0.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t0.2 \u00a0
\n\n\t\t\t\t\t0.2 \u00a0
\n\n\t\t\t\t\tDerivative financial instruments with a negative \u00a0
\n\n\t\t\t\t\tmarket value \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tCash flow hedging with a positive market value \u00a0
\n\n\t\t\t\t\t3.0 \u00a0
\n\n\t\t\t\t\t0.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t3.3 \u00a0
\n\n\t\t\t\t\t3.3 \u00a0
\n\n\t\t\t\t\tCash flow hedging with a negative market value \u00a0
\n\n\t\t\t\t\t-1.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-1.0 \u00a0
\n\n\t\t\t\t\t-1.0 \u00a0
\n\n\t\t\t\t\tFinancial assets measured at amortised cost \u00a0
\n\n\t\t\t\t\tReceivables from subleasing \u00a0
\n\n\t\t\t\t\t24.5 \u00a0
\n\n\t\t\t\t\t9.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t33.7 \u00a0
\n\n\t\t\t\t\t26.7 \u00a0
\n\n\t\t\t\t\tCash and cash equivalents \u00a0
\n\n\t\t\t\t\t410.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t410.7 \u00a0
\n\n\t\t\t\t\t410.7 \u00a0
\n\n\t\t\t\t\tFreight receivables \u00a0
\n\n\t\t\t\t\t255.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t255.7 \u00a0
\n\n\t\t\t\t\t255.7 \u00a0
\n\n\t\t\t\t\tReceivables from joint ventures \u00a0
\n\n\t\t\t\t\t1.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1.0 \u00a0
\n\n\t\t\t\t\t1.0 \u00a0
\n\n\t\t\t\t\tOther receivables \u00a0
\n\n\t\t\t\t\t15.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t15.6 \u00a0
\n\n\t\t\t\t\t15.6 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t707.5 \u00a0
\n\n\t\t\t\t\t9.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t716.7 \u00a0
\n\n\t\t\t\t\t709.7 \u00a0
\n\n\t\t\t\t\tFinancial liabilities measured at amortised cost \u00a0
\n\n\t\t\t\t\tLoans \u00a0
\n\n\t\t\t\t\t-48.7 \u00a0
\n\n\t\t\t\t\t-98.6 \u00a0
\n\n\t\t\t\t\t-236.1 \u00a0
\n\n\t\t\t\t\t-383.4 \u00a0
\n\n\t\t\t\t\t-342.0 \u00a0
\n\n\t\t\t\t\tBonds \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-100.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-100.0 \u00a0
\n\n\t\t\t\t\t-98.7 \u00a0
\n\n\t\t\t\t\tLease liabilities, current \u00a0
\n\n\t\t\t\t\t-355.9 \u00a0
\n\n\t\t\t\t\t-234.9 \u00a0
\n\n\t\t\t\t\t-44.0 \u00a0
\n\n\t\t\t\t\t-634.8 \u00a0
\n\n\t\t\t\t\t-607.7 \u00a0
\n\n\t\t\t\t\tLease liabilities, future commencement date \u00a0
\n\n\t\t\t\t\t-27.6 \u00a0
\n\n\t\t\t\t\t-64.9 \u00a0
\n\n\t\t\t\t\t-54.2 \u00a0
\n\n\t\t\t\t\t-146.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTrade and other payables \u00a0
\n\n\t\t\t\t\t-307.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-307.8 \u00a0
\n\n\t\t\t\t\t-307.8 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t-740.0 \u00a0
\n\n\t\t\t\t\t-498.4 \u00a0
\n\n\t\t\t\t\t-334.3 \u00a0
\n\n\t\t\t\t\t-1,572.7 \u00a0
\n\n\t\t\t\t\t-1,356.2 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4861": {
"value": "Capital management risks \u00a0
\n\n\t\t\t\t\tThe Group\u2019s formal external capital requirement is limited to the contributed \u00a0
\n\n\t\t\t\t\tcapital of the Parent Company and the subsidiaries, which is significantly \u00a0
\n\n\t\t\t\t\tlower than the Group\u2019s equity. \u00a0
\n\n\t\t\t\t\tThe Group\u2019s equity ratio was 48.3% (40.5%) at the end of 2022. This significant \u00a0
\n\n\t\t\t\t\tequity ratio should be considered relative to the Group\u2019s future payment obli- \u00a0
\n\n\t\t\t\t\tgations in the form of operating lease liabilities (T/C contracts) and payments \u00a0
\n\n\t\t\t\t\tfor newbuildings not recognised in the statement of financial position. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4862": {
"value": "ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tThe Group uses derivative financial instruments to hedge its bunker price \u00a0
\n\n\t\t\t\t\trisks, freight risk and currency risks. Such derivative financial instruments are \u00a0
\n\n\t\t\t\t\tinitially recognised at fair value on the date on which a derivative contract is \u00a0
\n\n\t\t\t\t\tentered into and are subsequently remeasured at fair value. Derivatives are \u00a0
\n\n\t\t\t\t\tcarried as financial assets (other receivables) when the fair value is positive \u00a0
\n\n\t\t\t\t\tand as financial liabilities (other payables) when the fair value is negative. \u00a0
\n\n\t\t\t\t\tAt the inception of a hedge relationship, the Group formally designates \u00a0
\n\n\t\t\t\t\tand documents the hedge relationship to which it wishes to apply hedge \u00a0
\n\n\t\t\t\t\taccounting and the risk management objective and strategy for undertaking \u00a0
\n\n\t\t\t\t\tthe hedge. \u00a0
Changes in the fair value of derivative financial instruments that are desig- \u00a0
\n\n\t\t\t\t\tnated as fair value hedges of a recognised asset or a recognised liability are \u00a0
\n\n\t\t\t\t\trecognised in the income statement in the same item as any changes in the \u00a0
\n\n\t\t\t\t\tcarrying amount of the hedged asset or hedged liability. \u00a0
\n\n\t\t\t\t\tChanges in the fair value of derivative financial instruments designated as \u00a0
\n\n\t\t\t\t\thedges of expected future transactions (cash flow hedge) are recognised in \u00a0
\n\n\t\t\t\t\tother comprehensive income and presented under \u201cReserve for cash flow \u00a0
\n\n\t\t\t\t\thedges\u201d (equity). A break down of the movement into each type of cash flow \u00a0
\n\n\t\t\t\t\thedge is presented below. Where the expected future transactions results \u00a0
\n\n\t\t\t\t\tin the acquisition of non-financial assets, any amounts deferred under equity \u00a0
\n\n\t\t\t\t\tare transferred from equity to the cost of the asset. Where an expected future \u00a0
\n\n\t\t\t\t\ttransaction results in income or expense, any amount deferred under equity \u00a0
\n\n\t\t\t\t\tare transferred from equity to the income statement in the same item as the \u00a0
\n\n\t\t\t\t\thedged transaction. \u00a0
\n\n\t\t\t\t\tChanges in derivative financial instruments used for economic trading are \u00a0
\n\n\t\t\t\t\trecognised in the income statement in a separate item under other operating \u00a0
\n\n\t\t\t\t\tincome. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4864": {
"value": "ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tThe Group uses derivative financial instruments to hedge its bunker price \u00a0
\n\n\t\t\t\t\trisks, freight risk and currency risks. Such derivative financial instruments are \u00a0
\n\n\t\t\t\t\tinitially recognised at fair value on the date on which a derivative contract is \u00a0
\n\n\t\t\t\t\tentered into and are subsequently remeasured at fair value. Derivatives are \u00a0
\n\n\t\t\t\t\tcarried as financial assets (other receivables) when the fair value is positive \u00a0
\n\n\t\t\t\t\tand as financial liabilities (other payables) when the fair value is negative. \u00a0
\n\n\t\t\t\t\tAt the inception of a hedge relationship, the Group formally designates \u00a0
\n\n\t\t\t\t\tand documents the hedge relationship to which it wishes to apply hedge \u00a0
\n\n\t\t\t\t\taccounting and the risk management objective and strategy for undertaking \u00a0
\n\n\t\t\t\t\tthe hedge. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4865": {
"value": "4.3 Fair\u00a0value hierarchy \u00a0
\n\n\t\t\t\t\tFair value measurement \u00a0
\n\n\t\t\t\t\tThe Group measures financial instruments such as derivatives at fair value at \u00a0
\n\n\t\t\t\t\teach balance sheet date. Fair value is the price that would be received to sell \u00a0
\n\n\t\t\t\t\tan asset or paid to transfer a liability in an orderly transaction between market \u00a0
\n\n\t\t\t\t\tparticipants at the measurement date. \u00a0
\n\n\t\t\t\t\tThe fair value measurement is based on the presumption that the transaction \u00a0
\n\n\t\t\t\t\tof selling the asset or transferring the liability takes place either in the prin- \u00a0
\n\n\t\t\t\t\tcipal market for the asset or liability, or in the absence of a principal market, \u00a0
\n\n\t\t\t\t\tthe most advantageous market. The principal or the most advantageous \u00a0
\n\n\t\t\t\t\tmarket must be accessible by the Group. \u00a0
\n\n\t\t\t\t\tThe fair value of an asset or a liability is measured using the assumptions that \u00a0
\n\n\t\t\t\t\tmarket participants would use when pricing the asset or liability, assuming \u00a0
\n\n\t\t\t\t\tthat market participants act in their economic best interest. \u00a0
\n\n\t\t\t\t\tIn measuring the fair value of unlisted derivative financial instruments and \u00a0
\n\n\t\t\t\t\tother financial instruments for which there is no active market, fair value is \u00a0
\n\n\t\t\t\t\tdetermined using generally accepted valuation techniques. \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tMarket-based parameters such as market-based yield curves and forward \u00a0
\n\n\t\t\t\t\texchange prices are used for the valuation. \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tFor bunker contracts, the price is based on observable stock markets, e.g. \u00a0
\n\n\t\t\t\t\tRotterdam and Singapore. \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tThe value of FFAs is assessed on the basis of daily recorded prices from the \u00a0
\n\n\t\t\t\t\tBaltic Exchange. \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tFor non-current liabilities and other interest rate-based financial instru- \u00a0
\n\n\t\t\t\t\tments, the fair value is based on a discounted value of future cash flows. \u00a0
\n\n\t\t\t\t\tThe zero-coupon rate with the addition of the Group\u2019s interest margin is \u00a0
\n\n\t\t\t\t\tused as discount factor. \u00a0
The fair value of receivables and debt with a maturity of less than one year is \u00a0
\n\n\t\t\t\t\tassumed to approximate their face values less any estimated credit adjust- \u00a0
\n\n\t\t\t\t\tments. \u00a0
\n\n\t\t\t\t\tThe fair value of bank debt is calculated as the present value of expected \u00a0
\n\n\t\t\t\t\tfuture repayments and interest payments. As discount rate at the calculation \u00a0
\n\n\t\t\t\t\tof present value, a zero-coupon interest with similar maturities adjusted with \u00a0
\n\n\t\t\t\t\tthe Group\u2019s interest margin has been used. \u00a0
\n\n\t\t\t\t\tThe Group uses valuation techniques that are appropriate in the circum- \u00a0
\n\n\t\t\t\t\tstances and for which sufficient data is available to measure fair value, \u00a0
\n\n\t\t\t\t\tmaximising the use of relevant observable inputs and minimising the use of \u00a0
\n\n\t\t\t\t\tunobservable inputs. \u00a0
\n\n\t\t\t\t\tFinancial instruments for which fair value is measured or disclosed in the \u00a0
\n\n\t\t\t\t\tFinancial Statements are categorised within the fair value hierarchy, described \u00a0
\n\n\t\t\t\t\tfollowing the accounting hierarchy: \u00a0
\n\n\t\t\t\t\tLevel 1: \u00a0
\n\n\t\t\t\t\tQuoted (unadjusted) market prices in active markets for identical \u00a0
\n\n\t\t\t\t\tassets or liabilities \u00a0
\n\n\t\t\t\t\tLevel 2: \u00a0
\n\n\t\t\t\t\tValuation techniques for which the lowest level input that is signifi- \u00a0
\n\n\t\t\t\t\tcant to the fair value measurement is directly or indirectly observ- \u00a0
\n\n\t\t\t\t\table \u00a0
\n\n\t\t\t\t\tLevel 3: \u00a0
\n\n\t\t\t\t\tValuation techniques for which the lowest level input that is signifi- \u00a0
\n\n\t\t\t\t\tcant to the fair value measurement is unobservable \u00a0
The following table provides the fair value measurement hierarchy of the Group\u2019s assets and liabilities: \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\tFair value measurement using \u00a0
\n\n\t\t\t\t\tQuoted prices in \u00a0
\n\n\t\t\t\t\tSignificant \u00a0
\n\n\t\t\t\t\tSignificant un- \u00a0
\n\n\t\t\t\t\tCarrying \u00a0
\n\n\t\t\t\t\tactive markets \u00a0
\n\n\t\t\t\t\tobservable \u00a0
\n\n\t\t\t\t\tobservable \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tamount \u00a0
\n\n\t\t\t\t\t(Level 1) \u00a0
\n\n\t\t\t\t\tinputs (Level 2) \u00a0
\n\n\t\t\t\t\tinputs (Level 3) \u00a0
\n\n\t\t\t\t\tReceivables from subleasing 1) \u00a0
\n\n\t\t\t\t\t91.9 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t91.9 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tFreight receivables 2) \u00a0
\n\n\t\t\t\t\t328.9 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOther receivables 2) \u00a0
\n\n\t\t\t\t\t39.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tReceivables from joint ventures 2) \u00a0
\n\n\t\t\t\t\t1.5 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tCash and cash equivalents 2) \u00a0
\n\n\t\t\t\t\t842.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal financial assets at amortised cost \u00a0
\n\n\t\t\t\t\t1,303.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t91.9 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOther receivables, derivatives \u00a0
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal financial assets at fair value \u00a0
\n\n\t\t\t\t\tthrough other comprehensive income \u00a0
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOther receivables, derivatives \u00a0
\n\n\t\t\t\t\t5.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t5.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal financial assets at fair value \u00a0
\n\n\t\t\t\t\tthrough the income statement \u00a0
\n\n\t\t\t\t\t5.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t5.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tLoans \u00a0
\n\n\t\t\t\t\t-221.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-221.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tBonds \u00a0
\n\n\t\t\t\t\t-73.7 \u00a0
\n\n\t\t\t\t\t-76.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tLease liabilities 1) \u00a0
\n\n\t\t\t\t\t-519.5 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tDebt to joint ventures 2) \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTrade payables 2) \u00a0
\n\n\t\t\t\t\t-279.5 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal debt at amortised cost \u00a0
\n\n\t\t\t\t\t-1,094.3 \u00a0
\n\n\t\t\t\t\t-76.2 \u00a0
\n\n\t\t\t\t\t-221.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tDerivatives \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal financial liabilities at fair value \u00a0
\n\n\t\t\t\t\tthrough other comprehensive income \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tDerivatives \u00a0
\n\n\t\t\t\t\t-6.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-6.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal financial liabilities at fair value \u00a0
\n\n\t\t\t\t\tthrough the income statement \u00a0
\n\n\t\t\t\t\t-6.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-6.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1) The carrying amount is approximately equal to the fair value. \u00a0
\n\n\t\t\t\t\t2) Due to the short-term nature, the carrying amount is assumed to approximate the fair value. \u00a0
Amounts in USD million \u00a0
\n\n\t\t\t\t\tFair value measurement using \u00a0
\n\n\t\t\t\t\tQuoted prices in \u00a0
\n\n\t\t\t\t\tSignificant \u00a0
\n\n\t\t\t\t\tSignificant un- \u00a0
\n\n\t\t\t\t\tCarrying \u00a0
\n\n\t\t\t\t\tactive markets \u00a0
\n\n\t\t\t\t\tobservable \u00a0
\n\n\t\t\t\t\tobservable \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tamount \u00a0
\n\n\t\t\t\t\t(Level 1) \u00a0
\n\n\t\t\t\t\tinputs (Level 2) \u00a0
\n\n\t\t\t\t\tinputs (Level 3) \u00a0
\n\n\t\t\t\t\tReceivables from subleasing 1) \u00a0
\n\n\t\t\t\t\t32.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t32.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tFreight receivables 2) \u00a0
\n\n\t\t\t\t\t255.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOther receivables 2) \u00a0
\n\n\t\t\t\t\t15.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tReceivables from joint ventures 2) \u00a0
\n\n\t\t\t\t\t1.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tCash and cash equivalents 2) \u00a0
\n\n\t\t\t\t\t410.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal financial assets at amortised cost \u00a0
\n\n\t\t\t\t\t715.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t32.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOther receivables, derivatives \u00a0
\n\n\t\t\t\t\t3.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t3.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal financial assets at fair value \u00a0
\n\n\t\t\t\t\tthrough other comprehensive income \u00a0
\n\n\t\t\t\t\t3.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t3.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOther receivables, derivatives \u00a0
\n\n\t\t\t\t\t0.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t0.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal financial assets at fair value \u00a0
\n\n\t\t\t\t\tthrough the income statement \u00a0
\n\n\t\t\t\t\t0.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t0.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tLoans \u00a0
\n\n\t\t\t\t\t-342.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-342.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tBonds \u00a0
\n\n\t\t\t\t\t-98.7 \u00a0
\n\n\t\t\t\t\t-102.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tLease liabilities 1) \u00a0
\n\n\t\t\t\t\t-607.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tDebt to joint ventures 2) \u00a0
\n\n\t\t\t\t\t-13.9 \u00a0
\n\n\t\t\t\t\tTrade payables 2) \u00a0
\n\n\t\t\t\t\t-226.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal debt at amortised cost \u00a0
\n\n\t\t\t\t\t-1,288.4 \u00a0
\n\n\t\t\t\t\t-102.0 \u00a0
\n\n\t\t\t\t\t-342.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tDerivatives \u00a0
\n\n\t\t\t\t\t-1.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-1.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal financial liabilities at fair value \u00a0
\n\n\t\t\t\t\tthrough other comprehensive income \u00a0
\n\n\t\t\t\t\t-1.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-1.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tDerivatives \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal financial liabilities at fair value \u00a0
\n\n\t\t\t\t\tthrough the income statement \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1) The carrying amount is approximately equal to the fair value. \u00a0
\n\n\t\t\t\t\t2) Due to the short term nature, the carrying amount is assumed to approximate the fair value. \u00a0
NORDEN's forward exchange contracts and other derivative financial instru- \u00a0
\n\n\t\t\t\t\tments (commodity instruments) are considered for fair value measurement \u00a0
\n\n\t\t\t\t\tat level two as the fair value can be determined directly on the basis of \u00a0
\n\n\t\t\t\t\tthe published exchange rates and forward interest rates and prices at the \u00a0
\n\n\t\t\t\t\treporting date. \u00a0
\n\n\t\t\t\t\tNORDEN's bonds are considered for fair value measurement at level 1 as the \u00a0
\n\n\t\t\t\t\tbond is quoted by NASDAQ, valued at the official closing price. \u00a0
\n\n\t\t\t\t\tNORDEN's other financial instruments are considered for fair value measure- \u00a0
\n\n\t\t\t\t\tment at level two as the fair value can be determined on the basis of observ- \u00a0
\n\n\t\t\t\t\table inputs. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4870": {
"value": "4.3 Fair\u00a0value hierarchy \u00a0
\n\n\t\t\t\t\tFair value measurement \u00a0
\n\n\t\t\t\t\tThe Group measures financial instruments such as derivatives at fair value at \u00a0
\n\n\t\t\t\t\teach balance sheet date. Fair value is the price that would be received to sell \u00a0
\n\n\t\t\t\t\tan asset or paid to transfer a liability in an orderly transaction between market \u00a0
\n\n\t\t\t\t\tparticipants at the measurement date. \u00a0
\n\n\t\t\t\t\tThe fair value measurement is based on the presumption that the transaction \u00a0
\n\n\t\t\t\t\tof selling the asset or transferring the liability takes place either in the prin- \u00a0
\n\n\t\t\t\t\tcipal market for the asset or liability, or in the absence of a principal market, \u00a0
\n\n\t\t\t\t\tthe most advantageous market. The principal or the most advantageous \u00a0
\n\n\t\t\t\t\tmarket must be accessible by the Group. \u00a0
\n\n\t\t\t\t\tThe fair value of an asset or a liability is measured using the assumptions that \u00a0
\n\n\t\t\t\t\tmarket participants would use when pricing the asset or liability, assuming \u00a0
\n\n\t\t\t\t\tthat market participants act in their economic best interest. \u00a0
\n\n\t\t\t\t\tIn measuring the fair value of unlisted derivative financial instruments and \u00a0
\n\n\t\t\t\t\tother financial instruments for which there is no active market, fair value is \u00a0
\n\n\t\t\t\t\tdetermined using generally accepted valuation techniques. \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tMarket-based parameters such as market-based yield curves and forward \u00a0
\n\n\t\t\t\t\texchange prices are used for the valuation. \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tFor bunker contracts, the price is based on observable stock markets, e.g. \u00a0
\n\n\t\t\t\t\tRotterdam and Singapore. \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tThe value of FFAs is assessed on the basis of daily recorded prices from the \u00a0
\n\n\t\t\t\t\tBaltic Exchange. \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tFor non-current liabilities and other interest rate-based financial instru- \u00a0
\n\n\t\t\t\t\tments, the fair value is based on a discounted value of future cash flows. \u00a0
\n\n\t\t\t\t\tThe zero-coupon rate with the addition of the Group\u2019s interest margin is \u00a0
\n\n\t\t\t\t\tused as discount factor. \u00a0
The fair value of receivables and debt with a maturity of less than one year is \u00a0
\n\n\t\t\t\t\tassumed to approximate their face values less any estimated credit adjust- \u00a0
\n\n\t\t\t\t\tments. \u00a0
\n\n\t\t\t\t\tThe fair value of bank debt is calculated as the present value of expected \u00a0
\n\n\t\t\t\t\tfuture repayments and interest payments. As discount rate at the calculation \u00a0
\n\n\t\t\t\t\tof present value, a zero-coupon interest with similar maturities adjusted with \u00a0
\n\n\t\t\t\t\tthe Group\u2019s interest margin has been used. \u00a0
\n\n\t\t\t\t\tThe Group uses valuation techniques that are appropriate in the circum- \u00a0
\n\n\t\t\t\t\tstances and for which sufficient data is available to measure fair value, \u00a0
\n\n\t\t\t\t\tmaximising the use of relevant observable inputs and minimising the use of \u00a0
\n\n\t\t\t\t\tunobservable inputs. \u00a0
\n\n\t\t\t\t\tFinancial instruments for which fair value is measured or disclosed in the \u00a0
\n\n\t\t\t\t\tFinancial Statements are categorised within the fair value hierarchy, described \u00a0
\n\n\t\t\t\t\tfollowing the accounting hierarchy: \u00a0
\n\n\t\t\t\t\tLevel 1: \u00a0
\n\n\t\t\t\t\tQuoted (unadjusted) market prices in active markets for identical \u00a0
\n\n\t\t\t\t\tassets or liabilities \u00a0
\n\n\t\t\t\t\tLevel 2: \u00a0
\n\n\t\t\t\t\tValuation techniques for which the lowest level input that is signifi- \u00a0
\n\n\t\t\t\t\tcant to the fair value measurement is directly or indirectly observ- \u00a0
\n\n\t\t\t\t\table \u00a0
\n\n\t\t\t\t\tLevel 3: \u00a0
\n\n\t\t\t\t\tValuation techniques for which the lowest level input that is signifi- \u00a0
\n\n\t\t\t\t\tcant to the fair value measurement is unobservable \u00a0
The following table provides the fair value measurement hierarchy of the Group\u2019s assets and liabilities: \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\tFair value measurement using \u00a0
\n\n\t\t\t\t\tQuoted prices in \u00a0
\n\n\t\t\t\t\tSignificant \u00a0
\n\n\t\t\t\t\tSignificant un- \u00a0
\n\n\t\t\t\t\tCarrying \u00a0
\n\n\t\t\t\t\tactive markets \u00a0
\n\n\t\t\t\t\tobservable \u00a0
\n\n\t\t\t\t\tobservable \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\tamount \u00a0
\n\n\t\t\t\t\t(Level 1) \u00a0
\n\n\t\t\t\t\tinputs (Level 2) \u00a0
\n\n\t\t\t\t\tinputs (Level 3) \u00a0
\n\n\t\t\t\t\tReceivables from subleasing 1) \u00a0
\n\n\t\t\t\t\t91.9 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t91.9 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tFreight receivables 2) \u00a0
\n\n\t\t\t\t\t328.9 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOther receivables 2) \u00a0
\n\n\t\t\t\t\t39.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tReceivables from joint ventures 2) \u00a0
\n\n\t\t\t\t\t1.5 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tCash and cash equivalents 2) \u00a0
\n\n\t\t\t\t\t842.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal financial assets at amortised cost \u00a0
\n\n\t\t\t\t\t1,303.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t91.9 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOther receivables, derivatives \u00a0
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal financial assets at fair value \u00a0
\n\n\t\t\t\t\tthrough other comprehensive income \u00a0
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOther receivables, derivatives \u00a0
\n\n\t\t\t\t\t5.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t5.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal financial assets at fair value \u00a0
\n\n\t\t\t\t\tthrough the income statement \u00a0
\n\n\t\t\t\t\t5.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t5.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tLoans \u00a0
\n\n\t\t\t\t\t-221.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-221.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tBonds \u00a0
\n\n\t\t\t\t\t-73.7 \u00a0
\n\n\t\t\t\t\t-76.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tLease liabilities 1) \u00a0
\n\n\t\t\t\t\t-519.5 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tDebt to joint ventures 2) \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTrade payables 2) \u00a0
\n\n\t\t\t\t\t-279.5 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal debt at amortised cost \u00a0
\n\n\t\t\t\t\t-1,094.3 \u00a0
\n\n\t\t\t\t\t-76.2 \u00a0
\n\n\t\t\t\t\t-221.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tDerivatives \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal financial liabilities at fair value \u00a0
\n\n\t\t\t\t\tthrough other comprehensive income \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tDerivatives \u00a0
\n\n\t\t\t\t\t-6.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-6.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal financial liabilities at fair value \u00a0
\n\n\t\t\t\t\tthrough the income statement \u00a0
\n\n\t\t\t\t\t-6.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-6.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1) The carrying amount is approximately equal to the fair value. \u00a0
\n\n\t\t\t\t\t2) Due to the short-term nature, the carrying amount is assumed to approximate the fair value. \u00a0
Amounts in USD million \u00a0
\n\n\t\t\t\t\tFair value measurement using \u00a0
\n\n\t\t\t\t\tQuoted prices in \u00a0
\n\n\t\t\t\t\tSignificant \u00a0
\n\n\t\t\t\t\tSignificant un- \u00a0
\n\n\t\t\t\t\tCarrying \u00a0
\n\n\t\t\t\t\tactive markets \u00a0
\n\n\t\t\t\t\tobservable \u00a0
\n\n\t\t\t\t\tobservable \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tamount \u00a0
\n\n\t\t\t\t\t(Level 1) \u00a0
\n\n\t\t\t\t\tinputs (Level 2) \u00a0
\n\n\t\t\t\t\tinputs (Level 3) \u00a0
\n\n\t\t\t\t\tReceivables from subleasing 1) \u00a0
\n\n\t\t\t\t\t32.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t32.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tFreight receivables 2) \u00a0
\n\n\t\t\t\t\t255.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOther receivables 2) \u00a0
\n\n\t\t\t\t\t15.6 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tReceivables from joint ventures 2) \u00a0
\n\n\t\t\t\t\t1.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tCash and cash equivalents 2) \u00a0
\n\n\t\t\t\t\t410.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal financial assets at amortised cost \u00a0
\n\n\t\t\t\t\t715.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t32.8 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOther receivables, derivatives \u00a0
\n\n\t\t\t\t\t3.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t3.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal financial assets at fair value \u00a0
\n\n\t\t\t\t\tthrough other comprehensive income \u00a0
\n\n\t\t\t\t\t3.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t3.3 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tOther receivables, derivatives \u00a0
\n\n\t\t\t\t\t0.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t0.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal financial assets at fair value \u00a0
\n\n\t\t\t\t\tthrough the income statement \u00a0
\n\n\t\t\t\t\t0.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t0.2 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tLoans \u00a0
\n\n\t\t\t\t\t-342.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-342.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tBonds \u00a0
\n\n\t\t\t\t\t-98.7 \u00a0
\n\n\t\t\t\t\t-102.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tLease liabilities 1) \u00a0
\n\n\t\t\t\t\t-607.7 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tDebt to joint ventures 2) \u00a0
\n\n\t\t\t\t\t-13.9 \u00a0
\n\n\t\t\t\t\tTrade payables 2) \u00a0
\n\n\t\t\t\t\t-226.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal debt at amortised cost \u00a0
\n\n\t\t\t\t\t-1,288.4 \u00a0
\n\n\t\t\t\t\t-102.0 \u00a0
\n\n\t\t\t\t\t-342.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tDerivatives \u00a0
\n\n\t\t\t\t\t-1.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-1.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal financial liabilities at fair value \u00a0
\n\n\t\t\t\t\tthrough other comprehensive income \u00a0
\n\n\t\t\t\t\t-1.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-1.0 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tDerivatives \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTotal financial liabilities at fair value \u00a0
\n\n\t\t\t\t\tthrough the income statement \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\t1) The carrying amount is approximately equal to the fair value. \u00a0
\n\n\t\t\t\t\t2) Due to the short term nature, the carrying amount is assumed to approximate the fair value. \u00a0
NORDEN's forward exchange contracts and other derivative financial instru- \u00a0
\n\n\t\t\t\t\tments (commodity instruments) are considered for fair value measurement \u00a0
\n\n\t\t\t\t\tat level two as the fair value can be determined directly on the basis of \u00a0
\n\n\t\t\t\t\tthe published exchange rates and forward interest rates and prices at the \u00a0
\n\n\t\t\t\t\treporting date. \u00a0
\n\n\t\t\t\t\tNORDEN's bonds are considered for fair value measurement at level 1 as the \u00a0
\n\n\t\t\t\t\tbond is quoted by NASDAQ, valued at the official closing price. \u00a0
\n\n\t\t\t\t\tNORDEN's other financial instruments are considered for fair value measure- \u00a0
\n\n\t\t\t\t\tment at level two as the fair value can be determined on the basis of observ- \u00a0
\n\n\t\t\t\t\table inputs. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4883": {
"value": "Treasury shares \u00a0
\n\n\t\t\t\t\tMarket \u00a0
\n\n\t\t\t\t\tvalue, \u00a0
\n\n\t\t\t\t\tTreasury \u00a0
\n\n\t\t\t\t\tUSD \u00a0
\n\n\t\t\t\t\tshares \u00a0
\n\n\t\t\t\t\tmillion \u00a0
\n\n\t\t\t\t\tin % \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tHolding at 1 January \u00a0
\n\n\t\t\t\t\t61.8 \u00a0
\n\n\t\t\t\t\t6.22 \u00a0
\n\n\t\t\t\t\t2,436,939 \u00a0
\n\n\t\t\t\t\t2,894,467 \u00a0
\n\n\t\t\t\t\tPurchases \u00a0
\n\n\t\t\t\t\t3,327,721 \u00a0
\n\n\t\t\t\t\t1,481,230 \u00a0
\n\n\t\t\t\t\tTransfers \u00a0
\n\n\t\t\t\t\t-316,648 \u00a0
\n\n\t\t\t\t\t-438,758 \u00a0
\n\n\t\t\t\t\tCancellations \u00a0
\n\n\t\t\t\t\t-2,200,000 \u00a0
\n\n\t\t\t\t\t-1,500,000 \u00a0
\n\n\t\t\t\t\tHolding at 31 December \u00a0
\n\n\t\t\t\t\t194.7 \u00a0
\n\n\t\t\t\t\t8.78 \u00a0
\n\n\t\t\t\t\t3,248,012 \u00a0
\n\n\t\t\t\t\t2,436,939 \u00a0
\n\n\t\t\t\t\tTreasury shares are acquired for the purpose of hedging in connection with \u00a0
\n\n\t\t\t\t\tshare-based payment and in connection with share buy-back programmes. \u00a0
\n\n\t\t\t\t\tThe Company is authorised by the general meeting to acquire treasury shares \u00a0
\n\n\t\t\t\t\tin the period until next year\u2019s annual general meeting at a total nominal value \u00a0
\n\n\t\t\t\t\tnot exceeding 15% of the share capital at the market price applicable at the \u00a0
\n\n\t\t\t\t\ttime of acquisition with a deviation of up to 10%. \u00a0
Share buy-back programmes \u00a0
\n\n\t\t\t\t\tNORDEN initiated four share buy-back programmes in 2022. The share buy-back \u00a0
\n\n\t\t\t\t\tprogrammes were initiated pursuant to the authorisation granted to the Board of \u00a0
\n\n\t\t\t\t\tDirectors. The details of the four share buy-back programmes can be found in the \u00a0
\n\n\t\t\t\t\tfollowing table: \u00a0
Limit* of Number\u00a0of Cost\u00a0of shares\u00a0Avg. price of \u00a0
\n\n\t\t\t\t\tPeriod \u00a0
\n\n\t\t\t\t\tshare capital\u00a0shares acq.\u00a0acq., DKK\u00a0shares acq. \u00a0
\n\n\t\t\t\t\t4 Nov 21 - 28 Feb 22 \u00a0
\n\n\t\t\t\t\t10% \u00a0
\n\n\t\t\t\t\t754,900 \u00a0
\n\n\t\t\t\t\t120,816,462 \u00a0
\n\n\t\t\t\t\t159 \u00a0
\n\n\t\t\t\t\t3 Mar - 30 Apr 22 \u00a0
\n\n\t\t\t\t\t10% \u00a0
\n\n\t\t\t\t\t814,921 \u00a0
\n\n\t\t\t\t\t198,723,547 \u00a0
\n\n\t\t\t\t\t243 \u00a0
\n\n\t\t\t\t\t6 Jul - 16 Aug 22 \u00a0
\n\n\t\t\t\t\t15% \u00a0
\n\n\t\t\t\t\t357,700 \u00a0
\n\n\t\t\t\t\t106,373,379 \u00a0
\n\n\t\t\t\t\t296 \u00a0
\n\n\t\t\t\t\t18 Aug - 1 Nov 22 \u00a0
\n\n\t\t\t\t\t15% \u00a0
\n\n\t\t\t\t\t841,200 \u00a0
\n\n\t\t\t\t\t291,827,249 \u00a0
\n\n\t\t\t\t\t345 \u00a0
\n\n\t\t\t\t\t3 Nov 22 - 7 Feb 23 \u00a0
\n\n\t\t\t\t\t15% \u00a0
\n\n\t\t\t\t\t559,000 \u00a0
\n\n\t\t\t\t\t205,951,180 \u00a0
\n\n\t\t\t\t\t368 \u00a0
\n\n\t\t\t\t\t3,327,721 923,691,817 \u00a0
\n\n\t\t\t\t\t277 \u00a0
\n\n\t\t\t\t\t* applicable at the time of acquisition with a deviation of up to 10% \u00a0
\n\n\t\t\t\t\tThe figures in the above table only include shares acquired through share \u00a0
\n\n\t\t\t\t\tbuy-back programmes in 2022. \u00a0
\n\n\t\t\t\t\tThe total cost of DKK 923,691,817 was deducted from retained earnings. \u00a0
Treasury shares \u00a0
\n\n\t\t\t\t\tThe acquisition and sale of treasury shares and dividends thereon are taken \u00a0
\n\n\t\t\t\t\tdirectly to retained earnings under equity. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4875": {
"value": "4.4 Share\u00a0capital and dividends \u00a0
\n\n\t\t\t\t\tDistribution to shareholders \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tInterim dividend for the year \u00a0
\n\n\t\t\t\t\t279.5 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tDividend for the prior year \u00a0
\n\n\t\t\t\t\t96.7 \u00a0
\n\n\t\t\t\t\t53.0 \u00a0
\n\n\t\t\t\t\tShare repurchases for the year \u00a0
\n\n\t\t\t\t\t129.8 \u00a0
\n\n\t\t\t\t\t33.1 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t506.0 \u00a0
\n\n\t\t\t\t\t86.1 \u00a0
\n\n\t\t\t\t\tThe net cash distribution to shareholders in the form of dividends and share \u00a0
\n\n\t\t\t\t\trepurchases amounts to USD 506 million, compared with a free cash flow of \u00a0
\n\n\t\t\t\t\tUSD 1,079 million. \u00a0
\n\n\t\t\t\t\tThe total dividend related to 2022 amounts to USD 424.7 million (DKK 90 per \u00a0
\n\n\t\t\t\t\tshare), corresponding to a payout ratio of 57.1%. The 2022 final dividend of \u00a0
\n\n\t\t\t\t\tUSD 145.2 million (DKK 30 per share) is expected to be distributed pending \u00a0
\n\n\t\t\t\t\tapproval at the Annual General Meeting. \u00a0
Interim dividends of USD 141 million (DKK 30 per share) were paid in August \u00a0
\n\n\t\t\t\t\t2022 and USD 139 million (DKK 30 per share) in November 2022. \u00a0
\n\n\t\t\t\t\tAmounts excluding dividend declared on treasury shares. \u00a0
Accounting policies \u00a0
\n\n\t\t\t\t\tDividend \u00a0
\n\n\t\t\t\t\tDividend is recognised as a liability at the time of adoption by the share- \u00a0
\n\n\t\t\t\t\tholders at the annual general meeting. Dividend proposed by Management in \u00a0
\n\n\t\t\t\t\trespect of the year is stated under equity. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4878": {
"value": "4.4 Share\u00a0capital and dividends \u00a0
\n\n\t\t\t\t\tDistribution to shareholders \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tInterim dividend for the year \u00a0
\n\n\t\t\t\t\t279.5 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tDividend for the prior year \u00a0
\n\n\t\t\t\t\t96.7 \u00a0
\n\n\t\t\t\t\t53.0 \u00a0
\n\n\t\t\t\t\tShare repurchases for the year \u00a0
\n\n\t\t\t\t\t129.8 \u00a0
\n\n\t\t\t\t\t33.1 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t506.0 \u00a0
\n\n\t\t\t\t\t86.1 \u00a0
\n\n\t\t\t\t\tThe net cash distribution to shareholders in the form of dividends and share \u00a0
\n\n\t\t\t\t\trepurchases amounts to USD 506 million, compared with a free cash flow of \u00a0
\n\n\t\t\t\t\tUSD 1,079 million. \u00a0
\n\n\t\t\t\t\tThe total dividend related to 2022 amounts to USD 424.7 million (DKK 90 per \u00a0
\n\n\t\t\t\t\tshare), corresponding to a payout ratio of 57.1%. The 2022 final dividend of \u00a0
\n\n\t\t\t\t\tUSD 145.2 million (DKK 30 per share) is expected to be distributed pending \u00a0
\n\n\t\t\t\t\tapproval at the Annual General Meeting. \u00a0
Interim dividends of USD 141 million (DKK 30 per share) were paid in August \u00a0
\n\n\t\t\t\t\t2022 and USD 139 million (DKK 30 per share) in November 2022. \u00a0
\n\n\t\t\t\t\tAmounts excluding dividend declared on treasury shares. \u00a0
Treasury shares \u00a0
\n\n\t\t\t\t\tMarket \u00a0
\n\n\t\t\t\t\tvalue, \u00a0
\n\n\t\t\t\t\tTreasury \u00a0
\n\n\t\t\t\t\tUSD \u00a0
\n\n\t\t\t\t\tshares \u00a0
\n\n\t\t\t\t\tmillion \u00a0
\n\n\t\t\t\t\tin % \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tHolding at 1 January \u00a0
\n\n\t\t\t\t\t61.8 \u00a0
\n\n\t\t\t\t\t6.22 \u00a0
\n\n\t\t\t\t\t2,436,939 \u00a0
\n\n\t\t\t\t\t2,894,467 \u00a0
\n\n\t\t\t\t\tPurchases \u00a0
\n\n\t\t\t\t\t3,327,721 \u00a0
\n\n\t\t\t\t\t1,481,230 \u00a0
\n\n\t\t\t\t\tTransfers \u00a0
\n\n\t\t\t\t\t-316,648 \u00a0
\n\n\t\t\t\t\t-438,758 \u00a0
\n\n\t\t\t\t\tCancellations \u00a0
\n\n\t\t\t\t\t-2,200,000 \u00a0
\n\n\t\t\t\t\t-1,500,000 \u00a0
\n\n\t\t\t\t\tHolding at 31 December \u00a0
\n\n\t\t\t\t\t194.7 \u00a0
\n\n\t\t\t\t\t8.78 \u00a0
\n\n\t\t\t\t\t3,248,012 \u00a0
\n\n\t\t\t\t\t2,436,939 \u00a0
\n\n\t\t\t\t\tTreasury shares are acquired for the purpose of hedging in connection with \u00a0
\n\n\t\t\t\t\tshare-based payment and in connection with share buy-back programmes. \u00a0
\n\n\t\t\t\t\tThe Company is authorised by the general meeting to acquire treasury shares \u00a0
\n\n\t\t\t\t\tin the period until next year\u2019s annual general meeting at a total nominal value \u00a0
\n\n\t\t\t\t\tnot exceeding 15% of the share capital at the market price applicable at the \u00a0
\n\n\t\t\t\t\ttime of acquisition with a deviation of up to 10%. \u00a0
Share buy-back programmes \u00a0
\n\n\t\t\t\t\tNORDEN initiated four share buy-back programmes in 2022. The share buy-back \u00a0
\n\n\t\t\t\t\tprogrammes were initiated pursuant to the authorisation granted to the Board of \u00a0
\n\n\t\t\t\t\tDirectors. The details of the four share buy-back programmes can be found in the \u00a0
\n\n\t\t\t\t\tfollowing table: \u00a0
Limit* of Number\u00a0of Cost\u00a0of shares\u00a0Avg. price of \u00a0
\n\n\t\t\t\t\tPeriod \u00a0
\n\n\t\t\t\t\tshare capital\u00a0shares acq.\u00a0acq., DKK\u00a0shares acq. \u00a0
\n\n\t\t\t\t\t4 Nov 21 - 28 Feb 22 \u00a0
\n\n\t\t\t\t\t10% \u00a0
\n\n\t\t\t\t\t754,900 \u00a0
\n\n\t\t\t\t\t120,816,462 \u00a0
\n\n\t\t\t\t\t159 \u00a0
\n\n\t\t\t\t\t3 Mar - 30 Apr 22 \u00a0
\n\n\t\t\t\t\t10% \u00a0
\n\n\t\t\t\t\t814,921 \u00a0
\n\n\t\t\t\t\t198,723,547 \u00a0
\n\n\t\t\t\t\t243 \u00a0
\n\n\t\t\t\t\t6 Jul - 16 Aug 22 \u00a0
\n\n\t\t\t\t\t15% \u00a0
\n\n\t\t\t\t\t357,700 \u00a0
\n\n\t\t\t\t\t106,373,379 \u00a0
\n\n\t\t\t\t\t296 \u00a0
\n\n\t\t\t\t\t18 Aug - 1 Nov 22 \u00a0
\n\n\t\t\t\t\t15% \u00a0
\n\n\t\t\t\t\t841,200 \u00a0
\n\n\t\t\t\t\t291,827,249 \u00a0
\n\n\t\t\t\t\t345 \u00a0
\n\n\t\t\t\t\t3 Nov 22 - 7 Feb 23 \u00a0
\n\n\t\t\t\t\t15% \u00a0
\n\n\t\t\t\t\t559,000 \u00a0
\n\n\t\t\t\t\t205,951,180 \u00a0
\n\n\t\t\t\t\t368 \u00a0
\n\n\t\t\t\t\t3,327,721 923,691,817 \u00a0
\n\n\t\t\t\t\t277 \u00a0
\n\n\t\t\t\t\t* applicable at the time of acquisition with a deviation of up to 10% \u00a0
\n\n\t\t\t\t\tThe figures in the above table only include shares acquired through share \u00a0
\n\n\t\t\t\t\tbuy-back programmes in 2022. \u00a0
\n\n\t\t\t\t\tThe total cost of DKK 923,691,817 was deducted from retained earnings. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4887": {
"value": "Accounting policies \u00a0
\n\n\t\t\t\t\tDividend \u00a0
\n\n\t\t\t\t\tDividend is recognised as a liability at the time of adoption by the share- \u00a0
\n\n\t\t\t\t\tholders at the annual general meeting. Dividend proposed by Management in \u00a0
\n\n\t\t\t\t\trespect of the year is stated under equity. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4888": {
"value": "Treasury shares \u00a0
\n\n\t\t\t\t\tThe acquisition and sale of treasury shares and dividends thereon are taken \u00a0
\n\n\t\t\t\t\tdirectly to retained earnings under equity. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4889": {
"value": "4.5 Earnings\u00a0per share (EPS) \u00a0
\n\n\t\t\t\t\tThe basis for calculating earnings per share and diluted earnings per share is \u00a0
\n\n\t\t\t\t\tset out below: \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tProfit for the year \u00a0
\n\n\t\t\t\t\t743.5 \u00a0
\n\n\t\t\t\t\t204.5 \u00a0
\n\n\t\t\t\t\tWeighted average number of ordinary shares \u00a0
\n\n\t\t\t\t\t37,572,603 39,717,808 \u00a0
\n\n\t\t\t\t\tWeighted average number of treasury shares \u00a0
\n\n\t\t\t\t\t2,484,477 2,203,639 \u00a0
\n\n\t\t\t\t\tWeighted average number of shares \u00a0
\n\n\t\t\t\t\t35,088,126 37,514,169 \u00a0
\n\n\t\t\t\t\tDilutive effect of outstanding options and \u00a0
\n\n\t\t\t\t\trestricted performance shares \u00a0
\n\n\t\t\t\t\t209,071 \u00a0
\n\n\t\t\t\t\t187,742 \u00a0
\n\n\t\t\t\t\tWeighted average number of shares, including \u00a0
\n\n\t\t\t\t\tdilutive effect of options and restricted perfor- \u00a0
\n\n\t\t\t\t\tmance shares \u00a0
\n\n\t\t\t\t\t35,297,197 \u00a0
\n\n\t\t\t\t\t37,701,911 \u00a0
\n\n\t\t\t\t\tEarnings per share, EPS (USD) \u00a0
\n\n\t\t\t\t\t21.2 \u00a0
\n\n\t\t\t\t\t5.5 \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tEarnings per share is presented as both basic and diluted earnings per share. \u00a0
\n\n\t\t\t\t\tBasic earnings per share is calculated as net profit divided by the weighted \u00a0
\n\n\t\t\t\t\taverage number of shares outstanding. \u00a0
\n\n\t\t\t\t\tDiluted earnings per share is calculated as net profit divided by the sum of \u00a0
\n\n\t\t\t\t\taverage number of shares outstanding, including the dilutive effect of the \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4892": {
"value": "4.6 Loans\u00a0and bonds \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tCurrent debt \u00a0
\n\n\t\t\t\t\t21.0 \u00a0
\n\n\t\t\t\t\t39.9 \u00a0
\n\n\t\t\t\t\tNon-current debt \u00a0
\n\n\t\t\t\t\t274.3 \u00a0
\n\n\t\t\t\t\t400.8 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t295.3 \u00a0
\n\n\t\t\t\t\t440.7 \u00a0
\n\n\t\t\t\t\tFixed-rate \u00a0
\n\n\t\t\t\t\t107.1 \u00a0
\n\n\t\t\t\t\t59.3 \u00a0
\n\n\t\t\t\t\tFloating-rate \u00a0
\n\n\t\t\t\t\t115.2 \u00a0
\n\n\t\t\t\t\t284.9 \u00a0
\n\n\t\t\t\t\tBonds \u00a0
\n\n\t\t\t\t\t73.7 \u00a0
\n\n\t\t\t\t\t98.7 \u00a0
\n\n\t\t\t\t\tCommission \u00a0
\n\n\t\t\t\t\t-0.7 \u00a0
\n\n\t\t\t\t\t-2.2 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t295.3 \u00a0
\n\n\t\t\t\t\t440.7 \u00a0
\n\n\t\t\t\t\tMovements in interest-bearing debt: \u00a0
\n\n\t\t\t\t\tInterest-bearing debt at 1 January \u00a0
\n\n\t\t\t\t\t440.7 \u00a0
\n\n\t\t\t\t\t320.0 \u00a0
\n\n\t\t\t\t\tProceeds from loans \u00a0
\n\n\t\t\t\t\t60.6 \u00a0
\n\n\t\t\t\t\t417.1 \u00a0
\n\n\t\t\t\t\tRepayment of loans \u00a0
\n\n\t\t\t\t\t-180.4 \u00a0
\n\n\t\t\t\t\t-395.1 \u00a0
\n\n\t\t\t\t\tRepayment of and proceeds from bonds \u00a0
\n\n\t\t\t\t\t-25.5 \u00a0
\n\n\t\t\t\t\t98.7 \u00a0
\n\n\t\t\t\t\tOther adjustments \u00a0
\n\n\t\t\t\t\t-0.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tInterest-bearing debt at 31 December \u00a0
\n\n\t\t\t\t\t295.3 \u00a0
\n\n\t\t\t\t\t440.7 \u00a0
\n\n\t\t\t\t\tMortgages and securities \u00a0
\n\n\t\t\t\t\tSecurity for loans \u00a0
\n\n\t\t\t\t\t116.2 \u00a0
\n\n\t\t\t\t\t296.4 \u00a0
\n\n\t\t\t\t\t\u2013 number of vessels pledged \u00a0
\n\n\t\t\t\t\t13 \u00a0
\n\n\t\t\t\t\t26 \u00a0
\n\n\t\t\t\t\t\u2013 number of buildings pledged \u00a0
\n\n\t\t\t\t\t2
\n\n\t\t\t\t\t2
\n\n\t\t\t\t\t\u2013 carrying amount \u00a0
\n\n\t\t\t\t\t388.2 \u00a0
\n\n\t\t\t\t\t641.1 \u00a0
\n\n\t\t\t\t\t\u2013 mortgaged amount \u00a0
\n\n\t\t\t\t\t485.5 \u00a0
\n\n\t\t\t\t\t594.9 \u00a0
\n\n\t\t\t\t\tAmount insured on vessels \u00a0
\n\n\t\t\t\t\t564.0 \u00a0
\n\n\t\t\t\t\t777.6 \u00a0
\n\n\t\t\t\t\tFixed-rate loans include financial leasing debt of USD 105.5 million. \u00a0
\n\n\t\t\t\t\tSome of the mortgages have been registered with an amount to secure future \u00a0
\n\n\t\t\t\t\tdrawings under a revolving credit facility of USD 200 million of which 0 million \u00a0
\n\n\t\t\t\t\thave been drawn. \u00a0
The Group\u2019s loan agreements generally include a clause on the lender\u2019s \u00a0
\n\n\t\t\t\t\toption to terminate the agreement in the event the majority control of the \u00a0
\n\n\t\t\t\t\tGroup is changed. \u00a0
\n\n\t\t\t\t\tMortgages and security provided in relation to liabilities are disclosed in note \u00a0
\n\n\t\t\t\t\t3.1 \"Tangible assets\". Refer to note 4.3 \"Fair value hierarchy\" for a description \u00a0
\n\n\t\t\t\t\tof the fair value hierarchy. \u00a0
Net interest-bearing debt \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tInterest-bearing debt \u00a0
\n\n\t\t\t\t\t-295.3 \u00a0
\n\n\t\t\t\t\t-440.7 \u00a0
\n\n\t\t\t\t\tLease liabilities \u00a0
\n\n\t\t\t\t\t-519.5 \u00a0
\n\n\t\t\t\t\t-607.7 \u00a0
\n\n\t\t\t\t\tCash and cash equivalents \u00a0
\n\n\t\t\t\t\t842.3 \u00a0
\n\n\t\t\t\t\t410.7 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t27.5 \u00a0
\n\n\t\t\t\t\t-637.7 \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tLoans and bonds comprise amounts borrowed from banks and a credit insti- \u00a0
\n\n\t\t\t\t\ttution, and senior unsecured bonds listed on NASDAQ Copenhagen A/S. \u00a0
\n\n\t\t\t\t\tLoans and bonds are recognised at the time the liabilities are obtained in the \u00a0
\n\n\t\t\t\t\tamount of the proceeds after deduction of transaction costs. In subsequent \u00a0
\n\n\t\t\t\t\tperiods, such loans and bonds are recognised at amortised cost, equivalent \u00a0
\n\n\t\t\t\t\tto the capitalised value applying the effective rate of interest at the inception \u00a0
\n\n\t\t\t\t\tof the loan or bond, to the effect that the difference between the proceeds \u00a0
\n\n\t\t\t\t\tand the nominal value is recognised as interest expense in the income state- \u00a0
\n\n\t\t\t\t\tment over the term of the loan or bond. \u00a0
\n\n\t\t\t\t\tCommission paid to set up a credit facility is recognised as transaction costs \u00a0
\n\n\t\t\t\t\tto the extent that it is probable that the facility will be partially utilised. To the \u00a0
\n\n\t\t\t\t\textent that it is not probable that the facility will be partially or fully utilised, \u00a0
\n\n\t\t\t\t\tcommission is amortised over the term of the credit facility. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4896": {
"value": "ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tLoans and bonds comprise amounts borrowed from banks and a credit insti- \u00a0
\n\n\t\t\t\t\ttution, and senior unsecured bonds listed on NASDAQ Copenhagen A/S. \u00a0
\n\n\t\t\t\t\tLoans and bonds are recognised at the time the liabilities are obtained in the \u00a0
\n\n\t\t\t\t\tamount of the proceeds after deduction of transaction costs. In subsequent \u00a0
\n\n\t\t\t\t\tperiods, such loans and bonds are recognised at amortised cost, equivalent \u00a0
\n\n\t\t\t\t\tto the capitalised value applying the effective rate of interest at the inception \u00a0
\n\n\t\t\t\t\tof the loan or bond, to the effect that the difference between the proceeds \u00a0
\n\n\t\t\t\t\tand the nominal value is recognised as interest expense in the income state- \u00a0
\n\n\t\t\t\t\tment over the term of the loan or bond. \u00a0
\n\n\t\t\t\t\tCommission paid to set up a credit facility is recognised as transaction costs \u00a0
\n\n\t\t\t\t\tto the extent that it is probable that the facility will be partially utilised. To the \u00a0
\n\n\t\t\t\t\textent that it is not probable that the facility will be partially or fully utilised, \u00a0
\n\n\t\t\t\t\tcommission is amortised over the term of the credit facility. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4897": {
"value": "ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tLoans and bonds comprise amounts borrowed from banks and a credit insti- \u00a0
\n\n\t\t\t\t\ttution, and senior unsecured bonds listed on NASDAQ Copenhagen A/S. \u00a0
\n\n\t\t\t\t\tLoans and bonds are recognised at the time the liabilities are obtained in the \u00a0
\n\n\t\t\t\t\tamount of the proceeds after deduction of transaction costs. In subsequent \u00a0
\n\n\t\t\t\t\tperiods, such loans and bonds are recognised at amortised cost, equivalent \u00a0
\n\n\t\t\t\t\tto the capitalised value applying the effective rate of interest at the inception \u00a0
\n\n\t\t\t\t\tof the loan or bond, to the effect that the difference between the proceeds \u00a0
\n\n\t\t\t\t\tand the nominal value is recognised as interest expense in the income state- \u00a0
\n\n\t\t\t\t\tment over the term of the loan or bond. \u00a0
\n\n\t\t\t\t\tCommission paid to set up a credit facility is recognised as transaction costs \u00a0
\n\n\t\t\t\t\tto the extent that it is probable that the facility will be partially utilised. To the \u00a0
\n\n\t\t\t\t\textent that it is not probable that the facility will be partially or fully utilised, \u00a0
\n\n\t\t\t\t\tcommission is amortised over the term of the credit facility. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4891": {
"value": "ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tEarnings per share is presented as both basic and diluted earnings per share. \u00a0
\n\n\t\t\t\t\tBasic earnings per share is calculated as net profit divided by the weighted \u00a0
\n\n\t\t\t\t\taverage number of shares outstanding. \u00a0
\n\n\t\t\t\t\tDiluted earnings per share is calculated as net profit divided by the sum of \u00a0
\n\n\t\t\t\t\taverage number of shares outstanding, including the dilutive effect of the \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4898": {
"value": "ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tAt inception of a new contract, NORDEN assesses whether a contract is a \u00a0
\n\n\t\t\t\t\tlease or contains a lease. This involves exercise of judgement as to whether: \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tthe contract depends on the use of a specific asset, \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tNORDEN obtains substantially all the economic benefits from the use of \u00a0
\n\n\t\t\t\t\tthe asset, and \u00a0
\n\n\t\t\t\t\t\u2022
\n\n\t\t\t\t\tNORDEN has the right to direct the use of the asset. \u00a0
Right-of-use assets \u00a0
\n\n\t\t\t\t\tNORDEN recognises right-of-use assets at the commencement date of the \u00a0
\n\n\t\t\t\t\tlease (i.e. the date the underlying asset is available for use). Right-of-use \u00a0
\n\n\t\t\t\t\tassets are measured at cost less any accumulated depreciation, impairment \u00a0
\n\n\t\t\t\t\tlosses and adjusted for any remeasurement of lease liabilities. \u00a0
\n\n\t\t\t\t\tThe cost of right-of-use assets includes the amount of lease liabilities recog- \u00a0
\n\n\t\t\t\t\tnised, and lease payments made before the commencement date. Unless \u00a0
\n\n\t\t\t\t\tNORDEN is reasonably certain to obtain ownership of the leased asset at the \u00a0
\n\n\t\t\t\t\tend of the lease term, the recognised right-of-use assets are depreciated on \u00a0
\n\n\t\t\t\t\ta straight-line basis over the shorter of its estimated useful life and the lease \u00a0
\n\n\t\t\t\t\tterm. \u00a0
Impairment of right-of-use assets \u00a0
\n\n\t\t\t\t\tSimilar to owned assets, right-of-use assets are subject to testing for impair- \u00a0
\n\n\t\t\t\t\tment if there is an indication of impairment. Refer to note 3.1 \"Tangible assets\" \u00a0
\n\n\t\t\t\t\tfor further information. \u00a0
Lease liabilities \u00a0
\n\n\t\t\t\t\tAt the commencement date of a lease, NORDEN recognises lease liabilities \u00a0
\n\n\t\t\t\t\tmeasured at the present value of lease payments to be made over the lease term. \u00a0
\n\n\t\t\t\t\tThe lease term comprises the non-cancellable period with addition of periods \u00a0
\n\n\t\t\t\t\tcovered by options, if NORDEN is reasonably certain to exercise such exten- \u00a0
sion options. This assessment is made on inception of the lease. The lease \u00a0
\n\n\t\t\t\t\tpayments include fixed payments and variable payments depending on \u00a0
\n\n\t\t\t\t\tan index or a rate. The lease payments also include the exercise price of a \u00a0
\n\n\t\t\t\t\tpurchase option reasonably certain to be exercised by NORDEN. \u00a0
\n\n\t\t\t\t\tLease payments are allocated between principal and finance cost. The \u00a0
\n\n\t\t\t\t\tfinance cost is charged to the income statement over the lease period so as \u00a0
\n\n\t\t\t\t\tto produce a constant period rate of interest on the remaining balance of the \u00a0
\n\n\t\t\t\t\tliabilities for each period. \u00a0
\n\n\t\t\t\t\tIn calculating the present value of lease payments, NORDEN uses the incre- \u00a0
\n\n\t\t\t\t\tmental borrowing rate at the lease commencement date. The incremental \u00a0
\n\n\t\t\t\t\tborrowing rate applied is in the range of 4-6%, depending on the maturity of \u00a0
\n\n\t\t\t\t\tthe lease contracts. \u00a0
\n\n\t\t\t\t\tIn addition, the carrying amount of lease liabilities is remeasured if there is a \u00a0
\n\n\t\t\t\t\tmodification, a change in the lease term, a change in the fixed lease payments \u00a0
\n\n\t\t\t\t\tor a change in the assessment to purchase the underlying asset. \u00a0
Short-term leases and leases of low-value assets \u00a0
\n\n\t\t\t\t\tNORDEN applies the lease recognition exemptions related to the short-term \u00a0
\n\n\t\t\t\t\tleases (lease term of 12 months or less) and leases of low-value assets. Lease \u00a0
\n\n\t\t\t\t\tpayments on short-term leases and leases of low-value assets are recognised in \u00a0
\n\n\t\t\t\t\tthe income statement as an expense on a straight-line basis over the lease term. \u00a0
Sale and lease back \u00a0
\n\n\t\t\t\t\tFor sale and leaseback transactions, if there is a transfer of control within \u00a0
\n\n\t\t\t\t\tthe meaning of IFRS 15, NORDEN as the seller-lessee measures the right- \u00a0
\n\n\t\t\t\t\tof-use asset arising from the leaseback at the proportion of the previous \u00a0
\n\n\t\t\t\t\tcarrying amount of the asset that relates to the right of use retained by the \u00a0
\n\n\t\t\t\t\tseller-lessee. \u00a0
\n\n\t\t\t\t\tAny gain or loss that relates to the rights transferred to the buyer-lessor is \u00a0
\n\n\t\t\t\t\trecognised in profit or loss. \u00a0
If there is no transfer of control, the seller-lessee recognizes the transaction \u00a0
\n\n\t\t\t\t\tas a financing transaction. While the transaction is legally subject to a lease \u00a0
\n\n\t\t\t\t\tcontract, it is not accounted for as a lease and the underlying asset is not \u00a0
\n\n\t\t\t\t\tderecognised. \u00a0
Cash flows \u00a0
\n\n\t\t\t\t\tIn the statement of cash flows, cash payments for the principal portion of the \u00a0
\n\n\t\t\t\t\tlease liabilities and related cash payments for the interest portion are classi- \u00a0
\n\n\t\t\t\t\tfied within the financing activities. For short-term leases or leases of low-value \u00a0
\n\n\t\t\t\t\tassets, the lease payments are classified within the operating activities. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tSubleases \u00a0
\n\n\t\t\t\t\tNORDEN enters into arrangements to sublease an underlying asset to a third \u00a0
\n\n\t\t\t\t\tparty, while NORDEN retains the primary obligation under the original lease. \u00a0
\n\n\t\t\t\t\tIn such arrangements, NORDEN acts as both the lessee and lessor of the \u00a0
\n\n\t\t\t\t\tsame underlying asset. \u00a0
\n\n\t\t\t\t\tIf a leased vessel is subleased under terms transferring substantially all \u00a0
\n\n\t\t\t\t\tremaining risks and rewards under the head lease to the lessee in the \u00a0
\n\n\t\t\t\t\tsublease, the right-of-use asset is derecognised, and a lease receivable is \u00a0
\n\n\t\t\t\t\trecognised. Gain/loss on the derecognised right-of-use asset is recognised in \u00a0
\n\n\t\t\t\t\tthe income statement as revenue. \u00a0
\n\n\t\t\t\t\tDuring the term of the sublease, NORDEN recognises both finance income on \u00a0
\n\n\t\t\t\t\tthe sublease (as revenue) and interest expense on the head lease (as financial \u00a0
\n\n\t\t\t\t\texpenses). \u00a0
Cash flows \u00a0
\n\n\t\t\t\t\tCash payments received on sublease receivables are classified within the \u00a0
\n\n\t\t\t\t\toperating activities. \u00a0
COAs and operating lease income \u00a0
\n\n\t\t\t\t\tAgreements to charter out vessels on time charters, where all significant risks \u00a0
\n\n\t\t\t\t\tand rewards of ownership have been transferred to the lessee, are recognised \u00a0
\n\n\t\t\t\t\tas a receivable in the statement of financial position. The receivable is meas- \u00a0
\n\n\t\t\t\t\tured in the same way as the lease liability in cases, where the Group is the \u00a0
\n\n\t\t\t\t\tlessee. \u00a0
\n\n\t\t\t\t\tOther agreements to charter out vessels are considered operating leases in \u00a0
\n\n\t\t\t\t\taccordance with IFRS 16 \"Leases\", where NORDEN is presented as the lessee. \u00a0
\n\n\t\t\t\t\tPayments in connection with operating leases are recognised on a straight- \u00a0
\n\n\t\t\t\t\tline basis in the income statement over the terms of the leases. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4910": {
"value": "Cash flows \u00a0
\n\n\t\t\t\t\tIn the statement of cash flows, cash payments for the principal portion of the \u00a0
\n\n\t\t\t\t\tlease liabilities and related cash payments for the interest portion are classi- \u00a0
\n\n\t\t\t\t\tfied within the financing activities. For short-term leases or leases of low-value \u00a0
\n\n\t\t\t\t\tassets, the lease payments are classified within the operating activities. \u00a0
Cash flows \u00a0
\n\n\t\t\t\t\tCash payments received on sublease receivables are classified within the \u00a0
\n\n\t\t\t\t\toperating activities. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tStatement of cash flows \u00a0
\n\n\t\t\t\t\tThe statement of cash flows shows the Group\u2019s cash flows for the year distrib- \u00a0
\n\n\t\t\t\t\tuted on operating, investing and financing activities, net changes for the year \u00a0
\n\n\t\t\t\t\tin cash and cash equivalents at the beginning and end of the year. Positive \u00a0
\n\n\t\t\t\t\tamounts indicate inflows, whereas negative amounts indicate outflows. \u00a0
Cash flow from operating activities \u00a0
\n\n\t\t\t\t\tCash flow from operating activities are stated as the profit/loss for the year \u00a0
\n\n\t\t\t\t\tadjusted for non-cash operating items such as depreciation, profit/loss from \u00a0
\n\n\t\t\t\t\tsale of vessels, etc., changes in working capital plus or minus corporation tax \u00a0
\n\n\t\t\t\t\tpaid or received. Working capital includes current assets less current liabil- \u00a0
\n\n\t\t\t\t\tities, excluding the items included in cash and cash equivalents and vessels \u00a0
\n\n\t\t\t\t\theld for sale. \u00a0
Cash flow from investing activities \u00a0
\n\n\t\t\t\t\tCash flow from investing activities comprise cash flow from the acquisition \u00a0
\n\n\t\t\t\t\tand sale of non-current assets. \u00a0
Cash flow from financing activities \u00a0
\n\n\t\t\t\t\tCash flow from financing activities comprise cash flow from the raising and \u00a0
\n\n\t\t\t\t\trepayment of loans and bonds, instalments on lease liabilities as well as \u00a0
\n\n\t\t\t\t\tpayments to and from shareholders and interest received and paid. \u00a0
Liquidity \u00a0
\n\n\t\t\t\t\tLiquidity comprises marketable securities with a term of less than three \u00a0
\n\n\t\t\t\t\tmonths and cash not subject to significant limits to its availability. \u00a0
Cash and cash equivalents \u00a0
\n\n\t\t\t\t\tCash and cash equivalents are measured in the statement of financial position \u00a0
\n\n\t\t\t\t\tat nominal value and mainly consist of demand deposits, cash balance and \u00a0
\n\n\t\t\t\t\tmoney market investments. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4918": {
"value": "Cash flows \u00a0
\n\n\t\t\t\t\tIn the statement of cash flows, cash payments for the principal portion of the \u00a0
\n\n\t\t\t\t\tlease liabilities and related cash payments for the interest portion are classi- \u00a0
\n\n\t\t\t\t\tfied within the financing activities. For short-term leases or leases of low-value \u00a0
\n\n\t\t\t\t\tassets, the lease payments are classified within the operating activities. \u00a0
Cash flows \u00a0
\n\n\t\t\t\t\tCash payments received on sublease receivables are classified within the \u00a0
\n\n\t\t\t\t\toperating activities. \u00a0
5.1 Cash\u00a0flow specifications \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\tReversal of items from the income statement \u00a0
\n\n\t\t\t\t\tDepreciation, amortisation and impairment losses \u00a0
\n\n\t\t\t\t\t449.7 \u00a0
\n\n\t\t\t\t\t295.5 \u00a0
\n\n\t\t\t\t\tFinancial items, net \u00a0
\n\n\t\t\t\t\t39.7 \u00a0
\n\n\t\t\t\t\t34.8 \u00a0
\n\n\t\t\t\t\tProfit/loss from sale of vessels, etc. \u00a0
\n\n\t\t\t\t\t-79.4 \u00a0
\n\n\t\t\t\t\t-7.7 \u00a0
\n\n\t\t\t\t\tShare of profit/loss of joint ventures \u00a0
\n\n\t\t\t\t\t2.8 \u00a0
\n\n\t\t\t\t\t-1.1 \u00a0
\n\n\t\t\t\t\tOther reversed non-cash operating items \u00a0
\n\n\t\t\t\t\t-41.7 \u00a0
\n\n\t\t\t\t\t-12.9 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t371.1 \u00a0
\n\n\t\t\t\t\t308.6 \u00a0
\n\n\t\t\t\t\tChange in working capital \u00a0
\n\n\t\t\t\t\tInventories \u00a0
\n\n\t\t\t\t\t-17.1 \u00a0
\n\n\t\t\t\t\t-51.3 \u00a0
\n\n\t\t\t\t\tFreight and other receivables, etc. \u00a0
\n\n\t\t\t\t\t-90.7 \u00a0
\n\n\t\t\t\t\t-169.7 \u00a0
\n\n\t\t\t\t\tTrade and other payables, etc. \u00a0
\n\n\t\t\t\t\t198.0 \u00a0
\n\n\t\t\t\t\t157.5 \u00a0
\n\n\t\t\t\t\tFair value adjustments of cash flow \u00a0
\n\n\t\t\t\t\thedging instruments taken to equity \u00a0
\n\n\t\t\t\t\t94.4 \u00a0
\n\n\t\t\t\t\t-35.3 \u00a0
\n\n\t\t\t\t\tExchange rate adjustment of working capital \u00a0
\n\n\t\t\t\t\t-1.1 \u00a0
\n\n\t\t\t\t\t2.4 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t183.5 \u00a0
\n\n\t\t\t\t\t-96.4 \u00a0
\n\n\t\t\t\t\tFree cash flow \u00a0
\n\n\t\t\t\t\tCash flow from operating activities \u00a0
\n\n\t\t\t\t\t1,342.9 \u00a0
\n\n\t\t\t\t\t433.9 \u00a0
\n\n\t\t\t\t\tCash flow from investing activities \u00a0
\n\n\t\t\t\t\t57.9 \u00a0
\n\n\t\t\t\t\t2.6 \u00a0
\n\n\t\t\t\t\tAdjusted for change in cash and cash equivalents \u00a0
\n\n\t\t\t\t\twith rate agreements of more than 3 months, etc. \u00a0
\n\n\t\t\t\t\t182.6 \u00a0
\n\n\t\t\t\t\t-93.1 \u00a0
\n\n\t\t\t\t\tInstalments on lease liabilities \u00a0
\n\n\t\t\t\t\t-466.4 \u00a0
\n\n\t\t\t\t\t-268.4 \u00a0
\n\n\t\t\t\t\tFinancial payments, received \u00a0
\n\n\t\t\t\t\t12.3 \u00a0
\n\n\t\t\t\t\t0.3 \u00a0
\n\n\t\t\t\t\tFinancial payments, paid \u00a0
\n\n\t\t\t\t\t-50.5 \u00a0
\n\n\t\t\t\t\t-35.0 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t1,078.8 \u00a0
\n\n\t\t\t\t\t40.3 \u00a0
Supply Chain Financing \u00a0
\n\n\t\t\t\t\tThe Group uses Supply Chain Financing to strengthen its financial position. \u00a0
\n\n\t\t\t\t\tThe programme is based on a three-way relationship between the Group, \u00a0
\n\n\t\t\t\t\ta supplier and the syndication bank facilitating the programme.\u00a0When \u00a0
\n\n\t\t\t\t\tsuppliers participate in the programme, they have the option of receiving \u00a0
\n\n\t\t\t\t\tearly payment from the syndication bank based on the invoices. \u00a0
\n\n\t\t\t\t\tThe arrangement of early payment is a transaction between the supplier and \u00a0
\n\n\t\t\t\t\tthe syndication banks, which does not involve NORDEN. The advantage of \u00a0
\n\n\t\t\t\t\tparticipating in the programme for suppliers is that their cash position can be \u00a0
\n\n\t\t\t\t\timproved. The supply chain finance programme has not changed significant \u00a0
\n\n\t\t\t\t\tcharacteristics of the debt, and therefore the classification as trade payable is \u00a0
\n\n\t\t\t\t\tmaintained. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tStatement of cash flows \u00a0
\n\n\t\t\t\t\tThe statement of cash flows shows the Group\u2019s cash flows for the year distrib- \u00a0
\n\n\t\t\t\t\tuted on operating, investing and financing activities, net changes for the year \u00a0
\n\n\t\t\t\t\tin cash and cash equivalents at the beginning and end of the year. Positive \u00a0
\n\n\t\t\t\t\tamounts indicate inflows, whereas negative amounts indicate outflows. \u00a0
Cash flow from operating activities \u00a0
\n\n\t\t\t\t\tCash flow from operating activities are stated as the profit/loss for the year \u00a0
\n\n\t\t\t\t\tadjusted for non-cash operating items such as depreciation, profit/loss from \u00a0
\n\n\t\t\t\t\tsale of vessels, etc., changes in working capital plus or minus corporation tax \u00a0
\n\n\t\t\t\t\tpaid or received. Working capital includes current assets less current liabil- \u00a0
\n\n\t\t\t\t\tities, excluding the items included in cash and cash equivalents and vessels \u00a0
\n\n\t\t\t\t\theld for sale. \u00a0
Cash flow from investing activities \u00a0
\n\n\t\t\t\t\tCash flow from investing activities comprise cash flow from the acquisition \u00a0
\n\n\t\t\t\t\tand sale of non-current assets. \u00a0
Cash flow from financing activities \u00a0
\n\n\t\t\t\t\tCash flow from financing activities comprise cash flow from the raising and \u00a0
\n\n\t\t\t\t\trepayment of loans and bonds, instalments on lease liabilities as well as \u00a0
\n\n\t\t\t\t\tpayments to and from shareholders and interest received and paid. \u00a0
Liquidity \u00a0
\n\n\t\t\t\t\tLiquidity comprises marketable securities with a term of less than three \u00a0
\n\n\t\t\t\t\tmonths and cash not subject to significant limits to its availability. \u00a0
Cash and cash equivalents \u00a0
\n\n\t\t\t\t\tCash and cash equivalents are measured in the statement of financial position \u00a0
\n\n\t\t\t\t\tat nominal value and mainly consist of demand deposits, cash balance and \u00a0
\n\n\t\t\t\t\tmoney market investments. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4928": {
"value": "Cash and cash equivalents \u00a0
\n\n\t\t\t\t\tCash and cash equivalents are measured in the statement of financial position \u00a0
\n\n\t\t\t\t\tat nominal value and mainly consist of demand deposits, cash balance and \u00a0
\n\n\t\t\t\t\tmoney market investments. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4929": {
"value": "5.2 Fees\u00a0to auditor appointed at the general meeting \u00a0
\n\n\t\t\t\t\tAmounts in USD million \u00a0
\n\n\t\t\t\t\t2022 \u00a0
\n\n\t\t\t\t\t2021 \u00a0
\n\n\t\t\t\t\t\u201cOverhead and administration costs\u201d include the \u00a0
\n\n\t\t\t\t\tfollowing fees to PricewaterhouseCoopers: \u00a0
\n\n\t\t\t\t\tStatutory audit \u00a0
\n\n\t\t\t\t\t0.5 \u00a0
\n\n\t\t\t\t\t0.5 \u00a0
\n\n\t\t\t\t\tOther assurance services \u00a0
\n\n\t\t\t\t\t0.1 \u00a0
\n\n\t\t\t\t\t-
\n\n\t\t\t\t\tTax consultancy \u00a0
\n\n\t\t\t\t\t0.1 \u00a0
\n\n\t\t\t\t\t0.4 \u00a0
\n\n\t\t\t\t\tOther services \u00a0
\n\n\t\t\t\t\t0.1 \u00a0
\n\n\t\t\t\t\t0.1 \u00a0
\n\n\t\t\t\t\tTotal \u00a0
\n\n\t\t\t\t\t0.8 \u00a0
\n\n\t\t\t\t\t1.0 \u00a0
\n\n\t\t\t\t\tThe fee for non-audit services performed by PricewaterhouseCoopers Stats- \u00a0
\n\n\t\t\t\t\tautoriseret Revisionspartnerselskab is USD 0.3 million (2021: USD 0.5 million) \u00a0
\n\n\t\t\t\t\tand comprises assurance, accounting and tax advisory services. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4930": {
"value": "5.3 Unrecognised\u00a0contingent assets and liabilities \u00a0
\n\n\t\t\t\t\tClaims have been made against the Group, primarily concerning discharge \u00a0
\n\n\t\t\t\t\tresponsibility and broker fees, etc. The Group and its legal advisors consider \u00a0
\n\n\t\t\t\t\tthe claims unjustified, and it is Management\u2019s opinion that the claims will not \u00a0
\n\n\t\t\t\t\thave any material impact on the Group\u2019s financial position, results of opera- \u00a0
\n\n\t\t\t\t\ttions and cash flows. \u00a0
\n\n\t\t\t\t\tThe Group has provided financial support for its liabilities as regards the joint \u00a0
\n\n\t\t\t\t\tventures Polar Navigation Ltd. and Nord Summit Pte. Ltd. \u00a0
ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tContingent assets are recognised, when it is virtually certain that the claim will \u00a0
\n\n\t\t\t\t\thave a positive outcome for the Group. A contingent liability is recognised if \u00a0
\n\n\t\t\t\t\tit is likely that the claim will have a negative outcome and when the amount is \u00a0
\n\n\t\t\t\t\testimable. Rulings in connection with such matters may in future accounting \u00a0
\n\n\t\t\t\t\tperiods produce realised gains or losses, which may differ considerably from \u00a0
\n\n\t\t\t\t\tthe recognised amounts or information. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
\n\n\t\t\t\t\tManagement assesses provisions and contingencies on an ongoing basis, \u00a0
\n\n\t\t\t\t\tas well as the likely outcome of pending or potential legal proceedings, etc. \u00a0
\n\n\t\t\t\t\tThe assessments are made on the basis of legal opinions of the signed agree- \u00a0
\n\n\t\t\t\t\tments, which in considerable claims also include assessments obtained from \u00a0
\n\n\t\t\t\t\texternal advisors, including external legal advisers, among others. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4934": {
"value": "ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tRelated parties include the Board of Directors and the Executive Manage- \u00a0
\n\n\t\t\t\t\tment as well as their close relatives. Related parties also include companies \u00a0
\n\n\t\t\t\t\tin which the above persons have significant interests as well as companies \u00a0
\n\n\t\t\t\t\tand foundations which have direct or indirect significant influence through \u00a0
\n\n\t\t\t\t\tshareholdings. \u00a0
\n\n\t\t\t\t\tIn addition, related parties include joint ventures, refer to note 3.2 \"Invest- \u00a0
\n\n\t\t\t\t\tments in joint ventures\". \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4933": {
"value": "ACCOUNTING POLICIES \u00a0
\n\n\t\t\t\t\tContingent assets are recognised, when it is virtually certain that the claim will \u00a0
\n\n\t\t\t\t\thave a positive outcome for the Group. A contingent liability is recognised if \u00a0
\n\n\t\t\t\t\tit is likely that the claim will have a negative outcome and when the amount is \u00a0
\n\n\t\t\t\t\testimable. Rulings in connection with such matters may in future accounting \u00a0
\n\n\t\t\t\t\tperiods produce realised gains or losses, which may differ considerably from \u00a0
\n\n\t\t\t\t\tthe recognised amounts or information. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4935": {
"value": "5.5 Events\u00a0after the reporting date \u00a0
\n\n\t\t\t\t\tThere are no subsequent events. Refer to page 12 in the Management's \u00a0
\n\n\t\t\t\t\tReview. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact4936": {
"value": "5.6 Group\u00a0structure \u00a0
\n\n\t\t\t\t\tNORDEN Tankers & Bulkers Chile SpA \u00a0
\n\n\t\t\t\t\tNORDEN Tankers & Bulkers India Private Ltd. \u00a0
\n\n\t\t\t\t\tChile 100% \u00a0
\n\n\t\t\t\t\tIndia 100% \u00a0
\n\n\t\t\t\t\tNORDEN Shipping (Singapore) Pte. Ltd. \u00a0
\n\n\t\t\t\t\tNORDEN Shipping (Shanghai) \u00a0
\n\n\t\t\t\t\tSingapore 100% \u00a0
\n\n\t\t\t\t\tChina 100% Branch \u00a0
\n\n\t\t\t\t\tNORDEN Shipping (USA) LLC \u00a0
\n\n\t\t\t\t\tPolar Navigation Pte. Ltd. \u00a0
\n\n\t\t\t\t\tUSA 100% \u00a0
\n\n\t\t\t\t\tSingapore 50% \u00a0
\n\n\t\t\t\t\tNORDEN Tankers & Bulkers do Brazil Ltda. \u00a0
\n\n\t\t\t\t\tNORDEN Shipping (Australia) Pty. Ltd. \u00a0
\n\n\t\t\t\t\tBrazil 100% \u00a0
\n\n\t\t\t\t\tAustralia 100% \u00a0
\n\n\t\t\t\t\tNORDEN Cyprus Ltd. \u00a0
\n\n\t\t\t\t\tNord Goodwill LLC \u00a0
\n\n\t\t\t\t\tCyprus 100% \u00a0
\n\n\t\t\t\t\tUSA 100% \u00a0
\n\n\t\t\t\t\tNORDEN Asset Management A/S \u00a0
\n\n\t\t\t\t\tDampskibsselskabet NORDEN A/S \u00a0
\n\n\t\t\t\t\tDenmark 100% \u00a0
\n\n\t\t\t\t\tDenmark \u00a0
\n\n\t\t\t\t\tNORDEN Shipping Abidjan SARLU \u00a0
\n\n\t\t\t\t\tIvory Coast 100% \u00a0
\n\n\t\t\t\t\tNORDEN Shipping (Canada) \u00a0
\n\n\t\t\t\t\tCanada 100% Branch \u00a0
\n\n\t\t\t\t\tNORDEN Shipping Middle East DMCC \u00a0
\n\n\t\t\t\t\tUAE 100% \u00a0
\n\n\t\t\t\t\tNORDEN Gabon A/S \u00a0
\n\n\t\t\t\t\tNORDEN Transhipment Services Gabon \u00a0
\n\n\t\t\t\t\tGabon 100% \u00a0
\n\n\t\t\t\t\tGabon 100% Branch \u00a0
\n\n\t\t\t\t\tNORDEN Japan K.K. \u00a0
\n\n\t\t\t\t\tJapan 100% \u00a0
",
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"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
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},
"fact1053": {
"value": "in an industry de\ufb01ned by volatility. We leverage the intelligence",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
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},
"fact1054": {
"value": "Dampskibsselskabet NORDEN A/S",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact1055": {
"value": "2900 Hellerup",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1056": {
"value": "Denmark",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact1057": {
"value": "Denmark",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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}