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"unit": "iso4217:USD"
}
},
"fact5206": {
"value": "8100000",
"decimals": -5,
"dimensions": {
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"unit": "iso4217:USD"
}
},
"fact5138": {
"value": "670800000",
"decimals": -5,
"dimensions": {
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"unit": "iso4217:USD"
}
},
"fact5207": {
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"dimensions": {
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},
"fact5139": {
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"dimensions": {
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}
},
"fact5140": {
"value": "76800000",
"decimals": -5,
"dimensions": {
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},
"fact5141": {
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"decimals": 0,
"dimensions": {
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},
"fact5142": {
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},
"fact5143": {
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"decimals": -5,
"dimensions": {
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},
"fact5144": {
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"dimensions": {
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}
},
"fact5208": {
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"dimensions": {
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},
"fact5209": {
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"dimensions": {
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"fact5210": {
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"decimals": -5,
"dimensions": {
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"fact5211": {
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"decimals": 0,
"dimensions": {
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},
"fact5212": {
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"decimals": -6,
"dimensions": {
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},
"fact5213": {
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"dimensions": {
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},
"fact5214": {
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},
"fact5215": {
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"dimensions": {
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},
"fact5145": {
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"dimensions": {
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"fact5146": {
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"dimensions": {
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},
"fact5147": {
"value": "308900000",
"decimals": -5,
"dimensions": {
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},
"fact5148": {
"value": "127500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares",
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"unit": "iso4217:USD"
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"fact5149": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:ProceedsFromExerciseOfOptions",
"entity": "scheme:529900RGXD3CBR3BRU63",
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"fact5216": {
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"dimensions": {
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"fact5217": {
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"fact5219": {
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"dimensions": {
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"unit": "iso4217:USD"
}
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"fact5220": {
"value": "25500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBondsNotesAndDebentures",
"entity": "scheme:529900RGXD3CBR3BRU63",
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"unit": "iso4217:USD"
}
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"fact5221": {
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"fact5222": {
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"fact5223": {
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"fact5224": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
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"fact5225": {
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},
"fact5409": {
"value": "ACCOUNTING POLICIES \u00a0
The statement of cash flows shows the Group\u2019s cash flows for the year distributed on operating, \u00a0
investing and financing activities, net changes for the year in cash and cash equivalents at the begin- \u00a0
ning and end of the year. Positive amounts indicate inflows, whereas negative amounts indicate \u00a0
outflows. \u00a0
Cash flow from operating activities is stated as the profit/loss for the year adjusted for non-cash oper- \u00a0
ating items such as depreciation, profit/loss from sale of vessels, etc., changes in working capital plus \u00a0
or minus corporation tax paid or received. Working capital includes current assets less current liabili- \u00a0
ties, excluding the items included in cash and cash equivalents and assets held for sale. \u00a0
Cash flow from investing activities comprises cash flow from the acquisition and sale of non-current \u00a0
assets. \u00a0
Cash flow from financing activities comprises cash flow from the raising and repayment of loans and \u00a0
bonds, instalments on lease liabilities as well as payments to and from shareholders and interest \u00a0
received and paid. \u00a0
2.3 Cash\u00a0flow from operating activities \u00a0
Cash flow specifications \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Reversal of items from the income statement \u00a0
Depreciation, amortisation and impairment losses \u00a0
335.2 \u00a0
449.7 \u00a0
Financial items, net \u00a0
11.4 \u00a0
39.7 \u00a0
Profit/loss from sale of vessels, etc. \u00a0
-79.0 \u00a0
-79.4 \u00a0
Share of profit/loss of joint ventures \u00a0
-0.8 \u00a0
2.8 \u00a0
Other reversed non-cash operating items \u00a0
-50.8 \u00a0
-41.7 \u00a0
Total \u00a0
216.0 \u00a0
371.1 \u00a0
Trade working capital \u00a0
Inventories \u00a0
22.1 \u00a0
-17.1 \u00a0
Trade receivables \u00a0
45.3 \u00a0
-73.2 \u00a0
Trade payables \u00a0
-17.7 \u00a0
53.4 \u00a0
Prepayments \u00a0
22.5 \u00a0
-3.0 \u00a0
Deferred income \u00a0
17.3 \u00a0
-4.8 \u00a0
Liabilities related to assets held for sale \u00a0
4.2 \u00a0
11.6 \u00a0
Var. margin deposits related to cash flow hedges \u00a0
-98.4 \u00a0
94.3 \u00a0
Total \u00a0
-4.7 \u00a0
61.2 \u00a0
Non-trade working capital \u00a0
Receivables/liabilities from joint ventures \u00a0
1.5 \u00a0
-14.4 \u00a0
Other receivables \u00a0
7.5 \u00a0
-26.6 \u00a0
Other payables \u00a0
-75.8 \u00a0
151.5 \u00a0
Other working capital movements \u00a0
-0.2 \u00a0
11.8 \u00a0
Total \u00a0
-67.0 \u00a0
122.3 \u00a0
Change in working capital \u00a0
-71.7 \u00a0
183.5 \u00a0
The Group uses Supply Chain Financing to strengthen its financial position. \u00a0
The programme is based on a three-way relationship between the Group, a \u00a0
supplier and the syndication bank facilitating the programme. When suppliers \u00a0
participate in the programme, they have the option of receiving early \u00a0
payment from the syndication bank based on the invoices. \u00a0
The arrangement of early payment is a transaction between the supplier and \u00a0
the syndication banks, which does not involve NORDEN. The advantage of \u00a0
participating in the programme for suppliers is that their cash position can be \u00a0
improved. The supply chain financing programme has not changed signifi- \u00a0
cant characteristics of the debt, therefore the classification as trade payable \u00a0
is maintained. \u00a0
Cash flows \u00a0
Cash payments received on sublease receivables are classified within the \u00a0
operating activities. \u00a0
Cash flows \u00a0
In the statement of cash flows, cash payments for the principal portion of the \u00a0
lease liabilities and related cash payments for the interest portion are classi- \u00a0
fied within the financing activities. For short-term leases or leases of low-value \u00a0
assets, the lease payments are classified in the operating activities. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5410": {
"value": "ACCOUNTING POLICIES \u00a0
The statement of cash flows shows the Group\u2019s cash flows for the year distributed on operating, \u00a0
investing and financing activities, net changes for the year in cash and cash equivalents at the begin- \u00a0
ning and end of the year. Positive amounts indicate inflows, whereas negative amounts indicate \u00a0
outflows. \u00a0
Cash flow from operating activities is stated as the profit/loss for the year adjusted for non-cash oper- \u00a0
ating items such as depreciation, profit/loss from sale of vessels, etc., changes in working capital plus \u00a0
or minus corporation tax paid or received. Working capital includes current assets less current liabili- \u00a0
ties, excluding the items included in cash and cash equivalents and assets held for sale. \u00a0
Cash flow from investing activities comprises cash flow from the acquisition and sale of non-current \u00a0
assets. \u00a0
Cash flow from financing activities comprises cash flow from the raising and repayment of loans and \u00a0
bonds, instalments on lease liabilities as well as payments to and from shareholders and interest \u00a0
received and paid. \u00a0
1.1 Basis\u00a0of preparation \u00a0
This note provides a list of accounting policies adopted in the preparation \u00a0
of the consolidated financial statements and the financial statements of the \u00a0
parent company to the extent they have not been disclosed in the respective \u00a0
notes below. These policies have been consistently applied to all the years \u00a0
presented, unless otherwise stated. \u00a0
Dampskibsselskabet NORDEN A/S with its subsidiaries is one of Denmark\u2019s \u00a0
oldest internationally operating shipping companies. NORDEN operates in \u00a0
dry cargo and tankers worldwide. \u00a0
Dampskibsselskabet NORDEN A/S is a public limited company incorporated \u00a0
in Denmark and listed on Nasdaq Copenhagen. \u00a0
Principal accounting policies \u00a0
The Annual Report for the period 1 January - 31 December 2023 with compar- \u00a0
ative figures comprises the consolidated financial statements of Dampskibs- \u00a0
selskabet NORDEN A/S (the parent company) and its subsidiaries (the Group) \u00a0
and the financial statements of the parent company. \u00a0
The consolidated financial statements of the Group have been prepared on \u00a0
a going concern basis and in accordance with IFRS Accounting Standards as \u00a0
adopted by the EU and additional requirements from the Danish Financial \u00a0
Statements Act. \u00a0
The financial statements of the parent company, Dampskibsselskabet NORDEN \u00a0
A/S, have been prepared in accordance with the Danish Financial Statements \u00a0
Act applying to enterprises of reporting class D. \u00a0
Measurement basis \u00a0
The consolidated financial statements and the financial statements of the \u00a0
parent company have been prepared based on the historical cost principle, \u00a0
with the exception of the following assets and liabilities: \u00a0
\u2022
Derivative financial instruments, which are measured at fair value. \u00a0
\u2022
Investments, which are measured at fair value. \u00a0
\u2022
Non-current assets and groups of assets held for sale are measured at the \u00a0
lower of carrying amount before the changed classification and fair value \u00a0
less selling costs. \u00a0
USD is the functional currency of all enterprises in the Group as well as the \u00a0
parent company. In the annual report, the presentation currency is USD, and \u00a0
amounts are presented in million USD with one decimal rounded, except \u00a0
when otherwise stated. \u00a0
Applying materiality \u00a0
The financial statements are a result of processing large numbers of trans- \u00a0
actions and aggregating those transactions into classes according to their \u00a0
nature. When aggregated, the transactions are presented in classes of similar \u00a0
items in the financial statements. If a line item is not individually material, it is \u00a0
aggregated with other items of a similar nature in the financial statements or \u00a0
in the notes. \u00a0
There are substantial disclosure requirements throughout IFRS. Manage- \u00a0
ment provides specific disclosures required by IFRS unless the information is \u00a0
considered immaterial to the economic decision-making of the users of these \u00a0
financial statements or not applicable. \u00a0
1.2 Basis\u00a0of consolidation \u00a0
Consolidation principles \u00a0
The consolidated financial statements comprise the parent company, Damp- \u00a0
skibsselskabet NORDEN A/S and subsidiaries. An investment is classified as a \u00a0
subsidiary when below conditions are met: \u00a0
\u2022
Dampskibsselskabet NORDEN A/S has control over the company. \u00a0
\u2022
Dampskibsselskabet NORDEN A/S is exposed to variability in return on the \u00a0
investment. \u00a0
\u2022
The control over the company can be used to affect the return on the \u00a0
investment. \u00a0
At consolidation, intra-group income and expenses, shareholdings, dividends \u00a0
and accounts as well as unrealised intra-group gains and losses on transac- \u00a0
tions between the consolidated enterprises are eliminated. \u00a0
The financial statements used in the consolidation are prepared in accord- \u00a0
ance with the Group\u2019s accounting policies. The consolidated financial state- \u00a0
ments are prepared on the basis of the financial statements of the parent \u00a0
company and the subsidiaries by aggregating items of a uniform nature. \u00a0
Newly acquired or newly established enterprises are recognised in the Consol- \u00a0
idated financial statements from the date of acquisition using the acquisition \u00a0
method. Enterprises divested or wound up are included in the consolidated \u00a0
income statement until the date of disposal. Comparative figures are not \u00a0
restated to reflect acquisitions or companies wound up. \u00a0
Other operating income \u00a0
Commercial management fee, is recognised upon receipt of the services in \u00a0
accordance with the agreements concluded. Furthermore, the item includes \u00a0
income from speculative trading of derivatives. \u00a0
Inventories \u00a0
Inventories primarily consist of bunker and lubrication oil kept on board \u00a0
vessels. Inventories are measured at the lower of either cost according to the \u00a0
FIFO method or net realisable value. \u00a0
Prepayments \u00a0
Prepayments include costs incurred regarding the succeeding financial year \u00a0
such as prepaid hire, interest and insurance premiums. \u00a0
Deferred income \u00a0
Deferred income arises from prepayments for voyages and time-charter \u00a0
income. Part of deferred income comprises prepaid time-charter income \u00a0
comprising a lease element as well as a service element. \u00a0
Foreign currency translation \u00a0
A functional currency is determined for each of the reporting entities in the \u00a0
Group. The functional currency is the currency in the primary economic envi- \u00a0
ronment in which the reporting entity operates. Transactions in currencies \u00a0
other than the functional currency are transactions in foreign currencies. \u00a0
Transactions in foreign currencies during the year are translated at the \u00a0
exchange rates at the transaction date. Gains and losses arising between the \u00a0
exchange rate at the transaction date and the exchange rate at the date of \u00a0
payment are recognised in the income statement as \u201cFinancial income\u201d or \u00a0
\u201cFinancial expenses\u201d. \u00a0
Receivables, payables and other monetary items denominated in foreign \u00a0
currencies that have not been settled at the reporting date are translated at \u00a0
the exchange rates at the reporting date. Differences between the exchange \u00a0
rates at the transaction date and the exchange rate at the reporting date \u00a0
are recognised in the income statement as \u201cFinancial income\u201d or \u201cFinancial \u00a0
expenses\u201d. \u00a0
Non-monetary items that are measured in terms of historical cost in a foreign \u00a0
currency are translated using the exchange rates at the dates of the initial \u00a0
transactions. Non-monetary assets and liabilities in foreign currency that are \u00a0
subsequently revalued at fair value are translated at the exchange rates at the \u00a0
date of revaluation. The gain or loss arising on translation of non-monetary \u00a0
items measured at fair value is treated in line with the recognition of the gain \u00a0
or loss on the change in fair value of the item. \u00a0
In determining the spot exchange rate used on initial recognition of the related \u00a0
asset, expense, or income on the derecognition of a non-monetary asset \u00a0
or non-monetary liability relating to advance consideration, the date of the \u00a0
transaction is the date on which the Group initially recognises the non-mone- \u00a0
tary asset or non-monetary liability arising from the advance consideration. If \u00a0
there are multiple payments or receipts in advance, the Group determines the \u00a0
transaction date for each payment or receipt of advance consideration. \u00a0
Financial ratios \u00a0
Definitions of key figures, non-IFRS financial measures and financial ratios are \u00a0
shown on page 155. \u00a0
Non-IFRS financial measures \u00a0
In the annual report, the Group discloses certain financial measures of the \u00a0
Group\u2019s financial performance, financial position and cash flows that reflect \u00a0
adjustments to the most directly comparable measures calculated and \u00a0
presented in accordance with IFRS. These non-IFRS financial measures may \u00a0
not be defined and calculated by other companies in the same manner and \u00a0
may thus not be comparable. For more information, see page 155. \u00a0
1.5 Climate\u00a0change \u00a0
As a global provider of ocean-based freight services, NORDEN have a deci- \u00a0
sive and leading role in the industry to create a sustainable future for global \u00a0
trade and for our customers. In 2023 we have made material progress on the \u00a0
environmental agenda towards our target of being net zero emission by 2050. \u00a0
NORDEN actively seek to reduce carbon emission and takes a leading role \u00a0
in the green transition of the shipping industry and will from 1 January 2024 \u00a0
be subject to EU ETS cap-and-trade mechanism. In 2023 NORDEN initiated \u00a0
a partnership with MASH Makes, focusing on renewable fuels from biomass \u00a0
residues, which exemplifies our dedication to pioneering green fuel solutions. \u00a0
Currently the long-term perspectives for what the optimal zero-emission \u00a0
technologies for dry-cargo and tanker shipping are still uncertain, and \u00a0
therefore NORDEN prioritise the initiatives that from a day-to-day objective \u00a0
minimised our emission footprint. To reach our long-term net zero emission \u00a0
target by 2050, we are committed to investing in net-zero emission technolo- \u00a0
gies, as already included in our target of only ordering zero-emission vessels \u00a0
from 2030. \u00a0
From 1 January 2024 the EU ETS introduces a cap-and-trade mechanism for \u00a0
the shipping sector where emission caps decrease annually. Effected compa- \u00a0
nies must surrender European Emission Allowances (EUA) correlating to their \u00a0
carbon emissions, or will be facing fines for non-compliance. \u00a0
The phase-in begins with 40% carbon emission coverage and will be \u00a0
increased to 100% by 2026. The scheme covers all intra-EU voyages and emis- \u00a0
sions at EU docks, with partial inclusion for voyages between EU and non-EU \u00a0
ports. As an operator, NORDEN often act as intermediaries, pricing the cost \u00a0
onto Charterers and passing the income to the Owners. NORDEN employ \u00a0
derivatives to manage the risks associated with fluctuating EUA prices. \u00a0
As highlighted above, NORDEN\u2019s business model is exposed to risks and \u00a0
opportunities associated with climate change. \u00a0
Compliance with changes in laws and regulations relating to climate change \u00a0
could increase the costs of operation and maintaining the Group\u2019s own \u00a0
vessels, require the Group to install new emission controls and acquire new \u00a0
carbon allowances. Further, the transition to create a sustainable future for \u00a0
global trade, could affect the resale value or useful lives of the vessels and \u00a0
lead to impairment charges. NORDEN operates an asset-light fleet strategy, \u00a0
which mitigates this risk. \u00a0
In preparing the consolidated financial statements for 2023, management has \u00a0
considered the impact of climate change, particularly in the context of the \u00a0
Group\u2019s sustainability targets. NORDEN\u2019s sustainability targets, the transition \u00a0
of the industry as well as our compliance with the new EU ETS are included \u00a0
in the Group\u2019s financial forecasts and accounting estimates to the extent \u00a0
possible and subject to estimation uncertainty. \u00a0
As noted above, the long-term perspectives for what the optimal zero-emis- \u00a0
sion technologies for dry-cargo and tanker shipping are still uncertain. The \u00a0
potential consequences on the value and the useful life of owned vessels \u00a0
becoming outdated in the sustainability transformation was also assessed. \u00a0
Management currently considers the residual value and useful life to be \u00a0
unchanged compared to prior year. \u00a0
While sustainability is an embedded part of our business model, except for \u00a0
the estimates described above, Management does not consider climate \u00a0
change to have a material impact on the accounting estimates and judge- \u00a0
ments prepared by management in relation to the 2023 consolidated and \u00a0
parent company financial statement. \u00a0
1.6 Reporting\u00a0under the ESEF Regulation \u00a0
NORDEN is required to prepare and file the annual report in the European \u00a0
Single Electronic Format (ESEF), and the annual report for 2023 is therefore \u00a0
prepared in the XHTML format that can be displayed in a standard browser. \u00a0
The consolidated financial statements are tagged using inline eXtensible Busi- \u00a0
ness Reporting Language (iXBRL). \u00a0
The iXBRL tags comply with the ESEF taxonomy, which is included in the ESEF \u00a0
Regulation and developed based on the IFRS taxonomy published by the IFRS \u00a0
Foundation. Where a financial statement line item is not defined in the ESEF \u00a0
taxonomy, an extension to the taxonomy has been created. Extensions are \u00a0
anchored to elements in the ESEF taxonomy, except for extensions which are \u00a0
subtotals. The annual report submitted to the Danish Financial Supervisory \u00a0
Authority consists of the XHTML document together with certain technical \u00a0
files, all included in a file named \"norden-2023-12-31-en.zip\". \u00a0
1.7 Changes\u00a0in accounting policies and disclosures \u00a0
The Group has adopted standards and interpretations effective as of 1 January \u00a0
2023. The Group has not early adopted any standards, interpretations or \u00a0
amendments that have been issued but are not yet effective. \u00a0
Adoption of new or amended IFRSs \u00a0
NORDEN has implemented the following amendments and interpretations to \u00a0
existing standards: amendments to IAS 1, IAS 8 and IAS 12. The amendments \u00a0
listed did not have any impact on the amounts recognised in prior periods and \u00a0
are not expected to significantly affect the current or future periods. \u00a0
Standards issued but not yet effective \u00a0
Certain new accounting standards, amendments to accounting standards and \u00a0
interpretations have been published that are not mandatory for 31 December \u00a0
2023 reporting periods and have not been early adopted by the Group. These \u00a0
standards, amendments or interpretations are not expected to have a material \u00a0
impact on NORDEN in the current or future reporting periods and on foresee- \u00a0
able future transactions. \u00a0
ACCOUNTING POLICIES \u00a0
Revenue \u00a0
Revenue comprises the present value of services rendered together with \u00a0
revenue generated from subleasing, net of discounts. Services rendered \u00a0
comprise freight income and time charter income. \u00a0
Revenue for most activities is recognised over time and in the income state- \u00a0
ment for the financial year as earned. All freight income and voyage costs are \u00a0
recognised as the freight services are rendered (percentage of completion). \u00a0
According to this method, freight income and related costs are recognised \u00a0
in the income statement according to the entered charter parties from the \u00a0
vessel\u2019s load date to the delivery of the cargo (discharge). This applies to all \u00a0
spot transports and transports under Contracts of Affreightment. \u00a0
Costs directly attributable to relocating the vessel to the load port under the \u00a0
contract are capitalised to the extent that they are recoverable. \u00a0
Agreed periods are designated for loading and unloading. If delays outside \u00a0
our control occur, we earn demurrage revenue, recognised as per charter \u00a0
party terms and when verifiable. Post-voyage, we compare actual port time to \u00a0
contractual terms and may claim demurrage. Such claims often face counter- \u00a0
claims due to contract interpretation or dispute over additional time. \u00a0
ACCOUNTING POLICIES \u00a0
Expenses by nature disclose information about expenses arising from the \u00a0
main inputs that are utilised in order to accomplish the Group's activities. \u00a0
Expenses include charter hire for chartered vessels, bunker oil consumption, \u00a0
other voyage costs such as commissions and port charges, repair and main- \u00a0
tenance costs, insurance costs, crew wages and other operating expenses, all \u00a0
included under vessel operating costs. \u00a0
Costs directly attributable to transportation of the vessel to the loading port \u00a0
are capitalised and amortised over the course of the transportation period. \u00a0
Vessel operating costs other than those capitalised are recognised upon \u00a0
receipt of services in accordance with the charter concluded by the parties. \u00a0
Other external costs comprise costs of properties, travel, office expenses, \u00a0
external assistance, etc. \u00a0
ACCOUNTING POLICIES \u00a0
Receivables are measured at amortised cost less allowances for impairment \u00a0
losses. For trade receivables, impairment losses are based on the expected \u00a0
lifetime loss of these receivables. \u00a0
Net operating profit after tax \u00a0
NOPAT is a measure of our profit that excludes the costs and tax benefit from \u00a0
debt financing by measuring the earnings before interest and taxes adjusted \u00a0
for operational tax. \u00a0
Trade working capital \u00a0
The amount of trade working capital represents capital required to maintain \u00a0
our ongoing operations. Trade working capital can be used to assess our \u00a0
efficiency in utilising current assets and short-term liquidity, and forms an \u00a0
integral part of our management strategy for cash and debt. \u00a0
Return on invested capital after tax (ROIC) \u00a0
ROIC can be used to measure the value creation from our investments. \u00a0
Management believes ROIC is a useful measure providing investors with infor- \u00a0
mation regarding our performance as well as our operational profitability and \u00a0
efficiency of business. \u00a0
Our target is to generate an average ROIC of a minimum of 12% per year \u00a0
based on a five-year rolling average. \u00a0
ROIC is defined as NOPAT divided by average invested capital. \u00a0
ACCOUNTING POLICIES \u00a0
For the purpose of impairment testing, assets are grouped into the smallest \u00a0
group of assets that generates cash inflows from continuing use that are \u00a0
largely independent of the cash inflows of other assets or CGUs. \u00a0
Goodwill acquired in a business combination is allocated to groups of CGUs \u00a0
that are expected to benefit from the synergies of the combination. Allocated \u00a0
goodwill undergoes a mandatory annual impairment test along with other \u00a0
assets of the CGU. \u00a0
For CGUs without allocated goodwill, an impairment test is conducted when \u00a0
there is an indication of the carrying amount of the CGU exceed expected \u00a0
recoverable amount. \u00a0
If the carrying amount of the CGU exceeds the recoverable amount, the assets \u00a0
are written down. Impairment loss is first allocated to reduce the carrying \u00a0
amount of goodwill, then to other assets pro-rata, based on each asset's \u00a0
carrying amount. \u00a0
The recoverable amount of each CGU is determined as the greater of the \u00a0
value-in-use and the fair value less cost to sell. \u00a0
Impairment loss recognised for goodwill cannot be reversed. For other \u00a0
assets, an impairment loss is reversed only if the revised carrying amount of \u00a0
the asset does not exceed its carrying amount before the impairment, after \u00a0
depreciation. \u00a0
ACCOUNTING POLICIES \u00a0
Goodwill \u00a0
Goodwill is initially recognised in the balance sheet as the difference between \u00a0
the fair value of net assets acquired and the consideration transferred. Subse- \u00a0
quently, goodwill is measured at this value less accumulated impairment \u00a0
losses and is not amortised. \u00a0
The carrying amount of goodwill is allocated to each of NORDEN\u2019s CGU's \u00a0
expected to benefit from the synergies of the combination. Goodwill is tested \u00a0
at least annually for impairment, together with the other assets of the oper- \u00a0
ating segment to which goodwill has been allocated. \u00a0
For further information on impairment of intangible assets, refer to note 3.2 \u00a0
\"Impairment of intangible and tangible assets\". \u00a0
Other intangible assets \u00a0
Customer relationships and similar intangible assets with a limited useful life \u00a0
acquired from third parties, either separately or as part of a business combina- \u00a0
tion, are capitalised and amortised over the average life of customer relationship. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
For further details, refer to accounting judgements and estimates in note 3.2 \u00a0
\"Impairment of intangible and tangible assets\". \u00a0
ACCOUNTING POLICIES \u00a0
Tangible assets are measured at cost less accumulated depreciation and \u00a0
impairment losses. Cost comprises the acquisition price and costs directly \u00a0
related to the acquisition up until the time when the asset is ready for use. \u00a0
Borrowing costs concerning either specific or general borrowing directly \u00a0
related to assets with an extended construction period are included in cost \u00a0
over the period of construction. \u00a0
Depreciation is based on the straight-line method over the estimated useful \u00a0
lives of the assets. Depreciation is calculated based on the following esti- \u00a0
mated useful lives: \u00a0
\u2022
Buildings \u00a0
50 years \u00a0
\u2022
Land \u00a0
Not depreciated \u00a0
\u2022
Logistics assets \u00a0
5-25 years \u00a0
\u2022
Vessels \u00a0
25 years \u00a0
\u2022
Fixtures, fittings and equipment \u00a0
3-10 years \u00a0
Useful lives of the assets and residual values are reviewed and adjusted at \u00a0
each balance sheet date, if appropriate. \u00a0
ACCOUNTING POLICIES \u00a0
At inception of a new contract, NORDEN assesses whether a contract is a \u00a0
lease or contains a lease. This involves exercise of judgement as to whether: \u00a0
\u2022
the contract depends on the use of a specific asset \u00a0
\u2022
NORDEN obtains substantially all the economic benefits from the use of \u00a0
the asset \u00a0
\u2022
NORDEN has the right to direct the use of the asset. \u00a0
NORDEN recognises right-of-use assets at the commencement date of the \u00a0
lease (i.e. the date the underlying asset is available for use). Right-of-use \u00a0
assets are measured at cost less any accumulated depreciation, impairment \u00a0
losses and adjusted for any remeasurement of lease liabilities. \u00a0
The cost of right-of-use assets includes the amount of lease liabilities recog- \u00a0
nised, and lease payments made before the commencement date. Unless \u00a0
NORDEN is reasonably certain to obtain ownership of the leased asset at the \u00a0
end of the lease term, the recognised right-of-use assets are depreciated on a \u00a0
straight-line basis over the shorter of its estimated useful life and the lease term. \u00a0
Impairment of right-of-use assets \u00a0
Similar to owned assets, right-of-use assets are subject to testing for impair- \u00a0
ment if there is an indication of impairment. Refer to note 3.2 \"Impairment of \u00a0
intangible and tangible assets\" for further information. \u00a0
Short-term leases and leases of low-value assets \u00a0
NORDEN applies the lease recognition exemptions related to the short-term \u00a0
leases (lease term of 12 months or less) and leases of low-value assets. Lease \u00a0
payments on short-term leases and leases of low-value assets are recognised \u00a0
in the income statement as an expense on a straight-line basis over the lease \u00a0
term. \u00a0
Sale and leaseback \u00a0
For sale and leaseback transactions, if there is a transfer of control within \u00a0
the meaning of IFRS 15, NORDEN as the seller-lessee measures the right- \u00a0
of-use asset arising from the leaseback at the proportion of the previous \u00a0
carrying amount of the asset that relates to the right of use retained by the \u00a0
seller-lessee. \u00a0
Any gain or loss that relates to the rights transferred to the buyer-lessor is \u00a0
recognised in profit or loss. \u00a0
If there is no transfer of control, the seller-lessee recognises the transaction \u00a0
as a financing transaction. While the transaction is legally subject to a lease \u00a0
contract, it is not accounted for as a lease and the underlying asset is not \u00a0
derecognised. \u00a0
ACCOUNTING POLICIES \u00a0
NORDEN enters into arrangements to sublease an underlying asset to a third \u00a0
party, while NORDEN retains the primary obligation under the original lease. \u00a0
In such arrangements, NORDEN acts as both the lessee and lessor of the \u00a0
same underlying asset. \u00a0
If a leased vessel is subleased under terms transferring substantially all remaining \u00a0
risks and rewards under the head lease to the lessee in the sublease, the right- \u00a0
of-use asset is derecognised, and a lease receivable is recognised. Gain/loss on the \u00a0
derecognised right-of-use asset is recognised in the income statement as revenue. \u00a0
During the term of the sublease, NORDEN recognises both finance income on \u00a0
the sublease (as revenue) and interest expense on the head lease (as financial \u00a0
expenses). \u00a0
Cash flows \u00a0
Cash payments received on sublease receivables are classified within the \u00a0
operating activities. \u00a0
ACCOUNTING POLICIES \u00a0
On initial recognition, investments in unlisted shares are measured at fair \u00a0
value. Subsequently, they are measured at fair value through profit or loss \u00a0
(FVTPL) unless classified as fair value through other comprehensive income \u00a0
(FVTOCI) according to an individual decision for each equity investment. The \u00a0
election is made on an investment-by-investment basis. \u00a0
Gains and losses on equity instruments classified as FVTOCI are never recy- \u00a0
cled to profit or loss. Dividends are recognised in the income statement \u00a0
unless the dividend clearly represents a recovery of part of the cost of invest- \u00a0
ment. Other net gains and losses are recognised in other comprehensive \u00a0
income. \u00a0
No significant restrictions apply to distributions from joint ventures. \u00a0
ACCOUNTING POLICIES \u00a0
In the Group\u2019s income statement, the Group\u2019s share of the joint ventures\u2019 \u00a0
profit/loss after tax is included in the item \u201cProfit/loss of joint ventures\u201d. \u00a0
Companies which are contractually operated jointly with one or more other \u00a0
enterprises, and which are thus jointly controlled, are recognised in the \u00a0
consolidated financial statements according to the equity method. \u00a0
In the Group\u2019s statement of financial position, the Group\u2019s share of the net \u00a0
asset value of joint ventures is thus included in the item \u201cInvestments in joint \u00a0
ventures\u201d, calculated on the basis of the Group\u2019s accounting policies and \u00a0
after deduction or addition of the Group\u2019s share of any unrealised intra-group \u00a0
gains or losses. \u00a0
Joint ventures with negative net asset values are measured at nil value. If the \u00a0
Group has a legal or constructive obligation to cover the enterprises\u2019 negative \u00a0
balance, such obligation is recognised by writing down any receivable from \u00a0
the joint venture or under provisions. \u00a0
ACCOUNTING POLICIES \u00a0
Cash and cash equivalents, as presented in the statement of financial posi- \u00a0
tion, are valued at their nominal amount. This category primarily includes \u00a0
items such as demand deposits, cash in hand and money market investments \u00a0
as detailed in the aforementioned table. \u00a0
Liquidity comprises marketable securities with a term of less than three \u00a0
months and cash not subject to significant limits to its availability. \u00a0
ACCOUNTING POLICIES \u00a0
Assets classified as held for sale include vessels for which a binding sales \u00a0
agreement is in place, with the transfer to the buyer anticipated within 12 \u00a0
months of the reporting date. In the case of newbuilding being sold, this \u00a0
period extends to 12 months following the delivery of the vessel from the \u00a0
yard. \u00a0
Newbuilding vessels and prepayments on vessels held for sale are measured \u00a0
at the lower of carrying amount before classification as held for sale and fair \u00a0
value less selling costs and are recognised under current assets. Assets held \u00a0
for sale are not depreciated. \u00a0
Assets and directly related liabilities in relation to assets held for sale are \u00a0
recognised in separate items in the statement of financial position. Gains and \u00a0
losses are included in the income statement in the item \"Profit/loss from sale \u00a0
of vessels, etc.\u201d. Gains are recognised on delivery and losses when they are clas- \u00a0
sified as \"held for sale\u201d. \u00a0
Profit/loss from sale of vessels is stated as the difference between the sales \u00a0
price less selling costs and the carrying amount of the vessel in question at \u00a0
the time of delivery. Furthermore, impairment of assets held for sale and any \u00a0
gains and losses upon repayment of related loans are included. \u00a0
ACCOUNTING POLICIES \u00a0
Dividend is recognised as a liability at the time of adoption by the share- \u00a0
holders at the annual general meeting. Dividend proposed by Management \u00a0
in respect of the year is stated under equity. \u00a0
The acquisition and sale of treasury shares and dividends thereon are taken \u00a0
directly to retained earnings at cost price under equity. \u00a0
ACCOUNTING POLICIES \u00a0
Earnings per share is presented as both basic and diluted earnings per share. \u00a0
Basic earnings per share is calculated as net profit divided by the weighted \u00a0
average number of shares outstanding. \u00a0
Diluted earnings per share is calculated as net profit divided by the sum of \u00a0
average number of shares outstanding, including the dilutive effect of the \u00a0
outstanding share options and restriced share units. \u00a0
ACCOUNTING POLICIES \u00a0
Loans and bonds comprise amounts borrowed from banks and a credit insti- \u00a0
tution, and senior unsecured bonds listed on NASDAQ Copenhagen A/S. \u00a0
Loans and bonds are recognised at the time the liabilities are obtained in the \u00a0
amount of the proceeds after deduction of transaction costs. In subsequent \u00a0
periods, such loans and bonds are recognised at amortised cost, equivalent \u00a0
to the capitalised value applying the effective rate of interest at the inception \u00a0
of the loan or bond, to the effect that the difference between the proceeds \u00a0
and the nominal value is recognised as interest expense in the income state- \u00a0
ment over the term of the loan or bond. \u00a0
Commission paid to set up a credit facility is recognised as transaction costs \u00a0
to the extent that it is probable that the facility will be partially utilised. To the \u00a0
extent that it is not probable that the facility will be partially or fully utilised, \u00a0
commission is amortised over the term of the credit facility. \u00a0
Lease liabilities \u00a0
At the commencement date of a lease, NORDEN recognises lease liabilities \u00a0
measured at the present value of lease payments to be made over the lease \u00a0
term. \u00a0
The lease term comprises the non-cancellable period with addition of periods \u00a0
covered 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
payments include fixed payments and variable payments depending on \u00a0
an index or a rate. The lease payments also include the exercise price of a \u00a0
purchase option reasonably certain to be exercised by NORDEN. \u00a0
Lease payments are allocated between principal and finance cost. The \u00a0
finance cost is charged to the income statement over the lease period to \u00a0
produce a constant period rate of interest on the remaining balance of the \u00a0
liabilities for each period. \u00a0
In calculating the present value of lease payments, NORDEN uses the incre- \u00a0
mental borrowing rate at the lease commencement date. The incremental \u00a0
borrowing rate applied is in the range of 4-7%, depending on the maturity of \u00a0
the lease contracts. \u00a0
In addition, the carrying amount of lease liabilities is remeasured if there is a \u00a0
modification, a change in the lease term, a change in the fixed lease payments \u00a0
or a change in the assessment to purchase the underlying asset. \u00a0
Cash flows \u00a0
In the statement of cash flows, cash payments for the principal portion of the \u00a0
lease liabilities and related cash payments for the interest portion are classi- \u00a0
fied within the financing activities. For short-term leases or leases of low-value \u00a0
assets, the lease payments are classified in the operating activities. \u00a0
ACCOUNTING POLICIES \u00a0
Financial income and expenses comprise interest income and expenses, real- \u00a0
ised and unrealised gains and losses on transactions denominated in foreign \u00a0
currencies, amortisation of loan costs and securities and subsequent changes \u00a0
to contingent acquisition costs. \u00a0
ACCOUNTING POLICIES \u00a0
The Group uses derivative financial instruments to hedge its bunker price \u00a0
risks, freight risk and currency risks. Such derivative financial instruments are \u00a0
initially recognised at fair value on the date on which a derivative contract is \u00a0
entered into, and are subsequently remeasured at fair value. Derivatives are \u00a0
carried as financial assets (other receivables) when the fair value is positive, \u00a0
and as financial liabilities (other payables) when the fair value is negative. \u00a0
At the inception of a hedge relationship, the Group formally designates \u00a0
and documents the hedge relationship to which it wishes to apply hedge \u00a0
accounting, and the risk management objective and strategy for undertaking \u00a0
the hedge. \u00a0
Changes in the fair value of derivative financial instruments that are desig- \u00a0
nated as fair value hedges of a recognised asset or a recognised liability are \u00a0
recognised in the income statement in the same item as any changes in the \u00a0
carrying amount of the hedged asset or hedged liability. \u00a0
Changes in the fair value of derivative financial instruments designated as \u00a0
hedges of expected future transactions (cash flow hedge) are recognised in \u00a0
other comprehensive income and presented under \u201cReserve for cash flow \u00a0
hedges\u201d (equity). \u00a0
Where the expected future transactions result in the acquisition of non-finan- \u00a0
cial assets, any amounts deferred under equity are transferred from equity to \u00a0
the cost of the asset. Where an expected future transaction results in income \u00a0
or expense, any amount deferred under equity is transferred from equity to \u00a0
the income statement under the same item as the hedged transaction. \u00a0
Changes in derivative financial instruments used for economic trading are \u00a0
recognised in the income statement in a separate item under other operating \u00a0
income. \u00a0
ACCOUNTING POLICIES \u00a0
Contingent assets are recognised when it is virtually certain that the claim will \u00a0
have a positive outcome for the Group. A contingent liability is recognised if \u00a0
it is likely that the claim will have a negative outcome and when the amount is \u00a0
estimable. Rulings in connection with such matters may in future accounting \u00a0
periods produce realised gains or losses, which may differ considerably from \u00a0
the recognised amounts or information. \u00a0
ACCOUNTING POLICIES \u00a0
The Group\u2019s current tax primarily consists of tax payable according to the \u00a0
regulations of the Danish and Singaporean Tonnage Tax Act for shipping \u00a0
activities and according to general tax regulations for net financial income \u00a0
and other activities. \u00a0
Other activities primarily consist of commercial management income. Ship- \u00a0
ping activities in Denmark and Singapore are taxed based on the vessel net \u00a0
tonnage at disposal. \u00a0
Based on the planned use of vessels and recovery of reversed depreciation, \u00a0
respectively, the Danish and Singaporean tonnage tax regimes do not result \u00a0
in a liability, hence, it does not result in any deferred tax in the statement of \u00a0
financial position. The tax liability is merely a contingent liability. \u00a0
Other activities of the Group and the parent company are not subject to \u00a0
deferred tax either. \u00a0
ACCOUNTING POLICIES \u00a0
Related parties include the Board of Directors and the Executive Manage- \u00a0
ment as well as their close relatives. Related parties also include companies \u00a0
in which the above persons have significant interests as well as companies \u00a0
and foundations which have direct or indirect significant influence through \u00a0
shareholdings. \u00a0
In addition, related parties include joint ventures; refer to note 3.7 \"Invest- \u00a0
ments and activities\". \u00a0
All transactions involving related parties are conducted in adherence to arm's \u00a0
length principles, maintaining independence and market-driven terms. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
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"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5411": {
"value": "ACCOUNTING POLICIES \u00a0
The statement of cash flows shows the Group\u2019s cash flows for the year distributed on operating, \u00a0
investing and financing activities, net changes for the year in cash and cash equivalents at the begin- \u00a0
ning and end of the year. Positive amounts indicate inflows, whereas negative amounts indicate \u00a0
outflows. \u00a0
Cash flow from operating activities is stated as the profit/loss for the year adjusted for non-cash oper- \u00a0
ating items such as depreciation, profit/loss from sale of vessels, etc., changes in working capital plus \u00a0
or minus corporation tax paid or received. Working capital includes current assets less current liabili- \u00a0
ties, excluding the items included in cash and cash equivalents and assets held for sale. \u00a0
Cash flow from investing activities comprises cash flow from the acquisition and sale of non-current \u00a0
assets. \u00a0
Cash flow from financing activities comprises cash flow from the raising and repayment of loans and \u00a0
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received and paid. \u00a0
Cash flows \u00a0
Cash payments received on sublease receivables are classified within the \u00a0
operating activities. \u00a0
Cash flows \u00a0
In the statement of cash flows, cash payments for the principal portion of the \u00a0
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fied within the financing activities. For short-term leases or leases of low-value \u00a0
assets, the lease payments are classified in the operating activities. \u00a0
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"value": "1.1 Basis\u00a0of preparation \u00a0
This note provides a list of accounting policies adopted in the preparation \u00a0
of the consolidated financial statements and the financial statements of the \u00a0
parent company to the extent they have not been disclosed in the respective \u00a0
notes below. These policies have been consistently applied to all the years \u00a0
presented, unless otherwise stated. \u00a0
Dampskibsselskabet NORDEN A/S with its subsidiaries is one of Denmark\u2019s \u00a0
oldest internationally operating shipping companies. NORDEN operates in \u00a0
dry cargo and tankers worldwide. \u00a0
Dampskibsselskabet NORDEN A/S is a public limited company incorporated \u00a0
in Denmark and listed on Nasdaq Copenhagen. \u00a0
Principal accounting policies \u00a0
The Annual Report for the period 1 January - 31 December 2023 with compar- \u00a0
ative figures comprises the consolidated financial statements of Dampskibs- \u00a0
selskabet NORDEN A/S (the parent company) and its subsidiaries (the Group) \u00a0
and the financial statements of the parent company. \u00a0
The consolidated financial statements of the Group have been prepared on \u00a0
a going concern basis and in accordance with IFRS Accounting Standards as \u00a0
adopted by the EU and additional requirements from the Danish Financial \u00a0
Statements Act. \u00a0
The financial statements of the parent company, Dampskibsselskabet NORDEN \u00a0
A/S, have been prepared in accordance with the Danish Financial Statements \u00a0
Act applying to enterprises of reporting class D. \u00a0
Measurement basis \u00a0
The consolidated financial statements and the financial statements of the \u00a0
parent company have been prepared based on the historical cost principle, \u00a0
with the exception of the following assets and liabilities: \u00a0
\u2022
Derivative financial instruments, which are measured at fair value. \u00a0
\u2022
Investments, which are measured at fair value. \u00a0
\u2022
Non-current assets and groups of assets held for sale are measured at the \u00a0
lower of carrying amount before the changed classification and fair value \u00a0
less selling costs. \u00a0
USD is the functional currency of all enterprises in the Group as well as the \u00a0
parent company. In the annual report, the presentation currency is USD, and \u00a0
amounts are presented in million USD with one decimal rounded, except \u00a0
when otherwise stated. \u00a0
Applying materiality \u00a0
The financial statements are a result of processing large numbers of trans- \u00a0
actions and aggregating those transactions into classes according to their \u00a0
nature. When aggregated, the transactions are presented in classes of similar \u00a0
items in the financial statements. If a line item is not individually material, it is \u00a0
aggregated with other items of a similar nature in the financial statements or \u00a0
in the notes. \u00a0
There are substantial disclosure requirements throughout IFRS. Manage- \u00a0
ment provides specific disclosures required by IFRS unless the information is \u00a0
considered immaterial to the economic decision-making of the users of these \u00a0
financial statements or not applicable. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5427": {
"value": "1.2 Basis\u00a0of consolidation \u00a0
Consolidation principles \u00a0
The consolidated financial statements comprise the parent company, Damp- \u00a0
skibsselskabet NORDEN A/S and subsidiaries. An investment is classified as a \u00a0
subsidiary when below conditions are met: \u00a0
\u2022
Dampskibsselskabet NORDEN A/S has control over the company. \u00a0
\u2022
Dampskibsselskabet NORDEN A/S is exposed to variability in return on the \u00a0
investment. \u00a0
\u2022
The control over the company can be used to affect the return on the \u00a0
investment. \u00a0
At consolidation, intra-group income and expenses, shareholdings, dividends \u00a0
and accounts as well as unrealised intra-group gains and losses on transac- \u00a0
tions between the consolidated enterprises are eliminated. \u00a0
The financial statements used in the consolidation are prepared in accord- \u00a0
ance with the Group\u2019s accounting policies. The consolidated financial state- \u00a0
ments are prepared on the basis of the financial statements of the parent \u00a0
company and the subsidiaries by aggregating items of a uniform nature. \u00a0
Newly acquired or newly established enterprises are recognised in the Consol- \u00a0
idated financial statements from the date of acquisition using the acquisition \u00a0
method. Enterprises divested or wound up are included in the consolidated \u00a0
income statement until the date of disposal. Comparative figures are not \u00a0
restated to reflect acquisitions or companies wound up. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5414": {
"value": "Principal accounting policies \u00a0
The Annual Report for the period 1 January - 31 December 2023 with compar- \u00a0
ative figures comprises the consolidated financial statements of Dampskibs- \u00a0
selskabet NORDEN A/S (the parent company) and its subsidiaries (the Group) \u00a0
and the financial statements of the parent company. \u00a0
The consolidated financial statements of the Group have been prepared on \u00a0
a going concern basis and in accordance with IFRS Accounting Standards as \u00a0
adopted by the EU and additional requirements from the Danish Financial \u00a0
Statements Act. \u00a0
The financial statements of the parent company, Dampskibsselskabet NORDEN \u00a0
A/S, have been prepared in accordance with the Danish Financial Statements \u00a0
Act applying to enterprises of reporting class D. \u00a0
",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5454": {
"value": "1.4 Significant\u00a0accounting estimates and judgements \u00a0
The preparation of the consolidated financial statements of the Group and \u00a0
the financial statements of the parent company requires Management to \u00a0
make estimates and judgements. These are the basis for recognition and \u00a0
measurement of the Group\u2019s and parent company\u2019s income, expenses, assets \u00a0
and liabilities. \u00a0
The applied estimates are based on historical data and other factors that \u00a0
Management considers appropriate under the given circumstances, but \u00a0
which are inherently uncertain or unpredictable. Such assumptions may be \u00a0
incomplete or inaccurate, and unexpected events or circumstances may \u00a0
occur. In addition, the Group is subject to risks and uncertainties that may \u00a0
cause actual outcomes to deviate from these estimates. \u00a0
It may be necessary to change previous estimates as a result of changes to the \u00a0
assumptions on which the estimates were based or due to new information or \u00a0
subsequent events that affect the current as well as future periods. \u00a0
The accounting policies are described in the notes of the financial statements, \u00a0
which also include additional description of accounting estimates and judge- \u00a0
ments. Below are the accounting estimates and judgements, which Manage- \u00a0
ment deems to be significant to the preparation of the financial statements: \u00a0
Level of \u00a0
potiential \u00a0
Significant accounting estimates and judgements \u00a0
Note \u00a0
impact \u00a0
Impairment of intangible and tangible assets \u00a0
3.2 \u00a0
\u2022\u2022\u2022 \u00a0
Non-lease component for leases under IFRS 16 \u00a0
3.5 \u00a0
\u2022\u2022 \u00a0
The accounting poicies are described in each of the specific notes in the \u00a0
financial statements, which also include additional descriptions of accounting \u00a0
estimates and judgements. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
NORDEN utilises judgments and estimates for percentage on completion \u00a0
based on expected durations, historical data, and schedules. \u00a0
Revenue recognition during the load-to-discharge period is based on a calcu- \u00a0
lation of the percentage of completion for all voyages at each reporting date. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
Voyage costs, which include costs such as bunker cost, port costs, canal dues \u00a0
and other operational costs, are assessed in relation to fluctuation in prices \u00a0
and operational conditions. Judgements are made for changes in voyage \u00a0
duration and conditions, such as destination changes, fluctuating rates, and \u00a0
weather impacts, which can affect the overall voyage income and expenses. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
Provisions for trade receivables are determined using the lifetime expected \u00a0
credit loss, which includes factors such as internal rating, historical infor- \u00a0
mation about payment patterns, collateral received as well as prevailing \u00a0
economic conditions. Estimates made are updated if the customer\u2019s ability to \u00a0
pay changes. It is estimated that the provisions made are sufficient to cover \u00a0
any bad debt. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
Cash-generating units \u00a0
The determination of cash-generating units differs based on the business \u00a0
units Freight Services & Trading and Assets & Logistics. The degree of inter- \u00a0
dependency between the two business units, in respect of taking decisions \u00a0
related to the vessel capacity, has been evaluated. \u00a0
The conclusion is that interdependency exists, to such an extent, that the cash \u00a0
inflows are not largely independent. Consequently, the respective dry cargo \u00a0
and tanker vessels of the two segments have been included in the respective \u00a0
CGU, either Dry Cargo or Tankers, according to the nature of the vessels. \u00a0
Impairment indicators \u00a0
The assessment of impairment indicators involves complex and subjective \u00a0
judgments by management. These indicators are reviewed to assess the \u00a0
impairment need for our CGUs: \u00a0
\u2022
The obsolescence or physical damage of assets; \u00a0
\u2022
Financial performance of assets and the CGU; \u00a0
\u2022
Freight and time-charter rates; \u00a0
\u2022
Vessel values, newbuilding orders and prices; \u00a0
\u2022
Significant adverse effects from changes in technological, economic, \u00a0
environmental, climate, geopolitical or regulatory environment; \u00a0
\u2022
Increase in market interest rates. \u00a0
The assessment of impairment indicators for intangible assets, owned vessels, \u00a0
right-of-use assets, and prepayments on newbuildings, is based on the CGUs \u00a0
they are included in and assessed concurrently on a portfolio basis. \u00a0
When considering vessel values, two independent broker valuations are \u00a0
obtained. The assessment of newbuilding prices considers market data, inclu- \u00a0
ding known transactions, potential newbuilding prices, and broker analysis. \u00a0
Assessment and calculation inputs \u00a0
If indications exist, the recoverability of the carrying amount of intangible and \u00a0
tangible assets in the related CGU is assessed. This is done by evaluating if \u00a0
the recoverable amount exceeds the carrying amount. \u00a0
The recoverable amount is determined as the higher of the value-in-use and \u00a0
the fair value less costs to sell. The calculation of value-in-use is particularly \u00a0
complex and contains uncertainty, as it relies on expected future cash flows \u00a0
and a discount factor. Significant assumptions are made about long-term \u00a0
freight and time-charter rates when projecting future cash flows. \u00a0
In assessing value in use, assumptions are made regarding historical data, \u00a0
market analysis, and spot and forward market curves. It is important to note \u00a0
the uncertainty pertaining to future market developments, significantly influ- \u00a0
encing the cash flow projections. \u00a0
In the calculation, the lifespan of owned vessels is set at 25 years for both Dry \u00a0
Cargo and Tankers, while the duration for long- and short-term chartered-in \u00a0
vessels is based on contractually agreed periods. \u00a0
Assumptions are made regarding the discount factor, which is generally \u00a0
obtained from the WACC calculated using variables, each with its inherent \u00a0
uncertainty, further complicating the value-in-use calculation. \u00a0
Assessment is impacted by geopolitical situations, such as the war in Ukraine. \u00a0
Additionally, abnormally low water levels in the Panama Canal, resulting from \u00a0
climate change, and disruptions in global trade due to attacks in the Red Sea, \u00a0
contribute to increased macroeconomic uncertainties. \u00a0
The long-term outlook for the adoption of optimal zero-emission technolo- \u00a0
gies carries uncertainties. This uncertainty extends to the potential impact on \u00a0
the value and operational lifespan of owned vessels amidst the transition to \u00a0
sustainability. Currently, management does not believe that climate change \u00a0
has a significant effect on the estimates and judgments related to the impair- \u00a0
ment assessment. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
NORDEN has elected to separate lease and non-lease components for leases \u00a0
of time charter contracts on vessels. For these contracts, the estimated \u00a0
non-lease component (daily running costs) is excluded from the right-of-use \u00a0
assets. \u00a0
Assessing the consideration attributable to the non-lease component \u00a0
includes a significant accounting judgement, where Management uses market \u00a0
data from an independent service provider. The market data consists of \u00a0
benchmarking reports and allows NORDEN to benchmark vessels' operating \u00a0
costs against a global sample. The measurement of the non-lease component \u00a0
takes several factors into consideration such as operating costs, aging of the \u00a0
vessels, vessel types, etc. \u00a0
In this regard, Management assesses the service provider\u2019s independence, \u00a0
objectivity and qualifications and whether the market data is appropriate for \u00a0
the purpose, e.g. based on sufficient market data. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
Management\u2019s assessment of whether leases on vessels should be classified \u00a0
as finance or operating leases is based on an overall evaluation of each lease. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
Assessment of control in shared ownership \u00a0
The classification of activities and enterprises which are in part jointly owned \u00a0
with other companies and, thus, how these activities and enterprises are \u00a0
treated in the consolidated financial statements is to a certain extent based \u00a0
on judgements of formal and actual conditions. \u00a0
In the assessment of joint control, an analysis has been made as to which deci- \u00a0
sions require unanimity and whether these relate to relevant activities, which \u00a0
are activities that significantly affect the return of the arrangement. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
Assessment of control in shared ownership - pool arrangements \u00a0
The classification of activities and enterprises which are in part jointly owned \u00a0
with other companies and, thus, how these activities and enterprises are \u00a0
treated in the consolidated financial statements are to a certain extent based \u00a0
on judgements of formal and actual conditions. \u00a0
In connection with the assessment of control, an analysis of the operator role \u00a0
in NORDEN\u2019s agreements on pool arrangements has been made. The oper- \u00a0
ator is responsible for the day-to-day management of activities carried out \u00a0
within a jointly established framework. \u00a0
Since the operators are not exposed to, and are not entitled to, a return apart \u00a0
from the participating share and the fact that they can be replaced upon \u00a0
agreement, the operators are considered to be agents as defined in IFRS 10. \u00a0
In the assessment of joint control, an analysis has been made as to which deci- \u00a0
sions require unanimity and whether these relate to relevant activities, which \u00a0
are activities that significantly affect the return of the pool arrangement. It is \u00a0
assessed that joint control by default exists when business plans and budgets \u00a0
must be adopted unanimously. \u00a0
For NORDEN\u2019s pool arrangements, unanimity is required on decisions \u00a0
relating to relevant activities. It has also been established that the pool part- \u00a0
ners have rights and obligations, directly and unlimited, with regard to the \u00a0
assets and liabilities of the arrangements, and as the pool arrangements have \u00a0
not been structured into separate legal units, these are treated and classified \u00a0
as joint operations. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
Management assesses provisions and contingencies on an ongoing basis, \u00a0
as well as the likely outcome of pending or potential legal proceedings, etc. \u00a0
The assessments are made on the basis of legal opinions of the signed agree- \u00a0
ments, which in considerable claims also include assessments obtained from \u00a0
external advisers, including external legal advisers, among others. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
The Danish group entities have entered the Danish tonnage tax regime for a \u00a0
binding ten-year period from 2021. The Singaporean group entity has entered \u00a0
the Singaporean tonnage tax regime for a binding ten-year period from 2019. \u00a0
In addition, tax regulation become complex when a company has activities \u00a0
that are partly covered by the tonnage tax regime and partly by corporate \u00a0
taxation. \u00a0
In calculation of the taxable income, estimates are made which in a later \u00a0
assessment by the Danish or Singaporean tax authorities may result in correc- \u00a0
tions to previous estimates of recognised tax assets and liabilities in the state- \u00a0
ment of financial position. \u00a0
The Group applies the exception to recognising and disclosing information \u00a0
about deferred tax related to Pillar Two income taxes. \u00a0
As the predominant aspect of the Group's business activities falls under the \u00a0
tonnage tax system, the forthcoming regulations associated with Pillar II \u00a0
are anticipated to exert minimal influence on the overall tax structure of the \u00a0
Group. Notably, the primary regions that may be subject to the regulatory \u00a0
impact are Africa and the Americas. However, it is important to highlight that \u00a0
these regions currently contribute insignificantly to the overall profit of the \u00a0
Group. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5430": {
"value": "Other operating income \u00a0
Commercial management fee, is recognised upon receipt of the services in \u00a0
accordance with the agreements concluded. Furthermore, the item includes \u00a0
income from speculative trading of derivatives. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5431": {
"value": "Other operating income \u00a0
Commercial management fee, is recognised upon receipt of the services in \u00a0
accordance with the agreements concluded. Furthermore, the item includes \u00a0
income from speculative trading of derivatives. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5432": {
"value": "Inventories \u00a0
Inventories primarily consist of bunker and lubrication oil kept on board \u00a0
vessels. Inventories are measured at the lower of either cost according to the \u00a0
FIFO method or net realisable value. \u00a0
2.3 Cash\u00a0flow from operating activities \u00a0
Cash flow specifications \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Reversal of items from the income statement \u00a0
Depreciation, amortisation and impairment losses \u00a0
335.2 \u00a0
449.7 \u00a0
Financial items, net \u00a0
11.4 \u00a0
39.7 \u00a0
Profit/loss from sale of vessels, etc. \u00a0
-79.0 \u00a0
-79.4 \u00a0
Share of profit/loss of joint ventures \u00a0
-0.8 \u00a0
2.8 \u00a0
Other reversed non-cash operating items \u00a0
-50.8 \u00a0
-41.7 \u00a0
Total \u00a0
216.0 \u00a0
371.1 \u00a0
Trade working capital \u00a0
Inventories \u00a0
22.1 \u00a0
-17.1 \u00a0
Trade receivables \u00a0
45.3 \u00a0
-73.2 \u00a0
Trade payables \u00a0
-17.7 \u00a0
53.4 \u00a0
Prepayments \u00a0
22.5 \u00a0
-3.0 \u00a0
Deferred income \u00a0
17.3 \u00a0
-4.8 \u00a0
Liabilities related to assets held for sale \u00a0
4.2 \u00a0
11.6 \u00a0
Var. margin deposits related to cash flow hedges \u00a0
-98.4 \u00a0
94.3 \u00a0
Total \u00a0
-4.7 \u00a0
61.2 \u00a0
Non-trade working capital \u00a0
Receivables/liabilities from joint ventures \u00a0
1.5 \u00a0
-14.4 \u00a0
Other receivables \u00a0
7.5 \u00a0
-26.6 \u00a0
Other payables \u00a0
-75.8 \u00a0
151.5 \u00a0
Other working capital movements \u00a0
-0.2 \u00a0
11.8 \u00a0
Total \u00a0
-67.0 \u00a0
122.3 \u00a0
Change in working capital \u00a0
-71.7 \u00a0
183.5 \u00a0
The Group uses Supply Chain Financing to strengthen its financial position. \u00a0
The programme is based on a three-way relationship between the Group, a \u00a0
supplier and the syndication bank facilitating the programme. When suppliers \u00a0
participate in the programme, they have the option of receiving early \u00a0
payment from the syndication bank based on the invoices. \u00a0
The arrangement of early payment is a transaction between the supplier and \u00a0
the syndication banks, which does not involve NORDEN. The advantage of \u00a0
participating in the programme for suppliers is that their cash position can be \u00a0
improved. The supply chain financing programme has not changed signifi- \u00a0
cant characteristics of the debt, therefore the classification as trade payable \u00a0
is maintained. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5433": {
"value": "Inventories \u00a0
Inventories primarily consist of bunker and lubrication oil kept on board \u00a0
vessels. Inventories are measured at the lower of either cost according to the \u00a0
FIFO method or net realisable value. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5435": {
"value": "Prepayments \u00a0
Prepayments include costs incurred regarding the succeeding financial year \u00a0
such as prepaid hire, interest and insurance premiums. \u00a0
2.3 Cash\u00a0flow from operating activities \u00a0
Cash flow specifications \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Reversal of items from the income statement \u00a0
Depreciation, amortisation and impairment losses \u00a0
335.2 \u00a0
449.7 \u00a0
Financial items, net \u00a0
11.4 \u00a0
39.7 \u00a0
Profit/loss from sale of vessels, etc. \u00a0
-79.0 \u00a0
-79.4 \u00a0
Share of profit/loss of joint ventures \u00a0
-0.8 \u00a0
2.8 \u00a0
Other reversed non-cash operating items \u00a0
-50.8 \u00a0
-41.7 \u00a0
Total \u00a0
216.0 \u00a0
371.1 \u00a0
Trade working capital \u00a0
Inventories \u00a0
22.1 \u00a0
-17.1 \u00a0
Trade receivables \u00a0
45.3 \u00a0
-73.2 \u00a0
Trade payables \u00a0
-17.7 \u00a0
53.4 \u00a0
Prepayments \u00a0
22.5 \u00a0
-3.0 \u00a0
Deferred income \u00a0
17.3 \u00a0
-4.8 \u00a0
Liabilities related to assets held for sale \u00a0
4.2 \u00a0
11.6 \u00a0
Var. margin deposits related to cash flow hedges \u00a0
-98.4 \u00a0
94.3 \u00a0
Total \u00a0
-4.7 \u00a0
61.2 \u00a0
Non-trade working capital \u00a0
Receivables/liabilities from joint ventures \u00a0
1.5 \u00a0
-14.4 \u00a0
Other receivables \u00a0
7.5 \u00a0
-26.6 \u00a0
Other payables \u00a0
-75.8 \u00a0
151.5 \u00a0
Other working capital movements \u00a0
-0.2 \u00a0
11.8 \u00a0
Total \u00a0
-67.0 \u00a0
122.3 \u00a0
Change in working capital \u00a0
-71.7 \u00a0
183.5 \u00a0
The Group uses Supply Chain Financing to strengthen its financial position. \u00a0
The programme is based on a three-way relationship between the Group, a \u00a0
supplier and the syndication bank facilitating the programme. When suppliers \u00a0
participate in the programme, they have the option of receiving early \u00a0
payment from the syndication bank based on the invoices. \u00a0
The arrangement of early payment is a transaction between the supplier and \u00a0
the syndication banks, which does not involve NORDEN. The advantage of \u00a0
participating in the programme for suppliers is that their cash position can be \u00a0
improved. The supply chain financing programme has not changed signifi- \u00a0
cant characteristics of the debt, therefore the classification as trade payable \u00a0
is maintained. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5437": {
"value": "Deferred income \u00a0
Deferred income arises from prepayments for voyages and time-charter \u00a0
income. Part of deferred income comprises prepaid time-charter income \u00a0
comprising a lease element as well as a service element. \u00a0
2.1 Segment\u00a0information \u00a0
Freight \u00a0
Services \u00a0
Assets & \u00a0
Elimi- \u00a0
Amounts in USD million \u00a0
& Trading\u00a0Logistics \u00a0
nations \u00a0
Total \u00a0
2023 \u00a0
Revenue \u2013 services rendered, external \u00a0
3,371.3 \u00a0
249.4 \u00a0
-
3,620.7 \u00a0
Revenue \u2013 services rendered, internal \u00a0
-
335.9 \u00a0
-335.9 \u00a0
-
Revenue \u2013 sublease financial income and gains \u00a0
36.7 \u00a0
34.5 \u00a0
-
71.2 \u00a0
Voyage costs* \u00a0
-1,334.8 \u00a0
-30.9 \u00a0
5.2 \u00a0
-1,360.5 \u00a0
T/C equivalent revenue \u00a0
2,073.2 \u00a0
588.9 \u00a0
-330.7 \u00a0
2,331.4 \u00a0
Other operating income \u00a0
17.5 \u00a0
0.1 \u00a0
-
17.6 \u00a0
Charter hire and OPEX element* \u00a0
-1,673.1 \u00a0
-152.5 \u00a0
330.7 \u00a0
-1,494.9 \u00a0
Other operating costs, owned vessels* \u00a0
-
-58.7 \u00a0
-
-58.7 \u00a0
Contribution margin \u00a0
417.6 \u00a0
377.8 \u00a0
-
795.4 \u00a0
Overhead and administration costs \u00a0
-93.3 \u00a0
-23.5 \u00a0
-
-116.8 \u00a0
Profit before depreciation, amortisation and \u00a0
impairment losses, etc. (EBITDA) \u00a0
324.3 \u00a0
354.3 \u00a0
-
678.6 \u00a0
Profit/loss from sale of vessels, etc. \u00a0
-
79.0 \u00a0
-
79.0 \u00a0
Depreciation, amortisation and impairment losses \u00a0
-173.4 \u00a0
-161.8 \u00a0
-
-335.2 \u00a0
Profit/loss from investments in joint ventures \u00a0
-
-0.8 \u00a0
-
-0.8 \u00a0
Profit from operations (EBIT) \u00a0
150.9 \u00a0
270.7 \u00a0
-
421.6 \u00a0
Financial income \u00a0
7.5 \u00a0
34.5 \u00a0
-
42.0 \u00a0
Financial expenses \u00a0
-19.7 \u00a0
-33.7 \u00a0
-
-53.4 \u00a0
Profit before tax \u00a0
138.7 \u00a0
271.5 \u00a0
-
410.2 \u00a0
Tax for the year \u00a0
-6.1 \u00a0
-4.0 \u00a0
-
-10.1 \u00a0
Profit for the year \u00a0
132.6 \u00a0
267.5 \u00a0
-
400.1 \u00a0
*Included in the item \u201cVessel operating costs\u201d in the income statement. \u00a0
Freight \u00a0
Services \u00a0
Assets & \u00a0
Elimi- \u00a0
Amounts in USD million \u00a0
& Trading\u00a0Logistics \u00a0
nations \u00a0
Total \u00a0
2022 \u00a0
Revenue \u2013 services rendered, external \u00a0
5,070.5 \u00a0
183.4 \u00a0
-
5,253.9 \u00a0
Revenue \u2013 services rendered, internal \u00a0
-
377.0 \u00a0
-377.0 \u00a0
-
Revenue \u2013 sublease financial income and gains \u00a0
24.6 \u00a0
33.9 \u00a0
-
58.5 \u00a0
Voyage costs* \u00a0
-1,730.0 \u00a0
-32.2 \u00a0
12.7 \u00a0
-1,749.5 \u00a0
T/C equivalent revenue \u00a0
3,365.1 \u00a0
562.1 \u00a0
-364.3 \u00a0
3,562.9 \u00a0
Other operating income \u00a0
28.6 \u00a0
-0.9 \u00a0
-
27.7 \u00a0
Charter hire and OPEX element* \u00a0
-2,366.1 \u00a0
-149.9 \u00a0
364.3 \u00a0
-2,151.7 \u00a0
Other operating costs, owned vessels* \u00a0
-1.5 \u00a0
-71.5 \u00a0
-
-73.0 \u00a0
Contribution margin \u00a0
1,026.1 \u00a0
339.8 \u00a0
-
1,365.9 \u00a0
Overhead and administration costs \u00a0
-184.4 \u00a0
-22.4 \u00a0
-
-206.8 \u00a0
Profit before depreciation, amortisation and \u00a0
impairment losses, etc. (EBITDA) \u00a0
841.7 \u00a0
317.4 \u00a0
-
1,159.1 \u00a0
Profit/loss from sale of vessels, etc. \u00a0
-0.1 \u00a0
79.5 \u00a0
-
79.4 \u00a0
Depreciation, amortisation and impairment losses \u00a0
-269.3 \u00a0
-180.4 \u00a0
-
-449.7 \u00a0
Profit/loss from investments in joint ventures \u00a0
-
2.8 \u00a0
-
2.8 \u00a0
Profit from operations (EBIT) \u00a0
572.3 \u00a0
219.3 \u00a0
-
791.6 \u00a0
Financial income \u00a0
6.0 \u00a0
6.3 \u00a0
-
12.3 \u00a0
Financial expenses \u00a0
-19.9 \u00a0
-32.1 \u00a0
-
-52.0 \u00a0
Profit before tax \u00a0
558.4 \u00a0
193.5 \u00a0
-
751.9 \u00a0
Tax for the year \u00a0
-8.0 \u00a0
-0.4 \u00a0
-
-8.4 \u00a0
Profit for the year \u00a0
550.4 \u00a0
193.1 \u00a0
-
743.5 \u00a0
*Included in the item \u201cVessel operating costs\u201d in the income statement. \u00a0
2.1.2 Segregation of revenue \u00a0
External revenue \u00a0
Non-current assets \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
2023 2022 \u00a0
Region and vessel type \u00a0
Asia \u00a0
1,912.2 \u00a0
2,379.2 \u00a0
244.1 \u00a0
257.0 \u00a0
Americas \u00a0
756.2 \u00a0
1,327.5 \u00a0
155.9 \u00a0
159.1 \u00a0
Europe \u00a0
567.2 \u00a0
908.2 \u00a0
516.5 \u00a0
566.2 \u00a0
Africa \u00a0
339.0 \u00a0
472.7 \u00a0
7.6 \u00a0
27.5 \u00a0
Oceania \u00a0
117.3 \u00a0
224.8 \u00a0
21.0 \u00a0
52.3 \u00a0
Total \u00a0
3,691.9 \u00a0
5,312.4 \u00a0
945.1 \u00a0
1,062.1 \u00a0
Dry Bulk \u00a0
3,007.8 \u00a0
4,382.7 \u00a0
555.3 \u00a0
528.3 \u00a0
Tankers \u00a0
684.1 \u00a0
929.7 \u00a0
389.8 \u00a0
533.8 \u00a0
Total \u00a0
3,691.9 \u00a0
5,312.4 \u00a0
945.1 \u00a0
1,062.1 \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Country and type of service \u00a0
China \u00a0
585.0 \u00a0
552.0 \u00a0
Singapore \u00a0
313.2 \u00a0
333.6 \u00a0
United States of America \u00a0
239.1 \u00a0
315.9 \u00a0
Mexico \u00a0
153.4 \u00a0
294.4 \u00a0
Other \u00a0
2,401.2 \u00a0
3.816,5 \u00a0
Total \u00a0
3,691.9 \u00a0
5,312.4 \u00a0
Voyage charter \u00a0
2,944.5 \u00a0
4,342.4 \u00a0
Time charter \u00a0
747.4 \u00a0
970.0 \u00a0
Total \u00a0
3,691.9 \u00a0
5,312.4 \u00a0
2.1.3 Future revenue from Contracts of Affreightment (COA) \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
<1 year \u00a0
358.0 \u00a0
389.6 \u00a0
1-2 years \u00a0
64.8 \u00a0
137.3 \u00a0
2-3 years \u00a0
32.7 \u00a0
57.1 \u00a0
3-4 years \u00a0
17.7 \u00a0
34.1 \u00a0
4-5 years \u00a0
13.6 \u00a0
18.1 \u00a0
>5 years \u00a0
42.2 \u00a0
55.0 \u00a0
Total \u00a0
529.0 \u00a0
691.2 \u00a0
NORDEN holds several contracts of affreightment, obligating the Group to \u00a0
undertake voyage charters of varying lengths, from medium to long term. \u00a0
These charters will use vessels that have not yet been nominated. It is \u00a0
expected that these contracts will yield a projected revenue of around USD \u00a0
529 million in the upcoming years. \u00a0
2.1.4 Future revenue and cash flows from Time Charter Agreements \u00a0
Time \u00a0
charter Sublease \u00a0
Amounts in USD million \u00a0
revenue \u00a0
revenue \u00a0
Total \u00a0
2023 \u00a0
<1 year \u00a0
318.7 \u00a0
-116.4 \u00a0
202.3 \u00a0
1-2 years \u00a0
107.4 \u00a0
-40.7 \u00a0
66.7 \u00a0
2-3 years \u00a0
26.1 \u00a0
-18.6 \u00a0
7.5 \u00a0
3-4 years \u00a0
21.3 \u00a0
-16.6 \u00a0
4.7 \u00a0
4-5 years \u00a0
19.6 \u00a0
-15.9 \u00a0
3.7 \u00a0
>5 years \u00a0
6.2 \u00a0
-4.6 \u00a0
1.6 \u00a0
Total \u00a0
499.3 \u00a0
-212.8 \u00a0
286.5 \u00a0
Time \u00a0
charter Sublease \u00a0
Amounts in USD million \u00a0
revenue \u00a0
revenue \u00a0
Total \u00a0
2022 \u00a0
<1 year \u00a0
308.5 \u00a0
-42.7 \u00a0
265.8 \u00a0
1-2 years \u00a0
95.8 \u00a0
-34.6 \u00a0
61.2 \u00a0
2-3 years \u00a0
44.5 \u00a0
-7.4 \u00a0
37.1 \u00a0
3-4 years \u00a0
0.4 \u00a0
-
0.4 \u00a0
4-5 years \u00a0
-
-
-
Total \u00a0
449.2 \u00a0
-84.7 \u00a0
364.5 \u00a0
Sublease revenue is derived from sublease gains recognised in prior years, \u00a0
eliminating future time charter revenue. In the above table, 'Time charter \u00a0
Revenue' represents our actual cash flow, while 'Total' is the net impact on \u00a0
revenue. \u00a0
Our fleet comprises several vessels that we lease out under time charter \u00a0
agreements, playing the role of the lessor. In these agreements, customers \u00a0
are charged either a fixed daily rate or a variable rate for a predetermined \u00a0
period to utilise our vessels. \u00a0
The customers have the flexibility, within certain limits, to choose the cargo \u00a0
type and quantity as well as the loading and unloading ports. They are also \u00a0
responsible for all voyage-related expenses. \u00a0
For owned vessels, we cover crew and technical management costs. However, \u00a0
when the vessel is under a time charter contract, we pay the hire to the \u00a0
vessel's owner. \u00a0
Some agreements to charter out vessels, where all significant risks and \u00a0
rewards of ownership have been transferred to the lessee, are recognised as \u00a0
subleases, refer to note 3.6 \"Subleasing\". \u00a0
ACCOUNTING POLICIES \u00a0
Revenue \u00a0
Revenue comprises the present value of services rendered together with \u00a0
revenue generated from subleasing, net of discounts. Services rendered \u00a0
comprise freight income and time charter income. \u00a0
Revenue for most activities is recognised over time and in the income state- \u00a0
ment for the financial year as earned. All freight income and voyage costs are \u00a0
recognised as the freight services are rendered (percentage of completion). \u00a0
According to this method, freight income and related costs are recognised \u00a0
in the income statement according to the entered charter parties from the \u00a0
vessel\u2019s load date to the delivery of the cargo (discharge). This applies to all \u00a0
spot transports and transports under Contracts of Affreightment. \u00a0
Costs directly attributable to relocating the vessel to the load port under the \u00a0
contract are capitalised to the extent that they are recoverable. \u00a0
Agreed periods are designated for loading and unloading. If delays outside \u00a0
our control occur, we earn demurrage revenue, recognised as per charter \u00a0
party terms and when verifiable. Post-voyage, we compare actual port time to \u00a0
contractual terms and may claim demurrage. Such claims often face counter- \u00a0
claims due to contract interpretation or dispute over additional time. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
NORDEN utilises judgments and estimates for percentage on completion \u00a0
based on expected durations, historical data, and schedules. \u00a0
Revenue recognition during the load-to-discharge period is based on a calcu- \u00a0
lation of the percentage of completion for all voyages at each reporting date. \u00a0
2.4 Contract\u00a0assets and liabilities \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Trade receivables related to invoiced services \u00a0
177.6 \u00a0
174.6 \u00a0
Contract assets \u00a0
204.5 \u00a0
268.1 \u00a0
Contract liabilities (deferred income) \u00a0
101.9 \u00a0
84.6 \u00a0
Contract assets and liabilities provides a specification of the assets and \u00a0
liabilities, where the future recognition of costs and income depends on the \u00a0
fulfillment of contractual obligations. Trade receivables related to invoiced \u00a0
services consist of receivables from invoiced voyages less writedowns. Refer \u00a0
to note 2.5 \"Trade receivables\" for further details on trade receivables. \u00a0
Contract assets consist of revenues from services performed but not yet \u00a0
fully invoiced due to incomplete fulfillment of contractual obligations. This \u00a0
includes prepaid expenses incurred in meeting these obligations. \u00a0
Contract liabilities represent obligations arising from contractual commit- \u00a0
ments, characterised by advance payments received or billings that exceed \u00a0
the revenue recognised to date. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5438": {
"value": "Deferred income \u00a0
Deferred income arises from prepayments for voyages and time-charter \u00a0
income. Part of deferred income comprises prepaid time-charter income \u00a0
comprising a lease element as well as a service element. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5440": {
"value": "Foreign currency translation \u00a0
A functional currency is determined for each of the reporting entities in the \u00a0
Group. The functional currency is the currency in the primary economic envi- \u00a0
ronment in which the reporting entity operates. Transactions in currencies \u00a0
other than the functional currency are transactions in foreign currencies. \u00a0
Transactions in foreign currencies during the year are translated at the \u00a0
exchange rates at the transaction date. Gains and losses arising between the \u00a0
exchange rate at the transaction date and the exchange rate at the date of \u00a0
payment are recognised in the income statement as \u201cFinancial income\u201d or \u00a0
\u201cFinancial expenses\u201d. \u00a0
Receivables, payables and other monetary items denominated in foreign \u00a0
currencies that have not been settled at the reporting date are translated at \u00a0
the exchange rates at the reporting date. Differences between the exchange \u00a0
rates at the transaction date and the exchange rate at the reporting date \u00a0
are recognised in the income statement as \u201cFinancial income\u201d or \u201cFinancial \u00a0
expenses\u201d. \u00a0
Non-monetary items that are measured in terms of historical cost in a foreign \u00a0
currency are translated using the exchange rates at the dates of the initial \u00a0
transactions. Non-monetary assets and liabilities in foreign currency that are \u00a0
subsequently revalued at fair value are translated at the exchange rates at the \u00a0
date of revaluation. The gain or loss arising on translation of non-monetary \u00a0
items measured at fair value is treated in line with the recognition of the gain \u00a0
or loss on the change in fair value of the item. \u00a0
In determining the spot exchange rate used on initial recognition of the related \u00a0
asset, expense, or income on the derecognition of a non-monetary asset \u00a0
or non-monetary liability relating to advance consideration, the date of the \u00a0
transaction is the date on which the Group initially recognises the non-mone- \u00a0
tary asset or non-monetary liability arising from the advance consideration. If \u00a0
there are multiple payments or receipts in advance, the Group determines the \u00a0
transaction date for each payment or receipt of advance consideration. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5441": {
"value": "Foreign currency translation \u00a0
A functional currency is determined for each of the reporting entities in the \u00a0
Group. The functional currency is the currency in the primary economic envi- \u00a0
ronment in which the reporting entity operates. Transactions in currencies \u00a0
other than the functional currency are transactions in foreign currencies. \u00a0
Transactions in foreign currencies during the year are translated at the \u00a0
exchange rates at the transaction date. Gains and losses arising between the \u00a0
exchange rate at the transaction date and the exchange rate at the date of \u00a0
payment are recognised in the income statement as \u201cFinancial income\u201d or \u00a0
\u201cFinancial expenses\u201d. \u00a0
Receivables, payables and other monetary items denominated in foreign \u00a0
currencies that have not been settled at the reporting date are translated at \u00a0
the exchange rates at the reporting date. Differences between the exchange \u00a0
rates at the transaction date and the exchange rate at the reporting date \u00a0
are recognised in the income statement as \u201cFinancial income\u201d or \u201cFinancial \u00a0
expenses\u201d. \u00a0
Non-monetary items that are measured in terms of historical cost in a foreign \u00a0
currency are translated using the exchange rates at the dates of the initial \u00a0
transactions. Non-monetary assets and liabilities in foreign currency that are \u00a0
subsequently revalued at fair value are translated at the exchange rates at the \u00a0
date of revaluation. The gain or loss arising on translation of non-monetary \u00a0
items measured at fair value is treated in line with the recognition of the gain \u00a0
or loss on the change in fair value of the item. \u00a0
In determining the spot exchange rate used on initial recognition of the related \u00a0
asset, expense, or income on the derecognition of a non-monetary asset \u00a0
or non-monetary liability relating to advance consideration, the date of the \u00a0
transaction is the date on which the Group initially recognises the non-mone- \u00a0
tary asset or non-monetary liability arising from the advance consideration. If \u00a0
there are multiple payments or receipts in advance, the Group determines the \u00a0
transaction date for each payment or receipt of advance consideration. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5455": {
"value": "1.5 Climate\u00a0change \u00a0
As a global provider of ocean-based freight services, NORDEN have a deci- \u00a0
sive and leading role in the industry to create a sustainable future for global \u00a0
trade and for our customers. In 2023 we have made material progress on the \u00a0
environmental agenda towards our target of being net zero emission by 2050. \u00a0
NORDEN actively seek to reduce carbon emission and takes a leading role \u00a0
in the green transition of the shipping industry and will from 1 January 2024 \u00a0
be subject to EU ETS cap-and-trade mechanism. In 2023 NORDEN initiated \u00a0
a partnership with MASH Makes, focusing on renewable fuels from biomass \u00a0
residues, which exemplifies our dedication to pioneering green fuel solutions. \u00a0
Currently the long-term perspectives for what the optimal zero-emission \u00a0
technologies for dry-cargo and tanker shipping are still uncertain, and \u00a0
therefore NORDEN prioritise the initiatives that from a day-to-day objective \u00a0
minimised our emission footprint. To reach our long-term net zero emission \u00a0
target by 2050, we are committed to investing in net-zero emission technolo- \u00a0
gies, as already included in our target of only ordering zero-emission vessels \u00a0
from 2030. \u00a0
From 1 January 2024 the EU ETS introduces a cap-and-trade mechanism for \u00a0
the shipping sector where emission caps decrease annually. Effected compa- \u00a0
nies must surrender European Emission Allowances (EUA) correlating to their \u00a0
carbon emissions, or will be facing fines for non-compliance. \u00a0
The phase-in begins with 40% carbon emission coverage and will be \u00a0
increased to 100% by 2026. The scheme covers all intra-EU voyages and emis- \u00a0
sions at EU docks, with partial inclusion for voyages between EU and non-EU \u00a0
ports. As an operator, NORDEN often act as intermediaries, pricing the cost \u00a0
onto Charterers and passing the income to the Owners. NORDEN employ \u00a0
derivatives to manage the risks associated with fluctuating EUA prices. \u00a0
As highlighted above, NORDEN\u2019s business model is exposed to risks and \u00a0
opportunities associated with climate change. \u00a0
Compliance with changes in laws and regulations relating to climate change \u00a0
could increase the costs of operation and maintaining the Group\u2019s own \u00a0
vessels, require the Group to install new emission controls and acquire new \u00a0
carbon allowances. Further, the transition to create a sustainable future for \u00a0
global trade, could affect the resale value or useful lives of the vessels and \u00a0
lead to impairment charges. NORDEN operates an asset-light fleet strategy, \u00a0
which mitigates this risk. \u00a0
In preparing the consolidated financial statements for 2023, management has \u00a0
considered the impact of climate change, particularly in the context of the \u00a0
Group\u2019s sustainability targets. NORDEN\u2019s sustainability targets, the transition \u00a0
of the industry as well as our compliance with the new EU ETS are included \u00a0
in the Group\u2019s financial forecasts and accounting estimates to the extent \u00a0
possible and subject to estimation uncertainty. \u00a0
As noted above, the long-term perspectives for what the optimal zero-emis- \u00a0
sion technologies for dry-cargo and tanker shipping are still uncertain. The \u00a0
potential consequences on the value and the useful life of owned vessels \u00a0
becoming outdated in the sustainability transformation was also assessed. \u00a0
Management currently considers the residual value and useful life to be \u00a0
unchanged compared to prior year. \u00a0
While sustainability is an embedded part of our business model, except for \u00a0
the estimates described above, Management does not consider climate \u00a0
change to have a material impact on the accounting estimates and judge- \u00a0
ments prepared by management in relation to the 2023 consolidated and \u00a0
parent company financial statement. \u00a0
1.6 Reporting\u00a0under the ESEF Regulation \u00a0
NORDEN is required to prepare and file the annual report in the European \u00a0
Single Electronic Format (ESEF), and the annual report for 2023 is therefore \u00a0
prepared in the XHTML format that can be displayed in a standard browser. \u00a0
The consolidated financial statements are tagged using inline eXtensible Busi- \u00a0
ness Reporting Language (iXBRL). \u00a0
The iXBRL tags comply with the ESEF taxonomy, which is included in the ESEF \u00a0
Regulation and developed based on the IFRS taxonomy published by the IFRS \u00a0
Foundation. Where a financial statement line item is not defined in the ESEF \u00a0
taxonomy, an extension to the taxonomy has been created. Extensions are \u00a0
anchored to elements in the ESEF taxonomy, except for extensions which are \u00a0
subtotals. The annual report submitted to the Danish Financial Supervisory \u00a0
Authority consists of the XHTML document together with certain technical \u00a0
files, all included in a file named \"norden-2023-12-31-en.zip\". \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5461": {
"value": "1.7 Changes\u00a0in accounting policies and disclosures \u00a0
The Group has adopted standards and interpretations effective as of 1 January \u00a0
2023. The Group has not early adopted any standards, interpretations or \u00a0
amendments that have been issued but are not yet effective. \u00a0
Adoption of new or amended IFRSs \u00a0
NORDEN has implemented the following amendments and interpretations to \u00a0
existing standards: amendments to IAS 1, IAS 8 and IAS 12. The amendments \u00a0
listed did not have any impact on the amounts recognised in prior periods and \u00a0
are not expected to significantly affect the current or future periods. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5462": {
"value": "1.7 Changes\u00a0in accounting policies and disclosures \u00a0
The Group has adopted standards and interpretations effective as of 1 January \u00a0
2023. The Group has not early adopted any standards, interpretations or \u00a0
amendments that have been issued but are not yet effective. \u00a0
Adoption of new or amended IFRSs \u00a0
NORDEN has implemented the following amendments and interpretations to \u00a0
existing standards: amendments to IAS 1, IAS 8 and IAS 12. The amendments \u00a0
listed did not have any impact on the amounts recognised in prior periods and \u00a0
are not expected to significantly affect the current or future periods. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5465": {
"value": "2.1 Segment\u00a0information \u00a0
Freight \u00a0
Services \u00a0
Assets & \u00a0
Elimi- \u00a0
Amounts in USD million \u00a0
& Trading\u00a0Logistics \u00a0
nations \u00a0
Total \u00a0
2023 \u00a0
Revenue \u2013 services rendered, external \u00a0
3,371.3 \u00a0
249.4 \u00a0
-
3,620.7 \u00a0
Revenue \u2013 services rendered, internal \u00a0
-
335.9 \u00a0
-335.9 \u00a0
-
Revenue \u2013 sublease financial income and gains \u00a0
36.7 \u00a0
34.5 \u00a0
-
71.2 \u00a0
Voyage costs* \u00a0
-1,334.8 \u00a0
-30.9 \u00a0
5.2 \u00a0
-1,360.5 \u00a0
T/C equivalent revenue \u00a0
2,073.2 \u00a0
588.9 \u00a0
-330.7 \u00a0
2,331.4 \u00a0
Other operating income \u00a0
17.5 \u00a0
0.1 \u00a0
-
17.6 \u00a0
Charter hire and OPEX element* \u00a0
-1,673.1 \u00a0
-152.5 \u00a0
330.7 \u00a0
-1,494.9 \u00a0
Other operating costs, owned vessels* \u00a0
-
-58.7 \u00a0
-
-58.7 \u00a0
Contribution margin \u00a0
417.6 \u00a0
377.8 \u00a0
-
795.4 \u00a0
Overhead and administration costs \u00a0
-93.3 \u00a0
-23.5 \u00a0
-
-116.8 \u00a0
Profit before depreciation, amortisation and \u00a0
impairment losses, etc. (EBITDA) \u00a0
324.3 \u00a0
354.3 \u00a0
-
678.6 \u00a0
Profit/loss from sale of vessels, etc. \u00a0
-
79.0 \u00a0
-
79.0 \u00a0
Depreciation, amortisation and impairment losses \u00a0
-173.4 \u00a0
-161.8 \u00a0
-
-335.2 \u00a0
Profit/loss from investments in joint ventures \u00a0
-
-0.8 \u00a0
-
-0.8 \u00a0
Profit from operations (EBIT) \u00a0
150.9 \u00a0
270.7 \u00a0
-
421.6 \u00a0
Financial income \u00a0
7.5 \u00a0
34.5 \u00a0
-
42.0 \u00a0
Financial expenses \u00a0
-19.7 \u00a0
-33.7 \u00a0
-
-53.4 \u00a0
Profit before tax \u00a0
138.7 \u00a0
271.5 \u00a0
-
410.2 \u00a0
Tax for the year \u00a0
-6.1 \u00a0
-4.0 \u00a0
-
-10.1 \u00a0
Profit for the year \u00a0
132.6 \u00a0
267.5 \u00a0
-
400.1 \u00a0
*Included in the item \u201cVessel operating costs\u201d in the income statement. \u00a0
Freight \u00a0
Services \u00a0
Assets & \u00a0
Elimi- \u00a0
Amounts in USD million \u00a0
& Trading\u00a0Logistics \u00a0
nations \u00a0
Total \u00a0
2022 \u00a0
Revenue \u2013 services rendered, external \u00a0
5,070.5 \u00a0
183.4 \u00a0
-
5,253.9 \u00a0
Revenue \u2013 services rendered, internal \u00a0
-
377.0 \u00a0
-377.0 \u00a0
-
Revenue \u2013 sublease financial income and gains \u00a0
24.6 \u00a0
33.9 \u00a0
-
58.5 \u00a0
Voyage costs* \u00a0
-1,730.0 \u00a0
-32.2 \u00a0
12.7 \u00a0
-1,749.5 \u00a0
T/C equivalent revenue \u00a0
3,365.1 \u00a0
562.1 \u00a0
-364.3 \u00a0
3,562.9 \u00a0
Other operating income \u00a0
28.6 \u00a0
-0.9 \u00a0
-
27.7 \u00a0
Charter hire and OPEX element* \u00a0
-2,366.1 \u00a0
-149.9 \u00a0
364.3 \u00a0
-2,151.7 \u00a0
Other operating costs, owned vessels* \u00a0
-1.5 \u00a0
-71.5 \u00a0
-
-73.0 \u00a0
Contribution margin \u00a0
1,026.1 \u00a0
339.8 \u00a0
-
1,365.9 \u00a0
Overhead and administration costs \u00a0
-184.4 \u00a0
-22.4 \u00a0
-
-206.8 \u00a0
Profit before depreciation, amortisation and \u00a0
impairment losses, etc. (EBITDA) \u00a0
841.7 \u00a0
317.4 \u00a0
-
1,159.1 \u00a0
Profit/loss from sale of vessels, etc. \u00a0
-0.1 \u00a0
79.5 \u00a0
-
79.4 \u00a0
Depreciation, amortisation and impairment losses \u00a0
-269.3 \u00a0
-180.4 \u00a0
-
-449.7 \u00a0
Profit/loss from investments in joint ventures \u00a0
-
2.8 \u00a0
-
2.8 \u00a0
Profit from operations (EBIT) \u00a0
572.3 \u00a0
219.3 \u00a0
-
791.6 \u00a0
Financial income \u00a0
6.0 \u00a0
6.3 \u00a0
-
12.3 \u00a0
Financial expenses \u00a0
-19.9 \u00a0
-32.1 \u00a0
-
-52.0 \u00a0
Profit before tax \u00a0
558.4 \u00a0
193.5 \u00a0
-
751.9 \u00a0
Tax for the year \u00a0
-8.0 \u00a0
-0.4 \u00a0
-
-8.4 \u00a0
Profit for the year \u00a0
550.4 \u00a0
193.1 \u00a0
-
743.5 \u00a0
*Included in 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
the same pattern of transfer to the customers. Separate disclosure of the lease components and the service income components has not been provided as it is impracticable to establish this disclosure. \u00a0
All deferred revenue as of 31 December 2022 has been recognised as revenue in 2023. Refer to note 2.4 \"Contract assets and liabilities\". \u00a0
Business unit information \u00a0
Freight Services & Trading \u00a0
The Freight Services & Trading segment offers transport of bulk commodities \u00a0
such as grain, coal, iron ore and sugar, and of fuel oil and refined oil products. \u00a0
The vessel capacity comprises vessels chartered either from third parties \u00a0
or from Assets & Logistics at market rates. This business unit also includes \u00a0
commercial management of NORDEN Tanker Pools. \u00a0
Assets & Logistics \u00a0
The segment handles owned vessels and charters in long-term vessel \u00a0
capacity and charters out its capacity of owned and long-term chartered \u00a0
tonnage to Freight Services & Trading at market rates and to third parties. \u00a0
Assets & Logistics further aims to develop logistics solutions beyond a \u00a0
standard freight service, improving supply chain efficiency and reducing \u00a0
carbon emissions for our customers. \u00a0
Operating segments \u00a0
The segmentation is based on the Group\u2019s organisation, business manage- \u00a0
ment and management control, including internal financial reporting to \u00a0
NORDEN\u2019s operational management. The operative management function \u00a0
comprises the Executive Management and the Board of Directors in union. \u00a0
The Executive Management is responsible for the day-to-day management, \u00a0
and the Board of Directors approves strategy, action plans, targets, budgets \u00a0
and limits for financial and market risks, as well as supervises the Executive \u00a0
Management. \u00a0
The Executive Management\u2019s and Board of Directors\u2019 functions and responsi- \u00a0
bilities are described in further detail in the section \u201cCorporate governance\u201d \u00a0
in the Management Review. The operative management function assesses \u00a0
performance and carries out allocation of resources on the basis of the results \u00a0
for the year. Presentation of the segment income statement items and their \u00a0
order is consistent with NORDEN\u2019s consolidated income statement, except for \u00a0
voyage costs, which are not included in the item \u201cVessel operating costs\u201d but \u00a0
presented as a separate item, and the segment income statement therefore \u00a0
comprises the subtotal \u201cT/C equivalent revenue\u201d. \u00a0
The methods of allocating income statement items to segments are \u00a0
consistent. The allocation between Assets & Logistics and Freight Services & \u00a0
Trading is as follows: \u00a0
\u2022
Items included in the segment profit are allocated to the extent that the \u00a0
items are directly or indirectly attributable to the segments. \u00a0
\u2022
Items allocated by indirect calculation; the allocation keys are defined on \u00a0
the basis of each segment\u2019s drawing on key resources. \u00a0
Inter-segment transactions are valued at market prices and eliminated at \u00a0
Group level. \u00a0
Geographical segments \u00a0
Our global customer base spans numerous countries, with a select few \u00a0
contributing a notable portion to our overall revenue. NORDEN has a diver- \u00a0
sified customer portfolio, ensuring that revenue from no single external \u00a0
customer exceeds 10% of our total revenue. \u00a0
Segmentation of revenue is based on the port of discharge for all oper- \u00a0
ated vessels, covering both owned and leased vessels under time charter \u00a0
contracts. Additionally, the revenue generated from leasing out vessels on \u00a0
time charter contracts is determined by the geographical location of the \u00a0
customer. \u00a0
The geographical location of our non-current assets is determined by the \u00a0
legal ownership of these assets. The geographical location of prepayments \u00a0
on newbuildings is the location of the shipyard up to the point of delivery. \u00a0
Similarly, for second-hand vessels, the location is the owner's location until \u00a0
delivery. \u00a0
2.1.2 Segregation of revenue \u00a0
External revenue \u00a0
Non-current assets \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
2023 2022 \u00a0
Region and vessel type \u00a0
Asia \u00a0
1,912.2 \u00a0
2,379.2 \u00a0
244.1 \u00a0
257.0 \u00a0
Americas \u00a0
756.2 \u00a0
1,327.5 \u00a0
155.9 \u00a0
159.1 \u00a0
Europe \u00a0
567.2 \u00a0
908.2 \u00a0
516.5 \u00a0
566.2 \u00a0
Africa \u00a0
339.0 \u00a0
472.7 \u00a0
7.6 \u00a0
27.5 \u00a0
Oceania \u00a0
117.3 \u00a0
224.8 \u00a0
21.0 \u00a0
52.3 \u00a0
Total \u00a0
3,691.9 \u00a0
5,312.4 \u00a0
945.1 \u00a0
1,062.1 \u00a0
Dry Bulk \u00a0
3,007.8 \u00a0
4,382.7 \u00a0
555.3 \u00a0
528.3 \u00a0
Tankers \u00a0
684.1 \u00a0
929.7 \u00a0
389.8 \u00a0
533.8 \u00a0
Total \u00a0
3,691.9 \u00a0
5,312.4 \u00a0
945.1 \u00a0
1,062.1 \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Country and type of service \u00a0
China \u00a0
585.0 \u00a0
552.0 \u00a0
Singapore \u00a0
313.2 \u00a0
333.6 \u00a0
United States of America \u00a0
239.1 \u00a0
315.9 \u00a0
Mexico \u00a0
153.4 \u00a0
294.4 \u00a0
Other \u00a0
2,401.2 \u00a0
3.816,5 \u00a0
Total \u00a0
3,691.9 \u00a0
5,312.4 \u00a0
Voyage charter \u00a0
2,944.5 \u00a0
4,342.4 \u00a0
Time charter \u00a0
747.4 \u00a0
970.0 \u00a0
Total \u00a0
3,691.9 \u00a0
5,312.4 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5466": {
"value": "2.1 Segment\u00a0information \u00a0
Freight \u00a0
Services \u00a0
Assets & \u00a0
Elimi- \u00a0
Amounts in USD million \u00a0
& Trading\u00a0Logistics \u00a0
nations \u00a0
Total \u00a0
2023 \u00a0
Revenue \u2013 services rendered, external \u00a0
3,371.3 \u00a0
249.4 \u00a0
-
3,620.7 \u00a0
Revenue \u2013 services rendered, internal \u00a0
-
335.9 \u00a0
-335.9 \u00a0
-
Revenue \u2013 sublease financial income and gains \u00a0
36.7 \u00a0
34.5 \u00a0
-
71.2 \u00a0
Voyage costs* \u00a0
-1,334.8 \u00a0
-30.9 \u00a0
5.2 \u00a0
-1,360.5 \u00a0
T/C equivalent revenue \u00a0
2,073.2 \u00a0
588.9 \u00a0
-330.7 \u00a0
2,331.4 \u00a0
Other operating income \u00a0
17.5 \u00a0
0.1 \u00a0
-
17.6 \u00a0
Charter hire and OPEX element* \u00a0
-1,673.1 \u00a0
-152.5 \u00a0
330.7 \u00a0
-1,494.9 \u00a0
Other operating costs, owned vessels* \u00a0
-
-58.7 \u00a0
-
-58.7 \u00a0
Contribution margin \u00a0
417.6 \u00a0
377.8 \u00a0
-
795.4 \u00a0
Overhead and administration costs \u00a0
-93.3 \u00a0
-23.5 \u00a0
-
-116.8 \u00a0
Profit before depreciation, amortisation and \u00a0
impairment losses, etc. (EBITDA) \u00a0
324.3 \u00a0
354.3 \u00a0
-
678.6 \u00a0
Profit/loss from sale of vessels, etc. \u00a0
-
79.0 \u00a0
-
79.0 \u00a0
Depreciation, amortisation and impairment losses \u00a0
-173.4 \u00a0
-161.8 \u00a0
-
-335.2 \u00a0
Profit/loss from investments in joint ventures \u00a0
-
-0.8 \u00a0
-
-0.8 \u00a0
Profit from operations (EBIT) \u00a0
150.9 \u00a0
270.7 \u00a0
-
421.6 \u00a0
Financial income \u00a0
7.5 \u00a0
34.5 \u00a0
-
42.0 \u00a0
Financial expenses \u00a0
-19.7 \u00a0
-33.7 \u00a0
-
-53.4 \u00a0
Profit before tax \u00a0
138.7 \u00a0
271.5 \u00a0
-
410.2 \u00a0
Tax for the year \u00a0
-6.1 \u00a0
-4.0 \u00a0
-
-10.1 \u00a0
Profit for the year \u00a0
132.6 \u00a0
267.5 \u00a0
-
400.1 \u00a0
*Included in the item \u201cVessel operating costs\u201d in the income statement. \u00a0
Freight \u00a0
Services \u00a0
Assets & \u00a0
Elimi- \u00a0
Amounts in USD million \u00a0
& Trading\u00a0Logistics \u00a0
nations \u00a0
Total \u00a0
2022 \u00a0
Revenue \u2013 services rendered, external \u00a0
5,070.5 \u00a0
183.4 \u00a0
-
5,253.9 \u00a0
Revenue \u2013 services rendered, internal \u00a0
-
377.0 \u00a0
-377.0 \u00a0
-
Revenue \u2013 sublease financial income and gains \u00a0
24.6 \u00a0
33.9 \u00a0
-
58.5 \u00a0
Voyage costs* \u00a0
-1,730.0 \u00a0
-32.2 \u00a0
12.7 \u00a0
-1,749.5 \u00a0
T/C equivalent revenue \u00a0
3,365.1 \u00a0
562.1 \u00a0
-364.3 \u00a0
3,562.9 \u00a0
Other operating income \u00a0
28.6 \u00a0
-0.9 \u00a0
-
27.7 \u00a0
Charter hire and OPEX element* \u00a0
-2,366.1 \u00a0
-149.9 \u00a0
364.3 \u00a0
-2,151.7 \u00a0
Other operating costs, owned vessels* \u00a0
-1.5 \u00a0
-71.5 \u00a0
-
-73.0 \u00a0
Contribution margin \u00a0
1,026.1 \u00a0
339.8 \u00a0
-
1,365.9 \u00a0
Overhead and administration costs \u00a0
-184.4 \u00a0
-22.4 \u00a0
-
-206.8 \u00a0
Profit before depreciation, amortisation and \u00a0
impairment losses, etc. (EBITDA) \u00a0
841.7 \u00a0
317.4 \u00a0
-
1,159.1 \u00a0
Profit/loss from sale of vessels, etc. \u00a0
-0.1 \u00a0
79.5 \u00a0
-
79.4 \u00a0
Depreciation, amortisation and impairment losses \u00a0
-269.3 \u00a0
-180.4 \u00a0
-
-449.7 \u00a0
Profit/loss from investments in joint ventures \u00a0
-
2.8 \u00a0
-
2.8 \u00a0
Profit from operations (EBIT) \u00a0
572.3 \u00a0
219.3 \u00a0
-
791.6 \u00a0
Financial income \u00a0
6.0 \u00a0
6.3 \u00a0
-
12.3 \u00a0
Financial expenses \u00a0
-19.9 \u00a0
-32.1 \u00a0
-
-52.0 \u00a0
Profit before tax \u00a0
558.4 \u00a0
193.5 \u00a0
-
751.9 \u00a0
Tax for the year \u00a0
-8.0 \u00a0
-0.4 \u00a0
-
-8.4 \u00a0
Profit for the year \u00a0
550.4 \u00a0
193.1 \u00a0
-
743.5 \u00a0
*Included in 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
the same pattern of transfer to the customers. Separate disclosure of the lease components and the service income components has not been provided as it is impracticable to establish this disclosure. \u00a0
All deferred revenue as of 31 December 2022 has been recognised as revenue in 2023. Refer to note 2.4 \"Contract assets and liabilities\". \u00a0
2.1.2 Segregation of revenue \u00a0
External revenue \u00a0
Non-current assets \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
2023 2022 \u00a0
Region and vessel type \u00a0
Asia \u00a0
1,912.2 \u00a0
2,379.2 \u00a0
244.1 \u00a0
257.0 \u00a0
Americas \u00a0
756.2 \u00a0
1,327.5 \u00a0
155.9 \u00a0
159.1 \u00a0
Europe \u00a0
567.2 \u00a0
908.2 \u00a0
516.5 \u00a0
566.2 \u00a0
Africa \u00a0
339.0 \u00a0
472.7 \u00a0
7.6 \u00a0
27.5 \u00a0
Oceania \u00a0
117.3 \u00a0
224.8 \u00a0
21.0 \u00a0
52.3 \u00a0
Total \u00a0
3,691.9 \u00a0
5,312.4 \u00a0
945.1 \u00a0
1,062.1 \u00a0
Dry Bulk \u00a0
3,007.8 \u00a0
4,382.7 \u00a0
555.3 \u00a0
528.3 \u00a0
Tankers \u00a0
684.1 \u00a0
929.7 \u00a0
389.8 \u00a0
533.8 \u00a0
Total \u00a0
3,691.9 \u00a0
5,312.4 \u00a0
945.1 \u00a0
1,062.1 \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Country and type of service \u00a0
China \u00a0
585.0 \u00a0
552.0 \u00a0
Singapore \u00a0
313.2 \u00a0
333.6 \u00a0
United States of America \u00a0
239.1 \u00a0
315.9 \u00a0
Mexico \u00a0
153.4 \u00a0
294.4 \u00a0
Other \u00a0
2,401.2 \u00a0
3.816,5 \u00a0
Total \u00a0
3,691.9 \u00a0
5,312.4 \u00a0
Voyage charter \u00a0
2,944.5 \u00a0
4,342.4 \u00a0
Time charter \u00a0
747.4 \u00a0
970.0 \u00a0
Total \u00a0
3,691.9 \u00a0
5,312.4 \u00a0
2.1.3 Future revenue from Contracts of Affreightment (COA) \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
<1 year \u00a0
358.0 \u00a0
389.6 \u00a0
1-2 years \u00a0
64.8 \u00a0
137.3 \u00a0
2-3 years \u00a0
32.7 \u00a0
57.1 \u00a0
3-4 years \u00a0
17.7 \u00a0
34.1 \u00a0
4-5 years \u00a0
13.6 \u00a0
18.1 \u00a0
>5 years \u00a0
42.2 \u00a0
55.0 \u00a0
Total \u00a0
529.0 \u00a0
691.2 \u00a0
NORDEN holds several contracts of affreightment, obligating the Group to \u00a0
undertake voyage charters of varying lengths, from medium to long term. \u00a0
These charters will use vessels that have not yet been nominated. It is \u00a0
expected that these contracts will yield a projected revenue of around USD \u00a0
529 million in the upcoming years. \u00a0
2.1.4 Future revenue and cash flows from Time Charter Agreements \u00a0
Time \u00a0
charter Sublease \u00a0
Amounts in USD million \u00a0
revenue \u00a0
revenue \u00a0
Total \u00a0
2023 \u00a0
<1 year \u00a0
318.7 \u00a0
-116.4 \u00a0
202.3 \u00a0
1-2 years \u00a0
107.4 \u00a0
-40.7 \u00a0
66.7 \u00a0
2-3 years \u00a0
26.1 \u00a0
-18.6 \u00a0
7.5 \u00a0
3-4 years \u00a0
21.3 \u00a0
-16.6 \u00a0
4.7 \u00a0
4-5 years \u00a0
19.6 \u00a0
-15.9 \u00a0
3.7 \u00a0
>5 years \u00a0
6.2 \u00a0
-4.6 \u00a0
1.6 \u00a0
Total \u00a0
499.3 \u00a0
-212.8 \u00a0
286.5 \u00a0
Time \u00a0
charter Sublease \u00a0
Amounts in USD million \u00a0
revenue \u00a0
revenue \u00a0
Total \u00a0
2022 \u00a0
<1 year \u00a0
308.5 \u00a0
-42.7 \u00a0
265.8 \u00a0
1-2 years \u00a0
95.8 \u00a0
-34.6 \u00a0
61.2 \u00a0
2-3 years \u00a0
44.5 \u00a0
-7.4 \u00a0
37.1 \u00a0
3-4 years \u00a0
0.4 \u00a0
-
0.4 \u00a0
4-5 years \u00a0
-
-
-
Total \u00a0
449.2 \u00a0
-84.7 \u00a0
364.5 \u00a0
Sublease revenue is derived from sublease gains recognised in prior years, \u00a0
eliminating future time charter revenue. In the above table, 'Time charter \u00a0
Revenue' represents our actual cash flow, while 'Total' is the net impact on \u00a0
revenue. \u00a0
Our fleet comprises several vessels that we lease out under time charter \u00a0
agreements, playing the role of the lessor. In these agreements, customers \u00a0
are charged either a fixed daily rate or a variable rate for a predetermined \u00a0
period to utilise our vessels. \u00a0
The customers have the flexibility, within certain limits, to choose the cargo \u00a0
type and quantity as well as the loading and unloading ports. They are also \u00a0
responsible for all voyage-related expenses. \u00a0
For owned vessels, we cover crew and technical management costs. However, \u00a0
when the vessel is under a time charter contract, we pay the hire to the \u00a0
vessel's owner. \u00a0
Some agreements to charter out vessels, where all significant risks and \u00a0
rewards of ownership have been transferred to the lessee, are recognised as \u00a0
subleases, refer to note 3.6 \"Subleasing\". \u00a0
ACCOUNTING POLICIES \u00a0
Revenue \u00a0
Revenue comprises the present value of services rendered together with \u00a0
revenue generated from subleasing, net of discounts. Services rendered \u00a0
comprise freight income and time charter income. \u00a0
Revenue for most activities is recognised over time and in the income state- \u00a0
ment for the financial year as earned. All freight income and voyage costs are \u00a0
recognised as the freight services are rendered (percentage of completion). \u00a0
According to this method, freight income and related costs are recognised \u00a0
in the income statement according to the entered charter parties from the \u00a0
vessel\u2019s load date to the delivery of the cargo (discharge). This applies to all \u00a0
spot transports and transports under Contracts of Affreightment. \u00a0
Costs directly attributable to relocating the vessel to the load port under the \u00a0
contract are capitalised to the extent that they are recoverable. \u00a0
Agreed periods are designated for loading and unloading. If delays outside \u00a0
our control occur, we earn demurrage revenue, recognised as per charter \u00a0
party terms and when verifiable. Post-voyage, we compare actual port time to \u00a0
contractual terms and may claim demurrage. Such claims often face counter- \u00a0
claims due to contract interpretation or dispute over additional time. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
NORDEN utilises judgments and estimates for percentage on completion \u00a0
based on expected durations, historical data, and schedules. \u00a0
Revenue recognition during the load-to-discharge period is based on a calcu- \u00a0
lation of the percentage of completion for all voyages at each reporting date. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5474": {
"value": "Business unit information \u00a0
Freight Services & Trading \u00a0
The Freight Services & Trading segment offers transport of bulk commodities \u00a0
such as grain, coal, iron ore and sugar, and of fuel oil and refined oil products. \u00a0
The vessel capacity comprises vessels chartered either from third parties \u00a0
or from Assets & Logistics at market rates. This business unit also includes \u00a0
commercial management of NORDEN Tanker Pools. \u00a0
Assets & Logistics \u00a0
The segment handles owned vessels and charters in long-term vessel \u00a0
capacity and charters out its capacity of owned and long-term chartered \u00a0
tonnage to Freight Services & Trading at market rates and to third parties. \u00a0
Assets & Logistics further aims to develop logistics solutions beyond a \u00a0
standard freight service, improving supply chain efficiency and reducing \u00a0
carbon emissions for our customers. \u00a0
Operating segments \u00a0
The segmentation is based on the Group\u2019s organisation, business manage- \u00a0
ment and management control, including internal financial reporting to \u00a0
NORDEN\u2019s operational management. The operative management function \u00a0
comprises the Executive Management and the Board of Directors in union. \u00a0
The Executive Management is responsible for the day-to-day management, \u00a0
and the Board of Directors approves strategy, action plans, targets, budgets \u00a0
and limits for financial and market risks, as well as supervises the Executive \u00a0
Management. \u00a0
The Executive Management\u2019s and Board of Directors\u2019 functions and responsi- \u00a0
bilities are described in further detail in the section \u201cCorporate governance\u201d \u00a0
in the Management Review. The operative management function assesses \u00a0
performance and carries out allocation of resources on the basis of the results \u00a0
for the year. Presentation of the segment income statement items and their \u00a0
order is consistent with NORDEN\u2019s consolidated income statement, except for \u00a0
voyage costs, which are not included in the item \u201cVessel operating costs\u201d but \u00a0
presented as a separate item, and the segment income statement therefore \u00a0
comprises the subtotal \u201cT/C equivalent revenue\u201d. \u00a0
The methods of allocating income statement items to segments are \u00a0
consistent. The allocation between Assets & Logistics and Freight Services & \u00a0
Trading is as follows: \u00a0
\u2022
Items included in the segment profit are allocated to the extent that the \u00a0
items are directly or indirectly attributable to the segments. \u00a0
\u2022
Items allocated by indirect calculation; the allocation keys are defined on \u00a0
the basis of each segment\u2019s drawing on key resources. \u00a0
Inter-segment transactions are valued at market prices and eliminated at \u00a0
Group level. \u00a0
Geographical segments \u00a0
Our global customer base spans numerous countries, with a select few \u00a0
contributing a notable portion to our overall revenue. NORDEN has a diver- \u00a0
sified customer portfolio, ensuring that revenue from no single external \u00a0
customer exceeds 10% of our total revenue. \u00a0
Segmentation of revenue is based on the port of discharge for all oper- \u00a0
ated vessels, covering both owned and leased vessels under time charter \u00a0
contracts. Additionally, the revenue generated from leasing out vessels on \u00a0
time charter contracts is determined by the geographical location of the \u00a0
customer. \u00a0
The geographical location of our non-current assets is determined by the \u00a0
legal ownership of these assets. The geographical location of prepayments \u00a0
on newbuildings is the location of the shipyard up to the point of delivery. \u00a0
Similarly, for second-hand vessels, the location is the owner's location until \u00a0
delivery. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5499": {
"value": "ACCOUNTING POLICIES \u00a0
Revenue \u00a0
Revenue comprises the present value of services rendered together with \u00a0
revenue generated from subleasing, net of discounts. Services rendered \u00a0
comprise freight income and time charter income. \u00a0
Revenue for most activities is recognised over time and in the income state- \u00a0
ment for the financial year as earned. All freight income and voyage costs are \u00a0
recognised as the freight services are rendered (percentage of completion). \u00a0
According to this method, freight income and related costs are recognised \u00a0
in the income statement according to the entered charter parties from the \u00a0
vessel\u2019s load date to the delivery of the cargo (discharge). This applies to all \u00a0
spot transports and transports under Contracts of Affreightment. \u00a0
Costs directly attributable to relocating the vessel to the load port under the \u00a0
contract are capitalised to the extent that they are recoverable. \u00a0
Agreed periods are designated for loading and unloading. If delays outside \u00a0
our control occur, we earn demurrage revenue, recognised as per charter \u00a0
party terms and when verifiable. Post-voyage, we compare actual port time to \u00a0
contractual terms and may claim demurrage. Such claims often face counter- \u00a0
claims due to contract interpretation or dispute over additional time. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5506": {
"value": "2.2 Operating\u00a0costs \u00a0
Expenses by nature \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Vessel operating costs \u00a0
2,914.1 \u00a0
3,974.2 \u00a0
Overhead and administration costs \u00a0
116.8 \u00a0
206.8 \u00a0
Total \u00a0
3,030.9 \u00a0
4,181.0 \u00a0
These costs can be split by nature: \u00a0
Voyage costs, excluding bunker oil \u00a0
568.3 \u00a0
703.4 \u00a0
Bunker oil \u00a0
792.2 \u00a0
1,046.1 \u00a0
Service component of right-of-use assets \u00a0
257.6 \u00a0
285.7 \u00a0
Expenses related to short-term leases \u00a0
1,237.3 \u00a0
1,866.0 \u00a0
Operating costs, owned vessels \u00a0
58.7 \u00a0
73.0 \u00a0
Other external costs \u00a0
26.5 \u00a0
27.1 \u00a0
Staff costs and remuneration \u00a0
90.3 \u00a0
179.7 \u00a0
Total \u00a0
3,030.9 \u00a0
4,181.0 \u00a0
ACCOUNTING POLICIES \u00a0
Expenses by nature disclose information about expenses arising from the \u00a0
main inputs that are utilised in order to accomplish the Group's activities. \u00a0
Expenses include charter hire for chartered vessels, bunker oil consumption, \u00a0
other voyage costs such as commissions and port charges, repair and main- \u00a0
tenance costs, insurance costs, crew wages and other operating expenses, all \u00a0
included under vessel operating costs. \u00a0
Costs directly attributable to transportation of the vessel to the loading port \u00a0
are capitalised and amortised over the course of the transportation period. \u00a0
Vessel operating costs other than those capitalised are recognised upon \u00a0
receipt of services in accordance with the charter concluded by the parties. \u00a0
Other external costs comprise costs of properties, travel, office expenses, \u00a0
external assistance, etc. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
Voyage costs, which include costs such as bunker cost, port costs, canal dues \u00a0
and other operational costs, are assessed in relation to fluctuation in prices \u00a0
and operational conditions. Judgements are made for changes in voyage \u00a0
duration and conditions, such as destination changes, fluctuating rates, and \u00a0
weather impacts, which can affect the overall voyage income and expenses. \u00a0
Staff costs and remuneration \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Wages and salaries, including cash incentive \u00a0
5.0 \u00a0
6.2 \u00a0
Share-based payment, cf. note 5.1 \u00a0
0.5 \u00a0
0.5 \u00a0
Remuneration of Executive Management \u00a0
5.5 \u00a0
6.7 \u00a0
Remuneration of Board of Directors \u00a0
0.7 \u00a0
0.7 \u00a0
Wages and salaries \u00a0
82.3 \u00a0
173.4 \u00a0
Pensions - defined contribution plans \u00a0
3.3 \u00a0
2.7 \u00a0
Other social security costs \u00a0
2.8 \u00a0
2.2 \u00a0
Share-based payment, cf. note 5.1 \u00a0
1.9 \u00a0
1.4 \u00a0
Remuneration of employees \u00a0
90.3 \u00a0
179.7 \u00a0
Average number of employees \u00a0
466 \u00a0
425 \u00a0
Staff costs and remuneration comprise expenses related to wages, salaries, \u00a0
bonuses, pension contributions, social security contributions, annual leave, \u00a0
sick leave, etc. Expenses are recognised in the year in which the associated \u00a0
services are rendered by employees of the Group. \u00a0
The employment contracts of Executive Management entitle the CEO or CFO \u00a0
to 12 months' remuneration in cases where they terminate their employment \u00a0
within four weeks of any change of control of the company. \u00a0
Refer to \u201cRemuneration report 2023\u201c published on NORDEN\u2019s website: \u00a0
www.norden.com/investor/governance/remuneration for further details. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5507": {
"value": "2.2 Operating\u00a0costs \u00a0
Expenses by nature \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Vessel operating costs \u00a0
2,914.1 \u00a0
3,974.2 \u00a0
Overhead and administration costs \u00a0
116.8 \u00a0
206.8 \u00a0
Total \u00a0
3,030.9 \u00a0
4,181.0 \u00a0
These costs can be split by nature: \u00a0
Voyage costs, excluding bunker oil \u00a0
568.3 \u00a0
703.4 \u00a0
Bunker oil \u00a0
792.2 \u00a0
1,046.1 \u00a0
Service component of right-of-use assets \u00a0
257.6 \u00a0
285.7 \u00a0
Expenses related to short-term leases \u00a0
1,237.3 \u00a0
1,866.0 \u00a0
Operating costs, owned vessels \u00a0
58.7 \u00a0
73.0 \u00a0
Other external costs \u00a0
26.5 \u00a0
27.1 \u00a0
Staff costs and remuneration \u00a0
90.3 \u00a0
179.7 \u00a0
Total \u00a0
3,030.9 \u00a0
4,181.0 \u00a0
ACCOUNTING POLICIES \u00a0
Expenses by nature disclose information about expenses arising from the \u00a0
main inputs that are utilised in order to accomplish the Group's activities. \u00a0
Expenses include charter hire for chartered vessels, bunker oil consumption, \u00a0
other voyage costs such as commissions and port charges, repair and main- \u00a0
tenance costs, insurance costs, crew wages and other operating expenses, all \u00a0
included under vessel operating costs. \u00a0
Costs directly attributable to transportation of the vessel to the loading port \u00a0
are capitalised and amortised over the course of the transportation period. \u00a0
Vessel operating costs other than those capitalised are recognised upon \u00a0
receipt of services in accordance with the charter concluded by the parties. \u00a0
Other external costs comprise costs of properties, travel, office expenses, \u00a0
external assistance, etc. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
Voyage costs, which include costs such as bunker cost, port costs, canal dues \u00a0
and other operational costs, are assessed in relation to fluctuation in prices \u00a0
and operational conditions. Judgements are made for changes in voyage \u00a0
duration and conditions, such as destination changes, fluctuating rates, and \u00a0
weather impacts, which can affect the overall voyage income and expenses. \u00a0
Staff costs and remuneration \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Wages and salaries, including cash incentive \u00a0
5.0 \u00a0
6.2 \u00a0
Share-based payment, cf. note 5.1 \u00a0
0.5 \u00a0
0.5 \u00a0
Remuneration of Executive Management \u00a0
5.5 \u00a0
6.7 \u00a0
Remuneration of Board of Directors \u00a0
0.7 \u00a0
0.7 \u00a0
Wages and salaries \u00a0
82.3 \u00a0
173.4 \u00a0
Pensions - defined contribution plans \u00a0
3.3 \u00a0
2.7 \u00a0
Other social security costs \u00a0
2.8 \u00a0
2.2 \u00a0
Share-based payment, cf. note 5.1 \u00a0
1.9 \u00a0
1.4 \u00a0
Remuneration of employees \u00a0
90.3 \u00a0
179.7 \u00a0
Average number of employees \u00a0
466 \u00a0
425 \u00a0
Staff costs and remuneration comprise expenses related to wages, salaries, \u00a0
bonuses, pension contributions, social security contributions, annual leave, \u00a0
sick leave, etc. Expenses are recognised in the year in which the associated \u00a0
services are rendered by employees of the Group. \u00a0
The employment contracts of Executive Management entitle the CEO or CFO \u00a0
to 12 months' remuneration in cases where they terminate their employment \u00a0
within four weeks of any change of control of the company. \u00a0
Refer to \u201cRemuneration report 2023\u201c published on NORDEN\u2019s website: \u00a0
www.norden.com/investor/governance/remuneration for further details. \u00a0
Amounts recognised in the income statement \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Depreciation of right-of-use assets \u00a0
294.9 \u00a0
420.0 \u00a0
Interest expenses related to lease liabilities \u00a0
31.4 \u00a0
32.3 \u00a0
Expenses related to the service component \u00a0
257.6 \u00a0
285.7 \u00a0
Expenses related to short-term leases \u00a0
1,237.3 \u00a0
1,866.0 \u00a0
Future expenses related to short-term leases \u00a0
294.5 \u00a0
290.9 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5520": {
"value": "Staff costs and remuneration \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Wages and salaries, including cash incentive \u00a0
5.0 \u00a0
6.2 \u00a0
Share-based payment, cf. note 5.1 \u00a0
0.5 \u00a0
0.5 \u00a0
Remuneration of Executive Management \u00a0
5.5 \u00a0
6.7 \u00a0
Remuneration of Board of Directors \u00a0
0.7 \u00a0
0.7 \u00a0
Wages and salaries \u00a0
82.3 \u00a0
173.4 \u00a0
Pensions - defined contribution plans \u00a0
3.3 \u00a0
2.7 \u00a0
Other social security costs \u00a0
2.8 \u00a0
2.2 \u00a0
Share-based payment, cf. note 5.1 \u00a0
1.9 \u00a0
1.4 \u00a0
Remuneration of employees \u00a0
90.3 \u00a0
179.7 \u00a0
Average number of employees \u00a0
466 \u00a0
425 \u00a0
Staff costs and remuneration comprise expenses related to wages, salaries, \u00a0
bonuses, pension contributions, social security contributions, annual leave, \u00a0
sick leave, etc. Expenses are recognised in the year in which the associated \u00a0
services are rendered by employees of the Group. \u00a0
The employment contracts of Executive Management entitle the CEO or CFO \u00a0
to 12 months' remuneration in cases where they terminate their employment \u00a0
within four weeks of any change of control of the company. \u00a0
Refer to \u201cRemuneration report 2023\u201c published on NORDEN\u2019s website: \u00a0
www.norden.com/investor/governance/remuneration for further details. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5521": {
"value": "Staff costs and remuneration \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Wages and salaries, including cash incentive \u00a0
5.0 \u00a0
6.2 \u00a0
Share-based payment, cf. note 5.1 \u00a0
0.5 \u00a0
0.5 \u00a0
Remuneration of Executive Management \u00a0
5.5 \u00a0
6.7 \u00a0
Remuneration of Board of Directors \u00a0
0.7 \u00a0
0.7 \u00a0
Wages and salaries \u00a0
82.3 \u00a0
173.4 \u00a0
Pensions - defined contribution plans \u00a0
3.3 \u00a0
2.7 \u00a0
Other social security costs \u00a0
2.8 \u00a0
2.2 \u00a0
Share-based payment, cf. note 5.1 \u00a0
1.9 \u00a0
1.4 \u00a0
Remuneration of employees \u00a0
90.3 \u00a0
179.7 \u00a0
Average number of employees \u00a0
466 \u00a0
425 \u00a0
Staff costs and remuneration comprise expenses related to wages, salaries, \u00a0
bonuses, pension contributions, social security contributions, annual leave, \u00a0
sick leave, etc. Expenses are recognised in the year in which the associated \u00a0
services are rendered by employees of the Group. \u00a0
The employment contracts of Executive Management entitle the CEO or CFO \u00a0
to 12 months' remuneration in cases where they terminate their employment \u00a0
within four weeks of any change of control of the company. \u00a0
Refer to \u201cRemuneration report 2023\u201c published on NORDEN\u2019s website: \u00a0
www.norden.com/investor/governance/remuneration for further details. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5522": {
"value": "Staff costs and remuneration \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Wages and salaries, including cash incentive \u00a0
5.0 \u00a0
6.2 \u00a0
Share-based payment, cf. note 5.1 \u00a0
0.5 \u00a0
0.5 \u00a0
Remuneration of Executive Management \u00a0
5.5 \u00a0
6.7 \u00a0
Remuneration of Board of Directors \u00a0
0.7 \u00a0
0.7 \u00a0
Wages and salaries \u00a0
82.3 \u00a0
173.4 \u00a0
Pensions - defined contribution plans \u00a0
3.3 \u00a0
2.7 \u00a0
Other social security costs \u00a0
2.8 \u00a0
2.2 \u00a0
Share-based payment, cf. note 5.1 \u00a0
1.9 \u00a0
1.4 \u00a0
Remuneration of employees \u00a0
90.3 \u00a0
179.7 \u00a0
Average number of employees \u00a0
466 \u00a0
425 \u00a0
Staff costs and remuneration comprise expenses related to wages, salaries, \u00a0
bonuses, pension contributions, social security contributions, annual leave, \u00a0
sick leave, etc. Expenses are recognised in the year in which the associated \u00a0
services are rendered by employees of the Group. \u00a0
The employment contracts of Executive Management entitle the CEO or CFO \u00a0
to 12 months' remuneration in cases where they terminate their employment \u00a0
within four weeks of any change of control of the company. \u00a0
Refer to \u201cRemuneration report 2023\u201c published on NORDEN\u2019s website: \u00a0
www.norden.com/investor/governance/remuneration for further details. \u00a0
5.1 Share-based\u00a0payment \u00a0
Number of shares \u00a0
2023 \u00a0
2022 \u00a0
Outstanding restricted shares at 1 January \u00a0
229,067 \u00a0
218,195 \u00a0
Granted during the period \u00a0
34,858 \u00a0
81,344 \u00a0
Exercised during the period \u00a0
-78,128 \u00a0
-67,044 \u00a0
Lapsed during the period \u00a0
-
-3,428 \u00a0
Outstanding restricted shares at 31 December \u00a0
185,797 \u00a0
229,067 \u00a0
Outstanding share options at 1 January \u00a0
14,400 \u00a0
336,378 \u00a0
Exercised during the period \u00a0
-2,900 \u00a0
-308,978 \u00a0
Lapsed during the period \u00a0
-11,500 \u00a0
-13,000 \u00a0
Outstanding share options at 31 December \u00a0
-
14,400 \u00a0
Average price of exercised share options (DKK) \u00a0
54.89 \u00a0
54.89 \u00a0
The overall purpose of the restricted share programmes and the share option \u00a0
programmes is to ensure a shared interest with shareholders and to reward \u00a0
long-term and dedicated work, which is deemed to be of value to NORDEN. \u00a0
Restricted share programme \u00a0
Restricted shares are granted free of charge and remain restricted during a \u00a0
vesting period of three years. \u00a0
Transfer of the restricted shares is subject to the continued employment \u00a0
within the three-year vesting period. It applies that upon vesting, the \u00a0
employee will receive one share of nominally DKK 1 for each vested restricted \u00a0
share. \u00a0
The decision to grant restricted shares is taken on an annual basis by the \u00a0
Board of Directors. \u00a0
Special terms apply in case of death and illness. \u00a0
Active restricted share programmes \u00a0
Programme \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Share value at launch (DKK) \u00a0
396.08 \u00a0
159.83 \u00a0
115.39 \u00a0
Fair value at grant (USDk) \u00a0
2,012 \u00a0
1,712 \u00a0
1,437 \u00a0
Allocated to recipients \u00a0
Jan. & \u00a0
Jan. \u00a0
Jan. \u00a0
Jun. 2026 \u00a0
2025 \u00a0
2024 \u00a0
Vesting period \u00a0
2023 to \u00a0
2022 to \u00a0
2021 to \u00a0
2026 \u00a0
2025 \u00a0
2024 \u00a0
Amortisation period \u00a0
3 years \u00a0
3 years \u00a0
3 years \u00a0
Originally granted shares \u00a0
34,858 \u00a0
81,344 \u00a0
87,698 \u00a0
Outstanding restricted shares: \u00a0
Excecutive Management \u00a0
8,262 \u00a0
20,591 \u00a0
18,899 \u00a0
Other executives \u00a0
4,604 \u00a0
11,403 \u00a0
13,247 \u00a0
Others \u00a0
21,992 \u00a0
47,962 \u00a0
38,837 \u00a0
Total \u00a0
34,858 \u00a0
79,956 \u00a0
70,983 \u00a0
Expense for the year, all programmes \u00a0
(USDk) \u00a0
1,888 \u00a0
1,401 \u00a0
1,128 \u00a0
Other than being employed by NORDEN at the time of granting of the \u00a0
restricted shares, no conditions are attached to the grant. Where a recipient \u00a0
resigns during the vesting period, non-vested restricted shares will lapse. \u00a0
Programmes are expected to be covered by treasury shares. \u00a0
Active share option programmes \u00a0
Programme \u00a0
2017.2 \u00a0
2017.1 \u00a0
2016 \u00a0
Excercise period \u00a0
2020 to \u00a0
2020 to \u00a0
2019 to \u00a0
2023 \u00a0
2023 \u00a0
2022 \u00a0
Exercise price (DKK) \u00a0
54.89 \u00a0
115.30 \u00a0
94.50 \u00a0
Originally granted options \u00a0
408,191 \u00a0
50,000 \u00a0
435,159 \u00a0
Share options may be exercised after at least three years and no more than six \u00a0
years from the respective grant dates. Exercise of the share options is subject \u00a0
to the continued employment with the company at the exercise date. \u00a0
Upon exercise, the Executive Management and some of the executives must \u00a0
reinvest 25% of any net gain in NORDEN shares and keep these for at least \u00a0
two years. If the employee already owns shares, these may be included in the \u00a0
determination of the investment amount. \u00a0
The last share option programmes expired in 2023 and no unexercised share \u00a0
options remained as of 31 December 2023. \u00a0
ACCOUNTING POLICIES \u00a0
The value of services rendered by employees as consideration for share- \u00a0
based incentive payments is measured at the fair value of the granted options \u00a0
and restricted shares, respectively. For both, this fair value is recognised in \u00a0
the income statement over the vesting period. A corresponding increase is \u00a0
recognised in equity. \u00a0
The fair value of the options is determined using the Black-Scholes valuation \u00a0
model, taking into account the terms of the grant and the actual number of \u00a0
vested options. The fair value of restricted shares is determined using the \u00a0
share price at the grant date adjusted for expected dividend per share, which \u00a0
is based on historical dividends. On recognition, the number of options and \u00a0
restricted shares expected to vest are estimated. The estimate is adjusted \u00a0
over the vesting period to the actual number of vested options and restricted \u00a0
shares. \u00a0
The exercise price of share options is determined as the five-day average \u00a0
of the market price following the grant, less all dividend payments after the \u00a0
grant date plus a fee of 10%, respectively, in proportion to the market price at \u00a0
the date of grant. \u00a0
The division into employee categories is based on the current title of the \u00a0
employee. Resigned employees are included in the category \u201cOthers\u201d. \u00a0
5.4 Related\u00a0party disclosures \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Income statement \u00a0
Sale of goods and services, joint ventures \u00a0
4.9 \u00a0
15.6 \u00a0
Purchase of goods and services, joint ventures \u00a0
14.0 \u00a0
24.0 \u00a0
Assets \u00a0
Receivables, joint ventures \u00a0
-
1.5 \u00a0
Shareholders with significant influence \u00a0
A/S Motortramp \u00a0
- Dividends paid to shareholder \u00a0
99.8 \u00a0
121.6 \u00a0
A/S Motortramp participates on a pro-rata basis to \u00a0
the shares purchased in the company\u2019s share \u00a0
buy-back programme. \u00a0
The Group has no related parties controlling NORDEN. \u00a0
Detailed information regarding the remuneration and share-based compen- \u00a0
sation for both the Board of Directors and the Executive Management can be \u00a0
found in note 2.2 \"Operating costs\" and note 5.1 \"Share-based payment\". \u00a0
Accounts with joint ventures are related to operations, unsecured and with \u00a0
usual interest rates. Guarantees to joint ventures are disclosed in note 3.7 \u00a0
\"Investments and activities\". \u00a0
No other financial transactions occurred throughout the year involving the \u00a0
Board of Directors, the Executive Management, significant shareholders or \u00a0
any other related parties. \u00a0
ACCOUNTING POLICIES \u00a0
Related parties include the Board of Directors and the Executive Manage- \u00a0
ment as well as their close relatives. Related parties also include companies \u00a0
in which the above persons have significant interests as well as companies \u00a0
and foundations which have direct or indirect significant influence through \u00a0
shareholdings. \u00a0
In addition, related parties include joint ventures; refer to note 3.7 \"Invest- \u00a0
ments and activities\". \u00a0
All transactions involving related parties are conducted in adherence to arm's \u00a0
length principles, maintaining independence and market-driven terms. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5509": {
"value": "ACCOUNTING POLICIES \u00a0
Expenses by nature disclose information about expenses arising from the \u00a0
main inputs that are utilised in order to accomplish the Group's activities. \u00a0
Expenses include charter hire for chartered vessels, bunker oil consumption, \u00a0
other voyage costs such as commissions and port charges, repair and main- \u00a0
tenance costs, insurance costs, crew wages and other operating expenses, all \u00a0
included under vessel operating costs. \u00a0
Costs directly attributable to transportation of the vessel to the loading port \u00a0
are capitalised and amortised over the course of the transportation period. \u00a0
Vessel operating costs other than those capitalised are recognised upon \u00a0
receipt of services in accordance with the charter concluded by the parties. \u00a0
Other external costs comprise costs of properties, travel, office expenses, \u00a0
external assistance, etc. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
Voyage costs, which include costs such as bunker cost, port costs, canal dues \u00a0
and other operational costs, are assessed in relation to fluctuation in prices \u00a0
and operational conditions. Judgements are made for changes in voyage \u00a0
duration and conditions, such as destination changes, fluctuating rates, and \u00a0
weather impacts, which can affect the overall voyage income and expenses. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5532": {
"value": "2.3 Cash\u00a0flow from operating activities \u00a0
Cash flow specifications \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Reversal of items from the income statement \u00a0
Depreciation, amortisation and impairment losses \u00a0
335.2 \u00a0
449.7 \u00a0
Financial items, net \u00a0
11.4 \u00a0
39.7 \u00a0
Profit/loss from sale of vessels, etc. \u00a0
-79.0 \u00a0
-79.4 \u00a0
Share of profit/loss of joint ventures \u00a0
-0.8 \u00a0
2.8 \u00a0
Other reversed non-cash operating items \u00a0
-50.8 \u00a0
-41.7 \u00a0
Total \u00a0
216.0 \u00a0
371.1 \u00a0
Trade working capital \u00a0
Inventories \u00a0
22.1 \u00a0
-17.1 \u00a0
Trade receivables \u00a0
45.3 \u00a0
-73.2 \u00a0
Trade payables \u00a0
-17.7 \u00a0
53.4 \u00a0
Prepayments \u00a0
22.5 \u00a0
-3.0 \u00a0
Deferred income \u00a0
17.3 \u00a0
-4.8 \u00a0
Liabilities related to assets held for sale \u00a0
4.2 \u00a0
11.6 \u00a0
Var. margin deposits related to cash flow hedges \u00a0
-98.4 \u00a0
94.3 \u00a0
Total \u00a0
-4.7 \u00a0
61.2 \u00a0
Non-trade working capital \u00a0
Receivables/liabilities from joint ventures \u00a0
1.5 \u00a0
-14.4 \u00a0
Other receivables \u00a0
7.5 \u00a0
-26.6 \u00a0
Other payables \u00a0
-75.8 \u00a0
151.5 \u00a0
Other working capital movements \u00a0
-0.2 \u00a0
11.8 \u00a0
Total \u00a0
-67.0 \u00a0
122.3 \u00a0
Change in working capital \u00a0
-71.7 \u00a0
183.5 \u00a0
The Group uses Supply Chain Financing to strengthen its financial position. \u00a0
The programme is based on a three-way relationship between the Group, a \u00a0
supplier and the syndication bank facilitating the programme. When suppliers \u00a0
participate in the programme, they have the option of receiving early \u00a0
payment from the syndication bank based on the invoices. \u00a0
The arrangement of early payment is a transaction between the supplier and \u00a0
the syndication banks, which does not involve NORDEN. The advantage of \u00a0
participating in the programme for suppliers is that their cash position can be \u00a0
improved. The supply chain financing programme has not changed signifi- \u00a0
cant characteristics of the debt, therefore the classification as trade payable \u00a0
is maintained. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5533": {
"value": "2.3 Cash\u00a0flow from operating activities \u00a0
Cash flow specifications \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Reversal of items from the income statement \u00a0
Depreciation, amortisation and impairment losses \u00a0
335.2 \u00a0
449.7 \u00a0
Financial items, net \u00a0
11.4 \u00a0
39.7 \u00a0
Profit/loss from sale of vessels, etc. \u00a0
-79.0 \u00a0
-79.4 \u00a0
Share of profit/loss of joint ventures \u00a0
-0.8 \u00a0
2.8 \u00a0
Other reversed non-cash operating items \u00a0
-50.8 \u00a0
-41.7 \u00a0
Total \u00a0
216.0 \u00a0
371.1 \u00a0
Trade working capital \u00a0
Inventories \u00a0
22.1 \u00a0
-17.1 \u00a0
Trade receivables \u00a0
45.3 \u00a0
-73.2 \u00a0
Trade payables \u00a0
-17.7 \u00a0
53.4 \u00a0
Prepayments \u00a0
22.5 \u00a0
-3.0 \u00a0
Deferred income \u00a0
17.3 \u00a0
-4.8 \u00a0
Liabilities related to assets held for sale \u00a0
4.2 \u00a0
11.6 \u00a0
Var. margin deposits related to cash flow hedges \u00a0
-98.4 \u00a0
94.3 \u00a0
Total \u00a0
-4.7 \u00a0
61.2 \u00a0
Non-trade working capital \u00a0
Receivables/liabilities from joint ventures \u00a0
1.5 \u00a0
-14.4 \u00a0
Other receivables \u00a0
7.5 \u00a0
-26.6 \u00a0
Other payables \u00a0
-75.8 \u00a0
151.5 \u00a0
Other working capital movements \u00a0
-0.2 \u00a0
11.8 \u00a0
Total \u00a0
-67.0 \u00a0
122.3 \u00a0
Change in working capital \u00a0
-71.7 \u00a0
183.5 \u00a0
The Group uses Supply Chain Financing to strengthen its financial position. \u00a0
The programme is based on a three-way relationship between the Group, a \u00a0
supplier and the syndication bank facilitating the programme. When suppliers \u00a0
participate in the programme, they have the option of receiving early \u00a0
payment from the syndication bank based on the invoices. \u00a0
The arrangement of early payment is a transaction between the supplier and \u00a0
the syndication banks, which does not involve NORDEN. The advantage of \u00a0
participating in the programme for suppliers is that their cash position can be \u00a0
improved. The supply chain financing programme has not changed signifi- \u00a0
cant characteristics of the debt, therefore the classification as trade payable \u00a0
is maintained. \u00a0
2.4 Contract\u00a0assets and liabilities \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Trade receivables related to invoiced services \u00a0
177.6 \u00a0
174.6 \u00a0
Contract assets \u00a0
204.5 \u00a0
268.1 \u00a0
Contract liabilities (deferred income) \u00a0
101.9 \u00a0
84.6 \u00a0
Contract assets and liabilities provides a specification of the assets and \u00a0
liabilities, where the future recognition of costs and income depends on the \u00a0
fulfillment of contractual obligations. Trade receivables related to invoiced \u00a0
services consist of receivables from invoiced voyages less writedowns. Refer \u00a0
to note 2.5 \"Trade receivables\" for further details on trade receivables. \u00a0
Contract assets consist of revenues from services performed but not yet \u00a0
fully invoiced due to incomplete fulfillment of contractual obligations. This \u00a0
includes prepaid expenses incurred in meeting these obligations. \u00a0
Contract liabilities represent obligations arising from contractual commit- \u00a0
ments, characterised by advance payments received or billings that exceed \u00a0
the revenue recognised to date. \u00a0
2.5 Trade\u00a0receivables \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Receivables from invoiced voyages \u00a0
197.0 \u00a0
190.7 \u00a0
Receivables from voyages commenced at the \u00a0
balance sheet date \u00a0
106.0 \u00a0
154.3 \u00a0
Trade receivables \u00a0
303.0 \u00a0
345.0 \u00a0
Writedown regarding demurrage, claims, etc. \u00a0
-19.4 \u00a0
-16.1 \u00a0
Trade receivables, net \u00a0
283.6 \u00a0
328.9 \u00a0
Not past due \u00a0
189.7 \u00a0
227.1 \u00a0
Overdue <30 days \u00a0
38.1 \u00a0
33.0 \u00a0
Overdue 31-90 days \u00a0
23.0 \u00a0
39.8 \u00a0
Overdue >90 days \u00a0
32.8 \u00a0
29.0 \u00a0
Carrying amount at 31 December \u00a0
283.6 \u00a0
328.9 \u00a0
Trade receivables are predominately denominated in USD as other currencies \u00a0
accounted for less than 1% in both 2023 and 2022. The Group usually has the \u00a0
opportunity to use the cargo as security for trade receivables. \u00a0
ACCOUNTING POLICIES \u00a0
Receivables are measured at amortised cost less allowances for impairment \u00a0
losses. For trade receivables, impairment losses are based on the expected \u00a0
lifetime loss of these receivables. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
Provisions for trade receivables are determined using the lifetime expected \u00a0
credit loss, which includes factors such as internal rating, historical infor- \u00a0
mation about payment patterns, collateral received as well as prevailing \u00a0
economic conditions. Estimates made are updated if the customer\u2019s ability to \u00a0
pay changes. It is estimated that the provisions made are sufficient to cover \u00a0
any bad debt. \u00a0
3.6 Subleasing \u00a0
This note provides information on leases where the Group is the lessor. \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Amounts recognised in the income statement \u00a0
Revenue from sublease financial income* \u00a0
6.2 \u00a0
2.8 \u00a0
Gain on sublease recognition* \u00a0
65.0 \u00a0
55.7 \u00a0
Revenue - sublease financial income and gains \u00a0
71.2 \u00a0
58.5 \u00a0
Amounts recognised in the statement of cash flows \u00a0
Instalment on sublease receivables \u00a0
130.2 \u00a0
52.9 \u00a0
Receivables from subleasing \u00a0
Receivables from subleases at 1 January \u00a0
91.9 \u00a0
32.8 \u00a0
Additions \u00a0
122.5 \u00a0
111.0 \u00a0
Disposals \u00a0
-0.9 \u00a0
-6.3 \u00a0
Remeasurements \u00a0
11.3 \u00a0
7.3 \u00a0
Payments received \u00a0
-130.2 \u00a0
-52.9 \u00a0
Receivables from subleases at 31 December \u00a0
94.6 \u00a0
91.9 \u00a0
* Included in revenue \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5545": {
"value": "ACCOUNTING POLICIES \u00a0
Receivables are measured at amortised cost less allowances for impairment \u00a0
losses. For trade receivables, impairment losses are based on the expected \u00a0
lifetime loss of these receivables. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5549": {
"value": "3.1 Return\u00a0on Invested Capital after tax \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Net operating profit after tax (NOPAT) \u00a0
EBIT \u00a0
421.6 \u00a0
791.6 \u00a0
Operational tax \u00a0
-9.4 \u00a0
-8.8 \u00a0
NOPAT \u00a0
412.2 \u00a0
782.8 \u00a0
Inventories \u00a0
112.1 \u00a0
134.2 \u00a0
Trade receivables \u00a0
283.6 \u00a0
328.9 \u00a0
Trade payables \u00a0
-261.8 \u00a0
-279.5 \u00a0
Prepayments \u00a0
116.5 \u00a0
139.0 \u00a0
Deferred income \u00a0
-101.9 \u00a0
-84.6 \u00a0
Liabilities related to assets held for sale \u00a0
-25.2 \u00a0
-21.0 \u00a0
Var. margin deposits related to cash flow hedges \u00a0
35.3 \u00a0
-63.1 \u00a0
Total trade working capital \u00a0
158.6 \u00a0
153.9 \u00a0
Receivables/liabilities from joint ventures \u00a0
-
1.5 \u00a0
Other receivables \u00a0
38.0 \u00a0
45.5 \u00a0
Other payables \u00a0
-148.7 \u00a0
-224.5 \u00a0
Other non-trade working capital \u00a0
-8.8 \u00a0
-9.0 \u00a0
Non-trade working capital \u00a0
-119.5 \u00a0
-186.5 \u00a0
Goodwill \u00a0
35.3 \u00a0
-
Other intangible assets \u00a0
15.2 \u00a0
-
Vessels, Property and equipment and Prepayments \u00a0
723.7 \u00a0
718.1 \u00a0
Right-of-use assets \u00a0
355.0 \u00a0
454.0 \u00a0
Other invested capital \u00a0
74.2 \u00a0
163.7 \u00a0
Invested capital \u00a0
1,242.5 \u00a0
1,303.2 \u00a0
ROIC \u00a0
32.4% \u00a0
53.4% \u00a0
Net operating profit after tax \u00a0
NOPAT is a measure of our profit that excludes the costs and tax benefit from \u00a0
debt financing by measuring the earnings before interest and taxes adjusted \u00a0
for operational tax. \u00a0
Trade working capital \u00a0
The amount of trade working capital represents capital required to maintain \u00a0
our ongoing operations. Trade working capital can be used to assess our \u00a0
efficiency in utilising current assets and short-term liquidity, and forms an \u00a0
integral part of our management strategy for cash and debt. \u00a0
Return on invested capital after tax (ROIC) \u00a0
ROIC can be used to measure the value creation from our investments. \u00a0
Management believes ROIC is a useful measure providing investors with infor- \u00a0
mation regarding our performance as well as our operational profitability and \u00a0
efficiency of business. \u00a0
Our target is to generate an average ROIC of a minimum of 12% per year \u00a0
based on a five-year rolling average. \u00a0
ROIC is defined as NOPAT divided by average invested capital. \u00a0
4.1 Share\u00a0capital, dividends and earnings per share \u00a0
The net cash distribution to shareholders in the form of dividends and share \u00a0
repurchases amounted to USD 436 million, compared to a free cash flow of \u00a0
USD 265 million. \u00a0
Total dividend related to 2023 amounted to USD 212.5 million (DKK 45 per \u00a0
share), corresponding to a payout ratio of 53.1%. The 2023 final dividend of \u00a0
USD 46.8 million (DKK 10 per share) is expected to be distributed pending \u00a0
approval at the Annual General Meeting. \u00a0
Interim dividends of USD 72 million (DKK 15 per share) were paid in May 2023, \u00a0
USD 48 million (DKK 10 per share) in August 2023 and USD 46 million (DKK 10 \u00a0
per share) in November 2023. \u00a0
Amounts exclude dividend declared on treasury shares. \u00a0
Treasury shares \u00a0
Market value, \u00a0
Treasury \u00a0
USD million \u00a0
shares % \u00a0
2023 \u00a0
2022 \u00a0
Holding 1/1 \u00a0
194.7 \u00a0
8.78 \u00a0
3,248,012 \u00a0
2,436,939 \u00a0
Purchases \u00a0
2,257,440 \u00a0
3,327,721 \u00a0
Transfers \u00a0
-73,040 \u00a0
-316,648 \u00a0
Cancellations \u00a0
-3,000,000 \u00a0
-2,200,000 \u00a0
Holding 31/12 \u00a0
115.8 \u00a0
7.15 \u00a0
2,432,412 \u00a0
3,248,012 \u00a0
Treasury shares are acquired for the purpose of hedging in connection with \u00a0
share-based payment and in connection with share buy-back programmes. \u00a0
The company is authorised by the general meeting to acquire treasury shares \u00a0
in the period until next year\u2019s annual general meeting at a total nominal value \u00a0
not exceeding 15% of the share capital at the market price applicable at the \u00a0
time of acquisition with a deviation of up to 10%. \u00a0
Share buy-back programmes \u00a0
NORDEN initiated three share buy-back programmes in 2023. The share \u00a0
buy-back programmes were initiated pursuant to the authorisation granted to \u00a0
the Board of Directors. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5556": {
"value": "3.2 Impairment\u00a0of intangible and tangible assets \u00a0
Management continuously monitors the carrying amounts of our intangible \u00a0
and tangible assets, to determine if there are indications of impairment \u00a0
beyond what is covered by normal depreciation, or if any previous impair- \u00a0
ments should be reversed. \u00a0
Goodwill from the acquisition of Thorco of USD 35.3 million has been allo- \u00a0
cated to CGU Dry Cargo. As a result, CGU Dry Cargo is tested for impairment \u00a0
annually. \u00a0
Impairment assessment \u00a0
CGU Dry Cargo (Goodwill allocated) \u00a0
The Dry Cargo markets were soft at the beginning of 2023 and failed to mate- \u00a0
rialise during the year. On average spot rates fell by 50% compared to 2022. \u00a0
Decreasing earnings and spot rates are not direct results from decreasing \u00a0
demand, where we despite a challenging year, have seen the market resurge \u00a0
in the last months of 2023, due to increased Chinese coal imports, grain and \u00a0
soybean trade from Brazil to China. \u00a0
The Dry Cargo newbuilding order-book remains at an all-time low order-book \u00a0
to fleet ratio, limiting fleet growth in the coming years. Looking into 2024, we \u00a0
expect the Dry Cargo market to remain volatile due to moderate increase in \u00a0
demand from China. \u00a0
With new exposure and capacity added in 2022, during very high Dry Cargo \u00a0
markets, and an increase in our WACC from 7.75% to 8.30%, Management \u00a0
prepared an impairment assessment in Q4 2023. \u00a0
The recoverable amount of the cash-generating unit was determined based \u00a0
on a value-in-use calculation using cash flow projections generated. This \u00a0
exercise is complex and requires various estimates to be made. \u00a0
3.2 Impairment\u00a0of intangible and tangible assets \u2013 continued \u00a0
The outcome of the impairment assessment revealed an excess value of USD \u00a0
59 million over the carrying value, indicating that there is no requirement for \u00a0
impairment recognition. The discount rate used in the value-in-use calculation \u00a0
was based on a WACC of 8.3%. \u00a0
Although no impairment is required at present, we cannot guarantee that this \u00a0
situation will remain. Future impairment incurred could negatively affect our \u00a0
financial condition, our results, the value of our shares and dividend distri- \u00a0
bution. Given the number of open vessel days, the value-in-use calculation \u00a0
demonstrates a high sensitivity to minor variations in freight rates and WACC. \u00a0
A reduction in the estimated short- and long-term freight rates by USD 1,000 \u00a0
per day would result in an approximate decline of USD 45 million in the value- \u00a0
in-use. Conversely, a 1% increase in the WACC would lead to a decrease of \u00a0
approximately USD 20 million in the value-in-use. For value-in-use to break- \u00a0
even with the carrying amount, it would necessitate a decrease in the freight \u00a0
rate by USD 1,316 per day or, alternatively, an increase in the WACC by 2.95%. \u00a0
CGU Tankers (No goodwill allocated) \u00a0
During 2023, freight rates, still close to historical peaks, decreased 19% \u00a0
compared to last year. Despite the decrease, the average spot rate of a MR \u00a0
remains historically high, with an average of USD 29,782 per day for 2023. \u00a0
Newbuilding orders increased in 2023 and the order-book for MR at year-end \u00a0
ended at 12% of the global fleet. This is driven by expectations of volatile \u00a0
rates and tight yard capacity. \u00a0
With sanctions on Russian export to EU, a limited supply growth of MRs, the \u00a0
situation in the Panama Canal and the Red Sea continuing to impact market \u00a0
efficiency, we expect the attractive rates to continue in 2024. As such, no \u00a0
indications of impairment were identified for Tankers CGU, however, manage- \u00a0
ment remains aware that significant market softness, could trigger a need for \u00a0
an impairment assessment. \u00a0
ACCOUNTING POLICIES \u00a0
For the purpose of impairment testing, assets are grouped into the smallest \u00a0
group of assets that generates cash inflows from continuing use that are \u00a0
largely independent of the cash inflows of other assets or CGUs. \u00a0
Goodwill acquired in a business combination is allocated to groups of CGUs \u00a0
that are expected to benefit from the synergies of the combination. Allocated \u00a0
goodwill undergoes a mandatory annual impairment test along with other \u00a0
assets of the CGU. \u00a0
For CGUs without allocated goodwill, an impairment test is conducted when \u00a0
there is an indication of the carrying amount of the CGU exceed expected \u00a0
recoverable amount. \u00a0
If the carrying amount of the CGU exceeds the recoverable amount, the assets \u00a0
are written down. Impairment loss is first allocated to reduce the carrying \u00a0
amount of goodwill, then to other assets pro-rata, based on each asset's \u00a0
carrying amount. \u00a0
The recoverable amount of each CGU is determined as the greater of the \u00a0
value-in-use and the fair value less cost to sell. \u00a0
Impairment loss recognised for goodwill cannot be reversed. For other \u00a0
assets, an impairment loss is reversed only if the revised carrying amount of \u00a0
the asset does not exceed its carrying amount before the impairment, after \u00a0
depreciation. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
Cash-generating units \u00a0
The determination of cash-generating units differs based on the business \u00a0
units Freight Services & Trading and Assets & Logistics. The degree of inter- \u00a0
dependency between the two business units, in respect of taking decisions \u00a0
related to the vessel capacity, has been evaluated. \u00a0
The conclusion is that interdependency exists, to such an extent, that the cash \u00a0
inflows are not largely independent. Consequently, the respective dry cargo \u00a0
and tanker vessels of the two segments have been included in the respective \u00a0
CGU, either Dry Cargo or Tankers, according to the nature of the vessels. \u00a0
Impairment indicators \u00a0
The assessment of impairment indicators involves complex and subjective \u00a0
judgments by management. These indicators are reviewed to assess the \u00a0
impairment need for our CGUs: \u00a0
\u2022
The obsolescence or physical damage of assets; \u00a0
\u2022
Financial performance of assets and the CGU; \u00a0
\u2022
Freight and time-charter rates; \u00a0
\u2022
Vessel values, newbuilding orders and prices; \u00a0
\u2022
Significant adverse effects from changes in technological, economic, \u00a0
environmental, climate, geopolitical or regulatory environment; \u00a0
\u2022
Increase in market interest rates. \u00a0
The assessment of impairment indicators for intangible assets, owned vessels, \u00a0
right-of-use assets, and prepayments on newbuildings, is based on the CGUs \u00a0
they are included in and assessed concurrently on a portfolio basis. \u00a0
When considering vessel values, two independent broker valuations are \u00a0
obtained. The assessment of newbuilding prices considers market data, inclu- \u00a0
ding known transactions, potential newbuilding prices, and broker analysis. \u00a0
Assessment and calculation inputs \u00a0
If indications exist, the recoverability of the carrying amount of intangible and \u00a0
tangible assets in the related CGU is assessed. This is done by evaluating if \u00a0
the recoverable amount exceeds the carrying amount. \u00a0
The recoverable amount is determined as the higher of the value-in-use and \u00a0
the fair value less costs to sell. The calculation of value-in-use is particularly \u00a0
complex and contains uncertainty, as it relies on expected future cash flows \u00a0
and a discount factor. Significant assumptions are made about long-term \u00a0
freight and time-charter rates when projecting future cash flows. \u00a0
In assessing value in use, assumptions are made regarding historical data, \u00a0
market analysis, and spot and forward market curves. It is important to note \u00a0
the uncertainty pertaining to future market developments, significantly influ- \u00a0
encing the cash flow projections. \u00a0
In the calculation, the lifespan of owned vessels is set at 25 years for both Dry \u00a0
Cargo and Tankers, while the duration for long- and short-term chartered-in \u00a0
vessels is based on contractually agreed periods. \u00a0
Assumptions are made regarding the discount factor, which is generally \u00a0
obtained from the WACC calculated using variables, each with its inherent \u00a0
uncertainty, further complicating the value-in-use calculation. \u00a0
Assessment is impacted by geopolitical situations, such as the war in Ukraine. \u00a0
Additionally, abnormally low water levels in the Panama Canal, resulting from \u00a0
climate change, and disruptions in global trade due to attacks in the Red Sea, \u00a0
contribute to increased macroeconomic uncertainties. \u00a0
The long-term outlook for the adoption of optimal zero-emission technolo- \u00a0
gies carries uncertainties. This uncertainty extends to the potential impact on \u00a0
the value and operational lifespan of owned vessels amidst the transition to \u00a0
sustainability. Currently, management does not believe that climate change \u00a0
has a significant effect on the estimates and judgments related to the impair- \u00a0
ment assessment. \u00a0
3.4 Tangible\u00a0assets \u00a0
Prepayments \u00a0
Property and\u00a0on vessels and \u00a0
Amounts in USD million \u00a0
Vessels \u00a0
equipment \u00a0
newbuildings \u00a0
Total \u00a0
2023 \u00a0
Cost at 1 January \u00a0
663.2 \u00a0
56.8 \u00a0
32.1 \u00a0
752.1 \u00a0
Additions \u00a0
150.6 \u00a0
0.8 \u00a0
76.8 \u00a0
228.2 \u00a0
Disposals \u00a0
-2.5 \u00a0
-0.4 \u00a0
-
-2.9 \u00a0
Transferred from prepayments on vessels and newbuildings \u00a0
65.1 \u00a0
-
-65.1 \u00a0
-
Transferred to tangible assets held for sale \u00a0
-280.7 \u00a0
-
-6.8 \u00a0
-287.5 \u00a0
Cost at 31 December \u00a0
595.7 \u00a0
57.2 \u00a0
37.0 \u00a0
689.9 \u00a0
Depreciation and impairment losses at 1 January \u00a0
-137.6 \u00a0
-6.4 \u00a0
-
-144.0 \u00a0
Depreciation \u00a0
-31.4 \u00a0
-1.3 \u00a0
-
-32.7 \u00a0
Impairment of assets \u00a0
-1.2 \u00a0
-
-
-1.2 \u00a0
Reversal of impairment losses \u00a0
-
-
-
-
Disposals related to derecognised assets \u00a0
2.5 \u00a0
0.1 \u00a0
-
2.6 \u00a0
Transferred to tangible assets held for sale \u00a0
75.5 \u00a0
-
-
75.5 \u00a0
Depreciation and impairment losses at 31 December \u00a0
-92.2 \u00a0
-7.6 \u00a0
-
-99.8 \u00a0
Carrying amount at 31 December \u00a0
503.5 \u00a0
49.6 \u00a0
37.0 \u00a0
590.1 \u00a0
Prepayments \u00a0
Property and\u00a0on vessels and \u00a0
Amounts in USD million \u00a0
Vessels \u00a0
equipment \u00a0
newbuildings \u00a0
Total \u00a0
2022 \u00a0
Cost at 1 January \u00a0
951.3 \u00a0
56.8 \u00a0
11.3 \u00a0
1,019.4 \u00a0
Additions \u00a0
99.2 \u00a0
1.7 \u00a0
122.6 \u00a0
223.5 \u00a0
Disposals \u00a0
-
-1.7 \u00a0
-
-1.7 \u00a0
Transferred from prepayments on vessels and newbuildings \u00a0
56.8 \u00a0
-
-56.8 \u00a0
-
Transferred to tangible assets held for sale \u00a0
-444.1 \u00a0
-
-45.0 \u00a0
-489.1 \u00a0
Cost at 31 December \u00a0
663.2 \u00a0
56.8 \u00a0
32.1 \u00a0
752.1 \u00a0
Depreciation and impairment losses at 1 January \u00a0
-248.3 \u00a0
-7.1 \u00a0
-
-255.4 \u00a0
Depreciation \u00a0
-37.2 \u00a0
-1.0 \u00a0
-
-38.2 \u00a0
Impairment of assets \u00a0
-17.4 \u00a0
-
-
-17.4 \u00a0
Reversal of impairment losses \u00a0
4.9 \u00a0
-
-
4.9 \u00a0
Disposals related to derecognised assets \u00a0
-
1.7 \u00a0
-
1.7 \u00a0
Transferred to tangible assets held for sale \u00a0
160.4 \u00a0
-
-
160.4 \u00a0
Depreciation and impairment losses at 31 December \u00a0
-137.6 \u00a0
-6.4 \u00a0
-
-144.0 \u00a0
Carrying amount at 31 December \u00a0
525.6 \u00a0
50.4 \u00a0
32.1 \u00a0
608.1 \u00a0
Impairment of right-of-use assets \u00a0
Similar to owned assets, right-of-use assets are subject to testing for impair- \u00a0
ment if there is an indication of impairment. Refer to note 3.2 \"Impairment of \u00a0
intangible and tangible assets\" for further information. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5557": {
"value": "3.2 Impairment\u00a0of intangible and tangible assets \u00a0
Management continuously monitors the carrying amounts of our intangible \u00a0
and tangible assets, to determine if there are indications of impairment \u00a0
beyond what is covered by normal depreciation, or if any previous impair- \u00a0
ments should be reversed. \u00a0
Goodwill from the acquisition of Thorco of USD 35.3 million has been allo- \u00a0
cated to CGU Dry Cargo. As a result, CGU Dry Cargo is tested for impairment \u00a0
annually. \u00a0
Impairment assessment \u00a0
CGU Dry Cargo (Goodwill allocated) \u00a0
The Dry Cargo markets were soft at the beginning of 2023 and failed to mate- \u00a0
rialise during the year. On average spot rates fell by 50% compared to 2022. \u00a0
Decreasing earnings and spot rates are not direct results from decreasing \u00a0
demand, where we despite a challenging year, have seen the market resurge \u00a0
in the last months of 2023, due to increased Chinese coal imports, grain and \u00a0
soybean trade from Brazil to China. \u00a0
The Dry Cargo newbuilding order-book remains at an all-time low order-book \u00a0
to fleet ratio, limiting fleet growth in the coming years. Looking into 2024, we \u00a0
expect the Dry Cargo market to remain volatile due to moderate increase in \u00a0
demand from China. \u00a0
With new exposure and capacity added in 2022, during very high Dry Cargo \u00a0
markets, and an increase in our WACC from 7.75% to 8.30%, Management \u00a0
prepared an impairment assessment in Q4 2023. \u00a0
The recoverable amount of the cash-generating unit was determined based \u00a0
on a value-in-use calculation using cash flow projections generated. This \u00a0
exercise is complex and requires various estimates to be made. \u00a0
3.2 Impairment\u00a0of intangible and tangible assets \u2013 continued \u00a0
The outcome of the impairment assessment revealed an excess value of USD \u00a0
59 million over the carrying value, indicating that there is no requirement for \u00a0
impairment recognition. The discount rate used in the value-in-use calculation \u00a0
was based on a WACC of 8.3%. \u00a0
Although no impairment is required at present, we cannot guarantee that this \u00a0
situation will remain. Future impairment incurred could negatively affect our \u00a0
financial condition, our results, the value of our shares and dividend distri- \u00a0
bution. Given the number of open vessel days, the value-in-use calculation \u00a0
demonstrates a high sensitivity to minor variations in freight rates and WACC. \u00a0
A reduction in the estimated short- and long-term freight rates by USD 1,000 \u00a0
per day would result in an approximate decline of USD 45 million in the value- \u00a0
in-use. Conversely, a 1% increase in the WACC would lead to a decrease of \u00a0
approximately USD 20 million in the value-in-use. For value-in-use to break- \u00a0
even with the carrying amount, it would necessitate a decrease in the freight \u00a0
rate by USD 1,316 per day or, alternatively, an increase in the WACC by 2.95%. \u00a0
CGU Tankers (No goodwill allocated) \u00a0
During 2023, freight rates, still close to historical peaks, decreased 19% \u00a0
compared to last year. Despite the decrease, the average spot rate of a MR \u00a0
remains historically high, with an average of USD 29,782 per day for 2023. \u00a0
Newbuilding orders increased in 2023 and the order-book for MR at year-end \u00a0
ended at 12% of the global fleet. This is driven by expectations of volatile \u00a0
rates and tight yard capacity. \u00a0
With sanctions on Russian export to EU, a limited supply growth of MRs, the \u00a0
situation in the Panama Canal and the Red Sea continuing to impact market \u00a0
efficiency, we expect the attractive rates to continue in 2024. As such, no \u00a0
indications of impairment were identified for Tankers CGU, however, manage- \u00a0
ment remains aware that significant market softness, could trigger a need for \u00a0
an impairment assessment. \u00a0
ACCOUNTING POLICIES \u00a0
For the purpose of impairment testing, assets are grouped into the smallest \u00a0
group of assets that generates cash inflows from continuing use that are \u00a0
largely independent of the cash inflows of other assets or CGUs. \u00a0
Goodwill acquired in a business combination is allocated to groups of CGUs \u00a0
that are expected to benefit from the synergies of the combination. Allocated \u00a0
goodwill undergoes a mandatory annual impairment test along with other \u00a0
assets of the CGU. \u00a0
For CGUs without allocated goodwill, an impairment test is conducted when \u00a0
there is an indication of the carrying amount of the CGU exceed expected \u00a0
recoverable amount. \u00a0
If the carrying amount of the CGU exceeds the recoverable amount, the assets \u00a0
are written down. Impairment loss is first allocated to reduce the carrying \u00a0
amount of goodwill, then to other assets pro-rata, based on each asset's \u00a0
carrying amount. \u00a0
The recoverable amount of each CGU is determined as the greater of the \u00a0
value-in-use and the fair value less cost to sell. \u00a0
Impairment loss recognised for goodwill cannot be reversed. For other \u00a0
assets, an impairment loss is reversed only if the revised carrying amount of \u00a0
the asset does not exceed its carrying amount before the impairment, after \u00a0
depreciation. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
Cash-generating units \u00a0
The determination of cash-generating units differs based on the business \u00a0
units Freight Services & Trading and Assets & Logistics. The degree of inter- \u00a0
dependency between the two business units, in respect of taking decisions \u00a0
related to the vessel capacity, has been evaluated. \u00a0
The conclusion is that interdependency exists, to such an extent, that the cash \u00a0
inflows are not largely independent. Consequently, the respective dry cargo \u00a0
and tanker vessels of the two segments have been included in the respective \u00a0
CGU, either Dry Cargo or Tankers, according to the nature of the vessels. \u00a0
Impairment indicators \u00a0
The assessment of impairment indicators involves complex and subjective \u00a0
judgments by management. These indicators are reviewed to assess the \u00a0
impairment need for our CGUs: \u00a0
\u2022
The obsolescence or physical damage of assets; \u00a0
\u2022
Financial performance of assets and the CGU; \u00a0
\u2022
Freight and time-charter rates; \u00a0
\u2022
Vessel values, newbuilding orders and prices; \u00a0
\u2022
Significant adverse effects from changes in technological, economic, \u00a0
environmental, climate, geopolitical or regulatory environment; \u00a0
\u2022
Increase in market interest rates. \u00a0
The assessment of impairment indicators for intangible assets, owned vessels, \u00a0
right-of-use assets, and prepayments on newbuildings, is based on the CGUs \u00a0
they are included in and assessed concurrently on a portfolio basis. \u00a0
When considering vessel values, two independent broker valuations are \u00a0
obtained. The assessment of newbuilding prices considers market data, inclu- \u00a0
ding known transactions, potential newbuilding prices, and broker analysis. \u00a0
Assessment and calculation inputs \u00a0
If indications exist, the recoverability of the carrying amount of intangible and \u00a0
tangible assets in the related CGU is assessed. This is done by evaluating if \u00a0
the recoverable amount exceeds the carrying amount. \u00a0
The recoverable amount is determined as the higher of the value-in-use and \u00a0
the fair value less costs to sell. The calculation of value-in-use is particularly \u00a0
complex and contains uncertainty, as it relies on expected future cash flows \u00a0
and a discount factor. Significant assumptions are made about long-term \u00a0
freight and time-charter rates when projecting future cash flows. \u00a0
In assessing value in use, assumptions are made regarding historical data, \u00a0
market analysis, and spot and forward market curves. It is important to note \u00a0
the uncertainty pertaining to future market developments, significantly influ- \u00a0
encing the cash flow projections. \u00a0
In the calculation, the lifespan of owned vessels is set at 25 years for both Dry \u00a0
Cargo and Tankers, while the duration for long- and short-term chartered-in \u00a0
vessels is based on contractually agreed periods. \u00a0
Assumptions are made regarding the discount factor, which is generally \u00a0
obtained from the WACC calculated using variables, each with its inherent \u00a0
uncertainty, further complicating the value-in-use calculation. \u00a0
Assessment is impacted by geopolitical situations, such as the war in Ukraine. \u00a0
Additionally, abnormally low water levels in the Panama Canal, resulting from \u00a0
climate change, and disruptions in global trade due to attacks in the Red Sea, \u00a0
contribute to increased macroeconomic uncertainties. \u00a0
The long-term outlook for the adoption of optimal zero-emission technolo- \u00a0
gies carries uncertainties. This uncertainty extends to the potential impact on \u00a0
the value and operational lifespan of owned vessels amidst the transition to \u00a0
sustainability. Currently, management does not believe that climate change \u00a0
has a significant effect on the estimates and judgments related to the impair- \u00a0
ment assessment. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5562": {
"value": "ACCOUNTING POLICIES \u00a0
For the purpose of impairment testing, assets are grouped into the smallest \u00a0
group of assets that generates cash inflows from continuing use that are \u00a0
largely independent of the cash inflows of other assets or CGUs. \u00a0
Goodwill acquired in a business combination is allocated to groups of CGUs \u00a0
that are expected to benefit from the synergies of the combination. Allocated \u00a0
goodwill undergoes a mandatory annual impairment test along with other \u00a0
assets of the CGU. \u00a0
For CGUs without allocated goodwill, an impairment test is conducted when \u00a0
there is an indication of the carrying amount of the CGU exceed expected \u00a0
recoverable amount. \u00a0
If the carrying amount of the CGU exceeds the recoverable amount, the assets \u00a0
are written down. Impairment loss is first allocated to reduce the carrying \u00a0
amount of goodwill, then to other assets pro-rata, based on each asset's \u00a0
carrying amount. \u00a0
The recoverable amount of each CGU is determined as the greater of the \u00a0
value-in-use and the fair value less cost to sell. \u00a0
Impairment loss recognised for goodwill cannot be reversed. For other \u00a0
assets, an impairment loss is reversed only if the revised carrying amount of \u00a0
the asset does not exceed its carrying amount before the impairment, after \u00a0
depreciation. \u00a0
Impairment of right-of-use assets \u00a0
Similar to owned assets, right-of-use assets are subject to testing for impair- \u00a0
ment if there is an indication of impairment. Refer to note 3.2 \"Impairment of \u00a0
intangible and tangible assets\" for further information. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5581": {
"value": "3.3 Intangible\u00a0assets \u00a0
Other \u00a0
intangible \u00a0
Amounts in USD million \u00a0
Goodwill \u00a0
assets \u00a0
Total \u00a0
2023 \u00a0
Cost at 1 January \u00a0
-
-
-
Additions from business combinations \u00a0
35.3 \u00a0
21.6 \u00a0
56.9 \u00a0
Cost at 31 December \u00a0
35.3 \u00a0
21.6 \u00a0
56.9 \u00a0
Amortisation and impairment losses \u00a0
at 1 January \u00a0
-
-
-
Amortisation \u00a0
-
-6.4 \u00a0
-6.4 \u00a0
Amortisation and impairment losses \u00a0
at 31 December \u00a0
-
-6.4 \u00a0
-6.4 \u00a0
Carrying amount at 31 December \u00a0
35.3 \u00a0
15.2 \u00a0
50.5 \u00a0
Intangible assets mainly consist of goodwill, customer relationsships and \u00a0
similar intangible assets, acquired from the acquisition of Thorco Projects on \u00a0
26 June 2023. \u00a0
Goodwill arises when the Group acquires a business and pays a higher \u00a0
amount than the fair value of the net assets acquired, primarily due to the \u00a0
expected synergies. \u00a0
For further details, refer to note 3.7 \"Investments and activities\". \u00a0
As there were no intangible assets in 2022, there are no comparative figures \u00a0
to disclose. \u00a0
ACCOUNTING POLICIES \u00a0
Goodwill \u00a0
Goodwill is initially recognised in the balance sheet as the difference between \u00a0
the fair value of net assets acquired and the consideration transferred. Subse- \u00a0
quently, goodwill is measured at this value less accumulated impairment \u00a0
losses and is not amortised. \u00a0
The carrying amount of goodwill is allocated to each of NORDEN\u2019s CGU's \u00a0
expected to benefit from the synergies of the combination. Goodwill is tested \u00a0
at least annually for impairment, together with the other assets of the oper- \u00a0
ating segment to which goodwill has been allocated. \u00a0
For further information on impairment of intangible assets, refer to note 3.2 \u00a0
\"Impairment of intangible and tangible assets\". \u00a0
Other intangible assets \u00a0
Customer relationships and similar intangible assets with a limited useful life \u00a0
acquired from third parties, either separately or as part of a business combina- \u00a0
tion, are capitalised and amortised over the average life of customer relationship. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5583": {
"value": "ACCOUNTING POLICIES \u00a0
Goodwill \u00a0
Goodwill is initially recognised in the balance sheet as the difference between \u00a0
the fair value of net assets acquired and the consideration transferred. Subse- \u00a0
quently, goodwill is measured at this value less accumulated impairment \u00a0
losses and is not amortised. \u00a0
The carrying amount of goodwill is allocated to each of NORDEN\u2019s CGU's \u00a0
expected to benefit from the synergies of the combination. Goodwill is tested \u00a0
at least annually for impairment, together with the other assets of the oper- \u00a0
ating segment to which goodwill has been allocated. \u00a0
For further information on impairment of intangible assets, refer to note 3.2 \u00a0
\"Impairment of intangible and tangible assets\". \u00a0
Other intangible assets \u00a0
Customer relationships and similar intangible assets with a limited useful life \u00a0
acquired from third parties, either separately or as part of a business combina- \u00a0
tion, are capitalised and amortised over the average life of customer relationship. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5584": {
"value": "ACCOUNTING POLICIES \u00a0
Goodwill \u00a0
Goodwill is initially recognised in the balance sheet as the difference between \u00a0
the fair value of net assets acquired and the consideration transferred. Subse- \u00a0
quently, goodwill is measured at this value less accumulated impairment \u00a0
losses and is not amortised. \u00a0
The carrying amount of goodwill is allocated to each of NORDEN\u2019s CGU's \u00a0
expected to benefit from the synergies of the combination. Goodwill is tested \u00a0
at least annually for impairment, together with the other assets of the oper- \u00a0
ating segment to which goodwill has been allocated. \u00a0
For further information on impairment of intangible assets, refer to note 3.2 \u00a0
\"Impairment of intangible and tangible assets\". \u00a0
Other intangible assets \u00a0
Customer relationships and similar intangible assets with a limited useful life \u00a0
acquired from third parties, either separately or as part of a business combina- \u00a0
tion, are capitalised and amortised over the average life of customer relationship. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
For further details, refer to accounting judgements and estimates in note 3.2 \u00a0
\"Impairment of intangible and tangible assets\". \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5586": {
"value": "ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
For further details, refer to accounting judgements and estimates in note 3.2 \u00a0
\"Impairment of intangible and tangible assets\". \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5587": {
"value": "ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
For further details, refer to accounting judgements and estimates in note 3.2 \u00a0
\"Impairment of intangible and tangible assets\". \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5590": {
"value": "3.4 Tangible\u00a0assets \u00a0
Prepayments \u00a0
Property and\u00a0on vessels and \u00a0
Amounts in USD million \u00a0
Vessels \u00a0
equipment \u00a0
newbuildings \u00a0
Total \u00a0
2023 \u00a0
Cost at 1 January \u00a0
663.2 \u00a0
56.8 \u00a0
32.1 \u00a0
752.1 \u00a0
Additions \u00a0
150.6 \u00a0
0.8 \u00a0
76.8 \u00a0
228.2 \u00a0
Disposals \u00a0
-2.5 \u00a0
-0.4 \u00a0
-
-2.9 \u00a0
Transferred from prepayments on vessels and newbuildings \u00a0
65.1 \u00a0
-
-65.1 \u00a0
-
Transferred to tangible assets held for sale \u00a0
-280.7 \u00a0
-
-6.8 \u00a0
-287.5 \u00a0
Cost at 31 December \u00a0
595.7 \u00a0
57.2 \u00a0
37.0 \u00a0
689.9 \u00a0
Depreciation and impairment losses at 1 January \u00a0
-137.6 \u00a0
-6.4 \u00a0
-
-144.0 \u00a0
Depreciation \u00a0
-31.4 \u00a0
-1.3 \u00a0
-
-32.7 \u00a0
Impairment of assets \u00a0
-1.2 \u00a0
-
-
-1.2 \u00a0
Reversal of impairment losses \u00a0
-
-
-
-
Disposals related to derecognised assets \u00a0
2.5 \u00a0
0.1 \u00a0
-
2.6 \u00a0
Transferred to tangible assets held for sale \u00a0
75.5 \u00a0
-
-
75.5 \u00a0
Depreciation and impairment losses at 31 December \u00a0
-92.2 \u00a0
-7.6 \u00a0
-
-99.8 \u00a0
Carrying amount at 31 December \u00a0
503.5 \u00a0
49.6 \u00a0
37.0 \u00a0
590.1 \u00a0
Capital commitments \u00a0
The Group has entered into agreements for future delivery of vessels. \u00a0
Amounts in USD million \u00a0
<1 year \u00a0
1-3 years \u00a0
>3 years \u00a0
Total \u00a0
The remaining contract amount is payable as follows: \u00a0
95.0 \u00a0
165.0 \u00a0
-
260.0 \u00a0
Prepayments \u00a0
Property and\u00a0on vessels and \u00a0
Amounts in USD million \u00a0
Vessels \u00a0
equipment \u00a0
newbuildings \u00a0
Total \u00a0
2022 \u00a0
Cost at 1 January \u00a0
951.3 \u00a0
56.8 \u00a0
11.3 \u00a0
1,019.4 \u00a0
Additions \u00a0
99.2 \u00a0
1.7 \u00a0
122.6 \u00a0
223.5 \u00a0
Disposals \u00a0
-
-1.7 \u00a0
-
-1.7 \u00a0
Transferred from prepayments on vessels and newbuildings \u00a0
56.8 \u00a0
-
-56.8 \u00a0
-
Transferred to tangible assets held for sale \u00a0
-444.1 \u00a0
-
-45.0 \u00a0
-489.1 \u00a0
Cost at 31 December \u00a0
663.2 \u00a0
56.8 \u00a0
32.1 \u00a0
752.1 \u00a0
Depreciation and impairment losses at 1 January \u00a0
-248.3 \u00a0
-7.1 \u00a0
-
-255.4 \u00a0
Depreciation \u00a0
-37.2 \u00a0
-1.0 \u00a0
-
-38.2 \u00a0
Impairment of assets \u00a0
-17.4 \u00a0
-
-
-17.4 \u00a0
Reversal of impairment losses \u00a0
4.9 \u00a0
-
-
4.9 \u00a0
Disposals related to derecognised assets \u00a0
-
1.7 \u00a0
-
1.7 \u00a0
Transferred to tangible assets held for sale \u00a0
160.4 \u00a0
-
-
160.4 \u00a0
Depreciation and impairment losses at 31 December \u00a0
-137.6 \u00a0
-6.4 \u00a0
-
-144.0 \u00a0
Carrying amount at 31 December \u00a0
525.6 \u00a0
50.4 \u00a0
32.1 \u00a0
608.1 \u00a0
Capital commitments \u00a0
The Group has entered into agreements for future delivery of vessels. \u00a0
Amounts in USD million \u00a0
<1 year \u00a0
1-3 years \u00a0
>3 years \u00a0
Total \u00a0
The remaining contract amount is payable as follows: \u00a0
107.0 \u00a0
8.0 \u00a0
-
115.0 \u00a0
ACCOUNTING POLICIES \u00a0
Tangible assets are measured at cost less accumulated depreciation and \u00a0
impairment losses. Cost comprises the acquisition price and costs directly \u00a0
related to the acquisition up until the time when the asset is ready for use. \u00a0
Borrowing costs concerning either specific or general borrowing directly \u00a0
related to assets with an extended construction period are included in cost \u00a0
over the period of construction. \u00a0
Depreciation is based on the straight-line method over the estimated useful \u00a0
lives of the assets. Depreciation is calculated based on the following esti- \u00a0
mated useful lives: \u00a0
\u2022
Buildings \u00a0
50 years \u00a0
\u2022
Land \u00a0
Not depreciated \u00a0
\u2022
Logistics assets \u00a0
5-25 years \u00a0
\u2022
Vessels \u00a0
25 years \u00a0
\u2022
Fixtures, fittings and equipment \u00a0
3-10 years \u00a0
Useful lives of the assets and residual values are reviewed and adjusted at \u00a0
each balance sheet date, if appropriate. \u00a0
Vessels \u00a0
Dry docking costs are recognised in the carrying amount of vessels when \u00a0
incurred and depreciated over the period until the next dry docking. The \u00a0
scrap value of vessels is determined based on the market price per light- \u00a0
weight tonne for scrapping of the vessel. \u00a0
The depreciation period for second-hand vessels is determined on the basis of \u00a0
the condition and age of the vessels at the time of acquisition, but the depreci- \u00a0
ation period does not exceed 25 years from delivery from the shipyard. \u00a0
Prepayments on newbuildings are recognised in assets as vessels under \u00a0
construction as payments are made. At the delivery of the vessel, it is reclassi- \u00a0
fied to the item \u201cVessels\u201d. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5592": {
"value": "3.4 Tangible\u00a0assets \u00a0
Prepayments \u00a0
Property and\u00a0on vessels and \u00a0
Amounts in USD million \u00a0
Vessels \u00a0
equipment \u00a0
newbuildings \u00a0
Total \u00a0
2023 \u00a0
Cost at 1 January \u00a0
663.2 \u00a0
56.8 \u00a0
32.1 \u00a0
752.1 \u00a0
Additions \u00a0
150.6 \u00a0
0.8 \u00a0
76.8 \u00a0
228.2 \u00a0
Disposals \u00a0
-2.5 \u00a0
-0.4 \u00a0
-
-2.9 \u00a0
Transferred from prepayments on vessels and newbuildings \u00a0
65.1 \u00a0
-
-65.1 \u00a0
-
Transferred to tangible assets held for sale \u00a0
-280.7 \u00a0
-
-6.8 \u00a0
-287.5 \u00a0
Cost at 31 December \u00a0
595.7 \u00a0
57.2 \u00a0
37.0 \u00a0
689.9 \u00a0
Depreciation and impairment losses at 1 January \u00a0
-137.6 \u00a0
-6.4 \u00a0
-
-144.0 \u00a0
Depreciation \u00a0
-31.4 \u00a0
-1.3 \u00a0
-
-32.7 \u00a0
Impairment of assets \u00a0
-1.2 \u00a0
-
-
-1.2 \u00a0
Reversal of impairment losses \u00a0
-
-
-
-
Disposals related to derecognised assets \u00a0
2.5 \u00a0
0.1 \u00a0
-
2.6 \u00a0
Transferred to tangible assets held for sale \u00a0
75.5 \u00a0
-
-
75.5 \u00a0
Depreciation and impairment losses at 31 December \u00a0
-92.2 \u00a0
-7.6 \u00a0
-
-99.8 \u00a0
Carrying amount at 31 December \u00a0
503.5 \u00a0
49.6 \u00a0
37.0 \u00a0
590.1 \u00a0
Prepayments \u00a0
Property and\u00a0on vessels and \u00a0
Amounts in USD million \u00a0
Vessels \u00a0
equipment \u00a0
newbuildings \u00a0
Total \u00a0
2022 \u00a0
Cost at 1 January \u00a0
951.3 \u00a0
56.8 \u00a0
11.3 \u00a0
1,019.4 \u00a0
Additions \u00a0
99.2 \u00a0
1.7 \u00a0
122.6 \u00a0
223.5 \u00a0
Disposals \u00a0
-
-1.7 \u00a0
-
-1.7 \u00a0
Transferred from prepayments on vessels and newbuildings \u00a0
56.8 \u00a0
-
-56.8 \u00a0
-
Transferred to tangible assets held for sale \u00a0
-444.1 \u00a0
-
-45.0 \u00a0
-489.1 \u00a0
Cost at 31 December \u00a0
663.2 \u00a0
56.8 \u00a0
32.1 \u00a0
752.1 \u00a0
Depreciation and impairment losses at 1 January \u00a0
-248.3 \u00a0
-7.1 \u00a0
-
-255.4 \u00a0
Depreciation \u00a0
-37.2 \u00a0
-1.0 \u00a0
-
-38.2 \u00a0
Impairment of assets \u00a0
-17.4 \u00a0
-
-
-17.4 \u00a0
Reversal of impairment losses \u00a0
4.9 \u00a0
-
-
4.9 \u00a0
Disposals related to derecognised assets \u00a0
-
1.7 \u00a0
-
1.7 \u00a0
Transferred to tangible assets held for sale \u00a0
160.4 \u00a0
-
-
160.4 \u00a0
Depreciation and impairment losses at 31 December \u00a0
-137.6 \u00a0
-6.4 \u00a0
-
-144.0 \u00a0
Carrying amount at 31 December \u00a0
525.6 \u00a0
50.4 \u00a0
32.1 \u00a0
608.1 \u00a0
Amounts recognised in the statement of financial position \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Right-of-use assets \u00a0
Cost at 1 January \u00a0
1,147.6 \u00a0
958.3 \u00a0
Additions \u00a0
92.6 \u00a0
244.7 \u00a0
Remeasurements \u00a0
105.7 \u00a0
78.1 \u00a0
Disposals \u00a0
-315.5 \u00a0
-133.5 \u00a0
Cost at 31 December \u00a0
1,030.4 \u00a0
1,147.6 \u00a0
Depreciation at 1 January \u00a0
-693.6 \u00a0
-401.8 \u00a0
Depreciation \u00a0
-294.9 \u00a0
-420.0 \u00a0
Disposals \u00a0
313.1 \u00a0
128.2 \u00a0
Depreciation at 31 December \u00a0
-675.4 \u00a0
-693.6 \u00a0
Carrying amount at 31 December \u00a0
355.0 \u00a0
454.0 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5594": {
"value": "Capital commitments \u00a0
The Group has entered into agreements for future delivery of vessels. \u00a0
Amounts in USD million \u00a0
<1 year \u00a0
1-3 years \u00a0
>3 years \u00a0
Total \u00a0
The remaining contract amount is payable as follows: \u00a0
95.0 \u00a0
165.0 \u00a0
-
260.0 \u00a0
Capital commitments \u00a0
The Group has entered into agreements for future delivery of vessels. \u00a0
Amounts in USD million \u00a0
<1 year \u00a0
1-3 years \u00a0
>3 years \u00a0
Total \u00a0
The remaining contract amount is payable as follows: \u00a0
107.0 \u00a0
8.0 \u00a0
-
115.0 \u00a0
Prepayments on newbuildings are recognised in assets as vessels under \u00a0
construction as payments are made. At the delivery of the vessel, it is reclassi- \u00a0
fied to the item \u201cVessels\u201d. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5595": {
"value": "Capital commitments \u00a0
The Group has entered into agreements for future delivery of vessels. \u00a0
Amounts in USD million \u00a0
<1 year \u00a0
1-3 years \u00a0
>3 years \u00a0
Total \u00a0
The remaining contract amount is payable as follows: \u00a0
95.0 \u00a0
165.0 \u00a0
-
260.0 \u00a0
Capital commitments \u00a0
The Group has entered into agreements for future delivery of vessels. \u00a0
Amounts in USD million \u00a0
<1 year \u00a0
1-3 years \u00a0
>3 years \u00a0
Total \u00a0
The remaining contract amount is payable as follows: \u00a0
107.0 \u00a0
8.0 \u00a0
-
115.0 \u00a0
Prepayments on newbuildings are recognised in assets as vessels under \u00a0
construction as payments are made. At the delivery of the vessel, it is reclassi- \u00a0
fied to the item \u201cVessels\u201d. \u00a0
4.7 Unrecognised\u00a0contingent assets and liabilities \u00a0
Claims have been made against the Group, primarily concerning discharge \u00a0
responsibility and broker fees, etc. The Group and its legal advisers consider \u00a0
the claims unjustified, and it is Management\u2019s opinion that the claims will not \u00a0
have any material impact on the Group\u2019s financial position, results of opera- \u00a0
tions and cash flows. \u00a0
The Group has provided financial support for its liabilities regarding the joint \u00a0
venture Polar Navigation Ltd. \u00a0
ACCOUNTING POLICIES \u00a0
Contingent assets are recognised when it is virtually certain that the claim will \u00a0
have a positive outcome for the Group. A contingent liability is recognised if \u00a0
it is likely that the claim will have a negative outcome and when the amount is \u00a0
estimable. Rulings in connection with such matters may in future accounting \u00a0
periods produce realised gains or losses, which may differ considerably from \u00a0
the recognised amounts or information. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
Management assesses provisions and contingencies on an ongoing basis, \u00a0
as well as the likely outcome of pending or potential legal proceedings, etc. \u00a0
The assessments are made on the basis of legal opinions of the signed agree- \u00a0
ments, which in considerable claims also include assessments obtained from \u00a0
external advisers, including external legal advisers, among others. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5602": {
"value": "ACCOUNTING POLICIES \u00a0
Tangible assets are measured at cost less accumulated depreciation and \u00a0
impairment losses. Cost comprises the acquisition price and costs directly \u00a0
related to the acquisition up until the time when the asset is ready for use. \u00a0
Borrowing costs concerning either specific or general borrowing directly \u00a0
related to assets with an extended construction period are included in cost \u00a0
over the period of construction. \u00a0
Depreciation is based on the straight-line method over the estimated useful \u00a0
lives of the assets. Depreciation is calculated based on the following esti- \u00a0
mated useful lives: \u00a0
\u2022
Buildings \u00a0
50 years \u00a0
\u2022
Land \u00a0
Not depreciated \u00a0
\u2022
Logistics assets \u00a0
5-25 years \u00a0
\u2022
Vessels \u00a0
25 years \u00a0
\u2022
Fixtures, fittings and equipment \u00a0
3-10 years \u00a0
Useful lives of the assets and residual values are reviewed and adjusted at \u00a0
each balance sheet date, if appropriate. \u00a0
Vessels \u00a0
Dry docking costs are recognised in the carrying amount of vessels when \u00a0
incurred and depreciated over the period until the next dry docking. The \u00a0
scrap value of vessels is determined based on the market price per light- \u00a0
weight tonne for scrapping of the vessel. \u00a0
The depreciation period for second-hand vessels is determined on the basis of \u00a0
the condition and age of the vessels at the time of acquisition, but the depreci- \u00a0
ation period does not exceed 25 years from delivery from the shipyard. \u00a0
Prepayments on newbuildings are recognised in assets as vessels under \u00a0
construction as payments are made. At the delivery of the vessel, it is reclassi- \u00a0
fied to the item \u201cVessels\u201d. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5603": {
"value": "ACCOUNTING POLICIES \u00a0
Tangible assets are measured at cost less accumulated depreciation and \u00a0
impairment losses. Cost comprises the acquisition price and costs directly \u00a0
related to the acquisition up until the time when the asset is ready for use. \u00a0
Borrowing costs concerning either specific or general borrowing directly \u00a0
related to assets with an extended construction period are included in cost \u00a0
over the period of construction. \u00a0
Depreciation is based on the straight-line method over the estimated useful \u00a0
lives of the assets. Depreciation is calculated based on the following esti- \u00a0
mated useful lives: \u00a0
\u2022
Buildings \u00a0
50 years \u00a0
\u2022
Land \u00a0
Not depreciated \u00a0
\u2022
Logistics assets \u00a0
5-25 years \u00a0
\u2022
Vessels \u00a0
25 years \u00a0
\u2022
Fixtures, fittings and equipment \u00a0
3-10 years \u00a0
Useful lives of the assets and residual values are reviewed and adjusted at \u00a0
each balance sheet date, if appropriate. \u00a0
Vessels \u00a0
Dry docking costs are recognised in the carrying amount of vessels when \u00a0
incurred and depreciated over the period until the next dry docking. The \u00a0
scrap value of vessels is determined based on the market price per light- \u00a0
weight tonne for scrapping of the vessel. \u00a0
The depreciation period for second-hand vessels is determined on the basis of \u00a0
the condition and age of the vessels at the time of acquisition, but the depreci- \u00a0
ation period does not exceed 25 years from delivery from the shipyard. \u00a0
Prepayments on newbuildings are recognised in assets as vessels under \u00a0
construction as payments are made. At the delivery of the vessel, it is reclassi- \u00a0
fied to the item \u201cVessels\u201d. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5614": {
"value": "3.5 Right-of-use\u00a0assets \u00a0
The nature of leasing activities \u00a0
The majority of lease contracts are time charter contracts on vessels, while \u00a0
a minor part is the lease of office space, and other equipment from external \u00a0
parties under non-cancellable lease agreements. Leases have varying terms, \u00a0
including options to extend and options to purchase. \u00a0
2023 \u00a0
2022 \u00a0
No. of right-of use-assets leased \u00a0
142 \u00a0
153 \u00a0
- of this, index leases \u00a0
14 \u00a0
4
Range of remaining term of leases, in years \u00a0
0-6 \u00a0
0-5 \u00a0
Average remaining term of leases, in years \u00a0
2.4 \u00a0
2.5 \u00a0
No. of leases with extension options \u00a0
70 \u00a0
82 \u00a0
No. of leases with purchase options \u00a0
81 \u00a0
77 \u00a0
Amounts recognised in the statement of financial position \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Right-of-use assets \u00a0
Cost at 1 January \u00a0
1,147.6 \u00a0
958.3 \u00a0
Additions \u00a0
92.6 \u00a0
244.7 \u00a0
Remeasurements \u00a0
105.7 \u00a0
78.1 \u00a0
Disposals \u00a0
-315.5 \u00a0
-133.5 \u00a0
Cost at 31 December \u00a0
1,030.4 \u00a0
1,147.6 \u00a0
Depreciation at 1 January \u00a0
-693.6 \u00a0
-401.8 \u00a0
Depreciation \u00a0
-294.9 \u00a0
-420.0 \u00a0
Disposals \u00a0
313.1 \u00a0
128.2 \u00a0
Depreciation at 31 December \u00a0
-675.4 \u00a0
-693.6 \u00a0
Carrying amount at 31 December \u00a0
355.0 \u00a0
454.0 \u00a0
Amounts recognised in the income statement \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Depreciation of right-of-use assets \u00a0
294.9 \u00a0
420.0 \u00a0
Interest expenses related to lease liabilities \u00a0
31.4 \u00a0
32.3 \u00a0
Expenses related to the service component \u00a0
257.6 \u00a0
285.7 \u00a0
Expenses related to short-term leases \u00a0
1,237.3 \u00a0
1,866.0 \u00a0
Future expenses related to short-term leases \u00a0
294.5 \u00a0
290.9 \u00a0
Leases with future commencement date \u00a0
The Group has entered into lease agreements with future commencement \u00a0
dates, which will affect the statement of financial position as shown below, \u00a0
when the time-chartered vessels will be delivered, and the Group obtains the \u00a0
right to direct the use of the asset. \u00a0
Daily running cost \u00a0
The Group has elected to separate lease and non-lease components. For \u00a0
these contracts, the consideration is allocated based on the relative stand- \u00a0
alone prices between the lease and non-lease component. For time charter \u00a0
contracts, the non-lease component is the technical management services \u00a0
provided to operate the vessel. The future effect in the income statement \u00a0
related to the non-lease component (daily running costs) is shown on the \u00a0
following page. \u00a0
Extension options \u00a0
Some leases include an option to be extended for one additional year at a \u00a0
time. Where\u00a0practicable, the Group seeks to include extension options in \u00a0
new leases to provide operational flexibility. The extension options held are \u00a0
exercisable only by the Group and not by the lessors. \u00a0
At the lease commencement date, the Group assesses whether it is reason- \u00a0
ably certain that the extension option will be exercised. If significant events or \u00a0
changes in circumstances within its control occur, the Group reassesses this \u00a0
certainty. \u00a0
If all available extension options at year end were exercised when possible, the \u00a0
right-of-use asset and corresponding lease liability would increase by the following \u00a0
amounts in each future year (undiscounted and excluding the non-lease compo- \u00a0
nent). \u00a0
ACCOUNTING POLICIES \u00a0
At inception of a new contract, NORDEN assesses whether a contract is a \u00a0
lease or contains a lease. This involves exercise of judgement as to whether: \u00a0
\u2022
the contract depends on the use of a specific asset \u00a0
\u2022
NORDEN obtains substantially all the economic benefits from the use of \u00a0
the asset \u00a0
\u2022
NORDEN has the right to direct the use of the asset. \u00a0
NORDEN recognises right-of-use assets at the commencement date of the \u00a0
lease (i.e. the date the underlying asset is available for use). Right-of-use \u00a0
assets are measured at cost less any accumulated depreciation, impairment \u00a0
losses and adjusted for any remeasurement of lease liabilities. \u00a0
The cost of right-of-use assets includes the amount of lease liabilities recog- \u00a0
nised, and lease payments made before the commencement date. Unless \u00a0
NORDEN is reasonably certain to obtain ownership of the leased asset at the \u00a0
end of the lease term, the recognised right-of-use assets are depreciated on a \u00a0
straight-line basis over the shorter of its estimated useful life and the lease term. \u00a0
Impairment of right-of-use assets \u00a0
Similar to owned assets, right-of-use assets are subject to testing for impair- \u00a0
ment if there is an indication of impairment. Refer to note 3.2 \"Impairment of \u00a0
intangible and tangible assets\" for further information. \u00a0
Short-term leases and leases of low-value assets \u00a0
NORDEN applies the lease recognition exemptions related to the short-term \u00a0
leases (lease term of 12 months or less) and leases of low-value assets. Lease \u00a0
payments on short-term leases and leases of low-value assets are recognised \u00a0
in the income statement as an expense on a straight-line basis over the lease \u00a0
term. \u00a0
Sale and leaseback \u00a0
For sale and leaseback transactions, if there is a transfer of control within \u00a0
the meaning of IFRS 15, NORDEN as the seller-lessee measures the right- \u00a0
of-use asset arising from the leaseback at the proportion of the previous \u00a0
carrying amount of the asset that relates to the right of use retained by the \u00a0
seller-lessee. \u00a0
Any gain or loss that relates to the rights transferred to the buyer-lessor is \u00a0
recognised in profit or loss. \u00a0
If there is no transfer of control, the seller-lessee recognises the transaction \u00a0
as a financing transaction. While the transaction is legally subject to a lease \u00a0
contract, it is not accounted for as a lease and the underlying asset is not \u00a0
derecognised. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
NORDEN has elected to separate lease and non-lease components for leases \u00a0
of time charter contracts on vessels. For these contracts, the estimated \u00a0
non-lease component (daily running costs) is excluded from the right-of-use \u00a0
assets. \u00a0
Assessing the consideration attributable to the non-lease component \u00a0
includes a significant accounting judgement, where Management uses market \u00a0
data from an independent service provider. The market data consists of \u00a0
benchmarking reports and allows NORDEN to benchmark vessels' operating \u00a0
costs against a global sample. The measurement of the non-lease component \u00a0
takes several factors into consideration such as operating costs, aging of the \u00a0
vessels, vessel types, etc. \u00a0
In this regard, Management assesses the service provider\u2019s independence, \u00a0
objectivity and qualifications and whether the market data is appropriate for \u00a0
the purpose, e.g. based on sufficient market data. \u00a0
Freight Services & Trading \u00a0
Assets & Logistics \u00a0
Group \u00a0
Amounts in USD million \u00a0
<1 year \u00a0
1-5 years\u00a0>5 years \u00a0
Total \u00a0
<1 year \u00a0
1-5 years \u00a0
>5 years \u00a0
Total \u00a0
Total \u00a0
2023 \u00a0
Leases with future commencement date (+12 mths.) \u00a0
11.9 \u00a0
-
-
11.9 \u00a0
110.5 \u00a0
194.5 \u00a0
-
305.0 \u00a0
316.9 \u00a0
Extension options \u00a0
-
8.8 \u00a0
-
8.8 \u00a0
29.7 \u00a0
414.3 \u00a0
138.1 \u00a0
582.1 \u00a0
590.9 \u00a0
Daily running cost \u00a0
78.5 \u00a0
24.7 \u00a0
-
103.2 \u00a0
123.4 \u00a0
285.0 \u00a0
24.3 \u00a0
432.7 \u00a0
535.9 \u00a0
2022 \u00a0
Leases with future commencement date (+12 mths.) \u00a0
0.5 \u00a0
-
-
0.5 \u00a0
27.7 \u00a0
139.6 \u00a0
-
167.3 \u00a0
167.8 \u00a0
Extension options \u00a0
19.6 \u00a0
9.6 \u00a0
-
29.2 \u00a0
38.8 \u00a0
344.3 \u00a0
168.7 \u00a0
551.8 \u00a0
581.0 \u00a0
Daily running cost \u00a0
76.2 \u00a0
15.1 \u00a0
-
91.3 \u00a0
137.0 \u00a0
266.6 \u00a0
7.7 \u00a0
411.3 \u00a0
502.6 \u00a0
3.6 Subleasing \u00a0
This note provides information on leases where the Group is the lessor. \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Amounts recognised in the income statement \u00a0
Revenue from sublease financial income* \u00a0
6.2 \u00a0
2.8 \u00a0
Gain on sublease recognition* \u00a0
65.0 \u00a0
55.7 \u00a0
Revenue - sublease financial income and gains \u00a0
71.2 \u00a0
58.5 \u00a0
Amounts recognised in the statement of cash flows \u00a0
Instalment on sublease receivables \u00a0
130.2 \u00a0
52.9 \u00a0
Receivables from subleasing \u00a0
Receivables from subleases at 1 January \u00a0
91.9 \u00a0
32.8 \u00a0
Additions \u00a0
122.5 \u00a0
111.0 \u00a0
Disposals \u00a0
-0.9 \u00a0
-6.3 \u00a0
Remeasurements \u00a0
11.3 \u00a0
7.3 \u00a0
Payments received \u00a0
-130.2 \u00a0
-52.9 \u00a0
Receivables from subleases at 31 December \u00a0
94.6 \u00a0
91.9 \u00a0
* Included in revenue \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Sublease receivables, contractual undiscounted \u00a0
payments: \u00a0
<1 year \u00a0
82.9 \u00a0
77.3 \u00a0
1-2 years \u00a0
16.5 \u00a0
23.6 \u00a0
2-3 years \u00a0
0.9 \u00a0
-
Total \u00a0
100.3 \u00a0
100.9 \u00a0
ACCOUNTING POLICIES \u00a0
NORDEN enters into arrangements to sublease an underlying asset to a third \u00a0
party, while NORDEN retains the primary obligation under the original lease. \u00a0
In such arrangements, NORDEN acts as both the lessee and lessor of the \u00a0
same underlying asset. \u00a0
If a leased vessel is subleased under terms transferring substantially all remaining \u00a0
risks and rewards under the head lease to the lessee in the sublease, the right- \u00a0
of-use asset is derecognised, and a lease receivable is recognised. Gain/loss on the \u00a0
derecognised right-of-use asset is recognised in the income statement as revenue. \u00a0
During the term of the sublease, NORDEN recognises both finance income on \u00a0
the sublease (as revenue) and interest expense on the head lease (as financial \u00a0
expenses). \u00a0
Cash flows \u00a0
Cash payments received on sublease receivables are classified within the \u00a0
operating activities. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
Management\u2019s assessment of whether leases on vessels should be classified \u00a0
as finance or operating leases is based on an overall evaluation of each lease. \u00a0
4.2 Loans,\u00a0bonds and lease liabilities \u00a0
Amounts in USD million \u00a0
Loans \u00a0
Bonds \u00a0
Leasing \u00a0
Total \u00a0
2023 \u00a0
Interest-bearing debt at 1 January \u00a0
221.6 \u00a0
73.7 \u00a0
519.5 \u00a0
814.8 \u00a0
Proceeds/additions \u00a0
-
-
152.7 \u00a0
152.7 \u00a0
Remeasurements \u00a0
-
-
120.3 \u00a0
120.3 \u00a0
Repayments/instalments \u00a0
-109.6 \u00a0
-2.4 \u00a0
-366.7 \u00a0
-478.7 \u00a0
Other adjustments/disposals \u00a0
-
-
-7.3 \u00a0
-7.3 \u00a0
Interest-bearing liabilities at 31 December \u00a0
112.0 \u00a0
71.3 \u00a0
418.5 \u00a0
601.8 \u00a0
Current debt \u00a0
2.2 \u00a0
71.3 \u00a0
265.5 \u00a0
339.0 \u00a0
Non-current debt \u00a0
109.8 \u00a0
-
153.0 \u00a0
262.8 \u00a0
Total \u00a0
112.0 \u00a0
71.3 \u00a0
418.5 \u00a0
601.8 \u00a0
Fixed-rate \u00a0
105.7 \u00a0
-
418.5 \u00a0
524.2 \u00a0
Floating-rate \u00a0
6.5 \u00a0
-
-
6.5 \u00a0
Bonds, floating-rate \u00a0
-
71.3 \u00a0
-
71.3 \u00a0
Commission \u00a0
-0.2 \u00a0
-
-
-0.2 \u00a0
Total \u00a0
112.0 \u00a0
71.3 \u00a0
418.5 \u00a0
601.8 \u00a0
Mortgages and securities \u00a0
Security for loans \u00a0
8.0 \u00a0
-
-
8.0 \u00a0
\u2013 number of vessels pledged \u00a0
5
-
-
5
\u2013 number of buildings pledged \u00a0
2
-
-
2
\u2013 carrying amount \u00a0
176.9 \u00a0
-
-
176.9 \u00a0
\u2013 mortgaged amount \u00a0
196.2 \u00a0
-
-
196.2 \u00a0
Amount insured on vessels \u00a0
218.4 \u00a0
-
-
218.4 \u00a0
Amounts in USD million \u00a0
Loans \u00a0
Bonds \u00a0
Leasing \u00a0
Total \u00a0
2022 \u00a0
Interest-bearing debt at 1 January \u00a0
342.0 \u00a0
98.7 \u00a0
607.7 \u00a0
1,048.4 \u00a0
Proceeds/additions \u00a0
60.6 \u00a0
-
300.4 \u00a0
361.0 \u00a0
Remeasurements \u00a0
-
-
83.2 \u00a0
83.2 \u00a0
Repayments/instalments \u00a0
-180.4 \u00a0
-25.5 \u00a0
-466.4 \u00a0
-672.3 \u00a0
Other adjustments/disposals \u00a0
-0.6 \u00a0
0.5 \u00a0
-5.4 \u00a0
-5.5 \u00a0
Interest-bearing liabilities at 31 December \u00a0
221.6 \u00a0
73.7 \u00a0
519.5 \u00a0
814.8 \u00a0
Current debt \u00a0
21.0 \u00a0
-
276.2 \u00a0
297.2 \u00a0
Non-current debt \u00a0
200.6 \u00a0
73.7 \u00a0
243.3 \u00a0
517.6 \u00a0
Total \u00a0
221.6 \u00a0
73.7 \u00a0
519.5 \u00a0
814.8 \u00a0
Fixed-rate \u00a0
107.1 \u00a0
-
519.5 \u00a0
626.6 \u00a0
Floating-rate \u00a0
115.2 \u00a0
-
-
115.2 \u00a0
Bonds, floating-rate \u00a0
-
73.7 \u00a0
-
73.7 \u00a0
Commission \u00a0
-0.7 \u00a0
-
-
-0.7 \u00a0
Total \u00a0
221.6 \u00a0
73.7 \u00a0
519.5 \u00a0
814.8 \u00a0
Mortgages and securities \u00a0
Security for loans \u00a0
116.2 \u00a0
-
-
116.2 \u00a0
\u2013 number of vessels pledged \u00a0
13 \u00a0
-
-
13 \u00a0
\u2013 number of buildings pledged \u00a0
2
-
-
2
\u2013 carrying amount \u00a0
388.2 \u00a0
-
-
388.2 \u00a0
\u2013 mortgaged amount \u00a0
485.5 \u00a0
-
-
485.5 \u00a0
Amount insured on vessels \u00a0
564.0 \u00a0
-
-
564.0 \u00a0
Lease liabilities \u00a0
At the commencement date of a lease, NORDEN recognises lease liabilities \u00a0
measured at the present value of lease payments to be made over the lease \u00a0
term. \u00a0
The lease term comprises the non-cancellable period with addition of periods \u00a0
covered 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
payments include fixed payments and variable payments depending on \u00a0
an index or a rate. The lease payments also include the exercise price of a \u00a0
purchase option reasonably certain to be exercised by NORDEN. \u00a0
Lease payments are allocated between principal and finance cost. The \u00a0
finance cost is charged to the income statement over the lease period to \u00a0
produce a constant period rate of interest on the remaining balance of the \u00a0
liabilities for each period. \u00a0
In calculating the present value of lease payments, NORDEN uses the incre- \u00a0
mental borrowing rate at the lease commencement date. The incremental \u00a0
borrowing rate applied is in the range of 4-7%, depending on the maturity of \u00a0
the lease contracts. \u00a0
In addition, the carrying amount of lease liabilities is remeasured if there is a \u00a0
modification, a change in the lease term, a change in the fixed lease payments \u00a0
or a change in the assessment to purchase the underlying asset. \u00a0
Cash flows \u00a0
In the statement of cash flows, cash payments for the principal portion of the \u00a0
lease liabilities and related cash payments for the interest portion are classi- \u00a0
fied within the financing activities. For short-term leases or leases of low-value \u00a0
assets, the lease payments are classified in the operating activities. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5619": {
"value": "Amounts recognised in the income statement \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Depreciation of right-of-use assets \u00a0
294.9 \u00a0
420.0 \u00a0
Interest expenses related to lease liabilities \u00a0
31.4 \u00a0
32.3 \u00a0
Expenses related to the service component \u00a0
257.6 \u00a0
285.7 \u00a0
Expenses related to short-term leases \u00a0
1,237.3 \u00a0
1,866.0 \u00a0
Future expenses related to short-term leases \u00a0
294.5 \u00a0
290.9 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5626": {
"value": "ACCOUNTING POLICIES \u00a0
At inception of a new contract, NORDEN assesses whether a contract is a \u00a0
lease or contains a lease. This involves exercise of judgement as to whether: \u00a0
\u2022
the contract depends on the use of a specific asset \u00a0
\u2022
NORDEN obtains substantially all the economic benefits from the use of \u00a0
the asset \u00a0
\u2022
NORDEN has the right to direct the use of the asset. \u00a0
NORDEN recognises right-of-use assets at the commencement date of the \u00a0
lease (i.e. the date the underlying asset is available for use). Right-of-use \u00a0
assets are measured at cost less any accumulated depreciation, impairment \u00a0
losses and adjusted for any remeasurement of lease liabilities. \u00a0
The cost of right-of-use assets includes the amount of lease liabilities recog- \u00a0
nised, and lease payments made before the commencement date. Unless \u00a0
NORDEN is reasonably certain to obtain ownership of the leased asset at the \u00a0
end of the lease term, the recognised right-of-use assets are depreciated on a \u00a0
straight-line basis over the shorter of its estimated useful life and the lease term. \u00a0
Impairment of right-of-use assets \u00a0
Similar to owned assets, right-of-use assets are subject to testing for impair- \u00a0
ment if there is an indication of impairment. Refer to note 3.2 \"Impairment of \u00a0
intangible and tangible assets\" for further information. \u00a0
Short-term leases and leases of low-value assets \u00a0
NORDEN applies the lease recognition exemptions related to the short-term \u00a0
leases (lease term of 12 months or less) and leases of low-value assets. Lease \u00a0
payments on short-term leases and leases of low-value assets are recognised \u00a0
in the income statement as an expense on a straight-line basis over the lease \u00a0
term. \u00a0
Sale and leaseback \u00a0
For sale and leaseback transactions, if there is a transfer of control within \u00a0
the meaning of IFRS 15, NORDEN as the seller-lessee measures the right- \u00a0
of-use asset arising from the leaseback at the proportion of the previous \u00a0
carrying amount of the asset that relates to the right of use retained by the \u00a0
seller-lessee. \u00a0
Any gain or loss that relates to the rights transferred to the buyer-lessor is \u00a0
recognised in profit or loss. \u00a0
If there is no transfer of control, the seller-lessee recognises the transaction \u00a0
as a financing transaction. While the transaction is legally subject to a lease \u00a0
contract, it is not accounted for as a lease and the underlying asset is not \u00a0
derecognised. \u00a0
ACCOUNTING POLICIES \u00a0
NORDEN enters into arrangements to sublease an underlying asset to a third \u00a0
party, while NORDEN retains the primary obligation under the original lease. \u00a0
In such arrangements, NORDEN acts as both the lessee and lessor of the \u00a0
same underlying asset. \u00a0
If a leased vessel is subleased under terms transferring substantially all remaining \u00a0
risks and rewards under the head lease to the lessee in the sublease, the right- \u00a0
of-use asset is derecognised, and a lease receivable is recognised. Gain/loss on the \u00a0
derecognised right-of-use asset is recognised in the income statement as revenue. \u00a0
During the term of the sublease, NORDEN recognises both finance income on \u00a0
the sublease (as revenue) and interest expense on the head lease (as financial \u00a0
expenses). \u00a0
Cash flows \u00a0
Cash payments received on sublease receivables are classified within the \u00a0
operating activities. \u00a0
Lease liabilities \u00a0
At the commencement date of a lease, NORDEN recognises lease liabilities \u00a0
measured at the present value of lease payments to be made over the lease \u00a0
term. \u00a0
The lease term comprises the non-cancellable period with addition of periods \u00a0
covered 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
payments include fixed payments and variable payments depending on \u00a0
an index or a rate. The lease payments also include the exercise price of a \u00a0
purchase option reasonably certain to be exercised by NORDEN. \u00a0
Lease payments are allocated between principal and finance cost. The \u00a0
finance cost is charged to the income statement over the lease period to \u00a0
produce a constant period rate of interest on the remaining balance of the \u00a0
liabilities for each period. \u00a0
In calculating the present value of lease payments, NORDEN uses the incre- \u00a0
mental borrowing rate at the lease commencement date. The incremental \u00a0
borrowing rate applied is in the range of 4-7%, depending on the maturity of \u00a0
the lease contracts. \u00a0
In addition, the carrying amount of lease liabilities is remeasured if there is a \u00a0
modification, a change in the lease term, a change in the fixed lease payments \u00a0
or a change in the assessment to purchase the underlying asset. \u00a0
Cash flows \u00a0
In the statement of cash flows, cash payments for the principal portion of the \u00a0
lease liabilities and related cash payments for the interest portion are classi- \u00a0
fied within the financing activities. For short-term leases or leases of low-value \u00a0
assets, the lease payments are classified in the operating activities. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5658": {
"value": "3.7 Investments\u00a0and activities \u00a0
This note includes the acquisition of Thorco Projects and the acquisition of a \u00a0
minority stake in MASH Makes, signifying our entry into new market areas. \u00a0
Additionally, this note covers investments in joint ventures and joint opera- \u00a0
tions. \u00a0
Acquisition of Thorco Projects \u00a0
On 26 June 2023, NORDEN acquired the shipping business of Thorco \u00a0
Projects, incorporated in Denmark. Thorco Projects offers transport solutions \u00a0
across multiple cargo segments such as break bulk, steel and wind energy. \u00a0
The consideration paid equals USD 56.9 million, on a debt and cash-free \u00a0
basis, and was paid in cash from readily available sources. Final settlement of \u00a0
certain working capital-related items may alter the purchase price slightly. \u00a0
The objective of the acquisition is to further grow our customers offering as \u00a0
Thorco Projects operates within specialist cargo segments such as break bulk, \u00a0
steel and wind energy-related cargoes, where multiple cargo parcels from \u00a0
different customers typically are combined into single shipments on Multipur- \u00a0
pose and Handysize vessels. The acquisition is in alignment with NORDEN\u2019s \u00a0
strategy for 2023-2025 to explore market opportunities for large deals. \u00a0
The goodwill of USD 35.3 million arising from the acquisition can be attrib- \u00a0
uted to the synergies expected to be derived from the combination and the \u00a0
value of the workforce of Thorco Projects. Goodwill has been provisionally \u00a0
allocated to the Dry Cargo cash-generating unit at 26 June 2023. \u00a0
Acquisition-related costs amounting to USD 0.6 million have been recognised \u00a0
as an expense in the consolidated income statement as part of administration \u00a0
costs. The revenue, costs, and profits from the new business are allocated to \u00a0
the Freight Services & Trading segment. \u00a0
The following table summarises the recognised amounts of identifiable assets \u00a0
acquired and liabilities assumed. \u00a0
Thorco \u00a0
Amounts in USD million \u00a0
Projects \u00a0
Customer contracts and relationships \u00a0
21.6 \u00a0
Prepaid hire, asset \u00a0
2.0 \u00a0
Prepaid hire, liability \u00a0
-0.8 \u00a0
Other liabilities \u00a0
-1.2 \u00a0
Total identifiable net assets \u00a0
21.6 \u00a0
Goodwill \u00a0
35.3 \u00a0
Total \u00a0
56.9 \u00a0
The fair value of the acquired identifiable net assets of USD 21.6 million \u00a0
(including customer relationships) is provisional pending final valuation of \u00a0
those assets. \u00a0
The revenue included in the consolidated income statement from 26 June \u00a0
2023 to 31 December 2023 contributed by the acquired business is USD 71.0 \u00a0
million. Over the same period, it also contributed a profit after tax of USD 1.8 \u00a0
million. \u00a0
Had the transaction closed on 1 January 2023, the acquired business would \u00a0
have contributed with revenue of approx. USD 243.7 million and a profit \u00a0
after tax of approx. USD 13.9 million, reflecting the contract backlog built \u00a0
by Thorco Projects during the stronger market in 2022. Revenue, costs and \u00a0
profits from the new business are allocated to the Freight Services & Trading \u00a0
segment. \u00a0
Valuation technique \u00a0
Estimate of future economic benefits derived from the customer by identi- \u00a0
fying, separating and qualifying cash flows attributable to the customers and \u00a0
capitalising these cash flows. \u00a0
Investments in unlisted shares \u00a0
The Group has invested in an equity share of a non-listed company, MASH \u00a0
Makes. The investment is expected to be held medium to long term for \u00a0
strategic purposes. The investment will be accounted for at fair value through \u00a0
other comprehensive income. \u00a0
Management believes that the transaction price reflects the fair value at the \u00a0
point of initial recognition. In the absence of active market data for unlisted \u00a0
shares, the transaction price serves as a reliable and objective basis for fair \u00a0
value estimation. It's our opinion the initial transaction price continues to \u00a0
provide the most accurate estimate of fair value. \u00a0
Mash Makes originated as an initiative at Denmark's Technological University \u00a0
in 2015. This collaboration marks a strategic advancement, granting us access \u00a0
to sustainable biooil sources at competitive prices, as will our involvement play \u00a0
a crucial role in introducing Mash Makes' biooil offerings to the maritime \u00a0
industry, alongside procuring biofuel for our own fleet. \u00a0
This investment aligns with our climate strategy, which focuses on collab- \u00a0
orating with customers in reducing their carbon footprint. Additionally, it \u00a0
represents a progression in our journey towards biofuel adoption. \u00a0
Currently, MASH Makes is in the advanced stages of developing its biooil \u00a0
product and expects to initiate trial runs on our vessels in early 2024. \u00a0
ACCOUNTING POLICIES \u00a0
On initial recognition, investments in unlisted shares are measured at fair \u00a0
value. Subsequently, they are measured at fair value through profit or loss \u00a0
(FVTPL) unless classified as fair value through other comprehensive income \u00a0
(FVTOCI) according to an individual decision for each equity investment. The \u00a0
election is made on an investment-by-investment basis. \u00a0
Gains and losses on equity instruments classified as FVTOCI are never recy- \u00a0
cled to profit or loss. Dividends are recognised in the income statement \u00a0
unless the dividend clearly represents a recovery of part of the cost of invest- \u00a0
ment. Other net gains and losses are recognised in other comprehensive \u00a0
income. \u00a0
No significant restrictions apply to distributions from joint ventures. \u00a0
Investments in joint ventures \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Key figures (100%) \u00a0
Revenue and other income \u00a0
12.7 \u00a0
23.3 \u00a0
Costs \u00a0
-14.2 \u00a0
-17.7 \u00a0
Total profit/loss \u00a0
-1.5 \u00a0
5.6 \u00a0
Non-current assets \u00a0
-
0.1 \u00a0
Current assets \u00a0
3.8 \u00a0
6.8 \u00a0
- of this, cash and cash equivalents \u00a0
3.6 \u00a0
5.7 \u00a0
Non-current liabilities, debt \u00a0
-0.6 \u00a0
-0.6 \u00a0
Current liabilities \u00a0
-0.6 \u00a0
-2.2 \u00a0
Total carrying amount \u00a0
2.6 \u00a0
4.1 \u00a0
Investments \u00a0
Owner- Share\u00a0of profit/loss \u00a0
comprise \u00a0
ship \u00a0
of joint ventures \u00a0
Carrying amount \u00a0
2023 \u00a0
2022 \u00a0
2023 \u00a0
2022 \u00a0
Polar Navigation \u00a0
Pte. Ltd., Singapore \u00a0
50% \u00a0
-0.8 \u00a0
2.8 \u00a0
1.3 \u00a0
2.0 \u00a0
Total \u00a0
-0.8 \u00a0
2.8 \u00a0
1.3 \u00a0
2.0 \u00a0
ACCOUNTING POLICIES \u00a0
In the Group\u2019s income statement, the Group\u2019s share of the joint ventures\u2019 \u00a0
profit/loss after tax is included in the item \u201cProfit/loss of joint ventures\u201d. \u00a0
Companies which are contractually operated jointly with one or more other \u00a0
enterprises, and which are thus jointly controlled, are recognised in the \u00a0
consolidated financial statements according to the equity method. \u00a0
In the Group\u2019s statement of financial position, the Group\u2019s share of the net \u00a0
asset value of joint ventures is thus included in the item \u201cInvestments in joint \u00a0
ventures\u201d, calculated on the basis of the Group\u2019s accounting policies and \u00a0
after deduction or addition of the Group\u2019s share of any unrealised intra-group \u00a0
gains or losses. \u00a0
Joint ventures with negative net asset values are measured at nil value. If the \u00a0
Group has a legal or constructive obligation to cover the enterprises\u2019 negative \u00a0
balance, such obligation is recognised by writing down any receivable from \u00a0
the joint venture or under provisions. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
Assessment of control in shared ownership \u00a0
The classification of activities and enterprises which are in part jointly owned \u00a0
with other companies and, thus, how these activities and enterprises are \u00a0
treated in the consolidated financial statements is to a certain extent based \u00a0
on judgements of formal and actual conditions. \u00a0
In the assessment of joint control, an analysis has been made as to which deci- \u00a0
sions require unanimity and whether these relate to relevant activities, which \u00a0
are activities that significantly affect the return of the arrangement. \u00a0
5.6 Group\u00a0structure \u00a0
NORDEN Tankers & Bulkers Chile SpA \u00a0
NORDEN Tankers & Bulkers India Private Ltd. \u00a0
Chile, 100% \u00a0
India, 100% \u00a0
NORDEN Shipping (Singapore) Pte. Ltd. \u00a0
NORDEN Shipping (Singapore) Pte. Ltd. \u00a0
Singapore, 100% \u00a0
China, Branch \u00a0
NORDEN Shipping (USA) LLC \u00a0
Polar Navigation Pte. Ltd. \u00a0
USA, 100% \u00a0
Singapore, 50% \u00a0
NORDEN Tankers & Bulkers do Brazil Ltda. \u00a0
NORDEN Shipping (Australia) Pty. Ltd. \u00a0
Brazil, 100% \u00a0
Australia, 100% \u00a0
NORDEN Shipping (Cyprus) Ltd. \u00a0
Nord Goodwill LLC \u00a0
Cyprus, 100% \u00a0
USA, 100% \u00a0
Dampskibsselskabet NORDEN A/S \u00a0
NORDEN Asset Management A/S \u00a0
Denmark \u00a0
Denmark, 100% \u00a0
NORDEN Shipping Abidjan SARLU \u00a0
Ivory Coast, 100% \u00a0
Dampskibsselskabet NORDEN A/S \u00a0
Canada, Branch \u00a0
NORDEN Shipping Middle East DMCC \u00a0
UAE, 100% \u00a0
NORDEN Gabon A/S \u00a0
NORDEN Transhipment Services Gabon \u00a0
Denmark, 100% \u00a0
Gabon, Branch \u00a0
NORDEN Japan K.K. \u00a0
Japan, 100% \u00a0
Dampskibsselskabet NORDEN A/S \u00a0
Germany, Branch \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5661": {
"value": "The following table summarises the recognised amounts of identifiable assets \u00a0
acquired and liabilities assumed. \u00a0
Thorco \u00a0
Amounts in USD million \u00a0
Projects \u00a0
Customer contracts and relationships \u00a0
21.6 \u00a0
Prepaid hire, asset \u00a0
2.0 \u00a0
Prepaid hire, liability \u00a0
-0.8 \u00a0
Other liabilities \u00a0
-1.2 \u00a0
Total identifiable net assets \u00a0
21.6 \u00a0
Goodwill \u00a0
35.3 \u00a0
Total \u00a0
56.9 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5666": {
"value": "ACCOUNTING POLICIES \u00a0
On initial recognition, investments in unlisted shares are measured at fair \u00a0
value. Subsequently, they are measured at fair value through profit or loss \u00a0
(FVTPL) unless classified as fair value through other comprehensive income \u00a0
(FVTOCI) according to an individual decision for each equity investment. The \u00a0
election is made on an investment-by-investment basis. \u00a0
Gains and losses on equity instruments classified as FVTOCI are never recy- \u00a0
cled to profit or loss. Dividends are recognised in the income statement \u00a0
unless the dividend clearly represents a recovery of part of the cost of invest- \u00a0
ment. Other net gains and losses are recognised in other comprehensive \u00a0
income. \u00a0
No significant restrictions apply to distributions from joint ventures. \u00a0
ACCOUNTING POLICIES \u00a0
In the Group\u2019s income statement, the Group\u2019s share of the joint ventures\u2019 \u00a0
profit/loss after tax is included in the item \u201cProfit/loss of joint ventures\u201d. \u00a0
Companies which are contractually operated jointly with one or more other \u00a0
enterprises, and which are thus jointly controlled, are recognised in the \u00a0
consolidated financial statements according to the equity method. \u00a0
In the Group\u2019s statement of financial position, the Group\u2019s share of the net \u00a0
asset value of joint ventures is thus included in the item \u201cInvestments in joint \u00a0
ventures\u201d, calculated on the basis of the Group\u2019s accounting policies and \u00a0
after deduction or addition of the Group\u2019s share of any unrealised intra-group \u00a0
gains or losses. \u00a0
Joint ventures with negative net asset values are measured at nil value. If the \u00a0
Group has a legal or constructive obligation to cover the enterprises\u2019 negative \u00a0
balance, such obligation is recognised by writing down any receivable from \u00a0
the joint venture or under provisions. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5667": {
"value": "ACCOUNTING POLICIES \u00a0
On initial recognition, investments in unlisted shares are measured at fair \u00a0
value. Subsequently, they are measured at fair value through profit or loss \u00a0
(FVTPL) unless classified as fair value through other comprehensive income \u00a0
(FVTOCI) according to an individual decision for each equity investment. The \u00a0
election is made on an investment-by-investment basis. \u00a0
Gains and losses on equity instruments classified as FVTOCI are never recy- \u00a0
cled to profit or loss. Dividends are recognised in the income statement \u00a0
unless the dividend clearly represents a recovery of part of the cost of invest- \u00a0
ment. Other net gains and losses are recognised in other comprehensive \u00a0
income. \u00a0
No significant restrictions apply to distributions from joint ventures. \u00a0
ACCOUNTING POLICIES \u00a0
In the Group\u2019s income statement, the Group\u2019s share of the joint ventures\u2019 \u00a0
profit/loss after tax is included in the item \u201cProfit/loss of joint ventures\u201d. \u00a0
Companies which are contractually operated jointly with one or more other \u00a0
enterprises, and which are thus jointly controlled, are recognised in the \u00a0
consolidated financial statements according to the equity method. \u00a0
In the Group\u2019s statement of financial position, the Group\u2019s share of the net \u00a0
asset value of joint ventures is thus included in the item \u201cInvestments in joint \u00a0
ventures\u201d, calculated on the basis of the Group\u2019s accounting policies and \u00a0
after deduction or addition of the Group\u2019s share of any unrealised intra-group \u00a0
gains or losses. \u00a0
Joint ventures with negative net asset values are measured at nil value. If the \u00a0
Group has a legal or constructive obligation to cover the enterprises\u2019 negative \u00a0
balance, such obligation is recognised by writing down any receivable from \u00a0
the joint venture or under provisions. \u00a0
ACCOUNTING POLICIES \u00a0
Pool arrangements are considered joint operations. Accordingly, for vessels \u00a0
operating in pools, the proportionate share of income and costs is presented \u00a0
as gross amounts in the income statement. \u00a0
NORDEN's share of revenue in pools is recognised in \u201cRevenue\u201d, while the \u00a0
proportionate share of costs in pools, such as direct voyage costs (e.g., \u00a0
bunker oil, commissions and port charges) and charter hire for chartered pool \u00a0
tonnage, is recognised in \u201cVessel operating costs\u201d. \u00a0
Similarly, NORDEN\u2019s share of assets and liabilities in pools is recognised, and \u00a0
our share of other liabilities, etc. is included in the table above. \u00a0
ACCOUNTING POLICIES \u00a0
Assets classified as held for sale include vessels for which a binding sales \u00a0
agreement is in place, with the transfer to the buyer anticipated within 12 \u00a0
months of the reporting date. In the case of newbuilding being sold, this \u00a0
period extends to 12 months following the delivery of the vessel from the \u00a0
yard. \u00a0
Newbuilding vessels and prepayments on vessels held for sale are measured \u00a0
at the lower of carrying amount before classification as held for sale and fair \u00a0
value less selling costs and are recognised under current assets. Assets held \u00a0
for sale are not depreciated. \u00a0
Assets and directly related liabilities in relation to assets held for sale are \u00a0
recognised in separate items in the statement of financial position. Gains and \u00a0
losses are included in the income statement in the item \"Profit/loss from sale \u00a0
of vessels, etc.\u201d. Gains are recognised on delivery and losses when they are clas- \u00a0
sified as \"held for sale\u201d. \u00a0
Profit/loss from sale of vessels is stated as the difference between the sales \u00a0
price less selling costs and the carrying amount of the vessel in question at \u00a0
the time of delivery. Furthermore, impairment of assets held for sale and any \u00a0
gains and losses upon repayment of related loans are included. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5681": {
"value": "Joint operations \u00a0
NORDEN engages in jointly controlled arrangements, which include joint \u00a0
ventures and joint operations. In joint ventures, the parties do not have a \u00a0
direct share in assets and liabilities, etc., but solely a share in the net profit or \u00a0
loss and equity. \u00a0
On the other hand, joint operations provide the parties with direct rights to \u00a0
the assets and direct obligations for the liabilities. Each joint operator recog- \u00a0
nises its part of assets, liabilities, income and costs. \u00a0
NORDEN\u2019s shipping activities are to some extent conducted through pool \u00a0
arrangements. In pools, revenue and related costs are recognised according \u00a0
to criteria corresponding to the pool agreements. \u00a0
For vessels operating in pools, the pool\u2019s profit is allocated to the pool \u00a0
participants based on an agreed principle. The agreed principle may differ \u00a0
from pool to pool. Generally, the pool profit is allocated to the participants \u00a0
according to the number of days the vessels have been at the pool\u2019s disposal \u00a0
but weighted for the capacity and characteristics of the individual vessels. \u00a0
As pool operator for NORDEN Tanker Pools, NORDEN receives management \u00a0
income to cover its costs in this respect. Management income is calculated as \u00a0
a fixed percentage of charter/freight income for each individual agreement, \u00a0
however, with a minimum amount. The income is recognised in the income \u00a0
statement in the item \u201cOther operating income\u201d as the underlying charter/ \u00a0
freight agreement is recognised. \u00a0
The following is an overview of NORDEN\u2019s total liabilities and coverage in \u00a0
respect of jointly controlled operations in case the other pool partners are \u00a0
unable to meet their obligations. \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Unrecognised liabilities for which the pool partners \u00a0
are jointly and severally liable \u00a0
30.8 \u00a0
42.8 \u00a0
Cash and cash equivalents liable to the pool partners \u00a0
40.6 \u00a0
63.9 \u00a0
NORDEN's share of \"NORDEN tanker pools\" \u00a0
42.3% \u00a0
46.8% \u00a0
ACCOUNTING POLICIES \u00a0
Pool arrangements are considered joint operations. Accordingly, for vessels \u00a0
operating in pools, the proportionate share of income and costs is presented \u00a0
as gross amounts in the income statement. \u00a0
NORDEN's share of revenue in pools is recognised in \u201cRevenue\u201d, while the \u00a0
proportionate share of costs in pools, such as direct voyage costs (e.g., \u00a0
bunker oil, commissions and port charges) and charter hire for chartered pool \u00a0
tonnage, is recognised in \u201cVessel operating costs\u201d. \u00a0
Similarly, NORDEN\u2019s share of assets and liabilities in pools is recognised, and \u00a0
our share of other liabilities, etc. is included in the table above. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
Assessment of control in shared ownership - pool arrangements \u00a0
The classification of activities and enterprises which are in part jointly owned \u00a0
with other companies and, thus, how these activities and enterprises are \u00a0
treated in the consolidated financial statements are to a certain extent based \u00a0
on judgements of formal and actual conditions. \u00a0
In connection with the assessment of control, an analysis of the operator role \u00a0
in NORDEN\u2019s agreements on pool arrangements has been made. The oper- \u00a0
ator is responsible for the day-to-day management of activities carried out \u00a0
within a jointly established framework. \u00a0
Since the operators are not exposed to, and are not entitled to, a return apart \u00a0
from the participating share and the fact that they can be replaced upon \u00a0
agreement, the operators are considered to be agents as defined in IFRS 10. \u00a0
In the assessment of joint control, an analysis has been made as to which deci- \u00a0
sions require unanimity and whether these relate to relevant activities, which \u00a0
are activities that significantly affect the return of the pool arrangement. It is \u00a0
assessed that joint control by default exists when business plans and budgets \u00a0
must be adopted unanimously. \u00a0
For NORDEN\u2019s pool arrangements, unanimity is required on decisions \u00a0
relating to relevant activities. It has also been established that the pool part- \u00a0
ners have rights and obligations, directly and unlimited, with regard to the \u00a0
assets and liabilities of the arrangements, and as the pool arrangements have \u00a0
not been structured into separate legal units, these are treated and classified \u00a0
as joint operations. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointOperationsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5684": {
"value": "ACCOUNTING POLICIES \u00a0
Pool arrangements are considered joint operations. Accordingly, for vessels \u00a0
operating in pools, the proportionate share of income and costs is presented \u00a0
as gross amounts in the income statement. \u00a0
NORDEN's share of revenue in pools is recognised in \u201cRevenue\u201d, while the \u00a0
proportionate share of costs in pools, such as direct voyage costs (e.g., \u00a0
bunker oil, commissions and port charges) and charter hire for chartered pool \u00a0
tonnage, is recognised in \u201cVessel operating costs\u201d. \u00a0
Similarly, NORDEN\u2019s share of assets and liabilities in pools is recognised, and \u00a0
our share of other liabilities, etc. is included in the table above. \u00a0
",
"dimensions": {
"concept": "norden:DescriptionOfAccountingPoliciesForJointOperations",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5688": {
"value": "3.8 Cash\u00a0and cash equivalents \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Demand deposits and cash balance \u00a0
142.5 \u00a0
267.1 \u00a0
Money market investments \u00a0
361.2 \u00a0
503.5 \u00a0
Other cash and cash equivalents \u00a0
53.5 \u00a0
71.7 \u00a0
Total \u00a0
557.2 \u00a0
842.3 \u00a0
In relation to its derivative financial instruments trading activities, NORDEN \u00a0
has set up margin accounts with Macquarie Bank Europe DAC, primarily \u00a0
funded by cash deposits. As of 31 December, the total cash held in these \u00a0
margin accounts, which serves as security, equalled USD 54.7 million (USD 65 \u00a0
million). \u00a0
ACCOUNTING POLICIES \u00a0
Cash and cash equivalents, as presented in the statement of financial posi- \u00a0
tion, are valued at their nominal amount. This category primarily includes \u00a0
items such as demand deposits, cash in hand and money market investments \u00a0
as detailed in the aforementioned table. \u00a0
Liquidity comprises marketable securities with a term of less than three \u00a0
months and cash not subject to significant limits to its availability. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5691": {
"value": "3.9 Assets\u00a0held for sale \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Cost at 1 January \u00a0
110.0 \u00a0
150.8 \u00a0
Additions \u00a0
121.5 \u00a0
104.2 \u00a0
Transferred from vessels \u00a0
205.2 \u00a0
283.7 \u00a0
Transferred from prepayments on vessels \u00a0
and newbuildings \u00a0
6.8 \u00a0
44.9 \u00a0
Disposals \u00a0
-309.9 \u00a0
-477.2 \u00a0
Reversal of impairment losses \u00a0
-
3.6 \u00a0
Carrying amount at 31 December \u00a0
133.6 \u00a0
110.0 \u00a0
Liabilities relating to assets held for sale \u00a0
Prepayments received on newbuildings \u00a0
and vessels sold \u00a0
25.2 \u00a0
21.0 \u00a0
Carrying amount at 31 December \u00a0
25.2 \u00a0
21.0 \u00a0
Future payments to be received for vessels sold \u00a0
but not yet delivered \u00a0
<1 year \u00a0
197.9 \u00a0
223.8 \u00a0
1-3 years \u00a0
28.1 \u00a0
-
>3 years \u00a0
-
-
Total \u00a0
226.0 \u00a0
223.8 \u00a0
Gains from sale of vessels during the year \u00a0
79.0 \u00a0
96.8 \u00a0
Losses from sale of vessels during the year \u00a0
-
-17.4 \u00a0
Profit/loss from sale of vessels \u00a0
79.0 \u00a0
79.4 \u00a0
ACCOUNTING POLICIES \u00a0
Assets classified as held for sale include vessels for which a binding sales \u00a0
agreement is in place, with the transfer to the buyer anticipated within 12 \u00a0
months of the reporting date. In the case of newbuilding being sold, this \u00a0
period extends to 12 months following the delivery of the vessel from the \u00a0
yard. \u00a0
Newbuilding vessels and prepayments on vessels held for sale are measured \u00a0
at the lower of carrying amount before classification as held for sale and fair \u00a0
value less selling costs and are recognised under current assets. Assets held \u00a0
for sale are not depreciated. \u00a0
Assets and directly related liabilities in relation to assets held for sale are \u00a0
recognised in separate items in the statement of financial position. Gains and \u00a0
losses are included in the income statement in the item \"Profit/loss from sale \u00a0
of vessels, etc.\u201d. Gains are recognised on delivery and losses when they are clas- \u00a0
sified as \"held for sale\u201d. \u00a0
Profit/loss from sale of vessels is stated as the difference between the sales \u00a0
price less selling costs and the carrying amount of the vessel in question at \u00a0
the time of delivery. Furthermore, impairment of assets held for sale and any \u00a0
gains and losses upon repayment of related loans are included. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5693": {
"value": "ACCOUNTING POLICIES \u00a0
Assets classified as held for sale include vessels for which a binding sales \u00a0
agreement is in place, with the transfer to the buyer anticipated within 12 \u00a0
months of the reporting date. In the case of newbuilding being sold, this \u00a0
period extends to 12 months following the delivery of the vessel from the \u00a0
yard. \u00a0
Newbuilding vessels and prepayments on vessels held for sale are measured \u00a0
at the lower of carrying amount before classification as held for sale and fair \u00a0
value less selling costs and are recognised under current assets. Assets held \u00a0
for sale are not depreciated. \u00a0
Assets and directly related liabilities in relation to assets held for sale are \u00a0
recognised in separate items in the statement of financial position. Gains and \u00a0
losses are included in the income statement in the item \"Profit/loss from sale \u00a0
of vessels, etc.\u201d. Gains are recognised on delivery and losses when they are clas- \u00a0
sified as \"held for sale\u201d. \u00a0
Profit/loss from sale of vessels is stated as the difference between the sales \u00a0
price less selling costs and the carrying amount of the vessel in question at \u00a0
the time of delivery. Furthermore, impairment of assets held for sale and any \u00a0
gains and losses upon repayment of related loans are included. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5696": {
"value": "4.1 Share\u00a0capital, dividends and earnings per share \u00a0
The net cash distribution to shareholders in the form of dividends and share \u00a0
repurchases amounted to USD 436 million, compared to a free cash flow of \u00a0
USD 265 million. \u00a0
Total dividend related to 2023 amounted to USD 212.5 million (DKK 45 per \u00a0
share), corresponding to a payout ratio of 53.1%. The 2023 final dividend of \u00a0
USD 46.8 million (DKK 10 per share) is expected to be distributed pending \u00a0
approval at the Annual General Meeting. \u00a0
Interim dividends of USD 72 million (DKK 15 per share) were paid in May 2023, \u00a0
USD 48 million (DKK 10 per share) in August 2023 and USD 46 million (DKK 10 \u00a0
per share) in November 2023. \u00a0
Amounts exclude dividend declared on treasury shares. \u00a0
ACCOUNTING POLICIES \u00a0
Dividend is recognised as a liability at the time of adoption by the share- \u00a0
holders at the annual general meeting. Dividend proposed by Management \u00a0
in respect of the year is stated under equity. \u00a0
The acquisition and sale of treasury shares and dividends thereon are taken \u00a0
directly to retained earnings at cost price under equity. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5704": {
"value": "Share buy-back programmes \u00a0
NORDEN initiated three share buy-back programmes in 2023. The share \u00a0
buy-back programmes were initiated pursuant to the authorisation granted to \u00a0
the Board of Directors. \u00a0
5.1 Share-based\u00a0payment \u00a0
Number of shares \u00a0
2023 \u00a0
2022 \u00a0
Outstanding restricted shares at 1 January \u00a0
229,067 \u00a0
218,195 \u00a0
Granted during the period \u00a0
34,858 \u00a0
81,344 \u00a0
Exercised during the period \u00a0
-78,128 \u00a0
-67,044 \u00a0
Lapsed during the period \u00a0
-
-3,428 \u00a0
Outstanding restricted shares at 31 December \u00a0
185,797 \u00a0
229,067 \u00a0
Outstanding share options at 1 January \u00a0
14,400 \u00a0
336,378 \u00a0
Exercised during the period \u00a0
-2,900 \u00a0
-308,978 \u00a0
Lapsed during the period \u00a0
-11,500 \u00a0
-13,000 \u00a0
Outstanding share options at 31 December \u00a0
-
14,400 \u00a0
Average price of exercised share options (DKK) \u00a0
54.89 \u00a0
54.89 \u00a0
The overall purpose of the restricted share programmes and the share option \u00a0
programmes is to ensure a shared interest with shareholders and to reward \u00a0
long-term and dedicated work, which is deemed to be of value to NORDEN. \u00a0
Restricted share programme \u00a0
Restricted shares are granted free of charge and remain restricted during a \u00a0
vesting period of three years. \u00a0
Transfer of the restricted shares is subject to the continued employment \u00a0
within the three-year vesting period. It applies that upon vesting, the \u00a0
employee will receive one share of nominally DKK 1 for each vested restricted \u00a0
share. \u00a0
The decision to grant restricted shares is taken on an annual basis by the \u00a0
Board of Directors. \u00a0
Special terms apply in case of death and illness. \u00a0
Active restricted share programmes \u00a0
Programme \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Share value at launch (DKK) \u00a0
396.08 \u00a0
159.83 \u00a0
115.39 \u00a0
Fair value at grant (USDk) \u00a0
2,012 \u00a0
1,712 \u00a0
1,437 \u00a0
Allocated to recipients \u00a0
Jan. & \u00a0
Jan. \u00a0
Jan. \u00a0
Jun. 2026 \u00a0
2025 \u00a0
2024 \u00a0
Vesting period \u00a0
2023 to \u00a0
2022 to \u00a0
2021 to \u00a0
2026 \u00a0
2025 \u00a0
2024 \u00a0
Amortisation period \u00a0
3 years \u00a0
3 years \u00a0
3 years \u00a0
Originally granted shares \u00a0
34,858 \u00a0
81,344 \u00a0
87,698 \u00a0
Outstanding restricted shares: \u00a0
Excecutive Management \u00a0
8,262 \u00a0
20,591 \u00a0
18,899 \u00a0
Other executives \u00a0
4,604 \u00a0
11,403 \u00a0
13,247 \u00a0
Others \u00a0
21,992 \u00a0
47,962 \u00a0
38,837 \u00a0
Total \u00a0
34,858 \u00a0
79,956 \u00a0
70,983 \u00a0
Expense for the year, all programmes \u00a0
(USDk) \u00a0
1,888 \u00a0
1,401 \u00a0
1,128 \u00a0
Other than being employed by NORDEN at the time of granting of the \u00a0
restricted shares, no conditions are attached to the grant. Where a recipient \u00a0
resigns during the vesting period, non-vested restricted shares will lapse. \u00a0
Programmes are expected to be covered by treasury shares. \u00a0
Active share option programmes \u00a0
Programme \u00a0
2017.2 \u00a0
2017.1 \u00a0
2016 \u00a0
Excercise period \u00a0
2020 to \u00a0
2020 to \u00a0
2019 to \u00a0
2023 \u00a0
2023 \u00a0
2022 \u00a0
Exercise price (DKK) \u00a0
54.89 \u00a0
115.30 \u00a0
94.50 \u00a0
Originally granted options \u00a0
408,191 \u00a0
50,000 \u00a0
435,159 \u00a0
Share options may be exercised after at least three years and no more than six \u00a0
years from the respective grant dates. Exercise of the share options is subject \u00a0
to the continued employment with the company at the exercise date. \u00a0
Upon exercise, the Executive Management and some of the executives must \u00a0
reinvest 25% of any net gain in NORDEN shares and keep these for at least \u00a0
two years. If the employee already owns shares, these may be included in the \u00a0
determination of the investment amount. \u00a0
The last share option programmes expired in 2023 and no unexercised share \u00a0
options remained as of 31 December 2023. \u00a0
ACCOUNTING POLICIES \u00a0
The value of services rendered by employees as consideration for share- \u00a0
based incentive payments is measured at the fair value of the granted options \u00a0
and restricted shares, respectively. For both, this fair value is recognised in \u00a0
the income statement over the vesting period. A corresponding increase is \u00a0
recognised in equity. \u00a0
The fair value of the options is determined using the Black-Scholes valuation \u00a0
model, taking into account the terms of the grant and the actual number of \u00a0
vested options. The fair value of restricted shares is determined using the \u00a0
share price at the grant date adjusted for expected dividend per share, which \u00a0
is based on historical dividends. On recognition, the number of options and \u00a0
restricted shares expected to vest are estimated. The estimate is adjusted \u00a0
over the vesting period to the actual number of vested options and restricted \u00a0
shares. \u00a0
The exercise price of share options is determined as the five-day average \u00a0
of the market price following the grant, less all dividend payments after the \u00a0
grant date plus a fee of 10%, respectively, in proportion to the market price at \u00a0
the date of grant. \u00a0
The division into employee categories is based on the current title of the \u00a0
employee. Resigned employees are included in the category \u201cOthers\u201d. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5708": {
"value": "Earnings per share (EPS) \u00a0
The basis for calculating earnings per share and diluted earnings per share is \u00a0
set out below: \u00a0
2023 \u00a0
2022 \u00a0
Profit for the year \u00a0
400.1 \u00a0
743.5 \u00a0
Weighted average number of ordinary shares \u00a0
34,657,535 \u00a0
37,572,603 \u00a0
Weighted average number of treasury shares \u00a0
2,346,406 \u00a0
2,484,477 \u00a0
Weighted average number of shares \u00a0
32,311,129 35,088,126 \u00a0
Dilutive effect of outstanding options and \u00a0
restricted share units \u00a0
146,497 \u00a0
209,071 \u00a0
Weighted average number of shares, including \u00a0
dilutive effect of share options and restricted \u00a0
shares \u00a0
32,457,626 \u00a0
35,297,197 \u00a0
Earnings per share, EPS (USD) \u00a0
12.4 \u00a0
21.2 \u00a0
Earnings per share, diluted, EPS-D (USD) \u00a0
12.3 \u00a0
21.1 \u00a0
ACCOUNTING POLICIES \u00a0
Earnings per share is presented as both basic and diluted earnings per share. \u00a0
Basic earnings per share is calculated as net profit divided by the weighted \u00a0
average number of shares outstanding. \u00a0
Diluted earnings per share is calculated as net profit divided by the sum of \u00a0
average number of shares outstanding, including the dilutive effect of the \u00a0
outstanding share options and restriced share units. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5699": {
"value": "Treasury shares \u00a0
Market value, \u00a0
Treasury \u00a0
USD million \u00a0
shares % \u00a0
2023 \u00a0
2022 \u00a0
Holding 1/1 \u00a0
194.7 \u00a0
8.78 \u00a0
3,248,012 \u00a0
2,436,939 \u00a0
Purchases \u00a0
2,257,440 \u00a0
3,327,721 \u00a0
Transfers \u00a0
-73,040 \u00a0
-316,648 \u00a0
Cancellations \u00a0
-3,000,000 \u00a0
-2,200,000 \u00a0
Holding 31/12 \u00a0
115.8 \u00a0
7.15 \u00a0
2,432,412 \u00a0
3,248,012 \u00a0
Treasury shares are acquired for the purpose of hedging in connection with \u00a0
share-based payment and in connection with share buy-back programmes. \u00a0
The company is authorised by the general meeting to acquire treasury shares \u00a0
in the period until next year\u2019s annual general meeting at a total nominal value \u00a0
not exceeding 15% of the share capital at the market price applicable at the \u00a0
time of acquisition with a deviation of up to 10%. \u00a0
Share buy-back programmes \u00a0
NORDEN initiated three share buy-back programmes in 2023. The share \u00a0
buy-back programmes were initiated pursuant to the authorisation granted to \u00a0
the Board of Directors. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5710": {
"value": "ACCOUNTING POLICIES \u00a0
Earnings per share is presented as both basic and diluted earnings per share. \u00a0
Basic earnings per share is calculated as net profit divided by the weighted \u00a0
average number of shares outstanding. \u00a0
Diluted earnings per share is calculated as net profit divided by the sum of \u00a0
average number of shares outstanding, including the dilutive effect of the \u00a0
outstanding share options and restriced share units. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5706": {
"value": "ACCOUNTING POLICIES \u00a0
Dividend is recognised as a liability at the time of adoption by the share- \u00a0
holders at the annual general meeting. Dividend proposed by Management \u00a0
in respect of the year is stated under equity. \u00a0
The acquisition and sale of treasury shares and dividends thereon are taken \u00a0
directly to retained earnings at cost price under equity. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5712": {
"value": "4.2 Loans,\u00a0bonds and lease liabilities \u00a0
Amounts in USD million \u00a0
Loans \u00a0
Bonds \u00a0
Leasing \u00a0
Total \u00a0
2023 \u00a0
Interest-bearing debt at 1 January \u00a0
221.6 \u00a0
73.7 \u00a0
519.5 \u00a0
814.8 \u00a0
Proceeds/additions \u00a0
-
-
152.7 \u00a0
152.7 \u00a0
Remeasurements \u00a0
-
-
120.3 \u00a0
120.3 \u00a0
Repayments/instalments \u00a0
-109.6 \u00a0
-2.4 \u00a0
-366.7 \u00a0
-478.7 \u00a0
Other adjustments/disposals \u00a0
-
-
-7.3 \u00a0
-7.3 \u00a0
Interest-bearing liabilities at 31 December \u00a0
112.0 \u00a0
71.3 \u00a0
418.5 \u00a0
601.8 \u00a0
Current debt \u00a0
2.2 \u00a0
71.3 \u00a0
265.5 \u00a0
339.0 \u00a0
Non-current debt \u00a0
109.8 \u00a0
-
153.0 \u00a0
262.8 \u00a0
Total \u00a0
112.0 \u00a0
71.3 \u00a0
418.5 \u00a0
601.8 \u00a0
Fixed-rate \u00a0
105.7 \u00a0
-
418.5 \u00a0
524.2 \u00a0
Floating-rate \u00a0
6.5 \u00a0
-
-
6.5 \u00a0
Bonds, floating-rate \u00a0
-
71.3 \u00a0
-
71.3 \u00a0
Commission \u00a0
-0.2 \u00a0
-
-
-0.2 \u00a0
Total \u00a0
112.0 \u00a0
71.3 \u00a0
418.5 \u00a0
601.8 \u00a0
Mortgages and securities \u00a0
Security for loans \u00a0
8.0 \u00a0
-
-
8.0 \u00a0
\u2013 number of vessels pledged \u00a0
5
-
-
5
\u2013 number of buildings pledged \u00a0
2
-
-
2
\u2013 carrying amount \u00a0
176.9 \u00a0
-
-
176.9 \u00a0
\u2013 mortgaged amount \u00a0
196.2 \u00a0
-
-
196.2 \u00a0
Amount insured on vessels \u00a0
218.4 \u00a0
-
-
218.4 \u00a0
Amounts in USD million \u00a0
Loans \u00a0
Bonds \u00a0
Leasing \u00a0
Total \u00a0
2022 \u00a0
Interest-bearing debt at 1 January \u00a0
342.0 \u00a0
98.7 \u00a0
607.7 \u00a0
1,048.4 \u00a0
Proceeds/additions \u00a0
60.6 \u00a0
-
300.4 \u00a0
361.0 \u00a0
Remeasurements \u00a0
-
-
83.2 \u00a0
83.2 \u00a0
Repayments/instalments \u00a0
-180.4 \u00a0
-25.5 \u00a0
-466.4 \u00a0
-672.3 \u00a0
Other adjustments/disposals \u00a0
-0.6 \u00a0
0.5 \u00a0
-5.4 \u00a0
-5.5 \u00a0
Interest-bearing liabilities at 31 December \u00a0
221.6 \u00a0
73.7 \u00a0
519.5 \u00a0
814.8 \u00a0
Current debt \u00a0
21.0 \u00a0
-
276.2 \u00a0
297.2 \u00a0
Non-current debt \u00a0
200.6 \u00a0
73.7 \u00a0
243.3 \u00a0
517.6 \u00a0
Total \u00a0
221.6 \u00a0
73.7 \u00a0
519.5 \u00a0
814.8 \u00a0
Fixed-rate \u00a0
107.1 \u00a0
-
519.5 \u00a0
626.6 \u00a0
Floating-rate \u00a0
115.2 \u00a0
-
-
115.2 \u00a0
Bonds, floating-rate \u00a0
-
73.7 \u00a0
-
73.7 \u00a0
Commission \u00a0
-0.7 \u00a0
-
-
-0.7 \u00a0
Total \u00a0
221.6 \u00a0
73.7 \u00a0
519.5 \u00a0
814.8 \u00a0
Mortgages and securities \u00a0
Security for loans \u00a0
116.2 \u00a0
-
-
116.2 \u00a0
\u2013 number of vessels pledged \u00a0
13 \u00a0
-
-
13 \u00a0
\u2013 number of buildings pledged \u00a0
2
-
-
2
\u2013 carrying amount \u00a0
388.2 \u00a0
-
-
388.2 \u00a0
\u2013 mortgaged amount \u00a0
485.5 \u00a0
-
-
485.5 \u00a0
Amount insured on vessels \u00a0
564.0 \u00a0
-
-
564.0 \u00a0
Fixed-rate loans include financial leasing debt of USD 103.9 million. \u00a0
Some of the mortgages have been registered with an amount to secure future \u00a0
drawings under a revolving credit facility of USD 200 million of which 0 million \u00a0
have been drawn. \u00a0
The Group\u2019s loan agreements generally include a clause on the lender\u2019s \u00a0
option to terminate the agreement in the event the majority control of the \u00a0
Group is changed. \u00a0
Refer to note 4.5 \"Financial instruments by category\" for a description of the \u00a0
fair value hierarchy. \u00a0
ACCOUNTING POLICIES \u00a0
Loans and bonds comprise amounts borrowed from banks and a credit insti- \u00a0
tution, and senior unsecured bonds listed on NASDAQ Copenhagen A/S. \u00a0
Loans and bonds are recognised at the time the liabilities are obtained in the \u00a0
amount of the proceeds after deduction of transaction costs. In subsequent \u00a0
periods, such loans and bonds are recognised at amortised cost, equivalent \u00a0
to the capitalised value applying the effective rate of interest at the inception \u00a0
of the loan or bond, to the effect that the difference between the proceeds \u00a0
and the nominal value is recognised as interest expense in the income state- \u00a0
ment over the term of the loan or bond. \u00a0
Commission paid to set up a credit facility is recognised as transaction costs \u00a0
to the extent that it is probable that the facility will be partially utilised. To the \u00a0
extent that it is not probable that the facility will be partially or fully utilised, \u00a0
commission is amortised over the term of the credit facility. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5718": {
"value": "ACCOUNTING POLICIES \u00a0
Loans and bonds comprise amounts borrowed from banks and a credit insti- \u00a0
tution, and senior unsecured bonds listed on NASDAQ Copenhagen A/S. \u00a0
Loans and bonds are recognised at the time the liabilities are obtained in the \u00a0
amount of the proceeds after deduction of transaction costs. In subsequent \u00a0
periods, such loans and bonds are recognised at amortised cost, equivalent \u00a0
to the capitalised value applying the effective rate of interest at the inception \u00a0
of the loan or bond, to the effect that the difference between the proceeds \u00a0
and the nominal value is recognised as interest expense in the income state- \u00a0
ment over the term of the loan or bond. \u00a0
Commission paid to set up a credit facility is recognised as transaction costs \u00a0
to the extent that it is probable that the facility will be partially utilised. To the \u00a0
extent that it is not probable that the facility will be partially or fully utilised, \u00a0
commission is amortised over the term of the credit facility. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5719": {
"value": "ACCOUNTING POLICIES \u00a0
Loans and bonds comprise amounts borrowed from banks and a credit insti- \u00a0
tution, and senior unsecured bonds listed on NASDAQ Copenhagen A/S. \u00a0
Loans and bonds are recognised at the time the liabilities are obtained in the \u00a0
amount of the proceeds after deduction of transaction costs. In subsequent \u00a0
periods, such loans and bonds are recognised at amortised cost, equivalent \u00a0
to the capitalised value applying the effective rate of interest at the inception \u00a0
of the loan or bond, to the effect that the difference between the proceeds \u00a0
and the nominal value is recognised as interest expense in the income state- \u00a0
ment over the term of the loan or bond. \u00a0
Commission paid to set up a credit facility is recognised as transaction costs \u00a0
to the extent that it is probable that the facility will be partially utilised. To the \u00a0
extent that it is not probable that the facility will be partially or fully utilised, \u00a0
commission is amortised over the term of the credit facility. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5729": {
"value": "4.3 Financial\u00a0income and expenses \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Interest income \u00a0
35.6 \u00a0
12.3 \u00a0
Fair value adjustment, derivatives \u00a0
1.9 \u00a0
-
Exchange rate adjustments \u00a0
4.5 \u00a0
-
Total financial income \u00a0
42.0 \u00a0
12.3 \u00a0
Interest expenses \u00a0
21.8 \u00a0
18.2 \u00a0
Fair value adjustment, derivatives \u00a0
0.2 \u00a0
0.3 \u00a0
Exchange rate adjustments \u00a0
-
1.2 \u00a0
Interest expenses on lease liabilities \u00a0
31.4 \u00a0
32.3 \u00a0
Total financial expenses \u00a0
53.4 \u00a0
52.0 \u00a0
ACCOUNTING POLICIES \u00a0
Financial income and expenses comprise interest income and expenses, real- \u00a0
ised and unrealised gains and losses on transactions denominated in foreign \u00a0
currencies, amortisation of loan costs and securities and subsequent changes \u00a0
to contingent acquisition costs. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5730": {
"value": "4.3 Financial\u00a0income and expenses \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Interest income \u00a0
35.6 \u00a0
12.3 \u00a0
Fair value adjustment, derivatives \u00a0
1.9 \u00a0
-
Exchange rate adjustments \u00a0
4.5 \u00a0
-
Total financial income \u00a0
42.0 \u00a0
12.3 \u00a0
Interest expenses \u00a0
21.8 \u00a0
18.2 \u00a0
Fair value adjustment, derivatives \u00a0
0.2 \u00a0
0.3 \u00a0
Exchange rate adjustments \u00a0
-
1.2 \u00a0
Interest expenses on lease liabilities \u00a0
31.4 \u00a0
32.3 \u00a0
Total financial expenses \u00a0
53.4 \u00a0
52.0 \u00a0
ACCOUNTING POLICIES \u00a0
Financial income and expenses comprise interest income and expenses, real- \u00a0
ised and unrealised gains and losses on transactions denominated in foreign \u00a0
currencies, amortisation of loan costs and securities and subsequent changes \u00a0
to contingent acquisition costs. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5731": {
"value": "4.3 Financial\u00a0income and expenses \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Interest income \u00a0
35.6 \u00a0
12.3 \u00a0
Fair value adjustment, derivatives \u00a0
1.9 \u00a0
-
Exchange rate adjustments \u00a0
4.5 \u00a0
-
Total financial income \u00a0
42.0 \u00a0
12.3 \u00a0
Interest expenses \u00a0
21.8 \u00a0
18.2 \u00a0
Fair value adjustment, derivatives \u00a0
0.2 \u00a0
0.3 \u00a0
Exchange rate adjustments \u00a0
-
1.2 \u00a0
Interest expenses on lease liabilities \u00a0
31.4 \u00a0
32.3 \u00a0
Total financial expenses \u00a0
53.4 \u00a0
52.0 \u00a0
ACCOUNTING POLICIES \u00a0
Financial income and expenses comprise interest income and expenses, real- \u00a0
ised and unrealised gains and losses on transactions denominated in foreign \u00a0
currencies, amortisation of loan costs and securities and subsequent changes \u00a0
to contingent acquisition costs. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5738": {
"value": "4.4 Financial\u00a0instruments and risks \u00a0
The Group is exposed to a variety of risks from its operations in shipping \u00a0
markets. \u00a0
The Board of Directors is advised by the Risk Committee in matters related \u00a0
to the management of these risks, where the Risk Committee is responsible \u00a0
for ensuring development and implementation of robust risk frameworks that \u00a0
appropriately identify and measure risks. \u00a0
Based on advice from the Risk Committee, the Board of Directors reviews and \u00a0
agrees on policies for managing each of the risks, which are described below. \u00a0
Credit risks \u00a0
The Group is exposed to credit risk related to trade receivables from its \u00a0
counterparties and agreed future COAs, its prepayments to shipyards and \u00a0
ship owners, its cash deposits with financial institutions, money market \u00a0
investments and potential initial margins and intraday volatility market values \u00a0
in relation to derivative instruments. \u00a0
Credit risk is reduced by systematic credit assessment of counterparties and \u00a0
regular monitoring of their creditworthiness. For this purpose, own analyses \u00a0
are applied based on external credit rating agencies and publicly available \u00a0
information. Each analysis results in an internal rating, which is subsequently \u00a0
used for determining the allowed scope of the commitment. \u00a0
The internal ratings are based both on a financial and a non-financial assess- \u00a0
ment of the counterparty profile, where each category ranges between A to \u00a0
D, with A being the highest achievable score. \u00a0
Customer credit risk exposure \u00a0
The total Group credit exposure was USD 1,631 million (USD 1,907 million) at \u00a0
the end of 2023, with USD 1,154 million (USD 1,463 million) in Dry Cargo and \u00a0
USD 447 million (USD 444 million) in Tankers. \u00a0
While concentration risk is mitigated by distributing exposure between many \u00a0
counterparties, it is still a few counterparties that account for a large part of \u00a0
the exposure. \u00a0
In Dry Cargo, the exposure involves 484 (315) counterparties, where the five \u00a0
largest counterparties accounted for 33% (27%) of the covered revenue in the \u00a0
segment. \u00a0
In Tankers, the exposure involves 86 (87) counterparties, where the five \u00a0
largest accounted for 71% (71%) of the covered revenue in the segment. It is \u00a0
assessed that most of the counterparties referred to above are solid, and the \u00a0
Group stays updated on the performance and activities of these companies \u00a0
on a regular basis. \u00a0
Credit risks related to trade receivables differ somewhat for time charters and \u00a0
voyage charters. For time charters, revenues are in general paid in advance \u00a0
for the next two to four weeks, while for voyage charters, substantially all \u00a0
revenue is paid before discharge in Dry Cargo and within two to five days \u00a0
after discharge in Tankers. \u00a0
Due to the nature of the counterparties as described above and the system- \u00a0
atic and regular monitoring of their creditworthiness, the customer credit risk \u00a0
is determined to be limited. \u00a0
Prepayments \u00a0
The Group has credit risk related to prepayments to shipyards. To mitigate \u00a0
this risk, the Group generally obtains a guarantee from a financial institution. \u00a0
Cash deposits \u00a0
The Group liquidity is strictly placed with financial institutions that have a \u00a0
rating of at least AA-. \u00a0
Derivatives \u00a0
NORDEN uses derivatives instruments to hedge freight risk, bunker risk and \u00a0
currency risk. The credit risk related to these instruments is deemed to be \u00a0
small, since cleared and OTC contracts are subject to daily margin payments, \u00a0
with the only difference that OTC contracts have a threshold before daily \u00a0
margin payments are made. \u00a0
At year end, a total positive market value of USD 72 million (USD 152 million) \u00a0
and a total negative market value of USD 110 million (USD 97 million) had \u00a0
been cleared and settled through NORDEN's margin account with Macquarie \u00a0
Bank Europe DAC. \u00a0
(ISDA). This implies a liquidity risk as changes in market value of the financial \u00a0
contracts must be backed by collateral on a daily basis. \u00a0
The Group actively monitors and manages this risk using Cash Flow at Risk to \u00a0
ensure sufficient available liquidity to handle severe stress of current market \u00a0
conditions. \u00a0
The terms to maturity of financial assets and liabilities are disclosed by \u00a0
category and class distributed on maturity periods. All interest payments and \u00a0
repayments of financial assets and liabilities are based on contractual agree- \u00a0
ments. \u00a0
Freight rate risks \u00a0
Purchasing and chartering vessels, and cargo contracts, imply a risk as the \u00a0
Group assumes financial liability in expectation of generating earnings which \u00a0
are dependent on the freight market. \u00a0
The Group uses FFAs to hedge cash flow risk to the extent Management finds \u00a0
it attractive, refer to note 4.6 \"Derivative financial instruments\". \u00a0
Bunker price risks \u00a0
A large part of the variable revenues and expenses are related to bunker \u00a0
prices, which impact the Group's result. The Group uses bunker swaps to \u00a0
hedge the bunker price risk to the extent possible, refer to note 4.6 \"Deriva- \u00a0
tive financial instruments\". \u00a0
Note that for vessels that are scrubber-fitted, the Group has a bunker price \u00a0
risk related the spread between high sulphur fuel oil and a combination of \u00a0
high sulphur fuel oil and very low sulphur fuel oil and gas oil, respectively. \u00a0
As the available hedging tools are not very liquid, only parts of this risk are \u00a0
hedged. \u00a0
Interest rate risks \u00a0
The Group's loan obligations are paying interest on SOFR (Secured Overnight \u00a0
Financing Rate). Given that a significant portion of the Group's cash balance is \u00a0
held in banks, this ensures a positive exposure to interest rate developments \u00a0
by the end of 2023. There is no significant re-financing risk related to loans. \u00a0
Currency risks \u00a0
The Group\u2019s functional currency is USD. Since administration costs and divi- \u00a0
dends are paid in other currencies - mainly DKK - there is a currency risk in this \u00a0
connection. The Group hedges expected administrative expenses payable in \u00a0
DKK for a period of 6-24 months. \u00a0
In connection with newbuilding payments, typically in JPY or CNY, there may \u00a0
also be a currency risk. This is hedged by forward contracts in connection \u00a0
with newbuilding orders. At the end of 2023, all newbuilding payments were, \u00a0
however, in USD. \u00a0
The strike price in some of the Group\u2019s purchase options is determined in JPY, \u00a0
and it is the Group\u2019s policy only to hedge these if the option is exercised and \u00a0
only upon exercise. \u00a0
In connection with the conclusion of a COA in GBP, cross currency swaps were \u00a0
simultaneously entered into to fix expected freight income in USD. \u00a0
Liquidity risks \u00a0
The Group maintains sufficient liquidity to handle short-term fluctuations in \u00a0
cash flows while at the same time complying with bank covenants. \u00a0
Most of the Group's derivatives contracts, including but not limited to bunker \u00a0
swaps and FFAs, are mainly traded cleared and the variation margins are \u00a0
considered settlement of the market values. The derivatives contracts can \u00a0
also be traded OTC, but in this case always supported by a credit support \u00a0
annex (CSA) from the International Swaps and Derivatives Association \u00a0
Capital management risks \u00a0
The Group\u2019s formal external capital requirement is limited to the contributed \u00a0
capital of the parent company and the subsidiaries, which is significantly \u00a0
lower than the Group\u2019s equity. \u00a0
The Group\u2019s equity ratio was 51.1% (48.3%) at the end of 2023. This significant \u00a0
equity ratio should be considered relative to the Group\u2019s future payment obli- \u00a0
gations in the form of operating lease liabilities (T/C contracts) and payments \u00a0
for newbuildings not recognised in the statement of financial position. \u00a0
Financial comments \u00a0
On the reporting date, floating-rate bank loans had an interest rate up to \u00a0
SOFR plus a margin of 1.85%. Due to the LIBOR and reference rate reform, \u00a0
NORDEN\u2019s USD 100 million bond issue has changed from paying three \u00a0
months, LIBOR (London Interbank Offered Rate) plus a margin of 4.75% to \u00a0
now paying SOFR plus a margin of 5.01%. Refer to note 4.5 \u201cFinancial instru- \u00a0
ments by category\u201d for further information. The changes did not result in any \u00a0
material accounting impact. \u00a0
Overview of financial risks \u00a0
Amounts in USD million \u00a0
Nominal value \u00a0
Credit \u00a0
2023 2022 \u00a0
Comments on NORDEN\u2019s policy \u00a0
Trade receivables \u00a0
303 \u00a0
345 \u00a0
The credit rating of counterparties is assessed on an ongoing basis through systematic credit assessment and regular monitoring of creditworthiness. \u00a0
Bank deposits (incl. money market investments) \u00a0
557 \u00a0
842 \u00a0
The Group liquidity is strictly placed with financial institutions that have a Moody's rating of at least AA-. \u00a0
Prepayments on vessels and newbuildings \u00a0
44 \u00a0
32 \u00a0
As a main rule, newbuilding contracts with shipyards are all entered into with repayment guarantees issued by banks with good credit ratings. \u00a0
Freight rate risks (FFAs) \u00a0
27B \u00a0
224S \u00a0
To limit credit risk, the Group\u2019s FFAs are all entered through established clearing houses as these have daily margin settlement. \u00a0
Bunker swaps \u00a0
133B \u00a0
113B \u00a0
Bunker 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
with good credit ratings. In the case of OTC trades, the Group always includes an ISDA agreement ensuring continuous collateral above a specific threshold. \u00a0
Amounts in USD million \u00a0
Nominal value \u00a0
Market \u00a0
2023 \u00a0
2022 \u00a0
Sensitivity \u00a0
Comments on NORDEN\u2019s policy \u00a0
Freight rate risks (FFAs) \u00a0
27S \u00a0
224S \u00a0
A 10% drop in freight rates at year end would positively impact equity by USD 5 \u00a0
The Group uses FFAs to hedge the cash flow risk related to highly probable freight \u00a0
(positive impact of USD 16). \u00a0
expenses and revenues. \u00a0
Bunker price risks \u00a0
133B \u00a0
113B \u00a0
A 10% drop in bunker prices at year end would negatively impact equity by USD 13 \u00a0
The Group uses bunker swaps to hedge the cash flow risk related to expenses of \u00a0
(negative impact of USD 10). \u00a0
highly probable bunker purchases and revenues from the bunker price component \u00a0
of expected, highly probable, forecast cargoes. \u00a0
Currency risks \u00a0
144 \u00a0
186 \u00a0
A 10% increase in the DKK, GBP, JPY and AUD exchange rates at year end would \u00a0
\u2022
DKK forward currency contracts are used to hedge expected DKK overhead and \u00a0
have the following impact: \u00a0
administration costs for the next 12-24 months. \u00a0
\u2022
DKK; net results by USD 0 (USD 0) and equity USD 0\u00a0(USD 0), and \u00a0
\u2022
GBP forward currency contracts are used to hedge expected freight income \u00a0
\u2022
GBP; net results by USD 0\u00a0(USD 0) and equity by USD 0 (positive USD 3). \u00a0
from a COA concluded in GBP, cf. note 4.6. \u00a0
\u2022
JPY; net results positively by USD 1 (USD 4) and equity by USD 1\u00a0(USD 4). \u00a0
\u2022
JPY forward currency contracts are used to hedge the exercise price of vessel \u00a0
\u2022
AUD; net results by USD 0 (USD 0) and equity by USD 0 (USD 0). \u00a0
purchase options. \u00a0
\u2022
AUD forward currency contracts are used to hedge expected freight income \u00a0
Any exposure to other currencies than DKK, GBP, JPY and AUD is insignificant. \u00a0
from a COA concluded in AUD. \u00a0
Interest rate risks \u00a0
479 \u00a0
653 \u00a0
Based on the Group\u2019s liquidity and debt at year end, a 1% increase in interest rates \u00a0
Most of the Group's loan obligations are subject to interest on the basis of SOFR. \u00a0
would, all other things being equal, impact earnings before tax positively by USD 3\u00a0Most of the Group\u2019s considerable cash balance is held at banks thus netting out \u00a0
(USD 5) and equity by USD 3 (USD 5).\u00a0the loan\u2019s interest rate exposure. \u00a0
SSold net, BBought net, () indicates year of comparison \u00a0
The table below summarises the maturity profile of the Group\u2019s financial assets and liabilities based on \u00a0
contractual undiscounted payments: \u00a0
Maturities \u00a0
Carrying \u00a0
Amounts in USD million \u00a0
<1 year\u00a01-3 years\u00a0>3 years \u00a0
Total \u00a0
amount \u00a0
2023 \u00a0
Derivative financial instruments \u00a0
Derivatives with positive values, not designated in hedging \u00a0
0.3 \u00a0
-
-
0.3 \u00a0
0.3 \u00a0
Derivatives with negative values, not designated in hedging \u00a0
-
-0.1 \u00a0
-
-0.1 \u00a0
-0.1 \u00a0
Derivatives with positive value, designated in cashflow hedge \u00a0
0.1 \u00a0
0.6 \u00a0
-
0.7 \u00a0
0.7 \u00a0
Financial assets measured at amortised cost \u00a0
Receivables from subleasing \u00a0
82.9 \u00a0
17.4 \u00a0
-
100.3 \u00a0
94.6 \u00a0
Cash and cash equivalents \u00a0
557.2 \u00a0
-
-
557.2 \u00a0
557.2 \u00a0
Trade receivables \u00a0
283.6 \u00a0
-
-
283.6 \u00a0
283.6 \u00a0
Receivables from joint ventures \u00a0
-
-
-
-
-
Other receivables \u00a0
37.0 \u00a0
-
-
37.0 \u00a0
37.0 \u00a0
Total \u00a0
960.7 \u00a0
17.4 \u00a0
-
978.1 \u00a0
972.4 \u00a0
Financial liabilities measured at amortised cost \u00a0
Loans \u00a0
-9.5 \u00a0
-60.0 \u00a0
-64.3 \u00a0
-133.8 \u00a0
-112.0 \u00a0
Bonds \u00a0
-71.6 \u00a0
-
-
-71.6 \u00a0
-71.3 \u00a0
Lease liabilities, current and non-current \u00a0
-281.0 \u00a0
-146.2 \u00a0
-14.7 \u00a0
-441.9 \u00a0
-418.5 \u00a0
Lease liabilities, future commencement date \u00a0
-18.5 \u00a0
-106.2 \u00a0
-241.6 \u00a0
-366.3 \u00a0
-
Trade and other payables \u00a0
-435.6 \u00a0
-
-
-435.6 \u00a0
-435.6 \u00a0
Total \u00a0
-816.2 \u00a0
-312.4 \u00a0
-320.6 -1,449.2 -1,037.4 \u00a0
Refer to page 127 in the note's Financial comments section and to note 4.6 \u201cDerivative financial instruments\u201d for further \u00a0
information. \u00a0
Maturities \u00a0
Carrying \u00a0
Amounts in USD million \u00a0
<1 year\u00a01-3 years\u00a0>3 years \u00a0
Total \u00a0
amount \u00a0
2022 \u00a0
Derivative financial instruments \u00a0
Derivatives with positive values, not designated in hedging \u00a0
5.7 \u00a0
-
-
5.7 \u00a0
5.7 \u00a0
Derivatives with negative values, not designated in hedging \u00a0
-6.0 \u00a0
-
-
-6.0 \u00a0
-6.0 \u00a0
Derivatives with positive value, designated in cashflow hedge \u00a0
0.7 \u00a0
0.1 \u00a0
-
0.8 \u00a0
0.8 \u00a0
Financial assets measured at amortised cost \u00a0
Receivables from subleasing \u00a0
77.3 \u00a0
23.6 \u00a0
-
100.9 \u00a0
91.9 \u00a0
Cash and cash equivalents \u00a0
842.3 \u00a0
-
-
842.3 \u00a0
842.3 \u00a0
Trade receivables \u00a0
328.9 \u00a0
-
-
328.9 \u00a0
328.9 \u00a0
Receivables from joint ventures \u00a0
1.5 \u00a0
-
-
1.5 \u00a0
1.5 \u00a0
Other receivables \u00a0
42.8 \u00a0
-
-
42.8 \u00a0
42.8 \u00a0
Total \u00a0
1,292.8 \u00a0
23.6 \u00a0
-
1,316.4 \u00a0
1,307.4 \u00a0
Financial liabilities measured at amortised cost \u00a0
Loans \u00a0
-24.3 \u00a0
-99.2 \u00a0
-107.2 \u00a0
-230.7 \u00a0
-221.6 \u00a0
Bonds \u00a0
-
-74.5 \u00a0
-
-74.5 \u00a0
-73.7 \u00a0
Lease liabilities, current and non-current \u00a0
-331.2 \u00a0
-175.7 \u00a0
-37.0 \u00a0
-543.9 \u00a0
-519.5 \u00a0
Lease liabilities, future commencement date \u00a0
-4.9 \u00a0
-59.0 \u00a0
-124.7 \u00a0
-188.6 \u00a0
-
Trade and other payables \u00a0
-519.3 \u00a0
-
-
-519.3 \u00a0
-519.3 \u00a0
Total \u00a0
-879.7 \u00a0
-408.4 \u00a0
-268.9 -1,557.0 \u00a0
1,334.1 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5739": {
"value": "Credit risks \u00a0
The Group is exposed to credit risk related to trade receivables from its \u00a0
counterparties and agreed future COAs, its prepayments to shipyards and \u00a0
ship owners, its cash deposits with financial institutions, money market \u00a0
investments and potential initial margins and intraday volatility market values \u00a0
in relation to derivative instruments. \u00a0
Credit risk is reduced by systematic credit assessment of counterparties and \u00a0
regular monitoring of their creditworthiness. For this purpose, own analyses \u00a0
are applied based on external credit rating agencies and publicly available \u00a0
information. Each analysis results in an internal rating, which is subsequently \u00a0
used for determining the allowed scope of the commitment. \u00a0
The internal ratings are based both on a financial and a non-financial assess- \u00a0
ment of the counterparty profile, where each category ranges between A to \u00a0
D, with A being the highest achievable score. \u00a0
Customer credit risk exposure \u00a0
The total Group credit exposure was USD 1,631 million (USD 1,907 million) at \u00a0
the end of 2023, with USD 1,154 million (USD 1,463 million) in Dry Cargo and \u00a0
USD 447 million (USD 444 million) in Tankers. \u00a0
While concentration risk is mitigated by distributing exposure between many \u00a0
counterparties, it is still a few counterparties that account for a large part of \u00a0
the exposure. \u00a0
In Dry Cargo, the exposure involves 484 (315) counterparties, where the five \u00a0
largest counterparties accounted for 33% (27%) of the covered revenue in the \u00a0
segment. \u00a0
In Tankers, the exposure involves 86 (87) counterparties, where the five \u00a0
largest accounted for 71% (71%) of the covered revenue in the segment. It is \u00a0
assessed that most of the counterparties referred to above are solid, and the \u00a0
Group stays updated on the performance and activities of these companies \u00a0
on a regular basis. \u00a0
Credit risks related to trade receivables differ somewhat for time charters and \u00a0
voyage charters. For time charters, revenues are in general paid in advance \u00a0
for the next two to four weeks, while for voyage charters, substantially all \u00a0
revenue is paid before discharge in Dry Cargo and within two to five days \u00a0
after discharge in Tankers. \u00a0
Due to the nature of the counterparties as described above and the system- \u00a0
atic and regular monitoring of their creditworthiness, the customer credit risk \u00a0
is determined to be limited. \u00a0
Prepayments \u00a0
The Group has credit risk related to prepayments to shipyards. To mitigate \u00a0
this risk, the Group generally obtains a guarantee from a financial institution. \u00a0
Cash deposits \u00a0
The Group liquidity is strictly placed with financial institutions that have a \u00a0
rating of at least AA-. \u00a0
Overview of financial risks \u00a0
Amounts in USD million \u00a0
Nominal value \u00a0
Credit \u00a0
2023 2022 \u00a0
Comments on NORDEN\u2019s policy \u00a0
Trade receivables \u00a0
303 \u00a0
345 \u00a0
The credit rating of counterparties is assessed on an ongoing basis through systematic credit assessment and regular monitoring of creditworthiness. \u00a0
Bank deposits (incl. money market investments) \u00a0
557 \u00a0
842 \u00a0
The Group liquidity is strictly placed with financial institutions that have a Moody's rating of at least AA-. \u00a0
Prepayments on vessels and newbuildings \u00a0
44 \u00a0
32 \u00a0
As a main rule, newbuilding contracts with shipyards are all entered into with repayment guarantees issued by banks with good credit ratings. \u00a0
Freight rate risks (FFAs) \u00a0
27B \u00a0
224S \u00a0
To limit credit risk, the Group\u2019s FFAs are all entered through established clearing houses as these have daily margin settlement. \u00a0
Bunker swaps \u00a0
133B \u00a0
113B \u00a0
Bunker 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
with good credit ratings. In the case of OTC trades, the Group always includes an ISDA agreement ensuring continuous collateral above a specific threshold. \u00a0
Amounts in USD million \u00a0
Nominal value \u00a0
Market \u00a0
2023 \u00a0
2022 \u00a0
Sensitivity \u00a0
Comments on NORDEN\u2019s policy \u00a0
Freight rate risks (FFAs) \u00a0
27S \u00a0
224S \u00a0
A 10% drop in freight rates at year end would positively impact equity by USD 5 \u00a0
The Group uses FFAs to hedge the cash flow risk related to highly probable freight \u00a0
(positive impact of USD 16). \u00a0
expenses and revenues. \u00a0
Bunker price risks \u00a0
133B \u00a0
113B \u00a0
A 10% drop in bunker prices at year end would negatively impact equity by USD 13 \u00a0
The Group uses bunker swaps to hedge the cash flow risk related to expenses of \u00a0
(negative impact of USD 10). \u00a0
highly probable bunker purchases and revenues from the bunker price component \u00a0
of expected, highly probable, forecast cargoes. \u00a0
Currency risks \u00a0
144 \u00a0
186 \u00a0
A 10% increase in the DKK, GBP, JPY and AUD exchange rates at year end would \u00a0
\u2022
DKK forward currency contracts are used to hedge expected DKK overhead and \u00a0
have the following impact: \u00a0
administration costs for the next 12-24 months. \u00a0
\u2022
DKK; net results by USD 0 (USD 0) and equity USD 0\u00a0(USD 0), and \u00a0
\u2022
GBP forward currency contracts are used to hedge expected freight income \u00a0
\u2022
GBP; net results by USD 0\u00a0(USD 0) and equity by USD 0 (positive USD 3). \u00a0
from a COA concluded in GBP, cf. note 4.6. \u00a0
\u2022
JPY; net results positively by USD 1 (USD 4) and equity by USD 1\u00a0(USD 4). \u00a0
\u2022
JPY forward currency contracts are used to hedge the exercise price of vessel \u00a0
\u2022
AUD; net results by USD 0 (USD 0) and equity by USD 0 (USD 0). \u00a0
purchase options. \u00a0
\u2022
AUD forward currency contracts are used to hedge expected freight income \u00a0
Any exposure to other currencies than DKK, GBP, JPY and AUD is insignificant. \u00a0
from a COA concluded in AUD. \u00a0
Interest rate risks \u00a0
479 \u00a0
653 \u00a0
Based on the Group\u2019s liquidity and debt at year end, a 1% increase in interest rates \u00a0
Most of the Group's loan obligations are subject to interest on the basis of SOFR. \u00a0
would, all other things being equal, impact earnings before tax positively by USD 3\u00a0Most of the Group\u2019s considerable cash balance is held at banks thus netting out \u00a0
(USD 5) and equity by USD 3 (USD 5).\u00a0the loan\u2019s interest rate exposure. \u00a0
SSold net, BBought net, () indicates year of comparison \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5735": {
"value": "ACCOUNTING POLICIES \u00a0
Financial income and expenses comprise interest income and expenses, real- \u00a0
ised and unrealised gains and losses on transactions denominated in foreign \u00a0
currencies, amortisation of loan costs and securities and subsequent changes \u00a0
to contingent acquisition costs. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5736": {
"value": "ACCOUNTING POLICIES \u00a0
Financial income and expenses comprise interest income and expenses, real- \u00a0
ised and unrealised gains and losses on transactions denominated in foreign \u00a0
currencies, amortisation of loan costs and securities and subsequent changes \u00a0
to contingent acquisition costs. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5750": {
"value": "Derivatives \u00a0
NORDEN uses derivatives instruments to hedge freight risk, bunker risk and \u00a0
currency risk. The credit risk related to these instruments is deemed to be \u00a0
small, since cleared and OTC contracts are subject to daily margin payments, \u00a0
with the only difference that OTC contracts have a threshold before daily \u00a0
margin payments are made. \u00a0
At year end, a total positive market value of USD 72 million (USD 152 million) \u00a0
and a total negative market value of USD 110 million (USD 97 million) had \u00a0
been cleared and settled through NORDEN's margin account with Macquarie \u00a0
Bank Europe DAC. \u00a0
Overview of financial risks \u00a0
Amounts in USD million \u00a0
Nominal value \u00a0
Credit \u00a0
2023 2022 \u00a0
Comments on NORDEN\u2019s policy \u00a0
Trade receivables \u00a0
303 \u00a0
345 \u00a0
The credit rating of counterparties is assessed on an ongoing basis through systematic credit assessment and regular monitoring of creditworthiness. \u00a0
Bank deposits (incl. money market investments) \u00a0
557 \u00a0
842 \u00a0
The Group liquidity is strictly placed with financial institutions that have a Moody's rating of at least AA-. \u00a0
Prepayments on vessels and newbuildings \u00a0
44 \u00a0
32 \u00a0
As a main rule, newbuilding contracts with shipyards are all entered into with repayment guarantees issued by banks with good credit ratings. \u00a0
Freight rate risks (FFAs) \u00a0
27B \u00a0
224S \u00a0
To limit credit risk, the Group\u2019s FFAs are all entered through established clearing houses as these have daily margin settlement. \u00a0
Bunker swaps \u00a0
133B \u00a0
113B \u00a0
Bunker 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
with good credit ratings. In the case of OTC trades, the Group always includes an ISDA agreement ensuring continuous collateral above a specific threshold. \u00a0
Amounts in USD million \u00a0
Nominal value \u00a0
Market \u00a0
2023 \u00a0
2022 \u00a0
Sensitivity \u00a0
Comments on NORDEN\u2019s policy \u00a0
Freight rate risks (FFAs) \u00a0
27S \u00a0
224S \u00a0
A 10% drop in freight rates at year end would positively impact equity by USD 5 \u00a0
The Group uses FFAs to hedge the cash flow risk related to highly probable freight \u00a0
(positive impact of USD 16). \u00a0
expenses and revenues. \u00a0
Bunker price risks \u00a0
133B \u00a0
113B \u00a0
A 10% drop in bunker prices at year end would negatively impact equity by USD 13 \u00a0
The Group uses bunker swaps to hedge the cash flow risk related to expenses of \u00a0
(negative impact of USD 10). \u00a0
highly probable bunker purchases and revenues from the bunker price component \u00a0
of expected, highly probable, forecast cargoes. \u00a0
Currency risks \u00a0
144 \u00a0
186 \u00a0
A 10% increase in the DKK, GBP, JPY and AUD exchange rates at year end would \u00a0
\u2022
DKK forward currency contracts are used to hedge expected DKK overhead and \u00a0
have the following impact: \u00a0
administration costs for the next 12-24 months. \u00a0
\u2022
DKK; net results by USD 0 (USD 0) and equity USD 0\u00a0(USD 0), and \u00a0
\u2022
GBP forward currency contracts are used to hedge expected freight income \u00a0
\u2022
GBP; net results by USD 0\u00a0(USD 0) and equity by USD 0 (positive USD 3). \u00a0
from a COA concluded in GBP, cf. note 4.6. \u00a0
\u2022
JPY; net results positively by USD 1 (USD 4) and equity by USD 1\u00a0(USD 4). \u00a0
\u2022
JPY forward currency contracts are used to hedge the exercise price of vessel \u00a0
\u2022
AUD; net results by USD 0 (USD 0) and equity by USD 0 (USD 0). \u00a0
purchase options. \u00a0
\u2022
AUD forward currency contracts are used to hedge expected freight income \u00a0
Any exposure to other currencies than DKK, GBP, JPY and AUD is insignificant. \u00a0
from a COA concluded in AUD. \u00a0
Interest rate risks \u00a0
479 \u00a0
653 \u00a0
Based on the Group\u2019s liquidity and debt at year end, a 1% increase in interest rates \u00a0
Most of the Group's loan obligations are subject to interest on the basis of SOFR. \u00a0
would, all other things being equal, impact earnings before tax positively by USD 3\u00a0Most of the Group\u2019s considerable cash balance is held at banks thus netting out \u00a0
(USD 5) and equity by USD 3 (USD 5).\u00a0the loan\u2019s interest rate exposure. \u00a0
SSold net, BBought net, () indicates year of comparison \u00a0
4.6 Derivative\u00a0financial instruments \u00a0
Cash flow hedging \u00a0
Set out below are the fair value of cash flow hedging net of ineffectiveness \u00a0
recognised and the movements during the period: \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Fair value of cash flow hedges: \u00a0
Fair value at 1 January \u00a0
63.1 \u00a0
-31.2 \u00a0
Fair value adjustment at year end, net \u00a0
-98.4 \u00a0
94.3 \u00a0
Fair value at 31 December \u00a0
-35.3 \u00a0
63.1 \u00a0
The fair value of cash flow hedges at 31 December \u00a0
can be specified as follows: \u00a0
Bunker hedging \u00a0
-1.9 \u00a0
-10.8 \u00a0
FFA hedging \u00a0
-34.0 \u00a0
71.9 \u00a0
Foreign currency risk hedging \u00a0
0.6 \u00a0
2.0 \u00a0
End of year \u00a0
-35.3 \u00a0
63.1 \u00a0
At year end, cash-flow hedges cleared through \u00a0
margin accounts can be specified as follows: \u00a0
FFA hedging \u00a0
-34.0 \u00a0
71.9 \u00a0
Bunker hedging \u00a0
-1.9 \u00a0
-11.6 \u00a0
Foreign currency risk hedging \u00a0
0.6 \u00a0
2.0 \u00a0
At year end, cash-flow hedges not cleared through \u00a0
margin accounts can be specified as follows: \u00a0
Bunker hedging \u00a0
-
0.8 \u00a0
End of year \u00a0
-35.3 \u00a0
63.1 \u00a0
USD 2.3 million has been recycled from the hedging reserve recognised to \u00a0
other income as ineffectiveness. \u00a0
Bunker hedging \u00a0
The Group hedges cash flow risks associated with bunker prices to the extent \u00a0
possible. The risk strategy is built on portfolio hedging where Risk Manage- \u00a0
ment is given a mandate in terms of Value at Risk. \u00a0
Bunker swaps are used to hedge expected bunker revenues and planned \u00a0
bunker expenses. The bunker swaps are designated as hedges of the forward \u00a0
bunker prices. \u00a0
Bunker swaps are sold to hedge revenue related to the bunker price compo- \u00a0
nent of expected, highly probable cargoes up to a limit given by the bunkers \u00a0
onboard and the redelivery commitment related to time chartered-out \u00a0
vessels. \u00a0
The expected bunker sales arise from expected, highly probable cargoes as \u00a0
the Group's basis analysis of the freight market structure has concluded that \u00a0
bunkers are a separate and identifiable component of cargo freight prices. \u00a0
Bunker swaps are purchased to hedge expenses related to planned, highly \u00a0
probable bunker purchases. \u00a0
The planned bunker purchases are related to existing cargoes, where owners \u00a0
must cover the bunker expenses required to carry the cargo from its load to \u00a0
discharge port, and the redelivery commitment related to time chartered-in \u00a0
vessels, as charterers must redeliver the vessel with a bunker volume speci- \u00a0
fied in the charterparty to owners. \u00a0
Bunker swaps are contracts that are priced against published Platts prices for \u00a0
the respective bunker product in the given bunkering hub. The Group has in \u00a0
its basis analysis of the bunker market structure concluded that Rotterdam \u00a0
and Singapore prices are separate and identifiable components of bunker \u00a0
prices in other ports. \u00a0
The Group, therefore, uses bunker swaps with price reference in Rotterdam to \u00a0
hedge bunker prices West of Suez, and in Singapore to hedge bunker prices \u00a0
East of Suez. \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Movements in the hedging reserve: \u00a0
Beginning of year \u00a0
-10.8 \u00a0
7.4 \u00a0
Fair value adjustment \u00a0
15.1 \u00a0
26.2 \u00a0
Realised contracts, transferred to revenue \u00a0
27.7 \u00a0
54.7 \u00a0
Realised contracts, transferred to operating costs \u00a0
-33.9 \u00a0
-99.1 \u00a0
End of year \u00a0
-1.9 \u00a0
-10.8 \u00a0
The bunker hedging activities comprise the following contracts: \u00a0
Settlement Mts\u00a0Fair value \u00a0
1-2 \u00a0
2-3 \u00a0
>3 \u00a0
<1 year\u00a0years \u00a0
years \u00a0
years \u00a0
Positive Negative \u00a0
2023 \u00a0
Purchased \u00a0
918,738 20,984 \u00a0
11,984 \u00a0
-
6.0 \u00a0
-24.0 \u00a0
Avg. USD/Mts \u00a0
551.6 \u00a0
492.4 \u00a0
477.9 \u00a0
-
Sold \u00a0
667,718 \u00a0
11,984 \u00a0
5,984 \u00a0
-
16.5 \u00a0
-2.6 \u00a0
Avg. USD/Mts \u00a0
553.8 \u00a0
491.2 \u00a0
470.9 \u00a0
-
2022 \u00a0
Purchased \u00a0
980,106 \u00a0
20,192 \u00a0
-
-
20.1 \u00a0
-35.5 \u00a0
Avg. USD/Mts \u00a0
575.8 \u00a0
549.2 \u00a0
-
-
Sold \u00a0
776,954 \u00a0
3,000 \u00a0
-
-
21.1 \u00a0
-22.1 \u00a0
Avg. USD/Mts \u00a0
568.0 \u00a0
537.0 \u00a0
-
-
Freight hedging \u00a0
To manage the variability in cash flow risk due to freight price fluctuations, \u00a0
we cover future open ship days with cargo contracts, Time Charter (T/C) \u00a0
contracts, and Forward Freight Agreements (FFAs), based on Management's \u00a0
assessment of their attractiveness. \u00a0
The risk is managed by the Business Unit Leaders, based on Value at Risk \u00a0
limits defined by Management. The FFAs are designated as hedges of the \u00a0
forward freight rate. \u00a0
FFAs are sold to hedge freight revenue of expected, highly probable cargoes \u00a0
that will be booked. They are purchased to hedge freight expenses related to \u00a0
expected, highly probable vessels to be time chartered-in. \u00a0
FFA contracts are priced against published Baltic spot indices for the respec- \u00a0
tive vessel types . Actual earnings on spot voyages within the respective \u00a0
vessel type show strong correlation to the relevant Baltic spot indices, and are \u00a0
therefore considered to be effective hedges against highly probable freight \u00a0
revenue when applying a 1:1 hedging ratio. \u00a0
Change in price difference between the Baltic indices and the actual freight \u00a0
rates and difference in actual number of days may cause ineffectiveness. \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Movements in the hedging reserve: \u00a0
Beginning of year \u00a0
71.9 \u00a0
-39.0 \u00a0
Fair value adjustment \u00a0
-18.5 \u00a0
101.7 \u00a0
Realised contracts, transferred to operating costs \u00a0
-19.1 \u00a0
-57.9 \u00a0
Realised contracts, transferred to revenue \u00a0
-68.3 \u00a0
67.1 \u00a0
End of year \u00a0
-34.0 \u00a0
71.9 \u00a0
The following table comprises the freight hedging contracts. \u00a0
Settlement days \u00a0
Fair value \u00a0
<1 \u00a0
1-2 \u00a0
2-3 \u00a0
>3 \u00a0
year \u00a0
years \u00a0
years \u00a0
years Positive\u00a0Negative \u00a0
2023 \u00a0
Purchased \u00a0
15,801 \u00a0
4,320 \u00a0
660 \u00a0
180 \u00a0
39.4 \u00a0
-1.4 \u00a0
Avg. USDk/day \u00a0
13.0 \u00a0
13.0 \u00a0
15.0 \u00a0
12.2 \u00a0
Sold \u00a0
21,905 \u00a0
-
-
-
1.7 \u00a0
-73.7 \u00a0
Avg. USDk/day \u00a0
12.0 \u00a0
-
-
-
2022 \u00a0
Purchased \u00a0
15,749 \u00a0
4,560 \u00a0
600 \u00a0
300 \u00a0
29.0 \u00a0
-23.4 \u00a0
Avg. USDk/day \u00a0
13.5 \u00a0
13.1 \u00a0
12.6 \u00a0
13.7 \u00a0
Sold \u00a0
31,703 \u00a0
4,440 \u00a0
-
-
78.0 \u00a0
-11.6 \u00a0
Avg. USDk/day \u00a0
15.0 \u00a0
12.7 \u00a0
-
-
Derivatives not designated in hedge accounting \u00a0
The Group has entered into hedging transactions, where hedge accounting \u00a0
is not used and where assets and liabilities are recognised with the following \u00a0
amounts: \u00a0
Fair value \u00a0
Amounts in USD million \u00a0
Positive Negative \u00a0
2023 \u00a0
Freight Forward Agreements \u00a0
8.0 \u00a0
-8.0 \u00a0
Forward exchange contracts \u00a0
0.3 \u00a0
-0.1 \u00a0
2022 \u00a0
Freight Forward Agreements \u00a0
3.9 \u00a0
-4.4 \u00a0
Forward exchange contracts \u00a0
5.7 \u00a0
-6.0 \u00a0
Foreign currency risk hedging \u00a0
In 2016, NORDEN agreed to transport wood pellets from the USA to the UK \u00a0
with one monthly cargo during 2019-2034. Part of the payments for the trans- \u00a0
port during 2020-2025 was denominated in GBP. \u00a0
Amounts in \u00a0
USD million \u00a0
Settlement \u00a0
Fair value \u00a0
<1 \u00a0
1-2 \u00a0
2-3 \u00a0
>3 \u00a0
year \u00a0
years \u00a0
years \u00a0
years Positive\u00a0Negative \u00a0
2023 - GBP \u00a0
8.7 \u00a0
0.7 \u00a0
-
-
0.6 \u00a0
-
2022 - GBP \u00a0
8.7 \u00a0
8.7 \u00a0
0.7 \u00a0
-
2.0 \u00a0
-
The currency exposure arising from these payments has been swapped to \u00a0
USD at two of NORDEN\u2019s partnership banks at an average GBP/USD rate of \u00a0
1.36. \u00a0
ACCOUNTING POLICIES \u00a0
The Group uses derivative financial instruments to hedge its bunker price \u00a0
risks, freight risk and currency risks. Such derivative financial instruments are \u00a0
initially recognised at fair value on the date on which a derivative contract is \u00a0
entered into, and are subsequently remeasured at fair value. Derivatives are \u00a0
carried as financial assets (other receivables) when the fair value is positive, \u00a0
and as financial liabilities (other payables) when the fair value is negative. \u00a0
At the inception of a hedge relationship, the Group formally designates \u00a0
and documents the hedge relationship to which it wishes to apply hedge \u00a0
accounting, and the risk management objective and strategy for undertaking \u00a0
the hedge. \u00a0
Changes in the fair value of derivative financial instruments that are desig- \u00a0
nated as fair value hedges of a recognised asset or a recognised liability are \u00a0
recognised in the income statement in the same item as any changes in the \u00a0
carrying amount of the hedged asset or hedged liability. \u00a0
Changes in the fair value of derivative financial instruments designated as \u00a0
hedges of expected future transactions (cash flow hedge) are recognised in \u00a0
other comprehensive income and presented under \u201cReserve for cash flow \u00a0
hedges\u201d (equity). \u00a0
Where the expected future transactions result in the acquisition of non-finan- \u00a0
cial assets, any amounts deferred under equity are transferred from equity to \u00a0
the cost of the asset. Where an expected future transaction results in income \u00a0
or expense, any amount deferred under equity is transferred from equity to \u00a0
the income statement under the same item as the hedged transaction. \u00a0
Changes in derivative financial instruments used for economic trading are \u00a0
recognised in the income statement in a separate item under other operating \u00a0
income. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5751": {
"value": "(ISDA). This implies a liquidity risk as changes in market value of the financial \u00a0
contracts must be backed by collateral on a daily basis. \u00a0
The Group actively monitors and manages this risk using Cash Flow at Risk to \u00a0
ensure sufficient available liquidity to handle severe stress of current market \u00a0
conditions. \u00a0
The terms to maturity of financial assets and liabilities are disclosed by \u00a0
category and class distributed on maturity periods. All interest payments and \u00a0
repayments of financial assets and liabilities are based on contractual agree- \u00a0
ments. \u00a0
Liquidity risks \u00a0
The Group maintains sufficient liquidity to handle short-term fluctuations in \u00a0
cash flows while at the same time complying with bank covenants. \u00a0
Most of the Group's derivatives contracts, including but not limited to bunker \u00a0
swaps and FFAs, are mainly traded cleared and the variation margins are \u00a0
considered settlement of the market values. The derivatives contracts can \u00a0
also be traded OTC, but in this case always supported by a credit support \u00a0
annex (CSA) from the International Swaps and Derivatives Association \u00a0
The table below summarises the maturity profile of the Group\u2019s financial assets and liabilities based on \u00a0
contractual undiscounted payments: \u00a0
Maturities \u00a0
Carrying \u00a0
Amounts in USD million \u00a0
<1 year\u00a01-3 years\u00a0>3 years \u00a0
Total \u00a0
amount \u00a0
2023 \u00a0
Derivative financial instruments \u00a0
Derivatives with positive values, not designated in hedging \u00a0
0.3 \u00a0
-
-
0.3 \u00a0
0.3 \u00a0
Derivatives with negative values, not designated in hedging \u00a0
-
-0.1 \u00a0
-
-0.1 \u00a0
-0.1 \u00a0
Derivatives with positive value, designated in cashflow hedge \u00a0
0.1 \u00a0
0.6 \u00a0
-
0.7 \u00a0
0.7 \u00a0
Financial assets measured at amortised cost \u00a0
Receivables from subleasing \u00a0
82.9 \u00a0
17.4 \u00a0
-
100.3 \u00a0
94.6 \u00a0
Cash and cash equivalents \u00a0
557.2 \u00a0
-
-
557.2 \u00a0
557.2 \u00a0
Trade receivables \u00a0
283.6 \u00a0
-
-
283.6 \u00a0
283.6 \u00a0
Receivables from joint ventures \u00a0
-
-
-
-
-
Other receivables \u00a0
37.0 \u00a0
-
-
37.0 \u00a0
37.0 \u00a0
Total \u00a0
960.7 \u00a0
17.4 \u00a0
-
978.1 \u00a0
972.4 \u00a0
Financial liabilities measured at amortised cost \u00a0
Loans \u00a0
-9.5 \u00a0
-60.0 \u00a0
-64.3 \u00a0
-133.8 \u00a0
-112.0 \u00a0
Bonds \u00a0
-71.6 \u00a0
-
-
-71.6 \u00a0
-71.3 \u00a0
Lease liabilities, current and non-current \u00a0
-281.0 \u00a0
-146.2 \u00a0
-14.7 \u00a0
-441.9 \u00a0
-418.5 \u00a0
Lease liabilities, future commencement date \u00a0
-18.5 \u00a0
-106.2 \u00a0
-241.6 \u00a0
-366.3 \u00a0
-
Trade and other payables \u00a0
-435.6 \u00a0
-
-
-435.6 \u00a0
-435.6 \u00a0
Total \u00a0
-816.2 \u00a0
-312.4 \u00a0
-320.6 -1,449.2 -1,037.4 \u00a0
Refer to page 127 in the note's Financial comments section and to note 4.6 \u201cDerivative financial instruments\u201d for further \u00a0
information. \u00a0
Maturities \u00a0
Carrying \u00a0
Amounts in USD million \u00a0
<1 year\u00a01-3 years\u00a0>3 years \u00a0
Total \u00a0
amount \u00a0
2022 \u00a0
Derivative financial instruments \u00a0
Derivatives with positive values, not designated in hedging \u00a0
5.7 \u00a0
-
-
5.7 \u00a0
5.7 \u00a0
Derivatives with negative values, not designated in hedging \u00a0
-6.0 \u00a0
-
-
-6.0 \u00a0
-6.0 \u00a0
Derivatives with positive value, designated in cashflow hedge \u00a0
0.7 \u00a0
0.1 \u00a0
-
0.8 \u00a0
0.8 \u00a0
Financial assets measured at amortised cost \u00a0
Receivables from subleasing \u00a0
77.3 \u00a0
23.6 \u00a0
-
100.9 \u00a0
91.9 \u00a0
Cash and cash equivalents \u00a0
842.3 \u00a0
-
-
842.3 \u00a0
842.3 \u00a0
Trade receivables \u00a0
328.9 \u00a0
-
-
328.9 \u00a0
328.9 \u00a0
Receivables from joint ventures \u00a0
1.5 \u00a0
-
-
1.5 \u00a0
1.5 \u00a0
Other receivables \u00a0
42.8 \u00a0
-
-
42.8 \u00a0
42.8 \u00a0
Total \u00a0
1,292.8 \u00a0
23.6 \u00a0
-
1,316.4 \u00a0
1,307.4 \u00a0
Financial liabilities measured at amortised cost \u00a0
Loans \u00a0
-24.3 \u00a0
-99.2 \u00a0
-107.2 \u00a0
-230.7 \u00a0
-221.6 \u00a0
Bonds \u00a0
-
-74.5 \u00a0
-
-74.5 \u00a0
-73.7 \u00a0
Lease liabilities, current and non-current \u00a0
-331.2 \u00a0
-175.7 \u00a0
-37.0 \u00a0
-543.9 \u00a0
-519.5 \u00a0
Lease liabilities, future commencement date \u00a0
-4.9 \u00a0
-59.0 \u00a0
-124.7 \u00a0
-188.6 \u00a0
-
Trade and other payables \u00a0
-519.3 \u00a0
-
-
-519.3 \u00a0
-519.3 \u00a0
Total \u00a0
-879.7 \u00a0
-408.4 \u00a0
-268.9 -1,557.0 \u00a0
1,334.1 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5754": {
"value": "Freight rate risks \u00a0
Purchasing and chartering vessels, and cargo contracts, imply a risk as the \u00a0
Group assumes financial liability in expectation of generating earnings which \u00a0
are dependent on the freight market. \u00a0
The Group uses FFAs to hedge cash flow risk to the extent Management finds \u00a0
it attractive, refer to note 4.6 \"Derivative financial instruments\". \u00a0
Bunker price risks \u00a0
A large part of the variable revenues and expenses are related to bunker \u00a0
prices, which impact the Group's result. The Group uses bunker swaps to \u00a0
hedge the bunker price risk to the extent possible, refer to note 4.6 \"Deriva- \u00a0
tive financial instruments\". \u00a0
Note that for vessels that are scrubber-fitted, the Group has a bunker price \u00a0
risk related the spread between high sulphur fuel oil and a combination of \u00a0
high sulphur fuel oil and very low sulphur fuel oil and gas oil, respectively. \u00a0
As the available hedging tools are not very liquid, only parts of this risk are \u00a0
hedged. \u00a0
Interest rate risks \u00a0
The Group's loan obligations are paying interest on SOFR (Secured Overnight \u00a0
Financing Rate). Given that a significant portion of the Group's cash balance is \u00a0
held in banks, this ensures a positive exposure to interest rate developments \u00a0
by the end of 2023. There is no significant re-financing risk related to loans. \u00a0
Currency risks \u00a0
The Group\u2019s functional currency is USD. Since administration costs and divi- \u00a0
dends are paid in other currencies - mainly DKK - there is a currency risk in this \u00a0
connection. The Group hedges expected administrative expenses payable in \u00a0
DKK for a period of 6-24 months. \u00a0
In connection with newbuilding payments, typically in JPY or CNY, there may \u00a0
also be a currency risk. This is hedged by forward contracts in connection \u00a0
with newbuilding orders. At the end of 2023, all newbuilding payments were, \u00a0
however, in USD. \u00a0
The strike price in some of the Group\u2019s purchase options is determined in JPY, \u00a0
and it is the Group\u2019s policy only to hedge these if the option is exercised and \u00a0
only upon exercise. \u00a0
In connection with the conclusion of a COA in GBP, cross currency swaps were \u00a0
simultaneously entered into to fix expected freight income in USD. \u00a0
Financial comments \u00a0
On the reporting date, floating-rate bank loans had an interest rate up to \u00a0
SOFR plus a margin of 1.85%. Due to the LIBOR and reference rate reform, \u00a0
NORDEN\u2019s USD 100 million bond issue has changed from paying three \u00a0
months, LIBOR (London Interbank Offered Rate) plus a margin of 4.75% to \u00a0
now paying SOFR plus a margin of 5.01%. Refer to note 4.5 \u201cFinancial instru- \u00a0
ments by category\u201d for further information. The changes did not result in any \u00a0
material accounting impact. \u00a0
Overview of financial risks \u00a0
Amounts in USD million \u00a0
Nominal value \u00a0
Credit \u00a0
2023 2022 \u00a0
Comments on NORDEN\u2019s policy \u00a0
Trade receivables \u00a0
303 \u00a0
345 \u00a0
The credit rating of counterparties is assessed on an ongoing basis through systematic credit assessment and regular monitoring of creditworthiness. \u00a0
Bank deposits (incl. money market investments) \u00a0
557 \u00a0
842 \u00a0
The Group liquidity is strictly placed with financial institutions that have a Moody's rating of at least AA-. \u00a0
Prepayments on vessels and newbuildings \u00a0
44 \u00a0
32 \u00a0
As a main rule, newbuilding contracts with shipyards are all entered into with repayment guarantees issued by banks with good credit ratings. \u00a0
Freight rate risks (FFAs) \u00a0
27B \u00a0
224S \u00a0
To limit credit risk, the Group\u2019s FFAs are all entered through established clearing houses as these have daily margin settlement. \u00a0
Bunker swaps \u00a0
133B \u00a0
113B \u00a0
Bunker 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
with good credit ratings. In the case of OTC trades, the Group always includes an ISDA agreement ensuring continuous collateral above a specific threshold. \u00a0
Amounts in USD million \u00a0
Nominal value \u00a0
Market \u00a0
2023 \u00a0
2022 \u00a0
Sensitivity \u00a0
Comments on NORDEN\u2019s policy \u00a0
Freight rate risks (FFAs) \u00a0
27S \u00a0
224S \u00a0
A 10% drop in freight rates at year end would positively impact equity by USD 5 \u00a0
The Group uses FFAs to hedge the cash flow risk related to highly probable freight \u00a0
(positive impact of USD 16). \u00a0
expenses and revenues. \u00a0
Bunker price risks \u00a0
133B \u00a0
113B \u00a0
A 10% drop in bunker prices at year end would negatively impact equity by USD 13 \u00a0
The Group uses bunker swaps to hedge the cash flow risk related to expenses of \u00a0
(negative impact of USD 10). \u00a0
highly probable bunker purchases and revenues from the bunker price component \u00a0
of expected, highly probable, forecast cargoes. \u00a0
Currency risks \u00a0
144 \u00a0
186 \u00a0
A 10% increase in the DKK, GBP, JPY and AUD exchange rates at year end would \u00a0
\u2022
DKK forward currency contracts are used to hedge expected DKK overhead and \u00a0
have the following impact: \u00a0
administration costs for the next 12-24 months. \u00a0
\u2022
DKK; net results by USD 0 (USD 0) and equity USD 0\u00a0(USD 0), and \u00a0
\u2022
GBP forward currency contracts are used to hedge expected freight income \u00a0
\u2022
GBP; net results by USD 0\u00a0(USD 0) and equity by USD 0 (positive USD 3). \u00a0
from a COA concluded in GBP, cf. note 4.6. \u00a0
\u2022
JPY; net results positively by USD 1 (USD 4) and equity by USD 1\u00a0(USD 4). \u00a0
\u2022
JPY forward currency contracts are used to hedge the exercise price of vessel \u00a0
\u2022
AUD; net results by USD 0 (USD 0) and equity by USD 0 (USD 0). \u00a0
purchase options. \u00a0
\u2022
AUD forward currency contracts are used to hedge expected freight income \u00a0
Any exposure to other currencies than DKK, GBP, JPY and AUD is insignificant. \u00a0
from a COA concluded in AUD. \u00a0
Interest rate risks \u00a0
479 \u00a0
653 \u00a0
Based on the Group\u2019s liquidity and debt at year end, a 1% increase in interest rates \u00a0
Most of the Group's loan obligations are subject to interest on the basis of SOFR. \u00a0
would, all other things being equal, impact earnings before tax positively by USD 3\u00a0Most of the Group\u2019s considerable cash balance is held at banks thus netting out \u00a0
(USD 5) and equity by USD 3 (USD 5).\u00a0the loan\u2019s interest rate exposure. \u00a0
SSold net, BBought net, () indicates year of comparison \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5764": {
"value": "Capital management risks \u00a0
The Group\u2019s formal external capital requirement is limited to the contributed \u00a0
capital of the parent company and the subsidiaries, which is significantly \u00a0
lower than the Group\u2019s equity. \u00a0
The Group\u2019s equity ratio was 51.1% (48.3%) at the end of 2023. This significant \u00a0
equity ratio should be considered relative to the Group\u2019s future payment obli- \u00a0
gations in the form of operating lease liabilities (T/C contracts) and payments \u00a0
for newbuildings not recognised in the statement of financial position. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5775": {
"value": "4.5 Financial\u00a0instruments by category \u00a0
Fair value measurement \u00a0
The Group measures financial instruments such as derivatives at fair value at \u00a0
each balance sheet date. Fair value is the price that would be received to sell \u00a0
an asset or paid to transfer a liability in an orderly transaction between market \u00a0
participants at the measurement date. \u00a0
The fair value measurement is based on the presumption that the transaction \u00a0
of selling the asset or transferring the liability takes place either in the prin- \u00a0
cipal market for the asset or liability, or in the absence of a principal market, \u00a0
the most advantageous market. The principal or the most advantageous \u00a0
market must be accessible by the Group. \u00a0
The fair value of an asset or a liability is measured using the assumptions that \u00a0
market participants would use when pricing the asset or liability, assuming \u00a0
that market participants act in their economic best interest. \u00a0
In measuring the fair value of unlisted derivative financial instruments and \u00a0
other financial instruments for which there is no active market, fair value is \u00a0
determined using generally accepted valuation techniques. \u00a0
\u2022
Market-based parameters such as market-based yield curves and forward \u00a0
exchange prices are used for the valuation. \u00a0
\u2022
For bunker contracts, the price is based on observable stock markets, e.g. \u00a0
Rotterdam and Singapore. \u00a0
\u2022
The value of FFAs is assessed based on daily recorded prices from the \u00a0
Baltic Exchange. \u00a0
\u2022
For non-current liabilities and other interest rate-based financial instru- \u00a0
ments, the fair value is based on a discounted value of future cash flows. \u00a0
The zero-coupon rate with the addition of the Group\u2019s interest margin is \u00a0
used as discount factor. \u00a0
The fair value of receivables and debt with a maturity of less than one year is \u00a0
assumed to approximate their face values less any estimated credit adjust- \u00a0
ments. \u00a0
The fair value of bank debt is calculated as the present value of expected \u00a0
future repayments and interest payments. As discount rate at the calculation \u00a0
of present value, a zero-coupon rate with similar maturities adjusted with the \u00a0
Group\u2019s interest margin has been used. \u00a0
The Group uses valuation techniques that are appropriate in the circum- \u00a0
stances and for which sufficient data is available to measure fair value, \u00a0
maximising the use of relevant observable inputs and minimising the use of \u00a0
unobservable inputs. \u00a0
Financial instruments for which fair value is measured or disclosed in the \u00a0
financial statements are categorised within the fair value hierarchy, described \u00a0
as following the accounting hierarchy: \u00a0
Level 1: \u00a0
Quoted (unadjusted) market prices in active markets for identical \u00a0
assets or liabilities. \u00a0
Level 2: \u00a0
Valuation techniques for which the lowest level input that is signifi- \u00a0
cant to the fair value measurement is directly or indirectly observ- \u00a0
able. \u00a0
Level 3: \u00a0
Valuation techniques for which the lowest level input that is signifi- \u00a0
cant to the fair value measurement is unobservable. \u00a0
NORDEN's forward exchange contracts and other derivative financial instru- \u00a0
ments (commodity instruments), are considered for fair value measurement \u00a0
at level two, as the fair value can be determined directly on the basis of the \u00a0
published exchange rates, forward interest rates and prices at the reporting \u00a0
date. \u00a0
NORDEN's bonds are considered for fair value measurement at level 1 as the \u00a0
bond is quoted by NASDAQ, valued at the official closing price. \u00a0
NORDEN's other financial instruments are considered for fair value measure- \u00a0
ment at level two as the fair value can be determined on the basis of observ- \u00a0
able inputs. \u00a0
The following table provides the fair value measurement hierarchy of the Group\u2019s assets and liabilities: \u00a0
Amounts in USD million \u00a0
Fair value measurement using \u00a0
Quoted prices in \u00a0
Significant \u00a0
Significant un- \u00a0
Carrying \u00a0
active markets \u00a0
observable \u00a0
observable \u00a0
2023 \u00a0
amount \u00a0
(Level 1) \u00a0
inputs (Level 2) \u00a0
inputs (Level 3) \u00a0
Receivables from subleasing 1) \u00a0
94.6 \u00a0
-
94.6 \u00a0
-
Trade receivables 2) \u00a0
283.6 \u00a0
-
-
-
Other receivables 2) \u00a0
37.0 \u00a0
-
-
-
Receivables from joint ventures 2) \u00a0
-
-
-
-
Cash and cash equivalents 2) \u00a0
557.2 \u00a0
-
-
-
Total financial assets at amortised cost \u00a0
972.4 \u00a0
-
94.6 \u00a0
-
Other investments \u00a0
12.7 \u00a0
-
-
12.7 \u00a0
Other receivables, derivatives \u00a0
0.7 \u00a0
-
0.7 \u00a0
-
Total financial assets at fair value \u00a0
through other comprehensive income \u00a0
13.4 \u00a0
-
0.7 \u00a0
12.7 \u00a0
Other receivables, derivatives \u00a0
0.3 \u00a0
-
0.3 \u00a0
-
Total financial assets at fair value \u00a0
through the income statement \u00a0
0.3 \u00a0
-
0.3 \u00a0
-
Loans \u00a0
-112.0 \u00a0
-
-112.0 \u00a0
-
Bonds \u00a0
-71.3 \u00a0
-73.3 \u00a0
-
-
Lease liabilities 1) \u00a0
-418.5 \u00a0
-
-
-
Trade payables 2) \u00a0
-261.8 \u00a0
-
-
-
Total debt at amortised cost \u00a0
-863.6 \u00a0
-73.3 \u00a0
-112.0 \u00a0
-
Derivatives \u00a0
-
-
-
-
Total financial liabilities at fair value \u00a0
through other comprehensive income \u00a0
-
-
-
-
Derivatives \u00a0
-0.1 \u00a0
-
-0.1 \u00a0
-
Total financial liabilities at fair value \u00a0
through the income statement \u00a0
-0.1 \u00a0
-
-0.1 \u00a0
-
1) The carrying amount is approximately equal to the fair value. \u00a0
2) Due to the short-term nature, the carrying amount is assumed to approximate the fair value. \u00a0
Amounts in USD million \u00a0
Fair value measurement using \u00a0
Quoted prices in \u00a0
Significant \u00a0
Significant un- \u00a0
Carrying \u00a0
active markets \u00a0
observable \u00a0
observable \u00a0
2022 \u00a0
amount \u00a0
(Level 1) \u00a0
inputs (Level 2) \u00a0
inputs (Level 3) \u00a0
Receivables from subleasing 1) \u00a0
91.9 \u00a0
-
91.9 \u00a0
-
Trade receivables 2) \u00a0
328.9 \u00a0
-
-
-
Other receivables 2) \u00a0
39.0 \u00a0
-
-
-
Receivables from joint ventures 2) \u00a0
1.5 \u00a0
-
-
-
Cash and cash equivalents 2) \u00a0
842.3 \u00a0
-
-
-
Total financial assets at amortised cost \u00a0
1,303.6 \u00a0
-
91.9 \u00a0
-
Investments \u00a0
-
-
-
-
Other receivables, derivatives \u00a0
0.8 \u00a0
-
0.8 \u00a0
-
Total financial assets at fair value \u00a0
through other comprehensive income \u00a0
0.8 \u00a0
-
0.8 \u00a0
-
Other receivables, derivatives \u00a0
5.7 \u00a0
-
5.7 \u00a0
-
Total financial assets at fair value \u00a0
through the income statement \u00a0
5.7 \u00a0
-
5.7 \u00a0
-
Loans \u00a0
-221.6 \u00a0
-
-221.6 \u00a0
-
Bonds \u00a0
-73.7 \u00a0
-76.2 \u00a0
-
-
Lease liabilities 1) \u00a0
-519.5 \u00a0
-
-
-
Trade payables 2) \u00a0
-279.5 \u00a0
-
-
-
Total debt at amortised cost \u00a0
-1,094.3 \u00a0
-76.2 \u00a0
-221.6 \u00a0
-
-
Derivatives \u00a0
-
-
-
-
Total financial liabilities at fair value \u00a0
through other comprehensive income \u00a0
-
-
-
-
Derivatives \u00a0
-6.0 \u00a0
-
-6.0 \u00a0
-
Total financial liabilities at fair value \u00a0
through the income statement \u00a0
-6.0 \u00a0
-
-6.0 \u00a0
-
1) The carrying amount is approximately equal to the fair value. \u00a0
2) Due to the short term nature, the carrying amount is assumed to approximate the fair value. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5776": {
"value": "4.5 Financial\u00a0instruments by category \u00a0
Fair value measurement \u00a0
The Group measures financial instruments such as derivatives at fair value at \u00a0
each balance sheet date. Fair value is the price that would be received to sell \u00a0
an asset or paid to transfer a liability in an orderly transaction between market \u00a0
participants at the measurement date. \u00a0
The fair value measurement is based on the presumption that the transaction \u00a0
of selling the asset or transferring the liability takes place either in the prin- \u00a0
cipal market for the asset or liability, or in the absence of a principal market, \u00a0
the most advantageous market. The principal or the most advantageous \u00a0
market must be accessible by the Group. \u00a0
The fair value of an asset or a liability is measured using the assumptions that \u00a0
market participants would use when pricing the asset or liability, assuming \u00a0
that market participants act in their economic best interest. \u00a0
In measuring the fair value of unlisted derivative financial instruments and \u00a0
other financial instruments for which there is no active market, fair value is \u00a0
determined using generally accepted valuation techniques. \u00a0
\u2022
Market-based parameters such as market-based yield curves and forward \u00a0
exchange prices are used for the valuation. \u00a0
\u2022
For bunker contracts, the price is based on observable stock markets, e.g. \u00a0
Rotterdam and Singapore. \u00a0
\u2022
The value of FFAs is assessed based on daily recorded prices from the \u00a0
Baltic Exchange. \u00a0
\u2022
For non-current liabilities and other interest rate-based financial instru- \u00a0
ments, the fair value is based on a discounted value of future cash flows. \u00a0
The zero-coupon rate with the addition of the Group\u2019s interest margin is \u00a0
used as discount factor. \u00a0
The fair value of receivables and debt with a maturity of less than one year is \u00a0
assumed to approximate their face values less any estimated credit adjust- \u00a0
ments. \u00a0
The fair value of bank debt is calculated as the present value of expected \u00a0
future repayments and interest payments. As discount rate at the calculation \u00a0
of present value, a zero-coupon rate with similar maturities adjusted with the \u00a0
Group\u2019s interest margin has been used. \u00a0
The Group uses valuation techniques that are appropriate in the circum- \u00a0
stances and for which sufficient data is available to measure fair value, \u00a0
maximising the use of relevant observable inputs and minimising the use of \u00a0
unobservable inputs. \u00a0
Financial instruments for which fair value is measured or disclosed in the \u00a0
financial statements are categorised within the fair value hierarchy, described \u00a0
as following the accounting hierarchy: \u00a0
Level 1: \u00a0
Quoted (unadjusted) market prices in active markets for identical \u00a0
assets or liabilities. \u00a0
Level 2: \u00a0
Valuation techniques for which the lowest level input that is signifi- \u00a0
cant to the fair value measurement is directly or indirectly observ- \u00a0
able. \u00a0
Level 3: \u00a0
Valuation techniques for which the lowest level input that is signifi- \u00a0
cant to the fair value measurement is unobservable. \u00a0
NORDEN's forward exchange contracts and other derivative financial instru- \u00a0
ments (commodity instruments), are considered for fair value measurement \u00a0
at level two, as the fair value can be determined directly on the basis of the \u00a0
published exchange rates, forward interest rates and prices at the reporting \u00a0
date. \u00a0
NORDEN's bonds are considered for fair value measurement at level 1 as the \u00a0
bond is quoted by NASDAQ, valued at the official closing price. \u00a0
NORDEN's other financial instruments are considered for fair value measure- \u00a0
ment at level two as the fair value can be determined on the basis of observ- \u00a0
able inputs. \u00a0
The following table provides the fair value measurement hierarchy of the Group\u2019s assets and liabilities: \u00a0
Amounts in USD million \u00a0
Fair value measurement using \u00a0
Quoted prices in \u00a0
Significant \u00a0
Significant un- \u00a0
Carrying \u00a0
active markets \u00a0
observable \u00a0
observable \u00a0
2023 \u00a0
amount \u00a0
(Level 1) \u00a0
inputs (Level 2) \u00a0
inputs (Level 3) \u00a0
Receivables from subleasing 1) \u00a0
94.6 \u00a0
-
94.6 \u00a0
-
Trade receivables 2) \u00a0
283.6 \u00a0
-
-
-
Other receivables 2) \u00a0
37.0 \u00a0
-
-
-
Receivables from joint ventures 2) \u00a0
-
-
-
-
Cash and cash equivalents 2) \u00a0
557.2 \u00a0
-
-
-
Total financial assets at amortised cost \u00a0
972.4 \u00a0
-
94.6 \u00a0
-
Other investments \u00a0
12.7 \u00a0
-
-
12.7 \u00a0
Other receivables, derivatives \u00a0
0.7 \u00a0
-
0.7 \u00a0
-
Total financial assets at fair value \u00a0
through other comprehensive income \u00a0
13.4 \u00a0
-
0.7 \u00a0
12.7 \u00a0
Other receivables, derivatives \u00a0
0.3 \u00a0
-
0.3 \u00a0
-
Total financial assets at fair value \u00a0
through the income statement \u00a0
0.3 \u00a0
-
0.3 \u00a0
-
Loans \u00a0
-112.0 \u00a0
-
-112.0 \u00a0
-
Bonds \u00a0
-71.3 \u00a0
-73.3 \u00a0
-
-
Lease liabilities 1) \u00a0
-418.5 \u00a0
-
-
-
Trade payables 2) \u00a0
-261.8 \u00a0
-
-
-
Total debt at amortised cost \u00a0
-863.6 \u00a0
-73.3 \u00a0
-112.0 \u00a0
-
Derivatives \u00a0
-
-
-
-
Total financial liabilities at fair value \u00a0
through other comprehensive income \u00a0
-
-
-
-
Derivatives \u00a0
-0.1 \u00a0
-
-0.1 \u00a0
-
Total financial liabilities at fair value \u00a0
through the income statement \u00a0
-0.1 \u00a0
-
-0.1 \u00a0
-
1) The carrying amount is approximately equal to the fair value. \u00a0
2) Due to the short-term nature, the carrying amount is assumed to approximate the fair value. \u00a0
Amounts in USD million \u00a0
Fair value measurement using \u00a0
Quoted prices in \u00a0
Significant \u00a0
Significant un- \u00a0
Carrying \u00a0
active markets \u00a0
observable \u00a0
observable \u00a0
2022 \u00a0
amount \u00a0
(Level 1) \u00a0
inputs (Level 2) \u00a0
inputs (Level 3) \u00a0
Receivables from subleasing 1) \u00a0
91.9 \u00a0
-
91.9 \u00a0
-
Trade receivables 2) \u00a0
328.9 \u00a0
-
-
-
Other receivables 2) \u00a0
39.0 \u00a0
-
-
-
Receivables from joint ventures 2) \u00a0
1.5 \u00a0
-
-
-
Cash and cash equivalents 2) \u00a0
842.3 \u00a0
-
-
-
Total financial assets at amortised cost \u00a0
1,303.6 \u00a0
-
91.9 \u00a0
-
Investments \u00a0
-
-
-
-
Other receivables, derivatives \u00a0
0.8 \u00a0
-
0.8 \u00a0
-
Total financial assets at fair value \u00a0
through other comprehensive income \u00a0
0.8 \u00a0
-
0.8 \u00a0
-
Other receivables, derivatives \u00a0
5.7 \u00a0
-
5.7 \u00a0
-
Total financial assets at fair value \u00a0
through the income statement \u00a0
5.7 \u00a0
-
5.7 \u00a0
-
Loans \u00a0
-221.6 \u00a0
-
-221.6 \u00a0
-
Bonds \u00a0
-73.7 \u00a0
-76.2 \u00a0
-
-
Lease liabilities 1) \u00a0
-519.5 \u00a0
-
-
-
Trade payables 2) \u00a0
-279.5 \u00a0
-
-
-
Total debt at amortised cost \u00a0
-1,094.3 \u00a0
-76.2 \u00a0
-221.6 \u00a0
-
-
Derivatives \u00a0
-
-
-
-
Total financial liabilities at fair value \u00a0
through other comprehensive income \u00a0
-
-
-
-
Derivatives \u00a0
-6.0 \u00a0
-
-6.0 \u00a0
-
Total financial liabilities at fair value \u00a0
through the income statement \u00a0
-6.0 \u00a0
-
-6.0 \u00a0
-
1) The carrying amount is approximately equal to the fair value. \u00a0
2) Due to the short term nature, the carrying amount is assumed to approximate the fair value. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5799": {
"value": "ACCOUNTING POLICIES \u00a0
The Group uses derivative financial instruments to hedge its bunker price \u00a0
risks, freight risk and currency risks. Such derivative financial instruments are \u00a0
initially recognised at fair value on the date on which a derivative contract is \u00a0
entered into, and are subsequently remeasured at fair value. Derivatives are \u00a0
carried as financial assets (other receivables) when the fair value is positive, \u00a0
and as financial liabilities (other payables) when the fair value is negative. \u00a0
At the inception of a hedge relationship, the Group formally designates \u00a0
and documents the hedge relationship to which it wishes to apply hedge \u00a0
accounting, and the risk management objective and strategy for undertaking \u00a0
the hedge. \u00a0
Changes in the fair value of derivative financial instruments that are desig- \u00a0
nated as fair value hedges of a recognised asset or a recognised liability are \u00a0
recognised in the income statement in the same item as any changes in the \u00a0
carrying amount of the hedged asset or hedged liability. \u00a0
Changes in the fair value of derivative financial instruments designated as \u00a0
hedges of expected future transactions (cash flow hedge) are recognised in \u00a0
other comprehensive income and presented under \u201cReserve for cash flow \u00a0
hedges\u201d (equity). \u00a0
Where the expected future transactions result in the acquisition of non-finan- \u00a0
cial assets, any amounts deferred under equity are transferred from equity to \u00a0
the cost of the asset. Where an expected future transaction results in income \u00a0
or expense, any amount deferred under equity is transferred from equity to \u00a0
the income statement under the same item as the hedged transaction. \u00a0
Changes in derivative financial instruments used for economic trading are \u00a0
recognised in the income statement in a separate item under other operating \u00a0
income. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5800": {
"value": "ACCOUNTING POLICIES \u00a0
The Group uses derivative financial instruments to hedge its bunker price \u00a0
risks, freight risk and currency risks. Such derivative financial instruments are \u00a0
initially recognised at fair value on the date on which a derivative contract is \u00a0
entered into, and are subsequently remeasured at fair value. Derivatives are \u00a0
carried as financial assets (other receivables) when the fair value is positive, \u00a0
and as financial liabilities (other payables) when the fair value is negative. \u00a0
At the inception of a hedge relationship, the Group formally designates \u00a0
and documents the hedge relationship to which it wishes to apply hedge \u00a0
accounting, and the risk management objective and strategy for undertaking \u00a0
the hedge. \u00a0
Changes in the fair value of derivative financial instruments that are desig- \u00a0
nated as fair value hedges of a recognised asset or a recognised liability are \u00a0
recognised in the income statement in the same item as any changes in the \u00a0
carrying amount of the hedged asset or hedged liability. \u00a0
Changes in the fair value of derivative financial instruments designated as \u00a0
hedges of expected future transactions (cash flow hedge) are recognised in \u00a0
other comprehensive income and presented under \u201cReserve for cash flow \u00a0
hedges\u201d (equity). \u00a0
Where the expected future transactions result in the acquisition of non-finan- \u00a0
cial assets, any amounts deferred under equity are transferred from equity to \u00a0
the cost of the asset. Where an expected future transaction results in income \u00a0
or expense, any amount deferred under equity is transferred from equity to \u00a0
the income statement under the same item as the hedged transaction. \u00a0
Changes in derivative financial instruments used for economic trading are \u00a0
recognised in the income statement in a separate item under other operating \u00a0
income. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5806": {
"value": "4.7 Unrecognised\u00a0contingent assets and liabilities \u00a0
Claims have been made against the Group, primarily concerning discharge \u00a0
responsibility and broker fees, etc. The Group and its legal advisers consider \u00a0
the claims unjustified, and it is Management\u2019s opinion that the claims will not \u00a0
have any material impact on the Group\u2019s financial position, results of opera- \u00a0
tions and cash flows. \u00a0
The Group has provided financial support for its liabilities regarding the joint \u00a0
venture Polar Navigation Ltd. \u00a0
ACCOUNTING POLICIES \u00a0
Contingent assets are recognised when it is virtually certain that the claim will \u00a0
have a positive outcome for the Group. A contingent liability is recognised if \u00a0
it is likely that the claim will have a negative outcome and when the amount is \u00a0
estimable. Rulings in connection with such matters may in future accounting \u00a0
periods produce realised gains or losses, which may differ considerably from \u00a0
the recognised amounts or information. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
Management assesses provisions and contingencies on an ongoing basis, \u00a0
as well as the likely outcome of pending or potential legal proceedings, etc. \u00a0
The assessments are made on the basis of legal opinions of the signed agree- \u00a0
ments, which in considerable claims also include assessments obtained from \u00a0
external advisers, including external legal advisers, among others. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5808": {
"value": "4.7 Unrecognised\u00a0contingent assets and liabilities \u00a0
Claims have been made against the Group, primarily concerning discharge \u00a0
responsibility and broker fees, etc. The Group and its legal advisers consider \u00a0
the claims unjustified, and it is Management\u2019s opinion that the claims will not \u00a0
have any material impact on the Group\u2019s financial position, results of opera- \u00a0
tions and cash flows. \u00a0
The Group has provided financial support for its liabilities regarding the joint \u00a0
venture Polar Navigation Ltd. \u00a0
ACCOUNTING POLICIES \u00a0
Contingent assets are recognised when it is virtually certain that the claim will \u00a0
have a positive outcome for the Group. A contingent liability is recognised if \u00a0
it is likely that the claim will have a negative outcome and when the amount is \u00a0
estimable. Rulings in connection with such matters may in future accounting \u00a0
periods produce realised gains or losses, which may differ considerably from \u00a0
the recognised amounts or information. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
Management assesses provisions and contingencies on an ongoing basis, \u00a0
as well as the likely outcome of pending or potential legal proceedings, etc. \u00a0
The assessments are made on the basis of legal opinions of the signed agree- \u00a0
ments, which in considerable claims also include assessments obtained from \u00a0
external advisers, including external legal advisers, among others. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5811": {
"value": "ACCOUNTING POLICIES \u00a0
Contingent assets are recognised when it is virtually certain that the claim will \u00a0
have a positive outcome for the Group. A contingent liability is recognised if \u00a0
it is likely that the claim will have a negative outcome and when the amount is \u00a0
estimable. Rulings in connection with such matters may in future accounting \u00a0
periods produce realised gains or losses, which may differ considerably from \u00a0
the recognised amounts or information. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5813": {
"value": "ACCOUNTING POLICIES \u00a0
Contingent assets are recognised when it is virtually certain that the claim will \u00a0
have a positive outcome for the Group. A contingent liability is recognised if \u00a0
it is likely that the claim will have a negative outcome and when the amount is \u00a0
estimable. Rulings in connection with such matters may in future accounting \u00a0
periods produce realised gains or losses, which may differ considerably from \u00a0
the recognised amounts or information. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5820": {
"value": "5.1 Share-based\u00a0payment \u00a0
Number of shares \u00a0
2023 \u00a0
2022 \u00a0
Outstanding restricted shares at 1 January \u00a0
229,067 \u00a0
218,195 \u00a0
Granted during the period \u00a0
34,858 \u00a0
81,344 \u00a0
Exercised during the period \u00a0
-78,128 \u00a0
-67,044 \u00a0
Lapsed during the period \u00a0
-
-3,428 \u00a0
Outstanding restricted shares at 31 December \u00a0
185,797 \u00a0
229,067 \u00a0
Outstanding share options at 1 January \u00a0
14,400 \u00a0
336,378 \u00a0
Exercised during the period \u00a0
-2,900 \u00a0
-308,978 \u00a0
Lapsed during the period \u00a0
-11,500 \u00a0
-13,000 \u00a0
Outstanding share options at 31 December \u00a0
-
14,400 \u00a0
Average price of exercised share options (DKK) \u00a0
54.89 \u00a0
54.89 \u00a0
The overall purpose of the restricted share programmes and the share option \u00a0
programmes is to ensure a shared interest with shareholders and to reward \u00a0
long-term and dedicated work, which is deemed to be of value to NORDEN. \u00a0
Restricted share programme \u00a0
Restricted shares are granted free of charge and remain restricted during a \u00a0
vesting period of three years. \u00a0
Transfer of the restricted shares is subject to the continued employment \u00a0
within the three-year vesting period. It applies that upon vesting, the \u00a0
employee will receive one share of nominally DKK 1 for each vested restricted \u00a0
share. \u00a0
The decision to grant restricted shares is taken on an annual basis by the \u00a0
Board of Directors. \u00a0
Special terms apply in case of death and illness. \u00a0
Active restricted share programmes \u00a0
Programme \u00a0
2023 \u00a0
2022 \u00a0
2021 \u00a0
Share value at launch (DKK) \u00a0
396.08 \u00a0
159.83 \u00a0
115.39 \u00a0
Fair value at grant (USDk) \u00a0
2,012 \u00a0
1,712 \u00a0
1,437 \u00a0
Allocated to recipients \u00a0
Jan. & \u00a0
Jan. \u00a0
Jan. \u00a0
Jun. 2026 \u00a0
2025 \u00a0
2024 \u00a0
Vesting period \u00a0
2023 to \u00a0
2022 to \u00a0
2021 to \u00a0
2026 \u00a0
2025 \u00a0
2024 \u00a0
Amortisation period \u00a0
3 years \u00a0
3 years \u00a0
3 years \u00a0
Originally granted shares \u00a0
34,858 \u00a0
81,344 \u00a0
87,698 \u00a0
Outstanding restricted shares: \u00a0
Excecutive Management \u00a0
8,262 \u00a0
20,591 \u00a0
18,899 \u00a0
Other executives \u00a0
4,604 \u00a0
11,403 \u00a0
13,247 \u00a0
Others \u00a0
21,992 \u00a0
47,962 \u00a0
38,837 \u00a0
Total \u00a0
34,858 \u00a0
79,956 \u00a0
70,983 \u00a0
Expense for the year, all programmes \u00a0
(USDk) \u00a0
1,888 \u00a0
1,401 \u00a0
1,128 \u00a0
Other than being employed by NORDEN at the time of granting of the \u00a0
restricted shares, no conditions are attached to the grant. Where a recipient \u00a0
resigns during the vesting period, non-vested restricted shares will lapse. \u00a0
Programmes are expected to be covered by treasury shares. \u00a0
Active share option programmes \u00a0
Programme \u00a0
2017.2 \u00a0
2017.1 \u00a0
2016 \u00a0
Excercise period \u00a0
2020 to \u00a0
2020 to \u00a0
2019 to \u00a0
2023 \u00a0
2023 \u00a0
2022 \u00a0
Exercise price (DKK) \u00a0
54.89 \u00a0
115.30 \u00a0
94.50 \u00a0
Originally granted options \u00a0
408,191 \u00a0
50,000 \u00a0
435,159 \u00a0
Share options may be exercised after at least three years and no more than six \u00a0
years from the respective grant dates. Exercise of the share options is subject \u00a0
to the continued employment with the company at the exercise date. \u00a0
Upon exercise, the Executive Management and some of the executives must \u00a0
reinvest 25% of any net gain in NORDEN shares and keep these for at least \u00a0
two years. If the employee already owns shares, these may be included in the \u00a0
determination of the investment amount. \u00a0
The last share option programmes expired in 2023 and no unexercised share \u00a0
options remained as of 31 December 2023. \u00a0
ACCOUNTING POLICIES \u00a0
The value of services rendered by employees as consideration for share- \u00a0
based incentive payments is measured at the fair value of the granted options \u00a0
and restricted shares, respectively. For both, this fair value is recognised in \u00a0
the income statement over the vesting period. A corresponding increase is \u00a0
recognised in equity. \u00a0
The fair value of the options is determined using the Black-Scholes valuation \u00a0
model, taking into account the terms of the grant and the actual number of \u00a0
vested options. The fair value of restricted shares is determined using the \u00a0
share price at the grant date adjusted for expected dividend per share, which \u00a0
is based on historical dividends. On recognition, the number of options and \u00a0
restricted shares expected to vest are estimated. The estimate is adjusted \u00a0
over the vesting period to the actual number of vested options and restricted \u00a0
shares. \u00a0
The exercise price of share options is determined as the five-day average \u00a0
of the market price following the grant, less all dividend payments after the \u00a0
grant date plus a fee of 10%, respectively, in proportion to the market price at \u00a0
the date of grant. \u00a0
The division into employee categories is based on the current title of the \u00a0
employee. Resigned employees are included in the category \u201cOthers\u201d. \u00a0
5.4 Related\u00a0party disclosures \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Income statement \u00a0
Sale of goods and services, joint ventures \u00a0
4.9 \u00a0
15.6 \u00a0
Purchase of goods and services, joint ventures \u00a0
14.0 \u00a0
24.0 \u00a0
Assets \u00a0
Receivables, joint ventures \u00a0
-
1.5 \u00a0
Shareholders with significant influence \u00a0
A/S Motortramp \u00a0
- Dividends paid to shareholder \u00a0
99.8 \u00a0
121.6 \u00a0
A/S Motortramp participates on a pro-rata basis to \u00a0
the shares purchased in the company\u2019s share \u00a0
buy-back programme. \u00a0
The Group has no related parties controlling NORDEN. \u00a0
Detailed information regarding the remuneration and share-based compen- \u00a0
sation for both the Board of Directors and the Executive Management can be \u00a0
found in note 2.2 \"Operating costs\" and note 5.1 \"Share-based payment\". \u00a0
Accounts with joint ventures are related to operations, unsecured and with \u00a0
usual interest rates. Guarantees to joint ventures are disclosed in note 3.7 \u00a0
\"Investments and activities\". \u00a0
No other financial transactions occurred throughout the year involving the \u00a0
Board of Directors, the Executive Management, significant shareholders or \u00a0
any other related parties. \u00a0
ACCOUNTING POLICIES \u00a0
Related parties include the Board of Directors and the Executive Manage- \u00a0
ment as well as their close relatives. Related parties also include companies \u00a0
in which the above persons have significant interests as well as companies \u00a0
and foundations which have direct or indirect significant influence through \u00a0
shareholdings. \u00a0
In addition, related parties include joint ventures; refer to note 3.7 \"Invest- \u00a0
ments and activities\". \u00a0
All transactions involving related parties are conducted in adherence to arm's \u00a0
length principles, maintaining independence and market-driven terms. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5832": {
"value": "ACCOUNTING POLICIES \u00a0
The value of services rendered by employees as consideration for share- \u00a0
based incentive payments is measured at the fair value of the granted options \u00a0
and restricted shares, respectively. For both, this fair value is recognised in \u00a0
the income statement over the vesting period. A corresponding increase is \u00a0
recognised in equity. \u00a0
The fair value of the options is determined using the Black-Scholes valuation \u00a0
model, taking into account the terms of the grant and the actual number of \u00a0
vested options. The fair value of restricted shares is determined using the \u00a0
share price at the grant date adjusted for expected dividend per share, which \u00a0
is based on historical dividends. On recognition, the number of options and \u00a0
restricted shares expected to vest are estimated. The estimate is adjusted \u00a0
over the vesting period to the actual number of vested options and restricted \u00a0
shares. \u00a0
The exercise price of share options is determined as the five-day average \u00a0
of the market price following the grant, less all dividend payments after the \u00a0
grant date plus a fee of 10%, respectively, in proportion to the market price at \u00a0
the date of grant. \u00a0
The division into employee categories is based on the current title of the \u00a0
employee. Resigned employees are included in the category \u201cOthers\u201d. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5835": {
"value": "5.2 Income\u00a0tax \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Tax on the profit from operations (EBIT) \u00a0
9.4 \u00a0
8.8 \u00a0
Tax on other items \u00a0
1.5 \u00a0
-0.2 \u00a0
Adjustment of tax regarding previous years \u00a0
-0.8 \u00a0
-0.2 \u00a0
Total \u00a0
10.1 \u00a0
8.4 \u00a0
Can be broken down as follows: \u00a0
Profit/loss before tax \u00a0
410.2 \u00a0
751.9 \u00a0
of which results from tonnage activity \u00a0
-392.8 \u00a0
-775.7 \u00a0
Profit/loss from non-tonnage activity \u00a0
17.4 \u00a0
-23.8 \u00a0
Tax using the Danish corporation tax rate (22%) \u00a0
3.8 \u00a0
-5.2 \u00a0
Tax rate deviations in foreign jurisdictions \u00a0
0.4 \u00a0
-0.4 \u00a0
Non-deductible expenses \u00a0
-
7.9 \u00a0
Adjustment to previous years' taxes \u00a0
-0.8 \u00a0
-0.2 \u00a0
Total income tax \u00a0
3.4 \u00a0
2.1 \u00a0
Tonnage tax \u00a0
6.7 \u00a0
6.3 \u00a0
Total tax for the year \u00a0
10.1 \u00a0
8.4 \u00a0
Effective tax rate \u00a0
2.5% \u00a0
1.1% \u00a0
Contingent tax under the tonnage tax scheme \u00a0
16.3 \u00a0
16.3 \u00a0
Contingent tax is calculated equalling the tax rate for \u00a0
2023 and going forward \u00a0
22.0% \u00a0
22.0% \u00a0
The contingent tax could become payable as current tax if the tonnage tax \u00a0
regime is discontinued, if there's a significant decrease in the net investments \u00a0
in vessels by the Danish group entities, or if these entities are liquidated. \u00a0
Therefore, the business plans of the Group are a important basis for this tax \u00a0
estimate. \u00a0
ACCOUNTING POLICIES \u00a0
The Group\u2019s current tax primarily consists of tax payable according to the \u00a0
regulations of the Danish and Singaporean Tonnage Tax Act for shipping \u00a0
activities and according to general tax regulations for net financial income \u00a0
and other activities. \u00a0
Other activities primarily consist of commercial management income. Ship- \u00a0
ping activities in Denmark and Singapore are taxed based on the vessel net \u00a0
tonnage at disposal. \u00a0
Based on the planned use of vessels and recovery of reversed depreciation, \u00a0
respectively, the Danish and Singaporean tonnage tax regimes do not result \u00a0
in a liability, hence, it does not result in any deferred tax in the statement of \u00a0
financial position. The tax liability is merely a contingent liability. \u00a0
Other activities of the Group and the parent company are not subject to \u00a0
deferred tax either. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5836": {
"value": "5.2 Income\u00a0tax \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
Tax on the profit from operations (EBIT) \u00a0
9.4 \u00a0
8.8 \u00a0
Tax on other items \u00a0
1.5 \u00a0
-0.2 \u00a0
Adjustment of tax regarding previous years \u00a0
-0.8 \u00a0
-0.2 \u00a0
Total \u00a0
10.1 \u00a0
8.4 \u00a0
Can be broken down as follows: \u00a0
Profit/loss before tax \u00a0
410.2 \u00a0
751.9 \u00a0
of which results from tonnage activity \u00a0
-392.8 \u00a0
-775.7 \u00a0
Profit/loss from non-tonnage activity \u00a0
17.4 \u00a0
-23.8 \u00a0
Tax using the Danish corporation tax rate (22%) \u00a0
3.8 \u00a0
-5.2 \u00a0
Tax rate deviations in foreign jurisdictions \u00a0
0.4 \u00a0
-0.4 \u00a0
Non-deductible expenses \u00a0
-
7.9 \u00a0
Adjustment to previous years' taxes \u00a0
-0.8 \u00a0
-0.2 \u00a0
Total income tax \u00a0
3.4 \u00a0
2.1 \u00a0
Tonnage tax \u00a0
6.7 \u00a0
6.3 \u00a0
Total tax for the year \u00a0
10.1 \u00a0
8.4 \u00a0
Effective tax rate \u00a0
2.5% \u00a0
1.1% \u00a0
Contingent tax under the tonnage tax scheme \u00a0
16.3 \u00a0
16.3 \u00a0
Contingent tax is calculated equalling the tax rate for \u00a0
2023 and going forward \u00a0
22.0% \u00a0
22.0% \u00a0
The contingent tax could become payable as current tax if the tonnage tax \u00a0
regime is discontinued, if there's a significant decrease in the net investments \u00a0
in vessels by the Danish group entities, or if these entities are liquidated. \u00a0
Therefore, the business plans of the Group are a important basis for this tax \u00a0
estimate. \u00a0
ACCOUNTING POLICIES \u00a0
The Group\u2019s current tax primarily consists of tax payable according to the \u00a0
regulations of the Danish and Singaporean Tonnage Tax Act for shipping \u00a0
activities and according to general tax regulations for net financial income \u00a0
and other activities. \u00a0
Other activities primarily consist of commercial management income. Ship- \u00a0
ping activities in Denmark and Singapore are taxed based on the vessel net \u00a0
tonnage at disposal. \u00a0
Based on the planned use of vessels and recovery of reversed depreciation, \u00a0
respectively, the Danish and Singaporean tonnage tax regimes do not result \u00a0
in a liability, hence, it does not result in any deferred tax in the statement of \u00a0
financial position. The tax liability is merely a contingent liability. \u00a0
Other activities of the Group and the parent company are not subject to \u00a0
deferred tax either. \u00a0
ACCOUNTING JUDGEMENTS AND ESTIMATES \u00a0
The Danish group entities have entered the Danish tonnage tax regime for a \u00a0
binding ten-year period from 2021. The Singaporean group entity has entered \u00a0
the Singaporean tonnage tax regime for a binding ten-year period from 2019. \u00a0
In addition, tax regulation become complex when a company has activities \u00a0
that are partly covered by the tonnage tax regime and partly by corporate \u00a0
taxation. \u00a0
In calculation of the taxable income, estimates are made which in a later \u00a0
assessment by the Danish or Singaporean tax authorities may result in correc- \u00a0
tions to previous estimates of recognised tax assets and liabilities in the state- \u00a0
ment of financial position. \u00a0
The Group applies the exception to recognising and disclosing information \u00a0
about deferred tax related to Pillar Two income taxes. \u00a0
As the predominant aspect of the Group's business activities falls under the \u00a0
tonnage tax system, the forthcoming regulations associated with Pillar II \u00a0
are anticipated to exert minimal influence on the overall tax structure of the \u00a0
Group. Notably, the primary regions that may be subject to the regulatory \u00a0
impact are Africa and the Americas. However, it is important to highlight that \u00a0
these regions currently contribute insignificantly to the overall profit of the \u00a0
Group. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5838": {
"value": "ACCOUNTING POLICIES \u00a0
The Group\u2019s current tax primarily consists of tax payable according to the \u00a0
regulations of the Danish and Singaporean Tonnage Tax Act for shipping \u00a0
activities and according to general tax regulations for net financial income \u00a0
and other activities. \u00a0
Other activities primarily consist of commercial management income. Ship- \u00a0
ping activities in Denmark and Singapore are taxed based on the vessel net \u00a0
tonnage at disposal. \u00a0
Based on the planned use of vessels and recovery of reversed depreciation, \u00a0
respectively, the Danish and Singaporean tonnage tax regimes do not result \u00a0
in a liability, hence, it does not result in any deferred tax in the statement of \u00a0
financial position. The tax liability is merely a contingent liability. \u00a0
Other activities of the Group and the parent company are not subject to \u00a0
deferred tax either. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5839": {
"value": "ACCOUNTING POLICIES \u00a0
The Group\u2019s current tax primarily consists of tax payable according to the \u00a0
regulations of the Danish and Singaporean Tonnage Tax Act for shipping \u00a0
activities and according to general tax regulations for net financial income \u00a0
and other activities. \u00a0
Other activities primarily consist of commercial management income. Ship- \u00a0
ping activities in Denmark and Singapore are taxed based on the vessel net \u00a0
tonnage at disposal. \u00a0
Based on the planned use of vessels and recovery of reversed depreciation, \u00a0
respectively, the Danish and Singaporean tonnage tax regimes do not result \u00a0
in a liability, hence, it does not result in any deferred tax in the statement of \u00a0
financial position. The tax liability is merely a contingent liability. \u00a0
Other activities of the Group and the parent company are not subject to \u00a0
deferred tax either. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5850": {
"value": "ACCOUNTING POLICIES \u00a0
Related parties include the Board of Directors and the Executive Manage- \u00a0
ment as well as their close relatives. Related parties also include companies \u00a0
in which the above persons have significant interests as well as companies \u00a0
and foundations which have direct or indirect significant influence through \u00a0
shareholdings. \u00a0
In addition, related parties include joint ventures; refer to note 3.7 \"Invest- \u00a0
ments and activities\". \u00a0
All transactions involving related parties are conducted in adherence to arm's \u00a0
length principles, maintaining independence and market-driven terms. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5846": {
"value": "5.3 Fees\u00a0to auditor appointed at the general meeting \u00a0
Amounts in USD million \u00a0
2023 \u00a0
2022 \u00a0
\"Other external costs\" include the following fees to \u00a0
the independent auditor: \u00a0
Statutory audit \u00a0
0.5 \u00a0
0.8 \u00a0
Other assurance services \u00a0
0.1 \u00a0
0.1 \u00a0
Tax consultancy \u00a0
-
-
Other services \u00a0
-
0.2 \u00a0
Total \u00a0
0.6 \u00a0
1.1 \u00a0
Fees for services other than the statutory audit of the financial statements \u00a0
provided by EY Godkendt Revisionspartnerselskab Denmark amounted to \u00a0
USD 0.1 million including other assurance opinions and other services. \u00a0
Fees for 2022 relates to the Group's former auditor PricewaterhouseCoopers \u00a0
Statsautoriseret Revisionspartnerselskab. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5853": {
"value": "5.5 Events\u00a0after the reporting date \u00a0
There are no material subsequent events. Refer to page 11 in Management's \u00a0
Review. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5854": {
"value": "5.6 Group\u00a0structure \u00a0
NORDEN Tankers & Bulkers Chile SpA \u00a0
NORDEN Tankers & Bulkers India Private Ltd. \u00a0
Chile, 100% \u00a0
India, 100% \u00a0
NORDEN Shipping (Singapore) Pte. Ltd. \u00a0
NORDEN Shipping (Singapore) Pte. Ltd. \u00a0
Singapore, 100% \u00a0
China, Branch \u00a0
NORDEN Shipping (USA) LLC \u00a0
Polar Navigation Pte. Ltd. \u00a0
USA, 100% \u00a0
Singapore, 50% \u00a0
NORDEN Tankers & Bulkers do Brazil Ltda. \u00a0
NORDEN Shipping (Australia) Pty. Ltd. \u00a0
Brazil, 100% \u00a0
Australia, 100% \u00a0
NORDEN Shipping (Cyprus) Ltd. \u00a0
Nord Goodwill LLC \u00a0
Cyprus, 100% \u00a0
USA, 100% \u00a0
Dampskibsselskabet NORDEN A/S \u00a0
NORDEN Asset Management A/S \u00a0
Denmark \u00a0
Denmark, 100% \u00a0
NORDEN Shipping Abidjan SARLU \u00a0
Ivory Coast, 100% \u00a0
Dampskibsselskabet NORDEN A/S \u00a0
Canada, Branch \u00a0
NORDEN Shipping Middle East DMCC \u00a0
UAE, 100% \u00a0
NORDEN Gabon A/S \u00a0
NORDEN Transhipment Services Gabon \u00a0
Denmark, 100% \u00a0
Gabon, Branch \u00a0
NORDEN Japan K.K. \u00a0
Japan, 100% \u00a0
Dampskibsselskabet NORDEN A/S \u00a0
Germany, Branch \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5167": {
"value": "Since 1871, NORDEN has built a reputation for providing stability in an industry de\ufb01ned by volatility. We leverage the intelligence we have gathered, acquired and developed to deliver solutions that are tailored to the realities of the marketplace \u2013 delivering results our customers and investors can rely on.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5172": {
"value": "Dampskibsselskabet NORDEN A/S",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5173": {
"value": "52 Strandvejen 2900 Hellerup",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5175": {
"value": "Denmark",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact5176": {
"value": "Denmark",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:529900RGXD3CBR3BRU63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}