Third Quarter 2025
NORDEN Interim Financial Report
16
NOTES TO THE
INTERIM FINANCIAL
STATEMENTS
1. Basis of preparation and changes to NORDEN’s accounting policies
1.1 Basis of preparation
interpretations or amendments have had any significant effect on the
accounting policies applied by NORDEN.
The interim consolidated financial statements for the nine months
ended 30 September 2025 have been prepared in accordance
with IAS 34 Interim financial reporting as adopted by the EU and
additional Danish disclosure requirements for the interim financial
reporting of listed companies.
Standards not yet in force
The Group intends to adopt new and amended standards and
interpretations, if applicable, when they become effective. New and
amended financial reporting standards are either irrelevant or insig-
nificant to NORDEN, except for IFRS 18 Presentation and Disclosure
in Financial statements, which was issued in April 2024 and will be
effective from 2027. NORDEN is currently evaluating the potential
impact of this standard on its financial statements.
1. Basis of preparation and changes to
NORDEN’s accounting policies
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2. Operational segment information
3. Segregation of revenue
The interim consolidated financial statements do not include all the
information and disclosures required in the annual financial statements
and should be read in conjunction with the Group’s annual consolidated
financial statements for the year ended 31 December 2024.
4. Operating expenses
Significant accounting estimates and judgements
5. Financial income and expenses
6. Fair value adjustment – hedging instruments
7. Intangible assets
The accounting policies, judgements and estimates are consistent
with those applied in the consolidated annual report for 2024, apart
from changes described below.
The accounting estimates and judgements, which Management
deems to be significant to the preparation of the consolidated
financial statements, are impairment test and non-lease component
for leases under IFRS 16 Leases. For further description a reference is
made to note 1.4 “Significant accounting estimates and judgements”
in the consolidated financial statements for 2024.
8. Vessels
For a complete description of accounting policies, see the notes to
the consolidated financial statements for 2024, pages 103-105 in the
consolidated annual report for 2024.
9. Leases – lessee
10. Prepayments on vessels and newbuildings
11. Assets held for sale
1.3 Change of presentation
With effect from 1 January 2024, shipping was included in the EU
Emissions Trading System (EU ETS). NORDEN complies with the
legislation and currently the impact of the EU ETS on our financial
statements is immaterial.
As of 2025, the Group has changed the presentation of gains from
the sale of vessels in the consolidated income statement. Previously,
these gains were presented below EBITDA. Starting from 2025, they
are presented as part of operating profit (EBITDA).
12. Related party disclosure
13. Contingent assets and liabilities
14. Overview of deliveries of owned vessels and CapEx
15. Events after the reporting date
1.2 Changes in accounting policies and disclosures
The change reflects Management’s assessment that the active trading
of vessels is a core element of NORDEN’s operational business within
Asset Management. As such, vessel sales are considered a recurring
and integrated part of the operating activities.
The Group has adopted standards and interpretations effective as of 1
January 2025. The Group has not early adopted any other standard, inter-
pretation or amendments that have been issued but are not yet effective.
Adoption of new or amended IFRS standards
NORDEN has implemented amendments and interpretations to
existing standards effective as of 1 January 2025. None of these
Comparative figures have been restated accordingly to ensure con-
sistency and comparability. Net profit and earnings per share are not
impacted by the change of presentation.
