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"ifrs-full:CashAndCashEquivalents", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-248": { "value": "33328000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-251": { "value": "Notes to the Consolidated Financial Statements Year ended 31 December 2022 1. GENERAL INFORMATION Jinhui Shipping and Transportation Limited was incorporated on 16 May 1994 and registered as an exempted company with limited liability in Bermuda. The registered office of the Company is at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda. The Company\u2019s shares are listed on the Oslo Stock Exchange (Oslo B\u00f8rs). The principal activity of the Company is investment holding. Its subsidiaries are principally engaged in the businesses of ship chartering and ship owning which are carried out internationally. The Group is controlled by Jinhui Holdings Company Limited, a company incorporated in Hong Kong which holds approximately 55.69% of the Company\u2019s shares at the reporting date. The registered office of Jinhui Holdings, where its consolidated accounts can be obtained, locates at 26th Floor, Yardley Commercial Building, 1-6 Connaught Road West, Hong Kong, PRC. The consolidated financial statements for the year ended 31 December 2022 were approved for issue by the Board on 17 March 2023. 2. STATEMENT OF COMPLIANCE The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards, which collective term includes all applicable individual International Financial Reporting Standards, International Accounting Standards and Interpretations issued by the International Accounting Standards Board, and Hong Kong Financial Reporting Standards, which collective term includes all applicable individual Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards and Interpretations issued by the Hong Kong Institute of Certified Public Accountants. 3. ADOPTION OF NEW OR AMENDED IFRSs AND HKFRSs In current year, the Group has applied for the first time, the following amendments and interpretations to IFRSs and HKFRSs issued by the IASB and the HKICPA, which are relevant to and effective for the Group\u2019s consolidated financial statements for the accounting period beginning on 1 January 2022. Amendments to IFRS 16 and HKFRS 16 Covid-19-Related Rent Concessions beyond 30 June 2021 Amendments to IFRS 3 and HKFRS 3 Reference to the Conceptual Framework Amendments to IAS 16 and HKAS 16 Property, Plant and Equipment \u2013 Proceeds before Intended Use Amendments to IAS 37 and HKAS 37 Onerous Contracts \u2013 Cost of Fulfilling a Contract Amendments to IFRSs and HKFRSs Annual Improvements to IFRSs and HKFRSs 2018-2020 Accounting Guideline 5 (Revised) Merger Accounting for Common Control Combinations The adoption of the amended IFRSs and HKFRSs does not have material impact on the Group\u2019s financial performance and financial position for the current and prior periods have been prepared and presented. Notes to the Consolidated Financial Statements Year ended 31 December 2022 3. ADOPTION OF NEW OR AMENDED IFRSs AND HKFRSs (Continued) At the date of authorization of these consolidated financial statements, certain other new or amended IFRSs and HKFRSs have been published but are not yet effective, and have not been early adopted by the Group. The management anticipated that all pronouncements will be adopted in the Group\u2019s accounting policy for the first accounting period beginning after the effective dates of the pronouncements. Information on these new pronouncements that are expected to be relevant to the Group\u2019s consolidated financial statements is provided below. IFRS 17 and HKFRS 17 Insurance Contracts and related amendments 1 Amendments to IFRS 16 and HKFRS 16 Lease Liability in a Sale and Leaseback 2 Amendments to IFRS 10 and HKFRS 10, and IAS 28 and HKAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture 3 Amendments to IAS 1 and HKAS 1 Classification of Liabilities as Current or Non-current and related amendments to Hong Kong Interpretation 5 2 Amendments to IAS 1 and HKAS 1 Non-current Liabilities with Covenants 2 Amendments to IAS 1 and HKAS 1, and IFRS Practice Statement 2 and HKFRS Practice Statement 2 Disclosure of Accounting Policies 1 Amendments to IAS 8 and HKAS 8 Definition of Accounting Estimates 1 Amendments to IAS 12 and HKAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction 1 Notes: 1. Effective for annual periods beginning on or after 1 January 2023 2. Effective for annual periods beginning on or after 1 January 2024 3. Effective date not yet determined The management is currently assessing the possible impact of the new or amended standards and interpretations on the Group\u2019s results and financial position in the first year of application. Notes to the Consolidated Financial Statements Year ended 31 December 2022 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 4.1 Basis of preparation The significant accounting policies that have been used in the preparation of these consolidated financial statements are summarized below. These policies have been consistently applied to all the years presented unless otherwise stated. The consolidated financial statements have been prepared on the historical cost basis except for: investment properties, financial assets at fair value through profit or loss and financial assets at fair value through OCI that are stated at fair values. The measurement bases are fully described in the accounting policies below. It should be noted that accounting estimates and assumptions are used in preparation of the consolidated financial statements. Although these estimates are based on management\u2019s best knowledge and judgement of current events and actions, actual results may ultimately differ from those estimates. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in note 5. 4.2 Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and its subsidiaries made up to 31 December each year. Intra-group transactions, balances and unrealized gains on transactions between group companies are eliminated in preparing the consolidated financial statements. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are excluded from consolidation from the date that control ceases. 4.3 Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. When assessing whether the Group has power, only substantive rights (held by the Group and other parties) are considered. In the Company\u2019s statement of financial position, investments in subsidiaries are carried at cost less any impairment loss. The results of subsidiaries are accounted for by the Company on the basis of dividends received and receivable at the reporting date. Notes to the Consolidated Financial Statements Year ended 31 December 2022 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.4 Foreign currency translation The consolidated financial statements are presented in United States Dollars which is the functional and presentation currency of the Company. The functional and presentation currencies of the Company\u2019s subsidiaries are either in United States Dollars or Hong Kong Dollars. In the individual financial statements of the consolidated entities, foreign currency transactions are translated into the functional currency of the individual entity using the exchange rates ruling at the dates of the transactions. At the reporting date, monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rates ruling at that date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the reporting date retranslation of monetary assets and liabilities are recognized in profit or loss. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined and are reported as part of the fair value gain or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated (i.e. only translated using the exchange rates at the transaction date). In the consolidated financial statements, all individual financial statements of foreign operations, originally presented in a currency different from the Group\u2019s presentation currency, have been converted into United States Dollars. Assets and liabilities have been translated into United States Dollars at the closing rates at the reporting date. Income and expenses have been converted into United States Dollars at the exchange rates ruling at the transaction dates, or at the average rates over the reporting period provided that the exchange rates do not fluctuate significantly. Any significant differences arising from this translation procedure are recognized in other comprehensive income and accumulated separately in the translation reserve in equity. 4.5 Revenue recognition Revenue mainly arises from the operations of ship chartering or owning business comprises chartering freight and hire income. To determine whether to recognize revenue, the Group follows a five-step process: (a) Identify contracts with customers (b) Identify the separate performance obligations in the contract (c) Determine the transaction price of the contract (d) Allocate the transaction price to each of the separate performance obligation in the contract (e) Recognize the revenue as each performance obligation is satisfied Notes to the Consolidated Financial Statements Year ended 31 December 2022 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.5 Revenue recognition (Continued) In all cases, the total transaction price for a contract is allocated amongst the various performance obligations based on their relative stand-alone selling prices. The transaction price for a contract excludes any amounts collected on behalf of third parties. Revenue is recognized over time, when (or as) the Group satisfies performance obligations by transferring the promised services to its customers. Further details of the Group\u2019s revenue recognition policies are as follows: (a) Hire income under time charter is accounted for as operating lease and is recognized on a straight-line basis over the period of each time charter contract. Crewing service income classified as non-lease component is included in hire income and recognized over the period of each time charter contract. (b) Freight income under voyage charter is accrued over the period from the date of loading of charterer\u2019s cargo to the date of discharging the cargo and is recognized on percentage of completion basis measured by time proportion of each voyage charter contract. The existing practice reflects the performance obligation to provide transportation services which is satisfied over time from when transport of the goods begins from loading port through delivery to discharging port and freight income is recognized over the period of performance. 4.6 Borrowing costs Borrowing costs incurred for the acquisition or construction of any qualifying asset are capitalized during the period of time that is required to complete or prepare the asset for its intended use. A qualifying asset is an asset which necessarily takes a substantial period of time to get ready for its intended use or sale. Other borrowing costs are expensed as incurred. The capitalization of borrowing costs as part of the qualifying assets commences when borrowing costs are being incurred and the activities that are necessary to prepare the asset for its intended use are in progress. Capitalization of borrowing costs is suspended or ceased when substantially all activities necessary to prepare the qualifying assets for its intended use are interrupted or completed. 4.7 Government grants Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all attached conditions. Government grants are deferred and recognized in profit or loss over the period necessary to match them with the costs that the grants are intended to compensate. Government grants relating to income is presented in gross under \u201cOther operating income\u201d in the consolidated statement of profit or loss and other comprehensive income. Notes to the Consolidated Financial Statements Year ended 31 December 2022 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.8 Income tax Income tax comprises current tax and deferred tax. Current income tax assets and / or liabilities comprise those obligations to, or claims from, fiscal authorities relating to the current or prior reporting period, that are unpaid at the reporting date. They are calculated according to the tax rates and tax laws applicable to the fiscal periods to which they relate, based on the taxable profit for the year. All changes to current tax assets or liabilities are recognized as a component of tax expense in profit or loss. Deferred tax is provided using the liability method on temporary differences at the reporting date between the carrying amounts of assets and liabilities in the consolidated financial statements and their respective tax bases. It is calculated, without discounting, at tax rates that are expected to apply in the period the liability is settled or the asset is realized, provided these tax rates have been enacted or substantively enacted at the reporting date. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences and tax losses available to be carried forward to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and unused tax losses can be utilized. For investment properties measured using the fair value model in accordance with the accounting policy below, the measurement of the related deferred tax asset or liability reflects the tax consequences of recovering the carrying amount of the investment properties entirely through sale, unless the investment property is depreciable and is held within a business model whose objective is to consume substantially all of the economic benefits embodied in the investment property over time, rather than through sale. Deferred tax assets or liabilities are not recognized if the temporary differences arise from goodwill or from initial recognition (other than in a business combination) of assets or liabilities in a transaction that affects neither taxable nor accounting profit or loss. Changes in deferred tax assets or liabilities are recognized in profit or loss, or in other comprehensive income or directly in equity if they relate to items that are charged or credited to other comprehensive income or directly to equity. When different tax rates apply to different levels of taxable income, deferred tax assets and liabilities are measured using the average tax rates that are expected to apply to the taxable income of the periods in which the temporary differences are expected to reverse. Notes to the Consolidated Financial Statements Year ended 31 December 2022 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.8 Income tax (Continued) The determination of the average tax rates requires an estimation of (i) when the existing temporary difference will reverse and (ii) the amount of future taxable profit in those years. The estimate of future taxable profit includes: \u2013 income or loss excluding reversals of temporary differences; and \u2013 reversals of existing temporary differences. Current tax assets and current tax liabilities are presented in net if, and only if, (a) the Group has the legally enforceable right to set off the recognized amounts; and (b) intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. The Group presents deferred tax assets and deferred tax liabilities in net if, and only if, (a) the entity has a legally enforceable right to set off current tax assets against current tax liabilities; and (b) the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority on either: (i) the same taxable entity; or (ii) different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. 4.9 Property, plant and equipment The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. Improvements are capitalized only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Expenditures incurred in restoring assets to their normal working conditions and other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred. Motor vessels are stated at cost less accumulated depreciation and impairment loss. Drydocking and special survey costs are capitalized and depreciated over the drydocking cycle of two to three years on a straight-line basis. Upon disposal of vessels, any relevant carrying amounts not yet written off are transferred to profit or loss. Vessel repairs and survey costs are expensed during the financial period in which they are incurred. Notes to the Consolidated Financial Statements Year ended 31 December 2022 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.9 Property, plant and equipment (Continued) Leasehold land and buildings (where the fair values of the leasehold interest in the land and buildings cannot be measured separately at the inception of the lease and the building is not clearly held under an operating lease) are stated at cost less accumulated depreciation and impairment loss. All other property, plant and equipment are stated at cost less accumulated depreciation and impairment loss. Depreciation is provided to write-off the cost of motor vessels over their estimated useful lives, after taking into account their estimated residual values, using the straight-line method of 25 years from the date of the initial delivery from the shipyards. Depreciation is provided to write-off the cost of other property, plant and equipment as specified below over their estimated useful lives, after taking into account their estimated residual values, using the straight-line method, at the following rates per annum: Leasehold land and buildings over the shorter of unexpired term of lease or 3% per annum Leasehold improvement 20% \u2013 30% per annum Utility vessels, furniture and equipment 6% \u2013 25% per annum Accounting policy for depreciation of right-of-use assets is set out in note 4.19. Estimated residual value is the estimated amount that the Group would currently obtain from disposal of the asset, after deducting the estimated costs of disposal, as if the asset was already of the age and in the conditions expected at the end of its useful life. The Group estimates the residual values of motor vessels based on the light-weight tonnes of each vessel multiply by market demolition metal price per ton. Estimate of residual value and useful life are reviewed and adjusted if appropriate, at each reporting date. The gain or loss arising on retirement or disposal is determined as the difference between the net sale proceeds and the carrying amount of the asset and is recognized in profit or loss. Notes to the Consolidated Financial Statements Year ended 31 December 2022 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.10 Investment properties Investment properties are land and / or buildings which are owned or held under a leasehold interest to earn rental income and / or for capital appreciation. On initial recognition, investment property is measured at cost, including any directly attributable expenditure. Subsequent to initial recognition, investment property is stated at fair value which is determined by external professional valuers with sufficient experience with respect to both the location and category of the investment property and it reflects the prevailing market conditions at the reporting date. Gain or loss arising from either change in the fair value or the sale of an investment property is recognized in profit or loss in the period in which they arise. The change in fair value arisen from reclassification from leasehold land and buildings to investment properties will be credited to revaluation reserve. Upon disposal of such properties, the amount previously recognized in revaluation reserve will be transferred to retained profits. 4.11 Impairment of non-financial assets Property, plant and equipment, right-of-use assets and the Company\u2019s interests in subsidiaries are subject to impairment testing whenever there are indications that the assets\u2019 carrying amounts may not be recoverable. An impairment loss is recognized as an expense immediately for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. Recoverable amount is the higher of fair value, reflecting market conditions, less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessment of time value of money and the risk specific to the asset. For the purpose of assessing impairment, where an asset does not generate cash inflows that are largely independent of the cash flows from other assets, the recoverable amount is determined for the smallest group of assets that generate cash inflows independently (i.e. a cash generating unit). As a result, some assets are tested individually for impairment and some are tested at cash generating unit level. Impairment loss recognized for cash generating unit is allocated to reduce the carrying amounts of the assets in the cash generating unit on pro rata basis. In allocating the impairment loss, the carrying amount of an asset will not be reduced below its fair value less costs of disposal, value in use or zero. An impairment loss is reversed if there has been a favorable change in the estimates used to determine the asset\u2019s recoverable amount and only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized in prior years. Notes to the Consolidated Financial Statements Year ended 31 December 2022 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.12 Inventories Inventories are carried at the lower of cost and net realizable value. Cost, which comprises all costs of purchase and, where applicable, other costs that have been incurred in bringing the inventories to their present location and condition, and is determined using the first-in, first-out method. Net realizable value is the estimated selling price in the ordinary course of business less the estimated cost of completion and applicable selling expenses. 4.13 Financial assets Financial assets are recognized when the Group becomes a party to the contractual provisions of the financial instrument. Financial assets are derecognized when the contractual rights to receive the cash flows from the financial assets expire, or when the financial asset and substantially all of its risks and rewards of ownership are transferred. Classification and initial measurement of financial assets Except for those trade receivables that do not contain a significant financing component and are measured at the transaction price in accordance with IFRS 15 and HKFRS 15, all financial assets are initially measured at fair value, in case of a financial asset not at fair value through profit or loss, plus transaction costs that are directly attributable to the acquisition of the financial asset. Financial assets are classified into the following categories: \u2013 amortized cost; \u2013 fair value through profit or loss; or \u2013 fair value through OCI. The classification is determined by both: \u2013 the entity\u2019s business model for managing the financial asset; and \u2013 the contractual cash flow characteristics of the financial asset. All income and expenses relating to financial assets that are recognized in profit or loss are presented within other operating income, interest income, other operating expenses and finance costs, except for ECL of trade receivables which is presented in other operating expenses. Notes to the Consolidated Financial Statements Year ended 31 December 2022 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.13 Financial assets (Continued) Subsequent measurement of financial assets Debt investments Financial assets are measured at amortized cost if the assets meet the following conditions (and are not designated as fair value through profit or loss): \u2013 they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows; and \u2013 the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. After initial recognition, these are measured at amortized cost using the effective interest method. Interest income from these financial assets is included in profit or loss. Discounting is omitted where the effect of discounting is immaterial. The Group\u2019s bank balances and cash, pledged deposits, loan receivables and trade and other receivables fall into this category of financial instruments. Financial assets at fair value through OCI \u2013 recycling If the contractual cash flows of the investment comprise solely payments of principal and interest and the investment is held within a business model whose objective is achieved by both the collection of contractual cash flows and sale, changes in fair value are recognized in other comprehensive income, except for the recognition in profit or loss of ECL, interest income (calculated using the effective interest method) and foreign exchange gains and losses. When the investment is derecognized, the amount accumulated in other comprehensive income is recycled from equity to profit or loss. Financial assets at fair value through profit or loss Financial assets that are held within a different business model other than \u201chold to collect\u201d or \u201chold to collect and sell\u201d are categorized at fair value through profit or loss. Further, irrespective of business model, financial assets whose contractual cash flows are not solely payments of principal and interest are accounted for at fair value through profit or loss. Notes to the Consolidated Financial Statements Year ended 31 December 2022 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.13 Financial assets (Continued) Subsequent measurement of financial assets (Continued) Equity investments An investment in equity securities is classified as fair value through profit or loss unless the equity investment is not held for trading purposes and on initial recognition of the investment, the Group elects to designate the investment at fair value through OCI (non-recycling) such that subsequent changes in fair value are recognized in other comprehensive income and accumulated in \u201cReserve for financial assets at fair value through OCI\u201d in equity. Such elections are made on an instrument-by-instrument basis, but only be made if the investment meets the definition of equity from the issuer\u2019s perspective. The equity instruments at fair value through OCI are not subject to impairment assessment. The cumulative gain or loss in \u201cReserve for financial assets at fair value through OCI\u201d will not be reclassified to profit or loss upon disposal of the equity investments. Dividends from these investments in equity instruments are recognized in profit or loss when the Group\u2019s right to receive the dividends is established. Dividend income are included in \u201cother operating income\u201d in profit or loss. Impairment of financial assets IFRS 9 and HKFRS 9\u2019s impairment requirements use more forward-looking information to recognize ECL \u2013 the \u201cECL model\u201d. Instruments within the scope included loans and other debt-type financial assets measured at amortized cost, fair value through OCI and trade receivables. The Group considers a broader range of information when assessing credit risk and measuring ECL, including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument. In applying this forward-looking approach, a distinction is made between: Stage 1: financial instruments that have not deteriorated significantly in credit quality since their initial recognition or that have low credit risk. Stage 2: financial instruments that have deteriorated significantly in credit quality since their initial recognition and whose credit risk is not low. Stage 3: financial instruments that have objective evidence of impairment at the reporting date. Notes to the Consolidated Financial Statements Year ended 31 December 2022 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.13 Financial assets (Continued) Impairment of financial assets (Continued) For Stage 1 category, loss allowance is recognized at the present value of expected credit losses that will result if a default occurs in the 12 months after the reporting date (\u201c12-month ECL\u201d). For Stage 2 and Stage 3 category, loss allowance is recognized at the present value of expected credit shortfalls over their remaining life (\u201clifetime ECL\u201d). Measurement of the ECL is determined by a probability-weighted estimate of credit losses over the expected life of the financial instrument. For trade receivables, the Group applies a simplified approach in calculating ECL and recognizes a loss allowance based on lifetime ECL at each reporting date. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial assets. In calculating the ECL, the Group has established a provision matrix that is based on its historical credit loss experience and external indicators, adjusted for forward-looking factors specific to the debtors and the economic environment. To measure the ECL, trade receivables have been grouped based on shared credit risk characteristics and the days past due. For loan receivables, the Group measures the loss allowance for these financial assets equal to 12-month ECL with taking those collaterals into accounts (which is recognized at Stage 1), unless when there has been a significant increase in credit risk since initial recognition or classified as credit-impaired, the Group recognizes lifetime ECL (which is recognized at Stage 2). The assessment of whether lifetime ECL should be recognized is based on significant increase in the likelihood or risk of default occurring since initial recognition or classified as credit-impaired. The loan receivables are reviewed at the reporting date to assess impairment allowance which are based on the evaluation of current creditworthiness, collection statistic and market values of the collaterals which were appraised by independent qualified appraisal firms or the net asset value of the co-investment. For other financial assets measured at amortized cost and fair value through OCI, the Group measures the loss allowance for these financial assets equal to 12-month ECL (which is recognized at Stage 1), unless when there has been a significant increase in credit risk since initial recognition, the Group recognizes lifetime ECL (which is recognized at the Stage 2). The assessment of whether lifetime ECL should be recognized is based on significant increase in the likelihood or risk of default occurring since initial recognition. In assessing whether the credit risk has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial assets at the reporting date with the risk of default occurring on the financial assets at the date of initial recognition. In making this assessment, the Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort. Notes to the Consolidated Financial Statements Year ended 31 December 2022 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.13 Financial assets (Continued) Impairment of financial assets (Continued) In particular, the following information is taken into account when assessing whether credit risk has increased significantly: \u2013 an actual or expected significant deterioration in the financial instrument\u2019s external (if available) or internal credit rating; \u2013 significant deterioration in external market indicators of credit risk; \u2013 existing or forecast adverse changes in regulatory, business, financial, economic conditions, or technological environment of debtor that are expected to cause a significant decrease in the debtor\u2019s ability to meet its debt obligations; and \u2013 an actual or expected significant deterioration in the operating results of the debtor. Irrespective of the outcome of the above assessment, the Group presumes that the credit risk has increased significantly since initial recognition when contractual payments are more than 30 days past due, unless the Group has reasonable and supportable information that demonstrates otherwise. Despite the aforegoing, the Group assumes that the credit risk on a debt instrument has not increased significantly since initial recognition if the debt instrument is determined to have low credit risk at the end of each reporting period. A debt instrument is determined to have low credit risk if it has a low risk of default, the borrower has strong capacity to meet its contractual cash flow obligations in the near term and adverse changes in economic and business conditions in the longer term may, but will not necessarily, reduce the ability of the borrower to fulfill its contractual cash flow obligations. The Group considers the default has occurred when: (1) information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realizing security (if any is held); (2) a financial asset is more than 90 days past due unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. The Group writes off trade and other receivables in whole or in part, when it has exhausted all practical recovery efforts and concluded there is no reasonable expectation of recovery. Detailed analysis of the ECL assessment of trade receivables, other financial assets measured at amortized cost and debt investments at fair value through OCI are set out in note 39(e). Notes to the Consolidated Financial Statements Year ended 31 December 2022 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.14 Financial liabilities Financial liabilities are recognized when the Group becomes a party to the contractual provisions of the financial instrument. A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expired. The Group classifies its financial liabilities into the following categories: Trade and other payables Trade and other payables are recognized initially at fair values and subsequently measured at amortized costs, using the effective interest method. Borrowings Borrowings are recognized initially at fair values, net of transaction costs incurred. Borrowings are subsequently stated at amortized costs. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in profit or loss over the period of the borrowings using the effective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liabilities for at least twelve months after the reporting date. 4.15 Fair value measurement For financial reporting purposes, fair value measurement is categorized into Level 1, 2 and 3 of the three-level fair value hierarchy as defined under IFRS 13 and HKFRS 13. The level into which a fair value measurement is classified is determined with reference to the observability and significance of the inputs used in the valuation technique as follows: Level 1: fair values measured using quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: fair values measured using valuation techniques in which all significant inputs other than quoted prices included within Level 1 are directly or indirectly based on observable market data. Level 3: fair values measured using valuation techniques in which any significant input is not based on observable market data. Notes to the Consolidated Financial Statements Year ended 31 December 2022 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.16 Cash and cash equivalents Cash and cash equivalents include cash at banks and in hand, demand deposits with banks and short term highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value, with original maturities of three months or less. For the purpose of consolidated statement of cash flows presentation, cash and cash equivalents include bank overdrafts which are repayable on demand and form an integral part of the Group\u2019s cash management. 4.17 Share capital Share capital is determined using the nominal value of shares that have been issued. Any transaction costs associated with the issuing of shares are deducted from share premium to the extent they are incremental costs directly attributable to the equity transaction. 4.18 Employee benefits Retirement benefits schemes The Group operates a defined contribution provident fund scheme and a mandatory provident fund scheme. The assets of the schemes are held separately from those of the Group in their respective schemes managed by an independent trustee. The contributions to retirement benefits schemes charged to profit or loss represent contributions payable to the funds by the Group at the rates specific in the rules of the schemes. The contributions to the defined contribution provident fund scheme vest in employees according to the vesting percentage set out in the scheme. When employees leave the defined contribution provident fund scheme prior to being vested fully in the contributions, the contributions payable by the Group are reduced by the amount of forfeited contributions. On the other hand, the contributions to the mandatory provident fund scheme vest immediately and fully in employees once the contributions are payable by the Group. There is no forfeited contribution when employees leave the mandatory provident fund scheme. Short term employee benefits Employee entitlements to annual leave are recognized when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the reporting date. Non-accumulating compensated absences such as sick leave and maternity leave are not recognized until the time of leave. Notes to the Consolidated Financial Statements Year ended 31 December 2022 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.19 Leases A lease is defined as a contract, or part of a contract, that conveys the right to use an identified asset (the underlying asset) for a period of time in exchange for consideration. To apply this definition, the Group assesses whether the contract meets three key evaluations which are whether: \u2013 the contract contains an identified asset, which is either explicitly identified in the contract or implicitly specified by being identified at the time the asset is made available to the Group; \u2013 the Group has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use, considering its rights within the defined scope of the contract; and \u2013 the Group has the right to direct the use of the identified asset throughout the period of use. The Group assess whether it has the right to direct how and for what purpose the asset is used throughout the period of use. For contracts that contains a lease component and one or more additional lease or non-lease components, the Group allocates the consideration in the contract to each lease and non-lease component on the basis of their relative stand-alone prices. (a) Group as a lessee At the lease commencement date, the Group recognizes the right-of-use asset and the lease liability on the consolidated statement of financial position. except for short-term leases that have a lease term of 12 months or less (\u201cshort-term lease\u201d) and leases of low-value assets. Lease payments on short-term leases and leases of low-value assets are recognized as an expense on a straight-line basis over the lease term. Right-of-use assets The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred by the Group, an estimate of any costs to dismantle and remove the underlying asset at the end of the lease, and any lease payments made in advance of the lease commencement date (net of any lease incentives received). The Group depreciates the right-of-use assets on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The Group also assesses the right-of-use asset for impairment when such indicator exists, as for owned vessels in accordance with the Group\u2019s accounting policies. Notes to the Consolidated Financial Statements Year ended 31 December 2022 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.19 Leases (Continued) (a) Group as a lessee (Continued) Lease liabilities At the commencement date, the Group measures the lease liability at the present value of the lease payments unpaid at that date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Lease payments included in the measurement of the lease liability are made up of fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable payments based on an index or rate, and amounts expected to be payable under a residual value guarantee. Subsequent to the commencement date, the Company measures the lease liability by: (i) increasing the carrying amount to reflect the accretion of interest on the lease liability; (ii) reducing the carrying amount to reflect the lease payments made; and (iii) remeasuring the carrying amount to reflect any reassessment or lease modifications, e.g. a change in future lease payments arising from change in an index or rate, a change in the lease term, a change in the in-substance fixed lease payments or a change in assessment to purchase the underlying asset. For lease modification that is not accounted for as a separate lease, the Group remeasures the lease liability based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of modification. For lease remeasurement that the lease payments change due to changes in market rental rates following a market rent review / expected payment under a guaranteed residual value, in which cases the related lease liability is remeasured by discounting the revised lease payments using the initial discount rate. When the lease is remeasured, the corresponding adjustment is reflected in the carrying amount of the right-of-use asset, or is recorded in profit and loss if the carrying amount of the right-of-use asset has been reduced to zero. Notes to the Consolidated Financial Statements Year ended 31 December 2022 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.19 Leases (Continued) (b) Group as a lessor (Assets leased out under operating leases) As a lessor, the Group classifies its leases as operating leases. Where the Group as a lessor leases out assets under operating leases, such assets are measured and presented according to the nature of the asset. Rental income receivable from operating leases is recognized in profit or loss on a straight-line basis over the lease terms. Hire income applicable to operating leases in respect of time charters are recognized as revenue on time basis over the period of each lease. Lease incentives granted are recognized in profit or loss as an integral part of the aggregate net income receivable from the lease. 4.20 Provisions and contingent liabilities Provisions are recognized when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made. Where the time value of money is material, provisions are stated at the present value of the expenditure expected to settle the obligation. All provisions are reviewed at each reporting date and adjusted to reflect the current best estimate. Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more uncertain future events are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote. Contingent liabilities are not recognized but are disclosed in the notes to the consolidated financial statements. When a change in the probability of an outflow of economic benefits occurs, and an outflow is probable, it will then be recognized as a provision. Notes to the Consolidated Financial Statements Year ended 31 December 2022 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.21 Related parties For the purposes of these consolidated financial statements, a party is considered to be related to the Group if: (a) A person, or a close member of that person\u2019s family, is related to the Group if that person: (i) has control or joint control over the Group; (ii) has significant influence over the Group; or (iii) is a member of the key management personnel of the Group or the Group\u2019s parent. (b) An entity is related to the Group if any of the following conditions applies: (i) The entity and the Group are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others). (ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member). (iii) Both entities are joint venture of the same third entity. (iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity. (v) The entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group. (vi) The entity is controlled or jointly controlled by a person identified in (a). (vii) A person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity). (viii) The entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the parent of the Group. Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their dealings with the entity. 4.22 Segment reporting The Group identifies operating segments and prepares segment information based on the regular internal financial information reported to the chief operating decision maker for their decisions about resources allocation to the Group\u2019s business components and for their review of the performance of those components. The Group has regarded the business of ship chartering and ship owning as the only dominant reportable operating segment to be reported to the chief operating decision maker. Thus, no analysis of segment revenue, segment results, segment assets and segment liabilities are presented in the consolidated financial statements for the years 2022 and 2021. Notes to the Consolidated Financial Statements Year ended 31 December 2022 5. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS Estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. The significant estimates and judgements made in the process of applying the Group\u2019s accounting policies are discussed below. Impairment loss on owned vessels In the first half of 2022, dry bulk shipping market showed strong sign of rebound amid global economic recovery. However, dry bulk shipping market endured a slump during the fourth quarter of 2022. The demand for dry bulk commodities was weak due to the slowdown of global economic growth as a result of high inflation and increase in interest rates, the COVID-19 related issues as well as multiple geo-political issues that dampened economic activities globally. A further downward correction in the market freight rates was continued in the fourth quarter of 2022. This inevitably introduced volatility to the Group\u2019s business performance, as well as the carrying value of the Group\u2019s shipping assets. In view of the significant decrease in market value of dry bulk vessels in the market, the management considered that impairment indication of the Group\u2019s fleet existed at end of 2022. Key assumptions applied in calculation of impairment assessment of owned vessels With due considerations of factors affecting the long term intrinsic values of owned dry bulk vessels in the impairment review, certain of the Group\u2019s owned vessels\u2019 recoverable amounts which were determined based on the higher of the fair value less costs of disposal and value in use and were significantly less than their respective carrying amounts at end of 2022. Those vessels with carrying amount of US$198,590,000 is estimated based on the value in use using estimated future cash flows projections from the continuous use of such vessels. Key assumptions applied in value in use calculation mainly included discount rate and hire rates earned by each vessel as the value in use is most sensitive to the changes in these two factors. Other assumptions applied in the estimated future cash flows projections included the first five-year period from the continuous use of such vessels and cash flows beyond the five-year period are extrapolated using the zero growth rate. The hire rates applied in the impairment test on owned vessels were based on management\u2019s best estimation, taking into consideration of historical performances, market research data and market expectation. The hire rates would have an average of 1% (2021: 1%) growth for the first five-year period and cash flows beyond the five-year period are extrapolated using the zero growth rate. The discount rate applied to the value in use calculation on owned vessels was 10.5% (2021: 8.5%), which was a pre-tax rate that reflected current market assessments of time value of money and the risks specific to the assets. Other assumptions included utilization rate which is assumed to be 95% (2021: 95%) in all subsequent years; and vessels are expected to have useful life of 25 (2021: 25) years from the date of the initial delivery from the shipyards. The net cash flow also reflected the estimated drydocking and special surveys costs and vessels operating expense. Notes to the Consolidated Financial Statements Year ended 31 December 2022 5. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (Continued) Impairment loss on owned vessels (Continued) Key assumptions applied in calculation of impairment assessment of owned vessels (Continued) Remaining certain owned vessels with carrying amount of US$176,745,000 are determined based on fair value less cost of disposal under market comparison approach and such measurement of these owned vessels was categorized as Level 2 of the three-level fair value hierarchy as defined under IFRS 13 and HKFRS 13. Key assumptions applied in fair value less cost of disposal mainly included quoted transactions of similar vessels which is most sensitive. Other assumptions included estimated cost of disposal of these vessels which are based on the Group\u2019s historical acquisition and disposal transactions of its fleets. Accordingly, a net impairment loss of US$49,326,000 (2021: reversal of impairment loss of US$133,606,000) on owned vessels classified in property, plant and equipment was recognized at 31 December 2022 to reflect the Group\u2019s change in the expectation on the long term global economic and the dry bulk shipping industry outlook which affect the assumptions applied in estimation of the value in use and fair value less cost of disposal of the Group\u2019s owned vessels. Sensitivity in calculation of impairment assessment of owned vessels Value in use With all other variables remaining constant, it was estimated that a decrease of 5% in hire rates applied in the impairment test at the reporting date, the impairment loss on owned vessels recognized and net loss for the year would increase by approximately US$15,572,000 and the carrying amount of the Group\u2019s owned vessels would decrease by 4.15%. With all other variables remaining constant, it was estimated that an increase of 75 basis points in discount rate applied in the impairment test at the reporting date, the impairment loss on owned vessels recognized and net loss for the year would increase by approximately US$6,284,000 and the carrying amount of the Group\u2019s owned vessels would decrease by 1.67%. Fair value less cost of disposal With all other variables remaining constant, it was estimated that a decrease of 5% in selling price quoted from the transactions of similar vessels applied in the impairment test at the reporting date, the impairment loss on owned vessels recognized and net loss for the year would increase by approximately US$7,104,000 and the carrying amount of the Group\u2019s owned vessels would decrease by 1.89%. Notes to the Consolidated Financial Statements Year ended 31 December 2022 5. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (Continued) Valuation of investment properties As at 31 December 2022, the Group\u2019s investment properties were stated at fair value of US$27,210,000 (2021: US$28,145,000). Change in fair value loss of investment properties of US$935,000 (2021: US$1,334,000) was recognized in profit or loss during the year. The fair values of the Group\u2019s investment properties were determined by an independent qualified professional valuer. The valuations are dependent on certain significant unobservable inputs, including market unit sale rate per square feet / carpark which are determined based on comparable transactions after applying adjusting factors such as the age, location, size, view, floor level and quality of buildings and carparks to reflect the conditions and locations of the subject properties. Details of the valuation methodologies and significant unobservable inputs used in the valuations are disclosed in note 21. Fair values of financial assets at fair value through OCI Fair values of financial assets at fair value through OCI that are not traded in an active market is determined by using valuation techniques. The Group determines the fair values primarily based on the recent transaction prices, net asset value (representing the fair value of the equity instruments reported by investment manager of the investees) and take into account of its financial results and other factors. The fair values of financial assets at fair value through OCI that are not traded in active market are determined by using valuation techniques as disclosed in note 22. Impairment of trade receivables and other financial assets As at 31 December 2022, the carrying amount of the trade receivables (note 25) was US$1,354,000 (2021: US$2,195,000). For trade receivables, the Group applies a simplified approach in calculating ECL and recognizes a loss allowance based on lifetime ECL at each reporting date. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial assets. To measure the ECL, trade receivables have been grouped based on shared credit risk characteristics and the days past due. For other financial assets measured at amortized cost or fair value through OCI (note 39(a)), the Group measures the loss allowance for these financial assets equal to 12-month ECL, unless when there has been a significant increase in credit risk since initial recognition, the Group recognizes lifetime ECL. The assessment of whether lifetime ECL should be recognized is based on significant increase in the likelihood or risk of default occurring since initial recognition. In assessing whether the credit risk for other financial assets has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial assets at the reporting date with the risk of default occurring on the financial assets at the date of initial recognition. In making this assessment, the Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort. For loan receivables (note 24) which arise from co-investment, the Group measures the loss allowance for these financial assets equal to 12-month ECL with taking the net asset value of the co-investment into accounts unless when there has been a significant increase in credit risk since initial recognition or classified as credit impaired, the Group recognizes lifetime ECL. The assessment of whether lifetime ECL should be recognized is based on significant increase in the likelihood or risk of default occurring since initial recognition or classified as credit- impaired. The loan receivables are reviewed by the management at the reporting date to assess impairment allowance which are based on the evaluation of current creditworthiness, collection statistic and the net asset value of the co-investment. Notes to the Consolidated Financial Statements Year ended 31 December 2022 6. SEGMENT INFORMATION The Group is principally engaged in the business of ship chartering and ship owning and the management has regarded this business as the only dominant reportable operating segment to be reported to the chief operating decision maker. While the Group\u2019s revenue was mainly attributable to its chartering operations which are carried out internationally and cannot be attributable to any particular geographical location, analysis of revenue from chartering freight and hire business by geographical split of revenue by charterers\u2019 location is presented in note 7. The Group\u2019s non-current assets mainly consist of property, plant and equipment, right-of-use assets and investment properties. Property, plant and equipment and right-of-use assets mainly comprised of the Group\u2019s owned vessels and chartered-in vessel respectively. As the Group\u2019s motor vessels are operated across different geographical regions, it is meaningless to identify the specific geographical locations of the motor vessels at the reporting date. The Group\u2019s investment properties comprised of premises and car parks and all are located in Hong Kong. While majority of the Group\u2019s non-current assets other than financial instruments cannot be attributable to any particular geographical location, no analysis of non-current assets other than financial instruments by geographical area is presented in the consolidated financial statements. 7. REVENUE Revenue represents chartering freight and hire income arising from the Group\u2019s owned and chartered-in vessels. Revenue recognized during the year is as follows: 2022 2021 US$\u2019000 US$\u2019000 Chartering freight and hire income: Hire income under time charters 1 152,466 131,069 Note: 1. Hire income under time charter is accounted for as operating lease and is recognized on a straight-line basis over the period of each time charter contract. Hire income included a non-lease component in relation to crewing service of US$37,914,000 (2021: US$23,310,000). Notes to the Consolidated Financial Statements Year ended 31 December 2022 7. REVENUE (Continued) Information about major charterers Revenue of US$58,439,000, US$38,867,000 and US$21,929,000 (2021: US$53,029,000, US$40,413,000 and US$20,459,000) were derived from three charterers that contributed 38%, 25% and 14% (2021: 40%, 31% and 16%) respectively to the Group\u2019s revenue for the year 2022. Information about geographical distribution Revenue from external customers (charterers) is as follows: 2022 2021 US$\u2019000 US$\u2019000 Geographical split of revenue by charterers\u2019 location: Singapore 119,955 116,099 China 31,071 10,285 United Kingdom 1,440 \u2013 Ireland \u2013 2,670 South Korea \u2013 2,015 152,466 131,069 8. NET GAIN ON DISPOSAL OF OWNED VESSELS During the year, the Group entered into five agreements to dispose of two Post-Panamaxes and three Supramaxes at total consideration of US$65,550,000 with the total net gain of US$5,636,000 was recognized on completion of the disposal of these vessels in the year. Notes to the Consolidated Financial Statements Year ended 31 December 2022 9. OTHER OPERATING INCOME 2022 2021 US$\u2019000 US$\u2019000 Net gain on bunker arising from shipping operations 2,352 4,294 Write-back of other payables 1 5,167 \u2013 Other shipping operating income 2,648 3,547 Gross rental income from operating leases on investment properties 559 473 Dividend income 2,624 1,541 Net gain on disposal of property, plant and equipment, other than motor vessels \u2013 278 Reversal of impairment loss on trade and other receivables, net 1,620 1,786 Compensation income in relation to loan receivables \u2013 438 COVID-19 related government subsidies 194 \u2013 Sundry income 255 259 15,419 12,616 Note: 1. Write-back of other payables of US$5,167,000 upon the termination of business relationship with a crew agent. The settled amount was agreed and finalized by both parties and hence, the Group derecognized the outstanding payable amount thereon during the year. 10. INTEREST INCOME 2022 2021 US$\u2019000 US$\u2019000 Interest income in respect of: Financial assets at fair value through profit or loss 129 1,089 Deposits with banks and other financial institutions 120 24 Loan receivables 815 1,867 1,064 2,980 Notes to the Consolidated Financial Statements Year ended 31 December 2022 11. REVERSAL OF IMPAIRMENT LOSS (IMPAIRMENT LOSS) ON OWNED VESSELS, NET In the first half of 2022, dry bulk shipping market showed strong sign of rebound amid global economic recovery. However, dry bulk shipping market endured a slump during the fourth quarter of 2022. The demand for dry bulk commodities was weak due to the slowdown of global economic growth as a result of high inflation and increase in interest rates, the COVID-19 related issues as well as multiple geo-political issues that dampened economic activities globally. A further downward correction in the market freight rates was continued in the fourth quarter of 2022. This inevitably introduced volatility to the Group\u2019s business performance, as well as the carrying value of the Group\u2019s shipping assets. In view of the significant decrease in market value of dry bulk vessels in the market, the management considered that impairment indication of the Group\u2019s fleet existed at end of 2022. With due considerations of factors affecting the long term intrinsic values of owned dry bulk vessels in the impairment review, certain of the Group\u2019s owned vessels\u2019 recoverable amounts which were determined based on the higher of the fair value less costs of disposal and value in use and were significantly less than their respective carrying amounts at end of 2022. Those vessels with carrying amount of US$198,590,000 is estimated based on the value in use using estimated future cash flows projections from the continuous use of such vessels. Key assumptions applied in value in use calculation mainly included discount rate and hire rates earned by each vessel as the value in use is most sensitive to the changes in these two factors. Other assumptions applied in the estimated future cash flows projections included the first five-year period from the continuous use of such vessels and cash flows beyond the five-year period are extrapolated using the zero growth rate. The hire rates applied in the impairment test on owned vessels were based on management\u2019s best estimation, taking into consideration of historical performances, market research data and market expectation. The hire rates would have an average of 1% (2021: 1%) growth for the first five-year period and cash flows beyond the five-year period are extrapolated using the zero growth rate. The discount rate applied to the value in use calculation on owned vessels was 10.5% (2021: 8.5%), which was a pre-tax rate that reflected current market assessments of time value of money and the risks specific to the assets. Other assumptions included utilization rate which is assumed to be 95% (2021: 95%) in all subsequent years; and vessels are expected to have useful life of 25 (2021: 25) years from the date of the initial delivery from the shipyards. The net cash flow also reflected the estimated drydocking and special surveys costs and vessels operating expense. Remaining certain owned vessels with carrying amount of US$176,745,000 are determined based on fair value less cost of disposal under market comparison approach and such measurement of these owned vessels was categorized as Level 2 of the three-level fair value hierarchy as defined under IFRS 13 and HKFRS 13. Key assumptions applied in fair value less cost of disposal mainly included quoted transactions of similar vessels which is most sensitive. Other assumptions included estimated cost of disposal of these vessels which are based on the Group\u2019s historical acquisition and disposal transactions of its fleets. Notes to the Consolidated Financial Statements Year ended 31 December 2022 11. REVERSAL OF IMPAIRMENT LOSS (IMPAIRMENT LOSS) ON OWNED VESSELS, NET (Continued) Accordingly, a net impairment loss of US$49,326,000 on owned vessels classified in property, plant and equipment was recognized at 31 December 2022 to reflect the Group\u2019s change in the expectation on the long term global economic and the dry bulk shipping industry outlook which affect the assumptions applied in estimation of the value in use and fair value less cost of disposal of the Group\u2019s owned vessels. The impairment loss on owned vessels is non-cash in nature and does not have impact on the operating cash flows of the Group. In 2021, the Group recognized a reversal of impairment loss of US$65,521,000 on owned vessels classified in property, plant and equipment at 30 June 2021 and a further reversal of impairment loss of US$68,085,000 on owned vessels at 31 December 2021 to reflect the Group\u2019s change in the expectation on the long term global economic and the dry bulk shipping industry outlook which affect the assumptions applied in estimation of the value in use of the Group\u2019s owned vessels. The total reversal of impairment loss on owned vessels recognized in 2021 was US$133,606,000. The reversal of impairment loss on owned vessels is non-cash in nature and does not have impact on the operating cash flows of the Group. 12. STAFF COSTS 2022 2021 US$\u2019000 US$\u2019000 Directors\u2019 emoluments (excluding directors\u2019 fees): Salaries and other benefits 8,403 8,390 Contributions to retirement benefits schemes 434 434 Other staff costs: Salaries and other benefits 4,643 4,388 Contributions to retirement benefits schemes 188 185 13,668 13,397 At the reporting date, the Group has 65 (2021: 64) full-time employees. Notes to the Consolidated Financial Statements Year ended 31 December 2022 13. DIRECTORS\u2019 EMOLUMENTS Directors\u2019 fees 1 Salaries and allowances 2 Discretionary bonus 2 Contributions to retirement benefits schemes 2 Total US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 2022 Executive Directors Ng Siu Fai 248 3,846 641 231 4,966 Ng Kam Wah Thomas 248 3,077 513 185 4,023 Ng Ki Hung Frankie 170 123 \u2013 7 300 Ho Suk Lin Cathy 60 190 13 11 274 Non-executive Directors Tsui Che Yin Frank 28 \u2013 \u2013 \u2013 28 William Yau 23 \u2013 \u2013 \u2013 23 777 7,236 1,167 434 9,614 2021 Executive Directors Ng Siu Fai 248 3,846 642 231 4,967 Ng Kam Wah Thomas 248 3,077 512 185 4,022 Ng Ki Hung Frankie 170 123 \u2013 7 300 Ho Suk Lin Cathy 60 190 \u2013 11 261 Non-executive Directors Tsui Che Yin Frank 28 \u2013 \u2013 \u2013 28 William Yau 23 \u2013 \u2013 \u2013 23 777 7,236 1,154 434 9,601 Notes: 1. The directors\u2019 fees were provided by the Company. None of the Directors received directors\u2019 fees from its subsidiaries. 2 . Directors\u2019 other emoluments, which included salaries and allowances, discretionary bonus and contributions to retirement benefits schemes, were provided by a subsidiary. Notes to the Consolidated Financial Statements Year ended 31 December 2022 14. OTHER OPERATING EXPENSES Other operating expenses for the year 2022 mainly included net loss of US$2,510,000 on financial assets at fair value through profit or loss, directors\u2019 fee of US$777,000, professional fee of US$849,000, change in fair value of investment properties of US$935,000, auditor\u2019s remuneration related to audit services of US$210,000 and remaining are various office administrative expenses. Other operating expenses for the year 2021 mainly included net loss of US$2,570,000 on financial assets at fair value through profit or loss, directors\u2019 fee of US$777,000, professional fee of US$590,000, change in fair value of investment properties of US$1,334,000, auditor\u2019s remuneration related to audit services of US$200,000 and remaining are various office administrative expenses. Notes to the Consolidated Financial Statements Year ended 31 December 2022 15. OPERATING PROFIT BEFORE DEPRECIATION AND AMORTIZATION This is stated after charging / (crediting): 2022 2021 US$\u2019000 US$\u2019000 Auditor\u2019s remuneration 1 : Audit services 210 200 Other services 8 15 Rent and rates payments in respect of premises 87 85 Net loss on financial assets at fair value through profit or loss Realized gain on financial assets at fair value through profit or loss (1,493) (2,755) Unrealized loss on financial assets at fair value through profit or loss 4,003 5,325 Interest income in respect of: Financial assets at fair value through profit or loss (129) (1,089) Deposits with banks and other financial institutions (120) (24) Loan receivables (815) (1,867) Dividend income (2,624) (1,541) Net gain on disposal of owned vessels (5,636) \u2013 Net gain on disposal of property, plant and equipment, other than motor vessels \u2013 (278) Loss on write-off of property, plant and equipment 6 2 Change in fair value of investment properties 935 1,334 Impairment loss (Reversal of impairment loss) on owned vessels, net 49,326 (133,606) Reversal of impairment loss on trade and other receivables, net (1,620) (1,786) Net exchange loss 384 103 Gross rental income from operating leases on investment properties (559) (473) Outgoings in respect of investment properties 25 41 Bad debts written off in respect of trade and other receivables 29 7 Note: 1. The auditor\u2019s remuneration disclosed above excluded VAT and fees paid for other services mainly included fees for tax compliance services of US$4,000 (2021: US$3,000) and review of internal control systems of US$4,000 (2021: US$5,000). Notes to the Consolidated Financial Statements Year ended 31 December 2022 16. TAXATION Taxation has been provided on the estimated assessable profits arising in Hong Kong from a wholly owned subsidiary of the Company which is a qualifying corporation in accordance with the two-tiered profits tax rates regime in Hong Kong. Under the two-tiered profits tax rates regime, the first HK$2,000,000 (approximately US$256,000) of assessable profits of the qualifying corporation are taxed at 8.25%, and the assessable profits above HK$2,000,000 (approximately US$256,000) are taxed at 16.5%. Apart from the estimated assessable profits arising in Hong Kong from that subsidiary, in the opinion of the Directors, the Group is not subject to taxation in any other jurisdictions in which the Group operates. There was no Bermuda income, corporation or profits tax, withholding tax, capital gains tax, capital transfer tax, estate duty or inheritance tax payable by the Company for the years. The Company has received from the Minister of Finance of Bermuda under The Exempted Undertakings Tax Protection Act 1966, as amended, an assurance that, in the event of there being enacted in Bermuda any legislation imposing tax computed on profits or income, or computed on any capital asset gain or appreciation or any tax in the nature of estate duty or inheritance tax, the imposition of such tax shall not until 31 March 2035 be applicable to the Company or to any of its operations, or to the shares, debentures or other obligations of the Company. The amount of taxation charged to the consolidated statement of profit or loss and other comprehensive income represents: 2022 2021 US$\u2019000 US$\u2019000 Hong Kong Profits Tax Current year 21 191 Over provision in prior year (1) (1) 20 190 Notes to the Consolidated Financial Statements Year ended 31 December 2022 16. TAXATION (Continued) Reconciliation between taxation charge and accounting profit (loss) at the applicable tax rates: 2022 2021 US$\u2019000 US$\u2019000 Profit (Loss) before taxation (7,093) 194,387 Income tax at the applicable tax rates in the tax jurisdictions concerned (2,701) (2,377) Non-deductible expenses 345 482 Tax exempted revenue (629) (641) Unrecognized tax losses 3,036 2,755 Unrecognized temporary differences (28) (28) Utilization of previously unrecognized tax losses (2) \u2013 Over provision in prior year (1) (1) Taxation charge for the year 20 190 The applicable tax rates are the weighted average of current rates of taxation ruling in the relevant jurisdictions. Notes to the Consolidated Financial Statements Year ended 31 December 2022 17. EARNINGS (LOSS) PER SHARE 2022 2021 Weighted average number of ordinary shares in issue 109,258,943 109,258,943 Net profit (loss) attributable to shareholders of the Company (US$\u2019000) (7,113) 194,197 Basic and diluted earnings (loss) per share US$(0.065) US$1.777 Diluted earnings (loss) per share for the years 2022 and 2021 were the same as basic earnings (loss) per share as there was no potentially dilutive ordinary shares in existence for the years 2022 and 2021. 18. DIVIDENDS 2022 2021 US$\u2019000 US$\u2019000 2021 interim dividend of US$0.03 per share \u2013 3,278 2021 final dividend of US$0.07 per share \u2013 7,648 2022 interim dividend of US$0.03 per share 3,278 \u2013 2022 final dividend, proposed of US$0.04 per share 4,370 \u2013 7,648 10,926 The final dividend for the year 2021 was approved by the Company\u2019s shareholders on the annual general meeting held on 20 May 2022. Such dividend was paid to the shareholders of the Company on 14 June 2022. On 24 August 2022, the Board has resolved to declare the payment of an interim dividend of US$0.03 per share for the quarter ended 30 June 2022 and such dividend was paid to the beneficial owners of the shares of the Company on 20 September 2022. The proposed final dividend for the year 2022 is subject to the approval of the Company\u2019s shareholders at the forthcoming annual general meeting scheduled on 24 May 2023. Notes to the Consolidated Financial Statements Year ended 31 December 2022 19. PROPERTY, PLANT AND EQUIPMENT Motor vessels 1 and capitalized drydocking costs Leasehold land and buildings Others Total US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 Cost At 1 January 2021 693,264 26,768 7,030 727,062 Additions 81,231 \u2013 66 81,297 Disposals / Write-off (899) (841) (55) (1,795) At 31 December 2021 773,596 25,927 7,041 806,564 Additions 140,482 \u2013 121 140,603 Disposals / Write-off (175,782) \u2013 (42) (175,824) At 31 December 2022 738,296 25,927 7,120 771,343 Accumulated depreciation and impairment loss At 1 January 2021 510,837 16,153 5,979 532,969 Reversal of impairment loss 2 (133,606) \u2013 \u2013 (133,606) Charge for the year 17,890 803 155 18,848 Eliminated on disposals / write-off (899) (244) (53) (1,196) At 31 December 2021 394,222 16,712 6,081 417,015 Impairment loss, net 3 49,326 \u2013 \u2013 49,326 Charge for the year 36,163 796 168 37,127 Eliminated on disposals / write-off (116,750) \u2013 (36) (116,786) At 31 December 2022 362,961 17,508 6,213 386,682 Net book value At 31 December 2022 375,335 8,419 907 384,661 At 31 December 2021 379,374 9,215 960 389,549 Notes to the Consolidated Financial Statements Year ended 31 December 2022 19. PROPERTY, PLANT AND EQUIPMENT (Continued) Notes: 1. All motor vessels are held for use under operating leases. 2. Reversal of impairment loss: In 2021, the Group recognized a reversal of impairment loss of US$65,521,000 on owned vessels classified in property, plant and equipment at 30 June 2021 and a further reversal of impairment loss of US$68,085,000 on owned vessels at 31 December 2021. The total reversal of impairment loss on owned vessels recognized in 2021 was US$133,606,000. 3. Impairment loss, net: A net impairment loss of US$49,326,000 on owned vessels classified in property, plant and equipment was recognized at 31 December 2022 to reflect the Group\u2019s change in the expectation on the long term global economic and the dry bulk shipping industry outlook which affect the assumptions applied in estimation of the value in use and fair value less cost of disposal of the Group\u2019s owned vessels. The impairment loss on owned vessels is non-cash in nature and does not have impact on the operating cash flows of the Group. Details of the events that led to the recognition of impairment loss, the impairment indicators, key assumptions applied in the value in use calculation and fair value less cost of disposal, recoverable amounts of impaired assets and the sensitivity analysis are provided in note 5 and note 11. Details of the Group\u2019s certain owned vessels and information about the determination of the fair values less cost of disposal of these vessels, in particular the valuation techniques, significant unobservable inputs and category of the fair value hierarchy are disclosed as below: Fair value hierarchy Valuation technique Significant unobservable inputs Range of unobservable inputs Relationship of significant unobservable inputs to fair value less cost of disposal 2022 2021 Level 2 Direct comparison method Selling price quoted from the transactions of similar vessels, after taking into account the individual factors such as year of built, shipyards and size of vessels US$14.7 million - US$24 million per vessel \u2013 An increase in percentage of selling price quoted from the transactions of similar vessels would result in an increase in fair value measurement of the vessels, and vice versa Notes to the Consolidated Financial Statements Year ended 31 December 2022 20. LEASES (a) Right-of-use assets 2022 2021 US$\u2019000 US$\u2019000 At 1 January \u2013 \u2013 Additions 43,598 \u2013 Lease remeasurement (11,858) \u2013 Depreciation (2,743) \u2013 At 31 December 28,997 \u2013 (b) Lease liabilities 2022 2021 US$\u2019000 US$\u2019000 At 1 January \u2013 \u2013 Additions 43,598 \u2013 Lease remeasurement (11,858) \u2013 Interest expense (included in finance costs) 703 \u2013 Repayments of lease liabilities (3,106) \u2013 At 31 December 29,337 \u2013 Notes to the Consolidated Financial Statements Year ended 31 December 2022 20. LEASES (Continued) (b) Lease liabilities (Continued) The lease liabilities were repayable as follows: 2022 2021 US$\u2019000 US$\u2019000 Within one year 4,173 \u2013 After one year but within two years 4,371 \u2013 After two years but within five years 14,276 \u2013 After five years 6,517 \u2013 25,164 \u2013 29,337 \u2013 On 20 May 2022, the Group entered into a charterparty with a third party in respect of leasing of a Panamax of deadweight 84,484 metric tons, built in year 2022 for a term of seven years commencing on the date of delivery of the vessel to the Group. The vessel was delivered to the Group in June 2022. Hire payment is on index-linked basis, being the Baltic Panamax Time Charter Routes published by the Baltic Exchange, with other adjusting factors. In accordance with IFRS 16 and HKFRS 16 Leases, the Group recognized the value of the right-of-use assets which is calculated with the present value of total minimum hire payment at the inception of the lease terms of the charterparty and corresponding lease liabilities was also recognized. During the year, the total cash outflow for the lease was US$3,106,000 (2021: nil). At the reporting date, an impairment assessment of right-of-use assets was performed and no impairment loss was recognized. Notes to the Consolidated Financial Statements Year ended 31 December 2022 21. INVESTMENT PROPERTIES 2022 2021 US$\u2019000 US$\u2019000 At 1 January 28,145 29,479 Change in fair value (935) (1,334) At 31 December 27,210 28,145 The Group\u2019s investment properties were stated at fair value and comprised of premises and car parks held under operating leases to earn rentals or held for capital appreciation, or both. These premises and car parks are held under long term leases. At the reporting date, the fair values of the Group\u2019s investment properties were determined by Centaline Surveyors Limited, an independent qualified professional valuer, on direct comparison approach on annually basis with reference to comparable transactions available in the relevant locality. In estimating the fair value of investment properties, the highest and best use of the properties is their current use. The fair value measurement of these investment properties was categorized as Level 3 of the three-level fair value hierarchy as defined under IFRS 13 and HKFRS 13 and there was no transfer among the three levels of the fair value hierarchy during the year. Notes to the Consolidated Financial Statements Year ended 31 December 2022 21. INVESTMENT PROPERTIES (Continued) Details of the Group\u2019s investment properties and information about the determination of the fair values of these investment properties, in particular the valuation techniques, significant unobservable inputs and category of the fair value hierarchy are disclosed as below: Properties Fair value hierarchy Valuation technique Significant unobservable inputs Range of unobservable inputs Relationship of significant unobservable inputs to fair value 2022 2021 Premises Level 3 Direct comparison method Market unit sale rate per square feet, after taking into account the age, location and individual factors such as size, view, floor level and quality of building US$1,900 \u2013 US$3,600 per square feet US$2,100 \u2013 US$3,400 per square feet An increase in percentage of market unit sale rate per square feet would result in an increase in fair value measurement of the premises by the same percentage increase, and vice versa Car parks Level 3 Direct comparison method Market unit sale rate per car park US$346,000 \u2013 US$513,000 per car park US$500,000 \u2013 US$513,000 per car park An increase in percentage of market unit sale rate per car park would result in an increase in fair value measurement of the car park by the same percentage increase, and vice versa Notes to the Consolidated Financial Statements Year ended 31 December 2022 22. FINANCIAL ASSETS AT FAIR VALUE THROUGH OCI 2022 2021 US$\u2019000 US$\u2019000 Unlisted equity investments Co-investment in a property project At 1 January 12,257 10,373 Change in fair value 1 (2,861) 1,884 9,396 12,257 Unlisted club membership At 1 January 482 370 Change in fair value 2 (38) 112 444 482 9,840 12,739 Notes: 1. Items that will not be reclassified to profit or loss. 2. Items that may be reclassified subsequently to profit or loss. 3. In March 2021, a wholly owned subsidiary of the Company (the \u201cCo-Investor\u201d) together with other co-investors signed an unsecured subordinated shareholder loan agreement with Triple Smart Limited, a special purpose vehicle invested by Dual Bliss Limited (\u201cDual Bliss\u201d), for the purposes of funding the operating expenditure of Tower A of One Financial Street Center, Jing\u2019an Central Business District, Shanghai, the PRC (the \u201cTower A\u201d or previously named as \u201cT3 Property\u201d) and the Co-Investor agreed to provide a maximum amount of advance up to US$1,577,000. At the reporting date, advance of US$1,342,000 (2021: US$568,000) was drawdown and the amount was included in note 24. Notes to the Consolidated Financial Statements Year ended 31 December 2022 22. FINANCIAL ASSETS AT FAIR VALUE THROUGH OCI (Continued) Pursuant to the co-investment documents, the Co-Investor committed to acquire non-voting participating class A shares of Dual Bliss of US$10,000,000. Dual Bliss is one of the investors of the co-investment in Tower A. As at the reporting date, the capital expenditure commitments contracted by the Group but not provided for was US$372,000 (2021: US$372,000). There is no quoted market price in active market for unlisted equity investments. Transactions in such investments do not occur on a regular basis. The Group uses its net asset value (representing the fair value of the equity instruments reported by Phoenix Property Investors Limited, the Investment Manager) to determine its fair value as the Group determined that this is the fair price at which shareholders subscribe and redeem the investments or determined its fair value with generally accepted pricing models. The fair value measurement of unlisted equity investments was categorized as Level 3 of the three-level fair value hierarchy as defined under IFRS 13 and HKFRS 13 and there was no transfer among the three levels of the fair value hierarchy during the year. Unlisted club membership stated at fair value represented investment in club membership which their fair values can be determined directly by reference to published price quotations in active markets and were categorized as Level 1 of the three-level fair value hierarchy as defined under IFRS 13 and HKFRS 13 and there was no transfer among the three levels of the fair value hierarchy during the year. 23. INVENTORIES Inventories consisted of bunker stock and ship stores on the Group\u2019s vessels. At the reporting date, these inventories were carried at cost. Notes to the Consolidated Financial Statements Year ended 31 December 2022 24. LOAN RECEIVABLES 2022 2021 US$\u2019000 US$\u2019000 At 1 January 9,236 33,358 Gross new loan originated 774 568 Repayment (8,668) (24,690) Provision of individual impairment \u2013 \u2013 Loan receivables, net of provision 1,342 9,236 Less: Amount receivable within one year (1,342) (5,538) Amount receivable after one year \u2013 3,698 The maturity of loan receivables (net of impairment loss) is as follows: 2022 2021 US$\u2019000 US$\u2019000 Within one year 1,342 5,538 In the second year \u2013 666 In the third to fifth year \u2013 3,032 1,342 9,236 At the reporting date, the Group\u2019s loan receivables of US$1,342,000 (2021: US$568,000) which arise from co-investment (as mentioned in note 22), are unsecured and denominated in United States Dollars and has no fixed repayment terms. Whereas, the loan receivables that arise from asset-based financing which are denominated in United States Dollars and secured by collaterals provided by the borrowers, and are repayable with fixed terms agreed with the borrowers, were early repaid in full by the borrowers during the year and such repayments led to a decrease in loan receivables. At the reporting date, no loan receivables arise from asset-based financing (2021: US$8,668,000) was recorded. At the reporting date, the loan receivables have been reviewed by management to assess impairment allowances which are based on the evaluation of current creditworthiness, collection statistics and the net asset value of the co-investment, and are not considered as impaired. The carrying amount of the loan receivables is considered to be a reasonable approximation of its fair value. Notes to the Consolidated Financial Statements Year ended 31 December 2022 25. TRADE AND OTHER RECEIVABLES 2022 2021 US$\u2019000 US$\u2019000 Trade receivables 1,354 2,195 Prepayments 2,447 4,250 Rental and other deposits 61 51 Tax recoverable 170 \u2013 Other receivables 16,213 13,125 18,891 17,426 20,245 19,621 Management has a credit policy in place for approving the credit limits to charterers and the exposures to credit risk are monitored such that any outstanding trade receivables are reviewed and followed up on an ongoing basis. Credit evaluations including assessing the customer\u2019s creditworthiness and financial standing are performed on customers requiring a credit over certain amount. The credit terms given to charterers vary from 15 to 60 days according to the types of vessels\u2019 employment. The carrying amounts of trade and other receivables are considered to be a reasonable approximation of their fair values due to their short term maturities. The aging analysis of trade receivables (net of impairment loss) that are past due at the reporting date but not individually considered to be impaired is included in the following analysis: 2022 2021 US$\u2019000 US$\u2019000 Neither past due nor impaired 138 258 Past due but not impaired Within three months past due 754 1,937 Over three months but within six months past due 141 \u2013 Over six months but within twelve months past due 321 \u2013 1,216 1,937 1,354 2,195 Notes to the Consolidated Financial Statements Year ended 31 December 2022 25. TRADE AND OTHER RECEIVABLES (Continued) The movement for impairment loss on trade and other receivables is as follows: 2022 2021 US$\u2019000 US$\u2019000 At 1 January 7,388 9,259 Impairment loss recognized 59 7 Reversal of impairment loss (1,679) (1,793) Written off as uncollectible (47) (85) At 31 December 5,721 7,388 For trade receivables, the Group applies a simplified approach in calculating ECL and recognizes a loss allowance based on lifetime ECL at each reporting date. In calculating the ECL, the Group has established a provision matrix that is based on its historical credit loss experience and external indicators, adjusted for forward-looking factors specific to the debtors and the economic environment. For other receivables, the Group measures the loss allowance for other receivables equal to 12-month ECL, unless when there has been a significant increase in credit risk since initial recognition, the Group recognizes lifetime ECL. The assessment of whether lifetime ECL should be recognized is based on significant increase in the likelihood or risk of default occurring since initial recognition. At the reporting date, the Group had determined trade receivables of US$5,721,000 (2021: US$7,388,000) as impaired. No impairment loss on other receivables was provided as at 31 December 2022 and 2021. Notes to the Consolidated Financial Statements Year ended 31 December 2022 26. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS 2022 2021 US$\u2019000 US$\u2019000 Held for trading Listed equity securities 26,812 40,193 Listed debt securities 1,051 2,886 Unlisted debt securities 288 \u2013 28,151 43,079 Designated as such upon initial recognition Investment funds 1,076 308 29,227 43,387 At the reporting date, the fair value measurements of listed equity securities and listed debt securities were determined by reference to their quoted bid prices in active markets and were categorized as Level 1 and the fair value measurements of unlisted debt securities and investment funds represented the quoted market prices on the underlying investments provided by financial institution and were categorized as Level 2 of the three-level fair value hierarchy as defined under IFRS 13 and HKFRS 13. There was no transfer among the three levels of the fair value hierarchy during the year. 27. AMOUNT DUE TO HOLDING COMPANY Amount due to holding company is unsecured, interest-free and repayable on demand. The carrying amount of the amount due is considered to be a reasonable approximation of its fair value. Notes to the Consolidated Financial Statements Year ended 31 December 2022 28. SHARE CAPITAL 2022 2021 Number of ordinary shares of US$0.05 each Amount Number of ordinary shares of US$0.05 each Amount US$\u2019000 US$\u2019000 Authorized: At 1 January and 31 December 800,000,000 40,000 800,000,000 40,000 Issued and fully paid: At 1 January and 31 December 109,258,943 5,463 109,258,943 5,463 At the reporting date, the Company had 2,334 (2021: 2,724) shareholders. Pursuant to the record registered on the Norwegian Registry of Securities, the major shareholders holding more than 1% of the outstanding shares at the reporting date were as follows: Shareholder\u2019s name Percentage of total issued capital Jinhui Holdings Company Limited* 40.81% BNP Paribas Securities Services BPSS* 24.04% JPMorgan Chase Bank, N.A., London 4.43% Nordnet Bank AB 4.22% Willumsen Thor Inge 1.47% Kvam, Jan Arvid 1.03% 76.00% * BNP Paribas Securities Services BPSS held 16,252,990 shares of the Company in custodian for Jinhui Holdings Company Limited as at 31 December 2022 and hence Jinhui Holdings Company Limited had approximately 55.69% beneficial interests in the Company. Notes to the Consolidated Financial Statements Year ended 31 December 2022 29. RESERVES Details of movements in reserves of the Group are set out in the \u201cConsolidated Statement of Changes in Equity\u201d on page 72. Share premium The application of the share premium account is governed by Section 40(2) of the Companies Act 1981 of Bermuda. Capital redemption reserve Capital redemption reserve represents the par value of the repurchased and cancelled shares. Contributed surplus Contributed surplus will be dealt with in accordance with Section 54 of the Companies Act 1981 of Bermuda. Revaluation reserve Revaluation reserve represents the revaluation surplus between the carrying amount of the leasehold land and building which is owner-occupied and the fair value of that property at the date of reclassification to investment properties. Reserve for financial assets at fair value through OCI Reserve for financial assets at fair value through OCI represents the changes in fair value of financial assets at fair value through OCI. As at 31 December 2022, the reserve for financial assets at fair value through OCI consists of recycling and non-recycling portion amounting to income of US$106,000 (2021: US$144,000) and loss of US$251,000 (2021: income of US$2,610,000) respectively. Notes to the Consolidated Financial Statements Year ended 31 December 2022 30. SECURED BANK LOANS The maturity of secured bank loans is as follows: 2022 2021 US$\u2019000 US$\u2019000 Within one year 34,278 52,635 In the second year 15,406 21,167 In the third to fifth year 33,154 18,776 Total secured bank loans 82,838 92,578 Less: Amount repayable within one year (34,278) (52,635) Amount repayable after one year 48,560 39,943 During the year, the Group had drawn new secured bank loans of US$66,859,000 (2021: US$12,556,000) and repaid US$76,599,000 (2021: US$28,323,000). At the reporting date, secured bank loans represented vessel mortgage loans that were denominated in United States Dollars, revolving loans, term loans and property mortgage loans that were denominated in Hong Kong Dollars and United States Dollars. All secured bank loans were committed on floating rate basis ranging from 4% to 6.42% (2021: 0.84% to 2.19%) per annum. These loans are secured by certain of the Group\u2019s assets as disclosed in note 36. The carrying amount of the secured bank loans is considered to be a reasonable approximation of its fair value. Notes to the Consolidated Financial Statements Year ended 31 December 2022 31. TRADE AND OTHER PAYABLES 2022 2021 US$\u2019000 US$\u2019000 Trade payables 171 156 Accrued charges 1,662 1,122 Taxation payable \u2013 30 Other payables Payables related to vessel running cost and ship operating expenses 10,078 18,431 Hire receipt in advance 874 1,354 Loan interest payables 172 126 Accrued employee benefits 1,710 1,551 Others 166 153 13,000 21,615 14,833 22,923 The carrying amounts of trade and other payables are considered to be a reasonable approximation of their fair values. Notes to the Consolidated Financial Statements Year ended 31 December 2022 32. NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS 2022 2021 US$\u2019000 US$\u2019000 Profit (Loss) before taxation (7,093) 194,387 Adjustments for: Depreciation and amortization 39,870 18,848 Interest income (1,064) (2,980) Interest expenses 3,438 1,749 Dividend income (2,624) (1,541) Net gain on disposal of owned vessels (5,636) \u2013 Net gain on disposal of property, plant and equipment, other than motor vessels \u2013 (278) Loss on write-off of property, plant and equipment 6 2 Change in fair value of investment properties 935 1,334 Impairment loss (Reversal of impairment loss) on owned vessels, net 49,326 (133,606) Reversal of impairment loss on trade and other receivables, net (1,620) (1,786) Bad debts written off in respect of trade and other receivables 29 7 Cash generated from operations before changes in working capital 75,567 76,136 Changes in working capital: Inventories 420 (2,633) Loan receivables 7,894 24,122 Trade and other receivables 1,296 (5,325) Financial assets at fair value through profit or loss 14,160 (3,327) Trade and other payables (8,106) 4,652 Amount due to holding company 18 \u2013 Changes in working capital 15,682 17,489 Cash generated from operations 91,249 93,625 Notes to the Consolidated Financial Statements Year ended 31 December 2022 33. RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES The changes in the Group\u2019s liabilities arising from financing activities are classified as follows: Vessel mortgage loans Other secured bank loans Lease liabilities Total US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 At 1 January 2021 54,355 53,990 \u2013 108,345 Cash flows: Drawdown of loans \u2013 12,556 \u2013 12,556 Repayment of loans (8,443) (19,880) \u2013 (28,323) At 31 December 2021 45,912 46,666 \u2013 92,578 At 1 January 2022 45,912 46,666 \u2013 92,578 Cash flows: Drawdown of loans \u2013 66,859 \u2013 66,859 Repayment of loans (19,443) (57,156) \u2013 (76,599) Repayment of lease liabilities \u2013 \u2013 (3,106) (3,106) Non-cash: New lease \u2013 \u2013 43,598 43,598 Lease remeasurement \u2013 \u2013 (11,858) (11,858) Interest expense on lease liabilities \u2013 \u2013 703 703 At 31 December 2022 26,469 56,369 29,337 112,175 Notes to the Consolidated Financial Statements Year ended 31 December 2022 34. DEFERRED TAXATION At the reporting date, deferred tax assets have not been recognized in respect of tax losses of US$324,192,000 (2021: US$305,800,000). Deferred tax assets have not been recognized in respect of tax losses because it is not probable that future taxable profit will be available against which the unused tax losses can be utilized. Such tax losses do not expire under current tax legislation. 35. FUTURE OPERATING LEASE ARRANGEMENTS At the reporting date, the Group had future minimum lease income receivables under non-cancellable operating leases as follows: 2022 2021 US$\u2019000 US$\u2019000 Within one year: Premises 41 47 Owned vessels 125 \u2013 166 47 Notes to the Consolidated Financial Statements Year ended 31 December 2022 36. PLEDGE OF ASSETS At the reporting date, the Group had certain credit facilities which were secured by the followings: (a) Legal charges on the Group\u2019s property, plant and equipment (note 19) with an aggregate net book value of US$218,172,000 (2021: US$308,566,000) and investment properties (note 21) with an aggregate carrying amount of US$22,064,000 (2021: US$22,873,000); (b) Financial assets at fair value through profit or loss of US$16,845,000 (2021: US$22,170,000); (c) Deposits totaling US$444,000 (2021: US$8,307,000) of the Group placed with banks; (d) Assignment of fourteen (2021: nineteen) subsidiaries\u2019 income in favour of banks; and (e) No assignment of subsidiaries\u2019 loan receivables as at 31 December 2022 while assignment of two subsidiaries\u2019 loan receivables of US$4,668,000 in favour of bank as at 31 December 2021. In addition, shares of eight (2021: ten) ship owning subsidiaries were pledged to banks for vessel mortgage loans. Notes to the Consolidated Financial Statements Year ended 31 December 2022 37. CAPITAL EXPENDITURE COMMITMENTS During the year, capital expenditure on additions of motor vessels and capitalized drydocking costs was US$140,482,000 (2021: US$81,231,000) and on other property, plant and equipment was US$121,000 (2021: US$66,000). Pursuant to the co-investment documents, the Co-Investor committed to acquire non-voting participating class A shares of Dual Bliss of US$10,000,000. Dual Bliss is one of the investors of the co-investment in Tower A. As at the reporting date, the capital expenditure commitments contracted by the Group but not provided for was US$372,000 (2021: US$372,000). In December 2021, the Group entered into two agreements in respect of the acquisition of two Supramaxes, each at a consideration of US$17,250,000 and the total consideration of the two vessels is US$34,500,000. The first vessel is deadweight 56,361 metric tons and the second vessel is deadweight 56,469 metric tons. Both vessels were delivered to the Group during the first quarter of 2022. As at 31 December 2021, the capital expenditure commitments contracted by the Group but not provided for was US$34,500,000. As at the reporting date, the total amount of capital expenditure commitments contracted by the Group but not provided for was US$372,000 (2021: US$34,872,000). Save as disclosed above, there was no other significant capital expenditure commitments contracted by the Group but not provided for as at the reporting date. Notes to the Consolidated Financial Statements Year ended 31 December 2022 38. RELATED PARTY TRANSACTIONS Save as disclosed elsewhere in these consolidated financial statements, during the year, the Group had the following related party transactions: (a) Receipt of an administrative fee of US$242,000 (2021: US$251,000) from Jinhui Holdings; (b) Lease payment of US$17,000 (2021: US$17,000) under a short term lease to a fellow subsidiary; and (c) Compensation of key management personnel as follows: 2022 2021 US$\u2019000 US$\u2019000 Salaries and other benefits 8,994 8,968 Contributions to retirement benefits schemes 444 443 9,438 9,411 Other payables included accrued employee benefits payables to directors and executive personnel of US$1,214,000 (2021: US$1,203,000). There is no other balance or transaction related to connected party or any director and executive personnel and substantial shareholder of the Group. 39. FINANCIAL RISK MANAGEMENT AND POLICIES The Group is exposed to financial risks through its use of financial instruments which arise from its business activities. The financial risks include market risk (mainly comprise of interest rate risk, foreign currency risk and price risk), credit risk and liquidity risk. The management manages and monitors the financial risk exposures to ensure appropriate measures are implemented on a timely and effective manner. These policies have been in place for years and are considered to be effective. Notes to the Consolidated Financial Statements Year ended 31 December 2022 39. FINANCIAL RISK MANAGEMENT AND POLICIES (Continued) (a) Categories of financial instruments At the reporting date, the carrying amounts of financial instruments presented in the consolidated statement of financial position related to the following categories of financial assets and financial liabilities: 2022 2021 US$\u2019000 US$\u2019000 Financial assets Financial assets at fair value through OCI Unlisted equity investments 9,396 12,257 Unlisted club membership 444 482 9,840 12,739 Financial assets at fair value through profit or loss Listed equity securities 26,812 40,193 Listed debt securities 1,051 2,886 Unlisted debt securities 288 \u2013 Investment funds 1,076 308 29,227 43,387 Financial assets at amortized cost Trade and other receivables 17,628 15,368 Loan receivables 1,342 9,236 Pledged deposits 444 8,307 Bank balances and cash 33,353 33,328 52,767 66,239 91,834 122,365 Financial liabilities Financial liabilities at amortized cost Trade and other payables 13,951 21,536 Amount due to holding company 167 149 Secured bank loans 82,838 92,578 Lease liabilities 29,337 \u2013 126,293 114,263 Notes to the Consolidated Financial Statements Year ended 31 December 2022 39. FINANCIAL RISK MANAGEMENT AND POLICIES (Continued) (b) Interest rate risk Exposures to interest rate risk and the Group\u2019s risk management policies Interest rate risk relates to the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rate. The Group\u2019s interest rate risk arises primarily from bank borrowings that were committed on floating rate basis. The Group manages interest rate risk by monitoring its interest rate profile as set out in note 30. Interest rate benchmark reform The Group had certain of bank borrowings subject to the interest rate benchmark reform and have not yet transitioned to new benchmark rates. As at 31 December 2022, the Group had interest bearing bank borrowings denominated in United States Dollars of US$26,469,000 (2021: US$46,735,000), carrying variable interests with reference to the London Interbank Offered Rate (LIBOR) which will cease to be published after 30 June 2023. The Group is closely monitoring the market and managing the transition to new benchmark interest rates, including announcements made by the relevant Interbank Offered Rates regulators. The management of the Group considers the impact of the interest rate benchmark reform to the Group\u2019s financial position and financial performance will not be significant. Sensitivity analysis* Based on the exposures to bank borrowings of US$82,838,000 (2021: US$92,578,000) at the reporting date, it was estimated that an increase of 75 (2021: 75) basis points in interest rate, with all other variables remaining constant, the Group\u2019s net loss would increase by approximately US$621,000 (2021: net profit would decrease by approximately US$694,000). The sensitivity analysis above has been determined as if the change in interest rate had occurred at the reporting date. The basis of 75 (2021: 75) points increase is considered to be reasonably possible change based on observation of current market conditions and represents the management\u2019s assessment of a reasonably possible change in interest rate over the period until the next reporting date. Notes to the Consolidated Financial Statements Year ended 31 December 2022 39. FINANCIAL RISK MANAGEMENT AND POLICIES (Continued) (c) Foreign currency risk Exposures to foreign currency risk and the Group\u2019s risk management policies Foreign currency risk relates to the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group\u2019s transactions, assets and liabilities are mainly denominated in United States Dollars, the functional currency of the Company. Certain of the Company\u2019s subsidiaries report in Hong Kong Dollars which is linked to United States Dollars at exchange rate of around US$1.00 to HK$7.80. The Group believes that there will be no significant fluctuation in the exchange rates between Hong Kong Dollars and United States Dollars. At the reporting date, the Group was exposed to foreign currency risk primarily through holding certain bank deposits and investment in equity securities mainly denominated in Singapore Dollars amounting to SGD673,000 and SGD11,557,000, approximately US$503,000 and US$8,638,000 respectively (2021: certain bank deposits and investment in equity securities mainly denominated in Singapore Dollars amounting to SGD13,994,000 and SGD15,060,000, approximately US$10,348,000 and US$11,137,000 respectively). Sensitivity analysis* At the reporting date, based on the total exposures to the bank deposits and equity securities mainly denominated in Singapore Dollars of SGD12,230,000, approximately US$9,141,000 (2021: bank deposits and equity securities mainly denominated in Singapore Dollars of SGD29,054,000, approximately US$21,485,000), it was estimated that a depreciation of 5% (2021: 5%) in exchange rate of Singapore Dollars against United States Dollars would result in an increase to the Group\u2019s net loss by approximately US$436,000 (2021: a decrease to the Group\u2019s net profit by approximately US$1,023,000) with all other variables remain constant. The sensitivity analysis had been determined based on the assumed exchange rate movement of Singapore Dollars (2021: Singapore Dollars) against United States Dollars taking place at the beginning of the year and held constant throughout the year. * The sensitivity analysis disclosed above represents the risks inherent to the Group\u2019s financial instruments as of each reporting date. The result of the sensitivity analysis may differ from time to time according to the then prevailing market conditions. Notes to the Consolidated Financial Statements Year ended 31 December 2022 39. FINANCIAL RISK MANAGEMENT AND POLICIES (Continued) (d) Price risk Exposures to price risk and the Group\u2019s risk management policies Price risk relates to the risk that the fair value or future cash flows of a financial instrument will decline because of adverse market price movements of the financial instrument. The Group is exposed to price risk primarily through its investments in equity securities, debt securities and investment funds classified as financial assets at fair value through profit or loss. The Group\u2019s portfolio of financial instruments that exposed to price risk at the reporting date is set out in note 26. Sensitivity analysis* Based on the portfolio of equity securities held by the Group at the reporting date, if the quoted prices of the equity securities had been decreased by 10% (2021: 10%), the Group\u2019s net loss would increase by approximately US$2,681,000 (2021: net profit would decrease by approximately US$4,019,000). Based on the portfolio of debt securities held by the Group at the reporting date, if the quoted prices of the debt securities had been decreased by 10% (2021: 10%), the Group\u2019s net loss would increase by approximately US$134,000 (2021: net profit would decrease by approximately US$289,000). Based on the portfolio of investment funds held by the Group at the reporting date, if the quoted prices of the investment funds had been decreased by 10% (2021: 10%), the Group\u2019s net loss would increase by approximately US$108,000 (2021: net profit would decrease by approximately US$31,000). * The sensitivity analysis disclosed above represents the risks inherent to the Group\u2019s financial instruments as of each reporting date. The result of the sensitivity analysis may differ from time to time according to the then prevailing market conditions. Notes to the Consolidated Financial Statements Year ended 31 December 2022 39. FINANCIAL RISK MANAGEMENT AND POLICIES (Continued) (e) Credit risk Exposures to credit risk and the Group\u2019s risk management policies Credit risk relates to the risk that the counterparty to a financial instrument would fail to discharge its contractual obligations under the terms of the financial instrument and cause a financial loss to the Group. The Group\u2019s exposures to credit risk mainly arises from granting credit to charterers in the ordinary course of its operations, loan receivables to third parties and deposits or other financial assets placed with financial institutions. Management has a credit policy in place for approving the credit limits to charterers and the exposures to credit risk are monitored such that any outstanding trade receivables are reviewed and followed up on an ongoing basis. Credit evaluations including assessing the customer\u2019s creditworthiness and financial standing are performed on customers requiring a credit over certain amount. During the year, impairment loss of US$59,000 (2021:US$7,000) was provided on the Group\u2019s outstanding trade receivables over one year past due and reversal of impairment loss on trade receivables of US$1,679,000 (2021: US$1,793,000) was recognized upon recovery of outstanding trade receivables in prior years, and US$47,000 (2021: US$85,000) was written off as uncollectible. The credit terms given to charterers vary from 15 to 60 days according to the types of vessels\u2019 employment. For trade receivables, the Group applies a simplified approach in calculating ECL and recognizes a loss allowance based on lifetime ECL at each reporting date. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial assets. In calculating the ECL, the Group has established a provision matrix that is based on its historical credit loss experience and external indicators, adjusted for forward-looking factors specific to the debtors and the economic environment. To measure the ECL, trade receivables have been grouped based on shared credit risk characteristics and the days past due. Notes to the Consolidated Financial Statements Year ended 31 December 2022 39. FINANCIAL RISK MANAGEMENT AND POLICIES (Continued) (e) Credit risk (Continued) Exposures to credit risk and the Group\u2019s risk management policies (Continued) On the above basis, the ECL for trade receivables as at 31 December 2022 and 2021 was determined as follows: Current Within 3 months past due Over 3 months but within 6 months past due Over 6 months but within 12 months past due Over 12 months past due Total US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 2022 Trade receivables \u2013 gross carrying amount 138 754 141 321 5,721 7,075 Lifetime ECL \u2013 \u2013 \u2013 \u2013 5,721 5,721 ECL rate 0% 0% 0% 0% 100% 2021 Trade receivables \u2013 gross carrying amount 258 1,937 \u2013 \u2013 7,388 9,583 Lifetime ECL \u2013 \u2013 \u2013 \u2013 7,388 7,388 ECL rate 0% 0% 0% 0% 100% Notes to the Consolidated Financial Statements Year ended 31 December 2022 39. FINANCIAL RISK MANAGEMENT AND POLICIES (Continued) (e) Credit risk (Continued) Exposures to credit risk and the Group\u2019s risk management policies (Continued) For other receivables and loan receivables arised from co-investment, the Group measures the loss allowance for those receivables equal to 12-month ECL, unless when there has been a significant increase in credit risk since initial recognition, the Group recognizes lifetime ECL. The assessment of whether lifetime ECL should be recognized is based on significant increase in the likelihood or risk of default occurring since initial recognition and the Group also considered the net asset value of the co-investment for estimating the ECL for loan receivables. For the result of the assessment, no impairment loss on other receivables and loan receivables arised from co-investment was provided as at 31 December 2022 and 2021. The outstanding balance of those receivables of US$17,616,000 (2021: US$13,741,000) are considered as not deteriorated significantly in credit quality or with low credit risk. Management believes that there was no significant increase in credit risk inherent in the Group\u2019s outstanding balance of those receivables. For the financial assets at fair value through OCI, the management believes that the credit risk inherent in the Group is low and counterparties have the capacity to meet their contractual cash flow obligation in the near term and the ECL recognized is based on the 12-month ECL. The Group has no significant concentration of credit risk in respect of trade receivables, with exposure spread over a number of charterers. At the reporting date, the Group did not hold any collateral from charterers. Bank deposits are only placed with creditworthy financial institutions. The management does not expect any financial institutions fail to meet their obligations. Notes to the Consolidated Financial Statements Year ended 31 December 2022 39. FINANCIAL RISK MANAGEMENT AND POLICIES (Continued) (f) Liquidity risk Exposures to liquidity risk and the Group\u2019s risk management policies Liquidity risk relates to the risk that the Group will not be able to meet its obligations associated with its financial liabilities. The Group is exposed to liquidity risk in respect of settlement of trade and other payables, its financing obligations and lease liabilities, and also in respect of its cash flow management. The Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans and other borrowings. The management regularly monitors the Group\u2019s current and expected liquidity requirements and its compliance with lending covenants, to ensure it maintains sufficient reserves of cash and bank balances, readily realizable marketable equity and debt securities and adequate committed lines of funding from major financial institutions to meet its liquidity requirement. The analysis below set out the remaining contractual maturity based on undiscounted cash flow of the Group\u2019s financial liabilities at the reporting date. Within one year In the second year In the third to fifth year After the fifth year Total undiscounted amount Carrying amount US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 2022 Trade and other payables 13,951 \u2013 \u2013 \u2013 13,951 13,951 Amount due to holding company 167 \u2013 \u2013 \u2013 167 167 Secured bank loans 38,968 18,145 34,706 \u2013 91,819 82,838 Lease liabilities 5,355 5,370 16,066 6,690 33,481 29,337 58,441 23,515 50,772 6,690 139,418 126,293 2021 Trade and other payables 21,536 \u2013 \u2013 \u2013 21,536 21,536 Amount due to holding company 149 \u2013 \u2013 \u2013 149 149 Secured bank loans 54,129 21,906 19,093 \u2013 95,128 92,578 75,814 21,906 19,093 \u2013 116,813 114,263 Notes to the Consolidated Financial Statements Year ended 31 December 2022 40. CAPITAL MANAGEMENT The Group\u2019s capital management objectives are: (a) to ensure the Group\u2019s ability to continue as a going concern; (b) to provide adequate returns for shareholders; (c) to maintain an optimal capital structure to reduce the cost of capital; and (d) to support the Group\u2019s stability and sustainable growth. The Group\u2019s capital management strategies are to rely on internal resources and interest-bearing borrowings to finance the capital expenditures. The management may make adjustments to its capital structure in the light of changes in economic conditions, recent market values of the Group\u2019s assets as well as the risk characteristics of the underlying assets through adjusting the amount of dividends paid to shareholders, issuing new shares or selling assets to reduce debts. The Group monitors capital structure on the basis of the gearing ratio. This ratio is calculated as net debts (total interest-bearing debts net of equity and debt securities, bank balances and cash) over total equity. The gearing ratio of the Group at the reporting date is calculated as follows: 2022 2021 US$\u2019000 US$\u2019000 Secured bank loans repayable within one year 34,278 52,635 Secured bank loans repayable after one year 48,560 39,943 Total secured bank loans 82,838 92,578 Less: Equity and debt securities (28,151) (43,079) Less: Bank balances and cash (33,353) (33,328) Net debts 21,334 16,171 Total equity 411,137 432,075 Gearing ratio 5% 4% Notes to the Consolidated Financial Statements Year ended 31 December 2022 41. STATEMENT OF FINANCIAL POSITION AND STATEMENT OF CHANGES IN EQUITY OF THE COMPANY (a) Statement of financial position of the Company 2022 2021 US$\u2019000 US$\u2019000 ASSETS Non-current assets Investments in subsidiaries 8,723 8,723 Current assets Other receivables 7 6 Amount due from subsidiaries 306,730 289,544 Bank balances and cash 91 40 306,828 289,590 Total assets 315,551 298,313 EQUITY AND LIABILITIES Capital and reserves Issued capital 5,463 5,463 Reserves 309,348 292,102 Total equity 314,811 297,565 Current liabilities Other payables 66 91 Amount due to subsidiaries 507 508 Amount due to holding company 167 149 740 748 Total equity and liabilities 315,551 298,313 Notes to the Consolidated Financial Statements Year ended 31 December 2022 41. STATEMENT OF FINANCIAL POSITION AND STATEMENT OF CHANGES IN EQUITY OF THE COMPANY (Continued) (b) Statement of changes in equity of the Company Issued capital Share premium Capital redemption reserve Contributed surplus Retained profits Total equity US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 At 1 January 2021 5,463 95,585 719 16,297 56,446 174,510 Profit and total comprehensive income for the year \u2013 \u2013 \u2013 \u2013 126,333 126,333 2021 interim dividend paid \u2013 \u2013 \u2013 \u2013 (3,278) (3,278) At 31 December 2021 5,463 95,585 719 16,297 179,501 297,565 At 1 January 2022 5,463 95,585 719 16,297 179,501 297,565 Profit and total comprehensive income for the year \u2013 \u2013 \u2013 \u2013 28,172 28,172 2021 final dividend paid \u2013 \u2013 \u2013 \u2013 (7,648) (7,648) 2022 interim dividend paid \u2013 \u2013 \u2013 \u2013 (3,278) (3,278) Total dividend paid \u2013 \u2013 \u2013 \u2013 (10,926) (10,926) At 31 December 2022 5,463 95,585 719 16,297 196,747 314,811 Notes to the Consolidated Financial Statements Year ended 31 December 2022 42. PRINCIPAL SUBSIDIARIES Name Issued and paid-up capital / registered capital Attributable equity interest at 31/12/2022 Attributable equity interest at 31/12/2021 Principal activities Place of operation Incorporated in Bermuda # Jinhui MetCoke Limited 12,000 ordinary shares of US$1 each 100% 100% Investment holding Worldwide Incorporated in the British Virgin Islands Advance Rich Limited 1 share of US$1 each 100% 100% Investment Worldwide # Jin Hui Shipping Inc. 50,000 shares of US$1 each 100% 100% Investment holding Worldwide # Jinhui Investments Limited 1 share of US$1 each 100% 100% Investment holding Worldwide Incorporated in Hong Kong Best Flame International Limited HK$2 divided into 2 ordinary shares 100% 100% Property investment Hong Kong Fair Fait International Limited HK$2 divided into 2 ordinary shares 100% 100% Property investment Hong Kong Goldbeam International Limited HK$5,000,000 divided into 5,000,000 ordinary shares 100% 100% Ship management services, shipping agent and investment Hong Kong Good Sunshine Limited HK$1 divided into 1 ordinary share 100% 100% Property investment Hong Kong Jinhui Finance (Hong Kong) Limited HK$10,000 divided into 10,000 ordinary shares 100% 100% Money lending Hong Kong Notes to the Consolidated Financial Statements Year ended 31 December 2022 Name Issued and paid-up capital / registered capital Attributable equity interest at 31/12/2022 Attributable equity interest at 31/12/2021 Principal activities Place of operation Incorporated in Hong Kong (Continued) Leadford Industries Limited HK$2 divided into 2 ordinary shares 100% 100% Property investment Hong Kong Monocosmic Limited HK$10,000 divided into 10,000 ordinary shares 100% 100% Property investment Hong Kong Noble Talent Development Limited HK$1 divided into 1 ordinary share 100% 100% Property investment Hong Kong Ringo Star Company Limited HK$2 divided into 2 ordinary shares 100% 100% Property investment Hong Kong Union Gold Limited HK$1 divided into 1 ordinary share 100% 100% Property investment Hong Kong Incorporated in the Republic of Liberia Galsworthy Limited 1 registered share of US$1 each 100% 100% Ship chartering Worldwide Goldbeam Shipping Inc. 100 registered shares of US$1 each 100% 100% Ship chartering Worldwide Paxton Enterprises Limited 500 registered shares of US$1 each 100% 100% Ship chartering Worldwide Sompol Trading Limited 10 registered shares of US$1 each 100% 100% Ship chartering Worldwide Wonder Enterprises Ltd. 500 registered shares of US$1 each 100% 100% Ship chartering Worldwide 42. PRINCIPAL SUBSIDIARIES (Continued) Notes to the Consolidated Financial Statements Year ended 31 December 2022 Name Issued and paid-up capital / registered capital Attributable equity interest at 31/12/2022 Attributable equity interest at 31/12/2021 Principal activities Place of operation Incorporated in the Republic of Panama Jinan Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinao Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinbi Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinchao Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinfeng Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jingang Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinheng Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinhong Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinji Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinjun Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide 42. PRINCIPAL SUBSIDIARIES (Continued) Notes to the Consolidated Financial Statements Year ended 31 December 2022 Name Issued and paid-up capital / registered capital Attributable equity interest at 31/12/2022 Attributable equity interest at 31/12/2021 Principal activities Place of operation Incorporated in the Republic of Panama (Continued) Jinmao Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinping Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinquan Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinrong Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinsheng Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinshun Shipping Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinsui Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jintong Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinwan Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinxiang Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide 42. PRINCIPAL SUBSIDIARIES (Continued) Notes to the Consolidated Financial Statements Year ended 31 December 2022 Name Issued and paid-up capital / registered capital Attributable equity interest at 31/12/2022 Attributable equity interest at 31/12/2021 Principal activities Place of operation Incorporated in the Republic of Panama (Continued) Jinxing Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinyi Shipping Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinyuan Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinyue Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide # These are direct subsidiaries of the Company. All other companies are indirect subsidiaries. 42. PRINCIPAL SUBSIDIARIES (Continued)", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-253": { "value": "1. GENERAL INFORMATION Jinhui Shipping and Transportation Limited was incorporated on 16 May 1994 and registered as an exempted company with limited liability in Bermuda. The registered office of the Company is at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda. The Company\u2019s shares are listed on the Oslo Stock Exchange (Oslo B\u00f8rs). The principal activity of the Company is investment holding. Its subsidiaries are principally engaged in the businesses of ship chartering and ship owning which are carried out internationally. The Group is controlled by Jinhui Holdings Company Limited, a company incorporated in Hong Kong which holds approximately 55.69% of the Company\u2019s shares at the reporting date. The registered office of Jinhui Holdings, where its consolidated accounts can be obtained, locates at 26th Floor, Yardley Commercial Building, 1-6 Connaught Road West, Hong Kong, PRC. The consolidated financial statements for the year ended 31 December 2022 were approved for issue by the Board on 17 March 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-1": { "value": "Jinhui Shipping and Transportation Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-2": { "value": "exempted company with limited liability", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-3": { "value": "Bermuda", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-4": { "value": "Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-5": { "value": "The principal activity of the Company is investment holding", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-6": { "value": "Jinhui Holdings Company Limited", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-254": { "value": "2. STATEMENT OF COMPLIANCE The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards, which collective term includes all applicable individual International Financial Reporting Standards, International Accounting Standards and Interpretations issued by the International Accounting Standards Board, and Hong Kong Financial Reporting Standards, which collective term includes all applicable individual Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards and Interpretations issued by the Hong Kong Institute of Certified Public Accountants. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-255": { "value": "3. ADOPTION OF NEW OR AMENDED IFRSs AND HKFRSs In current year, the Group has applied for the first time, the following amendments and interpretations to IFRSs and HKFRSs issued by the IASB and the HKICPA, which are relevant to and effective for the Group\u2019s consolidated financial statements for the accounting period beginning on 1 January 2022. Amendments to IFRS 16 and HKFRS 16 Covid-19-Related Rent Concessions beyond 30 June 2021 Amendments to IFRS 3 and HKFRS 3 Reference to the Conceptual Framework Amendments to IAS 16 and HKAS 16 Property, Plant and Equipment \u2013 Proceeds before Intended Use Amendments to IAS 37 and HKAS 37 Onerous Contracts \u2013 Cost of Fulfilling a Contract Amendments to IFRSs and HKFRSs Annual Improvements to IFRSs and HKFRSs 2018-2020 Accounting Guideline 5 (Revised) Merger Accounting for Common Control Combinations The adoption of the amended IFRSs and HKFRSs does not have material impact on the Group\u2019s financial performance and financial position for the current and prior periods have been prepared and presented. 3. ADOPTION OF NEW OR AMENDED IFRSs AND HKFRSs (Continued) At the date of authorization of these consolidated financial statements, certain other new or amended IFRSs and HKFRSs have been published but are not yet effective, and have not been early adopted by the Group. The management anticipated that all pronouncements will be adopted in the Group\u2019s accounting policy for the first accounting period beginning after the effective dates of the pronouncements. Information on these new pronouncements that are expected to be relevant to the Group\u2019s consolidated financial statements is provided below. IFRS 17 and HKFRS 17 Insurance Contracts and related amendments 1 Amendments to IFRS 16 and HKFRS 16 Lease Liability in a Sale and Leaseback 2 Amendments to IFRS 10 and HKFRS 10, and IAS 28 and HKAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture 3 Amendments to IAS 1 and HKAS 1 Classification of Liabilities as Current or Non-current and related amendments to Hong Kong Interpretation 5 2 Amendments to IAS 1 and HKAS 1 Non-current Liabilities with Covenants 2 Amendments to IAS 1 and HKAS 1, and IFRS Practice Statement 2 and HKFRS Practice Statement 2 Disclosure of Accounting Policies 1 Amendments to IAS 8 and HKAS 8 Definition of Accounting Estimates 1 Amendments to IAS 12 and HKAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction 1 Notes: 1. Effective for annual periods beginning on or after 1 January 2023 2. Effective for annual periods beginning on or after 1 January 2024 3. Effective date not yet determined The management is currently assessing the possible impact of the new or amended standards and interpretations on the Group\u2019s results and financial position in the first year of application. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-252": { "value": "4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 4.1 Basis of preparation The significant accounting policies that have been used in the preparation of these consolidated financial statements are summarized below. These policies have been consistently applied to all the years presented unless otherwise stated. The consolidated financial statements have been prepared on the historical cost basis except for: investment properties, financial assets at fair value through profit or loss and financial assets at fair value through OCI that are stated at fair values. The measurement bases are fully described in the accounting policies below. It should be noted that accounting estimates and assumptions are used in preparation of the consolidated financial statements. Although these estimates are based on management\u2019s best knowledge and judgement of current events and actions, actual results may ultimately differ from those estimates. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in note 5. 4.2 Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and its subsidiaries made up to 31 December each year. Intra-group transactions, balances and unrealized gains on transactions between group companies are eliminated in preparing the consolidated financial statements. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are excluded from consolidation from the date that control ceases. 4.3 Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. When assessing whether the Group has power, only substantive rights (held by the Group and other parties) are considered. In the Company\u2019s statement of financial position, investments in subsidiaries are carried at cost less any impairment loss. The results of subsidiaries are accounted for by the Company on the basis of dividends received and receivable at the reporting date. 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.4 Foreign currency translation The consolidated financial statements are presented in United States Dollars which is the functional and presentation currency of the Company. The functional and presentation currencies of the Company\u2019s subsidiaries are either in United States Dollars or Hong Kong Dollars. In the individual financial statements of the consolidated entities, foreign currency transactions are translated into the functional currency of the individual entity using the exchange rates ruling at the dates of the transactions. At the reporting date, monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rates ruling at that date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the reporting date retranslation of monetary assets and liabilities are recognized in profit or loss. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined and are reported as part of the fair value gain or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated (i.e. only translated using the exchange rates at the transaction date). In the consolidated financial statements, all individual financial statements of foreign operations, originally presented in a currency different from the Group\u2019s presentation currency, have been converted into United States Dollars. Assets and liabilities have been translated into United States Dollars at the closing rates at the reporting date. Income and expenses have been converted into United States Dollars at the exchange rates ruling at the transaction dates, or at the average rates over the reporting period provided that the exchange rates do not fluctuate significantly. Any significant differences arising from this translation procedure are recognized in other comprehensive income and accumulated separately in the translation reserve in equity. 4.5 Revenue recognition Revenue mainly arises from the operations of ship chartering or owning business comprises chartering freight and hire income. To determine whether to recognize revenue, the Group follows a five-step process: (a) Identify contracts with customers (b) Identify the separate performance obligations in the contract (c) Determine the transaction price of the contract (d) Allocate the transaction price to each of the separate performance obligation in the contract (e) Recognize the revenue as each performance obligation is satisfied 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.5 Revenue recognition (Continued) In all cases, the total transaction price for a contract is allocated amongst the various performance obligations based on their relative stand-alone selling prices. The transaction price for a contract excludes any amounts collected on behalf of third parties. Revenue is recognized over time, when (or as) the Group satisfies performance obligations by transferring the promised services to its customers. Further details of the Group\u2019s revenue recognition policies are as follows: (a) Hire income under time charter is accounted for as operating lease and is recognized on a straight-line basis over the period of each time charter contract. Crewing service income classified as non-lease component is included in hire income and recognized over the period of each time charter contract. (b) Freight income under voyage charter is accrued over the period from the date of loading of charterer\u2019s cargo to the date of discharging the cargo and is recognized on percentage of completion basis measured by time proportion of each voyage charter contract. The existing practice reflects the performance obligation to provide transportation services which is satisfied over time from when transport of the goods begins from loading port through delivery to discharging port and freight income is recognized over the period of performance. 4.6 Borrowing costs Borrowing costs incurred for the acquisition or construction of any qualifying asset are capitalized during the period of time that is required to complete or prepare the asset for its intended use. A qualifying asset is an asset which necessarily takes a substantial period of time to get ready for its intended use or sale. Other borrowing costs are expensed as incurred. The capitalization of borrowing costs as part of the qualifying assets commences when borrowing costs are being incurred and the activities that are necessary to prepare the asset for its intended use are in progress. Capitalization of borrowing costs is suspended or ceased when substantially all activities necessary to prepare the qualifying assets for its intended use are interrupted or completed. 4.7 Government grants Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all attached conditions. Government grants are deferred and recognized in profit or loss over the period necessary to match them with the costs that the grants are intended to compensate. Government grants relating to income is presented in gross under \u201cOther operating income\u201d in the consolidated statement of profit or loss and other comprehensive income. 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.8 Income tax Income tax comprises current tax and deferred tax. Current income tax assets and / or liabilities comprise those obligations to, or claims from, fiscal authorities relating to the current or prior reporting period, that are unpaid at the reporting date. They are calculated according to the tax rates and tax laws applicable to the fiscal periods to which they relate, based on the taxable profit for the year. All changes to current tax assets or liabilities are recognized as a component of tax expense in profit or loss. Deferred tax is provided using the liability method on temporary differences at the reporting date between the carrying amounts of assets and liabilities in the consolidated financial statements and their respective tax bases. It is calculated, without discounting, at tax rates that are expected to apply in the period the liability is settled or the asset is realized, provided these tax rates have been enacted or substantively enacted at the reporting date. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences and tax losses available to be carried forward to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and unused tax losses can be utilized. For investment properties measured using the fair value model in accordance with the accounting policy below, the measurement of the related deferred tax asset or liability reflects the tax consequences of recovering the carrying amount of the investment properties entirely through sale, unless the investment property is depreciable and is held within a business model whose objective is to consume substantially all of the economic benefits embodied in the investment property over time, rather than through sale. Deferred tax assets or liabilities are not recognized if the temporary differences arise from goodwill or from initial recognition (other than in a business combination) of assets or liabilities in a transaction that affects neither taxable nor accounting profit or loss. Changes in deferred tax assets or liabilities are recognized in profit or loss, or in other comprehensive income or directly in equity if they relate to items that are charged or credited to other comprehensive income or directly to equity. When different tax rates apply to different levels of taxable income, deferred tax assets and liabilities are measured using the average tax rates that are expected to apply to the taxable income of the periods in which the temporary differences are expected to reverse. 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.8 Income tax (Continued) The determination of the average tax rates requires an estimation of (i) when the existing temporary difference will reverse and (ii) the amount of future taxable profit in those years. The estimate of future taxable profit includes: \u2013 income or loss excluding reversals of temporary differences; and \u2013 reversals of existing temporary differences. Current tax assets and current tax liabilities are presented in net if, and only if, (a) the Group has the legally enforceable right to set off the recognized amounts; and (b) intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. The Group presents deferred tax assets and deferred tax liabilities in net if, and only if, (a) the entity has a legally enforceable right to set off current tax assets against current tax liabilities; and (b) the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority on either: (i) the same taxable entity; or (ii) different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. 4.9 Property, plant and equipment The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. Improvements are capitalized only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Expenditures incurred in restoring assets to their normal working conditions and other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred. Motor vessels are stated at cost less accumulated depreciation and impairment loss. Drydocking and special survey costs are capitalized and depreciated over the drydocking cycle of two to three years on a straight-line basis. Upon disposal of vessels, any relevant carrying amounts not yet written off are transferred to profit or loss. Vessel repairs and survey costs are expensed during the financial period in which they are incurred. 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.9 Property, plant and equipment (Continued) Leasehold land and buildings (where the fair values of the leasehold interest in the land and buildings cannot be measured separately at the inception of the lease and the building is not clearly held under an operating lease) are stated at cost less accumulated depreciation and impairment loss. All other property, plant and equipment are stated at cost less accumulated depreciation and impairment loss. Depreciation is provided to write-off the cost of motor vessels over their estimated useful lives, after taking into account their estimated residual values, using the straight-line method of 25 years from the date of the initial delivery from the shipyards. Depreciation is provided to write-off the cost of other property, plant and equipment as specified below over their estimated useful lives, after taking into account their estimated residual values, using the straight-line method, at the following rates per annum: Leasehold land and buildings over the shorter of unexpired term of lease or 3% per annum Leasehold improvement 20% \u2013 30% per annum Utility vessels, furniture and equipment 6% \u2013 25% per annum Accounting policy for depreciation of right-of-use assets is set out in note 4.19. Estimated residual value is the estimated amount that the Group would currently obtain from disposal of the asset, after deducting the estimated costs of disposal, as if the asset was already of the age and in the conditions expected at the end of its useful life. The Group estimates the residual values of motor vessels based on the light-weight tonnes of each vessel multiply by market demolition metal price per ton. Estimate of residual value and useful life are reviewed and adjusted if appropriate, at each reporting date. The gain or loss arising on retirement or disposal is determined as the difference between the net sale proceeds and the carrying amount of the asset and is recognized in profit or loss. 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.10 Investment properties Investment properties are land and / or buildings which are owned or held under a leasehold interest to earn rental income and / or for capital appreciation. On initial recognition, investment property is measured at cost, including any directly attributable expenditure. Subsequent to initial recognition, investment property is stated at fair value which is determined by external professional valuers with sufficient experience with respect to both the location and category of the investment property and it reflects the prevailing market conditions at the reporting date. Gain or loss arising from either change in the fair value or the sale of an investment property is recognized in profit or loss in the period in which they arise. The change in fair value arisen from reclassification from leasehold land and buildings to investment properties will be credited to revaluation reserve. Upon disposal of such properties, the amount previously recognized in revaluation reserve will be transferred to retained profits. 4.11 Impairment of non-financial assets Property, plant and equipment, right-of-use assets and the Company\u2019s interests in subsidiaries are subject to impairment testing whenever there are indications that the assets\u2019 carrying amounts may not be recoverable. An impairment loss is recognized as an expense immediately for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. Recoverable amount is the higher of fair value, reflecting market conditions, less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessment of time value of money and the risk specific to the asset. For the purpose of assessing impairment, where an asset does not generate cash inflows that are largely independent of the cash flows from other assets, the recoverable amount is determined for the smallest group of assets that generate cash inflows independently (i.e. a cash generating unit). As a result, some assets are tested individually for impairment and some are tested at cash generating unit level. Impairment loss recognized for cash generating unit is allocated to reduce the carrying amounts of the assets in the cash generating unit on pro rata basis. In allocating the impairment loss, the carrying amount of an asset will not be reduced below its fair value less costs of disposal, value in use or zero. An impairment loss is reversed if there has been a favorable change in the estimates used to determine the asset\u2019s recoverable amount and only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized in prior years. 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.12 Inventories Inventories are carried at the lower of cost and net realizable value. Cost, which comprises all costs of purchase and, where applicable, other costs that have been incurred in bringing the inventories to their present location and condition, and is determined using the first-in, first-out method. Net realizable value is the estimated selling price in the ordinary course of business less the estimated cost of completion and applicable selling expenses. 4.13 Financial assets Financial assets are recognized when the Group becomes a party to the contractual provisions of the financial instrument. Financial assets are derecognized when the contractual rights to receive the cash flows from the financial assets expire, or when the financial asset and substantially all of its risks and rewards of ownership are transferred. Classification and initial measurement of financial assets Except for those trade receivables that do not contain a significant financing component and are measured at the transaction price in accordance with IFRS 15 and HKFRS 15, all financial assets are initially measured at fair value, in case of a financial asset not at fair value through profit or loss, plus transaction costs that are directly attributable to the acquisition of the financial asset. Financial assets are classified into the following categories: \u2013 amortized cost; \u2013 fair value through profit or loss; or \u2013 fair value through OCI. The classification is determined by both: \u2013 the entity\u2019s business model for managing the financial asset; and \u2013 the contractual cash flow characteristics of the financial asset. All income and expenses relating to financial assets that are recognized in profit or loss are presented within other operating income, interest income, other operating expenses and finance costs, except for ECL of trade receivables which is presented in other operating expenses. 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.13 Financial assets (Continued) Subsequent measurement of financial assets Debt investments Financial assets are measured at amortized cost if the assets meet the following conditions (and are not designated as fair value through profit or loss): \u2013 they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows; and \u2013 the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. After initial recognition, these are measured at amortized cost using the effective interest method. Interest income from these financial assets is included in profit or loss. Discounting is omitted where the effect of discounting is immaterial. The Group\u2019s bank balances and cash, pledged deposits, loan receivables and trade and other receivables fall into this category of financial instruments. Financial assets at fair value through OCI \u2013 recycling If the contractual cash flows of the investment comprise solely payments of principal and interest and the investment is held within a business model whose objective is achieved by both the collection of contractual cash flows and sale, changes in fair value are recognized in other comprehensive income, except for the recognition in profit or loss of ECL, interest income (calculated using the effective interest method) and foreign exchange gains and losses. When the investment is derecognized, the amount accumulated in other comprehensive income is recycled from equity to profit or loss. Financial assets at fair value through profit or loss Financial assets that are held within a different business model other than \u201chold to collect\u201d or \u201chold to collect and sell\u201d are categorized at fair value through profit or loss. Further, irrespective of business model, financial assets whose contractual cash flows are not solely payments of principal and interest are accounted for at fair value through profit or loss. 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.13 Financial assets (Continued) Subsequent measurement of financial assets (Continued) Equity investments An investment in equity securities is classified as fair value through profit or loss unless the equity investment is not held for trading purposes and on initial recognition of the investment, the Group elects to designate the investment at fair value through OCI (non-recycling) such that subsequent changes in fair value are recognized in other comprehensive income and accumulated in \u201cReserve for financial assets at fair value through OCI\u201d in equity. Such elections are made on an instrument-by-instrument basis, but only be made if the investment meets the definition of equity from the issuer\u2019s perspective. The equity instruments at fair value through OCI are not subject to impairment assessment. The cumulative gain or loss in \u201cReserve for financial assets at fair value through OCI\u201d will not be reclassified to profit or loss upon disposal of the equity investments. Dividends from these investments in equity instruments are recognized in profit or loss when the Group\u2019s right to receive the dividends is established. Dividend income are included in \u201cother operating income\u201d in profit or loss. Impairment of financial assets IFRS 9 and HKFRS 9\u2019s impairment requirements use more forward-looking information to recognize ECL \u2013 the \u201cECL model\u201d. Instruments within the scope included loans and other debt-type financial assets measured at amortized cost, fair value through OCI and trade receivables. The Group considers a broader range of information when assessing credit risk and measuring ECL, including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument. In applying this forward-looking approach, a distinction is made between: Stage 1: financial instruments that have not deteriorated significantly in credit quality since their initial recognition or that have low credit risk. Stage 2: financial instruments that have deteriorated significantly in credit quality since their initial recognition and whose credit risk is not low. Stage 3: financial instruments that have objective evidence of impairment at the reporting date. 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.13 Financial assets (Continued) Impairment of financial assets (Continued) For Stage 1 category, loss allowance is recognized at the present value of expected credit losses that will result if a default occurs in the 12 months after the reporting date (\u201c12-month ECL\u201d). For Stage 2 and Stage 3 category, loss allowance is recognized at the present value of expected credit shortfalls over their remaining life (\u201clifetime ECL\u201d). Measurement of the ECL is determined by a probability-weighted estimate of credit losses over the expected life of the financial instrument. For trade receivables, the Group applies a simplified approach in calculating ECL and recognizes a loss allowance based on lifetime ECL at each reporting date. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial assets. In calculating the ECL, the Group has established a provision matrix that is based on its historical credit loss experience and external indicators, adjusted for forward-looking factors specific to the debtors and the economic environment. To measure the ECL, trade receivables have been grouped based on shared credit risk characteristics and the days past due. For loan receivables, the Group measures the loss allowance for these financial assets equal to 12-month ECL with taking those collaterals into accounts (which is recognized at Stage 1), unless when there has been a significant increase in credit risk since initial recognition or classified as credit-impaired, the Group recognizes lifetime ECL (which is recognized at Stage 2). The assessment of whether lifetime ECL should be recognized is based on significant increase in the likelihood or risk of default occurring since initial recognition or classified as credit-impaired. The loan receivables are reviewed at the reporting date to assess impairment allowance which are based on the evaluation of current creditworthiness, collection statistic and market values of the collaterals which were appraised by independent qualified appraisal firms or the net asset value of the co-investment. For other financial assets measured at amortized cost and fair value through OCI, the Group measures the loss allowance for these financial assets equal to 12-month ECL (which is recognized at Stage 1), unless when there has been a significant increase in credit risk since initial recognition, the Group recognizes lifetime ECL (which is recognized at the Stage 2). The assessment of whether lifetime ECL should be recognized is based on significant increase in the likelihood or risk of default occurring since initial recognition. In assessing whether the credit risk has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial assets at the reporting date with the risk of default occurring on the financial assets at the date of initial recognition. In making this assessment, the Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort. 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.13 Financial assets (Continued) Impairment of financial assets (Continued) In particular, the following information is taken into account when assessing whether credit risk has increased significantly: \u2013 an actual or expected significant deterioration in the financial instrument\u2019s external (if available) or internal credit rating; \u2013 significant deterioration in external market indicators of credit risk; \u2013 existing or forecast adverse changes in regulatory, business, financial, economic conditions, or technological environment of debtor that are expected to cause a significant decrease in the debtor\u2019s ability to meet its debt obligations; and \u2013 an actual or expected significant deterioration in the operating results of the debtor. Irrespective of the outcome of the above assessment, the Group presumes that the credit risk has increased significantly since initial recognition when contractual payments are more than 30 days past due, unless the Group has reasonable and supportable information that demonstrates otherwise. Despite the aforegoing, the Group assumes that the credit risk on a debt instrument has not increased significantly since initial recognition if the debt instrument is determined to have low credit risk at the end of each reporting period. A debt instrument is determined to have low credit risk if it has a low risk of default, the borrower has strong capacity to meet its contractual cash flow obligations in the near term and adverse changes in economic and business conditions in the longer term may, but will not necessarily, reduce the ability of the borrower to fulfill its contractual cash flow obligations. The Group considers the default has occurred when: (1) information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realizing security (if any is held); (2) a financial asset is more than 90 days past due unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. The Group writes off trade and other receivables in whole or in part, when it has exhausted all practical recovery efforts and concluded there is no reasonable expectation of recovery. Detailed analysis of the ECL assessment of trade receivables, other financial assets measured at amortized cost and debt investments at fair value through OCI are set out in note 39(e). 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.14 Financial liabilities Financial liabilities are recognized when the Group becomes a party to the contractual provisions of the financial instrument. A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expired. The Group classifies its financial liabilities into the following categories: Trade and other payables Trade and other payables are recognized initially at fair values and subsequently measured at amortized costs, using the effective interest method. Borrowings Borrowings are recognized initially at fair values, net of transaction costs incurred. Borrowings are subsequently stated at amortized costs. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in profit or loss over the period of the borrowings using the effective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liabilities for at least twelve months after the reporting date. 4.15 Fair value measurement For financial reporting purposes, fair value measurement is categorized into Level 1, 2 and 3 of the three-level fair value hierarchy as defined under IFRS 13 and HKFRS 13. The level into which a fair value measurement is classified is determined with reference to the observability and significance of the inputs used in the valuation technique as follows: Level 1: fair values measured using quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: fair values measured using valuation techniques in which all significant inputs other than quoted prices included within Level 1 are directly or indirectly based on observable market data. Level 3: fair values measured using valuation techniques in which any significant input is not based on observable market data. 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.16 Cash and cash equivalents Cash and cash equivalents include cash at banks and in hand, demand deposits with banks and short term highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value, with original maturities of three months or less. For the purpose of consolidated statement of cash flows presentation, cash and cash equivalents include bank overdrafts which are repayable on demand and form an integral part of the Group\u2019s cash management. 4.17 Share capital Share capital is determined using the nominal value of shares that have been issued. Any transaction costs associated with the issuing of shares are deducted from share premium to the extent they are incremental costs directly attributable to the equity transaction. 4.18 Employee benefits Retirement benefits schemes The Group operates a defined contribution provident fund scheme and a mandatory provident fund scheme. The assets of the schemes are held separately from those of the Group in their respective schemes managed by an independent trustee. The contributions to retirement benefits schemes charged to profit or loss represent contributions payable to the funds by the Group at the rates specific in the rules of the schemes. The contributions to the defined contribution provident fund scheme vest in employees according to the vesting percentage set out in the scheme. When employees leave the defined contribution provident fund scheme prior to being vested fully in the contributions, the contributions payable by the Group are reduced by the amount of forfeited contributions. On the other hand, the contributions to the mandatory provident fund scheme vest immediately and fully in employees once the contributions are payable by the Group. There is no forfeited contribution when employees leave the mandatory provident fund scheme. Short term employee benefits Employee entitlements to annual leave are recognized when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the reporting date. Non-accumulating compensated absences such as sick leave and maternity leave are not recognized until the time of leave. 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.19 Leases A lease is defined as a contract, or part of a contract, that conveys the right to use an identified asset (the underlying asset) for a period of time in exchange for consideration. To apply this definition, the Group assesses whether the contract meets three key evaluations which are whether: \u2013 the contract contains an identified asset, which is either explicitly identified in the contract or implicitly specified by being identified at the time the asset is made available to the Group; \u2013 the Group has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use, considering its rights within the defined scope of the contract; and \u2013 the Group has the right to direct the use of the identified asset throughout the period of use. The Group assess whether it has the right to direct how and for what purpose the asset is used throughout the period of use. For contracts that contains a lease component and one or more additional lease or non-lease components, the Group allocates the consideration in the contract to each lease and non-lease component on the basis of their relative stand-alone prices. (a) Group as a lessee At the lease commencement date, the Group recognizes the right-of-use asset and the lease liability on the consolidated statement of financial position. except for short-term leases that have a lease term of 12 months or less (\u201cshort-term lease\u201d) and leases of low-value assets. Lease payments on short-term leases and leases of low-value assets are recognized as an expense on a straight-line basis over the lease term. Right-of-use assets The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred by the Group, an estimate of any costs to dismantle and remove the underlying asset at the end of the lease, and any lease payments made in advance of the lease commencement date (net of any lease incentives received). The Group depreciates the right-of-use assets on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The Group also assesses the right-of-use asset for impairment when such indicator exists, as for owned vessels in accordance with the Group\u2019s accounting policies. 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.19 Leases (Continued) (a) Group as a lessee (Continued) Lease liabilities At the commencement date, the Group measures the lease liability at the present value of the lease payments unpaid at that date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Lease payments included in the measurement of the lease liability are made up of fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable payments based on an index or rate, and amounts expected to be payable under a residual value guarantee. Subsequent to the commencement date, the Company measures the lease liability by: (i) increasing the carrying amount to reflect the accretion of interest on the lease liability; (ii) reducing the carrying amount to reflect the lease payments made; and (iii) remeasuring the carrying amount to reflect any reassessment or lease modifications, e.g. a change in future lease payments arising from change in an index or rate, a change in the lease term, a change in the in-substance fixed lease payments or a change in assessment to purchase the underlying asset. For lease modification that is not accounted for as a separate lease, the Group remeasures the lease liability based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of modification. For lease remeasurement that the lease payments change due to changes in market rental rates following a market rent review / expected payment under a guaranteed residual value, in which cases the related lease liability is remeasured by discounting the revised lease payments using the initial discount rate. When the lease is remeasured, the corresponding adjustment is reflected in the carrying amount of the right-of-use asset, or is recorded in profit and loss if the carrying amount of the right-of-use asset has been reduced to zero. 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.19 Leases (Continued) (b) Group as a lessor (Assets leased out under operating leases) As a lessor, the Group classifies its leases as operating leases. Where the Group as a lessor leases out assets under operating leases, such assets are measured and presented according to the nature of the asset. Rental income receivable from operating leases is recognized in profit or loss on a straight-line basis over the lease terms. Hire income applicable to operating leases in respect of time charters are recognized as revenue on time basis over the period of each lease. Lease incentives granted are recognized in profit or loss as an integral part of the aggregate net income receivable from the lease. 4.20 Provisions and contingent liabilities Provisions are recognized when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made. Where the time value of money is material, provisions are stated at the present value of the expenditure expected to settle the obligation. All provisions are reviewed at each reporting date and adjusted to reflect the current best estimate. Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more uncertain future events are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote. Contingent liabilities are not recognized but are disclosed in the notes to the consolidated financial statements. When a change in the probability of an outflow of economic benefits occurs, and an outflow is probable, it will then be recognized as a provision. . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 4.21 Related parties For the purposes of these consolidated financial statements, a party is considered to be related to the Group if: (a) A person, or a close member of that person\u2019s family, is related to the Group if that person: (i) has control or joint control over the Group; (ii) has significant influence over the Group; or (iii) is a member of the key management personnel of the Group or the Group\u2019s parent. (b) An entity is related to the Group if any of the following conditions applies: (i) The entity and the Group are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others). (ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member). (iii) Both entities are joint venture of the same third entity. (iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity. (v) The entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group. (vi) The entity is controlled or jointly controlled by a person identified in (a). (vii) A person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity). (viii) The entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the parent of the Group. Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their dealings with the entity. 4.22 Segment reporting The Group identifies operating segments and prepares segment information based on the regular internal financial information reported to the chief operating decision maker for their decisions about resources allocation to the Group\u2019s business components and for their review of the performance of those components. The Group has regarded the business of ship chartering and ship owning as the only dominant reportable operating segment to be reported to the chief operating decision maker. Thus, no analysis of segment revenue, segment results, segment assets and segment liabilities are presented in the consolidated financial statements for the years 2022 and 2021. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-256": { "value": "4.1 Basis of preparation The significant accounting policies that have been used in the preparation of these consolidated financial statements are summarized below. These policies have been consistently applied to all the years presented unless otherwise stated. The consolidated financial statements have been prepared on the historical cost basis except for: investment properties, financial assets at fair value through profit or loss and financial assets at fair value through OCI that are stated at fair values. The measurement bases are fully described in the accounting policies below. It should be noted that accounting estimates and assumptions are used in preparation of the consolidated financial statements. Although these estimates are based on management\u2019s best knowledge and judgement of current events and actions, actual results may ultimately differ from those estimates. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in note 5. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-257": { "value": "4.2 Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and its subsidiaries made up to 31 December each year. Intra-group transactions, balances and unrealized gains on transactions between group companies are eliminated in preparing the consolidated financial statements. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are excluded from consolidation from the date that control ceases. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-258": { "value": "4.3 Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. When assessing whether the Group has power, only substantive rights (held by the Group and other parties) are considered. In the Company\u2019s statement of financial position, investments in subsidiaries are carried at cost less any impairment loss. The results of subsidiaries are accounted for by the Company on the basis of dividends received and receivable at the reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-259": { "value": "4.4 Foreign currency translation The consolidated financial statements are presented in United States Dollars which is the functional and presentation currency of the Company. The functional and presentation currencies of the Company\u2019s subsidiaries are either in United States Dollars or Hong Kong Dollars. In the individual financial statements of the consolidated entities, foreign currency transactions are translated into the functional currency of the individual entity using the exchange rates ruling at the dates of the transactions. At the reporting date, monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rates ruling at that date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the reporting date retranslation of monetary assets and liabilities are recognized in profit or loss. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined and are reported as part of the fair value gain or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated (i.e. only translated using the exchange rates at the transaction date). In the consolidated financial statements, all individual financial statements of foreign operations, originally presented in a currency different from the Group\u2019s presentation currency, have been converted into United States Dollars. Assets and liabilities have been translated into United States Dollars at the closing rates at the reporting date. Income and expenses have been converted into United States Dollars at the exchange rates ruling at the transaction dates, or at the average rates over the reporting period provided that the exchange rates do not fluctuate significantly. Any significant differences arising from this translation procedure are recognized in other comprehensive income and accumulated separately in the translation reserve in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-314": { "value": "The consolidated financial statements are presented in United States Dollars which is the functional and presentation currency of the Company. The functional and presentation currencies of the Company\u2019s subsidiaries are either in United States Dollars or Hong Kong Dollars. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-260": { "value": "4.5 Revenue recognition Revenue mainly arises from the operations of ship chartering or owning business comprises chartering freight and hire income. To determine whether to recognize revenue, the Group follows a five-step process: (a) Identify contracts with customers (b) Identify the separate performance obligations in the contract (c) Determine the transaction price of the contract (d) Allocate the transaction price to each of the separate performance obligation in the contract (e) Recognize the revenue as each performance obligation is satisfied 4.5 Revenue recognition (Continued) In all cases, the total transaction price for a contract is allocated amongst the various performance obligations based on their relative stand-alone selling prices. The transaction price for a contract excludes any amounts collected on behalf of third parties. Revenue is recognized over time, when (or as) the Group satisfies performance obligations by transferring the promised services to its customers. Further details of the Group\u2019s revenue recognition policies are as follows: (a) Hire income under time charter is accounted for as operating lease and is recognized on a straight-line basis over the period of each time charter contract. Crewing service income classified as non-lease component is included in hire income and recognized over the period of each time charter contract. (b) Freight income under voyage charter is accrued over the period from the date of loading of charterer\u2019s cargo to the date of discharging the cargo and is recognized on percentage of completion basis measured by time proportion of each voyage charter contract. The existing practice reflects the performance obligation to provide transportation services which is satisfied over time from when transport of the goods begins from loading port through delivery to discharging port and freight income is recognized over the period of performance. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-261": { "value": "4.6 Borrowing costs Borrowing costs incurred for the acquisition or construction of any qualifying asset are capitalized during the period of time that is required to complete or prepare the asset for its intended use. A qualifying asset is an asset which necessarily takes a substantial period of time to get ready for its intended use or sale. Other borrowing costs are expensed as incurred. The capitalization of borrowing costs as part of the qualifying assets commences when borrowing costs are being incurred and the activities that are necessary to prepare the asset for its intended use are in progress. Capitalization of borrowing costs is suspended or ceased when substantially all activities necessary to prepare the qualifying assets for its intended use are interrupted or completed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-262": { "value": "4.7 Government grants Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all attached conditions. Government grants are deferred and recognized in profit or loss over the period necessary to match them with the costs that the grants are intended to compensate. Government grants relating to income is presented in gross under \u201cOther operating income\u201d in the consolidated statement of profit or loss and other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-315": { "value": "4.8 Income tax Income tax comprises current tax and deferred tax. Current income tax assets and / or liabilities comprise those obligations to, or claims from, fiscal authorities relating to the current or prior reporting period, that are unpaid at the reporting date. They are calculated according to the tax rates and tax laws applicable to the fiscal periods to which they relate, based on the taxable profit for the year. All changes to current tax assets or liabilities are recognized as a component of tax expense in profit or loss. Deferred tax is provided using the liability method on temporary differences at the reporting date between the carrying amounts of assets and liabilities in the consolidated financial statements and their respective tax bases. It is calculated, without discounting, at tax rates that are expected to apply in the period the liability is settled or the asset is realized, provided these tax rates have been enacted or substantively enacted at the reporting date. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences and tax losses available to be carried forward to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and unused tax losses can be utilized. For investment properties measured using the fair value model in accordance with the accounting policy below, the measurement of the related deferred tax asset or liability reflects the tax consequences of recovering the carrying amount of the investment properties entirely through sale, unless the investment property is depreciable and is held within a business model whose objective is to consume substantially all of the economic benefits embodied in the investment property over time, rather than through sale. Deferred tax assets or liabilities are not recognized if the temporary differences arise from goodwill or from initial recognition (other than in a business combination) of assets or liabilities in a transaction that affects neither taxable nor accounting profit or loss. Changes in deferred tax assets or liabilities are recognized in profit or loss, or in other comprehensive income or directly in equity if they relate to items that are charged or credited to other comprehensive income or directly to equity. When different tax rates apply to different levels of taxable income, deferred tax assets and liabilities are measured using the average tax rates that are expected to apply to the taxable income of the periods in which the temporary differences are expected to reverse. 4.8 Income tax (Continued) The determination of the average tax rates requires an estimation of (i) when the existing temporary difference will reverse and (ii) the amount of future taxable profit in those years. The estimate of future taxable profit includes: \u2013 income or loss excluding reversals of temporary differences; and \u2013 reversals of existing temporary differences. Current tax assets and current tax liabilities are presented in net if, and only if, (a) the Group has the legally enforceable right to set off the recognized amounts; and (b) intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. The Group presents deferred tax assets and deferred tax liabilities in net if, and only if, (a) the entity has a legally enforceable right to set off current tax assets against current tax liabilities; and (b) the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority on either: (i) the same taxable entity; or (ii) different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-263": { "value": "4.8 Income tax Income tax comprises current tax and deferred tax. Current income tax assets and / or liabilities comprise those obligations to, or claims from, fiscal authorities relating to the current or prior reporting period, that are unpaid at the reporting date. They are calculated according to the tax rates and tax laws applicable to the fiscal periods to which they relate, based on the taxable profit for the year. All changes to current tax assets or liabilities are recognized as a component of tax expense in profit or loss. Deferred tax is provided using the liability method on temporary differences at the reporting date between the carrying amounts of assets and liabilities in the consolidated financial statements and their respective tax bases. It is calculated, without discounting, at tax rates that are expected to apply in the period the liability is settled or the asset is realized, provided these tax rates have been enacted or substantively enacted at the reporting date. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences and tax losses available to be carried forward to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and unused tax losses can be utilized. For investment properties measured using the fair value model in accordance with the accounting policy below, the measurement of the related deferred tax asset or liability reflects the tax consequences of recovering the carrying amount of the investment properties entirely through sale, unless the investment property is depreciable and is held within a business model whose objective is to consume substantially all of the economic benefits embodied in the investment property over time, rather than through sale. Deferred tax assets or liabilities are not recognized if the temporary differences arise from goodwill or from initial recognition (other than in a business combination) of assets or liabilities in a transaction that affects neither taxable nor accounting profit or loss. Changes in deferred tax assets or liabilities are recognized in profit or loss, or in other comprehensive income or directly in equity if they relate to items that are charged or credited to other comprehensive income or directly to equity. When different tax rates apply to different levels of taxable income, deferred tax assets and liabilities are measured using the average tax rates that are expected to apply to the taxable income of the periods in which the temporary differences are expected to reverse. 4.8 Income tax (Continued) The determination of the average tax rates requires an estimation of (i) when the existing temporary difference will reverse and (ii) the amount of future taxable profit in those years. The estimate of future taxable profit includes: \u2013 income or loss excluding reversals of temporary differences; and \u2013 reversals of existing temporary differences. Current tax assets and current tax liabilities are presented in net if, and only if, (a) the Group has the legally enforceable right to set off the recognized amounts; and (b) intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. The Group presents deferred tax assets and deferred tax liabilities in net if, and only if, (a) the entity has a legally enforceable right to set off current tax assets against current tax liabilities; and (b) the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority on either: (i) the same taxable entity; or (ii) different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-264": { "value": "4.9 Property, plant and equipment The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. Improvements are capitalized only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Expenditures incurred in restoring assets to their normal working conditions and other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred. Motor vessels are stated at cost less accumulated depreciation and impairment loss. Drydocking and special survey costs are capitalized and depreciated over the drydocking cycle of two to three years on a straight-line basis. Upon disposal of vessels, any relevant carrying amounts not yet written off are transferred to profit or loss. Vessel repairs and survey costs are expensed during the financial period in which they are incurred. 4.9 Property, plant and equipment (Continued) Leasehold land and buildings (where the fair values of the leasehold interest in the land and buildings cannot be measured separately at the inception of the lease and the building is not clearly held under an operating lease) are stated at cost less accumulated depreciation and impairment loss. All other property, plant and equipment are stated at cost less accumulated depreciation and impairment loss. Depreciation is provided to write-off the cost of motor vessels over their estimated useful lives, after taking into account their estimated residual values, using the straight-line method of 25 years from the date of the initial delivery from the shipyards. Depreciation is provided to write-off the cost of other property, plant and equipment as specified below over their estimated useful lives, after taking into account their estimated residual values, using the straight-line method, at the following rates per annum: Leasehold land and buildings over the shorter of unexpired term of lease or 3% per annum Leasehold improvement 20% \u2013 30% per annum Utility vessels, furniture and equipment 6% \u2013 25% per annum Accounting policy for depreciation of right-of-use assets is set out in note 4.19. Estimated residual value is the estimated amount that the Group would currently obtain from disposal of the asset, after deducting the estimated costs of disposal, as if the asset was already of the age and in the conditions expected at the end of its useful life. The Group estimates the residual values of motor vessels based on the light-weight tonnes of each vessel multiply by market demolition metal price per ton. Estimate of residual value and useful life are reviewed and adjusted if appropriate, at each reporting date. The gain or loss arising on retirement or disposal is determined as the difference between the net sale proceeds and the carrying amount of the asset and is recognized in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-265": { "value": "4.10 Investment properties Investment properties are land and / or buildings which are owned or held under a leasehold interest to earn rental income and / or for capital appreciation. On initial recognition, investment property is measured at cost, including any directly attributable expenditure. Subsequent to initial recognition, investment property is stated at fair value which is determined by external professional valuers with sufficient experience with respect to both the location and category of the investment property and it reflects the prevailing market conditions at the reporting date. Gain or loss arising from either change in the fair value or the sale of an investment property is recognized in profit or loss in the period in which they arise. The change in fair value arisen from reclassification from leasehold land and buildings to investment properties will be credited to revaluation reserve. Upon disposal of such properties, the amount previously recognized in revaluation reserve will be transferred to retained profits. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-266": { "value": "4.11 Impairment of non-financial assets Property, plant and equipment, right-of-use assets and the Company\u2019s interests in subsidiaries are subject to impairment testing whenever there are indications that the assets\u2019 carrying amounts may not be recoverable. An impairment loss is recognized as an expense immediately for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. Recoverable amount is the higher of fair value, reflecting market conditions, less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessment of time value of money and the risk specific to the asset. For the purpose of assessing impairment, where an asset does not generate cash inflows that are largely independent of the cash flows from other assets, the recoverable amount is determined for the smallest group of assets that generate cash inflows independently (i.e. a cash generating unit). As a result, some assets are tested individually for impairment and some are tested at cash generating unit level. Impairment loss recognized for cash generating unit is allocated to reduce the carrying amounts of the assets in the cash generating unit on pro rata basis. In allocating the impairment loss, the carrying amount of an asset will not be reduced below its fair value less costs of disposal, value in use or zero. An impairment loss is reversed if there has been a favorable change in the estimates used to determine the asset\u2019s recoverable amount and only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized in prior years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-267": { "value": "4.12 Inventories Inventories are carried at the lower of cost and net realizable value. Cost, which comprises all costs of purchase and, where applicable, other costs that have been incurred in bringing the inventories to their present location and condition, and is determined using the first-in, first-out method. Net realizable value is the estimated selling price in the ordinary course of business less the estimated cost of completion and applicable selling expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-268": { "value": "4.13 Financial assets Financial assets are recognized when the Group becomes a party to the contractual provisions of the financial instrument. Financial assets are derecognized when the contractual rights to receive the cash flows from the financial assets expire, or when the financial asset and substantially all of its risks and rewards of ownership are transferred. Classification and initial measurement of financial assets Except for those trade receivables that do not contain a significant financing component and are measured at the transaction price in accordance with IFRS 15 and HKFRS 15, all financial assets are initially measured at fair value, in case of a financial asset not at fair value through profit or loss, plus transaction costs that are directly attributable to the acquisition of the financial asset. Financial assets are classified into the following categories: \u2013 amortized cost; \u2013 fair value through profit or loss; or \u2013 fair value through OCI. The classification is determined by both: \u2013 the entity\u2019s business model for managing the financial asset; and \u2013 the contractual cash flow characteristics of the financial asset. All income and expenses relating to financial assets that are recognized in profit or loss are presented within other operating income, interest income, other operating expenses and finance costs, except for ECL of trade receivables which is presented in other operating expenses. 4.13 Financial assets (Continued) Subsequent measurement of financial assets Debt investments Financial assets are measured at amortized cost if the assets meet the following conditions (and are not designated as fair value through profit or loss): \u2013 they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows; and \u2013 the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. After initial recognition, these are measured at amortized cost using the effective interest method. Interest income from these financial assets is included in profit or loss. Discounting is omitted where the effect of discounting is immaterial. The Group\u2019s bank balances and cash, pledged deposits, loan receivables and trade and other receivables fall into this category of financial instruments. Financial assets at fair value through OCI \u2013 recycling If the contractual cash flows of the investment comprise solely payments of principal and interest and the investment is held within a business model whose objective is achieved by both the collection of contractual cash flows and sale, changes in fair value are recognized in other comprehensive income, except for the recognition in profit or loss of ECL, interest income (calculated using the effective interest method) and foreign exchange gains and losses. When the investment is derecognized, the amount accumulated in other comprehensive income is recycled from equity to profit or loss. Financial assets at fair value through profit or loss Financial assets that are held within a different business model other than \u201chold to collect\u201d or \u201chold to collect and sell\u201d are categorized at fair value through profit or loss. Further, irrespective of business model, financial assets whose contractual cash flows are not solely payments of principal and interest are accounted for at fair value through profit or loss. 4.13 Financial assets (Continued) Subsequent measurement of financial assets (Continued) Equity investments An investment in equity securities is classified as fair value through profit or loss unless the equity investment is not held for trading purposes and on initial recognition of the investment, the Group elects to designate the investment at fair value through OCI (non-recycling) such that subsequent changes in fair value are recognized in other comprehensive income and accumulated in \u201cReserve for financial assets at fair value through OCI\u201d in equity. Such elections are made on an instrument-by-instrument basis, but only be made if the investment meets the definition of equity from the issuer\u2019s perspective. The equity instruments at fair value through OCI are not subject to impairment assessment. The cumulative gain or loss in \u201cReserve for financial assets at fair value through OCI\u201d will not be reclassified to profit or loss upon disposal of the equity investments. Dividends from these investments in equity instruments are recognized in profit or loss when the Group\u2019s right to receive the dividends is established. Dividend income are included in \u201cother operating income\u201d in profit or loss. Impairment of financial assets IFRS 9 and HKFRS 9\u2019s impairment requirements use more forward-looking information to recognize ECL \u2013 the \u201cECL model\u201d. Instruments within the scope included loans and other debt-type financial assets measured at amortized cost, fair value through OCI and trade receivables. The Group considers a broader range of information when assessing credit risk and measuring ECL, including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument. In applying this forward-looking approach, a distinction is made between: Stage 1: financial instruments that have not deteriorated significantly in credit quality since their initial recognition or that have low credit risk. Stage 2: financial instruments that have deteriorated significantly in credit quality since their initial recognition and whose credit risk is not low. Stage 3: financial instruments that have objective evidence of impairment at the reporting date. 4.13 Financial assets (Continued) Impairment of financial assets (Continued) For Stage 1 category, loss allowance is recognized at the present value of expected credit losses that will result if a default occurs in the 12 months after the reporting date (\u201c12-month ECL\u201d). For Stage 2 and Stage 3 category, loss allowance is recognized at the present value of expected credit shortfalls over their remaining life (\u201clifetime ECL\u201d). Measurement of the ECL is determined by a probability-weighted estimate of credit losses over the expected life of the financial instrument. For trade receivables, the Group applies a simplified approach in calculating ECL and recognizes a loss allowance based on lifetime ECL at each reporting date. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial assets. In calculating the ECL, the Group has established a provision matrix that is based on its historical credit loss experience and external indicators, adjusted for forward-looking factors specific to the debtors and the economic environment. To measure the ECL, trade receivables have been grouped based on shared credit risk characteristics and the days past due. For loan receivables, the Group measures the loss allowance for these financial assets equal to 12-month ECL with taking those collaterals into accounts (which is recognized at Stage 1), unless when there has been a significant increase in credit risk since initial recognition or classified as credit-impaired, the Group recognizes lifetime ECL (which is recognized at Stage 2). The assessment of whether lifetime ECL should be recognized is based on significant increase in the likelihood or risk of default occurring since initial recognition or classified as credit-impaired. The loan receivables are reviewed at the reporting date to assess impairment allowance which are based on the evaluation of current creditworthiness, collection statistic and market values of the collaterals which were appraised by independent qualified appraisal firms or the net asset value of the co-investment. For other financial assets measured at amortized cost and fair value through OCI, the Group measures the loss allowance for these financial assets equal to 12-month ECL (which is recognized at Stage 1), unless when there has been a significant increase in credit risk since initial recognition, the Group recognizes lifetime ECL (which is recognized at the Stage 2). The assessment of whether lifetime ECL should be recognized is based on significant increase in the likelihood or risk of default occurring since initial recognition. In assessing whether the credit risk has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial assets at the reporting date with the risk of default occurring on the financial assets at the date of initial recognition. In making this assessment, the Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort. 4.13 Financial assets (Continued) Impairment of financial assets (Continued) In particular, the following information is taken into account when assessing whether credit risk has increased significantly: \u2013 an actual or expected significant deterioration in the financial instrument\u2019s external (if available) or internal credit rating; \u2013 significant deterioration in external market indicators of credit risk; \u2013 existing or forecast adverse changes in regulatory, business, financial, economic conditions, or technological environment of debtor that are expected to cause a significant decrease in the debtor\u2019s ability to meet its debt obligations; and \u2013 an actual or expected significant deterioration in the operating results of the debtor. Irrespective of the outcome of the above assessment, the Group presumes that the credit risk has increased significantly since initial recognition when contractual payments are more than 30 days past due, unless the Group has reasonable and supportable information that demonstrates otherwise. Despite the aforegoing, the Group assumes that the credit risk on a debt instrument has not increased significantly since initial recognition if the debt instrument is determined to have low credit risk at the end of each reporting period. A debt instrument is determined to have low credit risk if it has a low risk of default, the borrower has strong capacity to meet its contractual cash flow obligations in the near term and adverse changes in economic and business conditions in the longer term may, but will not necessarily, reduce the ability of the borrower to fulfill its contractual cash flow obligations. The Group considers the default has occurred when: (1) information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realizing security (if any is held); (2) a financial asset is more than 90 days past due unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. The Group writes off trade and other receivables in whole or in part, when it has exhausted all practical recovery efforts and concluded there is no reasonable expectation of recovery. Detailed analysis of the ECL assessment of trade receivables, other financial assets measured at amortized cost and debt investments at fair value through OCI are set out in note 39(e). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-316": { "value": "Impairment of financial assets IFRS 9 and HKFRS 9\u2019s impairment requirements use more forward-looking information to recognize ECL \u2013 the \u201cECL model\u201d. Instruments within the scope included loans and other debt-type financial assets measured at amortized cost, fair value through OCI and trade receivables. The Group considers a broader range of information when assessing credit risk and measuring ECL, including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument. In applying this forward-looking approach, a distinction is made between: Stage 1: financial instruments that have not deteriorated significantly in credit quality since their initial recognition or that have low credit risk. Stage 2: financial instruments that have deteriorated significantly in credit quality since their initial recognition and whose credit risk is not low. Stage 3: financial instruments that have objective evidence of impairment at the reporting date. Impairment of financial assets (Continued) For Stage 1 category, loss allowance is recognized at the present value of expected credit losses that will result if a default occurs in the 12 months after the reporting date (\u201c12-month ECL\u201d). For Stage 2 and Stage 3 category, loss allowance is recognized at the present value of expected credit shortfalls over their remaining life (\u201clifetime ECL\u201d). Measurement of the ECL is determined by a probability-weighted estimate of credit losses over the expected life of the financial instrument. For trade receivables, the Group applies a simplified approach in calculating ECL and recognizes a loss allowance based on lifetime ECL at each reporting date. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial assets. In calculating the ECL, the Group has established a provision matrix that is based on its historical credit loss experience and external indicators, adjusted for forward-looking factors specific to the debtors and the economic environment. To measure the ECL, trade receivables have been grouped based on shared credit risk characteristics and the days past due. For loan receivables, the Group measures the loss allowance for these financial assets equal to 12-month ECL with taking those collaterals into accounts (which is recognized at Stage 1), unless when there has been a significant increase in credit risk since initial recognition or classified as credit-impaired, the Group recognizes lifetime ECL (which is recognized at Stage 2). The assessment of whether lifetime ECL should be recognized is based on significant increase in the likelihood or risk of default occurring since initial recognition or classified as credit-impaired. The loan receivables are reviewed at the reporting date to assess impairment allowance which are based on the evaluation of current creditworthiness, collection statistic and market values of the collaterals which were appraised by independent qualified appraisal firms or the net asset value of the co-investment. For other financial assets measured at amortized cost and fair value through OCI, the Group measures the loss allowance for these financial assets equal to 12-month ECL (which is recognized at Stage 1), unless when there has been a significant increase in credit risk since initial recognition, the Group recognizes lifetime ECL (which is recognized at the Stage 2). The assessment of whether lifetime ECL should be recognized is based on significant increase in the likelihood or risk of default occurring since initial recognition. In assessing whether the credit risk has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial assets at the reporting date with the risk of default occurring on the financial assets at the date of initial recognition. In making this assessment, the Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort. Impairment of financial assets (Continued) In particular, the following information is taken into account when assessing whether credit risk has increased significantly: \u2013 an actual or expected significant deterioration in the financial instrument\u2019s external (if available) or internal credit rating; \u2013 significant deterioration in external market indicators of credit risk; \u2013 existing or forecast adverse changes in regulatory, business, financial, economic conditions, or technological environment of debtor that are expected to cause a significant decrease in the debtor\u2019s ability to meet its debt obligations; and \u2013 an actual or expected significant deterioration in the operating results of the debtor. Irrespective of the outcome of the above assessment, the Group presumes that the credit risk has increased significantly since initial recognition when contractual payments are more than 30 days past due, unless the Group has reasonable and supportable information that demonstrates otherwise. Despite the aforegoing, the Group assumes that the credit risk on a debt instrument has not increased significantly since initial recognition if the debt instrument is determined to have low credit risk at the end of each reporting period. A debt instrument is determined to have low credit risk if it has a low risk of default, the borrower has strong capacity to meet its contractual cash flow obligations in the near term and adverse changes in economic and business conditions in the longer term may, but will not necessarily, reduce the ability of the borrower to fulfill its contractual cash flow obligations. The Group considers the default has occurred when: (1) information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realizing security (if any is held); (2) a financial asset is more than 90 days past due unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. The Group writes off trade and other receivables in whole or in part, when it has exhausted all practical recovery efforts and concluded there is no reasonable expectation of recovery. Detailed analysis of the ECL assessment of trade receivables, other financial assets measured at amortized cost and debt investments at fair value through OCI are set out in note 39(e). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-269": { "value": "4.14 Financial liabilities Financial liabilities are recognized when the Group becomes a party to the contractual provisions of the financial instrument. A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expired. The Group classifies its financial liabilities into the following categories: Trade and other payables Trade and other payables are recognized initially at fair values and subsequently measured at amortized costs, using the effective interest method. Borrowings Borrowings are recognized initially at fair values, net of transaction costs incurred. Borrowings are subsequently stated at amortized costs. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in profit or loss over the period of the borrowings using the effective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liabilities for at least twelve months after the reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-317": { "value": "Trade and other payables Trade and other payables are recognized initially at fair values and subsequently measured at amortized costs, using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-318": { "value": "Borrowings Borrowings are recognized initially at fair values, net of transaction costs incurred. Borrowings are subsequently stated at amortized costs. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in profit or loss over the period of the borrowings using the effective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liabilities for at least twelve months after the reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-270": { "value": "4.15 Fair value measurement For financial reporting purposes, fair value measurement is categorized into Level 1, 2 and 3 of the three-level fair value hierarchy as defined under IFRS 13 and HKFRS 13. The level into which a fair value measurement is classified is determined with reference to the observability and significance of the inputs used in the valuation technique as follows: Level 1: fair values measured using quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: fair values measured using valuation techniques in which all significant inputs other than quoted prices included within Level 1 are directly or indirectly based on observable market data. Level 3: fair values measured using valuation techniques in which any significant input is not based on observable market data. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-271": { "value": "4.16 Cash and cash equivalents Cash and cash equivalents include cash at banks and in hand, demand deposits with banks and short term highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value, with original maturities of three months or less. For the purpose of consolidated statement of cash flows presentation, cash and cash equivalents include bank overdrafts which are repayable on demand and form an integral part of the Group\u2019s cash management. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-272": { "value": "4.17 Share capital Share capital is determined using the nominal value of shares that have been issued. Any transaction costs associated with the issuing of shares are deducted from share premium to the extent they are incremental costs directly attributable to the equity transaction. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-273": { "value": "4.18 Employee benefits Retirement benefits schemes The Group operates a defined contribution provident fund scheme and a mandatory provident fund scheme. The assets of the schemes are held separately from those of the Group in their respective schemes managed by an independent trustee. The contributions to retirement benefits schemes charged to profit or loss represent contributions payable to the funds by the Group at the rates specific in the rules of the schemes. The contributions to the defined contribution provident fund scheme vest in employees according to the vesting percentage set out in the scheme. When employees leave the defined contribution provident fund scheme prior to being vested fully in the contributions, the contributions payable by the Group are reduced by the amount of forfeited contributions. On the other hand, the contributions to the mandatory provident fund scheme vest immediately and fully in employees once the contributions are payable by the Group. There is no forfeited contribution when employees leave the mandatory provident fund scheme. Short term employee benefits Employee entitlements to annual leave are recognized when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the reporting date. Non-accumulating compensated absences such as sick leave and maternity leave are not recognized until the time of leave. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-274": { "value": "4.19 Leases A lease is defined as a contract, or part of a contract, that conveys the right to use an identified asset (the underlying asset) for a period of time in exchange for consideration. To apply this definition, the Group assesses whether the contract meets three key evaluations which are whether: \u2013 the contract contains an identified asset, which is either explicitly identified in the contract or implicitly specified by being identified at the time the asset is made available to the Group; \u2013 the Group has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use, considering its rights within the defined scope of the contract; and \u2013 the Group has the right to direct the use of the identified asset throughout the period of use. The Group assess whether it has the right to direct how and for what purpose the asset is used throughout the period of use. For contracts that contains a lease component and one or more additional lease or non-lease components, the Group allocates the consideration in the contract to each lease and non-lease component on the basis of their relative stand-alone prices. (a) Group as a lessee At the lease commencement date, the Group recognizes the right-of-use asset and the lease liability on the consolidated statement of financial position. except for short-term leases that have a lease term of 12 months or less (\u201cshort-term lease\u201d) and leases of low-value assets. Lease payments on short-term leases and leases of low-value assets are recognized as an expense on a straight-line basis over the lease term. Right-of-use assets The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred by the Group, an estimate of any costs to dismantle and remove the underlying asset at the end of the lease, and any lease payments made in advance of the lease commencement date (net of any lease incentives received). The Group depreciates the right-of-use assets on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The Group also assesses the right-of-use asset for impairment when such indicator exists, as for owned vessels in accordance with the Group\u2019s accounting policies. 4.19 Leases (Continued) (a) Group as a lessee (Continued) Lease liabilities At the commencement date, the Group measures the lease liability at the present value of the lease payments unpaid at that date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Lease payments included in the measurement of the lease liability are made up of fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable payments based on an index or rate, and amounts expected to be payable under a residual value guarantee. Subsequent to the commencement date, the Company measures the lease liability by: (i) increasing the carrying amount to reflect the accretion of interest on the lease liability; (ii) reducing the carrying amount to reflect the lease payments made; and (iii) remeasuring the carrying amount to reflect any reassessment or lease modifications, e.g. a change in future lease payments arising from change in an index or rate, a change in the lease term, a change in the in-substance fixed lease payments or a change in assessment to purchase the underlying asset. For lease modification that is not accounted for as a separate lease, the Group remeasures the lease liability based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of modification. For lease remeasurement that the lease payments change due to changes in market rental rates following a market rent review / expected payment under a guaranteed residual value, in which cases the related lease liability is remeasured by discounting the revised lease payments using the initial discount rate. When the lease is remeasured, the corresponding adjustment is reflected in the carrying amount of the right-of-use asset, or is recorded in profit and loss if the carrying amount of the right-of-use asset has been reduced to zero. 4.19 Leases (Continued) (b) Group as a lessor (Assets leased out under operating leases) As a lessor, the Group classifies its leases as operating leases. Where the Group as a lessor leases out assets under operating leases, such assets are measured and presented according to the nature of the asset. Rental income receivable from operating leases is recognized in profit or loss on a straight-line basis over the lease terms. Hire income applicable to operating leases in respect of time charters are recognized as revenue on time basis over the period of each lease. Lease incentives granted are recognized in profit or loss as an integral part of the aggregate net income receivable from the lease. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-275": { "value": "4.20 Provisions and contingent liabilities Provisions are recognized when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made. Where the time value of money is material, provisions are stated at the present value of the expenditure expected to settle the obligation. All provisions are reviewed at each reporting date and adjusted to reflect the current best estimate. Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more uncertain future events are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote. Contingent liabilities are not recognized but are disclosed in the notes to the consolidated financial statements. When a change in the probability of an outflow of economic benefits occurs, and an outflow is probable, it will then be recognized as a provision. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-276": { "value": "4.21 Related parties For the purposes of these consolidated financial statements, a party is considered to be related to the Group if: (a) A person, or a close member of that person\u2019s family, is related to the Group if that person: (i) has control or joint control over the Group; (ii) has significant influence over the Group; or (iii) is a member of the key management personnel of the Group or the Group\u2019s parent. (b) An entity is related to the Group if any of the following conditions applies: (i) The entity and the Group are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others). (ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member). (iii) Both entities are joint venture of the same third entity. (iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity. (v) The entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group. (vi) The entity is controlled or jointly controlled by a person identified in (a). (vii) A person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity). (viii) The entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the parent of the Group. Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their dealings with the entity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-277": { "value": "4.22 Segment reporting The Group identifies operating segments and prepares segment information based on the regular internal financial information reported to the chief operating decision maker for their decisions about resources allocation to the Group\u2019s business components and for their review of the performance of those components. The Group has regarded the business of ship chartering and ship owning as the only dominant reportable operating segment to be reported to the chief operating decision maker. Thus, no analysis of segment revenue, segment results, segment assets and segment liabilities are presented in the consolidated financial statements for the years 2022 and 2021. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-278": { "value": "5. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS Estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. The significant estimates and judgements made in the process of applying the Group\u2019s accounting policies are discussed below. Impairment loss on owned vessels In the first half of 2022, dry bulk shipping market showed strong sign of rebound amid global economic recovery. However, dry bulk shipping market endured a slump during the fourth quarter of 2022. The demand for dry bulk commodities was weak due to the slowdown of global economic growth as a result of high inflation and increase in interest rates, the COVID-19 related issues as well as multiple geo-political issues that dampened economic activities globally. A further downward correction in the market freight rates was continued in the fourth quarter of 2022. This inevitably introduced volatility to the Group\u2019s business performance, as well as the carrying value of the Group\u2019s shipping assets. In view of the significant decrease in market value of dry bulk vessels in the market, the management considered that impairment indication of the Group\u2019s fleet existed at end of 2022. Key assumptions applied in calculation of impairment assessment of owned vessels With due considerations of factors affecting the long term intrinsic values of owned dry bulk vessels in the impairment review, certain of the Group\u2019s owned vessels\u2019 recoverable amounts which were determined based on the higher of the fair value less costs of disposal and value in use and were significantly less than their respective carrying amounts at end of 2022. Those vessels with carrying amount of US$198,590,000 is estimated based on the value in use using estimated future cash flows projections from the continuous use of such vessels. Key assumptions applied in value in use calculation mainly included discount rate and hire rates earned by each vessel as the value in use is most sensitive to the changes in these two factors. Other assumptions applied in the estimated future cash flows projections included the first five-year period from the continuous use of such vessels and cash flows beyond the five-year period are extrapolated using the zero growth rate. The hire rates applied in the impairment test on owned vessels were based on management\u2019s best estimation, taking into consideration of historical performances, market research data and market expectation. The hire rates would have an average of 1% (2021: 1%) growth for the first five-year period and cash flows beyond the five-year period are extrapolated using the zero growth rate. The discount rate applied to the value in use calculation on owned vessels was 10.5% (2021: 8.5%), which was a pre-tax rate that reflected current market assessments of time value of money and the risks specific to the assets. Other assumptions included utilization rate which is assumed to be 95% (2021: 95%) in all subsequent years; and vessels are expected to have useful life of 25 (2021: 25) years from the date of the initial delivery from the shipyards. The net cash flow also reflected the estimated drydocking and special surveys costs and vessels operating expense. 5. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (Continued) Impairment loss on owned vessels (Continued) Key assumptions applied in calculation of impairment assessment of owned vessels (Continued) Remaining certain owned vessels with carrying amount of US$176,745,000 are determined based on fair value less cost of disposal under market comparison approach and such measurement of these owned vessels was categorized as Level 2 of the three-level fair value hierarchy as defined under IFRS 13 and HKFRS 13. Key assumptions applied in fair value less cost of disposal mainly included quoted transactions of similar vessels which is most sensitive. Other assumptions included estimated cost of disposal of these vessels which are based on the Group\u2019s historical acquisition and disposal transactions of its fleets. Accordingly, a net impairment loss of US$49,326,000 (2021: reversal of impairment loss of US$133,606,000) on owned vessels classified in property, plant and equipment was recognized at 31 December 2022 to reflect the Group\u2019s change in the expectation on the long term global economic and the dry bulk shipping industry outlook which affect the assumptions applied in estimation of the value in use and fair value less cost of disposal of the Group\u2019s owned vessels. Sensitivity in calculation of impairment assessment of owned vessels Value in use With all other variables remaining constant, it was estimated that a decrease of 5% in hire rates applied in the impairment test at the reporting date, the impairment loss on owned vessels recognized and net loss for the year would increase by approximately US$15,572,000 and the carrying amount of the Group\u2019s owned vessels would decrease by 4.15%. With all other variables remaining constant, it was estimated that an increase of 75 basis points in discount rate applied in the impairment test at the reporting date, the impairment loss on owned vessels recognized and net loss for the year would increase by approximately US$6,284,000 and the carrying amount of the Group\u2019s owned vessels would decrease by 1.67%. Fair value less cost of disposal With all other variables remaining constant, it was estimated that a decrease of 5% in selling price quoted from the transactions of similar vessels applied in the impairment test at the reporting date, the impairment loss on owned vessels recognized and net loss for the year would increase by approximately US$7,104,000 and the carrying amount of the Group\u2019s owned vessels would decrease by 1.89%. 5. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (Continued) Valuation of investment properties As at 31 December 2022, the Group\u2019s investment properties were stated at fair value of US$27,210,000 (2021: US$28,145,000). Change in fair value loss of investment properties of US$935,000 (2021: US$1,334,000) was recognized in profit or loss during the year. The fair values of the Group\u2019s investment properties were determined by an independent qualified professional valuer. The valuations are dependent on certain significant unobservable inputs, including market unit sale rate per square feet / carpark which are determined based on comparable transactions after applying adjusting factors such as the age, location, size, view, floor level and quality of buildings and carparks to reflect the conditions and locations of the subject properties. Details of the valuation methodologies and significant unobservable inputs used in the valuations are disclosed in note 21. Fair values of financial assets at fair value through OCI Fair values of financial assets at fair value through OCI that are not traded in an active market is determined by using valuation techniques. The Group determines the fair values primarily based on the recent transaction prices, net asset value (representing the fair value of the equity instruments reported by investment manager of the investees) and take into account of its financial results and other factors. The fair values of financial assets at fair value through OCI that are not traded in active market are determined by using valuation techniques as disclosed in note 22. Impairment of trade receivables and other financial assets As at 31 December 2022, the carrying amount of the trade receivables (note 25) was US$1,354,000 (2021: US$2,195,000). For trade receivables, the Group applies a simplified approach in calculating ECL and recognizes a loss allowance based on lifetime ECL at each reporting date. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial assets. To measure the ECL, trade receivables have been grouped based on shared credit risk characteristics and the days past due. For other financial assets measured at amortized cost or fair value through OCI (note 39(a)), the Group measures the loss allowance for these financial assets equal to 12-month ECL, unless when there has been a significant increase in credit risk since initial recognition, the Group recognizes lifetime ECL. The assessment of whether lifetime ECL should be recognized is based on significant increase in the likelihood or risk of default occurring since initial recognition. In assessing whether the credit risk for other financial assets has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial assets at the reporting date with the risk of default occurring on the financial assets at the date of initial recognition. In making this assessment, the Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort. For loan receivables (note 24) which arise from co-investment, the Group measures the loss allowance for these financial assets equal to 12-month ECL with taking the net asset value of the co-investment into accounts unless when there has been a significant increase in credit risk since initial recognition or classified as credit impaired, the Group recognizes lifetime ECL. The assessment of whether lifetime ECL should be recognized is based on significant increase in the likelihood or risk of default occurring since initial recognition or classified as credit- impaired. The loan receivables are reviewed by the management at the reporting date to assess impairment allowance which are based on the evaluation of current creditworthiness, collection statistic and the net asset value of the co-investment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-279": { "value": "6. SEGMENT INFORMATION The Group is principally engaged in the business of ship chartering and ship owning and the management has regarded this business as the only dominant reportable operating segment to be reported to the chief operating decision maker. While the Group\u2019s revenue was mainly attributable to its chartering operations which are carried out internationally and cannot be attributable to any particular geographical location, analysis of revenue from chartering freight and hire business by geographical split of revenue by charterers\u2019 location is presented in note 7. The Group\u2019s non-current assets mainly consist of property, plant and equipment, right-of-use assets and investment properties. Property, plant and equipment and right-of-use assets mainly comprised of the Group\u2019s owned vessels and chartered-in vessel respectively. As the Group\u2019s motor vessels are operated across different geographical regions, it is meaningless to identify the specific geographical locations of the motor vessels at the reporting date. The Group\u2019s investment properties comprised of premises and car parks and all are located in Hong Kong. While majority of the Group\u2019s non-current assets other than financial instruments cannot be attributable to any particular geographical location, no analysis of non-current assets other than financial instruments by geographical area is presented in the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-280": { "value": "7. REVENUE Revenue represents chartering freight and hire income arising from the Group\u2019s owned and chartered-in vessels. Revenue recognized during the year is as follows: 2022 2021 US$\u2019000 US$\u2019000 Chartering freight and hire income: Hire income under time charters 1 152,466 131,069 Note: 1. Hire income under time charter is accounted for as operating lease and is recognized on a straight-line basis over the period of each time charter contract. Hire income included a non-lease component in relation to crewing service of US$37,914,000 (2021: US$23,310,000). 7. REVENUE (Continued) Information about major charterers Revenue of US$58,439,000, US$38,867,000 and US$21,929,000 (2021: US$53,029,000, US$40,413,000 and US$20,459,000) were derived from three charterers that contributed 38%, 25% and 14% (2021: 40%, 31% and 16%) respectively to the Group\u2019s revenue for the year 2022. Information about geographical distribution Revenue from external customers (charterers) is as follows: 2022 2021 US$\u2019000 US$\u2019000 Geographical split of revenue by charterers\u2019 location: Singapore 119,955 116,099 China 31,071 10,285 United Kingdom 1,440 \u2013 Ireland \u2013 2,670 South Korea \u2013 2,015 152,466 131,069 ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-281": { "value": "8. NET GAIN ON DISPOSAL OF OWNED VESSELS During the year, the Group entered into five agreements to dispose of two Post-Panamaxes and three Supramaxes at total consideration of US$65,550,000 with the total net gain of US$5,636,000 was recognized on completion of the disposal of these vessels in the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-282": { "value": "9. OTHER OPERATING INCOME 2022 2021 US$\u2019000 US$\u2019000 Net gain on bunker arising from shipping operations 2,352 4,294 Write-back of other payables 1 5,167 \u2013 Other shipping operating income 2,648 3,547 Gross rental income from operating leases on investment properties 559 473 Dividend income 2,624 1,541 Net gain on disposal of property, plant and equipment, other than motor vessels \u2013 278 Reversal of impairment loss on trade and other receivables, net 1,620 1,786 Compensation income in relation to loan receivables \u2013 438 COVID-19 related government subsidies 194 \u2013 Sundry income 255 259 15,419 12,616 Note: 1. Write-back of other payables of US$5,167,000 upon the termination of business relationship with a crew agent. The settled amount was agreed and finalized by both parties and hence, the Group derecognized the outstanding payable amount thereon during the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-283": { "value": "10. INTEREST INCOME 2022 2021 US$\u2019000 US$\u2019000 Interest income in respect of: Financial assets at fair value through profit or loss 129 1,089 Deposits with banks and other financial institutions 120 24 Loan receivables 815 1,867 1,064 2,980 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-284": { "value": "11. REVERSAL OF IMPAIRMENT LOSS (IMPAIRMENT LOSS) ON OWNED VESSELS, NET In the first half of 2022, dry bulk shipping market showed strong sign of rebound amid global economic recovery. However, dry bulk shipping market endured a slump during the fourth quarter of 2022. The demand for dry bulk commodities was weak due to the slowdown of global economic growth as a result of high inflation and increase in interest rates, the COVID-19 related issues as well as multiple geo-political issues that dampened economic activities globally. A further downward correction in the market freight rates was continued in the fourth quarter of 2022. This inevitably introduced volatility to the Group\u2019s business performance, as well as the carrying value of the Group\u2019s shipping assets. In view of the significant decrease in market value of dry bulk vessels in the market, the management considered that impairment indication of the Group\u2019s fleet existed at end of 2022. With due considerations of factors affecting the long term intrinsic values of owned dry bulk vessels in the impairment review, certain of the Group\u2019s owned vessels\u2019 recoverable amounts which were determined based on the higher of the fair value less costs of disposal and value in use and were significantly less than their respective carrying amounts at end of 2022. Those vessels with carrying amount of US$198,590,000 is estimated based on the value in use using estimated future cash flows projections from the continuous use of such vessels. Key assumptions applied in value in use calculation mainly included discount rate and hire rates earned by each vessel as the value in use is most sensitive to the changes in these two factors. Other assumptions applied in the estimated future cash flows projections included the first five-year period from the continuous use of such vessels and cash flows beyond the five-year period are extrapolated using the zero growth rate. The hire rates applied in the impairment test on owned vessels were based on management\u2019s best estimation, taking into consideration of historical performances, market research data and market expectation. The hire rates would have an average of 1% (2021: 1%) growth for the first five-year period and cash flows beyond the five-year period are extrapolated using the zero growth rate. The discount rate applied to the value in use calculation on owned vessels was 10.5% (2021: 8.5%), which was a pre-tax rate that reflected current market assessments of time value of money and the risks specific to the assets. Other assumptions included utilization rate which is assumed to be 95% (2021: 95%) in all subsequent years; and vessels are expected to have useful life of 25 (2021: 25) years from the date of the initial delivery from the shipyards. The net cash flow also reflected the estimated drydocking and special surveys costs and vessels operating expense. Remaining certain owned vessels with carrying amount of US$176,745,000 are determined based on fair value less cost of disposal under market comparison approach and such measurement of these owned vessels was categorized as Level 2 of the three-level fair value hierarchy as defined under IFRS 13 and HKFRS 13. Key assumptions applied in fair value less cost of disposal mainly included quoted transactions of similar vessels which is most sensitive. Other assumptions included estimated cost of disposal of these vessels which are based on the Group\u2019s historical acquisition and disposal transactions of its fleets. 11. REVERSAL OF IMPAIRMENT LOSS (IMPAIRMENT LOSS) ON OWNED VESSELS, NET (Continued) Accordingly, a net impairment loss of US$49,326,000 on owned vessels classified in property, plant and equipment was recognized at 31 December 2022 to reflect the Group\u2019s change in the expectation on the long term global economic and the dry bulk shipping industry outlook which affect the assumptions applied in estimation of the value in use and fair value less cost of disposal of the Group\u2019s owned vessels. The impairment loss on owned vessels is non-cash in nature and does not have impact on the operating cash flows of the Group. In 2021, the Group recognized a reversal of impairment loss of US$65,521,000 on owned vessels classified in property, plant and equipment at 30 June 2021 and a further reversal of impairment loss of US$68,085,000 on owned vessels at 31 December 2021 to reflect the Group\u2019s change in the expectation on the long term global economic and the dry bulk shipping industry outlook which affect the assumptions applied in estimation of the value in use of the Group\u2019s owned vessels. The total reversal of impairment loss on owned vessels recognized in 2021 was US$133,606,000. The reversal of impairment loss on owned vessels is non-cash in nature and does not have impact on the operating cash flows of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-285": { "value": "12. STAFF COSTS 2022 2021 US$\u2019000 US$\u2019000 Directors\u2019 emoluments (excluding directors\u2019 fees): Salaries and other benefits 8,403 8,390 Contributions to retirement benefits schemes 434 434 Other staff costs: Salaries and other benefits 4,643 4,388 Contributions to retirement benefits schemes 188 185 13,668 13,397 At the reporting date, the Group has 65 (2021: 64) full-time employees. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-286": { "value": "13. DIRECTORS\u2019 EMOLUMENTS Directors\u2019 fees 1 Salaries and allowances 2 Discretionary bonus 2 Contributions to retirement benefits schemes 2 Total US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 2022 Executive Directors Ng Siu Fai 248 3,846 641 231 4,966 Ng Kam Wah Thomas 248 3,077 513 185 4,023 Ng Ki Hung Frankie 170 123 \u2013 7 300 Ho Suk Lin Cathy 60 190 13 11 274 Non-executive Directors Tsui Che Yin Frank 28 \u2013 \u2013 \u2013 28 William Yau 23 \u2013 \u2013 \u2013 23 777 7,236 1,167 434 9,614 2021 Executive Directors Ng Siu Fai 248 3,846 642 231 4,967 Ng Kam Wah Thomas 248 3,077 512 185 4,022 Ng Ki Hung Frankie 170 123 \u2013 7 300 Ho Suk Lin Cathy 60 190 \u2013 11 261 Non-executive Directors Tsui Che Yin Frank 28 \u2013 \u2013 \u2013 28 William Yau 23 \u2013 \u2013 \u2013 23 777 7,236 1,154 434 9,601 Notes: 1. The directors\u2019 fees were provided by the Company. None of the Directors received directors\u2019 fees from its subsidiaries. 2 . Directors\u2019 other emoluments, which included salaries and allowances, discretionary bonus and contributions to retirement benefits schemes, were provided by a subsidiary. ", "dimensions": { "concept": "jinhui:DisclosureOfDirectorsEnoulments", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-287": { "value": "14. OTHER OPERATING EXPENSES Other operating expenses for the year 2022 mainly included net loss of US$2,510,000 on financial assets at fair value through profit or loss, directors\u2019 fee of US$777,000, professional fee of US$849,000, change in fair value of investment properties of US$935,000, auditor\u2019s remuneration related to audit services of US$210,000 and remaining are various office administrative expenses. Other operating expenses for the year 2021 mainly included net loss of US$2,570,000 on financial assets at fair value through profit or loss, directors\u2019 fee of US$777,000, professional fee of US$590,000, change in fair value of investment properties of US$1,334,000, auditor\u2019s remuneration related to audit services of US$200,000 and remaining are various office administrative expenses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-288": { "value": "15. OPERATING PROFIT BEFORE DEPRECIATION AND AMORTIZATION This is stated after charging / (crediting): 2022 2021 US$\u2019000 US$\u2019000 Auditor\u2019s remuneration 1 : Audit services 210 200 Other services 8 15 Rent and rates payments in respect of premises 87 85 Net loss on financial assets at fair value through profit or loss Realized gain on financial assets at fair value through profit or loss (1,493) (2,755) Unrealized loss on financial assets at fair value through profit or loss 4,003 5,325 Interest income in respect of: Financial assets at fair value through profit or loss (129) (1,089) Deposits with banks and other financial institutions (120) (24) Loan receivables (815) (1,867) Dividend income (2,624) (1,541) Net gain on disposal of owned vessels (5,636) \u2013 Net gain on disposal of property, plant and equipment, other than motor vessels \u2013 (278) Loss on write-off of property, plant and equipment 6 2 Change in fair value of investment properties 935 1,334 Impairment loss (Reversal of impairment loss) on owned vessels, net 49,326 (133,606) Reversal of impairment loss on trade and other receivables, net (1,620) (1,786) Net exchange loss 384 103 Gross rental income from operating leases on investment properties (559) (473) Outgoings in respect of investment properties 25 41 Bad debts written off in respect of trade and other receivables 29 7 Note: 1. The auditor\u2019s remuneration disclosed above excluded VAT and fees paid for other services mainly included fees for tax compliance services of US$4,000 (2021: US$3,000) and review of internal control systems of US$4,000 (2021: US$5,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-319": { "value": "This is stated after charging / (crediting): 2022 2021 US$\u2019000 US$\u2019000 Auditor\u2019s remuneration 1 : Audit services 210 200 Other services 8 15 Rent and rates payments in respect of premises 87 85 Net loss on financial assets at fair value through profit or loss Realized gain on financial assets at fair value through profit or loss (1,493) (2,755) Unrealized loss on financial assets at fair value through profit or loss 4,003 5,325 Interest income in respect of: Financial assets at fair value through profit or loss (129) (1,089) Deposits with banks and other financial institutions (120) (24) Loan receivables (815) (1,867) Dividend income (2,624) (1,541) Net gain on disposal of owned vessels (5,636) \u2013 Net gain on disposal of property, plant and equipment, other than motor vessels \u2013 (278) Loss on write-off of property, plant and equipment 6 2 Change in fair value of investment properties 935 1,334 Impairment loss (Reversal of impairment loss) on owned vessels, net 49,326 (133,606) Reversal of impairment loss on trade and other receivables, net (1,620) (1,786) Net exchange loss 384 103 Gross rental income from operating leases on investment properties (559) (473) Outgoings in respect of investment properties 25 41 Bad debts written off in respect of trade and other receivables 29 7 Note: 1. The auditor\u2019s remuneration disclosed above excluded VAT and fees paid for other services mainly included fees for tax compliance services of US$4,000 (2021: US$3,000) and review of internal control systems of US$4,000 (2021: US$5,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-289": { "value": "16. TAXATION Taxation has been provided on the estimated assessable profits arising in Hong Kong from a wholly owned subsidiary of the Company which is a qualifying corporation in accordance with the two-tiered profits tax rates regime in Hong Kong. Under the two-tiered profits tax rates regime, the first HK$2,000,000 (approximately US$256,000) of assessable profits of the qualifying corporation are taxed at 8.25%, and the assessable profits above HK$2,000,000 (approximately US$256,000) are taxed at 16.5%. Apart from the estimated assessable profits arising in Hong Kong from that subsidiary, in the opinion of the Directors, the Group is not subject to taxation in any other jurisdictions in which the Group operates. There was no Bermuda income, corporation or profits tax, withholding tax, capital gains tax, capital transfer tax, estate duty or inheritance tax payable by the Company for the years. The Company has received from the Minister of Finance of Bermuda under The Exempted Undertakings Tax Protection Act 1966, as amended, an assurance that, in the event of there being enacted in Bermuda any legislation imposing tax computed on profits or income, or computed on any capital asset gain or appreciation or any tax in the nature of estate duty or inheritance tax, the imposition of such tax shall not until 31 March 2035 be applicable to the Company or to any of its operations, or to the shares, debentures or other obligations of the Company. The amount of taxation charged to the consolidated statement of profit or loss and other comprehensive income represents: 2022 2021 US$\u2019000 US$\u2019000 Hong Kong Profits Tax Current year 21 191 Over provision in prior year (1) (1) 20 190 16. TAXATION (Continued) Reconciliation between taxation charge and accounting profit (loss) at the applicable tax rates: 2022 2021 US$\u2019000 US$\u2019000 Profit (Loss) before taxation (7,093) 194,387 Income tax at the applicable tax rates in the tax jurisdictions concerned (2,701) (2,377) Non-deductible expenses 345 482 Tax exempted revenue (629) (641) Unrecognized tax losses 3,036 2,755 Unrecognized temporary differences (28) (28) Utilization of previously unrecognized tax losses (2) \u2013 Over provision in prior year (1) (1) Taxation charge for the year 20 190 The applicable tax rates are the weighted average of current rates of taxation ruling in the relevant jurisdictions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-290": { "value": "17. EARNINGS (LOSS) PER SHARE 2022 2021 Weighted average number of ordinary shares in issue 109,258,943 109,258,943 Net profit (loss) attributable to shareholders of the Company (US$\u2019000) (7,113) 194,197 Basic and diluted earnings (loss) per share US$(0.065) US$1.777 Diluted earnings (loss) per share for the years 2022 and 2021 were the same as basic earnings (loss) per share as there was no potentially dilutive ordinary shares in existence for the years 2022 and 2021. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-291": { "value": "18. DIVIDENDS 2022 2021 US$\u2019000 US$\u2019000 2021 interim dividend of US$0.03 per share \u2013 3,278 2021 final dividend of US$0.07 per share \u2013 7,648 2022 interim dividend of US$0.03 per share 3,278 \u2013 2022 final dividend, proposed of US$0.04 per share 4,370 \u2013 7,648 10,926 The final dividend for the year 2021 was approved by the Company\u2019s shareholders on the annual general meeting held on 20 May 2022. Such dividend was paid to the shareholders of the Company on 14 June 2022. On 24 August 2022, the Board has resolved to declare the payment of an interim dividend of US$0.03 per share for the quarter ended 30 June 2022 and such dividend was paid to the beneficial owners of the shares of the Company on 20 September 2022. The proposed final dividend for the year 2022 is subject to the approval of the Company\u2019s shareholders at the forthcoming annual general meeting scheduled on 24 May 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-292": { "value": "19. PROPERTY, PLANT AND EQUIPMENT Motor vessels 1 and capitalized drydocking costs Leasehold land and buildings Others Total US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 Cost At 1 January 2021 693,264 26,768 7,030 727,062 Additions 81,231 \u2013 66 81,297 Disposals / Write-off (899) (841) (55) (1,795) At 31 December 2021 773,596 25,927 7,041 806,564 Additions 140,482 \u2013 121 140,603 Disposals / Write-off (175,782) \u2013 (42) (175,824) At 31 December 2022 738,296 25,927 7,120 771,343 Accumulated depreciation and impairment loss At 1 January 2021 510,837 16,153 5,979 532,969 Reversal of impairment loss 2 (133,606) \u2013 \u2013 (133,606) Charge for the year 17,890 803 155 18,848 Eliminated on disposals / write-off (899) (244) (53) (1,196) At 31 December 2021 394,222 16,712 6,081 417,015 Impairment loss, net 3 49,326 \u2013 \u2013 49,326 Charge for the year 36,163 796 168 37,127 Eliminated on disposals / write-off (116,750) \u2013 (36) (116,786) At 31 December 2022 362,961 17,508 6,213 386,682 Net book value At 31 December 2022 375,335 8,419 907 384,661 At 31 December 2021 379,374 9,215 960 389,549 19. PROPERTY, PLANT AND EQUIPMENT (Continued) Notes: 1. All motor vessels are held for use under operating leases. 2. Reversal of impairment loss: In 2021, the Group recognized a reversal of impairment loss of US$65,521,000 on owned vessels classified in property, plant and equipment at 30 June 2021 and a further reversal of impairment loss of US$68,085,000 on owned vessels at 31 December 2021. The total reversal of impairment loss on owned vessels recognized in 2021 was US$133,606,000. 3. Impairment loss, net: A net impairment loss of US$49,326,000 on owned vessels classified in property, plant and equipment was recognized at 31 December 2022 to reflect the Group\u2019s change in the expectation on the long term global economic and the dry bulk shipping industry outlook which affect the assumptions applied in estimation of the value in use and fair value less cost of disposal of the Group\u2019s owned vessels. The impairment loss on owned vessels is non-cash in nature and does not have impact on the operating cash flows of the Group. Details of the events that led to the recognition of impairment loss, the impairment indicators, key assumptions applied in the value in use calculation and fair value less cost of disposal, recoverable amounts of impaired assets and the sensitivity analysis are provided in note 5 and note 11. Details of the Group\u2019s certain owned vessels and information about the determination of the fair values less cost of disposal of these vessels, in particular the valuation techniques, significant unobservable inputs and category of the fair value hierarchy are disclosed as below: Fair value hierarchy Valuation technique Significant unobservable inputs Range of unobservable inputs Relationship of significant unobservable inputs to fair value less cost of disposal 2022 2021 Level 2 Direct comparison method Selling price quoted from the transactions of similar vessels, after taking into account the individual factors such as year of built, shipyards and size of vessels US$14.7 million - US$24 million per vessel \u2013 An increase in percentage of selling price quoted from the transactions of similar vessels would result in an increase in fair value measurement of the vessels, and vice versa ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-293": { "value": "20. LEASES (a) Right-of-use assets 2022 2021 US$\u2019000 US$\u2019000 At 1 January \u2013 \u2013 Additions 43,598 \u2013 Lease remeasurement (11,858) \u2013 Depreciation (2,743) \u2013 At 31 December 28,997 \u2013 (b) Lease liabilities 2022 2021 US$\u2019000 US$\u2019000 At 1 January \u2013 \u2013 Additions 43,598 \u2013 Lease remeasurement (11,858) \u2013 Interest expense (included in finance costs) 703 \u2013 Repayments of lease liabilities (3,106) \u2013 At 31 December 29,337 \u2013 20. LEASES (Continued) (b) Lease liabilities (Continued) The lease liabilities were repayable as follows: 2022 2021 US$\u2019000 US$\u2019000 Within one year 4,173 \u2013 After one year but within two years 4,371 \u2013 After two years but within five years 14,276 \u2013 After five years 6,517 \u2013 25,164 \u2013 29,337 \u2013 On 20 May 2022, the Group entered into a charterparty with a third party in respect of leasing of a Panamax of deadweight 84,484 metric tons, built in year 2022 for a term of seven years commencing on the date of delivery of the vessel to the Group. The vessel was delivered to the Group in June 2022. Hire payment is on index-linked basis, being the Baltic Panamax Time Charter Routes published by the Baltic Exchange, with other adjusting factors. In accordance with IFRS 16 and HKFRS 16 Leases, the Group recognized the value of the right-of-use assets which is calculated with the present value of total minimum hire payment at the inception of the lease terms of the charterparty and corresponding lease liabilities was also recognized. During the year, the total cash outflow for the lease was US$3,106,000 (2021: nil). At the reporting date, an impairment assessment of right-of-use assets was performed and no impairment loss was recognized. 35. FUTURE OPERATING LEASE ARRANGEMENTS At the reporting date, the Group had future minimum lease income receivables under non-cancellable operating leases as follows: 2022 2021 US$\u2019000 US$\u2019000 Within one year: Premises 41 47 Owned vessels 125 \u2013 166 47 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-320": { "value": "(a) Right-of-use assets 2022 2021 US$\u2019000 US$\u2019000 At 1 January \u2013 \u2013 Additions 43,598 \u2013 Lease remeasurement (11,858) \u2013 Depreciation (2,743) \u2013 At 31 December 28,997 \u2013 ", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-294": { "value": "21. INVESTMENT PROPERTIES 2022 2021 US$\u2019000 US$\u2019000 At 1 January 28,145 29,479 Change in fair value (935) (1,334) At 31 December 27,210 28,145 The Group\u2019s investment properties were stated at fair value and comprised of premises and car parks held under operating leases to earn rentals or held for capital appreciation, or both. These premises and car parks are held under long term leases. At the reporting date, the fair values of the Group\u2019s investment properties were determined by Centaline Surveyors Limited, an independent qualified professional valuer, on direct comparison approach on annually basis with reference to comparable transactions available in the relevant locality. In estimating the fair value of investment properties, the highest and best use of the properties is their current use. The fair value measurement of these investment properties was categorized as Level 3 of the three-level fair value hierarchy as defined under IFRS 13 and HKFRS 13 and there was no transfer among the three levels of the fair value hierarchy during the year. 21. INVESTMENT PROPERTIES (Continued) Details of the Group\u2019s investment properties and information about the determination of the fair values of these investment properties, in particular the valuation techniques, significant unobservable inputs and category of the fair value hierarchy are disclosed as below: Properties Fair value hierarchy Valuation technique Significant unobservable inputs Range of unobservable inputs Relationship of significant unobservable inputs to fair value 2022 2021 Premises Level 3 Direct comparison method Market unit sale rate per square feet, after taking into account the age, location and individual factors such as size, view, floor level and quality of building US$1,900 \u2013 US$3,600 per square feet US$2,100 \u2013 US$3,400 per square feet An increase in percentage of market unit sale rate per square feet would result in an increase in fair value measurement of the premises by the same percentage increase, and vice versa Car parks Level 3 Direct comparison method Market unit sale rate per car park US$346,000 \u2013 US$513,000 per car park US$500,000 \u2013 US$513,000 per car park An increase in percentage of market unit sale rate per car park would result in an increase in fair value measurement of the car park by the same percentage increase, and vice versa ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-295": { "value": "22. FINANCIAL ASSETS AT FAIR VALUE THROUGH OCI 2022 2021 US$\u2019000 US$\u2019000 Unlisted equity investments Co-investment in a property project At 1 January 12,257 10,373 Change in fair value 1 (2,861) 1,884 9,396 12,257 Unlisted club membership At 1 January 482 370 Change in fair value 2 (38) 112 444 482 9,840 12,739 Notes: 1. Items that will not be reclassified to profit or loss. 2. Items that may be reclassified subsequently to profit or loss. 3. In March 2021, a wholly owned subsidiary of the Company (the \u201cCo-Investor\u201d) together with other co-investors signed an unsecured subordinated shareholder loan agreement with Triple Smart Limited, a special purpose vehicle invested by Dual Bliss Limited (\u201cDual Bliss\u201d), for the purposes of funding the operating expenditure of Tower A of One Financial Street Center, Jing\u2019an Central Business District, Shanghai, the PRC (the \u201cTower A\u201d or previously named as \u201cT3 Property\u201d) and the Co-Investor agreed to provide a maximum amount of advance up to US$1,577,000. At the reporting date, advance of US$1,342,000 (2021: US$568,000) was drawdown and the amount was included in note 24. 22. FINANCIAL ASSETS AT FAIR VALUE THROUGH OCI (Continued) Pursuant to the co-investment documents, the Co-Investor committed to acquire non-voting participating class A shares of Dual Bliss of US$10,000,000. Dual Bliss is one of the investors of the co-investment in Tower A. As at the reporting date, the capital expenditure commitments contracted by the Group but not provided for was US$372,000 (2021: US$372,000). There is no quoted market price in active market for unlisted equity investments. Transactions in such investments do not occur on a regular basis. The Group uses its net asset value (representing the fair value of the equity instruments reported by Phoenix Property Investors Limited, the Investment Manager) to determine its fair value as the Group determined that this is the fair price at which shareholders subscribe and redeem the investments or determined its fair value with generally accepted pricing models. The fair value measurement of unlisted equity investments was categorized as Level 3 of the three-level fair value hierarchy as defined under IFRS 13 and HKFRS 13 and there was no transfer among the three levels of the fair value hierarchy during the year. Unlisted club membership stated at fair value represented investment in club membership which their fair values can be determined directly by reference to published price quotations in active markets and were categorized as Level 1 of the three-level fair value hierarchy as defined under IFRS 13 and HKFRS 13 and there was no transfer among the three levels of the fair value hierarchy during the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-296": { "value": "23. INVENTORIES Inventories consisted of bunker stock and ship stores on the Group\u2019s vessels. At the reporting date, these inventories were carried at cost. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-297": { "value": "24. LOAN RECEIVABLES 2022 2021 US$\u2019000 US$\u2019000 At 1 January 9,236 33,358 Gross new loan originated 774 568 Repayment (8,668) (24,690) Provision of individual impairment \u2013 \u2013 Loan receivables, net of provision 1,342 9,236 Less: Amount receivable within one year (1,342) (5,538) Amount receivable after one year \u2013 3,698 The maturity of loan receivables (net of impairment loss) is as follows: 2022 2021 US$\u2019000 US$\u2019000 Within one year 1,342 5,538 In the second year \u2013 666 In the third to fifth year \u2013 3,032 1,342 9,236 At the reporting date, the Group\u2019s loan receivables of US$1,342,000 (2021: US$568,000) which arise from co-investment (as mentioned in note 22), are unsecured and denominated in United States Dollars and has no fixed repayment terms. Whereas, the loan receivables that arise from asset-based financing which are denominated in United States Dollars and secured by collaterals provided by the borrowers, and are repayable with fixed terms agreed with the borrowers, were early repaid in full by the borrowers during the year and such repayments led to a decrease in loan receivables. At the reporting date, no loan receivables arise from asset-based financing (2021: US$8,668,000) was recorded. At the reporting date, the loan receivables have been reviewed by management to assess impairment allowances which are based on the evaluation of current creditworthiness, collection statistics and the net asset value of the co-investment, and are not considered as impaired. The carrying amount of the loan receivables is considered to be a reasonable approximation of its fair value. ", "dimensions": { "concept": "jinhui:DisclosureOfLoanReceivables", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-298": { "value": "25. TRADE AND OTHER RECEIVABLES 2022 2021 US$\u2019000 US$\u2019000 Trade receivables 1,354 2,195 Prepayments 2,447 4,250 Rental and other deposits 61 51 Tax recoverable 170 \u2013 Other receivables 16,213 13,125 18,891 17,426 20,245 19,621 Management has a credit policy in place for approving the credit limits to charterers and the exposures to credit risk are monitored such that any outstanding trade receivables are reviewed and followed up on an ongoing basis. Credit evaluations including assessing the customer\u2019s creditworthiness and financial standing are performed on customers requiring a credit over certain amount. The credit terms given to charterers vary from 15 to 60 days according to the types of vessels\u2019 employment. The carrying amounts of trade and other receivables are considered to be a reasonable approximation of their fair values due to their short term maturities. The aging analysis of trade receivables (net of impairment loss) that are past due at the reporting date but not individually considered to be impaired is included in the following analysis: 2022 2021 US$\u2019000 US$\u2019000 Neither past due nor impaired 138 258 Past due but not impaired Within three months past due 754 1,937 Over three months but within six months past due 141 \u2013 Over six months but within twelve months past due 321 \u2013 1,216 1,937 1,354 2,195 25. TRADE AND OTHER RECEIVABLES (Continued) The movement for impairment loss on trade and other receivables is as follows: 2022 2021 US$\u2019000 US$\u2019000 At 1 January 7,388 9,259 Impairment loss recognized 59 7 Reversal of impairment loss (1,679) (1,793) Written off as uncollectible (47) (85) At 31 December 5,721 7,388 For trade receivables, the Group applies a simplified approach in calculating ECL and recognizes a loss allowance based on lifetime ECL at each reporting date. In calculating the ECL, the Group has established a provision matrix that is based on its historical credit loss experience and external indicators, adjusted for forward-looking factors specific to the debtors and the economic environment. For other receivables, the Group measures the loss allowance for other receivables equal to 12-month ECL, unless when there has been a significant increase in credit risk since initial recognition, the Group recognizes lifetime ECL. The assessment of whether lifetime ECL should be recognized is based on significant increase in the likelihood or risk of default occurring since initial recognition. At the reporting date, the Group had determined trade receivables of US$5,721,000 (2021: US$7,388,000) as impaired. No impairment loss on other receivables was provided as at 31 December 2022 and 2021. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-299": { "value": "26. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS 2022 2021 US$\u2019000 US$\u2019000 Held for trading Listed equity securities 26,812 40,193 Listed debt securities 1,051 2,886 Unlisted debt securities 288 \u2013 28,151 43,079 Designated as such upon initial recognition Investment funds 1,076 308 29,227 43,387 At the reporting date, the fair value measurements of listed equity securities and listed debt securities were determined by reference to their quoted bid prices in active markets and were categorized as Level 1 and the fair value measurements of unlisted debt securities and investment funds represented the quoted market prices on the underlying investments provided by financial institution and were categorized as Level 2 of the three-level fair value hierarchy as defined under IFRS 13 and HKFRS 13. There was no transfer among the three levels of the fair value hierarchy during the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-300": { "value": "27. AMOUNT DUE TO HOLDING COMPANY Amount due to holding company is unsecured, interest-free and repayable on demand. The carrying amount of the amount due is considered to be a reasonable approximation of its fair value. ", "dimensions": { "concept": "jinhui:DisclosureOfAmountDueToHoldingCompany", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-301": { "value": "28. SHARE CAPITAL 2022 2021 Number of ordinary shares of US$0.05 each Amount Number of ordinary shares of US$0.05 each Amount US$\u2019000 US$\u2019000 Authorized: At 1 January and 31 December 800,000,000 40,000 800,000,000 40,000 Issued and fully paid: At 1 January and 31 December 109,258,943 5,463 109,258,943 5,463 At the reporting date, the Company had 2,334 (2021: 2,724) shareholders. Pursuant to the record registered on the Norwegian Registry of Securities, the major shareholders holding more than 1% of the outstanding shares at the reporting date were as follows: Shareholder\u2019s name Percentage of total issued capital Jinhui Holdings Company Limited* 40.81% BNP Paribas Securities Services BPSS* 24.04% JPMorgan Chase Bank, N.A., London 4.43% Nordnet Bank AB 4.22% Willumsen Thor Inge 1.47% Kvam, Jan Arvid 1.03% 76.00% * BNP Paribas Securities Services BPSS held 16,252,990 shares of the Company in custodian for Jinhui Holdings Company Limited as at 31 December 2022 and hence Jinhui Holdings Company Limited had approximately 55.69% beneficial interests in the Company. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-302": { "value": "29. RESERVES Details of movements in reserves of the Group are set out in the \u201cConsolidated Statement of Changes in Equity\u201d on page 72. Share premium The application of the share premium account is governed by Section 40(2) of the Companies Act 1981 of Bermuda. Capital redemption reserve Capital redemption reserve represents the par value of the repurchased and cancelled shares. Contributed surplus Contributed surplus will be dealt with in accordance with Section 54 of the Companies Act 1981 of Bermuda. Revaluation reserve Revaluation reserve represents the revaluation surplus between the carrying amount of the leasehold land and building which is owner-occupied and the fair value of that property at the date of reclassification to investment properties. Reserve for financial assets at fair value through OCI Reserve for financial assets at fair value through OCI represents the changes in fair value of financial assets at fair value through OCI. As at 31 December 2022, the reserve for financial assets at fair value through OCI consists of recycling and non-recycling portion amounting to income of US$106,000 (2021: US$144,000) and loss of US$251,000 (2021: income of US$2,610,000) respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-303": { "value": "30. SECURED BANK LOANS The maturity of secured bank loans is as follows: 2022 2021 US$\u2019000 US$\u2019000 Within one year 34,278 52,635 In the second year 15,406 21,167 In the third to fifth year 33,154 18,776 Total secured bank loans 82,838 92,578 Less: Amount repayable within one year (34,278) (52,635) Amount repayable after one year 48,560 39,943 During the year, the Group had drawn new secured bank loans of US$66,859,000 (2021: US$12,556,000) and repaid US$76,599,000 (2021: US$28,323,000). At the reporting date, secured bank loans represented vessel mortgage loans that were denominated in United States Dollars, revolving loans, term loans and property mortgage loans that were denominated in Hong Kong Dollars and United States Dollars. All secured bank loans were committed on floating rate basis ranging from 4% to 6.42% (2021: 0.84% to 2.19%) per annum. These loans are secured by certain of the Group\u2019s assets as disclosed in note 36. The carrying amount of the secured bank loans is considered to be a reasonable approximation of its fair value. ", "dimensions": { "concept": "jinhui:DisclosureOfSecuredBankLoans", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-304": { "value": "31. TRADE AND OTHER PAYABLES 2022 2021 US$\u2019000 US$\u2019000 Trade payables 171 156 Accrued charges 1,662 1,122 Taxation payable \u2013 30 Other payables Payables related to vessel running cost and ship operating expenses 10,078 18,431 Hire receipt in advance 874 1,354 Loan interest payables 172 126 Accrued employee benefits 1,710 1,551 Others 166 153 13,000 21,615 14,833 22,923 The carrying amounts of trade and other payables are considered to be a reasonable approximation of their fair values. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-305": { "value": "32. NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS 2022 2021 US$\u2019000 US$\u2019000 Profit (Loss) before taxation (7,093) 194,387 Adjustments for: Depreciation and amortization 39,870 18,848 Interest income (1,064) (2,980) Interest expenses 3,438 1,749 Dividend income (2,624) (1,541) Net gain on disposal of owned vessels (5,636) \u2013 Net gain on disposal of property, plant and equipment, other than motor vessels \u2013 (278) Loss on write-off of property, plant and equipment 6 2 Change in fair value of investment properties 935 1,334 Impairment loss (Reversal of impairment loss) on owned vessels, net 49,326 (133,606) Reversal of impairment loss on trade and other receivables, net (1,620) (1,786) Bad debts written off in respect of trade and other receivables 29 7 Cash generated from operations before changes in working capital 75,567 76,136 Changes in working capital: Inventories 420 (2,633) Loan receivables 7,894 24,122 Trade and other receivables 1,296 (5,325) Financial assets at fair value through profit or loss 14,160 (3,327) Trade and other payables (8,106) 4,652 Amount due to holding company 18 \u2013 Changes in working capital 15,682 17,489 Cash generated from operations 91,249 93,625 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-306": { "value": "33. RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES The changes in the Group\u2019s liabilities arising from financing activities are classified as follows: Vessel mortgage loans Other secured bank loans Lease liabilities Total US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 At 1 January 2021 54,355 53,990 \u2013 108,345 Cash flows: Drawdown of loans \u2013 12,556 \u2013 12,556 Repayment of loans (8,443) (19,880) \u2013 (28,323) At 31 December 2021 45,912 46,666 \u2013 92,578 At 1 January 2022 45,912 46,666 \u2013 92,578 Cash flows: Drawdown of loans \u2013 66,859 \u2013 66,859 Repayment of loans (19,443) (57,156) \u2013 (76,599) Repayment of lease liabilities \u2013 \u2013 (3,106) (3,106) Non-cash: New lease \u2013 \u2013 43,598 43,598 Lease remeasurement \u2013 \u2013 (11,858) (11,858) Interest expense on lease liabilities \u2013 \u2013 703 703 At 31 December 2022 26,469 56,369 29,337 112,175 ", "dimensions": { "concept": "jinhui:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivities", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-307": { "value": "34. DEFERRED TAXATION At the reporting date, deferred tax assets have not been recognized in respect of tax losses of US$324,192,000 (2021: US$305,800,000). Deferred tax assets have not been recognized in respect of tax losses because it is not probable that future taxable profit will be available against which the unused tax losses can be utilized. Such tax losses do not expire under current tax legislation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-308": { "value": "36. PLEDGE OF ASSETS At the reporting date, the Group had certain credit facilities which were secured by the followings: (a) Legal charges on the Group\u2019s property, plant and equipment (note 19) with an aggregate net book value of US$218,172,000 (2021: US$308,566,000) and investment properties (note 21) with an aggregate carrying amount of US$22,064,000 (2021: US$22,873,000); (b) Financial assets at fair value through profit or loss of US$16,845,000 (2021: US$22,170,000); (c) Deposits totaling US$444,000 (2021: US$8,307,000) of the Group placed with banks; (d) Assignment of fourteen (2021: nineteen) subsidiaries\u2019 income in favour of banks; and (e) No assignment of subsidiaries\u2019 loan receivables as at 31 December 2022 while assignment of two subsidiaries\u2019 loan receivables of US$4,668,000 in favour of bank as at 31 December 2021. In addition, shares of eight (2021: ten) ship owning subsidiaries were pledged to banks for vessel mortgage loans. ", "dimensions": { "concept": "jinhui:DisclosureOfPledgeOfAssets", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-309": { "value": "37. CAPITAL EXPENDITURE COMMITMENTS During the year, capital expenditure on additions of motor vessels and capitalized drydocking costs was US$140,482,000 (2021: US$81,231,000) and on other property, plant and equipment was US$121,000 (2021: US$66,000). Pursuant to the co-investment documents, the Co-Investor committed to acquire non-voting participating class A shares of Dual Bliss of US$10,000,000. Dual Bliss is one of the investors of the co-investment in Tower A. As at the reporting date, the capital expenditure commitments contracted by the Group but not provided for was US$372,000 (2021: US$372,000). In December 2021, the Group entered into two agreements in respect of the acquisition of two Supramaxes, each at a consideration of US$17,250,000 and the total consideration of the two vessels is US$34,500,000. The first vessel is deadweight 56,361 metric tons and the second vessel is deadweight 56,469 metric tons. Both vessels were delivered to the Group during the first quarter of 2022. As at 31 December 2021, the capital expenditure commitments contracted by the Group but not provided for was US$34,500,000. As at the reporting date, the total amount of capital expenditure commitments contracted by the Group but not provided for was US$372,000 (2021: US$34,872,000). Save as disclosed above, there was no other significant capital expenditure commitments contracted by the Group but not provided for as at the reporting date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-310": { "value": "38. RELATED PARTY TRANSACTIONS Save as disclosed elsewhere in these consolidated financial statements, during the year, the Group had the following related party transactions: (a) Receipt of an administrative fee of US$242,000 (2021: US$251,000) from Jinhui Holdings; (b) Lease payment of US$17,000 (2021: US$17,000) under a short term lease to a fellow subsidiary; and (c) Compensation of key management personnel as follows: 2022 2021 US$\u2019000 US$\u2019000 Salaries and other benefits 8,994 8,968 Contributions to retirement benefits schemes 444 443 9,438 9,411 Other payables included accrued employee benefits payables to directors and executive personnel of US$1,214,000 (2021: US$1,203,000). There is no other balance or transaction related to connected party or any director and executive personnel and substantial shareholder of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-311": { "value": "39. FINANCIAL RISK MANAGEMENT AND POLICIES The Group is exposed to financial risks through its use of financial instruments which arise from its business activities. The financial risks include market risk (mainly comprise of interest rate risk, foreign currency risk and price risk), credit risk and liquidity risk. The management manages and monitors the financial risk exposures to ensure appropriate measures are implemented on a timely and effective manner. These policies have been in place for years and are considered to be effective. 39. FINANCIAL RISK MANAGEMENT AND POLICIES (Continued) (a) Categories of financial instruments At the reporting date, the carrying amounts of financial instruments presented in the consolidated statement of financial position related to the following categories of financial assets and financial liabilities: 2022 2021 US$\u2019000 US$\u2019000 Financial assets Financial assets at fair value through OCI Unlisted equity investments 9,396 12,257 Unlisted club membership 444 482 9,840 12,739 Financial assets at fair value through profit or loss Listed equity securities 26,812 40,193 Listed debt securities 1,051 2,886 Unlisted debt securities 288 \u2013 Investment funds 1,076 308 29,227 43,387 Financial assets at amortized cost Trade and other receivables 17,628 15,368 Loan receivables 1,342 9,236 Pledged deposits 444 8,307 Bank balances and cash 33,353 33,328 52,767 66,239 91,834 122,365 Financial liabilities Financial liabilities at amortized cost Trade and other payables 13,951 21,536 Amount due to holding company 167 149 Secured bank loans 82,838 92,578 Lease liabilities 29,337 \u2013 126,293 114,263 39. FINANCIAL RISK MANAGEMENT AND POLICIES (Continued) (b) Interest rate risk Exposures to interest rate risk and the Group\u2019s risk management policies Interest rate risk relates to the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rate. The Group\u2019s interest rate risk arises primarily from bank borrowings that were committed on floating rate basis. The Group manages interest rate risk by monitoring its interest rate profile as set out in note 30. Interest rate benchmark reform The Group had certain of bank borrowings subject to the interest rate benchmark reform and have not yet transitioned to new benchmark rates. As at 31 December 2022, the Group had interest bearing bank borrowings denominated in United States Dollars of US$26,469,000 (2021: US$46,735,000), carrying variable interests with reference to the London Interbank Offered Rate (LIBOR) which will cease to be published after 30 June 2023. The Group is closely monitoring the market and managing the transition to new benchmark interest rates, including announcements made by the relevant Interbank Offered Rates regulators. The management of the Group considers the impact of the interest rate benchmark reform to the Group\u2019s financial position and financial performance will not be significant. Sensitivity analysis* Based on the exposures to bank borrowings of US$82,838,000 (2021: US$92,578,000) at the reporting date, it was estimated that an increase of 75 (2021: 75) basis points in interest rate, with all other variables remaining constant, the Group\u2019s net loss would increase by approximately US$621,000 (2021: net profit would decrease by approximately US$694,000). The sensitivity analysis above has been determined as if the change in interest rate had occurred at the reporting date. The basis of 75 (2021: 75) points increase is considered to be reasonably possible change based on observation of current market conditions and represents the management\u2019s assessment of a reasonably possible change in interest rate over the period until the next reporting date. * The sensitivity analysis disclosed above represents the risks inherent to the Group\u2019s financial instruments as of each reporting date. The result of the sensitivity analysis may differ from time to time according to the then prevailing market conditions. 9. FINANCIAL RISK MANAGEMENT AND POLICIES (Continued) (c) Foreign currency risk Exposures to foreign currency risk and the Group\u2019s risk management policies Foreign currency risk relates to the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group\u2019s transactions, assets and liabilities are mainly denominated in United States Dollars, the functional currency of the Company. Certain of the Company\u2019s subsidiaries report in Hong Kong Dollars which is linked to United States Dollars at exchange rate of around US$1.00 to HK$7.80. The Group believes that there will be no significant fluctuation in the exchange rates between Hong Kong Dollars and United States Dollars. At the reporting date, the Group was exposed to foreign currency risk primarily through holding certain bank deposits and investment in equity securities mainly denominated in Singapore Dollars amounting to SGD673,000 and SGD11,557,000, approximately US$503,000 and US$8,638,000 respectively (2021: certain bank deposits and investment in equity securities mainly denominated in Singapore Dollars amounting to SGD13,994,000 and SGD15,060,000, approximately US$10,348,000 and US$11,137,000 respectively). Sensitivity analysis* At the reporting date, based on the total exposures to the bank deposits and equity securities mainly denominated in Singapore Dollars of SGD12,230,000, approximately US$9,141,000 (2021: bank deposits and equity securities mainly denominated in Singapore Dollars of SGD29,054,000, approximately US$21,485,000), it was estimated that a depreciation of 5% (2021: 5%) in exchange rate of Singapore Dollars against United States Dollars would result in an increase to the Group\u2019s net loss by approximately US$436,000 (2021: a decrease to the Group\u2019s net profit by approximately US$1,023,000) with all other variables remain constant. The sensitivity analysis had been determined based on the assumed exchange rate movement of Singapore Dollars (2021: Singapore Dollars) against United States Dollars taking place at the beginning of the year and held constant throughout the year. 39. FINANCIAL RISK MANAGEMENT AND POLICIES (Continued) (d) Price risk Exposures to price risk and the Group\u2019s risk management policies Price risk relates to the risk that the fair value or future cash flows of a financial instrument will decline because of adverse market price movements of the financial instrument. The Group is exposed to price risk primarily through its investments in equity securities, debt securities and investment funds classified as financial assets at fair value through profit or loss. The Group\u2019s portfolio of financial instruments that exposed to price risk at the reporting date is set out in note 26. Sensitivity analysis* Based on the portfolio of equity securities held by the Group at the reporting date, if the quoted prices of the equity securities had been decreased by 10% (2021: 10%), the Group\u2019s net loss would increase by approximately US$2,681,000 (2021: net profit would decrease by approximately US$4,019,000). Based on the portfolio of debt securities held by the Group at the reporting date, if the quoted prices of the debt securities had been decreased by 10% (2021: 10%), the Group\u2019s net loss would increase by approximately US$134,000 (2021: net profit would decrease by approximately US$289,000). Based on the portfolio of investment funds held by the Group at the reporting date, if the quoted prices of the investment funds had been decreased by 10% (2021: 10%), the Group\u2019s net loss would increase by approximately US$108,000 (2021: net profit would decrease by approximately US$31,000). * The sensitivity analysis disclosed above represents the risks inherent to the Group\u2019s financial instruments as of each reporting date. The result of the sensitivity analysis may differ from time to time according to the then prevailing market conditions. 39. FINANCIAL RISK MANAGEMENT AND POLICIES (Continued) (e) Credit risk Exposures to credit risk and the Group\u2019s risk management policies Credit risk relates to the risk that the counterparty to a financial instrument would fail to discharge its contractual obligations under the terms of the financial instrument and cause a financial loss to the Group. The Group\u2019s exposures to credit risk mainly arises from granting credit to charterers in the ordinary course of its operations, loan receivables to third parties and deposits or other financial assets placed with financial institutions. Management has a credit policy in place for approving the credit limits to charterers and the exposures to credit risk are monitored such that any outstanding trade receivables are reviewed and followed up on an ongoing basis. Credit evaluations including assessing the customer\u2019s creditworthiness and financial standing are performed on customers requiring a credit over certain amount. During the year, impairment loss of US$59,000 (2021:US$7,000) was provided on the Group\u2019s outstanding trade receivables over one year past due and reversal of impairment loss on trade receivables of US$1,679,000 (2021: US$1,793,000) was recognized upon recovery of outstanding trade receivables in prior years, and US$47,000 (2021: US$85,000) was written off as uncollectible. The credit terms given to charterers vary from 15 to 60 days according to the types of vessels\u2019 employment. For trade receivables, the Group applies a simplified approach in calculating ECL and recognizes a loss allowance based on lifetime ECL at each reporting date. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial assets. In calculating the ECL, the Group has established a provision matrix that is based on its historical credit loss experience and external indicators, adjusted for forward-looking factors specific to the debtors and the economic environment. To measure the ECL, trade receivables have been grouped based on shared credit risk characteristics and the days past due. 39. FINANCIAL RISK MANAGEMENT AND POLICIES (Continued) (e) Credit risk (Continued) Exposures to credit risk and the Group\u2019s risk management policies (Continued) On the above basis, the ECL for trade receivables as at 31 December 2022 and 2021 was determined as follows: Current Within 3 months past due Over 3 months but within 6 months past due Over 6 months but within 12 months past due Over 12 months past due Total US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 2022 Trade receivables \u2013 gross carrying amount 138 754 141 321 5,721 7,075 Lifetime ECL \u2013 \u2013 \u2013 \u2013 5,721 5,721 ECL rate 0% 0% 0% 0% 100% 2021 Trade receivables \u2013 gross carrying amount 258 1,937 \u2013 \u2013 7,388 9,583 Lifetime ECL \u2013 \u2013 \u2013 \u2013 7,388 7,388 ECL rate 0% 0% 0% 0% 100% 39. FINANCIAL RISK MANAGEMENT AND POLICIES (Continued) (e) Credit risk (Continued) Exposures to credit risk and the Group\u2019s risk management policies (Continued) For other receivables and loan receivables arised from co-investment, the Group measures the loss allowance for those receivables equal to 12-month ECL, unless when there has been a significant increase in credit risk since initial recognition, the Group recognizes lifetime ECL. The assessment of whether lifetime ECL should be recognized is based on significant increase in the likelihood or risk of default occurring since initial recognition and the Group also considered the net asset value of the co-investment for estimating the ECL for loan receivables. For the result of the assessment, no impairment loss on other receivables and loan receivables arised from co-investment was provided as at 31 December 2022 and 2021. The outstanding balance of those receivables of US$17,616,000 (2021: US$13,741,000) are considered as not deteriorated significantly in credit quality or with low credit risk. Management believes that there was no significant increase in credit risk inherent in the Group\u2019s outstanding balance of those receivables. For the financial assets at fair value through OCI, the management believes that the credit risk inherent in the Group is low and counterparties have the capacity to meet their contractual cash flow obligation in the near term and the ECL recognized is based on the 12-month ECL. The Group has no significant concentration of credit risk in respect of trade receivables, with exposure spread over a number of charterers. At the reporting date, the Group did not hold any collateral from charterers. Bank deposits are only placed with creditworthy financial institutions. The management does not expect any financial institutions fail to meet their obligations. 39. FINANCIAL RISK MANAGEMENT AND POLICIES (Continued) (f) Liquidity risk Exposures to liquidity risk and the Group\u2019s risk management policies Liquidity risk relates to the risk that the Group will not be able to meet its obligations associated with its financial liabilities. The Group is exposed to liquidity risk in respect of settlement of trade and other payables, its financing obligations and lease liabilities, and also in respect of its cash flow management. The Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans and other borrowings. The management regularly monitors the Group\u2019s current and expected liquidity requirements and its compliance with lending covenants, to ensure it maintains sufficient reserves of cash and bank balances, readily realizable marketable equity and debt securities and adequate committed lines of funding from major financial institutions to meet its liquidity requirement. The analysis below set out the remaining contractual maturity based on undiscounted cash flow of the Group\u2019s financial liabilities at the reporting date. Within one year In the second year In the third to fifth year After the fifth year Total undiscounted amount Carrying amount US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 2022 Trade and other payables 13,951 \u2013 \u2013 \u2013 13,951 13,951 Amount due to holding company 167 \u2013 \u2013 \u2013 167 167 Secured bank loans 38,968 18,145 34,706 \u2013 91,819 82,838 Lease liabilities 5,355 5,370 16,066 6,690 33,481 29,337 58,441 23,515 50,772 6,690 139,418 126,293 2021 Trade and other payables 21,536 \u2013 \u2013 \u2013 21,536 21,536 Amount due to holding company 149 \u2013 \u2013 \u2013 149 149 Secured bank loans 54,129 21,906 19,093 \u2013 95,128 92,578 75,814 21,906 19,093 \u2013 116,813 114,263 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-321": { "value": "(a) Categories of financial instruments At the reporting date, the carrying amounts of financial instruments presented in the consolidated statement of financial position related to the following categories of financial assets and financial liabilities: 2022 2021 US$\u2019000 US$\u2019000 Financial assets Financial assets at fair value through OCI Unlisted equity investments 9,396 12,257 Unlisted club membership 444 482 9,840 12,739 Financial assets at fair value through profit or loss Listed equity securities 26,812 40,193 Listed debt securities 1,051 2,886 Unlisted debt securities 288 \u2013 Investment funds 1,076 308 29,227 43,387 Financial assets at amortized cost Trade and other receivables 17,628 15,368 Loan receivables 1,342 9,236 Pledged deposits 444 8,307 Bank balances and cash 33,353 33,328 52,767 66,239 91,834 122,365 Financial liabilities Financial liabilities at amortized cost Trade and other payables 13,951 21,536 Amount due to holding company 167 149 Secured bank loans 82,838 92,578 Lease liabilities 29,337 \u2013 126,293 114,263 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-322": { "value": "(b) Interest rate risk Exposures to interest rate risk and the Group\u2019s risk management policies Interest rate risk relates to the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rate. The Group\u2019s interest rate risk arises primarily from bank borrowings that were committed on floating rate basis. The Group manages interest rate risk by monitoring its interest rate profile as set out in note 30. Interest rate benchmark reform The Group had certain of bank borrowings subject to the interest rate benchmark reform and have not yet transitioned to new benchmark rates. As at 31 December 2022, the Group had interest bearing bank borrowings denominated in United States Dollars of US$26,469,000 (2021: US$46,735,000), carrying variable interests with reference to the London Interbank Offered Rate (LIBOR) which will cease to be published after 30 June 2023. The Group is closely monitoring the market and managing the transition to new benchmark interest rates, including announcements made by the relevant Interbank Offered Rates regulators. The management of the Group considers the impact of the interest rate benchmark reform to the Group\u2019s financial position and financial performance will not be significant. Sensitivity analysis* Based on the exposures to bank borrowings of US$82,838,000 (2021: US$92,578,000) at the reporting date, it was estimated that an increase of 75 (2021: 75) basis points in interest rate, with all other variables remaining constant, the Group\u2019s net loss would increase by approximately US$621,000 (2021: net profit would decrease by approximately US$694,000). The sensitivity analysis above has been determined as if the change in interest rate had occurred at the reporting date. The basis of 75 (2021: 75) points increase is considered to be reasonably possible change based on observation of current market conditions and represents the management\u2019s assessment of a reasonably possible change in interest rate over the period until the next reporting date. (c) Foreign currency risk Exposures to foreign currency risk and the Group\u2019s risk management policies Foreign currency risk relates to the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group\u2019s transactions, assets and liabilities are mainly denominated in United States Dollars, the functional currency of the Company. Certain of the Company\u2019s subsidiaries report in Hong Kong Dollars which is linked to United States Dollars at exchange rate of around US$1.00 to HK$7.80. The Group believes that there will be no significant fluctuation in the exchange rates between Hong Kong Dollars and United States Dollars. At the reporting date, the Group was exposed to foreign currency risk primarily through holding certain bank deposits and investment in equity securities mainly denominated in Singapore Dollars amounting to SGD673,000 and SGD11,557,000, approximately US$503,000 and US$8,638,000 respectively (2021: certain bank deposits and investment in equity securities mainly denominated in Singapore Dollars amounting to SGD13,994,000 and SGD15,060,000, approximately US$10,348,000 and US$11,137,000 respectively). Sensitivity analysis* At the reporting date, based on the total exposures to the bank deposits and equity securities mainly denominated in Singapore Dollars of SGD12,230,000, approximately US$9,141,000 (2021: bank deposits and equity securities mainly denominated in Singapore Dollars of SGD29,054,000, approximately US$21,485,000), it was estimated that a depreciation of 5% (2021: 5%) in exchange rate of Singapore Dollars against United States Dollars would result in an increase to the Group\u2019s net loss by approximately US$436,000 (2021: a decrease to the Group\u2019s net profit by approximately US$1,023,000) with all other variables remain constant. The sensitivity analysis had been determined based on the assumed exchange rate movement of Singapore Dollars (2021: Singapore Dollars) against United States Dollars taking place at the beginning of the year and held constant throughout the year. (d) Price risk Exposures to price risk and the Group\u2019s risk management policies Price risk relates to the risk that the fair value or future cash flows of a financial instrument will decline because of adverse market price movements of the financial instrument. The Group is exposed to price risk primarily through its investments in equity securities, debt securities and investment funds classified as financial assets at fair value through profit or loss. The Group\u2019s portfolio of financial instruments that exposed to price risk at the reporting date is set out in note 26. Sensitivity analysis* Based on the portfolio of equity securities held by the Group at the reporting date, if the quoted prices of the equity securities had been decreased by 10% (2021: 10%), the Group\u2019s net loss would increase by approximately US$2,681,000 (2021: net profit would decrease by approximately US$4,019,000). Based on the portfolio of debt securities held by the Group at the reporting date, if the quoted prices of the debt securities had been decreased by 10% (2021: 10%), the Group\u2019s net loss would increase by approximately US$134,000 (2021: net profit would decrease by approximately US$289,000). Based on the portfolio of investment funds held by the Group at the reporting date, if the quoted prices of the investment funds had been decreased by 10% (2021: 10%), the Group\u2019s net loss would increase by approximately US$108,000 (2021: net profit would decrease by approximately US$31,000). * The sensitivity analysis disclosed above represents the risks inherent to the Group\u2019s financial instruments as of each reporting date. The result of the sensitivity analysis may differ from time to time according to the then prevailing market conditions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-323": { "value": "(e) Credit risk Exposures to credit risk and the Group\u2019s risk management policies Credit risk relates to the risk that the counterparty to a financial instrument would fail to discharge its contractual obligations under the terms of the financial instrument and cause a financial loss to the Group. The Group\u2019s exposures to credit risk mainly arises from granting credit to charterers in the ordinary course of its operations, loan receivables to third parties and deposits or other financial assets placed with financial institutions. Management has a credit policy in place for approving the credit limits to charterers and the exposures to credit risk are monitored such that any outstanding trade receivables are reviewed and followed up on an ongoing basis. Credit evaluations including assessing the customer\u2019s creditworthiness and financial standing are performed on customers requiring a credit over certain amount. During the year, impairment loss of US$59,000 (2021:US$7,000) was provided on the Group\u2019s outstanding trade receivables over one year past due and reversal of impairment loss on trade receivables of US$1,679,000 (2021: US$1,793,000) was recognized upon recovery of outstanding trade receivables in prior years, and US$47,000 (2021: US$85,000) was written off as uncollectible. The credit terms given to charterers vary from 15 to 60 days according to the types of vessels\u2019 employment. For trade receivables, the Group applies a simplified approach in calculating ECL and recognizes a loss allowance based on lifetime ECL at each reporting date. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial assets. In calculating the ECL, the Group has established a provision matrix that is based on its historical credit loss experience and external indicators, adjusted for forward-looking factors specific to the debtors and the economic environment. To measure the ECL, trade receivables have been grouped based on shared credit risk characteristics and the days past due. (e) Credit risk (Continued) Exposures to credit risk and the Group\u2019s risk management policies (Continued) On the above basis, the ECL for trade receivables as at 31 December 2022 and 2021 was determined as follows: Current Within 3 months past due Over 3 months but within 6 months past due Over 6 months but within 12 months past due Over 12 months past due Total US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 2022 Trade receivables \u2013 gross carrying amount 138 754 141 321 5,721 7,075 Lifetime ECL \u2013 \u2013 \u2013 \u2013 5,721 5,721 ECL rate 0% 0% 0% 0% 100% 2021 Trade receivables \u2013 gross carrying amount 258 1,937 \u2013 \u2013 7,388 9,583 Lifetime ECL \u2013 \u2013 \u2013 \u2013 7,388 7,388 ECL rate 0% 0% 0% 0% 100% (e) Credit risk (Continued) Exposures to credit risk and the Group\u2019s risk management policies (Continued) For other receivables and loan receivables arised from co-investment, the Group measures the loss allowance for those receivables equal to 12-month ECL, unless when there has been a significant increase in credit risk since initial recognition, the Group recognizes lifetime ECL. The assessment of whether lifetime ECL should be recognized is based on significant increase in the likelihood or risk of default occurring since initial recognition and the Group also considered the net asset value of the co-investment for estimating the ECL for loan receivables. For the result of the assessment, no impairment loss on other receivables and loan receivables arised from co-investment was provided as at 31 December 2022 and 2021. The outstanding balance of those receivables of US$17,616,000 (2021: US$13,741,000) are considered as not deteriorated significantly in credit quality or with low credit risk. Management believes that there was no significant increase in credit risk inherent in the Group\u2019s outstanding balance of those receivables. For the financial assets at fair value through OCI, the management believes that the credit risk inherent in the Group is low and counterparties have the capacity to meet their contractual cash flow obligation in the near term and the ECL recognized is based on the 12-month ECL. The Group has no significant concentration of credit risk in respect of trade receivables, with exposure spread over a number of charterers. At the reporting date, the Group did not hold any collateral from charterers. Bank deposits are only placed with creditworthy financial institutions. The management does not expect any financial institutions fail to meet their obligations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-324": { "value": "(f) Liquidity risk Exposures to liquidity risk and the Group\u2019s risk management policies Liquidity risk relates to the risk that the Group will not be able to meet its obligations associated with its financial liabilities. The Group is exposed to liquidity risk in respect of settlement of trade and other payables, its financing obligations and lease liabilities, and also in respect of its cash flow management. The Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans and other borrowings. The management regularly monitors the Group\u2019s current and expected liquidity requirements and its compliance with lending covenants, to ensure it maintains sufficient reserves of cash and bank balances, readily realizable marketable equity and debt securities and adequate committed lines of funding from major financial institutions to meet its liquidity requirement. The analysis below set out the remaining contractual maturity based on undiscounted cash flow of the Group\u2019s financial liabilities at the reporting date. Within one year In the second year In the third to fifth year After the fifth year Total undiscounted amount Carrying amount US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 US$\u2019000 2022 Trade and other payables 13,951 \u2013 \u2013 \u2013 13,951 13,951 Amount due to holding company 167 \u2013 \u2013 \u2013 167 167 Secured bank loans 38,968 18,145 34,706 \u2013 91,819 82,838 Lease liabilities 5,355 5,370 16,066 6,690 33,481 29,337 58,441 23,515 50,772 6,690 139,418 126,293 2021 Trade and other payables 21,536 \u2013 \u2013 \u2013 21,536 21,536 Amount due to holding company 149 \u2013 \u2013 \u2013 149 149 Secured bank loans 54,129 21,906 19,093 \u2013 95,128 92,578 75,814 21,906 19,093 \u2013 116,813 114,263 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-312": { "value": "40. CAPITAL MANAGEMENT The Group\u2019s capital management objectives are: (a) to ensure the Group\u2019s ability to continue as a going concern; (b) to provide adequate returns for shareholders; (c) to maintain an optimal capital structure to reduce the cost of capital; and (d) to support the Group\u2019s stability and sustainable growth. The Group\u2019s capital management strategies are to rely on internal resources and interest-bearing borrowings to finance the capital expenditures. The management may make adjustments to its capital structure in the light of changes in economic conditions, recent market values of the Group\u2019s assets as well as the risk characteristics of the underlying assets through adjusting the amount of dividends paid to shareholders, issuing new shares or selling assets to reduce debts. The Group monitors capital structure on the basis of the gearing ratio. This ratio is calculated as net debts (total interest-bearing debts net of equity and debt securities, bank balances and cash) over total equity. The gearing ratio of the Group at the reporting date is calculated as follows: 2022 2021 US$\u2019000 US$\u2019000 Secured bank loans repayable within one year 34,278 52,635 Secured bank loans repayable after one year 48,560 39,943 Total secured bank loans 82,838 92,578 Less: Equity and debt securities (28,151) (43,079) Less: Bank balances and cash (33,353) (33,328) Net debts 21,334 16,171 Total equity 411,137 432,075 Gearing ratio 5% 4% ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-313": { "value": "42. PRINCIPAL SUBSIDIARIES Name Issued and paid-up capital / registered capital Attributable equity interest at 31/12/2022 Attributable equity interest at 31/12/2021 Principal activities Place of operation Incorporated in Bermuda # Jinhui MetCoke Limited 12,000 ordinary shares of US$1 each 100% 100% Investment holding Worldwide Incorporated in the British Virgin Islands Advance Rich Limited 1 share of US$1 each 100% 100% Investment Worldwide # Jin Hui Shipping Inc. 50,000 shares of US$1 each 100% 100% Investment holding Worldwide # Jinhui Investments Limited 1 share of US$1 each 100% 100% Investment holding Worldwide Incorporated in Hong Kong Best Flame International Limited HK$2 divided into 2 ordinary shares 100% 100% Property investment Hong Kong Fair Fait International Limited HK$2 divided into 2 ordinary shares 100% 100% Property investment Hong Kong Goldbeam International Limited HK$5,000,000 divided into 5,000,000 ordinary shares 100% 100% Ship management services, shipping agent and investment Hong Kong Good Sunshine Limited HK$1 divided into 1 ordinary share 100% 100% Property investment Hong Kong Jinhui Finance (Hong Kong) Limited HK$10,000 divided into 10,000 ordinary shares 100% 100% Money lending Hong Kong Name Issued and paid-up capital / registered capital Attributable equity interest at 31/12/2022 Attributable equity interest at 31/12/2021 Principal activities Place of operation Incorporated in Hong Kong (Continued) Leadford Industries Limited HK$2 divided into 2 ordinary shares 100% 100% Property investment Hong Kong Monocosmic Limited HK$10,000 divided into 10,000 ordinary shares 100% 100% Property investment Hong Kong Noble Talent Development Limited HK$1 divided into 1 ordinary share 100% 100% Property investment Hong Kong Ringo Star Company Limited HK$2 divided into 2 ordinary shares 100% 100% Property investment Hong Kong Union Gold Limited HK$1 divided into 1 ordinary share 100% 100% Property investment Hong Kong Incorporated in the Republic of Liberia Galsworthy Limited 1 registered share of US$1 each 100% 100% Ship chartering Worldwide Goldbeam Shipping Inc. 100 registered shares of US$1 each 100% 100% Ship chartering Worldwide Paxton Enterprises Limited 500 registered shares of US$1 each 100% 100% Ship chartering Worldwide Sompol Trading Limited 10 registered shares of US$1 each 100% 100% Ship chartering Worldwide Wonder Enterprises Ltd. 500 registered shares of US$1 each 100% 100% Ship chartering Worldwide 42. PRINCIPAL SUBSIDIARIES (Continued) Name Issued and paid-up capital / registered capital Attributable equity interest at 31/12/2022 Attributable equity interest at 31/12/2021 Principal activities Place of operation Incorporated in the Republic of Panama Jinan Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinao Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinbi Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinchao Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinfeng Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jingang Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinheng Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinhong Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinji Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinjun Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide 42. PRINCIPAL SUBSIDIARIES (Continued) Name Issued and paid-up capital / registered capital Attributable equity interest at 31/12/2022 Attributable equity interest at 31/12/2021 Principal activities Place of operation Incorporated in the Republic of Panama (Continued) Jinmao Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinping Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinquan Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinrong Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinsheng Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinshun Shipping Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinsui Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jintong Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinwan Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinxiang Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide 42. PRINCIPAL SUBSIDIARIES (Continued) Name Issued and paid-up capital / registered capital Attributable equity interest at 31/12/2022 Attributable equity interest at 31/12/2021 Principal activities Place of operation Incorporated in the Republic of Panama (Continued) Jinxing Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinyi Shipping Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinyuan Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide Jinyue Marine Inc. 2 common shares of US$1 each 100% 100% Ship owning Worldwide # These are direct subsidiaries of the Company. All other companies are indirect subsidiaries. 42. PRINCIPAL SUBSIDIARIES (Continued)", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }