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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 2023 were approved for issue by the
Board on 12 March 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-2": { "value": "Jinhui Shipping and Transportation Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-3": { "value": "exempted company with limited liability", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-4": { "value": "Bermuda", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-5": { "value": "Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1": { "value": "The principal activity of the Company is investment holding.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-6": { "value": "Jinhui Holdings Company Limited", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-265": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-266": { "value": "
3. ADOPTION OF NEW AND AMENDED IFRSs AND HKFRSs
In current year, the Group has applied for the first time, the following new and amendments 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 2023.
IFRS 17 and HKFRS 17 Insurance Contracts and related amendments
Amendments to IAS 1 and HKAS 1, and
IFRS Practice Statement 2 and
HKFRS Practice Statement 2
Disclosure of Accounting Policies
Amendments to IAS 8 and HKAS 8 Definition of Accounting Estimates
Amendments to IAS 12 and HKAS 12 Deferred Tax related to Assets and Liabilities arising
from a Single Transaction
Amendments to IAS 12 and HKAS 12 International Tax Reform \u2013 Pillar Two Model Rules
The adoption of the new and 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.
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.
Amendments to IFRS 16 and HKFRS 16 Lease Liability in a Sale and Leaseback
1
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
1
Amendments to IAS 1 and HKAS 1 Non-current Liabilities with Covenants
1
Amendments to IAS 7, HKAS 7,
IFRS 7 and HKFRS 7
Supplier Finance Arrangements
1
Amendments to IAS 21 and HKAS 21 Lack of Exchangeability
2
Notes:
1.
Effective for annual periods beginning on or after 1 January 2024
2.
Effective for annual periods beginning on or after 1 January 2025
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.
New HKICPA guidance on the accounting implication of the mandatory provident fund (\u201cMPF\u201d) \u2013 long service
payment (\u201cLSP\u201d) offsetting mechanism
The Government of the HKSAR (the \u201cGovernment\u201d) gazetted the Hong Kong Employment and Retirement Schemes
Legislation (Offsetting Arrangement) (Amendment) Ordinance 2022 (the \u201cAmendment Ordinance\u201d) in June 2022,
which will take effect on 1 May 2025 (the \u201cTransition Date\u201d). The Amendment Ordinance abolishes the use of
the accrued benefits derived from employers\u2019 mandatory MPF contributions to offset severance payment (\u201cSP\u201c)
and LSP in respect of the employment period after the Transition Date (the \u201cAbolition\u201d). In addition, under the
Amendment Ordinance, the last month\u2019s salary immediately preceding the Transition Date is used to calculate
the portion of the SP / LSP in respect of the employment period before the Transition Date. In July 2023, the
HKICPA published \u201cAccounting implications of the abolition of the MPF-LSP offsetting mechanism in Hong Kong\u201d
(the \u201cGuidance\u201d) that provides the accounting guidance relating to the offsetting mechanism and impact arising
from the Abolition of the mechanism in Hong Kong.
By following the Guidance, the Group has changed its accounting policy in connection with its LSP obligations
to reflect the substance of the abolition of the offsetting mechanism. Therefore, the Group ceased to apply the
practical expedient and reattribute the deemed employee contributions to periods of service in the same manner
as the gross LSP benefit by applying paragraph 93(a) of IAS 19 / HKAS 19 Employee Benefits. This change in
accounting policy upon the cessation in applying the Practical Expedient has resulted in a catch-up adjustment
in profit or loss in June 2022 for the service cost up to that date and consequential impacts on current service
cost, interest expense and remeasurement effects from changes in actuarial assumptions for the period ended
31 December 2023, with the corresponding adjustment to the comparative carrying amount of LSP liability.
However, the amount of the catch-up profit or loss adjustment was immaterial and did not have any impact on
the consolidated financial statements for the prior periods have been prepared and presented.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-263": { "value": "
4. SUMMARY OF MATERIAL ACCOUNTING POLICIES
4.1 Basis of preparation
The material 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 material 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.
4.4 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). When a fair value gain or loss on a non-monetary
item is recognized in profit or loss, any exchange component of that gain or loss is also recognized in profit or
loss. When a fair value gain or loss on a non-monetary item is recognized in other comprehensive income, any
exchange component of that gain or loss is also recognized in other comprehensive income.
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
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.
4.8 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 periods, 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 and does not give rise to equal taxable and deductible temporary differences.
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.
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.
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 4.20.
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.
4.10 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.
4.12 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.
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.
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 or 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.
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.
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 41(e).
4.14 Assets held for sale
Non-current assets are classified as held for sale when:
(a) they are available for immediate sale;
(b) management is committed to a plan to sell;
(c) it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn;
(d) an active programme to locate a buyer has been initiated;
(e) the asset is being marketed at a reasonable price in relation to its fair value; and
(f)
a sale is expected to complete within 12 months from the date of classification.
Non-current assets classified as held for sale are measured at the lower of their carrying amount immediately
prior to being classified as held for sale and fair value less costs of disposal. Following their classification as
held for sale, the assets are not depreciated. An impairment loss is recognized as an expense immediately for the
amount by which the asset\u2019s carrying amount prior to being classified as held for sale exceeds its fair value less
costs of disposal. The gain or loss of assets being disposed of during the year are included in the consolidated
statement of profit or loss and other comprehensive income up to the date of disposal.
4.15 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.
4.16 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.
4.17
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.
4.18 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.
4.19 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.
In addition, the employees employed under the Hong Kong Employment Ordinance are also entitled to LSP if
the eligibility criteria are met. The LSP are defined benefits plans.
Defined benefit plans
The amount of long service benefit that an employee will receive on cessation of employment in certain
circumstances is defined by reference to the employee\u2019s length of service and corresponding salary. The legal
obligations for any benefits remain with the Group.
Management estimates the LSP obligations annually and the LSP obligations are measured at the present value
at the end of each reporting period. This is based on the discount rate, the salary growth rate, turnover rate and
the expected investment return on offsetable MPF accrued benefits. Discount factors are determined close to the
end of each annual reporting period.
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.
4.20 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.
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.
(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.
4.21
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.
4.22 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.
4.23 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 2023 and 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-267": { "value": "4.1 Basis of preparation The material 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 material to the consolidated financial statements, are disclosed in note 5. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-268": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-269": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-270": { "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). When a fair value gain or loss on a non-monetary item is recognized in profit or loss, any exchange component of that gain or loss is also recognized in profit or loss. When a fair value gain or loss on a non-monetary item is recognized in other comprehensive income, any exchange component of that gain or loss is also recognized in other comprehensive income. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-327": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-271": { "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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-272": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-273": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-328": { "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 periods, 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 and does not give rise to equal taxable and deductible temporary differences. 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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-274": { "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 periods, 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 and does not give rise to equal taxable and deductible temporary differences. 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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-275": { "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. 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 4.20. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-276": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-277": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-278": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-279": { "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. 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. 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 or 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. 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. 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 41(e). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-329": { "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 or 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. 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. 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 41(e). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-280": { "value": "4.14 Assets held for sale Non-current assets are classified as held for sale when: (a) they are available for immediate sale; (b) management is committed to a plan to sell; (c) it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn; (d) an active programme to locate a buyer has been initiated; (e) the asset is being marketed at a reasonable price in relation to its fair value; and (f) a sale is expected to complete within 12 months from the date of classification. Non-current assets classified as held for sale are measured at the lower of their carrying amount immediately prior to being classified as held for sale and fair value less costs of disposal. Following their classification as held for sale, the assets are not depreciated. An impairment loss is recognized as an expense immediately for the amount by which the asset\u2019s carrying amount prior to being classified as held for sale exceeds its fair value less costs of disposal. The gain or loss of assets being disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income up to the date of disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-281": { "value": "4.15 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-330": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-331": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-282": { "value": "4.16 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-283": { "value": "4.17 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-284": { "value": "4.18 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-285": { "value": "4.19 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. In addition, the employees employed under the Hong Kong Employment Ordinance are also entitled to LSP if the eligibility criteria are met. The LSP are defined benefits plans. Defined benefit plans The amount of long service benefit that an employee will receive on cessation of employment in certain circumstances is defined by reference to the employee\u2019s length of service and corresponding salary. The legal obligations for any benefits remain with the Group. Management estimates the LSP obligations annually and the LSP obligations are measured at the present value at the end of each reporting period. This is based on the discount rate, the salary growth rate, turnover rate and the expected investment return on offsetable MPF accrued benefits. Discount factors are determined close to the end of each annual reporting period. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-286": { "value": "4.20 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. 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. (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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-287": { "value": "4.21 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-288": { "value": "4.22 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-289": { "value": "4.23 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 2023 and 2022.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-290": { "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 and right-of-use assets
Dry bulk shipping market was sluggish due to the volatile macroeconomic and financial environment. The
market freight rates were weak in most of 2023. 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 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 2023.
Key assumptions applied in calculation of impairment assessment of owned vessels and right-of-use assets
(a) Impairment loss on owned vessels, net
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 less than their
respective carrying amounts at end of 2023. Those vessels with carrying amount of US$139,954,000 is
estimated based on the value in use under discounted cash flow method, 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% (2022: 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% (2022: 10.5%), which was a pre-tax rate
that reflected current market assessments of time value of money and the risks specific to the assets. It is
based on weighted average cost of capital in which the cost of equity, cost of debt and capital structure
are the key parameters. Other assumptions included utilization rate which is assumed to be 95% (2022:
95%) in all subsequent years; and vessels are expected to have useful life of 25 (2022: 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.
Certain owned vessels with carrying amount of US$27,225,000 are determined based on fair value less cost
of disposal. The fair value less cost of disposal is based on valuation performed by independent valuer
and the valuation is 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 recent transactions of
similar vessels. Other assumptions included estimated cost of disposal of these vessels which are based
on the Group\u2019s historical acquisition and disposal transactions of its vessels.
Accordingly, a net impairment loss of US$14,011,000 (2022: US$49,326,000) on owned vessels classified
in property, plant and equipment was recognized at 31 December 2023 to reflect the Group\u2019s change
in the expectation of the 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.
(b) Impairment loss on right-of-use assets
With reference to the impairment test performed, the Group carried out a review of the recoverable
amounts of the right-of-use assets based on the value-in-use approach using discounted cash flow
method by comparing the carrying value and the recoverable amounts of the right-of-use assets. The
key assumptions for the discounted cash flow method are those regarding the discount rates, hire rates,
growth rate and utilization rate during the lease term of the charterparty.
The hire rates applied in the impairment test on right-of-use assets 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% decline (2022: 2% growth) during the lease term
of the charterparty. The discount rate applied to the value in use calculation on right-of-use assets was
10% (2022: 10.5%), which was a pre-tax rate that reflected current market assessments of time value of
money and the risks specific to the assets. It is based on weighted average cost of capital in which the
cost of equity, cost of debt and capital structure are the key parameters. Utilization rate of 95% (2022:
95%) is assumed during the lease term of the charterparty.
Based on the impairment test performed, the carrying amount of the right-of-use assets exceeds the
recoverable amounts and accordingly, an impairment loss of US$5,693,000 (2022: nil) was recognized
and allocated to right-of-use assets at 31 December 2023.
The impairment loss on owned vessels and right-of-use assets of US$19,704,000 (2022: US$49,326,000) are
non-cash in nature and do not have impact on the operating cash flows of the Group.
Sensitivity in calculation of impairment assessment of owned vessels and right-of-use assets
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$13,315,000 and the carrying amount of the Group\u2019s owned vessels
would decrease by 4.10%.
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 right-of-use assets recognized and net loss for
the year would increase by approximately US$807,000 and the carrying amount of the right-of-use assets would
decrease by 3.83%.
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$4,944,000 and the carrying amount of the Group\u2019s owned
vessels would decrease by 1.52%.
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 right-of-use assets recognized and
net loss for the year would increase by approximately US$326,000 and the carrying amount of the right-of-use
assets would decrease by 1.55%.
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$7,313,000 and the
carrying amount of the Group\u2019s owned vessels would decrease by 2.25%.
Valuation of investment properties
As at 31 December 2023, the Group\u2019s investment properties were stated at fair value of US$25,259,000 (2022:
US$27,210,000). Change in fair value loss of investment properties of US$2,334,000 (2022: US$935,000) 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 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 2023, the carrying amount of the trade receivables (note 25) was US$1,000,000 (2022:
US$1,354,000). 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 41(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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-291": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-292": { "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:
2023
2022
US$\u2019000
US$\u2019000
Chartering freight and hire income:
Hire income under time charters
81,868
152,466
1
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$30,463,000 (2022: US$37,914,000).
Information about major charterers
Revenue of US$16,024,000, US$15,543,000 and US$13,145,000 (2022: US$58,439,000, US$38,867,000 and
US$21,929,000) were derived from three charterers that contributed 20%, 19% and 16% (2022: 38%, 25% and
14%) respectively to the Group\u2019s revenue for the year 2023.
Information about geographical distribution
Revenue from external customers (charterers) is as follows:
2023
2022
US$\u2019000
US$\u2019000
Geographical split of revenue by charterers\u2019 location:
China
53,657
31,071
Singapore
23,759
119,955
Japan
1,878
\u2013
Switzerland
1,549
\u2013
South Korea
621
\u2013
Norway
404
\u2013
United Kingdom
\u2013
1,440
81,868
152,466
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-293": { "value": "
8. NET GAIN (LOSS) ON DISPOSAL OF OWNED VESSELS
The Group entered into two agreements in September and November 2023 respectively to dispose of two
Supramaxes of deadweight 52,686 and 52,525 metric tons at total consideration of US$17,730,000, with total net
loss of US$880,000 being recognized on completion of the disposal of these vessels in the year.
During the year 2022, the Group entered into five agreements to dispose of two Post-Panamaxes and three
Supramaxes at total consideration of US$65,550,000, with total net gain of US$5,636,000 being recognized on
completion of the disposal of these vessels in 2022.
27. ASSETS HELD FOR SALE
On 12 December 2023, the Group entered into an agreement for the disposal of a Supramax of deadweight
52,050 metric tons at a consideration of US$10,430,000. The vessel was delivered to the purchaser in January
2024. For financial reporting purposes, the vessel was reclassified to \u201cAssets held for sale\u201d in accordance with
IFRS 5 and HKFRS 5 \u201cNon-current Assets Held for Sale and Discontinued Operations\u201d at the reporting date, with
an impairment loss on assets held for sale (disposed vessel) of US$1,288,000 was recognized for the year and
was included in other operating expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-294": { "value": "
9. OTHER OPERATING INCOME
2023
2022
US$\u2019000
US$\u2019000
Net gain on bunker arising from shipping operations
\u2013
2,352
Write-back of other payables
\u2013
5,167
Other shipping operating income
4,350
2,648
Reversal of impairment loss on trade and other receivables, net
1,274
1,620
Dividend income
1,171
2,624
Gross rental income from operating leases on investment properties
569
559
COVID-19 related government subsidies
\u2013
194
Sundry income
279
255
7,643
15,419
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-295": { "value": "
10. INTEREST INCOME
2023
2022
US$\u2019000
US$\u2019000
Interest income in respect of:
Deposits with banks and other financial institutions
470
120
Loan receivables
310
815
Financial assets at fair value through profit or loss
39
129
819
1,064
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-296": { "value": "
11. IMPAIRMENT LOSS ON OWNED VESSELS AND RIGHT-OF-USE ASSETS
Dry bulk shipping market was sluggish due to the volatile macroeconomic and financial environment. The
market freight rates were weak in most of 2023. 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 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 2023.
(a) Impairment loss on owned vessels, net
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 less than their respective carrying
amounts at end of 2023. Those vessels with carrying amount of US$139,954,000 is estimated based on the value
in use under discounted cash flow method, 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% (2022: 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% (2022: 10.5%), which was a pre-tax rate that reflected current market assessments
of time value of money and the risks specific to the assets. It is based on weighted average cost of capital in
which the cost of equity, cost of debt and capital structure are the key parameters. Other assumptions included
utilization rate which is assumed to be 95% (2022: 95%) in all subsequent years; and vessels are expected to
have useful life of 25 (2022: 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.
Certain owned vessels with carrying amount of US$27,225,000 are determined based on fair value less cost of
disposal. The fair value less cost of disposal is based on valuation performed by independent valuer and the
valuation is 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 recent transactions of similar vessels. Other assumptions
included estimated cost of disposal of these vessels which are based on the Group\u2019s historical acquisition and
disposal transactions of its vessels.
Accordingly, a net impairment loss of US$14,011,000 (2022: US$49,326,000) on owned vessels classified in property,
plant and equipment was recognized at 31 December 2023 to reflect the Group\u2019s change in the expectation of the
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.
(b) Impairment loss on right-of-use assets
With reference to the impairment test performed, the Group carried out a review of the recoverable amounts of
the right-of-use assets based on the value-in-use approach using discounted cash flow method by comparing the
carrying value and the recoverable amounts of the right-of-use assets. The key assumptions for the discounted
cash flow method are those regarding the discount rates, hire rates, growth rate and utilization rate during the
lease term of the charterparty.
The hire rates applied in the impairment test on right-of-use assets 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% decline (2022: 2% growth) during the lease term of the charterparty. The discount
rate applied to the value in use calculation on right-of-use assets was 10% (2022: 10.5%), which was a pre-tax
rate that reflected current market assessments of time value of money and the risks specific to the assets. It is
based on weighted average cost of capital in which the cost of equity, cost of debt and capital structure are the
key parameters. Utilization rate of 95% (2022: 95%) is assumed during the lease term of the charterparty.
Based on the impairment test performed, the carrying amount of the right-of-use assets exceeds the recoverable
amounts and accordingly, an impairment loss of US$5,693,000 (2022: nil) was recognized and allocated to right-
of-use assets at 31 December 2023.
The impairment loss on owned vessels and right-of-use assets of US$19,704,000 (2022: US$49,326,000) are
non-cash in nature and do not have impact on the operating cash flows of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-297": { "value": "
12. STAFF COSTS
2023
2022
US$\u2019000
US$\u2019000
Directors\u2019 emoluments (excluding directors\u2019 fees):
Salaries and other benefits
8,122
8,403
Contributions to retirement benefits schemes
435
434
Other staff costs:
Salaries and other benefits
4,580
4,643
Contributions to retirement benefits schemes
199
188
13,336
13,668
At the reporting date, the Group has 66 (2022: 65) full-time employees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-298": { "value": "
13. DIRECTORS\u2019 EMOLUMENTS
2
Contributions
to retirement
Directors\u2019 Salaries and Discretionary benefits
fees 1
allowances
2
bonus schemes Total
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
2023
Executive Directors
Ng Siu Fai
248
3,846
481
231
4,806
Ng Kam Wah Thomas
248
3,077
384
185
3,894
Ng Ki Hung Frankie
170
123
\u2013
7
300
Ho Suk Lin Cathy
60
211
\u2013
12
283
Non-executive Directors
Tsui Che Yin Frank
28
\u2013
\u2013
\u2013
28
William Yau
23
\u2013
\u2013
\u2013
23
777
7,257
865
435
9,334
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
2
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-299": { "value": "
14. OTHER OPERATING EXPENSES
Other operating expenses for the year 2023 mainly included change in fair value of investment properties
of US$2,334,000, an impairment loss on assets held for sale (disposed vessel) of US$1,288,000, net loss on
financial assets at fair value through profit or loss of US$827,000, directors\u2019 fee of US$777,000, professional fee
of US$651,000, auditor\u2019s remuneration related to audit services of US$210,000 and remaining are various office
administrative expenses.
Other operating expenses for the year 2022 mainly included net loss on financial assets at fair value through
profit or loss of US$2,510,000, change in fair value of investment properties of US$935,000, directors\u2019 fee of
US$777,000, professional fee of US$849,000, auditor\u2019s remuneration related to audit services of US$210,000 and
remaining are various office administrative expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-300": { "value": "
15. OPERATING PROFIT (LOSS) BEFORE DEPRECIATION AND AMORTIZATION
This is stated after charging / (crediting):
2023
2022
US$\u2019000
US$\u2019000
Auditor\u2019s remuneration
1
:
Audit services
210
210
Other services
4
8
Rent and rates payments in respect of premises
94
87
Net loss on financial assets at fair value through profit or loss
Realized gain on financial assets at
fair value through profit or loss
(701)
(1,493)
Unrealized loss on financial assets at
fair value through profit or loss
1,528
4,003
Interest income in respect of:
Deposits with banks and other financial institutions
(470)
(120)
Loan receivables
(310)
(815)
Financial assets at fair value through profit or loss
(39)
(129)
Dividend income
(1,171)
(2,624)
Net loss (gain) on disposal of owned vessels
880
(5,636)
Loss on write-off of property, plant and equipment
3
6
Change in fair value of investment properties
2,334
935
Impairment loss on owned vessels and right-of-use assets
19,704
49,326
Impairment loss on assets held for sale
1,288
\u2013
Reversal of impairment loss on trade and other receivables, net
(1,274)
(1,620)
Net exchange loss
48
384
Gross rental income from operating leases on investment properties
(569)
(559)
Outgoings in respect of investment properties
30
25
Bad debts written off in respect of trade and other receivables
\u2013
29
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 (2022: US$4,000). For the year 2022, the fees paid for other services also included a
fee of US$4,000 for the review of internal control systems.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-332": { "value": "This is stated after charging / (crediting):
2023
2022
US$\u2019000
US$\u2019000
Auditor\u2019s remuneration
1
:
Audit services
210
210
Other services
4
8
Rent and rates payments in respect of premises
94
87
Net loss on financial assets at fair value through profit or loss
Realized gain on financial assets at
fair value through profit or loss
(701)
(1,493)
Unrealized loss on financial assets at
fair value through profit or loss
1,528
4,003
Interest income in respect of:
Deposits with banks and other financial institutions
(470)
(120)
Loan receivables
(310)
(815)
Financial assets at fair value through profit or loss
(39)
(129)
Dividend income
(1,171)
(2,624)
Net loss (gain) on disposal of owned vessels
880
(5,636)
Loss on write-off of property, plant and equipment
3
6
Change in fair value of investment properties
2,334
935
Impairment loss on owned vessels and right-of-use assets
19,704
49,326
Impairment loss on assets held for sale
1,288
\u2013
Reversal of impairment loss on trade and other receivables, net
(1,274)
(1,620)
Net exchange loss
48
384
Gross rental income from operating leases on investment properties
(569)
(559)
Outgoings in respect of investment properties
30
25
Bad debts written off in respect of trade and other receivables
\u2013
29
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 (2022: US$4,000). For the year 2022, the fees paid for other services also included a fee of US$4,000 for the review of internal control systems.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-301": { "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$256,000) are taxed at 16.5%. Apart from the estimated assessable profits
arising in Hong Kong from that subsidiary, in the opinion of the Directors, the Group is not subject to taxation
in any other jurisdictions in which the Group operates.
There was no Bermuda income, corporation or profits tax, withholding tax, capital gains tax, capital transfer tax,
estate duty or inheritance tax payable by the Company for the years.
The Company has received from the Minister of Finance of Bermuda under The Exempted Undertakings Tax
Protection Act 1966, as amended, an assurance that, in the event of there being enacted in Bermuda any legislation
imposing tax computed on profits or income, or computed on any capital asset gain or appreciation or any tax in
the nature of estate duty or inheritance tax, the imposition of such tax shall not until 31 March 2035 be applicable
to the Company or to any of its operations, or to the shares, debentures or other obligations of the Company.
The amount of taxation charged to the consolidated statement of profit or loss and other comprehensive income
represents:
2023
2022
US$\u2019000
US$\u2019000
Hong Kong Profits Tax
Current year
\u2013
21
Over provision in prior year
(1)
(1)
(1)
20
Reconciliation between taxation charge and accounting loss at the applicable tax rates:
2023
2022
US$\u2019000
US$\u2019000
Loss before taxation
(55,056)
(7,093)
Income tax at the applicable tax rates in the
tax jurisdictions concerned
(3,152)
(2,701)
Non-deductible expenses
571
345
Tax exempted revenue
(262)
(629)
Unrecognized tax losses
2,879
3,036
Unrecognized temporary differences
(34)
(28)
Utilization of previously unrecognized tax losses
(2)
(2)
Over provision in prior year
(1)
(1)
Taxation charge for the year
(1)
20
The applicable tax rates are the weighted average of current rates of taxation ruling in the relevant jurisdictions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-302": { "value": "
17. LOSS PER SHARE
2023
2022
Weighted average number of ordinary shares in issue
109,258,943
109,258,943
Net loss attributable to
shareholders of the Company (US$\u2019000)
(55,055)
(7,113)
Basic and diluted loss per share
US$(0.504)
US$(0.065)
Diluted loss per share for the years 2023 and 2022 were the same as basic loss per share as there was no
potentially dilutive ordinary shares in existence for the years 2023 and 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-303": { "value": "
18. DIVIDENDS
2023
2022
US$\u2019000
US$\u2019000
2022 interim dividend of US$0.03 per share
\u2013
3,278
2022 final dividend of US$0.04 per share
\u2013
4,370
\u2013
7,648
The final dividend for the year 2022 was approved by the Company\u2019s shareholders at the annual general meeting
held on 24 May 2023. Such dividend was paid to the shareholders of the Company in mid-June 2023.
The Board has resolved not to recommend the payment of any final dividend for the year ended 31 December 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-304": { "value": "
19. PROPERTY, PLANT AND EQUIPMENT
Motor vessels
and capitalized Leasehold
drydocking land and
costs
buildings
Others
Total
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Cost
At 1 January 2022
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
Reclassification to assets held for sale
(42,153)
\u2013
(3)
(42,156)
Reclassification to investment properties
\u2013
(92)
\u2013
(92)
Additions
24,220
\u2013
113
24,333
Disposals / Write-off
(24,427)
\u2013
(179)
(24,606)
At 31 December 2023
695,936
25,835
7,051
728,822
Accumulated depreciation
and impairment loss
At 1 January 2022
394,222
16,712
6,081
417,015
Impairment loss, net
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
Reclassification to assets held for sale
(30,442)
\u2013
(3)
(30,445)
Reclassification to investment properties
\u2013
(76)
\u2013
(76)
Impairment loss, net
14,011
\u2013
\u2013
14,011
Charge for the year
30,574
795
159
31,528
Eliminated on disposals / write-off
(6,115)
\u2013
(176)
(6,291)
At 31 December 2023
370,989
18,227
6,193
395,409
Net book value
At 31 December 2023
324,947
7,608
858
333,413
At 31 December 2022
375,335
8,419
907
384,661
1
2
3
4
2
3
4
Notes:
1.
All motor vessels are held for use under operating leases.
2.
Reclassification to assets held for sale:
On 12 December 2023, the Group entered into an agreement for the disposal of a Supramax of deadweight 52,050 metric
tons at a consideration of US$10,430,000. The vessel was delivered to the purchaser in January 2024. For financial
reporting purposes, the vessel was reclassified to \u201cAssets held for sale\u201d in accordance with IFRS 5 and HKFRS 5
\u201cNon-current Assets Held for Sale and Discontinued Operations\u201d at the reporting date, with an impairment loss on assets
held for sale (disposed vessel) of US$1,288,000 was recognized for the year and was included in other operating expenses.
3. Reclassification to investment properties:
During the year, an owner-occupied leasehold land and building was reclassified to an investment property and a
revaluation surplus of US$367,000 was credited to revaluation reserve in 2023.
4.
Impairment loss, net:
A net impairment loss of US$14,011,000 (2022: US$49,326,000) on owned vessels classified in property, plant and
equipment was recognized at 31 December 2023 to reflect the Group\u2019s change in the expectation of the 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(a).
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:
Relationship of
significant unobservable
Fair value Valuation Significant Range of inputs to fair value less
hierarchy technique unobservable inputs unobservable inputs cost of disposal
2023
2022
Level 2
Direct
Selling price quoted US$14 million - US$14.7 million - An increase in percentage
comparison from the transactions US$14.2 million US$24 million of selling price quoted
method of similar vessels, after per vessel per vessel from the transactions of
taking into account the similar vessels would
individual factors such as result in an increase in
year of built, shipyards fair value measurement of
and size of vessels the vessels, and vice versa
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-305": { "value": "
20. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES
(a) Right-of-use assets
2023
2022
US$\u2019000
US$\u2019000
At 1 January
28,997
\u2013
Additions
\u2013
43,598
Lease remeasurement
3,257
(11,858)
Depreciation
(5,466)
(2,743)
Impairment loss
(5,693)
\u2013
At 31 December
21,095
28,997
(b) Lease liabilities
2023
2022
US$\u2019000
US$\u2019000
At 1 January
29,337
\u2013
Additions
\u2013
43,598
Lease remeasurement
3,257
(11,858)
Interest expense (included in finance costs)
1,424
703
Repayments of lease liabilities
(4,879)
(3,106)
At 31 December
29,139
29,337
The lease liabilities were repayable as follows:
2023
2022
US$\u2019000
US$\u2019000
Within one year
5,061
4,173
After one year but within two years
5,272
4,371
After two years but within five years
17,284
14,276
After five years
1,522
6,517
24,078
25,164
29,139
29,337
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 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 in the consolidated statement of financial position.
At the reporting date, an impairment assessment of right-of-use assets was performed and an impairment
loss of US$5,693,000 (2022: nil) was recognized and allocated to right-of-use assets at 31 December 2023. The
impairment loss on right-of-use assets 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 recoverable amounts of right-of-use assets and the sensitivity analysis
are provided in note 5 and note 11(b).
During the year, the total cash outflow for the lease was US$4,879,000 (2022: US$3,106,000).
36. FUTURE OPERATING LEASE ARRANGEMENTS
At the reporting date, the Group had future minimum lease income receivables under non-cancellable operating
leases as follows:
2023
2022
US$\u2019000
US$\u2019000
Within one year:
Premises
51
41
Owned vessels
8,375
125
Chartered-in vessels
10,168
\u2013
18,594
166
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-333": { "value": "(a) Right-of-use assets
2023
2022
US$\u2019000
US$\u2019000
At 1 January
28,997
\u2013
Additions
\u2013
43,598
Lease remeasurement
3,257
(11,858)
Depreciation
(5,466)
(2,743)
Impairment loss
(5,693)
\u2013
At 31 December
21,095
28,997
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-306": { "value": "
21. INVESTMENT PROPERTIES
2023
2022
US$\u2019000
US$\u2019000
At 1 January
27,210
28,145
Reclassification from leasehold land and buildings
383
\u2013
Change in fair value
(2,334)
(935)
At 31 December
25,259
27,210
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.
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:
Fair value Valuation Significant Range of Relationship of significant
Properties hierarchy technique unobservable inputs unobservable inputs unobservable inputs to fair value
2023
2022
Premises
Level 3
Direct
Market unit sale rate per US$2,000 \u2013 US$1,900 \u2013 An increase in percentage of market
comparison square feet, after taking US$3,500 US$3,600 unit sale rate per square feet would
method into account the age, per square feet per square feet result in an increase in fair value
location and individual measurement of the premises by
factors such as size, view, the same percentage increase, and
floor level and quality of vice versa
building
Car parks
Level 3
Direct
Market unit sale rate per US$381,000 \u2013 US$346,000 \u2013 An increase in percentage of market
comparison car park US$769,000 US$513,000 unit sale rate per car park would
method per car park per car park result in an increase in fair value
measurement of the car park by the
same percentage increase, and
vice versa
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-307": { "value": "
22. FINANCIAL ASSETS AT FAIR VALUE THROUGH OCI
2023
2022
US$\u2019000
US$\u2019000
Unlisted equity investments
Co-investment in a property project
At 1 January
9,396
12,257
Change in fair value
(2,137)
(2,861)
7,259
9,396
Unlisted club membership
At 1 January
444
482
Change in fair value
(12)
(38)
432
444
7,691
9,840
1
2
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 \u201cCo-investment\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$1,577,000 (2022:
US$1,342,000) was drawdown and the amount was included in note 24.
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. As at the reporting
date, the capital expenditure commitments contracted by the Group but not provided for was US$372,000 (2022:
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 \u201cInvestment Manager\u201d) 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 Investment Manager reported a loss of US$2,137,000 (2022: US$2,861,000) on the Co-investment for the
year. The reported loss on the Co-investment was recognized by the Group as a change in fair value of financial
assets at fair value through OCI and was included in other comprehensive loss in the consolidated statement
of profit or loss and other comprehensive income. As at the reporting date, the carrying amount of the unlisted
equity investments, co-investment in a property project, was US$7,259,000 (2022: US$9,396,000) whereas the
loan receivable arise from Co-investment, together with the interest accrued thereon was US$2,138,000 (2022:
US$1,593,000). The Group will closely monitor the performance of the Co-investment and will assess impairment
allowances where appropriate.
The fair value measurement of unlisted equity investments was categorized as Level 3 of the three-level fair
value hierarchy as defined under IFRS 13 and HKFRS 13 and there was no transfer among the three levels of
the fair value hierarchy during the year.
Unlisted club membership stated at fair value represented investment in club membership which their fair values
can be determined directly by reference to published price quotations in active markets and were categorized as
Level 1 of the three-level fair value hierarchy as defined under IFRS 13 and HKFRS 13 and there was no transfer
among the three levels of the fair value hierarchy during the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-308": { "value": "
23. INVENTORIES
Inventories consisted of bunker stock and ship stores on the Group\u2019s vessels. At the reporting date, these
inventories were carried at cost.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-309": { "value": "
24. LOAN RECEIVABLES
2023
2022
US$\u2019000
US$\u2019000
At 1 January
1,342
9,236
Gross new loan originated
235
774
Repayment
\u2013
(8,668)
Provision of individual impairment
\u2013
\u2013
Loan receivables, net of provision
1,577
1,342
Less: Amount receivable within one year
\u2013
(1,342)
Amount receivable after one year
1,577
\u2013
At the reporting date, the Group\u2019s loan receivables of US$1,577,000 (2022: US$1,342,000) arise from Co-investment
(as mentioned in note 22), are unsecured and denominated in United States Dollars and has no fixed repayment
terms.
At the reporting date, the loan receivables have been reviewed by management to assess impairment allowances
which are based on the evaluation of current creditworthiness, collection statistics and the net asset value of the
Co-investment, and are not considered as impaired. The carrying amount of the loan receivables is considered
to be a reasonable approximation of its fair value.
", "dimensions": { "concept": "jinhui:DisclosureOfLoanReceivables", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-310": { "value": "
25. TRADE AND OTHER RECEIVABLES
2023
2022
US$\u2019000
US$\u2019000
Trade receivables
1,000
1,354
Prepayments
2,478
2,447
Rental and other deposits
54
61
Tax recoverable
21
170
Other receivables
14,536
16,213
17,089
18,891
18,089
20,245
Management has a credit policy in place for approving the credit limits to charterers and the exposures to credit
risk are monitored such that any outstanding trade receivables are reviewed and followed up on an ongoing basis.
Credit evaluations including assessing the customer\u2019s creditworthiness and financial standing are performed on
customers requiring a credit over certain amount.
The credit terms given to charterers vary from 15 to 60 days according to the types of vessels\u2019 employment.
The carrying amounts of trade and other receivables are considered to be a reasonable approximation of their
fair values due to their short term maturities.
The aging analysis of trade receivables (net of impairment loss) that are past due at the reporting date but not
individually considered to be impaired is included in the following analysis:
2023
2022
US$\u2019000
US$\u2019000
Neither past due nor impaired
238
138
Past due but not impaired
Within three months past due
602
754
Over three months but within six months past due
133
141
Over six months but within twelve months past due
27
321
762
1,216
1,000
1,354
The movement for impairment loss on trade and other receivables is as follows:
2023
2022
US$\u2019000
US$\u2019000
At 1 January
5,721
7,388
Impairment loss recognized
405
59
Reversal of impairment loss
(1,679)
(1,679)
Written off as uncollectible
(85)
(47)
At 31 December
4,362
5,721
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$4,362,000 (2022: US$5,721,000) as
impaired. No impairment loss on other receivables was provided as at 31 December 2023 and 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-311": { "value": "
26. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
2023
2022
US$\u2019000
US$\u2019000
Held for trading
Listed equity securities
21,491
26,812
Listed debt securities
577
1,051
Unlisted debt securities
295
288
22,363
28,151
Designated as such upon initial recognition
Investment funds
1,731
1,076
24,094
29,227
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-312": { "value": "
28. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-313": { "value": "
29. SHARE CAPITAL
2023
2022
Number of Number of
ordinary shares ordinary shares
of US$0.05 each
Amount
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 2,177 (2022: 2,334) 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*
24.17%
Nordnet Bank AB
3.78%
JPMorgan Chase Bank, N.A., London
3.01%
Citibank, N.A.
1.96%
Willumsen Thor Inge
1.59%
75.32%
* BNP Paribas Securities Services BPSS held 16,252,990 shares of the Company in custodian for Jinhui Holdings Company
Limited as at 31 December 2023 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-314": { "value": "
30. RESERVES
Details of movements in reserves of the Group are set out in the \u201cConsolidated Statement of Changes in Equity\u201d
on page 76.
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 2023, the reserve for financial assets at fair value through OCI
consists of recycling and non-recycling portion amounting to income of US$94,000 (2022: US$106,000) and loss
of US$2,388,000 (2022: US$251,000) respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-315": { "value": "
31. SECURED BANK LOANS
The maturity of secured bank loans is as follows:
2023
2022
US$\u2019000
US$\u2019000
Within one year
32,497
34,278
In the second year
55,670
15,406
In the third to fifth year
\u2013
33,154
Total secured bank loans
88,167
82,838
Less: Amount repayable within one year
(32,497)
(34,278)
Amount repayable after one year
55,670
48,560
During the year, the Group had drawn new secured bank loans of US$57,696,000 (2022: US$66,859,000) and
repaid US$52,367,000 (2022: US$76,599,000).
At the reporting date, secured bank loans represented vessel mortgage loans that were denominated in United
States Dollars, revolving loans, term loans and property mortgage loans that were denominated in Hong Kong
Dollars and United States Dollars. All secured bank loans were committed on floating rate basis ranging from
4.25% to 7.58% (2022: 4% to 6.42%) per annum. These loans are secured by certain of the Group\u2019s assets as
disclosed in note 37.
The carrying amount of the secured bank loans is considered to be a reasonable approximation of its fair value.
", "dimensions": { "concept": "jinhui:DisclosureOfSecuredBankLoans", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-316": { "value": "
32. TRADE AND OTHER PAYABLES
2023
2022
US$\u2019000
US$\u2019000
Trade payables
133
171
Accrued charges
2,830
1,662
Other payables
Payables related to vessel running cost and
ship operating expenses
9,104
10,078
Hire receipt in advance
2,607
874
Loan interest payables
166
172
Accrued employee benefits
1,203
1,710
Others
178
166
13,258
13,000
16,221
14,833
The carrying amounts of trade and other payables are considered to be a reasonable approximation of their fair
values.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-317": { "value": "
33. NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
2023
2022
US$\u2019000
US$\u2019000
Loss before taxation
(55,056)
(7,093)
Adjustments for:
Depreciation and amortization
36,994
39,870
Interest income
(819)
(1,064)
Interest expenses
6,234
3,438
Dividend income
(1,171)
(2,624)
Net loss (gain) on disposal of owned vessels
880
(5,636)
Loss on write-off of property, plant and equipment
3
6
Change in fair value of investment properties
2,334
935
Impairment loss on owned vessels and right-of-use assets
19,704
49,326
Impairment loss on assets held for sale
1,288
\u2013
Reversal of impairment loss on trade and other receivables, net
(1,274)
(1,620)
Bad debts written off in respect of trade and other receivables
\u2013
29
Cash generated from operations before changes in working capital
9,117
75,567
Changes in working capital:
Inventories
1,610
420
Loan receivables
(235)
7,894
Trade and other receivables
3,582
1,296
Financial assets at fair value through profit or loss
5,133
14,160
Trade and other payables
1,395
(8,106)
Amount due to holding company
9
18
Changes in working capital
11,494
15,682
Cash generated from operations
20,611
91,249
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-318": { "value": "
34. RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES
The changes in the Group\u2019s liabilities arising from financing activities are classified as follows:
Vessel Other
mortgage secured Lease
loans bank loans
liabilities
Total
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
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
At 1 January 2023
26,469
56,369
29,337
112,175
Cash flows:
Drawdown of loans
\u2013
57,696
\u2013
57,696
Repayment of loans
(9,964)
(42,403)
\u2013
(52,367)
Repayment of lease liabilities
\u2013
\u2013
(4,879)
(4,879)
Non-cash:
Lease remeasurement
\u2013
\u2013
3,257
3,257
Interest expense on lease liabilities
\u2013
\u2013
1,424
1,424
At 31 December 2023
16,505
71,662
29,139
117,306
", "dimensions": { "concept": "jinhui:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivities", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-319": { "value": "
35. DEFERRED TAXATION
At the reporting date, deferred tax assets have not been recognized in respect of tax losses of US$341,631,000
(2022: US$324,192,000).
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-320": { "value": "
37. 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$220,591,000 (2022: US$218,172,000) and investment properties (note 21) with an aggregate carrying
amount of US$20,653,000 (2022: US$22,064,000);
(b)
Financial assets at fair value through profit or loss of US$12,564,000 (2022: US$16,845,000);
(c)
Deposits totaling US$359,000 (2022: US$444,000) of the Group placed with banks; and
(d)
Assignment of fourteen (2022: fourteen) subsidiaries\u2019 income in favour of banks.
In
addition, shares of six (2022: eight) ship owning subsidiaries were pledged to banks for vessel mortgage loans.
", "dimensions": { "concept": "jinhui:DisclosureOfPledgeOfAssets", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-321": { "value": "
38. CAPITAL EXPENDITURE COMMITMENTS
During the year, capital expenditure on additions of motor vessels and capitalized drydocking costs was
US$24,220,000 (2022: US$140,482,000) and on other property, plant and equipment was US$113,000 (2022:
US$121,000).
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. As at the reporting
date, the capital expenditure commitments contracted by the Group but not provided for was US$372,000 (2022:
US$372,000).
As at the reporting date, the total amount of capital expenditure commitments contracted by the Group but not
provided for was US$372,000 (2022: US$372,000).
Save as disclosed above, there were 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-322": { "value": "
39. 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$252,000 (2022: US$242,000) from Jinhui Holdings;
(b) Lease payment of US$17,000 (2022: US$17,000) under a short term lease to a fellow subsidiary; and
(c) Compensation of key management personnel as follows:
2023
2022
US$\u2019000
US$\u2019000
Salaries and other benefits
8,692
8,994
Contributions to retirement benefits schemes
446
444
9,138
9,438
Other payables included accrued employee benefits payables to directors and executive personnel of
US$899,000 (2022: US$1,214,000). 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-323": { "value": "
40. EVENTS AFTER THE REPORTING DATE
Subsequent to the reporting date, the Group entered into an agreement on 2 February 2024 for the acquisition
of a Capesize of deadweight 181,279 metric tons, built in year 2012, at a purchase price of US$30,950,000. The
vessel will be delivered to the Group between 1 July 2024 and 15 September 2024.
In addition, the Group entered into an agreement on 21 February 2024 for the acquisition of a Panamax of
deadweight 81,567 metric tons, built in year 2019, at a purchase price of US$31,122,450. The vessel will be
delivered to the Group between 1 April 2024 and 15 June 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-324": { "value": "
41. FINANCIAL RISK MANAGEMENT AND POLICIES
The Group is exposed to financial risks through its use of financial instruments which arise from its business
activities. The financial risks include market risk (mainly comprise of interest rate risk, foreign currency risk and
price risk), credit risk and liquidity risk. The management manages and monitors the financial risk exposures to
ensure appropriate measures are implemented on a timely and effective manner. These policies have been in
place for years and are considered to be effective.
(a) Categories of financial instruments
At the reporting date, the carrying amounts of financial instruments presented in the consolidated statement
of financial position related to the following categories of financial assets and financial liabilities:
2023
2022
US$\u2019000
US$\u2019000
Financial assets
Financial assets at fair value through OCI
Unlisted equity investments
7,259
9,396
Unlisted club membership
432
444
7,691
9,840
Financial assets at fair value through profit or loss
Listed equity securities
21,491
26,812
Listed debt securities
577
1,051
Unlisted debt securities
295
288
Investment funds
1,731
1,076
24,094
29,227
Financial assets at amortized cost
Trade and other receivables
15,590
17,628
Loan receivables
1,577
1,342
Pledged deposits
359
444
Bank balances and cash
40,250
33,353
57,776
52,767
89,561
91,834
Financial liabilities
Financial liabilities at amortized cost
Trade and other payables
13,606
13,951
Amount due to holding company
176
167
Secured bank loans
88,167
82,838
Lease liabilities
29,139
29,337
131,088
126,293
(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 31. Interest rate benchmark reform As at 31 December 2023, the Group had interest bearing bank borrowings denominated in United States Dollars of US$16,504,000 (2022: US$26,469,000), carrying variable interests with reference to the London Interbank Offered Rate (LIBOR) which has been ceased after 30 June 2023. The bank borrowings have been repaid by January 2024. The management of the Group considers the impact of the interest rate benchmark reform to the Group\u2019s financial position and financial performance is not significant. Sensitivity analysis* Based on the exposures to bank borrowings of US$88,167,000 (2022: US$82,838,000) at the reporting date, it was estimated that an increase of 25 (2022: 75) basis points in interest rate, with all other variables remaining constant, the Group\u2019s net loss would increase by approximately US$220,000 (2022: US$621,000). The sensitivity analysis above has been determined as if the change in interest rate had occurred at the reporting date. The basis of 25 (2022: 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.
(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 SGD710,000 and SGD9,890,000, approximately US$539,000 and US$7,505,000 respectively (2022:
SGD673,000 and SGD11,557,000, approximately US$503,000 and US$8,638,000 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 SGD10,600,000, approximately US$8,044,000 (2022: SGD12,230,000,
approximately US$9,141,000), it was estimated that a depreciation of 5% (2022: 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$383,000 (2022: US$436,000) with all other variables remain constant. The sensitivity
analysis had been determined based on the assumed exchange rate movement of Singapore Dollars
(2022: 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.
(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% (2022: 10%), the Group\u2019s net loss would increase by approximately US$2,149,000 (2022: US$2,681,000). 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% (2022: 10%), the Group\u2019s net loss would increase by approximately US$87,000 (2022: US$134,000). 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% (2022: 10%), the Group\u2019s net loss would increase by approximately US$173,000 (2022: US$108,000). * 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.
(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$405,000 (2022: US$59,000) 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 (2022: US$1,679,000)
was recognized upon recovery of outstanding trade receivables in prior years, and US$85,000 (2022:
US$47,000) was written off as uncollectible.
The credit terms given to charterers vary from 15 to 60 days according to the types of vessels\u2019 employment.
For trade receivables, the Group applies a simplified approach in calculating ECL and recognizes a loss
allowance based on lifetime ECL at each reporting date. These are the expected shortfalls in contractual
cash flows, considering the potential for default at any point during the life of the financial assets. In
calculating the ECL, the Group has established a provision matrix that is based on its historical credit
loss experience and external indicators, adjusted for forward-looking factors specific to the debtors and
the economic environment.
To measure the ECL, trade receivables have been grouped based on shared credit risk characteristics
and the days past due.
On the above basis, the ECL for trade receivables as at 31 December 2023 and 2022 was determined as follows:
Over Over
3 months 6 months
Within but within but within Over
3 months 6 months 12 months 12 months
Current past due past due past due
past due
Total
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
2023
Trade receivables
\u2013 gross carrying amount
238
602
133
27
4,362
5,362
Lifetime ECL
\u2013
\u2013
\u2013
\u2013
4,362
4,362
ECL rate
0%
0%
0%
0%
100%
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%
For other receivables and loan receivables arised from the 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 2023 and 2022. The
outstanding balance of those receivables of US$16,167,000 (2022: US$17,616,000) 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.
(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.
Total
Within In the In the third After the undiscounted Carrying
one year second year to fifth year fifth year amount amount
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
2023
Trade and other payables
13,606
\u2013
\u2013
\u2013
13,606
13,606
Amount due to holding company
176
\u2013
\u2013
\u2013
176
176
Secured bank loans
38,443
59,035
\u2013
\u2013
97,478
88,167
Lease liabilities
6,218
6,201
18,621
1,529
32,569
29,139
58,443
65,236
18,621
1,529
143,829
131,088
2022
Trade and other payables
13,951
\u2013
\u2013
\u2013
13,951
13,951
Amount due to holding company
167
\u2013
\u2013
\u2013
167
167
Secured bank loans
38,968
18,145
34,706
\u2013
91,819
82,838
Lease liabilities
5,355
5,370
16,066
6,690
33,481
29,337
58,441
23,515
50,772
6,690
139,418
126,293
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-334": { "value": "(a) Categories of financial instruments At the reporting date, the carrying amounts of financial instruments presented in the consolidated statement of financial position related to the following categories of financial assets and financial liabilities:
2023
2022
US$\u2019000
US$\u2019000
Financial assets
Financial assets at fair value through OCI
Unlisted equity investments
7,259
9,396
Unlisted club membership
432
444
7,691
9,840
Financial assets at fair value through profit or loss
Listed equity securities
21,491
26,812
Listed debt securities
577
1,051
Unlisted debt securities
295
288
Investment funds
1,731
1,076
24,094
29,227
Financial assets at amortized cost
Trade and other receivables
15,590
17,628
Loan receivables
1,577
1,342
Pledged deposits
359
444
Bank balances and cash
40,250
33,353
57,776
52,767
89,561
91,834
Financial liabilities
Financial liabilities at amortized cost
Trade and other payables
13,606
13,951
Amount due to holding company
176
167
Secured bank loans
88,167
82,838
Lease liabilities
29,139
29,337
131,088
126,293
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-335": { "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 31.
Interest rate benchmark reform
As at 31 December 2023, the Group had interest bearing bank borrowings denominated in United States
Dollars of US$16,504,000 (2022: US$26,469,000), carrying variable interests with reference to the London
Interbank Offered Rate (LIBOR) which has been ceased after 30 June 2023. The bank borrowings have
been repaid by January 2024. The management of the Group considers the impact of the interest rate
benchmark reform to the Group\u2019s financial position and financial performance is not significant.
Sensitivity analysis*
Based on the exposures to bank borrowings of US$88,167,000 (2022: US$82,838,000) at the reporting date,
it was estimated that an increase of 25 (2022: 75) basis points in interest rate, with all other variables
remaining constant, the Group\u2019s net loss would increase by approximately US$220,000 (2022: US$621,000).
The sensitivity analysis above has been determined as if the change in interest rate had occurred at the
reporting date. The basis of 25 (2022: 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.
(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 SGD710,000 and SGD9,890,000, approximately US$539,000 and US$7,505,000 respectively (2022: SGD673,000 and SGD11,557,000, approximately US$503,000 and US$8,638,000 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 SGD10,600,000, approximately US$8,044,000 (2022: SGD12,230,000, approximately US$9,141,000), it was estimated that a depreciation of 5% (2022: 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$383,000 (2022: US$436,000) with all other variables remain constant. The sensitivity analysis had been determined based on the assumed exchange rate movement of Singapore Dollars (2022: 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.
(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% (2022: 10%), the Group\u2019s net loss would increase by
approximately US$2,149,000 (2022: US$2,681,000).
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% (2022: 10%), the Group\u2019s net loss would increase by
approximately US$87,000 (2022: US$134,000).
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% (2022: 10%), the Group\u2019s net loss would increase by
approximately US$173,000 (2022: US$108,000).
* 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-336": { "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$405,000 (2022: US$59,000) 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 (2022: US$1,679,000) was recognized upon recovery of outstanding trade receivables in prior years, and US$85,000 (2022: US$47,000) was written off as uncollectible. The credit terms given to charterers vary from 15 to 60 days according to the types of vessels\u2019 employment. For trade receivables, the Group applies a simplified approach in calculating ECL and recognizes a loss allowance based on lifetime ECL at each reporting date. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial assets. In calculating the ECL, the Group has established a provision matrix that is based on its historical credit loss experience and external indicators, adjusted for forward-looking factors specific to the debtors and the economic environment. To measure the ECL, trade receivables have been grouped based on shared credit risk characteristics and the days past due.
On the above basis, the ECL for trade receivables as at 31 December 2023 and 2022 was determined as
follows:
Over Over
3 months 6 months
Within but within but within Over
3 months 6 months 12 months 12 months
Current past due past due past due
past due
Total
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
2023
Trade receivables
\u2013 gross carrying amount
238
602
133
27
4,362
5,362
Lifetime ECL
\u2013
\u2013
\u2013
\u2013
4,362
4,362
ECL rate
0%
0%
0%
0%
100%
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%
For other receivables and loan receivables arised from the 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 2023 and 2022. The outstanding balance of those receivables of US$16,167,000 (2022: US$17,616,000) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-337": { "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.
Total
Within In the In the third After the undiscounted Carrying
one year second year to fifth year fifth year amount amount
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
2023
Trade and other payables
13,606
\u2013
\u2013
\u2013
13,606
13,606
Amount due to holding company
176
\u2013
\u2013
\u2013
176
176
Secured bank loans
38,443
59,035
\u2013
\u2013
97,478
88,167
Lease liabilities
6,218
6,201
18,621
1,529
32,569
29,139
58,443
65,236
18,621
1,529
143,829
131,088
2022
Trade and other payables
13,951
\u2013
\u2013
\u2013
13,951
13,951
Amount due to holding company
167
\u2013
\u2013
\u2013
167
167
Secured bank loans
38,968
18,145
34,706
\u2013
91,819
82,838
Lease liabilities
5,355
5,370
16,066
6,690
33,481
29,337
58,441
23,515
50,772
6,690
139,418
126,293
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-325": { "value": "
42. CAPITAL MANAGEMENT
The Group\u2019s capital management objectives are:
(a) to ensure the Group\u2019s ability to continue as a going concern;
(b) to provide adequate returns for shareholders;
(c) to maintain an optimal capital structure to reduce the cost of capital; and
(d) to support the Group\u2019s stability and sustainable growth.
The Group\u2019s capital management strategies are to rely on internal resources and interest-bearing borrowings to
finance the capital expenditures. The management may make adjustments to its capital structure in the light of
changes in economic conditions, recent market values of the Group\u2019s assets as well as the risk characteristics
of the underlying assets through adjusting the amount of dividends paid to shareholders, issuing new shares
or selling assets to reduce debts.
The Group monitors capital structure on the basis of the gearing ratio. This ratio is calculated as net debts (total
interest-bearing debts net of equity and debt securities, bank balances and cash) over total equity. The gearing
ratio of the Group at the reporting date is calculated as follows:
2023
2022
US$\u2019000
US$\u2019000
Secured bank loans repayable within one year
32,497
34,278
Secured bank loans repayable after one year
55,670
48,560
Total secured bank loans
88,167
82,838
Less: Equity and debt securities
(22,363)
(28,151)
Less: Bank balances and cash
(40,250)
(33,353)
Net debts
25,554
21,334
Total equity
349,930
411,137
Gearing ratio
7%
5%
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-326": { "value": "
44. PRINCIPAL SUBSIDIARIES
Attributable Attributable
Issued and equity equity
paid-up capital / interest at interest at Principal Place of
Name registered capital 31/12/2023 31/12/2022 activities operation
Incorporated in Bermuda
#
Jinhui MetCoke Limited
12,000 ordinary shares
100%
100%
Investment
Worldwide
of US$1 each holding
Incorporated in the British Virgin Islands
Advance Rich Limited
1 share
100%
100%
Investment
Worldwide
of US$1 each
#
Jin Hui Shipping Inc.
50,000 shares
100%
100%
Investment
Worldwide
of US$1 each holding
#
Jinhui Investments Limited
1 share
100%
100%
Investment
Worldwide
of US$1 each holding
Incorporated in Hong Kong
Best Flame International Limited
HK$2 divided into
100%
100%
Property
Hong Kong
2 ordinary shares investment
Fair Fait International Limited
HK$2 divided into
100%
100%
Property
Hong Kong
2 ordinary shares investment
Goldbeam International Limited
HK$5,000,000
100%
100%
Ship
Hong Kong
divided into management
5,000,000 services,
ordinary shares shipping
agent and
investment
Attributable Attributable
Issued and equity equity
paid-up capital / interest at interest at Principal Place of
Name registered capital 31/12/2023 31/12/2022 activities operation
Incorporated in Hong Kong (Continued)
Good Sunshine Limited
HK$1 divided into
100%
100%
Property
Hong Kong
1 ordinary share investment
Jinhui Finance (Hong Kong) HK$10,000
100%
100%
Money
Hong Kong
Limited divided into lending
10,000 ordinary shares
Leadford Industries Limited
HK$2 divided into
100%
100%
Property
Hong Kong
2 ordinary shares investment
Monocosmic Limited
HK$10,000
100%
100%
Property
Hong Kong
divided into investment
10,000 ordinary shares
Noble Talent Development HK$1 divided into
100%
100%
Property
Hong Kong
Limited 1 ordinary share investment
Ringo Star Company Limited
HK$2 divided into
100%
100%
Property
Hong Kong
2 ordinary shares investment
Union Gold Limited
HK$1 divided into
100%
100%
Property
Hong Kong
1 ordinary share investment
Attributable Attributable
Issued and equity equity
paid-up capital / interest at interest at Principal Place of
Name registered capital 31/12/2023 31/12/2022 activities operation
Incorporated in the Republic of Liberia
Galsworthy Limited
1 registered share
100%
100%
Ship chartering
Worldwide
of US$1 each
Goldbeam Shipping Inc.
100 registered shares
100%
100%
Ship chartering
Worldwide
of US$1 each
Paxton Enterprises Limited
500 registered shares
100%
100%
Ship chartering
Worldwide
of US$1 each
Sompol Trading Limited
10 registered shares
100%
100%
Ship chartering
Worldwide
of US$1 each
Wonder Enterprises Ltd.
500 registered shares
100%
100%
Ship chartering
Worldwide
of US$1 each
Incorporated in the Republic of Panama
Jinan Marine Inc.
2 common shares
100%
100%
Ship owning
Worldwide
of US$1 each
Jinao Marine Inc.
2 common shares
100%
100%
Ship owning
Worldwide
of US$1 each
Jinbi Marine Inc.
2 common shares
100%
100%
Ship owning
Worldwide
of US$1 each
Jinchao Marine Inc.
2 common shares
100%
100%
Ship owning
Worldwide
of US$1 each
Attributable Attributable
Issued and equity equity
paid-up capital / interest at interest at Principal Place of
Name registered capital 31/12/2023 31/12/2022 activities operation
Incorporated in the Republic of Panama (Continued)
Jingang Marine Inc.
2 common shares
100%
100%
Ship owning
Worldwide
of US$1 each
Jinheng Marine Inc.
2 common shares
100%
100%
Ship owning
Worldwide
of US$1 each
Jinhong Marine Inc.
2 common shares
100%
100%
Ship owning
Worldwide
of US$1 each
Jinhui Marine Inc.
2 common shares
100%
100%
Ship chartering
Worldwide
of US$1 each
Jinji Marine Inc.
2 common shares
100%
100%
Ship owning
Worldwide
of US$1 each
Jinjun Marine Inc.
2 common shares
100%
100%
Ship owning
Worldwide
of US$1 each
Jinmao Marine Inc.
2 common shares
100%
100%
Ship owning
Worldwide
of US$1 each
Jinping Marine Inc.
2 common shares
100%
100%
Ship owning
Worldwide
of US$1 each
Jinrong Marine Inc.
2 common shares
100%
100%
Ship owning
Worldwide
of US$1 each
Jinrui Marine Inc.
2 common shares
100%
100%
Ship owning
Worldwide
of US$1 each
Jinsheng Marine Inc.
2 common shares
100%
100%
Ship owning
Worldwide
of US$1 each
Attributable Attributable
Issued and equity equity
paid-up capital / interest at interest at Principal Place of
Name registered capital 31/12/2023 31/12/2022 activities operation
Incorporated in the Republic of Panama (Continued)
Jinshun Shipping Inc.
2 common shares
100%
100%
Ship owning
Worldwide
of US$1 each
Jinsui Marine Inc.
2 common shares
100%
100%
Ship owning
Worldwide
of US$1 each
Jintong Marine Inc.
2 common shares
100%
100%
Ship owning
Worldwide
of US$1 each
Jinwan Marine Inc.
2 common shares
100%
100%
Ship owning
Worldwide
of US$1 each
Jinxiang Marine Inc.
2 common shares
100%
100%
Ship owning
Worldwide
of US$1 each
Jinxing Marine Inc.
2 common shares
100%
100%
Ship owning
Worldwide
of US$1 each
Jinyi Shipping Inc.
2 common shares
100%
100%
Ship owning
Worldwide
of US$1 each
Jinyuan Marine Inc.
2 common shares
100%
100%
Ship owning
Worldwide
of US$1 each
Jinyue Marine Inc.
2 common shares
100%
100%
Ship owning
Worldwide
of US$1 each
# These are direct subsidiaries of the Company. All other companies are indirect subsidiaries.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }