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"dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-204": { "value": "95095000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-205": { "value": "25009000.0", "decimals": -3, "dimensions": { "concept": "jinhui:InstallmentsPaidForVesselsUnderConstructionClassifiedAsInvestingActivities", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-206": { "value": "-0.0", "decimals": -3, "dimensions": { "concept": "jinhui:InstallmentsPaidForVesselsUnderConstructionClassifiedAsInvestingActivities", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-207": { "value": "-0.0", "decimals": -3, "dimensions": { "concept": "jinhui:DepositPaidForTheAcquisitionOfOwnedVesselsClassifiedAsInvestingActivities", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-208": { "value": "2452000.0", "decimals": -3, "dimensions": { "concept": "jinhui:DepositPaidForTheAcquisitionOfOwnedVesselsClassifiedAsInvestingActivities", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-209": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromDisposalOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperations", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-210": { "value": "10414000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromDisposalOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperations", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-211": { "value": "35890000.0", "decimals": -3, "dimensions": { "concept": "jinhui:IncreaseInBankDepositsWithMoreThanThreeMonthsToMaturityWhenPlacedClassifiedAsInvestingActivities", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-212": { "value": "-0.0", "decimals": -3, "dimensions": { "concept": "jinhui:IncreaseInBankDepositsWithMoreThanThreeMonthsToMaturityWhenPlacedClassifiedAsInvestingActivities", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-213": { "value": "1416000.0", "decimals": -3, "dimensions": { "concept": 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"-31239000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-218": { "value": "-85409000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-219": { "value": "15000000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-220": { "value": "65338000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-221": { "value": "28328000.0", "decimals": -3, "dimensions": { "concept": "jinhui:NewOtherBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-222": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "jinhui:NewOtherBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-223": { "value": "25590000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-224": { "value": "55511000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-225": { "value": "1416000.0", "decimals": -3, "dimensions": { "concept": "jinhui:RepaymentOfOtherBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-226": { "value": "-0.0", "decimals": -3, "dimensions": { "concept": "jinhui:RepaymentOfOtherBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-227": { "value": "258000.0", "decimals": -3, "dimensions": { "concept": "jinhui:DecreaseInPledgedDepositsClassifiedAsFinancingActivities", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-228": { "value": "30000.0", "decimals": -3, "dimensions": { "concept": "jinhui:DecreaseInPledgedDepositsClassifiedAsFinancingActivities", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-229": { "value": "27891000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-230": { "value": "16109000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-231": { "value": "3265000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-232": { "value": "1317000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-233": { "value": "3278000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-234": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-235": { "value": "-17854000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-236": { "value": "-7569000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-237": { "value": "30503000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-238": { "value": "-17245000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-239": { "value": "23005000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-240": { "value": "40250000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-241": { "value": "53508000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-242": { "value": "23005000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "fact-246": { "value": "
1. GENERAL INFORMATION
Jinhui Shipping and Transportation Limited was incorporated on 16 May 1994 and registered as an exempted
company with limited liability in Bermuda. The registered office of the Company is at Clarendon House, 2 Church
Street, Hamilton HM 11, Bermuda. The Company\u2019s shares are listed on the Oslo Stock Exchange Euronext (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 2025 were approved for issue by the
Board on 18 March 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1": { "value": "Jinhui Shipping and Transportation Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "exempted company with limited liability", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "Bermuda", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "The principal activity of the Company is investment holding.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "Jinhui Holdings Company Limited", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-247": { "value": "
2. STATEMENT OF COMPLIANCE
The consolidated financial statements have been prepared in accordance with International Financial Reporting
Standards as issued by the International Accounting Standards Board, which collective term includes all applicable
individual IFRS Accounting Standards, International Accounting Standards and Interpretations (\u201cIFRS Accounting
Standards\u201d), and Hong Kong Financial Reporting Standards as issued by the Hong Kong Institute of Certified
Public Accountants, which collective term includes all applicable individual HKFRS Accounting Standards, Hong
Kong Accounting Standards and Interpretations (\u201cHKFRS Accounting Standards\u201d).
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-248": { "value": "
3. ADOPTION OF NEW AND AMENDED IFRS ACCOUNTING STANDARDS AND HKFRS
ACCOUNTING STANDARDS
In current year, the Group has applied for the first time, the Amendments to IAS 21 and HKAS 21 \u201cLack of
Exchangeability\u201d as issued by the IASB and the HKICPA respectively, which are relevant to and effective for the
Group\u2019s consolidated financial statements for the accounting period beginning on 1 January 2025.
The adoption of the Amendments to IAS 21 and HKAS 21 do 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 new and amendments to IFRS
Accounting Standards and HKFRS Accounting Standards have been published but are not yet effective, and
have not been early adopted by the Group. The management anticipated that all pronouncements will be
adopted in the Group\u2019s accounting policy for the first accounting period beginning after the effective dates of
the pronouncements. Information on these new pronouncements that are expected to be relevant to the Group\u2019s
consolidated financial statements is provided below.
IFRS 18 and HKFRS 18 Presentation and Disclosure in Financial Statements
2
IFRS 19 and HKFRS 19 Subsidiaries without Public Accountability: Disclosures and
related amendments
2
Amendments to IFRS 9 and HKFRS 9,
IFRS 7 and HKFRS 7
Amendments to the Classification and Measurement of
Financial Instruments
1
Amendments to IFRS 9 and HKFRS 9,
IFRS 7 and HKFRS 7
Contracts Referencing Nature-dependent Electricity
1
Amendments to IFRS and HKFRS
Accounting Standards
Annual Improvements to IFRS and HKFRS Accounting
Standards \u2013 Volume 11
1
Amendments to Hong Kong Interpretation 5 Presentation of Financial Statements \u2013 Classification by the
Borrower of a Term Loan that Contains a Repayment on
Demand Clause
2
Amendments to IFRS 10 and HKFRS 10,
and IAS 28 and HKAS 28
Sales or Contributions of Assets between an Investor
and its Associate or Joint Venture
3
Amendments to lAS 21 and HKAS 21 Translation of a Hyperinflationary Presentation Currency
2
Notes:
1. Effective for annual periods beginning on or after 1 January 2026
2.
Effective for annual periods beginning on or after 1 January 2027
3.
Effective date not yet determined
The management is currently assessing the possible impact of these new and amendments to standards and
interpretations on the Group\u2019s results and financial position in the first year of application.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-245": { "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 or financial liabilities 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 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.
4.8 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.
Vessels under construction are stated at cost less necessary impairment loss. All direct costs relating to the
acquisition of motor vessels which are under construction, including finance costs on related borrowing funds
during the construction period are capitalized as vessels under construction. When the assets concerned are
available for use, the costs are transferred to motor vessels and depreciated in accordance with the policy as
stated below.
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
No depreciation is provided in respect of vessels under construction until it is completed.
Accounting policy for depreciation of right-of-use assets is set out in note 4.19.
Estimated residual value is the estimated amount that the Group would currently obtain from disposal of the
asset, after deducting the estimated costs of disposal, as if the asset was already of the age and in the conditions
expected at the end of its useful life. The Group estimates the residual values of motor vessels based on the
light-weight tonnes of each vessel multiply by market demolition metal price per ton. Estimate of residual value
and useful life are reviewed and adjusted if appropriate, at each reporting date.
The gain or loss arising on retirement or disposal is determined as the difference between the net sale proceeds
and the carrying amount of the asset and is recognized in profit or loss.
4.9 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.
4.10 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.
4.11 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.
4.12 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 referenced to recent market transactions 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 40(e).
4.13 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.
4.14 Financial liabilities
Financial liabilities are recognized when the Group becomes a party to the contractual provisions of the financial
instrument. A financial liability is derecognized when the obligation under the liability is discharged or cancelled
or expired.
The Group classifies its financial liabilities into the following categories:
Trade and other payables
Trade and other payables are recognized initially at fair values and subsequently measured at amortized costs,
using the effective interest method.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include derivatives financial instruments which are initially
recognized at fair value on the date a derivative contract is entered into.
Subsequent to initial recognition, the derivative financial instruments are recognized at fair value at the end of
each reporting period with gain or loss on remeasurement to fair value recognized immediately in profit or loss,
except where the derivatives qualify for hedged accounting under IFRS 9 and HKFRS 9.
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 as at the end of the reporting period, the Group has a right
to defer settlement of the liabilities for at least twelve months after the reporting date.
4.15 Fair value measurement
For financial reporting purposes, fair value measurement is categorized into Level 1, 2 and 3 of the three-level
fair value hierarchy as defined under IFRS 13 and HKFRS 13. The level into which a fair value measurement is
classified is determined with reference to the observability and significance of the inputs used in the valuation
technique as follows:
Level 1: fair values measured using quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: fair values measured using valuation techniques in which all significant inputs other than quoted
prices included within Level 1 are directly or indirectly based on observable market data.
Level 3: fair values measured using valuation techniques in which any significant input is not based on
observable market data.
4.16 Cash and cash equivalents
Cash and cash equivalents include cash at banks and in hand, demand deposits with banks and short term
highly liquid investments that are readily convertible into known amounts of cash and which are subject to
an insignificant risk of changes in value, with original maturities of three months or less. For the purpose of
consolidated statement of cash flows presentation, cash and cash equivalents include bank overdrafts which are
repayable on demand and form an integral part of the Group\u2019s cash management.
4.17 Share capital
Share capital is determined using the nominal value of shares that have been issued.
Any transaction costs associated with the issuing of shares are deducted from share premium to the extent they
are incremental costs directly attributable to the equity transaction.
4.18 Employee benefits
Retirement benefits schemes
The Group operates a defined contribution provident fund scheme and a mandatory provident fund scheme.
The assets of the schemes are held separately from those of the Group in their respective schemes managed
by an independent trustee. The contributions to retirement benefits schemes charged to profit or loss represent
contributions payable to the funds by the Group at the rates specific in the rules of the schemes.
The contributions to the defined contribution provident fund scheme vest in employees according to the vesting
percentage set out in the scheme. When employees leave the defined contribution provident fund scheme prior
to being vested fully in the contributions, the contributions payable by the Group are reduced by the amount
of forfeited contributions. On the other hand, the contributions to the mandatory provident fund scheme vest
immediately and fully in employees once the contributions are payable by the Group. There is no forfeited
contribution when employees leave the mandatory provident fund scheme.
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.
4.19 Leases
A lease is defined as a contract, or part of a contract, that conveys the right to use an identified asset (the
underlying asset) for a period of time in exchange for consideration. To apply this definition, the Group assesses
whether the contract meets three key evaluations which are whether:
\u2013 the contract contains an identified asset, which is either explicitly identified in the contract or implicitly
specified by being identified at the time the asset is made available to the Group;
\u2013 the Group has the right to obtain substantially all of the economic benefits from use of the identified
asset throughout the period of use, considering its rights within the defined scope of the contract; and
\u2013 the Group has the right to direct the use of the identified asset throughout the period of use. The Group
assess whether it has the right to direct how and for what purpose the asset is used throughout the period
of use.
For contracts that contains a lease component and one or more additional lease or non-lease components, the
Group allocates the consideration in the contract to each lease and non-lease component on the basis of their
relative stand-alone prices.
(a) Group as a lessee
At the lease commencement date, the Group recognizes the right-of-use asset and the lease liability on the
consolidated statement of financial position, except for short-term leases that have a lease term of 12 months
or less (\u201cshort-term lease\u201d) and leases of low-value assets. Lease payments on short-term leases and leases of
low-value assets are recognized as an expense on a straight-line basis over the lease term.
Right-of-use assets
The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease liability,
any initial direct costs incurred by the Group, an estimate of any costs to dismantle and remove the underlying
asset at the end of the lease, and any lease payments made in advance of the lease commencement date (net
of any lease incentives received).
The Group depreciates the right-of-use assets on a straight-line basis from the lease commencement date to
the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The Group also
assesses the right-of-use asset for impairment when such indicator exists, as for owned vessels in accordance
with the Group\u2019s accounting policies.
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.
When the Group is an intermediate lessor, it accounts for the head lease and the sub-leases as two separate
contracts. The sub-leases are classified as a finance or operating lease with reference to the right-of-use asset
arising from the head lease, not with reference to the underlying asset. If the head lease is a short-term lease to
which the Group applies the short-term lease exemption, then the Group classifies the sub-lease as an operating
lease.
The Group sub-leases some of its charter-in vessels and the sub-lease contracts are classified as operating leases.
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.
(c) Sale and leaseback transactions
For a transfer that does not satisfy requirements as a sale in accordance with IFRS 15 and HKFRS 15, the
transaction is in substance a financing arrangement under IFRS 9 and HKFRS 9. Therefore, the Group as a seller-
lessee accounts recognizes the proceeds received as \u201cother borrowings\u201d within the scope of IFRS 9 and HKFRS 9.
4.20 Provisions and contingent liabilities
Provisions are recognized when the Group has a present legal or constructive obligation as a result of a past event
and it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable
estimate of the amount of the obligation can be made. Where the time value of money is material, provisions
are stated at the present value of the expenditure expected to settle the obligation. All provisions are reviewed
at each reporting date and adjusted to reflect the current best estimate.
Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated
reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits
is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of
one or more uncertain future events are also disclosed as contingent liabilities unless the probability of outflow
of economic benefits is remote.
Contingent liabilities are not recognized but are disclosed in the notes to the consolidated financial statements.
When a change in the probability of an outflow of economic benefits occurs, and an outflow is probable, it will
then be recognized as a provision.
4.21 Related parties
For the purposes of these consolidated financial statements, a party is considered to be related to the Group if:
(a) A person, or a close member of that person\u2019s family, is related to the Group if that person:
(i) has control or joint control over the Group;
(ii) has significant influence over the Group; or
(iii) is a member of the key management personnel of the Group or the Group\u2019s parent.
(b) An entity is related to the Group if any of the following conditions applies:
(i) The entity and the Group are members of the same group (which means that each parent, subsidiary
and fellow subsidiary is related to the others).
(ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of
a member of a group of which the other entity is a member).
(iii) Both entities are joint venture of the same third entity.
(iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity.
(v) The entity is a post-employment benefit plan for the benefit of employees of either the Group or
an entity related to the Group.
(vi) The entity is controlled or jointly controlled by a person identified in (a).
(vii) A person identified in (a)(i) has significant influence over the entity or is a member of the key
management personnel of the entity (or of a parent of the entity).
(viii) The entity, or any member of a group of which it is a part, provides key management personnel
services to the Group or to the parent of the Group.
Close members of the family of a person are those family members who may be expected to influence, or be
influenced by, that person in their dealings with the entity.
4.22 Segment reporting
The Group identifies operating segments and prepares segment information based on the regular internal financial
information reported to the chief operating decision maker for their decisions about resources allocation to the
Group\u2019s business components and for their review of the performance of those components.
The Group has regarded the business of ship chartering and ship owning as the only dominant reportable
operating segment to be reported to the chief operating decision maker. Thus, no analysis of segment revenue,
segment results, segment assets and segment liabilities are presented in the consolidated financial statements
for the years 2025 and 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-249": { "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 or financial liabilities 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-250": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-251": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-252": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-308": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-253": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-254": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-309": { "value": "4.7 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-255": { "value": "4.7 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-256": { "value": "4.8 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. Vessels under construction are stated at cost less necessary impairment loss. All direct costs relating to the acquisition of motor vessels which are under construction, including finance costs on related borrowing funds during the construction period are capitalized as vessels under construction. When the assets concerned are available for use, the costs are transferred to motor vessels and depreciated in accordance with the policy as stated below. 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 No depreciation is provided in respect of vessels under construction until it is completed. Accounting policy for depreciation of right-of-use assets is set out in note 4.19. Estimated residual value is the estimated amount that the Group would currently obtain from disposal of the asset, after deducting the estimated costs of disposal, as if the asset was already of the age and in the conditions expected at the end of its useful life. The Group estimates the residual values of motor vessels based on the light-weight tonnes of each vessel multiply by market demolition metal price per ton. Estimate of residual value and useful life are reviewed and adjusted if appropriate, at each reporting date. The gain or loss arising on retirement or disposal is determined as the difference between the net sale proceeds and the carrying amount of the asset and is recognized in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-257": { "value": "4.9 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-258": { "value": "4.10 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-259": { "value": "4.11 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-260": { "value": "4.12 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 referenced to recent market transactions 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 40(e). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-310": { "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 referenced to recent market transactions 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 40(e). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-261": { "value": "4.13 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-262": { "value": "4.14 Financial liabilities Financial liabilities are recognized when the Group becomes a party to the contractual provisions of the financial instrument. A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expired. The Group classifies its financial liabilities into the following categories: Trade and other payables Trade and other payables are recognized initially at fair values and subsequently measured at amortized costs, using the effective interest method. Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include derivatives financial instruments which are initially recognized at fair value on the date a derivative contract is entered into. Subsequent to initial recognition, the derivative financial instruments are recognized at fair value at the end of each reporting period with gain or loss on remeasurement to fair value recognized immediately in profit or loss, except where the derivatives qualify for hedged accounting under IFRS 9 and HKFRS 9. 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 as at the end of the reporting period, the Group has a 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-311": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-312": { "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 as at the end of the reporting period, the Group has a 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-263": { "value": "4.15 Fair value measurement For financial reporting purposes, fair value measurement is categorized into Level 1, 2 and 3 of the three-level fair value hierarchy as defined under IFRS 13 and HKFRS 13. The level into which a fair value measurement is classified is determined with reference to the observability and significance of the inputs used in the valuation technique as follows: Level 1: fair values measured using quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: fair values measured using valuation techniques in which all significant inputs other than quoted prices included within Level 1 are directly or indirectly based on observable market data. Level 3: fair values measured using valuation techniques in which any significant input is not based on observable market data. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-264": { "value": "4.16 Cash and cash equivalents Cash and cash equivalents include cash at banks and in hand, demand deposits with banks and short term highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value, with original maturities of three months or less. For the purpose of consolidated statement of cash flows presentation, cash and cash equivalents include bank overdrafts which are repayable on demand and form an integral part of the Group\u2019s cash management. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-265": { "value": "4.17 Share capital Share capital is determined using the nominal value of shares that have been issued. Any transaction costs associated with the issuing of shares are deducted from share premium to the extent they are incremental costs directly attributable to the equity transaction. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-266": { "value": "4.18 Employee benefits Retirement benefits schemes The Group operates a defined contribution provident fund scheme and a mandatory provident fund scheme. The assets of the schemes are held separately from those of the Group in their respective schemes managed by an independent trustee. The contributions to retirement benefits schemes charged to profit or loss represent contributions payable to the funds by the Group at the rates specific in the rules of the schemes. The contributions to the defined contribution provident fund scheme vest in employees according to the vesting percentage set out in the scheme. When employees leave the defined contribution provident fund scheme prior to being vested fully in the contributions, the contributions payable by the Group are reduced by the amount of forfeited contributions. On the other hand, the contributions to the mandatory provident fund scheme vest immediately and fully in employees once the contributions are payable by the Group. There is no forfeited contribution when employees leave the mandatory provident fund scheme. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-267": { "value": "4.19 Leases A lease is defined as a contract, or part of a contract, that conveys the right to use an identified asset (the underlying asset) for a period of time in exchange for consideration. To apply this definition, the Group assesses whether the contract meets three key evaluations which are whether: \u2013 the contract contains an identified asset, which is either explicitly identified in the contract or implicitly specified by being identified at the time the asset is made available to the Group; \u2013 the Group has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use, considering its rights within the defined scope of the contract; and \u2013 the Group has the right to direct the use of the identified asset throughout the period of use. The Group assess whether it has the right to direct how and for what purpose the asset is used throughout the period of use. For contracts that contains a lease component and one or more additional lease or non-lease components, the Group allocates the consideration in the contract to each lease and non-lease component on the basis of their relative stand-alone prices. (a) Group as a lessee At the lease commencement date, the Group recognizes the right-of-use asset and the lease liability on the consolidated statement of financial position, except for short-term leases that have a lease term of 12 months or less (\u201cshort-term lease\u201d) and leases of low-value assets. Lease payments on short-term leases and leases of low-value assets are recognized as an expense on a straight-line basis over the lease term. Right-of-use assets The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred by the Group, an estimate of any costs to dismantle and remove the underlying asset at the end of the lease, and any lease payments made in advance of the lease commencement date (net of any lease incentives received). The Group depreciates the right-of-use assets on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The Group also assesses the right-of-use asset for impairment when such indicator exists, as for owned vessels in accordance with the Group\u2019s accounting policies. 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. When the Group is an intermediate lessor, it accounts for the head lease and the sub-leases as two separate contracts. The sub-leases are classified as a finance or operating lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. If the head lease is a short-term lease to which the Group applies the short-term lease exemption, then the Group classifies the sub-lease as an operating lease. The Group sub-leases some of its charter-in vessels and the sub-lease contracts are classified as operating leases. 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. (c) Sale and leaseback transactions For a transfer that does not satisfy requirements as a sale in accordance with IFRS 15 and HKFRS 15, the transaction is in substance a financing arrangement under IFRS 9 and HKFRS 9. Therefore, the Group as a seller- lessee accounts recognizes the proceeds received as \u201cother borrowings\u201d within the scope of IFRS 9 and HKFRS 9. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-268": { "value": "4.20 Provisions and contingent liabilities Provisions are recognized when the Group has a present legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made. Where the time value of money is material, provisions are stated at the present value of the expenditure expected to settle the obligation. All provisions are reviewed at each reporting date and adjusted to reflect the current best estimate. Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more uncertain future events are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote. Contingent liabilities are not recognized but are disclosed in the notes to the consolidated financial statements. When a change in the probability of an outflow of economic benefits occurs, and an outflow is probable, it will then be recognized as a provision. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-269": { "value": "4.21 Related parties For the purposes of these consolidated financial statements, a party is considered to be related to the Group if: (a) A person, or a close member of that person\u2019s family, is related to the Group if that person: (i) has control or joint control over the Group; (ii) has significant influence over the Group; or (iii) is a member of the key management personnel of the Group or the Group\u2019s parent. (b) An entity is related to the Group if any of the following conditions applies: (i) The entity and the Group are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others). (ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member). (iii) Both entities are joint venture of the same third entity. (iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity. (v) The entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group. (vi) The entity is controlled or jointly controlled by a person identified in (a). (vii) A person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity). (viii) The entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the parent of the Group. Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their dealings with the entity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-270": { "value": "4.22 Segment reporting The Group identifies operating segments and prepares segment information based on the regular internal financial information reported to the chief operating decision maker for their decisions about resources allocation to the Group\u2019s business components and for their review of the performance of those components. The Group has regarded the business of ship chartering and ship owning as the only dominant reportable operating segment to be reported to the chief operating decision maker. Thus, no analysis of segment revenue, segment results, segment assets and segment liabilities are presented in the consolidated financial statements for the years 2025 and 2024.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-271": { "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 assessment on owned vessels and right-of-use assets
Dry bulk freight rates demonstrated steady improvement throughout 2025, although it continued to face pressure
due to ongoing weak market confidence amid global economic, impact of trade policy and financial instability.
In light of these market conditions, the Group reviewed the dry bulk shipping market environment, the overall
macro environment and the market value of dry bulk vessels at the reporting date.
The management considered that impairment indication of the Group\u2019s fleet existed at the end of 2025 and
performed the impairment assessment on 31 December 2025. The Group made estimations and assumptions in
the area of impairment test on owned vessels and right-of-use assets.
The recoverable amounts of owned vessels and right-of-use assets have been determined based on higher of the
fair value less costs of disposal and the value in use, which based on the estimated future cash flows projections
from the continuous use of such vessels. Key assumptions applied in value in use calculation mainly included
discount rate (pre-tax) and hire rates earned by the vessels 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 growth
rate, utilization rate and vessels are expected to have useful life of 25 years from the date of the initial delivery
from the shipyards. The net cash flow also reflected the estimated drydocking costs and vessels operating
expense. Recoverable amount of certain owned vessels are estimated based on fair value less cost of disposal
under market comparison approach. The valuation was performed by independent valuer and the key assumptions
mainly included quoted recent market transactions of similar vessels. Other assumptions included estimated cost
of disposal which are based on the Group\u2019s historical acquisition and disposal transactions of its fleet.
Right-of-use assets\u2019 recoverable amounts have been determined based on the value in use by using discounted
cash flow method. Key assumptions are the discount rates, hire rate, growth rate and utilization rate during the
lease term of the charterparty.
Based on the management\u2019s assumptions employed in the impairment assessment, the Group concluded that
the recoverable amount approximated to the carrying value of the owned vessels and right-of-use assets as at
31 December 2025 and the impairment assessment of owned vessels and right-of-use assets are in compliance
with IAS 36 and HKAS 36 Impairment of Assets after the reassessment of indicators of impairment or reversal of
impairment. Hence, the Group did not recognize any impairment loss or reversal of impairment loss on owned
vessels and right-of-use assets during the year ended 31 December 2025. As at 31 December 2025, the carrying
amount of the owned vessels (note 18) and right-of-use assets on leased vessels (note 19) was US$298,367,000
(2024: US$393,320,000) and US$32,748,000 (2024: US$29,967,000) respectively.
Valuation of investment properties
As at 31 December 2025, the Group\u2019s investment properties were stated at fair value of US$19,535,000 (2024:
US$20,873,000). Change in fair value loss of investment properties of US$1,338,000 (2024: US$4,386,000) 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 20.
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 the 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 21.
Impairment of trade receivables and other financial assets
As at 31 December 2025, the carrying amount of the trade receivables (note 24) was US$1,752,000 (2024:
US$1,093,000). 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 40(a)), the Group measures
the loss allowance for these financial assets equal to 12-month ECL, unless 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 23) 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.
For loan receivables (note 23) which arise from asset-based financing and secured by collaterals provided by
borrowers, the Group measures the loss allowance for these financial assets equal to 12-month ECL with taking
those collaterals 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 market values of the vessels or similar vessels which were appraised by independent
qualified appraisal firms or recent market transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-272": { "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 vessels 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-273": { "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:
2025
2024
US$\u2019000
US$\u2019000
Chartering freight and hire income:
Hire income under time charters
1
149,695
158,900
Freight income under voyage charters
2
7,794
\u2013
157,489
158,900
Notes:
1. Hire income under time charters is accounted for as operating lease and is recognized on a straight-line basis over the
period of each time charter contract. During the year, hire income included a non-lease component in relation to crewing
service of US$29,389,000 (2024: US$27,688,000).
2. Freight income under voyage charters 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.
Information about major charterers
Revenue of US$23,797,000 and US$11,562,000 (2024: US$22,847,000 and US$16,560,000) were derived from two
charterers that contributed 15% and 7% (2024: 14% and 10%) respectively to the Group\u2019s revenue for the year 2025.
Information about geographical distribution
Revenue from external customers (charterers) is as follows:
2025
2024
US$\u2019000
US$\u2019000
Geographical split of revenue by charterers\u2019 location:
China
100,637
94,776
Singapore
33,686
43,159
Japan
\u2013
4,312
Norway
3,688
2,914
United Arab Emirates
3,277
2,449
Denmark
2,947
\u2013
South Korea
2,488
2,330
Switzerland
1,854
788
Germany
1,714
\u2013
Other countries
7,198
8,172
157,489
158,900
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-274": { "value": "8. NET LOSS ON DISPOSAL OF OWNED VESSELS During the year, the Group completed the disposal of eight Supramaxes for an aggregate consideration of US$86,215,000, resulting in a total net loss of US$9,209,000", "dimensions": { "concept": "jinhui:DisclosureOfNetLossOnDisposlOfOwnedVessels", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-275": { "value": "
9. OTHER OPERATING INCOME
2025
2024
US$\u2019000
US$\u2019000
Settlement income
1
20,223
3,500
Other shipping operating income
8,732
4,746
Net gain on financial assets / financial liabilities at
fair value through profit or loss
3,832
4,867
Dividend income
1,250
1,173
Gross rental income from operating leases on investment properties
391
556
Sundry income
275
301
Reversal of impairment loss on trade and other receivables, net
\u2013
1,848
34,703
16,991
Note:
1. The settlement income represents amounts received from legal proceedings involving the subsidiaries of the Company
and Parakou Shipping Pte Limited in London and Hong Kong in relation to the non-performance of a charterparty. In
2024, Galsworthy Limited, a wholly owned subsidiary of the Company, and Parakou Shipping Pte Limited reached a
settlement agreement to resolve the legal action. As a result, the Group received settlement income of US$3.5 million
in April 2024 and US$20.2 million in January 2025, which have been recognized.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-276": { "value": "
10. INTEREST INCOME
2025
2024
US$\u2019000
US$\u2019000
Interest income in respect of:
Deposits with banks and other financial institutions
1,823
453
Loan receivables
812
321
Financial assets at fair value through profit or loss
48
25
Others
\u2013
35
2,683
834
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-277": { "value": "
11. STAFF COSTS
2025
2024
US$\u2019000
US$\u2019000
Directors\u2019 emoluments (excluding directors\u2019 fees):
Salaries and other benefits
8,733
8,673
Contributions to retirement benefits schemes
435
435
Other staff costs:
Salaries and other benefits
5,602
5,385
Contributions to retirement benefits schemes
229
214
14,999
14,707
At the reporting date, the Group has 68 (2024: 74) full-time employees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-278": { "value": "
12. DIRECTORS\u2019 EMOLUMENTS
Contributions
to retirement
Directors\u2019 Salaries and Discretionary benefits
fees
1
allowances
2
bonus 2
schemes
2
Total
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
2025
Executive Directors
Ng Siu Fai
248
3,846
891
231
5,216
Ng Kam Wah Thomas
248
3,077
577
185
4,087
Ng Ki Hung Frankie
170
123
\u2013
7
300
Ho Suk Lin Cathy
60
206
13
12
291
Non-executive Directors
Tsui Che Yin Frank
28
\u2013
\u2013
\u2013
28
William Yau
23
\u2013
\u2013
\u2013
23
777
7,252
1,481
435
9,945
2024
Executive Directors
Ng Siu Fai
248
3,846
833
231
5,158
Ng Kam Wah Thomas
248
3,077
577
185
4,087
Ng Ki Hung Frankie
170
123
\u2013
7
300
Ho Suk Lin Cathy
60
204
13
12
289
Non-executive Directors
Tsui Che Yin Frank
28
\u2013
\u2013
\u2013
28
William Yau
23
\u2013
\u2013
\u2013
23
777
7,250
1,423
435
9,885
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-279": { "value": "
13. OTHER OPERATING EXPENSES
Other operating expenses for the year 2025 mainly included change in fair value of investment properties of
US$1,338,000, directors\u2019 fee of US$777,000, impairment loss on trade and other receivables of US$539,000,
professional fee of US$309,000, auditor\u2019s remuneration related to audit services of US$221,000 and remaining
are various office administrative expenses.
Other operating expenses for the year 2024 mainly included change in fair value of investment properties of
US$4,386,000, directors\u2019 fee of US$777,000, professional fee of US$547,000, auditor\u2019s remuneration related to
audit services of US$217,000 and remaining are various office administrative expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-280": { "value": "14. OPERATING PROFIT BEFORE DEPRECIATION AND AMORTIZATION This is stated after charging / (crediting):
2025
2024
US$\u2019000
US$\u2019000
Auditor\u2019s remuneration
1
:
Audit services
221
217
Other services
6
5
Charter hire payments for time charters
2
11,656
21,784
Hire income arising from chartered-in vessels classified as
right-of-use assets
(28,513)
(20,249)
Net gain on financial assets / financial liabilities at
fair value through profit or loss
Realized gain on financial assets at
fair value through profit or loss
(1,144)
(2,409)
Unrealized gain on financial assets / financial liabilities at
fair value through profit or loss
(2,688)
(2,458)
Interest income in respect of:
Deposits with banks and other financial institutions
(1,823)
(453)
Loan receivables
(812)
(321)
Financial assets at fair value through profit or loss
(48)
(25)
Others
\u2013
(35)
Dividend income
(1,250)
(1,173)
Net loss on disposal of owned vessels
9,209
\u2013
Change in fair value of investment properties
1,338
4,386
Loss on write-off of property, plant and equipment
2
1
Impairment loss (Reversal of impairment loss) on
trade and other receivables, net
539
(1,848)
Bad debts written off in respect of trade and other receivables
1
\u2013
Gross rental income from operating leases on investment properties
(391)
(556)
Outgoings in respect of investment properties
29
31
Rent and rates payments in respect of premises
116
101
Net exchange loss
13
94
Reversal of impairment loss on owned vessels and
right-of-use assets
\u2013
(6,533)
Gain on disposal of property, plant and equipment,
other than owned vessels
\u2013
(15)
Notes: 1. The auditor\u2019s remuneration disclosed above excluded VAT and fees paid for other services mainly included fees for tax compliance services of US$6,000 (2024: US$5,000). 2. Represents short term leases with a term of twelve months or less.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-313": { "value": "
This is stated after charging / (crediting):
2025
2024
US$\u2019000
US$\u2019000
Auditor\u2019s remuneration
1
:
Audit services
221
217
Other services
6
5
Charter hire payments for time charters
2
11,656
21,784
Hire income arising from chartered-in vessels classified as
right-of-use assets
(28,513)
(20,249)
Net gain on financial assets / financial liabilities at
fair value through profit or loss
Realized gain on financial assets at
fair value through profit or loss
(1,144)
(2,409)
Unrealized gain on financial assets / financial liabilities at
fair value through profit or loss
(2,688)
(2,458)
Interest income in respect of:
Deposits with banks and other financial institutions
(1,823)
(453)
Loan receivables
(812)
(321)
Financial assets at fair value through profit or loss
(48)
(25)
Others
\u2013
(35)
Dividend income
(1,250)
(1,173)
Net loss on disposal of owned vessels
9,209
\u2013
Change in fair value of investment properties
1,338
4,386
Loss on write-off of property, plant and equipment
2
1
Impairment loss (Reversal of impairment loss) on
trade and other receivables, net
539
(1,848)
Bad debts written off in respect of trade and other receivables
1
\u2013
Gross rental income from operating leases on investment properties
(391)
(556)
Outgoings in respect of investment properties
29
31
Rent and rates payments in respect of premises
116
101
Net exchange loss
13
94
Reversal of impairment loss on owned vessels and
right-of-use assets
\u2013
(6,533)
Gain on disposal of property, plant and equipment,
other than owned vessels
\u2013
(15)
Notes:
1. The auditor\u2019s remuneration disclosed above excluded VAT and fees paid for other services mainly included fees for tax
compliance services of US$6,000 (2024: US$5,000).
2.
Represents short term leases with a term of twelve months or less.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-281": { "value": "
15. TAXATION
Taxation has not been provided as the Group has no assessable profit for the year (2024: nil).
There was no Bermuda income, corporation or profits tax, withholding tax, capital gains tax, capital transfer tax,
estate duty or inheritance tax payable by the Company for the years.
The Company has received from the Minister of Finance of Bermuda under The Exempted Undertakings Tax
Protection Act 1966, as amended, an assurance that, in the event of there being enacted in Bermuda any legislation
imposing tax computed on profits or income, or computed on any capital asset gain or appreciation or any tax in
the nature of estate duty or inheritance tax, the imposition of such tax shall not until 31 March 2035 be applicable
to the Company or to any of its operations, or to the shares, debentures or other obligations of the Company.
Reconciliation between taxation charge and accounting profit at the applicable tax rates:
2025
2024
US$\u2019000
US$\u2019000
Profit before taxation
12,544
24,005
Income tax at the applicable tax rates in the
tax jurisdictions concerned
(2,529)
(3,041)
Non-deductible expenses
455
932
Tax exempted revenue
(747)
(554)
Unrecognized tax losses
3,332
3,196
Unrecognized temporary differences
(12)
(44)
Utilization of previously unrecognized tax losses
(499)
(489)
Taxation charge for the year
\u2013
\u2013
The applicable tax rates are the weighted average of current rates of taxation ruling in the relevant jurisdictions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-282": { "value": "
16. EARNINGS PER SHARE
2025
2024
Weighted average number of ordinary shares in issue
109,258,943
109,258,943
Net profit attributable to
shareholders of the Company (US$\u2019000)
12,544
24,005
Basic and diluted earnings per share
US$0.115
US$0.220
Diluted earnings per share for the years 2025 and 2024 were the same as basic earnings per share as there was
no potentially dilutive ordinary shares in existence for the years 2025 and 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-283": { "value": "
17. DIVIDENDS
2025
2024
US$\u2019000
US$\u2019000
2024 final dividend of US$0.03 per share
\u2013
3,278
2025 final dividend, proposed of US$0.018 per share
1,967
\u2013
1,967
3,278
The final dividend for the year 2024 was approved by the Company\u2019s shareholders at the annual general meeting
held on 28 May 2025. Such dividend was paid to the shareholders of the Company on 25 June 2025.
The proposed final dividend for the year 2025 is subject to the approval of the Company\u2019s shareholders at the
forthcoming annual general meeting scheduled on 27 May 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-284": { "value": "
18. PROPERTY, PLANT AND EQUIPMENT
Motor vessels
1
and capitalized Vessels Leasehold
drydocking under land and
costs construction
buildings
Others
Total
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
Cost
At 1 January 2024
695,936
\u2013
25,835
7,051
728,822
Additions
94,698
\u2013
\u2013
397
95,095
Disposals / Write-off
(3,485)
\u2013
\u2013
(227)
(3,712)
At 31 December 2024
787,149
\u2013
25,835
7,221
820,205
Reclassification to assets held for sale
2
(18,674)
\u2013
\u2013
(3)
(18,677)
Additions
40,848
25,009
9,056
150
75,063
Disposals / Write-off
(282,920)
\u2013
\u2013
(105)
(283,025)
At 31 December 2025
526,403
25,009
34,891
7,263
593,566
Accumulated depreciation
and impairment loss
At 1 January 2024
370,989
\u2013
18,227
6,193
395,409
Reversal of impairment loss, net
(1,942)
\u2013
\u2013
\u2013
(1,942)
Charge for the year
28,267
\u2013
699
204
29,170
Eliminated on disposals / write-off
(3,485)
\u2013
\u2013
(226)
(3,711)
At 31 December 2024
393,829
\u2013
18,926
6,171
418,926
Reclassification to assets held for sale
2
(5,568)
\u2013
\u2013
(2)
(5,570)
Charge for the year
27,890
\u2013
591
259
28,740
Eliminated on disposals / write-off
(188,115)
\u2013
\u2013
(103)
(188,218)
At 31 December 2025
228,036
\u2013
19,517
6,325
253,878
Net book value
At 31 December 2025
298,367
25,009
15,374
938
339,688
At 31 December 2024
393,320
\u2013
6,909
1,050
401,279
Notes:
1. All motor vessels are held for use under operating leases.
2.
Reclassification to assets held for sale:
In December 2025, the Group entered into an agreement for the disposal of a Supramax of deadweight 56,361 metric
tonnes, built in year 2012, at a consideration of US$14,400,000. For financial reporting purposes, the vessel was reclassified
to \u201cAssets held for sale\u201d in accordance with IFRS 5 and HKFRS 5 \u201cNon-current Assets Held for Sale and Discontinued
Operations\u201d at the reporting date. The agreement was subsequently cancelled in January 2026 as one of the contractual
clauses could not be fulfilled.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-285": { "value": "
19. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES
(a) Right-of-use assets
2025
2024
US$\u2019000
US$\u2019000
At 1 January
30,022
21,095
Additions
27,711
27,881
Lease remeasurement
3,857
(8,526)
Depreciation
(28,817)
(15,019)
Reversal of impairment loss
\u2013
4,591
At 31 December
32,773
30,022
(b) Lease liabilities
2025
2024
US$\u2019000
US$\u2019000
At 1 January
32,385
29,139
Additions
27,711
27,881
Lease remeasurement
3,857
(8,526)
Interest expense (included in finance costs)
3,265
1,317
Repayments of lease liabilities
(31,156)
(17,426)
At 31 December
36,062
32,385
The lease liabilities were repayable as follows:
2025
2024
US$\u2019000
US$\u2019000
Within one year
16,464
18,692
After one year but within two years
13,064
5,028
After two years but within five years
6,534
8,665
19,598
13,693
36,062
32,385
During the year, the total cash outflow for the lease was US$42,833,000 (2024: US$39,232,000).
At the reporting date, the Group operated five long-term chartered-in vessels, two of them were with remaining
lease terms of more than twelve months. In 2025, the Group took delivery of a long-term chartered-in Capesize,
with deadweight 207,672 metric tonnes, built in year 2017, for a minimum term of thirty-three months.
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 charterparties
and corresponding lease liabilities was also recognized in the consolidated statement of financial position upon
their deliveries of the vessels.
At the reporting date, the carrying amount of right-of-use assets mainly comprised of leased vessels of
US$32,748,000 (2024: US$29,967,000).
At 31 December 2024, a reversal of impairment assessment of right-of-use assets was performed and a reversal
of impairment loss of US$4,591,000 was recognized as at 31 December 2024. The reversal of impairment loss
on right-of-use assets is non-cash in nature and does not have impact on the operating cash flows of the Group.
35. FUTURE OPERATING LEASE ARRANGEMENTS
(a) Where the Group is the lessee
At the reporting date, the Group had future minimum lease payment payable under non-cancellable
operating leases on time charter hire as follows:
2025
2024
US$\u2019000
US$\u2019000
Within one year
4,480
7,116
In the second to fifth year
210
\u2013
4,690
7,116
(b) Where the Group is the lessor
At the reporting date, the Group had future minimum lease income receivables under non-cancellable
operating leases as follows:
2025
2024
US$\u2019000
US$\u2019000
Within one year:
Premises
265
39
Owned vessels
46,115
45,877
Chartered-in vessels
9,517
5,417
55,897
51,333
In the second to fifth year:
Owned vessels
37,464
63,269
Chartered-in vessels
4,216
6,415
41,680
69,684
97,577
121,017
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-314": { "value": "(a) Right-of-use assets
2025
2024
US$\u2019000
US$\u2019000
At 1 January
30,022
21,095
Additions
27,711
27,881
Lease remeasurement
3,857
(8,526)
Depreciation
(28,817)
(15,019)
Reversal of impairment loss
\u2013
4,591
At 31 December
32,773
30,022
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-286": { "value": "
20. INVESTMENT PROPERTIES
2025
2024
US$\u2019000
US$\u2019000
At 1 January
20,873
25,259
Change in fair value
(1,338)
(4,386)
At 31 December
19,535
20,873
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
Propertieshierarchytechniqueunobservable inputsunobservable inputsunobservable inputs to fair value
2025
2024
Premises
Level 3
Direct
Market unit sale rate per US$1,600 \u2013US$1,800 \u2013An increase in percentage of market
comparison square feet, after taking US$3,100US$3,100unit sale rate per square feet would
methodinto account the age, per square feetper square feetresult 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$519,000 \u2013US$369,000 \u2013An increase in percentage of market
comparison car parkUS$577,000US$487,000unit sale rate per car park would
methodper car parkper car parkresult in an increase in fair value
measurement of the car parks by
the same percentage increase, and
vice versa
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-287": { "value": "
21. FINANCIAL ASSETS AT FAIR VALUE THROUGH OCI
2025
2024
US$\u2019000
US$\u2019000
Unlisted equity investments
Co-investment in a property project
At 1 January
4,948
7,259
Change in fair value 1
(627)
(2,311)
4,321
4,948
Unlisted club membership
At 1 January
418
432
Change in fair value 2
20
(14)
438
418
4,759
5,366
Notes:
1. Items that will not be reclassified to profit or loss.
2.
Items that may be reclassified subsequently to profit or loss.
Unlisted equity investments
In 2018, the Group entered into the co-investment documents to co-invest in a property project in Tower A of
One Financial Street Center, Jing\u2019an Central Business District, Shanghai, the PRC (the \u201cCo-investment\u201d), pursuant
to which the Group is committed to acquire non-voting participating class A shares of Dual Bliss Limited of
US$10,000,000. Dual Bliss Limited is one of the investors of the Co-investment.
The Investment Manager of the Co-investment, Phoenix Property Investors Limited, reported a loss of US$627,000
(2024: US$2,311,000) on the fair value of equity instruments for the year ended 31 December 2025, mainly arising
from the financing costs incurred for the shareholder loans. 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 was US$4,321,000 (2024: US$4,948,000)
whereas the loan receivable arise from the Co-investment (note 23), together with the interest accrued thereon
was US$3,141,000 (2024: US$2,459,000). The Group will closely monitor the performance of the Co-investment
and will assess impairment allowances where appropriate.
There is no quoted market price in active market for unlisted equity investments. Transactions in such investments
do not occur on a regular basis. The Group uses its net asset value (representing the fair value of the equity
instruments reported by Phoenix Property Investors Limited, the Investment Manager) to determine its fair value
as the Group determined that this is the fair price at which shareholders subscribe and redeem the investments
or determined its fair value with generally accepted pricing models.
The fair value measurement of unlisted equity investments was categorized as Level 3 of the three-level fair
value hierarchy as defined under IFRS 13 and HKFRS 13 and there was no transfer among the three levels of
the fair value hierarchy during the year.
Unlisted club membership
The investment in club membership is stated at fair values which is determined directly by reference to published
price quotations in active markets and were categorized as Level 1 of the three-level fair value hierarchy as
defined under IFRS 13 and HKFRS 13 and there was no transfer among the three levels of the fair value hierarchy
during the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-288": { "value": "
22. INVENTORIES
Inventories consisted of bunker stock and ship stores on the Group\u2019s vessels. At the reporting date, these
inventories were carried at cost.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-289": { "value": "
23. LOAN RECEIVABLES
2025
2024
US$\u2019000
US$\u2019000
At 1 January
1,577
1,577
Gross new loan originated
11,000
\u2013
Repayment
(500)
\u2013
Provision of individual impairment
\u2013
\u2013
Loan receivables, net of provision
12,077
1,577
Less: Amount receivable within one year
(3,640)
\u2013
Amount receivable after one year
8,437
1,577
During the year, the Group entered into two agreements to dispose of two vessels, with the outstanding
consideration of US$6 million and US$5 million respectively, each to be settled over a three-year period at
interest rate of 7.5% per annum. To secure the purchasers\u2019 performance and observance of and compliance
with the covenants, the purchasers provided first priority ship mortgage on each vessel in favour of the Group.
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, for the purposes of funding the operating expenditure of the Co-investment in 2021. A
maximum amount of US$1,577,000 (2024: US$1,577,000) was agreed and provided as at the reporting date. The
loan receivables are unsecured and denominated in United States Dollars and has no repayment terms.
At the reporting date, the loan receivables have been reviewed by management to assess impairment allowances
which are based on the evaluation of current creditworthiness, collection statistics, reference to market value of
vessels and the net asset value of the Co-investment, and considered as not impaired. The carrying amount of
the loan receivables is considered to be a reasonable approximation of its fair value.
", "dimensions": { "concept": "jinhui:DisclosureOfLoanReceivables", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-290": { "value": "
24. TRADE AND OTHER RECEIVABLES
2025
2024
US$\u2019000
US$\u2019000
Trade receivables
1,752
1,093
Prepayments
3,158
6,740
Rental and other deposits
74
66
Other receivables
5,453
8,086
8,685
14,892
10,437
15,985
Management has a credit policy in place for approving the credit limits to charterers and the exposures to credit
risk are monitored such that any outstanding trade receivables are reviewed and followed up on an ongoing basis.
Credit evaluations including assessing the customer\u2019s creditworthiness and financial standing are performed on
customers requiring a credit over certain amount.
The credit terms given to charterers vary from 15 to 60 days according to the types of vessels\u2019 employment.
The carrying amounts of trade and other receivables are considered to be a reasonable approximation of their
fair values due to their short term maturities.
The aging analysis of trade receivables (net of impairment loss) that are past due at the reporting date but not
individually considered to be impaired is included in the following analysis:
2025
2024
US$\u2019000
US$\u2019000
Neither past due nor impaired
552
216
Past due but not impaired
Within three months past due
433
698
Over three months but within six months past due
574
147
Over six months but within twelve months past due
193
32
1,200
877
1,752
1,093
The movement for impairment loss on trade and other receivables is as follows:
2025
2024
US$\u2019000
US$\u2019000
At 1 January
163
4,362
Impairment loss recognized
539
\u2013
Reversal of impairment loss
\u2013
(1,848)
Written off as uncollectible
\u2013
(2,351)
At 31 December
702
163
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$702,000 (2024: US$163,000) as impaired.
No impairment loss on other receivables was provided as at 31 December 2025 and 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-291": { "value": "
25. FINANCIAL ASSETS / FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS
(a) Financial assets at fair value through profit or loss
2025
2024
US$\u2019000
US$\u2019000
Held for trading
Listed equity securities
21,526
17,903
Designated as such upon initial recognition
Investment funds
3,324
2,702
24,850
20,605
(b) Financial liabilities at fair value through profit or loss
2025
2024
US$\u2019000
US$\u2019000
Derivative financial instruments
Interest rate swap
294
\u2013
At the reporting date, the fair value measurements of listed equity securities were determined by reference to their
quoted bid prices in active markets and were categorized as Level 1. The fair value measurements of investment
funds represented the quoted market prices on the underlying investments provided by financial institutions and
were categorized as Level 2. The fair values of interest rate swap contracts are quoted by financial institutions
at the reporting date and were categorized as Level 2 of the three-level fair value hierarchy as defined under
IFRS 13 and HKFRS 13. There was no transfer among the three levels of the fair value hierarchy during the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-292": { "value": "
26. BANK BALANCES AND CASH
2025
2024
US$\u2019000
US$\u2019000
Cash and cash equivalents as stated in the
consolidated statement of cash flows
53,508
23,005
Bank deposits with more than three months to
maturity when placed
35,890
\u2013
89,398
23,005
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-293": { "value": "
27. AMOUNT DUE TO HOLDING COMPANY
Amount due to holding company is unsecured, interest-free and repayable on demand. The carrying amount of
the amount due is considered to be a reasonable approximation of its fair value.
", "dimensions": { "concept": "jinhui:DisclosureOfAmountDueToHoldingCompany", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-294": { "value": "
28. SHARE CAPITAL
2025
2024
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 1,909 (2024: 2,018) 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:
Percentage of
Shareholder\u2019s name total issued capital
Jinhui Holdings Company Limited*
40.81%
BNP Paribas*
24.53%
Nordnet Bank AB
6.64%
Willumsen Thor Inge
1.87%
Finnberg\u00e5sen Eiendom AS
1.50%
Nordnet Livsforsikring AS
1.32%
JPMorgan Chase Bank, N.A., London
1.05%
Kvam, Jan Arvid
1.01%
78.73%
* BNP Paribas held 16,252,990 shares of the Company in custodian for Jinhui Holdings Company Limited as at 31 December
2025 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-295": { "value": "
29. RESERVES
Details of movements in reserves of the Group are set out in the \u201cConsolidated Statement of Changes in Equity\u201d
on page 82.
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 2025, the reserve for financial assets at fair value through OCI
consists of recycling and non-recycling portion amounting to income of US$100,000 (2024: US$80,000) and loss
of US$5,326,000 (2024: US$4,699,000) respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-296": { "value": "
30. BORROWINGS, SECURED
2025
2024
US$\u2019000
US$\u2019000
Non-current
Bank loans
79,119
89,707
Other borrowings
25,337
\u2013
104,456
89,707
Current
Bank loans
8,285
8,287
Other borrowings
2,172
\u2013
10,457
8,287
Total borrowings
114,913
97,994
At the reporting date, the Group\u2019s secured borrowings are repayable as follows:
2025
2024
US$\u2019000
US$\u2019000
Bank loans
Within one year
8,285
8,287
In the second year
67,779
8,844
In the third to fifth year
11,340
80,863
Total bank loans
87,404
97,994
Less: Amount repayable within one year
(8,285)
(8,287)
Bank loans repayable after one year
79,119
89,707
Other borrowings
Within one year
2,172
\u2013
In the second year
2,896
\u2013
In the third to fifth year
8,687
\u2013
After the fifth year
13,754
\u2013
Total other borrowings
27,509
\u2013
Less: Amount repayable within one year
(2,172)
\u2013
Other borrowings repayable after one year
25,337
\u2013
Bank loans represented term loans that were denominated in Hong Kong Dollars. During the year, the Group had
drawn new bank loans of US$15,000,000 (2024: US$65,338,000) and repaid US$25,590,000 (2024: US$55,511,000).
Other borrowings represented the term loans on the sale and leaseback agreements on two owned vessels which
the Group entered into during the year for the amount of US$28,328,000 (2024: nil). These other borrowings
were denominated in Renminbi (offshore) and were committed on floating rate basis. During the year, amount
of US$1,416,000 (2024: nil) was repaid.
At the reporting date, all secured borrowings were committed on floating rate basis ranging from 3.80% to 5.35%
(2024: 6.57% to 6.59%) per annum. These borrowings are secured by certain of the Group\u2019s assets as disclosed
in note 36.
The carrying amount of the secured borrowings is considered to be a reasonable approximation of its fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-297": { "value": "
31. TRADE AND OTHER PAYABLES
2025
2024
US$\u2019000
US$\u2019000
Trade payables
330
820
Accrued charges
3,000
4,756
Other payables
Payables related to vessel running cost and
ship operating expenses
10,850
11,526
Hire receipt in advance
1,340
2,733
Loan interest payables
83
71
Accrued employee benefits
2,177
1,952
Others
205
172
14,655
16,454
17,985
22,030
The carrying amounts of trade and other payables are considered to be a reasonable approximation of their fair
values.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-298": { "value": "
32. NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
2025
2024
US$\u2019000
US$\u2019000
Profit before taxation
12,544
24,005
Adjustments for:
Depreciation and amortization
57,557
44,189
Interest income
(2,683)
(834)
Interest expenses
8,994
6,092
Dividend income
(1,250)
(1,173)
Net loss on disposal of owned vessels
9,209
\u2013
Change in fair value of investment properties
1,338
4,386
Impairment loss (Reversal of impairment loss) on
trade and other receivables, net
539
(1,848)
Loss on write-off of property, plant and equipment
2
1
Bad debts written off in respect of trade and other receivables
1
\u2013
Exchange loss for other borrowings
597
\u2013
Reversal of impairment loss on owned vessels and
right-of-use assets
\u2013
(6,533)
Gain on disposal of property, plant and equipment,
other than owned vessels
\u2013
(15)
Net loss on disposal of assets held for sale
\u2013
9
Cash generated from operations before changes in working capital
86,848
68,279
Changes in working capital:
Inventories
(330)
(1,326)
Loan receivables
500
\u2013
Trade and other receivables
6,275
4,229
Financial assets / financial liabilities at
fair value through profit or loss
(3,951)
3,489
Trade and other payables
(4,057)
5,904
Amount due to holding company
28
7
Changes in working capital
(1,535)
12,303
Cash generated from operations
85,313
80,582
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-299": { "value": "
33. RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES
The changes in the Group\u2019s liabilities arising from financing activities are classified as follows:
Vessel
mortgage Other Lease
loans
Bank loans
borrowings
liabilities
Total
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
At 1 January 2024
16,505
71,662
\u2013
29,139
117,306
Cash flows:
Drawdown of loans
\u2013
65,338
\u2013
\u2013
65,338
Repayment of loans
(16,505)
(39,006)
\u2013
\u2013
(55,511)
Repayment of lease liabilities
\u2013
\u2013
\u2013
(17,426)
(17,426)
Non-cash:
New lease
\u2013
\u2013
\u2013
27,881
27,881
Lease remeasurement
\u2013
\u2013
\u2013
(8,526)
(8,526)
Interest expense on lease liabilities
\u2013
\u2013
\u2013
1,317
1,317
At 31 December 2024
\u2013
97,994
\u2013
32,385
130,379
At 1 January 2025
\u2013
97,994
\u2013
32,385
130,379
Cash flows:
Drawdown of loans
\u2013
15,000
28,328
\u2013
43,328
Repayment of loans
\u2013
(25,590)
(1,416)
\u2013
(27,006)
Repayment of lease liabilities
\u2013
\u2013
\u2013
(31,156)
(31,156)
Non-cash:
Foreign exchange movement
\u2013
\u2013
597
\u2013
597
New lease
\u2013
\u2013
\u2013
27,711
27,711
Lease remeasurement
\u2013
\u2013
\u2013
3,857
3,857
Interest expense on lease liabilities
\u2013
\u2013
\u2013
3,265
3,265
At 31 December 2025
\u2013
87,404
27,509
36,062
150,975
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-300": { "value": "
34. DEFERRED TAXATION
At the reporting date, deferred tax assets have not been recognized in respect of tax losses of US$375,209,000
(2024: US$358,038,000).
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-301": { "value": "
36. PLEDGE OF ASSETS
At the reporting date, the Group had certain credit facilities which were secured by the followings:
(a) Legal charges on the Group\u2019s property, plant and equipment (note 18) with an aggregate net book value
of US$246,377,000 (2024: US$252,113,000) and investment properties (note 20) with an aggregate carrying
amount of US$16,329,000 (2024: US$17,301,000);
(b) Financial assets at fair value through profit or loss of US$6,626,000 (2024: US$6,994,000);
(c) Deposits totaling US$71,000 (2024: US$329,000) of the Group placed with banks; and
(d) Assignment of fourteen (2024: fifteen) subsidiaries\u2019 income in favour of banks.
In addition, shares of two (2024: nil) ship owning subsidiaries were pledged in respect of other borrowings.
", "dimensions": { "concept": "jinhui:DisclosureOfPledgeOfAssets", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-302": { "value": "
37. CAPITAL EXPENDITURE COMMITMENTS
Capital expenditures
During the year, the Group reported capital expenditure of US$38,396,000, primarily for the balance payment
on vessel deliveries and capitalized drydocking costs. Additionally, US$25,009,000 was paid as installments for
vessels under construction, US$9,056,000 for leasehold land and buildings and US$150,000 was spent on other
property, plant and equipment.
For the year 2024, capital expenditure of US$95,095,000 was incurred, including US$94,698,000 on additions of
motor vessels and capitalized drydocking costs and US$397,000 on other property, plant and equipment.
Capital commitments
During the year, the Group entered into four shipbuilding contracts for the construction of four Ultramax
newbuildings, each at a consideration of US$33 million. The vessels are scheduled for delivery in 2028. As at the
reporting date, installments amounting to US$18,209,000 had been paid in respect of vessels under construction,
and the capital expenditure commitments contracted by the Group but not provided for, net of installment paid,
was approximately US$111,830,000.
For the year 2024, the Group entered into two shipbuilding contracts for the construction of two Ultramaxes,
each at a consideration of US$34 million, to be delivered in 2026 and 2027 respectively. As at the reporting
date, installments of US$6,800,000 for the vessels under construction were paid, and the capital expenditure
commitments contracted by the Group but not provided for, net of installments paid, was approximately
US$61,200,000 (2024: US$68,000,000).
In 2018, the Group entered into the co-investment documents to co-invest in a property project in Tower A of
One Financial Street Center, Jing\u2019an Central Business District, Shanghai, the PRC, pursuant to which the Group
is committed to acquire non-voting participating class A shares of Dual Bliss Limited of US$10,000,000. Dual
Bliss Limited 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 (2024: US$372,000).
As at 31 December 2025, the total amount of capital expenditure commitments contracted by the Group but not
provided for, net of installment paid, was US$173,402,000.
As of 31 December 2024, the total amount of capital expenditure commitments contracted by the Group but not
provided for was US$117,080,000, In addition to the aforementioned commitments, the amount also included
right-of-use assets of approximately US$26,640,000 for the long term charter of a Capesize, which was delivered in
January 2025, as well as a capital expenditure commitment of US$22,068,000 for the acquisition of an Ultramax,
which was acquired at the end of 2024 and delivered to the Group in January 2025.
Save as disclosed above, there was no other significant capital expenditure commitment contracted by the Group
but not provided for as at the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-303": { "value": "
38. RELATED PARTY TRANSACTIONS
Save as disclosed elsewhere in the consolidated financial statements, during the year, the Group had the following
related party transactions:
(a) Receipt of an administrative fee of US$255,000 (2024: US$253,000) from Jinhui Holdings;
(b) Lease payment of US$17,000 (2024: US$17,000) under a short term lease to a fellow subsidiary; and
(c) Compensation of key management personnel as follows:
2025
2024
US$\u2019000
US$\u2019000
Salaries and other benefits
9,324
9,265
Contributions to retirement benefits schemes
446
446
9,770
9,711
Other payables included accrued employee benefits payables to directors and executive personnel of
US$1,539,000 (2024: US$1,463,000). 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-304": { "value": "
39. EVENTS AFTER THE REPORTING DATE
In December 2025, the Group entered into an agreement for the disposal of a Supramax of deadweight 56,361
metric tonnes, built in year 2012, at a consideration of US$14,400,000. 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. The agreement was subsequently cancelled in January
2026 as one of the contractual clauses could not be fulfilled.
In February 2026, the Group entered into two shipbuilding contracts for the construction of two Ultramax
newbuildings, each with a deadweight of 64,100 metric tonnes, at a consideration of US$34 million per vessel,
scheduled for delivery in May 2029 and July 2029 respectively.
In March 2026, the Group entered into an agreement for the disposal of a vessel of deadweight 63,485 metric
tonnes, built in year 2014, at a consideration of US$23,455,000. The vessel will be delivered to the purchaser on
or before 15 July 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-305": { "value": "
40. FINANCIAL RISK MANAGEMENT AND POLICIES
The Group is exposed to financial risks through its use of financial instruments which arise from its business
activities. The financial risks include market risk (mainly comprise of interest rate risk, foreign currency risk and
price risk), credit risk and liquidity risk. The management manages and monitors the financial risk exposures to
ensure appropriate measures are implemented on a timely and effective manner. These policies have been in
place for years and are considered to be effective.
(a) Categories of financial instruments
At the reporting date, the carrying amounts of financial instruments presented in the consolidated statement
of financial position related to the following categories of financial assets and financial liabilities:
2025
2024
US$\u2019000
US$\u2019000
Financial assets
Financial assets at fair value through OCI
Unlisted equity investments
4,321
4,948
Unlisted club membership
438
418
4,759
5,366
Financial assets at fair value through profit or loss
Listed equity securities
21,526
17,903
Investment funds
3,324
2,702
24,850
20,605
Financial assets at amortized cost
Trade and other receivables
7,279
9,245
Loan receivables
12,077
1,577
Pledged deposits
71
329
Bank balances and cash
89,398
23,005
108,825
34,156
138,434
60,127
Financial liabilities
Financial liabilities at fair value through profit or loss
Interest rate swap
294
\u2013
Financial liabilities at amortized cost
Trade and other payables
16,641
19,293
Amount due to holding company
211
183
Borrowings, secured
114,913
97,994
Lease liabilities
36,062
32,385
167,827
149,855
168,121
149,855
(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 loans and other borrowings that were committed on floating rate basis.
The Group manages interest rate risk by monitoring its interest rate profile as set out in note 30.
Sensitivity analysis*
Based on the exposures to bank loans of US$87,404,000 (2024: US$97,994,000) at the reporting date, it was
estimated that an increase of 25 (2024: 25) basis points in interest rate, with all other variables remaining
constant, the Group\u2019s net profit would decrease by approximately US$219,000 (2024: US$245,000).
Based on the exposures to other borrowings of US$27,509,000 (2024: nil) at the reporting date, it was
estimated that an increase of 25 (2024: nil) basis points in interest rate, with all other variables remaining
constant, the Group\u2019s net profit would decrease by approximately US$69,000 (2024: nil).
The sensitivity analysis above has been determined as if the change in interest rate had occurred at the
reporting date. The basis of 25 (2024: 25) 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 SGD683,000 and SGD7,737,000, approximately US$530,000 and US$6,008,000 (2024: SGD798,000
and SGD7,608,000, approximately US$584,000 and US$5,570,000) respectively. In addition, the Group
was exposed through holding certain bank deposits and other borrowings mainly denominated in
Renminbi Dollars, amounting to RMB164,911,000 and RMB192,850,000, approximately US$23,523,000
and US$27,509,000 (2024: nil) 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 SGD8,420,000, approximately US$6,538,000 (2024: SGD8,406,000,
approximately US$6,154,000), it was estimated that a depreciation of 5% (2024: 5%) in exchange rate of
Singapore Dollars against United States Dollars would result in a decrease to the Group\u2019s net profit by
approximately US$311,000 (2024: US$293,000) with all other variables remain constant. The sensitivity
analysis had been determined based on the assumed exchange rate movement of Singapore Dollars
(2024: Singapore Dollars) against United States Dollars taking place at the beginning of the year and held
constant throughout the year.
At the reporting date, based on the net exposures to the bank deposits and other borrowings mainly
denominated in Renminbi Dollars of RMB27,939,000, approximately US$3,986,000 (2024: nil), it was
estimated that an appreciation of 5% (2024: nil) in exchange rate of Renminbi Dollars against United
States Dollars would result in a decrease to the Group\u2019s net profit by approximately US$210,000 (2024:
nil) with all other variables remain constant. The sensitivity analysis had been determined based on the
assumed exchange rate movement of Renminbi Dollars (2024: nil) 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 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 25.
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% (2024: 10%), the Group\u2019s net profit would decrease
by approximately US$2,153,000 (2024: US$1,790,000).
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% (2024: 10%), the Group\u2019s net profit would decrease
by approximately US$332,000 (2024: US$270,000).
* 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$539,000 (2024: nil) was provided on trade receivables with outstanding balance of US$44,000
(2024: nil) over one year past due and remaining outstanding balance of US$495,000 (2024: nil) which
the Group considered there was significant increase in credit risk. A reversal of impairment loss on trade
receivables amounting to US$1,848,000 was recognized in 2024, attributable to the recovery of outstanding
trade receivables from prior years. Additionally, no trade receivables was written off as uncollectible during
the year while trade receivables of US$2,351,000 was written off as uncollectible in 2024.
The credit terms given to charterers vary from 15 to 60 days according to the types of vessels\u2019 employment.
For trade receivables, the Group applies a simplified approach in calculating ECL and recognizes a loss
allowance based on lifetime ECL at each reporting date. These are the expected shortfalls in contractual
cash flows, considering the potential for default at any point during the life of the financial assets. In
calculating the ECL, the Group has established a provision matrix that is based on its historical credit
loss experience and external indicators, adjusted for forward-looking factors specific to the debtors and
the economic environment.
To measure the ECL, trade receivables have been grouped based on shared credit risk characteristics
and the days past due.
On the above basis, the ECL for trade receivables as at 31 December 2025 and 2024 was determined as
follows:
Over Over
3 months 6 months
Within but within but within Over
3 months 6 months 12 months 12 months
Current past due past due past due
past due
Total
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
2025
Trade receivables
\u2013 gross carrying amount
1,047
433
574
193
207
2,454
Lifetime ECL
495
\u2013
\u2013
\u2013
207
702
ECL rate
47%
0%
0%
0%
100%
2024
Trade receivables
\u2013 gross carrying amount
216
698
147
32
163
1,256
Lifetime ECL
\u2013
\u2013
\u2013
\u2013
163
163
ECL rate
0%
0%
0%
0%
100%
For other receivables and loan receivables arose 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 arose from Co-investment was provided as at 31 December 2025 and
2024. The outstanding balance of those receivables of US$7,104,000 (2024: US$9,729,000) 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 loan receivables which arise from asset-based financing and secured by collaterals provided by
borrowers, the Group measures the loss allowance for these financial assets equal to 12-month ECL with
taking those collaterals 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 market values of the vessels or similar vessels
which were appraised by independent qualified appraisal firms or recent transactions. The outstanding
balance of those receivables of US$10,500,000 (2024: nil) are considered as not deteriorated significantly
in credit quality or with low credit risk.
For the financial assets at fair value through OCI, the management believes that the credit risk inherent
in the Group is low and counterparties have the capacity to meet their contractual cash flow obligation
in the near term and the ECL recognized is based on the 12-month ECL.
The Group has no significant concentration of credit risk in respect of trade receivables, with exposure
spread over a number of charterers. At the reporting date, the Group did not hold any collateral from
charterers.
Bank deposits are only placed with creditworthy financial institutions. The management does not expect
any financial institutions fail to meet their obligations.
(f) Liquidity risk
Exposures to liquidity risk and the Group\u2019s risk management policies
Liquidity risk relates to the risk that the Group will not be able to meet its obligations associated with
its financial liabilities. The Group is exposed to liquidity risk in respect of settlement of trade and other
payables, its financing obligations and lease liabilities, and also in respect of its cash flow management.
The Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through
the use of bank loans and other borrowings. The management regularly monitors the Group\u2019s current
and expected liquidity requirements and its compliance with lending covenants, to ensure it maintains
sufficient reserves of cash and bank balances, readily realizable marketable equity securities and adequate
committed lines of funding from major financial institutions to meet its liquidity requirement.
The analysis below set out the remaining contractual maturity based on undiscounted cash flow of the
Group\u2019s financial liabilities at the reporting date.
Total
Within In the In the third After the undiscounted Carrying
one year second year to fifth year fifth year amount amount
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
2025
Trade and other payables
16,641
\u2013
\u2013
\u2013
16,641
16,641
Amount due to holding company
211
\u2013
\u2013
\u2013
211
211
Borrowings, secured
15,578
75,358
22,209
14,535
127,680
114,913
Lease liabilities
17,942
13,646
6,707
\u2013
38,295
36,062
50,372
89,004
28,916
14,535
182,827
167,827
2024
Trade and other payables
19,293
\u2013
\u2013
\u2013
19,293
19,293
Amount due to holding company
183
\u2013
\u2013
\u2013
183
183
Borrowings, secured
14,486
14,485
85,532
\u2013
114,503
97,994
Lease liabilities
19,873
5,485
9,088
\u2013
34,446
32,385
53,835
19,970
94,620
\u2013
168,425
149,855
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-315": { "value": "(a) Categories of financial instruments At the reporting date, the carrying amounts of financial instruments presented in the consolidated statement of financial position related to the following categories of financial assets and financial liabilities:
2025
2024
US$\u2019000
US$\u2019000
Financial assets
Financial assets at fair value through OCI
Unlisted equity investments
4,321
4,948
Unlisted club membership
438
418
4,759
5,366
Financial assets at fair value through profit or loss
Listed equity securities
21,526
17,903
Investment funds
3,324
2,702
24,850
20,605
Financial assets at amortized cost
Trade and other receivables
7,279
9,245
Loan receivables
12,077
1,577
Pledged deposits
71
329
Bank balances and cash
89,398
23,005
108,825
34,156
138,434
60,127
Financial liabilities
Financial liabilities at fair value through profit or loss
Interest rate swap
294
\u2013
Financial liabilities at amortized cost
Trade and other payables
16,641
19,293
Amount due to holding company
211
183
Borrowings, secured
114,913
97,994
Lease liabilities
36,062
32,385
167,827
149,855
168,121
149,855
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-316": { "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 loans and other borrowings that were committed on floating rate basis. The Group manages interest rate risk by monitoring its interest rate profile as set out in note 30. Sensitivity analysis* Based on the exposures to bank loans of US$87,404,000 (2024: US$97,994,000) at the reporting date, it was estimated that an increase of 25 (2024: 25) basis points in interest rate, with all other variables remaining constant, the Group\u2019s net profit would decrease by approximately US$219,000 (2024: US$245,000). Based on the exposures to other borrowings of US$27,509,000 (2024: nil) at the reporting date, it was estimated that an increase of 25 (2024: nil) basis points in interest rate, with all other variables remaining constant, the Group\u2019s net profit would decrease by approximately US$69,000 (2024: nil). The sensitivity analysis above has been determined as if the change in interest rate had occurred at the reporting date. The basis of 25 (2024: 25) 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 SGD683,000 and SGD7,737,000, approximately US$530,000 and US$6,008,000 (2024: SGD798,000 and SGD7,608,000, approximately US$584,000 and US$5,570,000) respectively. In addition, the Group was exposed through holding certain bank deposits and other borrowings mainly denominated in Renminbi Dollars, amounting to RMB164,911,000 and RMB192,850,000, approximately US$23,523,000 and US$27,509,000 (2024: nil) 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 SGD8,420,000, approximately US$6,538,000 (2024: SGD8,406,000, approximately US$6,154,000), it was estimated that a depreciation of 5% (2024: 5%) in exchange rate of Singapore Dollars against United States Dollars would result in a decrease to the Group\u2019s net profit by approximately US$311,000 (2024: US$293,000) with all other variables remain constant. The sensitivity analysis had been determined based on the assumed exchange rate movement of Singapore Dollars (2024: Singapore Dollars) against United States Dollars taking place at the beginning of the year and held constant throughout the year. At the reporting date, based on the net exposures to the bank deposits and other borrowings mainly denominated in Renminbi Dollars of RMB27,939,000, approximately US$3,986,000 (2024: nil), it was estimated that an appreciation of 5% (2024: nil) in exchange rate of Renminbi Dollars against United States Dollars would result in a decrease to the Group\u2019s net profit by approximately US$210,000 (2024: nil) with all other variables remain constant. The sensitivity analysis had been determined based on the assumed exchange rate movement of Renminbi Dollars (2024: nil) 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 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 25. 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% (2024: 10%), the Group\u2019s net profit would decrease by approximately US$2,153,000 (2024: US$1,790,000). 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% (2024: 10%), the Group\u2019s net profit would decrease by approximately US$332,000 (2024: US$270,000). * 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-317": { "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$539,000 (2024: nil) was provided on trade receivables with outstanding balance of US$44,000 (2024: nil) over one year past due and remaining outstanding balance of US$495,000 (2024: nil) which the Group considered there was significant increase in credit risk. A reversal of impairment loss on trade receivables amounting to US$1,848,000 was recognized in 2024, attributable to the recovery of outstanding trade receivables from prior years. Additionally, no trade receivables was written off as uncollectible during the year while trade receivables of US$2,351,000 was written off as uncollectible in 2024. The credit terms given to charterers vary from 15 to 60 days according to the types of vessels\u2019 employment. For trade receivables, the Group applies a simplified approach in calculating ECL and recognizes a loss allowance based on lifetime ECL at each reporting date. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial assets. In calculating the ECL, the Group has established a provision matrix that is based on its historical credit loss experience and external indicators, adjusted for forward-looking factors specific to the debtors and the economic environment. To measure the ECL, trade receivables have been grouped based on shared credit risk characteristics and the days past due. On the above basis, the ECL for trade receivables as at 31 December 2025 and 2024 was determined as follows:
Over Over
3 months 6 months
Within but within but within Over
3 months 6 months 12 months 12 months
Current past due past due past due
past due
Total
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
US$\u2019000
2025
Trade receivables
\u2013 gross carrying amount
1,047
433
574
193
207
2,454
Lifetime ECL
495
\u2013
\u2013
\u2013
207
702
ECL rate
47%
0%
0%
0%
100%
2024
Trade receivables
\u2013 gross carrying amount
216
698
147
32
163
1,256
Lifetime ECL
\u2013
\u2013
\u2013
\u2013
163
163
ECL rate
0%
0%
0%
0%
100%
For other receivables and loan receivables arose 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 arose from Co-investment was provided as at 31 December 2025 and 2024. The outstanding balance of those receivables of US$7,104,000 (2024: US$9,729,000) 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 loan receivables which arise from asset-based financing and secured by collaterals provided by borrowers, the Group measures the loss allowance for these financial assets equal to 12-month ECL with taking those collaterals 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 market values of the vessels or similar vessels which were appraised by independent qualified appraisal firms or recent transactions. The outstanding balance of those receivables of US$10,500,000 (2024: nil) are considered as not deteriorated significantly in credit quality or with low credit risk. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-318": { "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 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$\u2019000
2025
Trade and other payables
16,641
\u2013
\u2013
\u2013
16,641
16,641
Amount due to holding company
211
\u2013
\u2013
\u2013
211
211
Borrowings, secured
15,578
75,358
22,209
14,535
127,680
114,913
Lease liabilities
17,942
13,646
6,707
\u2013
38,295
36,062
50,372
89,004
28,916
14,535
182,827
167,827
2024
Trade and other payables
19,293
\u2013
\u2013
\u2013
19,293
19,293
Amount due to holding company
183
\u2013
\u2013
\u2013
183
183
Borrowings, secured
14,486
14,485
85,532
\u2013
114,503
97,994
Lease liabilities
19,873
5,485
9,088
\u2013
34,446
32,385
53,835
19,970
94,620
\u2013
168,425
149,855
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-306": { "value": "
41. CAPITAL MANAGEMENT
The Group\u2019s capital management objectives are:
(a) to ensure the Group\u2019s ability to continue as a going concern;
(b) to provide adequate returns for shareholders;
(c) to maintain an optimal capital structure to reduce the cost of capital; and
(d) to support the Group\u2019s stability and sustainable growth.
The Group\u2019s capital management strategies are to rely on internal resources and interest-bearing borrowings to
finance the capital expenditures. The management may make adjustments to its capital structure in the light of
changes in economic conditions, recent market values of the Group\u2019s assets as well as the risk characteristics
of the underlying assets through adjusting the amount of dividends paid to shareholders, issuing new shares
or selling assets to reduce debts.
The Group monitors capital structure on the basis of the gearing ratio. This ratio is calculated as net debts (total
interest-bearing debts net of equity and debt securities, bank balances and cash) over total equity. The gearing
ratio of the Group at the reporting date is calculated as follows:
2025
2024
US$\u2019000
US$\u2019000
Secured borrowings repayable within one year
10,457
8,287
Secured borrowings repayable after one year
104,456
89,707
Total secured borrowings
114,913
97,994
Less: Equity securities
(21,526)
(17,903)
Less: Bank balances and cash
(89,398)
(23,005)
Net debts
3,989
57,086
Total equity
380,269
371,610
Gearing ratio
1%
15%
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:54930066UQE0B7NO1M17", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-307": { "value": "
43. PRINCIPAL SUBSIDIARIES
Issued and Attributable Attributable
paid-up capital / equity interest equity interest Principal Place of
Nameregistered capitalat 31/12/2025at 31/12/2024activitiesoperation
Incorporated in Bermuda
#
Jinhui MetCoke Limited
12,000 ordinary shares
100%
100%
Investment
Worldwide
of US$1 eachholding
Incorporated in the British Virgin Islands
Advance Rich Limited
1 share
100%
100%
Investment
Worldwide
of US$1 each
Atwell Enterprises Limited
1 share
100%
100%
Ship chartering
Worldwide
of US$1 each
Elstead Limited
100 shares
100%
100%
Ship chartering
Worldwide
of US$1 each
#
Jin Hui Shipping Inc.
50,000 shares
100%
100%
Investment
Worldwide
of US$1 eachholding
#
Jinhui Investments Limited
1 share
100%
100%
Investment
Worldwide
of US$1 eachholding
Timeplus Limited
1,000 shares
100%
100%
Ship chartering
Worldwide
of US$1 each
Wokefield Enterprises Limited
1 share
100%
100%
Ship chartering
Worldwide
of US$1 each
Issued and Attributable Attributable
paid-up capital / equity interest equity interest Principal Place of
Nameregistered capitalat 31/12/2025at 31/12/2024activitiesoperation
Incorporated in Hong Kong
Fair Fait International Limited
HK$2 divided into
100%
100%
Property
Hong Kong
2 ordinary sharesinvestment
Goldbeam International Limited
HK$5,000,000
100%
100%
Ship
Hong Kong
divided into management
5,000,000 services,
ordinary sharesshipping
agent and
investment
Good Sunshine Limited
HK$1 divided into
100%
100%
Property
Hong Kong
1 ordinary shareinvestment
Jinhui Finance (Hong Kong) HK$10,000 divided into
100%
100%
Money
Hong Kong
Limited10,000 ordinary shareslending
Leadford Industries Limited
HK$2 divided into
100%
100%
Property
Hong Kong
2 ordinary sharesinvestment
Monocosmic Limited
HK$10,000 divided into
100%
100%
Property
Hong Kong
10,000 ordinary sharesinvestment
Noble Talent Development HK$1 divided into
100%
100%
Property
Hong Kong
Limited1 ordinary shareinvestment
Ringo Star Company Limited
HK$2 divided into
100%
100%
Property
Hong Kong
2 ordinary sharesinvestment
Smarty Goal Limited
HK$1 divided into
100%
100%
Property
Hong Kong
1 ordinary shareinvestment
Union Gold Limited
HK$1 divided into
100%
100%
Property
Hong Kong
1 ordinary shareinvestment
Issued and Attributable Attributable
paid-up capital / equity interest equity interest Principal Place of
Nameregistered capitalat 31/12/2025at 31/12/2024activitiesoperation
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
Huafeng Shipping Inc.
2 common shares
100%
100%
Ship owning
Worldwide
of US$1 each
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
Jincheng Maritime Inc.
2 common shares
100%
100%
Ship owning
Worldwide
of US$1 each
Issued and Attributable Attributable
paid-up capital / equity interest equity interest Principal Place of
Nameregistered capitalat 31/12/2025at 31/12/2024activitiesoperation
Incorporated in the Republic of Panama
(Continued)
Jinfeng Marine Inc.
2 common shares
100%
100%
Ship owning
Worldwide
of US$1 each
Jinhan 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
Jinli Marine Inc.
2 common shares
100%
100%
Ship owning
Worldwide
of US$1 each
Jinmei Marine Inc.
2 registered shares
100%
100%
Ship owning
Worldwide
of US$1 each
Jinming 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
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
Issued and Attributable Attributable
paid-up capital / equity interest equity interest Principal Place of
Nameregistered capitalat 31/12/2025at 31/12/2024activitiesoperation
Incorporated in the Republic of Panama
(Continued)
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
Jinyao 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
Jinzhou Marine Inc.
2 common shares
100%
100%
Ship owning
Worldwide
of US$1 each
Rimpacific Navigation Inc.
2 common shares
100%
100%
Ship chartering
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }