{
"documentInfo": {
"documentType": "https://xbrl.org/2021/xbrl-json",
"features": {
"xbrl:canonicalValues": true
},
"namespaces": {
"exmar": "http://exmar.be/xbrl/2023",
"ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full",
"iso4217": "http://www.xbrl.org/2003/iso4217",
"scheme": "http://standards.iso.org/iso/17442",
"xbrl": "https://xbrl.org/2021",
"xbrli": "http://www.xbrl.org/2003/instance"
},
"taxonomy": [
"http://exmar.be/xbrl/2023/5493006GOR72R0ZYBN98-2023-12-31.xsd"
]
},
"facts": {
"Tag1": {
"value": "619437000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag36": {
"value": "573659000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag2": {
"value": "415747000",
"decimals": -3,
"dimensions": {
"concept": "exmar:VesselsAndBargesIncludingUnderConstruction",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag37": {
"value": "437966000",
"decimals": -3,
"dimensions": {
"concept": "exmar:VesselsAndBargesIncludingUnderConstruction",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag3": {
"value": "15970000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherPropertyPlantAndEquipment",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag38": {
"value": "14556000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherPropertyPlantAndEquipment",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag4": {
"value": "314000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag39": {
"value": "225000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag5": {
"value": "9661000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RightofuseAssets",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag40": {
"value": "10910000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RightofuseAssets",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag6": {
"value": "135388000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag41": {
"value": "107082000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag7": {
"value": "4429000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag42": {
"value": "1071000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag8": {
"value": "37928000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag43": {
"value": "1849000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag9": {
"value": "307496000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag44": {
"value": "604616000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag10": {
"value": "550000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentDerivativeFinancialAssets",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag45": {
"value": "573000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentDerivativeFinancialAssets",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag11": {
"value": "15134000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Inventories",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag46": {
"value": "9217000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Inventories",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag12": {
"value": "97384000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentReceivables",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag47": {
"value": "67089000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentReceivables",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag13": {
"value": "11597000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentReceivablesDueFromRelatedParties",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag48": {
"value": "7000000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentReceivablesDueFromRelatedParties",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag14": {
"value": "5900000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentTaxAssetsCurrent",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag49": {
"value": "1185000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentTaxAssetsCurrent",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag15": {
"value": "176930000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag50": {
"value": "519553000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag16": {
"value": "926933000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag51": {
"value": "1178276000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag17": {
"value": "482138000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag52": {
"value": "798691000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag18": {
"value": "481992000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EquityAttributableToOwnersOfParent",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag53": {
"value": "798511000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EquityAttributableToOwnersOfParent",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag19": {
"value": "88812000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag54": {
"value": "88812000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag20": {
"value": "148796000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag55": {
"value": "209902000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag21": {
"value": "172412000",
"decimals": -3,
"dimensions": {
"concept": "exmar:Reserves",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag56": {
"value": "179480000",
"decimals": -3,
"dimensions": {
"concept": "exmar:Reserves",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag22": {
"value": "71972000",
"decimals": -3,
"dimensions": {
"concept": "exmar:ResultForPeriod",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag57": {
"value": "320317000",
"decimals": -3,
"dimensions": {
"concept": "exmar:ResultForPeriod",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag23": {
"value": "147000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag58": {
"value": "180000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag24": {
"value": "248862000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag59": {
"value": "250370000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag25": {
"value": "219831000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:LongtermBorrowings",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag60": {
"value": "167548000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:LongtermBorrowings",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag26": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentPayables",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag61": {
"value": "78000000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentPayables",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag27": {
"value": "999000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag62": {
"value": "1040000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag28": {
"value": "25006000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentProvisions",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag63": {
"value": "800000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentProvisions",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag29": {
"value": "3026000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag64": {
"value": "2982000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag30": {
"value": "195932000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag65": {
"value": "129215000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag31": {
"value": "45480000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag66": {
"value": "50800000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag32": {
"value": "146909000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayables",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag67": {
"value": "75542000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayables",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag33": {
"value": "3544000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilitiesCurrent",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag68": {
"value": "2873000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilitiesCurrent",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag34": {
"value": "444795000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Liabilities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag69": {
"value": "379585000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Liabilities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag35": {
"value": "926933000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag70": {
"value": "1178276000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag108": {
"value": "487318000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag71": {
"value": "155604000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag109": {
"value": "868000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GainsOnDisposalsOfNoncurrentAssets",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag72": {
"value": "319643000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GainsOnDisposalsOfNoncurrentAssets",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag110": {
"value": "4020000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag73": {
"value": "1601000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag111": {
"value": "492206000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RevenueAndOperatingIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag74": {
"value": "476848000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RevenueAndOperatingIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag112": {
"value": "263114000",
"decimals": -3,
"dimensions": {
"concept": "exmar:VesselExpenses",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag75": {
"value": "60121000",
"decimals": -3,
"dimensions": {
"concept": "exmar:VesselExpenses",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag113": {
"value": "23279000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RawMaterialsAndConsumablesUsed",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag76": {
"value": "3447000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RawMaterialsAndConsumablesUsed",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag114": {
"value": "54804000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GeneralAndAdministrativeExpense",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag77": {
"value": "39293000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GeneralAndAdministrativeExpense",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag115": {
"value": "46176000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EmployeeBenefitsExpense",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag78": {
"value": "32333000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EmployeeBenefitsExpense",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag116": {
"value": "33956000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DepreciationAndAmortisationExpense",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag79": {
"value": "33624000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DepreciationAndAmortisationExpense",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag117": {
"value": "-2701000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag80": {
"value": "-4768000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag118": {
"value": "82000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:LossesOnDisposalsOfNoncurrentAssets",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag81": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:LossesOnDisposalsOfNoncurrentAssets",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag119": {
"value": "24356000",
"decimals": -3,
"dimensions": {
"concept": "exmar:OtherOperatingExpenses",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag82": {
"value": "25000",
"decimals": -3,
"dimensions": {
"concept": "exmar:OtherOperatingExpenses",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag120": {
"value": "49140000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag83": {
"value": "312773000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag121": {
"value": "17961000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RevenueFromInterest",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag84": {
"value": "7125000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RevenueFromInterest",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag122": {
"value": "10938000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestExpense",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag85": {
"value": "21954000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestExpense",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag123": {
"value": "1373000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherFinanceIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag86": {
"value": "9525000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherFinanceIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag124": {
"value": "13515000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherFinanceCost",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag87": {
"value": "18055000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherFinanceCost",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag125": {
"value": "-5120000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceIncomeCost",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag88": {
"value": "-23359000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceIncomeCost",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag126": {
"value": "44020000",
"decimals": -3,
"dimensions": {
"concept": "exmar:ResultBeforeIncomeTaxAndShareOfResultOfEquityAccountedInvestees",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag89": {
"value": "289414000",
"decimals": -3,
"dimensions": {
"concept": "exmar:ResultBeforeIncomeTaxAndShareOfResultOfEquityAccountedInvestees",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag127": {
"value": "32136000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag90": {
"value": "32007000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag128": {
"value": "76156000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag91": {
"value": "321420000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag129": {
"value": "4148000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag92": {
"value": "1072000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag130": {
"value": "72007000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag93": {
"value": "320348000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag131": {
"value": "36000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag94": {
"value": "30000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag132": {
"value": "71972000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag95": {
"value": "320317000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag133": {
"value": "72007000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag96": {
"value": "320348000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag134": {
"value": "1.25",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"Tag97": {
"value": "5.6",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"Tag135": {
"value": "1.25",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"Tag98": {
"value": "5.6",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"Tag136": {
"value": "72007000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag99": {
"value": "320348000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag137": {
"value": "-2098000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag100": {
"value": "1943000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag138": {
"value": "1572000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag101": {
"value": "580000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag139": {
"value": "211000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherIndividuallyImmaterialComponentsOfOtherComprehensiveIncomeNetOfTax",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag102": {
"value": "-202000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherIndividuallyImmaterialComponentsOfOtherComprehensiveIncomeNetOfTax",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag140": {
"value": "-456000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag103": {
"value": "-706000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag141": {
"value": "-771000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag104": {
"value": "1615000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag142": {
"value": "71237000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag105": {
"value": "321963000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag143": {
"value": "-33000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag106": {
"value": "37000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag144": {
"value": "71270000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag107": {
"value": "321926000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag428": {
"value": "72007000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag439": {
"value": "320348000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag429": {
"value": "32136000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag440": {
"value": "32007000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag430": {
"value": "33956000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag441": {
"value": "33624000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag431": {
"value": "-2701000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag442": {
"value": "-4768000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag432": {
"value": "-5120000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFinanceIncomeCost",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag443": {
"value": "-23359000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFinanceIncomeCost",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag433": {
"value": "4148000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncomeTaxExpense",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag444": {
"value": "1072000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncomeTaxExpense",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag434": {
"value": "-868000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag445": {
"value": "-319643000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag435": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherAdjustmentsForNoncashItems",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag449": {
"value": "-1193000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherAdjustmentsForNoncashItems",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag438": {
"value": "23671000",
"decimals": -3,
"dimensions": {
"concept": "exmar:AdjustmentsForIncreaseDecreaseInProvisionsAndEmployeeBenefits",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag448": {
"value": "-361000",
"decimals": -3,
"dimensions": {
"concept": "exmar:AdjustmentsForIncreaseDecreaseInProvisionsAndEmployeeBenefits",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag436": {
"value": "7257000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag446": {
"value": "3357000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag437": {
"value": "95941000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag447": {
"value": "17075000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag450": {
"value": "-5457000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag456": {
"value": "2268000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag451": {
"value": "-32146000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag454": {
"value": "-6488000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag452": {
"value": "-1713000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag457": {
"value": "27512000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag453": {
"value": "56626000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperations",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag455": {
"value": "40368000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperations",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag458": {
"value": "9928000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag462": {
"value": "18483000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag459": {
"value": "16427000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag463": {
"value": "5411000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag460": {
"value": "11267000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag464": {
"value": "1311000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag461": {
"value": "51858000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag465": {
"value": "25985000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag477": {
"value": "4218000",
"decimals": -3,
"dimensions": {
"concept": "exmar:PurchaseOfVesselsAndVesselsUnderConstructionClassifiedAsInvestingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag466": {
"value": "19867000",
"decimals": -3,
"dimensions": {
"concept": "exmar:PurchaseOfVesselsAndVesselsUnderConstructionClassifiedAsInvestingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag478": {
"value": "2152000",
"decimals": -3,
"dimensions": {
"concept": "exmar:PurchaseOfOtherPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag467": {
"value": "554000",
"decimals": -3,
"dimensions": {
"concept": "exmar:PurchaseOfOtherPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag479": {
"value": "112000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag468": {
"value": "51000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag480": {
"value": "278000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag469": {
"value": "13722000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag481": {
"value": "1772000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsReceivedFromInvestmentsAccountedForUsingEquityMethodClassifiedAsInvestingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag470": {
"value": "2079000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsReceivedFromInvestmentsAccountedForUsingEquityMethodClassifiedAsInvestingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag482": {
"value": "19000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsReceivedClassifiedAsInvestingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag471": {
"value": "18000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsReceivedClassifiedAsInvestingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag483": {
"value": "-1173000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag491": {
"value": "646599000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag484": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag472": {
"value": "9169000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag485": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag473": {
"value": "4698000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfOtherLongtermAssetsClassifiedAsInvestingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag486": {
"value": "39132000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag474": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag487": {
"value": "996000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAdvancesAndLoansMadeToRelatedParties",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag475": {
"value": "41085000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAdvancesAndLoansMadeToRelatedParties",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag488": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToRelatedParties",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag476": {
"value": "52260000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToRelatedParties",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag489": {
"value": "-45713000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag490": {
"value": "639253000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag492": {
"value": "391089000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag500": {
"value": "59646000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag493": {
"value": "102132000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag501": {
"value": "50014000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag494": {
"value": "58389000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag502": {
"value": "279818000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag495": {
"value": "2283000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag503": {
"value": "1476000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag496": {
"value": "2664000",
"decimals": -3,
"dimensions": {
"concept": "exmar:PaymentForBankingFeesDebtTransactionCosts",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag504": {
"value": "2577000",
"decimals": -3,
"dimensions": {
"concept": "exmar:PaymentForBankingFeesDebtTransactionCosts",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag497": {
"value": "3299000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromExerciseOfOptions",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag505": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromExerciseOfOptions",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag498": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "exmar:CashFlowsFromDecreaseInRestrictedCashClassifiedAsFinancingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag506": {
"value": "76121000",
"decimals": -3,
"dimensions": {
"concept": "exmar:CashFlowsFromDecreaseInRestrictedCashClassifiedAsFinancingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag499": {
"value": "-348994000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag507": {
"value": "-217383000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag515": {
"value": "-342849000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag508": {
"value": "447856000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag516": {
"value": "519553000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag517": {
"value": "71130000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag512": {
"value": "-342849000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag509": {
"value": "447856000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag513": {
"value": "226000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag510": {
"value": "568000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag514": {
"value": "176930000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag511": {
"value": "519553000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag145": {
"value": "88812000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"Tag146": {
"value": "209902000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"Tag147": {
"value": "542676000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"Tag148": {
"value": "-44349000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:USD"
}
},
"Tag149": {
"value": "-2760000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"Tag150": {
"value": "3010000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"Tag151": {
"value": "1221000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember",
"unit": "iso4217:USD"
}
},
"Tag152": {
"value": "798511000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"Tag153": {
"value": "180000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"Tag154": {
"value": "798691000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag155": {
"value": "71972000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"Tag156": {
"value": "71972000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"Tag157": {
"value": "36000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"Tag158": {
"value": "72007000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag159": {
"value": "1641000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"Tag160": {
"value": "1641000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"Tag161": {
"value": "-69000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"Tag162": {
"value": "1572000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag343": {
"value": "57000",
"decimals": -3,
"dimensions": {
"concept": "exmar:OtherComprehensiveIncomeNetOfTaxForeignCurrencyTranslationDifferencesShareOfEquityAccountedInvesteesThatWillBeReclassifiedToProfitOrLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"Tag342": {
"value": "57000",
"decimals": -3,
"dimensions": {
"concept": "exmar:OtherComprehensiveIncomeNetOfTaxForeignCurrencyTranslationDifferencesShareOfEquityAccountedInvesteesThatWillBeReclassifiedToProfitOrLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"Tag341": {
"value": "57000",
"decimals": -3,
"dimensions": {
"concept": "exmar:OtherComprehensiveIncomeNetOfTaxForeignCurrencyTranslationDifferencesShareOfEquityAccountedInvesteesThatWillBeReclassifiedToProfitOrLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag163": {
"value": "-456000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"Tag164": {
"value": "-456000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"Tag165": {
"value": "-456000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag166": {
"value": "211000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherIndividuallyImmaterialComponentsOfOtherComprehensiveIncomeNetOfTax",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"Tag167": {
"value": "211000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherIndividuallyImmaterialComponentsOfOtherComprehensiveIncomeNetOfTax",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"Tag168": {
"value": "211000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherIndividuallyImmaterialComponentsOfOtherComprehensiveIncomeNetOfTax",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag169": {
"value": "-2155000",
"decimals": -3,
"dimensions": {
"concept": "exmar:OtherComprehensiveIncomeNetOfTaxNetChangeInFairValueOfCashFlowHedgesHedgeAccountingShareOfEquityAccountedInvesteesThatWillBeReclassifiedToProfitOrLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"Tag170": {
"value": "-2155000",
"decimals": -3,
"dimensions": {
"concept": "exmar:OtherComprehensiveIncomeNetOfTaxNetChangeInFairValueOfCashFlowHedgesHedgeAccountingShareOfEquityAccountedInvesteesThatWillBeReclassifiedToProfitOrLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"Tag171": {
"value": "-2155000",
"decimals": -3,
"dimensions": {
"concept": "exmar:OtherComprehensiveIncomeNetOfTaxNetChangeInFairValueOfCashFlowHedgesHedgeAccountingShareOfEquityAccountedInvesteesThatWillBeReclassifiedToProfitOrLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag172": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"Tag173": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"Tag174": {
"value": "-245000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"Tag175": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:USD"
}
},
"Tag176": {
"value": "1698000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"Tag177": {
"value": "-2155000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"Tag178": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember",
"unit": "iso4217:USD"
}
},
"Tag179": {
"value": "-702000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"Tag180": {
"value": "-69000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"Tag181": {
"value": "-771000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag182": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"Tag183": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"Tag184": {
"value": "71727000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"Tag185": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:USD"
}
},
"Tag186": {
"value": "1698000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"Tag187": {
"value": "-2155000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"Tag188": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember",
"unit": "iso4217:USD"
}
},
"Tag189": {
"value": "71270000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"Tag190": {
"value": "-33000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"Tag191": {
"value": "71237000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag192": {
"value": "61106000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"Tag193": {
"value": "329983000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"Tag194": {
"value": "391089000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"Tag195": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"Tag196": {
"value": "391089000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag197": {
"value": "-1669000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"Tag198": {
"value": "6189000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:USD"
}
},
"Tag199": {
"value": "-1221000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember",
"unit": "iso4217:USD"
}
},
"Tag200": {
"value": "3299000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"Tag201": {
"value": "3299000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag202": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"Tag203": {
"value": "-61106000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"Tag204": {
"value": "-331653000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"Tag205": {
"value": "6189000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:USD"
}
},
"Tag206": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"Tag207": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"Tag208": {
"value": "-1221000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember",
"unit": "iso4217:USD"
}
},
"Tag209": {
"value": "-387790000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"Tag210": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"Tag211": {
"value": "-387790000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag212": {
"value": "88812000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"Tag213": {
"value": "148796000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"Tag214": {
"value": "282751000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"Tag215": {
"value": "-38160000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:USD"
}
},
"Tag216": {
"value": "-1062000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"Tag217": {
"value": "855000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"Tag218": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember",
"unit": "iso4217:USD"
}
},
"Tag219": {
"value": "481991000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"Tag220": {
"value": "147000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"Tag221": {
"value": "482138000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag222": {
"value": "88812000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"Tag223": {
"value": "209902000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"Tag224": {
"value": "282048000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"Tag225": {
"value": "-44349000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:USD"
}
},
"Tag226": {
"value": "-3028000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"Tag227": {
"value": "761000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"Tag228": {
"value": "2086000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember",
"unit": "iso4217:USD"
}
},
"Tag229": {
"value": "536231000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"Tag230": {
"value": "271000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"Tag231": {
"value": "536502000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag232": {
"value": "320317000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"Tag233": {
"value": "320317000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"Tag234": {
"value": "30000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"Tag235": {
"value": "320348000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag236": {
"value": "573000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"Tag237": {
"value": "573000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"Tag238": {
"value": "7000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"Tag239": {
"value": "580000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag240": {
"value": "-305000",
"decimals": -3,
"dimensions": {
"concept": "exmar:OtherComprehensiveIncomeNetOfTaxForeignCurrencyTranslationDifferencesShareOfEquityAccountedInvesteesThatWillBeReclassifiedToProfitOrLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"Tag241": {
"value": "-305000",
"decimals": -3,
"dimensions": {
"concept": "exmar:OtherComprehensiveIncomeNetOfTaxForeignCurrencyTranslationDifferencesShareOfEquityAccountedInvesteesThatWillBeReclassifiedToProfitOrLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"Tag242": {
"value": "-305000",
"decimals": -3,
"dimensions": {
"concept": "exmar:OtherComprehensiveIncomeNetOfTaxForeignCurrencyTranslationDifferencesShareOfEquityAccountedInvesteesThatWillBeReclassifiedToProfitOrLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag243": {
"value": "-706000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"Tag244": {
"value": "-706000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"Tag245": {
"value": "-706000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag246": {
"value": "-202000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherIndividuallyImmaterialComponentsOfOtherComprehensiveIncomeNetOfTax",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"Tag247": {
"value": "-202000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherIndividuallyImmaterialComponentsOfOtherComprehensiveIncomeNetOfTax",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"Tag248": {
"value": "-202000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherIndividuallyImmaterialComponentsOfOtherComprehensiveIncomeNetOfTax",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag249": {
"value": "2249000",
"decimals": -3,
"dimensions": {
"concept": "exmar:OtherComprehensiveIncomeNetOfTaxNetChangeInFairValueOfCashFlowHedgesHedgeAccountingShareOfEquityAccountedInvesteesThatWillBeReclassifiedToProfitOrLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"Tag250": {
"value": "2249000",
"decimals": -3,
"dimensions": {
"concept": "exmar:OtherComprehensiveIncomeNetOfTaxNetChangeInFairValueOfCashFlowHedgesHedgeAccountingShareOfEquityAccountedInvesteesThatWillBeReclassifiedToProfitOrLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"Tag251": {
"value": "2249000",
"decimals": -3,
"dimensions": {
"concept": "exmar:OtherComprehensiveIncomeNetOfTaxNetChangeInFairValueOfCashFlowHedgesHedgeAccountingShareOfEquityAccountedInvesteesThatWillBeReclassifiedToProfitOrLoss",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag252": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"Tag253": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"Tag254": {
"value": "-908000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"Tag255": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:USD"
}
},
"Tag256": {
"value": "268000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"Tag257": {
"value": "2249000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"Tag258": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember",
"unit": "iso4217:USD"
}
},
"Tag259": {
"value": "1608000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"Tag260": {
"value": "7000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"Tag261": {
"value": "1615000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag262": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"Tag263": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"Tag264": {
"value": "319409000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"Tag265": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:USD"
}
},
"Tag266": {
"value": "268000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"Tag267": {
"value": "2249000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"Tag268": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember",
"unit": "iso4217:USD"
}
},
"Tag269": {
"value": "321926000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"Tag270": {
"value": "37000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"Tag271": {
"value": "321963000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag272": {
"value": "59646000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"Tag273": {
"value": "59646000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"Tag274": {
"value": "128000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"Tag275": {
"value": "59775000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag276": {
"value": "865000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"Tag277": {
"value": "-865000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember",
"unit": "iso4217:USD"
}
},
"Tag278": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"Tag279": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag280": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"Tag281": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"Tag282": {
"value": "-58781000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"Tag283": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:USD"
}
},
"Tag284": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"Tag285": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"Tag286": {
"value": "-865000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember",
"unit": "iso4217:USD"
}
},
"Tag287": {
"value": "-59646000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"Tag288": {
"value": "-128000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"Tag289": {
"value": "-59775000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag290": {
"value": "88812000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"Tag291": {
"value": "209902000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"Tag292": {
"value": "542676000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"Tag293": {
"value": "-44349000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:USD"
}
},
"Tag294": {
"value": "-2760000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:USD"
}
},
"Tag295": {
"value": "3010000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember",
"unit": "iso4217:USD"
}
},
"Tag296": {
"value": "1221000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember",
"unit": "iso4217:USD"
}
},
"Tag297": {
"value": "798511000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"Tag298": {
"value": "180000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"Tag299": {
"value": "798691000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag347": {
"value": "\n
\n
\nNote 1 - Accounting policies
\n\nA. Reporting entity
\nEXMAR NV (\u201cthe Company\u201d) is a company domiciled in Belgium whose shares are publicly traded (Euronext \u2013
\nEXM). The consolidated financial statements of the Group comprise the Company, its subsidiaries, and the Group\u2019s
\ninterest in associates and joint arrangements (referred to as the \u201cGroup\u201d). The Group is active in the industrial
\nshipping business.
\n
\n\n\n\n\n\n
\nB. Basis of preparation
\nThe consolidated financial statements have been prepared in accordance with International Financial Reporting
\nStandards (IFRS) issued by the International Accounting Standards Board (IASB) as adopted by EU on December
\n31, 2023.
\nThe accounting policies adopted in preparing the 2023 consolidated financial statements are consistent with those
\napplied in the previous financial year, except for the items below.
\nNew and amended standards and interpretations, effective in 2023
\nThe Group applied for the first time certain standards and amendments, which are effective for annual periods
\nbeginning on or after January 1, 2023:
\n\u2022 IFRS 17 Insurance Contracts;
\n\u2022 Amendments to IFRS 17 Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information
\n\u2022 Amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting Policies;
\n\u2022 Amendments to IAS 8 Definition of Accounting Estimates;
\n\u2022 Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction;
\n\u2022 Amendments to IAS 12 International Tax Reform \u2013 Pillar Two Model Rules (effective immediately).
\nThe Group believes that these have little or no impact on its consolidated financial statements.
\nThe Group has not early adopted any other standard, interpretation or amendment that has been issued but is
\nnot yet effective.
\nStandards issued but not yet effective
\nA number of new standards, amendments to standards and interpretations are not yet effective for the year ended
\nDecember 31, 2023 and have not been applied in preparing these consolidated financial statements. The following
\nnew or amended standards or interpretations, that are not yet applicable for the annual period beginning on 1
\nJanuary 2024, are not expected to have a significant impact on the Group\u2019s consolidated financial statements:
\n\u2022
\nAmendments to IAS 1 Classification of Liabilities as Current or Non-current and Non-current Liabilities with
\nCovenants;
\n\u2022 Amendments to IFRS 16 Lease Liability in a Sale and Leaseback;
\n\u2022 Amendments to IAS 7 and IFRS 7 Disclosures: Supplier Finance Arrangements;
\n\u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates - Lack of Exchangeability.
\n\nThe consolidated financial statements were approved and were authorised for issue by the Board of Directors on
\nMarch 25, 2024.
\n
\n\n\n\n\nC. Basis of measurement and presentation
\nThe consolidated financial statements are presented in thousands of USD, which is also the functional currency
\nof the parent company. The Financial Services and Markets Authority (FSMA) approved the use of the USD as
\nreporting currency by letter of July 2, 2003 as the majority of the Group\u2019s shipping activities and related financing
\nare expressed in USD. All values are rounded to the nearest thousand.
\nThe financial statements are prepared on the historical cost basis except for the following material assets and
\nliabilities that have been measured on an alternative basis on each reporting date: derivative financial instruments,
\nequity securities at FVTPL and the net defined benefit liability. Assets held for sale are stated at the lower of
\ncarrying amount and fair value less cost to sell.
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n
\nD. Use of judgements and estimates
\nThe preparation of the consolidated financial statements in accordance with IFRS requires management to make
\njudgments, estimates and assumptions that affect the application of the accounting policies and the reported
\namounts of assets and liabilities, income and expenses, the accompanying disclosures and the disclosure of contingent
\nliability. The estimates and related assumptions are based on historical experience and various other factors that
\nare believed to be reasonable under the circumstances. Actual results may differ from these estimates.
\nThe estimates and the underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
\nare recognised in the period in which the estimate is revised if the revision only affects that period, or in the period
\nof the revision and future periods, if the revision affects both current and future periods.
\nJUDGEMENTS
\nIn the process of applying the Group\u2019s accounting policies, management has made the following judgements, which
\nhave a significant impact on the amounts reported in the consolidated financial statements:
\nAssessment of exercising purchase options
\nDetermining whether EXMAR will exercise purchase options on financed assets requires judgment and impacts the
\nuseful life of the related assets. All facts and circumstances relevant to the assessment are considered.
\nSpecifically, for the pressurized fleet, management has made the assumption that the purchase options for three
\nvessels will be exercised before or at the end of the respective financing agreements.
\n\nESTIMATES AND ASSUMPTIONS
\nThe key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date,
\nthat have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within
\nthe next financial year, are described below. The Group based its assumptions and estimates on parameters available
\nwhen the consolidated financial statements were prepared. Existing circumstances and assumptions about future
\ndevelopments, however, may change due to market changes or circumstances arising that are beyond control of
\nthe Group. Such changes are reflected in the assumptions when they occur.
\n
\n\n\n\nImpairment of vessels and barges
\nThe Group reviews the carrying amount of each vessel for potential impairment at least annually or whenever events
\nor changes in circumstances indicate that the carrying amount of a specific vessel may not be fully recoverable. The
\nrecoverable amount is the highest of the fair value less cost to sell and the value in use.
\nThe fair value less cost to sell is determined based upon independent valuation reports. The Group engages two
\nindependent valuation specialists to assess fair values at reporting date. The carrying values of the vessels may
\nnot represent the fair market value at any point in time since the market prices of second-hand vessels tend to
\nfluctuate with changes in charter rates and the cost of new buildings. Historically, both charter rates and vessel
\nvalues tend to be cyclical.
\nThe value in use is based upon future cash flows discounted to their present value. In developing estimates
\nof future cash flows, management makes assumptions about expected operation date (in case of temporarily
\nunemployed vessels), future charter rates, ship operating expenses, the estimated remaining useful lives of the
\nfleet and the WACC. These assumptions are based on historical trends as well as future expectations. Although
\nmanagement believes that the assumptions used to evaluate potential impairment are reasonable and appropriate,
\nsuch assumptions are highly subjective. We refer to Note 13 Vessels and barges for additional information on the
\nassumptions applied at year-end.
\nClimate change and sustainability related developments
\nClimate related matters and measures such as the introduction of emission reduction legislation may have a
\nsignificant impact on the EXMAR business and its customers. EXMAR is closely monitoring current developments
\nand measures related to climate change and sustainability (see also section 3.1. ESG of this annual report) and
\nbelieves these currently do not result in fundamentally changed expectations regarding useful lives or recoverability
\nof our fleet. In the sensitivity analysis of the annual impairment test of vessels and barges, the age and emission
\nrating of each particular asset was considered.
\n
\n\n\n\n\n
\n\n\n\n\n
\n
\nE. Material accounting policies
\n\n
\n
\na. Basis of consolidation
\n\nSubsidiaries
\nSubsidiaries are those entities controlled by the Group. The Group controls an entity when it is exposed to, or has
\nrights to, variable returns from its involvement with the entity and has the ability to affect those returns through
\nits power over the entity.
\nThe financial statements of subsidiaries are included in the consolidated financial statements from the date on
\nwhich control commences until the date on which control ceases. All intra-Group balances, income and expenses,
\nunrealized gains and losses and dividends resulting from intra-Group transactions are eliminated in full.
\n
\n\n\n\nLoss of control
\nUpon the loss of control, the Group derecognizes the assets and liabilities of the subsidiary, and non-controlling
\ninterests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss
\nof control is recognized in profit and loss. If the Group retains any interest in the previous subsidiary, then such
\ninterest is measured at fair value at the date the control is lost.
\n\n
\nInterests in equity-accounted investees
\nThe Group\u2019s interest in equity accounted investees comprises interests in associates and joint ventures.
\nAssociates are those entities in which the Group has significant influence, but not control or joint control, over the
\nfinancial and operating policies. Significant influence is presumed to exist when the Group holds between 20%
\nand 50% of the voting power.
\n\nA joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net
\nassets of the arrangement, rather than rights to its assets and obligations for its liabilities.
\nInvestments in associates and joint ventures are accounted for using the equity method and are recognised initially
\nat cost. The cost of the investment includes transaction costs. Subsequent to initial recognition, the consolidated
\nfinancial statements include the Group\u2019s share of the profit or loss and OCI of equity accounted investees, from the date
\nthat significant influence or joint control commences until the date that significant influence or joint control ceases.
\nWhen the share of the Group in the losses exceeds its interest in an equity accounted investee, the carrying amount
\nof that interest is reduced to zero, and the recognition of future losses is discontinued, except to the extent that the
\nGroup has an obligation or has made payments on behalf of the investee. In such case the negative investment in equity
\naccounted investees is deducted from other components of the investor\u2019s interest in the equity accounted investee
\n(borrowings to equity accounted investees). If the negative investment in equity accounted investees exceeds the investor\u2019s
\ninterest, a liability is recognized for the net amount. Unrealised gains arising from transactions with equity accounted
\ninvestees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses
\nare eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n\n
\nb. Foreign currency
\n\nFunctional currency
\nEach entity prepares its individual financial statements in the currency of the primary economic environment in
\nwhich the entity operates (i.e. the functional currency). Several European and Hong Kong based entities have the
\nUSD as functional currency as the majority of their cash flows are expressed in USD.
\n
\n\n\n\nTransactions and balances
\nIn preparing the individual financial statements, transactions in currencies other than the entities\u2019 functional
\ncurrency are recorded at the exchange rate applicable at the date of the transaction.
\nAt the reporting date, monetary assets and liabilities denominated in foreign currencies are translated to the
\nfunctional currency spot exchange rates at that date. The non-monetary assets and liabilities that are measured
\nin terms of historical cost are translated to the functional currency at the exchange rate at the date of the initial
\ntransactions. Non-monetary items that are measured at fair value in a foreign currency are translated using the
\nexchange rates at the date the fair value was determined.
\nForeign exchange differences arising on translation are recognised in the profit or loss statement, except for (i)
\nqualified cash flow hedges to the extent that the hedges are effective, and (ii) monetary items that are designated as
\npart of the hedge of the Group\u2019s net investment in a foreign operation, which are recognised in other comprehensive
\nincome. Upon disposal of the hedge and or net investment, the cumulative amount is reclassified to profit or loss.
\n
\n\n\n\n
\n\n\n\n
\n
\n
\n\nConsolidation of foreign operations
\nOn consolidation, assets and liabilities of foreign operations, including goodwill and fair value adjustments
\narising on acquisition, are translated to USD \u2013 the group reporting currency - using the closing rate at reporting
\ndate. The income and expenses of the foreign operations are converted to USD at the exchange rate at the date
\nof the transaction (the average exchange rate during the relevant period is used in case the date of transaction
\napproximates this average rate).
\nForeign currency translation differences are recognized directly in other comprehensive income. These foreign
\ncurrency differences are presented within the \u201cTranslation reserve\u201d caption. However, if the operation is a non-
\nwholly owned subsidiary, then the relevant proportionate share of the translation difference is allocated to the
\nnon-controlling interests.
\nWhen a foreign operation is disposed of, the cumulative amount in the translation reserve related to that foreign
\noperation is reclassified to profit and loss as part of the gain or loss on disposal. When the Group disposes of only
\npart of its interest in a subsidiary that includes a foreign operation while retaining control, the relevant proportion
\nof the cumulative amount is reattributed to non-controlling interests. When the Group disposes of only part of its
\ninvestment in an associate or joint venture that includes a foreign operation while retaining significant influence
\nor joint control, the relevant proportion of the cumulative amount is reclassified to profit and loss.
\nThe main exchange rates used are:
\nClosing rates Average rates
\nEXCHANGE RATES December 31, 2023 December 31, 2022
\nFor the twelve months ended
\nDecember 31, 2023 December 31, 2022
\nEUR 0.9050 0.9376 0.9262 0.9474
\nGBP 0.7865 0.8315 0.8061 0.8062
\nHKD 7.8112 7.7970 7.8303 7.8309
\nNOK 10.1724 9.8573 10.5693 9.5392
\nXAF 593.6263 615.0062 607.5645 621.5040
\nARS 808.4690 177.1165 264.5558 126.5182
\nKRW 1,297.4298 1,259.4458 1,308.7724 1,283.6970
\n
\n\n\n\n\n
\nc. Financial instruments
\nFinancial assets and financial liabilities are recognised in the Group\u2019s statement of financial position when the
\nGroup becomes a party to the contractual provisions of the instrument.
\nFinancial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly
\nattributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and
\nfinancial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial
\nassets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the
\nacquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately
\nin profit or loss.
\n\nFinancial assets
\nAll regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular
\nway purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame
\nestablished by regulation or convention in the marketplace.
\nDebt instruments that meet the following conditions are measured subsequently at amortised cost (see (i) below):
\n\u2022
\nThe financial asset is held within a business model whose objective is to hold financial assets in order to collect
\ncontractual cash flows; and
\n\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments
\nof principal and interest on the principal amount outstanding.
\nDebt instruments that meet the following conditions are measured subsequently at fair value through other
\ncomprehensive income (FVTOCI) (see (ii) below):
\n\u2022
\nThe financial asset is held within a business model whose objective is achieved by both collecting contractual
\ncash flows and selling the financial assets; and
\n\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments
\nof principal and interest on the principal amount outstanding.
\nBy default, all other financial assets are measured subsequently at fair value through profit or loss (FVTPL).
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n
\n
\n
\n
\n
\n
\n\n
\nDespite the foregoing, the Group may make the following irrevocable election/designation at initial recognition
\nof a financial asset:
\n\u2022 The Group may irrevocably elect to present subsequent changes in fair value of an equity investment in other
\ncomprehensive income if certain criteria are met (see (iii) below); and
\n\u2022
\nThe Group may irrevocably designate a debt investment that meets the amortised cost or FVTOCI criteria as
\nmeasured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch (see (iv) below).
\nAll recognised financial assets are measured subsequently in their entirety at either amortised cost or fair value,
\ndepending on the classification of the financial assets:
\nFinancial assets at amortised costs: These assets are subsequently measured at amortised costs using the effective
\ninterest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and
\nlosses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.
\nDebt investments at FVTOCI: These assets are subsequently measured at fair value. Interest income is calculated
\nusing the effective interest method, foreign exchange gains and losses and impairment are recognised in profit
\nor loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI
\nare reclassified to profit or loss.
\nEquity investments at FVTOCI: These assets are subsequently measured at fair value. Dividends are recognised
\nas income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment.
\nOther net gains and losses are recognised in OCI and are never reclassified to profit or loss.
\n\nFinancial assets at FVTPL: These assets are subsequently measured at fair value. Net gains and losses, including any
\ninterest or dividend income, are recognised in profit or loss. However, see section derivative financial instruments
\nand hedge accounting for derivatives designated as hedging instruments.
\n
\n\n\n
\n\n\n\nDerecognition of financial assets
\nThe Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset
\nexpire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all
\nrisks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor
\nretains substantially all of the risks and rewards of ownership and it does not retain control over the financial asset.
\n
\n\n\n\nFinancial liabilities
\nFinancial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified at FVTPL if
\nit is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities
\nat FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in
\nprofit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest
\nmethod. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss
\non derecognition is also recognised in profit or loss.
\nSee section \u201cDerivative financial instruments and hedge accounting\u201d for derivatives designated as hedging instruments.
\n
\n\n\n\nDerecognition of financial liabilities
\nThe Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire.
\nWhen an existing loan is replaced by another from the same lender on substantially different terms, or the terms
\nof the existing loans are substantially modified, such an exchange or modification is treated as a derecognition of
\nthe original loan and the recognition of a new loan (at fair value). The difference in the respective carrying value
\nis recognized in the statement of profit and loss.
\nOn derecognition of a financial liability, the difference between the carrying amount extinguished and the
\nconsideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.
\n
\n\n\n\nOffsetting
\nFinancial assets and financial liabilities are offset and the net amount presented in the statement of financial
\nposition when, and only when, the Group currently has a legally enforceable right to set off the amounts and it
\nintends either to settle them on a net basis or to realise the asset and settle the liability simultaneously.
\n
\n\n\n\nShare capital
\nOrdinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and
\nshare options are recognised as a deduction from equity, net of tax effects. When share capital recognised as equity
\nis repurchased, the amount of the consideration paid, including directly attributable costs net of tax, is recognised
\n
\n\n\n
\n\n\n\n
\n\n\n\n
\n
\n
\n\n
\n
\n
\n\nas a deduction from equity. When treasury shares are sold, the amount received is recognised as an increase in
\nequity and the resulting surplus or deficit on the transaction is presented in retained earnings.
\n
\n\n\n\n\n\n
\n\nDerivative financial instruments & hedge accounting
\nThe Group holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures.
\nEmbedded derivatives are separated from the host contract and accounted for separately if the host contract is
\nnot a financial asset and certain criteria are met.
\nDerivatives are recognised initially at fair value at the date a derivative contract is entered into. Subsequent to initial
\nrecognition, derivatives are recognized at fair value and changes therein are generally recognized in profit and loss.
\nThe Group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated
\nwith highly probable forecast transactions arising from changes in foreign exchange rates and interest rates and
\ncertain derivatives and non-derivative financial liabilities as hedges of foreign exchange risk of a net investment
\nin a foreign operation.
\nAt inception of designated hedge relationships, the Group documents the risk management objective and strategy
\nfor undertaking the hedge. The Group also documents the economic relationship between the hedged item and
\nthe hedged instrument, including whether the changes in cash flow of the hedged item and hedging instrument
\nare expected to offset each other.
\n
\n\n\n\n\n
\n\n\n\n\n\nCash flow hedges
\nWhen a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair
\nvalue of the derivative is recognized in OCI and accumulated in the hedging reserve. The effective portion of
\nchanges in the fair value of the derivative that is recognized in OCI is limited to the cumulative change in fair value
\nof the hedged item, determined on a present value basis. Any ineffective portion of changes in the fair value of
\nthe derivative is recognized immediately in profit or loss. The amount accumulated in the hedging reserve and the
\ncost of the hedging reserve is reclassified to profit or loss in the same period or periods during which the hedge
\nexpected future cash flows affect profit or loss.
\nIf the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is
\nterminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash
\nflow hedges is discontinued, any gain or loss recognised in other comprehensive income and accumulated in the
\ncash flow hedge reserve at that time remains in equity and is reclassified to profit or loss when the forecasted
\ntransaction occurs. When a forecasted transaction is no longer expected to occur, the gain or loss accumulated in
\nthe cash flow hedge reserve is immediately reclassified to profit or loss.
\n
\n\n\n\n\n
\n\n\n\n\n\n
\n\n
\nd. Intangible assets
\n\nResearch and development
\nExpenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge
\nand understanding, is recognised in profit or loss as incurred.
\n
\n\n\n\n\nOther intangible assets
\nOther intangible assets (e.g. software,\u2026) acquired by the Group that have finite useful lives are measured at cost
\nless accumulated amortisations and accumulated impairment losses. The amortisation is recognized in the profit
\nor loss statement, and is spread over the useful life of the relevant intangible assets following the straight-line
\ndepreciation method. The amortization starts from the date that they are available for use. Amortization methods,
\nuseful lives and residual values are reviewed at each financial year-end and adjusted if appropriate.
\nIntangible assets with an indefinite useful life or that are not yet available for use, are subject to an annual
\nimpairment test.
\nSubsequent expenditure
\nSubsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific
\nassets to which it relates. All other expenditure is recognized in profit or loss as incurred.
\n
\n\n\n\n\n
\n\n\n\n\n\ne. Property, plant and equipment
\nOwned assets
\nItems of property, plant and equipment are stated at cost, which includes capitalised borrowing costs, less
\naccumulated depreciation and impairment losses. Cost includes expenditure that is directly attributable to the
\nacquisition of the asset and to bringing the asset to the location and condition necessary for its intended use. The
\n
\n\n\n\n\n
\n\n\n\n\n
\n
\n\n
\n
\ncost of self-constructed assets includes the cost of materials and direct labor, any other costs directly attributable
\nto bringing the asset to a working condition for its intended use and capitalized borrowing costs.
\nSubsequent expenses associated with items of property, plant and equipment are capitalised only if a future
\neconomic advantage will result from this expenditure and its cost can be measured reliably. If a part of an item
\nof property, plant and equipment is replaced, the replacement cost is capitalised and the carrying amount of the
\nreplaced part is derecognized. The costs of the day-to-day servicing of property, plant and equipment are recognised
\nin the profit or loss statement as incurred.
\nWhen parts of an item of property, plant and equipment have different useful lives, they are accounted for as
\nseparate items (major components) of property, plant and equipment.
\nDepreciation is calculated over the depreciable amount, which is the cost of an asset, less its residual value and is
\nrecognized in profit or loss.
\n\nVessels, barges or units in the construction process are separately classified on the balance sheet as assets under
\nconstruction. These assets under construction are not depreciated, depreciation starts at the moment that the
\nvessels are delivered. As from the moment of delivery, the vessels are no longer classified as under construction.
\nThe business model of the Group aims to rent or operate the constructed assets.
\n
\n\n\n\n\n\nThe vessels are depreciated on a straight-line basis to their residual value over their estimated useful life (as from
\nconstruction date) in the Group as follows:
\nGas vessel LPG pressurized (1) 20 years
\nGas vessel LPG 30 years
\nGas vessel VLGC 30 years
\nGas vessel LNG 35 years
\nLNG units 30 years
\nAccommodation platform, newbuild:
\n- Hull machinery & deck outfitting 20 years
\n- Accommodation 10 years
\nAccommodation platform, second hand 10-12 years
\n1.
\nIn June 2016, EXMAR increased its share in the pressurized fleet from 50% to 100% and applied IFRS 3 Business combinations to account for this. The vessels
\nwere at that date accounted for at fair value and are being depreciated over their remaining useful life, which was 30 years as from construction date, or
\non average a remaining term of 23 years. In 2020, management re-assessed the useful life and reduced it from 30 to 20 years (as from construction date),
\nor an average remaining useful life of 10 years as from January 1, 2020.
\nVessels and barges are estimated to have a zero residual value.
\nDry-docking expenses are capitalised when they occur and depreciated over a period until the next dry-dock.
\nOther property, plant and equipment are depreciated over their estimated useful life using the straight-line
\ndepreciation method. Land is not depreciated.
\nThe estimated useful lives of the various other types of assets are as follows:
\nBuildings 33.3 years
\nLeased real estate 33.3 years
\nPlant and equipment 5 years
\nFurniture 10 years
\nCars 5 years
\nAirplane 10 years
\nIT equipment 3 years
\n
\n\n\n\n\n
\n\n\n\n\n\n
\nf. Impairment of assets
\n\nFinancial assets
\nFinancial assets measured at amortised cost, except current trade receivables, are assessed each reporting date
\nto determine whether the credit risk of a financial asset has increased significantly since initial recognition. The
\nGroup recognises a loss allowance for expected credit losses (ECL\u2019s) which is based on the difference between the
\ncontractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive,
\n
\n\n\n\n\n
\n\n\n\n\n
\n\n\n\n\n
\n
\n
\n\n
\n
\n\ndiscounted at an approximation of the original effective interest rate. The expected cash flows will include cash
\nflows from the sale of collateral held or other credit enhancements that are an integral part of the contract terms.
\nIn determining the credit risk of a financial asset and when estimating the ECL\u2019s, the Group considers reasonable
\nand supportable information that is relevant and available without undue cost or effort. This includes both
\nquantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed
\ncredit assessment and including forward-looking information.
\nFor current trade receivables, the Group applies the simplified approach permitted by IFRS 9 Financial Instruments,
\nwhich requires expected lifetime losses to be recognized from initial recognition of the receivables. The amount
\nof the allowance is deducted from the carrying amount of the asset.
\n
\n\n\n\n\nEquity accounted investees
\nAfter application of the equity method, the entity determines whether it is necessary to recognise an impairment
\nloss with respect to its net investment in the associate or joint venture. An impairment loss in respect of an equity
\naccounted investee is measured by comparing the recoverable amount of the investment with its carrying amount.
\nAn impairment loss is recognised in profit and loss and is reversed when there is a favourable change in the estimates
\nused to determine the recoverable amount.
\n\nNon-financial assets
\nThe carrying value of non-financial assets, other than deferred tax assets, are reviewed at each balance sheet date
\nto determine whether there is an indication of impairment. If any such indication exists, the asset\u2019s recoverable
\namount is estimated.
\nFor goodwill and intangible assets that have indefinite lives or that are not yet available for use the recoverable
\namount is estimated on each balance sheet date.
\nThe recoverable amount of an asset or cash-generating unit (CGU) is the greater of its value in use and its fair value
\nless costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using
\na pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to
\nthe asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together
\ninto the smallest group of assets that generates cash inflows from continuing use that are largely independent of
\nthe cash inflows of other assets or CGUs.
\nThe goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-
\ngenerating units that are expected to benefit from the synergies of the combination.
\nAn impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated
\nrecoverable amount. All impairment losses are recognised in the profit or loss statement.
\nImpairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying amount
\nof any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group
\nof units) on a pro rata basis.
\n
\n\n\n\n\n
\n\n\n\n\n\n
\n\ng. Assets held for sale
\nNon-current assets, or disposal groups comprising assets and liabilities, that are expected to be recovered primarily
\nthrough sale rather than through continuing use, are classified as held for sale. Immediately before classification as
\nheld for sale, the assets (or components of a disposal group) are remeasured in accordance with the Group\u2019s accounting
\npolicies. Thereafter the assets (or disposal group) are measured at the lower of their carrying amount and fair value
\nless cost to sell. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining
\nassets and liabilities on a pro rata basis except that no loss is allocated to assets not in the measurement scope of
\nIFRS 5, which continue to be measured in accordance with the Group\u2019s other accounting policies. Intangible assets
\nand property, plant and equipment once classified as held for sale or distribution are not amortised or depreciated.
\nIn addition, equity accounting of equity accounted investees ceases once classified as held for sale or distribution.
\n
\n\n\n\n\n
\n\n\n\n\n\nh. Inventories
\nInventories are valued at the lower of cost and net realisable value.
\nCosts incurred in bringing each product to its present location and condition are accounted for, as follows:
\n\u2022 Raw materials and good purchased for resale: purchase cost on a first-in/first-out basis;
\n\u2022
\nWork in progress and finished goods: cost of direct material and labor and a proportion of manufacturing
\noverheads based on the normal operating capacity but excluding borrowing costs.
\n
\n\n\n\n\n
\n\n\n\n\n
\n
\n\nNet realizable value is the estimated selling price in the ordinary course of business less the estimated costs of
\ncompletion and the estimated costs of completing the sale.
\nWrite-offs on inventories are applied on slow-moving items. The calculation of the allowance is based on consistently
\napplied write-off rules, which depend on both historical and future demand.
\n
\n\n\n\n\n
\n
\ni. Employee benefits
\nDefined contribution plans
\nObligations for contributions to defined contribution pension plans are recognised as an expense in the profit or
\nloss statement as the related service is provided.
\nDefined benefit plans
\nThe Group\u2019s net obligation in respect of defined benefit pension plans is calculated separately for each plan by
\nestimating the amount of future benefit that employees have earned in return for their service in the current and
\nprior periods; discounting that amount and deducting the fair value of any plan assets. The calculation is performed
\nannually by a qualified actuary using the projected unit credit method. When the calculation results in a potential
\nasset for the Group, the recognized asset is limited to the present value of economic benefits available in the form
\nof a any future refunds from the plan or reductions in future contributions to the plan. To calculate the present
\nvalue of economic benefits, consideration is given to any applicable minimum funding requirements.
\nRemeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan
\nassets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognised immediately
\nin OCI. The Group determines the net interest expense (income) on the net defined benefit liability (asset) for
\nthe period by applying the discount rate used to measure the defined benefit obligation at the beginning of the
\nannual period to the then net defined benefit liability (asset), taking into account any changes in the net defined
\nbenefit liability (asset) during the period as a result of contributions and benefit payments. Net interest expense
\nand other expenses related to defined benefit plans are recognised in profit or loss.
\nWhen the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates
\nto past service or the gain or loss on curtailment is recognised immediately in profit or loss. The Group recognises
\ngains and losses on the settlement of a defined benefit plan when the settlement occurs.
\nBelgian defined contribution plans with return guaranteed by law
\nBelgian defined contribution plans are subject to the Law of April 28, 2003 on occupational pensions (hereafter
\n\u2018the WAP\u2019). According to article 24 of this Law, the employer has to guarantee an average minimum return of
\n3.75% on employee contributions and of 3.25% on employer contributions and this for contributions paid until
\nDecember 31, 2015. As from January 2016, the employer has to guarantee an average minimum return of 1.75%
\non both employer and employee contributions (as changed by the Law of December 18, 2015). This guaranteed
\nminimum return generally exceeds the return that is normally guaranteed by the insurer. Because the employer
\nhas to guarantee the statutory minimum return on these plans, not all actuarial and investment risks relating to
\nthese plans are transferred to the insurance company managing the plans. Therefore, these plans do not meet the
\ndefinition of a defined contribution plan under IFRS and have to be classified by default as defined benefit plans.
\nAn actuarial calculation has been performed in accordance with IAS 19 based on the projected unit credit method.
\n\nTermination benefits
\nTermination benefits are recognised as an expense when the Group is demonstrably committed, without realistic
\npossibility or withdrawal, to a formal detailed plan to either terminate employment before the normal retirement
\ndate, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination
\nbenefits for voluntary redundancies are recognised as an expense if the Group has made an offer of voluntary
\nredundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably.
\nIf benefits are payable more than 12 months after the reporting date, then they are discounted to their present value.
\n
\n\n\n\nShort-term employee benefit
\nShort-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related
\nservice is provided. A liability is recognised for the amount expected to be paid under short-term cash bonus or
\nprofit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of
\npast service provided by the employee, and the obligation can be estimated reliably.
\n\nShare-based payment transactions
\nThe grant date fair value of options granted to employees is recognised as an employee expense, with a corresponding
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n
\n
\n\n
\n\nincrease in equity, over the period that the employees unconditionally become entitled to the options. The amounts
\nrecognised as an expense is adjusted to reflect the actual number of options for which the related service and
\nnon-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense
\nis based on the number of awards that do meet the related service and non-market performance conditions at
\nvesting date.
\n
\n\n\n\n
\n\n\n\n\nj. Provisions
\nA provision is recognised in the statement of financial position when the Group has a legal or constructive obligation
\nas result of a past event, that can be estimated reliably and it is probable that an outflow of benefits will be
\nrequired to settle the obligation. If the effect is material, provisions are determined by discounting the expected
\nfuture cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where
\nappropriate, the risks specific to the liability.
\nRestructuring provisions
\nProvisions for restructuring are recognised when the Group has approved a detailed and formal restructuring
\nplan, and the restructuring has either commenced or has been announced publicly. Future operating costs are not
\nprovided for.
\nOnerous contracts
\nA provision for onerous contracts is recognised when the expected benefits to be derived by the Group from
\na contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is
\nmeasured at the present value of the lower of the expected cost of terminating the contract and the expected net
\ncost of continuing with the contract. Before a provision is recorded, the Group recognises any impairment loss on
\nthe assets associated with that contract.
\n
\n\n\n\n\nk. Income
\nCharter revenue
\nThe company and/ or its joint ventures generate revenues from charterers for the use of its assets. Assets are
\nchartered using voyage/spot, time or bareboat charters and pool revenue:
\n\u2022
\nVoyage/spot charters: Voyage revenue is recognized over time of spot charters on a load-to-discharge basis.
\nProgress is determined on time elapsed. Voyage expenses are expensed as occurred. When our vessels cannot
\nstart or continue performing its obligation due to other factors, such as port delays, a demurrage is calculated.
\nThe applicable demurrage rate is stipulated in the contract. As demurrage is often a commercial discussion
\nbetween EXMAR and the charterer, the outcome and total compensation receivable for the delay is not always
\ncertain. As such, EXMAR only recognizes the revenue which is highly probable to be received. No revenue is
\nrecognized if the collection of the consideration is not highly probable. The amount of revenue recognized is
\nestimated based on historical data. The Group updates its estimate on an annual basis.
\n\u2022
\nTime- and Bareboat charters: As a lessor, the Group leases out some of its vessels under time \u2013 and bareboat
\ncharters (see also l) Leases). For time or bareboat charters, a contract is entered into for the use of an asset for
\na specific period of time at a contractual agreed daily or monthly rate. Revenue from time or bareboat charters
\nare accounted for as operating leases and are recognised over the duration as service is performed.
\n\u2022
\nPool revenue: Aggregated revenue recognized on a daily basis from vessels operating on voyage or time charter
\nand contract of affreightment (\u201cCOA\u201d) within the pool is converted into an aggregated net revenue amount
\nby extracting aggregated voyage expenses (such as fuel consumption, port charges,..) from gross revenue. This
\nnet revenue is used to determine the pool Time Charter Equivalent revenue (\u201cTCE\u201d). Aggregate TCE revenue
\nis used to allocate revenue to the pool partners in accordance with the allocated pool points earned for each
\nvessel. Pool points are determined taking into account the following parameters: intake (= capacity of the
\nvessel), speed, fuel consumption performance and actual on hire days. The TCE revenue earned by our vessels
\noperated in the pool is equal to the pool point rating of each vessel multiplied by time on hire, as reported by
\nthe pool manager. Revenue from these floating time charter agreements under which vessels are employed
\nby the pool is accounted for under IFRS 15 Revenue from contracts with customers.
\nRevenue from services rendered
\nRevenue from services such as ship management, engineering and technical assistance services are recognised
\nin the profit or loss statement over time as the services are provided. The customer simultaneously receives and
\nconsumes the benefits provided by the entity\u2019s performance as the entity performs (recurring services). Invoices
\nand related payment terms depend on individual contractual terms.
\n
\n\n\n\n
\n\n\n\n
\n
\n\n
\nLicense income
\nRevenue from the licensing of access to EXMAR\u2019s intellectual property is in general recognised over time together
\nwith the underlying services rendered based on time and material spent. In case the license revenue is considered
\ndistinct and distinct within the context of the contract, this revenue will be recognized at the point in time when
\nEXMAR satisfies the performance obligation and control is transferred to the customer.
\nGain on sale of assets
\nGain on the sale of assets (vessels and barges) is recognized in the profit or loss statement when control of the
\ngoods underlying the particular performance obligation is transferred to the customer, which in general is at
\nthe moment of delivery of the vessel or barge to the customer. Invoices and related payment terms depend on
\nindividual contractual terms.
\nRevenue from sale of goods
\nContracts with customers to sell goods have only one performance obligation. Revenue recognition occurs at a
\npoint in time when control of the asset is transferred to the customer, in general upon the delivery of goods.
\nManufacturing project revenue
\nFor revenue out of manufacturing projects, the percentage of completion method is used, provided that the
\noutcome of the project can be assessed with reasonable certainty.
\n\nCommissions
\nif the Group acts in the capacity of an agent rather than as a principal in the transaction, then the revenue recognised
\nis the net amount of commission realized by the Group.
\n
\n\n\n\n
\n\n\n\n\nl. Leases
\nAt inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains,
\na lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange
\nfor consideration.
\nAs a lessee
\nAt commencement or on modification of a contract that contains a lease component, the Group allocates the
\nconsideration in the contract to each lease component on the basis of its relative stand- alone prices.
\nThe Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use
\nasset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease
\npayments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs
\nto dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located,
\nless any lease incentives received.
\nThe right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to
\nthe end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of
\nthe lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that
\ncase the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on
\nthe same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by
\nimpairment losses, if any, and adjusted for certain remeasurements of the lease liability.
\nThe lease liability is initially measured at the present value of the lease payments that are not paid at the
\ncommencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily
\ndetermined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate
\nas the discount rate.
\nThe Group determines its incremental borrowing rate by obtaining interest rates from various external financing
\nsources and makes certain adjustments to reflect the terms of the lease and type of the asset leased.
\nLease payments included in the measurement of the lease liability comprise the following:
\n\u2022 Fixed payments, including in-substance fixed payments;
\n\u2022
\nVariable lease payments that depend on an index or a rate, initially measured using the index or rate as at the
\ncommencement date;
\n\u2022 Amounts expected to be payable under a residual value guarantee; and
\n\u2022 The exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in
\nan optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties
\nfor early termination of a lease unless the Group is reasonably certain not to terminate early.
\n
\n\n\n\n
\n\n\n\n\n
\n
\n\nThe lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a
\nchange in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate
\nof the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether
\nit will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment.
\nWhen the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount
\nof the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been
\nreduced to zero.
\nThe Group presents right-of-use assets separately on the face of the balance sheet and lease liabilities in \u201cLoans
\nand borrowings\u201d in the statement of financial position.
\nShort-term leases and leases of low-value assets
\nThe Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and
\nshort-term leases, including IT equipment. The Group recognises the lease payments associated with these leases
\nas an expense on a straight-line basis over the lease term.
\nAs a lessor
\nAt inception or on modification of a contract that contains a lease component, the Group allocates the consideration
\nin the contract to each lease component on the basis of their relative stand-alone prices.
\nWhen the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an
\noperating lease.
\nTo classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of
\nthe risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance
\nlease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such
\nas whether the lease is for the major part of the economic life of the asset.
\nIf an arrangement contains lease and non-lease components, then the Group applies IFRS 15 to allocate the
\nconsideration in the contract.
\nThe Group recognises lease payments received under operating leases as income on a straight-line basis over the
\nlease term as part of \u201cRevenue\u201d.
\n
\n\n\n\n\nm. Finance income and expenses
\nFinance income consists of interests received, dividend income, gains on the disposal of equity securities at FVTPL,
\nchanges in the fair value of financial assets at fair value through profit or loss, and gains on hedging instruments
\nthat are recognised in profit or loss and exchange rate gains. Interest income is recognised in the profit or loss
\nstatement as it accrues, taking into account the effective yield on the asset. Dividend income is recognised in the
\nprofit or loss statement on the date that the dividend is declared.
\nFinance expenses consist of interest expense on borrowings, unwinding of the discount on provisions, changes
\nin the fair value of financial assets at fair value through profit or loss, impairment losses recognised on financial
\nassets, exchange rate losses and losses on hedging instruments that are recognised in profit or loss.
\nBorrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying
\nasset are recognised in profit or loss using the effective interest method. Foreign currency gains and losses are
\nreported on a net basis per currency as either other finance income or finance expense.
\n
\n\n\n\n\n\n\nn. Taxes
\nIncome tax expense consists of current and deferred taxes. Current and deferred tax is recognised in the profit
\nor loss statement, except to the extent it relates to a business combination, or when they relate to items that are
\nrecognised directly in equity or in other comprehensive income.
\nCurrent tax is the expected tax payable or receivable on the taxable income or loss of the year, using tax rates
\nenacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous
\nyears. Current tax assets and liabilities are offset only if certain criteria are met.
\nDeferred tax is recognised on all temporary differences between the carrying amounts of assets and liabilities for
\nreporting purposes and the amounts used for taxation purposes. The following temporary differences are not
\nprovided for: the initial recognition of goodwill, the initial recognition of assets or liabilities in a transaction that
\nis not a business combination and that affects neither accounting, nor taxable profit, and differences relating to
\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\ninvestments in subsidiaries, associates and joint arrangements to the extent that the Group is able to control the
\ntiming of reversal and it is probable that they will not reverse in the foreseeable future.
\nDeferred tax is measured at the tax rates that are expected to be applied to temporary differences when they
\nreverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax
\nassets are recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it
\nis probable that future taxable profits will be available against which they can be utilised.
\nDeferred tax assets are reduced when it is no longer probable that the related tax benefits will be realized.
\nUnrecognized deferred tax assets are reassessed at each reporting date and recognised to the extent that is has
\nbecome probable that future taxable profits will be available against which they can be used. Deferred tax assets
\nand liabilities are offset only if certain conditions are met.
\n\n\n\nTonnage tax is not accounted for as income taxes in accordance with IAS 12 and is not presented as part of income
\ntax expense in the profit or loss statement but is shown under other operating expenses.
\n\n\n\n\n\no. Segment reporting
\nAn operating segment is a component of the Group that engages in business activities from which it may earn
\nrevenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group\u2019s
\nother components. All operating segments\u2019 operating results are reviewed regularly by management to make
\ndecisions about resources to be allocated to the segment and assess its performance.
\nThe result for each segment includes all income and expenses generated directly by this segment, as well as part
\nof the income and expenses that can reasonably be allocated to this segment. The assets and liabilities allocated
\nto a segment include as a minimum the assets and liabilities which are periodically reported to the Chief operating
\ndecision maker, being the Group\u2019s CEO and the Executive Committee.
\nSegment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment
\nand intangible assets.
\n\n\n\np. Earnings per share
\nThe Group presents basic and diluted earnings per share for its ordinary shares. Basic earnings per share is calculated
\nby dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number
\nof ordinary shares outstanding during the period, adjusted for treasury shares held. Diluted earnings per share is
\ndetermined by adjusting the profit and loss attributable to ordinary shareholders and the weighted average of
\nordinary shares outstanding, adjusted for treasury shares held and for the effects of all dilutive potential ordinary
\nshares such as share options granted to employees.
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag348": {
"value": "\nA. Reporting entity
\nEXMAR NV (\u201cthe Company\u201d) is a company domiciled in Belgium whose shares are publicly traded (Euronext \u2013
\nEXM). The consolidated financial statements of the Group comprise the Company, its subsidiaries, and the Group\u2019s
\ninterest in associates and joint arrangements (referred to as the \u201cGroup\u201d). The Group is active in the industrial
\nshipping business.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag344": {
"value": "EXMAR NV",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag345": {
"value": "Belgium",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag346": {
"value": "industrial shipping business",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag349": {
"value": "\n
\nB. Basis of preparation
\nThe consolidated financial statements have been prepared in accordance with International Financial Reporting
\nStandards (IFRS) issued by the International Accounting Standards Board (IASB) as adopted by EU on December
\n31, 2023.
\nThe accounting policies adopted in preparing the 2023 consolidated financial statements are consistent with those
\napplied in the previous financial year, except for the items below.
\nNew and amended standards and interpretations, effective in 2023
\nThe Group applied for the first time certain standards and amendments, which are effective for annual periods
\nbeginning on or after January 1, 2023:
\n\u2022 IFRS 17 Insurance Contracts;
\n\u2022 Amendments to IFRS 17 Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information
\n\u2022 Amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting Policies;
\n\u2022 Amendments to IAS 8 Definition of Accounting Estimates;
\n\u2022 Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction;
\n\u2022 Amendments to IAS 12 International Tax Reform \u2013 Pillar Two Model Rules (effective immediately).
\nThe Group believes that these have little or no impact on its consolidated financial statements.
\nThe Group has not early adopted any other standard, interpretation or amendment that has been issued but is
\nnot yet effective.
\nStandards issued but not yet effective
\nA number of new standards, amendments to standards and interpretations are not yet effective for the year ended
\nDecember 31, 2023 and have not been applied in preparing these consolidated financial statements. The following
\nnew or amended standards or interpretations, that are not yet applicable for the annual period beginning on 1
\nJanuary 2024, are not expected to have a significant impact on the Group\u2019s consolidated financial statements:
\n\u2022
\nAmendments to IAS 1 Classification of Liabilities as Current or Non-current and Non-current Liabilities with
\nCovenants;
\n\u2022 Amendments to IFRS 16 Lease Liability in a Sale and Leaseback;
\n\u2022 Amendments to IAS 7 and IFRS 7 Disclosures: Supplier Finance Arrangements;
\n\u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates - Lack of Exchangeability.
\n\nThe consolidated financial statements were approved and were authorised for issue by the Board of Directors on
\nMarch 25, 2024.
\n
\n\n\n\n\nC. Basis of measurement and presentation
\nThe consolidated financial statements are presented in thousands of USD, which is also the functional currency
\nof the parent company. The Financial Services and Markets Authority (FSMA) approved the use of the USD as
\nreporting currency by letter of July 2, 2003 as the majority of the Group\u2019s shipping activities and related financing
\nare expressed in USD. All values are rounded to the nearest thousand.
\nThe financial statements are prepared on the historical cost basis except for the following material assets and
\nliabilities that have been measured on an alternative basis on each reporting date: derivative financial instruments,
\nequity securities at FVTPL and the net defined benefit liability. Assets held for sale are stated at the lower of
\ncarrying amount and fair value less cost to sell.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag350": {
"value": "\nThe consolidated financial statements were approved and were authorised for issue by the Board of Directors on
\nMarch 25, 2024.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag351": {
"value": "\n
\nD. Use of judgements and estimates
\nThe preparation of the consolidated financial statements in accordance with IFRS requires management to make
\njudgments, estimates and assumptions that affect the application of the accounting policies and the reported
\namounts of assets and liabilities, income and expenses, the accompanying disclosures and the disclosure of contingent
\nliability. The estimates and related assumptions are based on historical experience and various other factors that
\nare believed to be reasonable under the circumstances. Actual results may differ from these estimates.
\nThe estimates and the underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
\nare recognised in the period in which the estimate is revised if the revision only affects that period, or in the period
\nof the revision and future periods, if the revision affects both current and future periods.
\nJUDGEMENTS
\nIn the process of applying the Group\u2019s accounting policies, management has made the following judgements, which
\nhave a significant impact on the amounts reported in the consolidated financial statements:
\nAssessment of exercising purchase options
\nDetermining whether EXMAR will exercise purchase options on financed assets requires judgment and impacts the
\nuseful life of the related assets. All facts and circumstances relevant to the assessment are considered.
\nSpecifically, for the pressurized fleet, management has made the assumption that the purchase options for three
\nvessels will be exercised before or at the end of the respective financing agreements.
\n\nESTIMATES AND ASSUMPTIONS
\nThe key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date,
\nthat have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within
\nthe next financial year, are described below. The Group based its assumptions and estimates on parameters available
\nwhen the consolidated financial statements were prepared. Existing circumstances and assumptions about future
\ndevelopments, however, may change due to market changes or circumstances arising that are beyond control of
\nthe Group. Such changes are reflected in the assumptions when they occur.
\n
\n\n\n\nImpairment of vessels and barges
\nThe Group reviews the carrying amount of each vessel for potential impairment at least annually or whenever events
\nor changes in circumstances indicate that the carrying amount of a specific vessel may not be fully recoverable. The
\nrecoverable amount is the highest of the fair value less cost to sell and the value in use.
\nThe fair value less cost to sell is determined based upon independent valuation reports. The Group engages two
\nindependent valuation specialists to assess fair values at reporting date. The carrying values of the vessels may
\nnot represent the fair market value at any point in time since the market prices of second-hand vessels tend to
\nfluctuate with changes in charter rates and the cost of new buildings. Historically, both charter rates and vessel
\nvalues tend to be cyclical.
\nThe value in use is based upon future cash flows discounted to their present value. In developing estimates
\nof future cash flows, management makes assumptions about expected operation date (in case of temporarily
\nunemployed vessels), future charter rates, ship operating expenses, the estimated remaining useful lives of the
\nfleet and the WACC. These assumptions are based on historical trends as well as future expectations. Although
\nmanagement believes that the assumptions used to evaluate potential impairment are reasonable and appropriate,
\nsuch assumptions are highly subjective. We refer to Note 13 Vessels and barges for additional information on the
\nassumptions applied at year-end.
\nClimate change and sustainability related developments
\nClimate related matters and measures such as the introduction of emission reduction legislation may have a
\nsignificant impact on the EXMAR business and its customers. EXMAR is closely monitoring current developments
\nand measures related to climate change and sustainability (see also section 3.1. ESG of this annual report) and
\nbelieves these currently do not result in fundamentally changed expectations regarding useful lives or recoverability
\nof our fleet. In the sensitivity analysis of the annual impairment test of vessels and barges, the age and emission
\nrating of each particular asset was considered.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag352": {
"value": "The estimates and the underlying assumptions are reviewed on an ongoing basis.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag353": {
"value": "\nESTIMATES AND ASSUMPTIONS
\nThe key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date,
\nthat have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within
\nthe next financial year, are described below. The Group based its assumptions and estimates on parameters available
\nwhen the consolidated financial statements were prepared. Existing circumstances and assumptions about future
\ndevelopments, however, may change due to market changes or circumstances arising that are beyond control of
\nthe Group. Such changes are reflected in the assumptions when they occur.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag354": {
"value": "\n
\n
\na. Basis of consolidation
\n\nSubsidiaries
\nSubsidiaries are those entities controlled by the Group. The Group controls an entity when it is exposed to, or has
\nrights to, variable returns from its involvement with the entity and has the ability to affect those returns through
\nits power over the entity.
\nThe financial statements of subsidiaries are included in the consolidated financial statements from the date on
\nwhich control commences until the date on which control ceases. All intra-Group balances, income and expenses,
\nunrealized gains and losses and dividends resulting from intra-Group transactions are eliminated in full.
\n
\n\n\n\nLoss of control
\nUpon the loss of control, the Group derecognizes the assets and liabilities of the subsidiary, and non-controlling
\ninterests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss
\nof control is recognized in profit and loss. If the Group retains any interest in the previous subsidiary, then such
\ninterest is measured at fair value at the date the control is lost.
\n\n
\nInterests in equity-accounted investees
\nThe Group\u2019s interest in equity accounted investees comprises interests in associates and joint ventures.
\nAssociates are those entities in which the Group has significant influence, but not control or joint control, over the
\nfinancial and operating policies. Significant influence is presumed to exist when the Group holds between 20%
\nand 50% of the voting power.
\n\nA joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net
\nassets of the arrangement, rather than rights to its assets and obligations for its liabilities.
\nInvestments in associates and joint ventures are accounted for using the equity method and are recognised initially
\nat cost. The cost of the investment includes transaction costs. Subsequent to initial recognition, the consolidated
\nfinancial statements include the Group\u2019s share of the profit or loss and OCI of equity accounted investees, from the date
\nthat significant influence or joint control commences until the date that significant influence or joint control ceases.
\nWhen the share of the Group in the losses exceeds its interest in an equity accounted investee, the carrying amount
\nof that interest is reduced to zero, and the recognition of future losses is discontinued, except to the extent that the
\nGroup has an obligation or has made payments on behalf of the investee. In such case the negative investment in equity
\naccounted investees is deducted from other components of the investor\u2019s interest in the equity accounted investee
\n(borrowings to equity accounted investees). If the negative investment in equity accounted investees exceeds the investor\u2019s
\ninterest, a liability is recognized for the net amount. Unrealised gains arising from transactions with equity accounted
\ninvestees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses
\nare eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
\n
\n\n\n\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag355": {
"value": "\nSubsidiaries
\nSubsidiaries are those entities controlled by the Group. The Group controls an entity when it is exposed to, or has
\nrights to, variable returns from its involvement with the entity and has the ability to affect those returns through
\nits power over the entity.
\nThe financial statements of subsidiaries are included in the consolidated financial statements from the date on
\nwhich control commences until the date on which control ceases. All intra-Group balances, income and expenses,
\nunrealized gains and losses and dividends resulting from intra-Group transactions are eliminated in full.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag356": {
"value": "\n
\nInterests in equity-accounted investees
\nThe Group\u2019s interest in equity accounted investees comprises interests in associates and joint ventures.
\nAssociates are those entities in which the Group has significant influence, but not control or joint control, over the
\nfinancial and operating policies. Significant influence is presumed to exist when the Group holds between 20%
\nand 50% of the voting power.
\n\nA joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net
\nassets of the arrangement, rather than rights to its assets and obligations for its liabilities.
\nInvestments in associates and joint ventures are accounted for using the equity method and are recognised initially
\nat cost. The cost of the investment includes transaction costs. Subsequent to initial recognition, the consolidated
\nfinancial statements include the Group\u2019s share of the profit or loss and OCI of equity accounted investees, from the date
\nthat significant influence or joint control commences until the date that significant influence or joint control ceases.
\nWhen the share of the Group in the losses exceeds its interest in an equity accounted investee, the carrying amount
\nof that interest is reduced to zero, and the recognition of future losses is discontinued, except to the extent that the
\nGroup has an obligation or has made payments on behalf of the investee. In such case the negative investment in equity
\naccounted investees is deducted from other components of the investor\u2019s interest in the equity accounted investee
\n(borrowings to equity accounted investees). If the negative investment in equity accounted investees exceeds the investor\u2019s
\ninterest, a liability is recognized for the net amount. Unrealised gains arising from transactions with equity accounted
\ninvestees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses
\nare eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag357": {
"value": "\nA joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net
\nassets of the arrangement, rather than rights to its assets and obligations for its liabilities.
\nInvestments in associates and joint ventures are accounted for using the equity method and are recognised initially
\nat cost. The cost of the investment includes transaction costs. Subsequent to initial recognition, the consolidated
\nfinancial statements include the Group\u2019s share of the profit or loss and OCI of equity accounted investees, from the date
\nthat significant influence or joint control commences until the date that significant influence or joint control ceases.
\nWhen the share of the Group in the losses exceeds its interest in an equity accounted investee, the carrying amount
\nof that interest is reduced to zero, and the recognition of future losses is discontinued, except to the extent that the
\nGroup has an obligation or has made payments on behalf of the investee. In such case the negative investment in equity
\naccounted investees is deducted from other components of the investor\u2019s interest in the equity accounted investee
\n(borrowings to equity accounted investees). If the negative investment in equity accounted investees exceeds the investor\u2019s
\ninterest, a liability is recognized for the net amount. Unrealised gains arising from transactions with equity accounted
\ninvestees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses
\nare eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag358": {
"value": "\n
\nb. Foreign currency
\n\nFunctional currency
\nEach entity prepares its individual financial statements in the currency of the primary economic environment in
\nwhich the entity operates (i.e. the functional currency). Several European and Hong Kong based entities have the
\nUSD as functional currency as the majority of their cash flows are expressed in USD.
\n
\n\n\n\nTransactions and balances
\nIn preparing the individual financial statements, transactions in currencies other than the entities\u2019 functional
\ncurrency are recorded at the exchange rate applicable at the date of the transaction.
\nAt the reporting date, monetary assets and liabilities denominated in foreign currencies are translated to the
\nfunctional currency spot exchange rates at that date. The non-monetary assets and liabilities that are measured
\nin terms of historical cost are translated to the functional currency at the exchange rate at the date of the initial
\ntransactions. Non-monetary items that are measured at fair value in a foreign currency are translated using the
\nexchange rates at the date the fair value was determined.
\nForeign exchange differences arising on translation are recognised in the profit or loss statement, except for (i)
\nqualified cash flow hedges to the extent that the hedges are effective, and (ii) monetary items that are designated as
\npart of the hedge of the Group\u2019s net investment in a foreign operation, which are recognised in other comprehensive
\nincome. Upon disposal of the hedge and or net investment, the cumulative amount is reclassified to profit or loss.
\n
\n\n\n\nConsolidation of foreign operations
\nOn consolidation, assets and liabilities of foreign operations, including goodwill and fair value adjustments
\narising on acquisition, are translated to USD \u2013 the group reporting currency - using the closing rate at reporting
\ndate. The income and expenses of the foreign operations are converted to USD at the exchange rate at the date
\nof the transaction (the average exchange rate during the relevant period is used in case the date of transaction
\napproximates this average rate).
\nForeign currency translation differences are recognized directly in other comprehensive income. These foreign
\ncurrency differences are presented within the \u201cTranslation reserve\u201d caption. However, if the operation is a non-
\nwholly owned subsidiary, then the relevant proportionate share of the translation difference is allocated to the
\nnon-controlling interests.
\nWhen a foreign operation is disposed of, the cumulative amount in the translation reserve related to that foreign
\noperation is reclassified to profit and loss as part of the gain or loss on disposal. When the Group disposes of only
\npart of its interest in a subsidiary that includes a foreign operation while retaining control, the relevant proportion
\nof the cumulative amount is reattributed to non-controlling interests. When the Group disposes of only part of its
\ninvestment in an associate or joint venture that includes a foreign operation while retaining significant influence
\nor joint control, the relevant proportion of the cumulative amount is reclassified to profit and loss.
\nThe main exchange rates used are:
\nClosing rates Average rates
\nEXCHANGE RATES December 31, 2023 December 31, 2022
\nFor the twelve months ended
\nDecember 31, 2023 December 31, 2022
\nEUR 0.9050 0.9376 0.9262 0.9474
\nGBP 0.7865 0.8315 0.8061 0.8062
\nHKD 7.8112 7.7970 7.8303 7.8309
\nNOK 10.1724 9.8573 10.5693 9.5392
\nXAF 593.6263 615.0062 607.5645 621.5040
\nARS 808.4690 177.1165 264.5558 126.5182
\nKRW 1,297.4298 1,259.4458 1,308.7724 1,283.6970
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag359": {
"value": "\nFunctional currency
\nEach entity prepares its individual financial statements in the currency of the primary economic environment in
\nwhich the entity operates (i.e. the functional currency). Several European and Hong Kong based entities have the
\nUSD as functional currency as the majority of their cash flows are expressed in USD.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag360": {
"value": "\n
\nc. Financial instruments
\nFinancial assets and financial liabilities are recognised in the Group\u2019s statement of financial position when the
\nGroup becomes a party to the contractual provisions of the instrument.
\nFinancial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly
\nattributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and
\nfinancial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial
\nassets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the
\nacquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately
\nin profit or loss.
\n\nFinancial assets
\nAll regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular
\nway purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame
\nestablished by regulation or convention in the marketplace.
\nDebt instruments that meet the following conditions are measured subsequently at amortised cost (see (i) below):
\n\u2022
\nThe financial asset is held within a business model whose objective is to hold financial assets in order to collect
\ncontractual cash flows; and
\n\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments
\nof principal and interest on the principal amount outstanding.
\nDebt instruments that meet the following conditions are measured subsequently at fair value through other
\ncomprehensive income (FVTOCI) (see (ii) below):
\n\u2022
\nThe financial asset is held within a business model whose objective is achieved by both collecting contractual
\ncash flows and selling the financial assets; and
\n\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments
\nof principal and interest on the principal amount outstanding.
\nBy default, all other financial assets are measured subsequently at fair value through profit or loss (FVTPL).
\n
\n\n\n\n
\n\n\n\n
\n
\n
\n
\n
\n
\n\n
\nDespite the foregoing, the Group may make the following irrevocable election/designation at initial recognition
\nof a financial asset:
\n\u2022 The Group may irrevocably elect to present subsequent changes in fair value of an equity investment in other
\ncomprehensive income if certain criteria are met (see (iii) below); and
\n\u2022
\nThe Group may irrevocably designate a debt investment that meets the amortised cost or FVTOCI criteria as
\nmeasured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch (see (iv) below).
\nAll recognised financial assets are measured subsequently in their entirety at either amortised cost or fair value,
\ndepending on the classification of the financial assets:
\nFinancial assets at amortised costs: These assets are subsequently measured at amortised costs using the effective
\ninterest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and
\nlosses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.
\nDebt investments at FVTOCI: These assets are subsequently measured at fair value. Interest income is calculated
\nusing the effective interest method, foreign exchange gains and losses and impairment are recognised in profit
\nor loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI
\nare reclassified to profit or loss.
\nEquity investments at FVTOCI: These assets are subsequently measured at fair value. Dividends are recognised
\nas income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment.
\nOther net gains and losses are recognised in OCI and are never reclassified to profit or loss.
\n\nFinancial assets at FVTPL: These assets are subsequently measured at fair value. Net gains and losses, including any
\ninterest or dividend income, are recognised in profit or loss. However, see section derivative financial instruments
\nand hedge accounting for derivatives designated as hedging instruments.
\n
\n\n\n
\n\n\n\nDerecognition of financial assets
\nThe Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset
\nexpire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all
\nrisks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor
\nretains substantially all of the risks and rewards of ownership and it does not retain control over the financial asset.
\n
\n\n\n\nFinancial liabilities
\nFinancial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified at FVTPL if
\nit is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities
\nat FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in
\nprofit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest
\nmethod. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss
\non derecognition is also recognised in profit or loss.
\nSee section \u201cDerivative financial instruments and hedge accounting\u201d for derivatives designated as hedging instruments.
\n
\n\n\n\nDerecognition of financial liabilities
\nThe Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire.
\nWhen an existing loan is replaced by another from the same lender on substantially different terms, or the terms
\nof the existing loans are substantially modified, such an exchange or modification is treated as a derecognition of
\nthe original loan and the recognition of a new loan (at fair value). The difference in the respective carrying value
\nis recognized in the statement of profit and loss.
\nOn derecognition of a financial liability, the difference between the carrying amount extinguished and the
\nconsideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.
\n
\n\n\n\nOffsetting
\nFinancial assets and financial liabilities are offset and the net amount presented in the statement of financial
\nposition when, and only when, the Group currently has a legally enforceable right to set off the amounts and it
\nintends either to settle them on a net basis or to realise the asset and settle the liability simultaneously.
\n
\n\n\n\nShare capital
\nOrdinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and
\nshare options are recognised as a deduction from equity, net of tax effects. When share capital recognised as equity
\nis repurchased, the amount of the consideration paid, including directly attributable costs net of tax, is recognised
\n
\n\n\n
\n\n\n\n
\n
\n
\n\nas a deduction from equity. When treasury shares are sold, the amount received is recognised as an increase in
\nequity and the resulting surplus or deficit on the transaction is presented in retained earnings.
\n
\n\n\n\n\n\n
\n\nDerivative financial instruments & hedge accounting
\nThe Group holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures.
\nEmbedded derivatives are separated from the host contract and accounted for separately if the host contract is
\nnot a financial asset and certain criteria are met.
\nDerivatives are recognised initially at fair value at the date a derivative contract is entered into. Subsequent to initial
\nrecognition, derivatives are recognized at fair value and changes therein are generally recognized in profit and loss.
\nThe Group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated
\nwith highly probable forecast transactions arising from changes in foreign exchange rates and interest rates and
\ncertain derivatives and non-derivative financial liabilities as hedges of foreign exchange risk of a net investment
\nin a foreign operation.
\nAt inception of designated hedge relationships, the Group documents the risk management objective and strategy
\nfor undertaking the hedge. The Group also documents the economic relationship between the hedged item and
\nthe hedged instrument, including whether the changes in cash flow of the hedged item and hedging instrument
\nare expected to offset each other.
\n
\n\n\n\n\n
\n\n\n\n\n\nCash flow hedges
\nWhen a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair
\nvalue of the derivative is recognized in OCI and accumulated in the hedging reserve. The effective portion of
\nchanges in the fair value of the derivative that is recognized in OCI is limited to the cumulative change in fair value
\nof the hedged item, determined on a present value basis. Any ineffective portion of changes in the fair value of
\nthe derivative is recognized immediately in profit or loss. The amount accumulated in the hedging reserve and the
\ncost of the hedging reserve is reclassified to profit or loss in the same period or periods during which the hedge
\nexpected future cash flows affect profit or loss.
\nIf the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is
\nterminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash
\nflow hedges is discontinued, any gain or loss recognised in other comprehensive income and accumulated in the
\ncash flow hedge reserve at that time remains in equity and is reclassified to profit or loss when the forecasted
\ntransaction occurs. When a forecasted transaction is no longer expected to occur, the gain or loss accumulated in
\nthe cash flow hedge reserve is immediately reclassified to profit or loss.
\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag361": {
"value": "\nFinancial assets
\nAll regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular
\nway purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame
\nestablished by regulation or convention in the marketplace.
\nDebt instruments that meet the following conditions are measured subsequently at amortised cost (see (i) below):
\n\u2022
\nThe financial asset is held within a business model whose objective is to hold financial assets in order to collect
\ncontractual cash flows; and
\n\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments
\nof principal and interest on the principal amount outstanding.
\nDebt instruments that meet the following conditions are measured subsequently at fair value through other
\ncomprehensive income (FVTOCI) (see (ii) below):
\n\u2022
\nThe financial asset is held within a business model whose objective is achieved by both collecting contractual
\ncash flows and selling the financial assets; and
\n\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments
\nof principal and interest on the principal amount outstanding.
\nBy default, all other financial assets are measured subsequently at fair value through profit or loss (FVTPL).
\n
\n\n\n\n
\nDespite the foregoing, the Group may make the following irrevocable election/designation at initial recognition
\nof a financial asset:
\n\u2022 The Group may irrevocably elect to present subsequent changes in fair value of an equity investment in other
\ncomprehensive income if certain criteria are met (see (iii) below); and
\n\u2022
\nThe Group may irrevocably designate a debt investment that meets the amortised cost or FVTOCI criteria as
\nmeasured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch (see (iv) below).
\nAll recognised financial assets are measured subsequently in their entirety at either amortised cost or fair value,
\ndepending on the classification of the financial assets:
\nFinancial assets at amortised costs: These assets are subsequently measured at amortised costs using the effective
\ninterest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and
\nlosses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.
\nDebt investments at FVTOCI: These assets are subsequently measured at fair value. Interest income is calculated
\nusing the effective interest method, foreign exchange gains and losses and impairment are recognised in profit
\nor loss. Other net gains and losses are recognised in OCI. On derecognition, gains and losses accumulated in OCI
\nare reclassified to profit or loss.
\nEquity investments at FVTOCI: These assets are subsequently measured at fair value. Dividends are recognised
\nas income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment.
\nOther net gains and losses are recognised in OCI and are never reclassified to profit or loss.
\n\nFinancial assets at FVTPL: These assets are subsequently measured at fair value. Net gains and losses, including any
\ninterest or dividend income, are recognised in profit or loss. However, see section derivative financial instruments
\nand hedge accounting for derivatives designated as hedging instruments.
\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag362": {
"value": "\nFinancial assets at FVTPL: These assets are subsequently measured at fair value. Net gains and losses, including any
\ninterest or dividend income, are recognised in profit or loss. However, see section derivative financial instruments
\nand hedge accounting for derivatives designated as hedging instruments.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag363": {
"value": "\nDerecognition of financial assets
\nThe Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset
\nexpire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all
\nrisks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor
\nretains substantially all of the risks and rewards of ownership and it does not retain control over the financial asset.
\n
\n\n\nDerecognition of financial liabilities
\nThe Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire.
\nWhen an existing loan is replaced by another from the same lender on substantially different terms, or the terms
\nof the existing loans are substantially modified, such an exchange or modification is treated as a derecognition of
\nthe original loan and the recognition of a new loan (at fair value). The difference in the respective carrying value
\nis recognized in the statement of profit and loss.
\nOn derecognition of a financial liability, the difference between the carrying amount extinguished and the
\nconsideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag364": {
"value": "\nFinancial liabilities
\nFinancial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified at FVTPL if
\nit is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities
\nat FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in
\nprofit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest
\nmethod. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss
\non derecognition is also recognised in profit or loss.
\nSee section \u201cDerivative financial instruments and hedge accounting\u201d for derivatives designated as hedging instruments.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag365": {
"value": "\nOffsetting
\nFinancial assets and financial liabilities are offset and the net amount presented in the statement of financial
\nposition when, and only when, the Group currently has a legally enforceable right to set off the amounts and it
\nintends either to settle them on a net basis or to realise the asset and settle the liability simultaneously.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag366": {
"value": "\nShare capital
\nOrdinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and
\nshare options are recognised as a deduction from equity, net of tax effects. When share capital recognised as equity
\nis repurchased, the amount of the consideration paid, including directly attributable costs net of tax, is recognised
\n
\n\n\nas a deduction from equity. When treasury shares are sold, the amount received is recognised as an increase in
\nequity and the resulting surplus or deficit on the transaction is presented in retained earnings.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag300": {
"value": "\n
\n\nDerivative financial instruments & hedge accounting
\nThe Group holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures.
\nEmbedded derivatives are separated from the host contract and accounted for separately if the host contract is
\nnot a financial asset and certain criteria are met.
\nDerivatives are recognised initially at fair value at the date a derivative contract is entered into. Subsequent to initial
\nrecognition, derivatives are recognized at fair value and changes therein are generally recognized in profit and loss.
\nThe Group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated
\nwith highly probable forecast transactions arising from changes in foreign exchange rates and interest rates and
\ncertain derivatives and non-derivative financial liabilities as hedges of foreign exchange risk of a net investment
\nin a foreign operation.
\nAt inception of designated hedge relationships, the Group documents the risk management objective and strategy
\nfor undertaking the hedge. The Group also documents the economic relationship between the hedged item and
\nthe hedged instrument, including whether the changes in cash flow of the hedged item and hedging instrument
\nare expected to offset each other.
\n
\n\n\n\n\n
\n\n\n\n\nDuring the normal course of its business, EXMAR is exposed to various risks as described in more detail in the
\nCorporate Governance Statement. EXMAR is exposed to credit, interest, currency and liquidity risks and in order
\nto hedge this exposure, EXMAR uses different financial instruments, mainly interest rate hedges situated within
\nour equity accounted investees as well as foreign currency forward contracts.
\nEXMAR applies hedge accounting for all hedging relations which meet the conditions to apply hedge accounting
\n(formal documentation and high effectiveness at inception and on an ongoing basis). Financial instruments are
\nrecognised initially at fair value. Subsequent to initial recognition, the effective portion of changes in fair value of the
\nfinancial instruments qualifying for hedge accounting (i.e. cash flow hedges), is recognised in other comprehensive
\nincome. Any ineffective portion of changes in fair value and changes in fair value of financial instruments not
\nqualifying for hedge accounting are recognised immediately in profit or loss.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag301": {
"value": "\nDerivative financial instruments & hedge accounting
\nThe Group holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures.
\nEmbedded derivatives are separated from the host contract and accounted for separately if the host contract is
\nnot a financial asset and certain criteria are met.
\nDerivatives are recognised initially at fair value at the date a derivative contract is entered into. Subsequent to initial
\nrecognition, derivatives are recognized at fair value and changes therein are generally recognized in profit and loss.
\nThe Group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated
\nwith highly probable forecast transactions arising from changes in foreign exchange rates and interest rates and
\ncertain derivatives and non-derivative financial liabilities as hedges of foreign exchange risk of a net investment
\nin a foreign operation.
\nAt inception of designated hedge relationships, the Group documents the risk management objective and strategy
\nfor undertaking the hedge. The Group also documents the economic relationship between the hedged item and
\nthe hedged instrument, including whether the changes in cash flow of the hedged item and hedging instrument
\nare expected to offset each other.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag302": {
"value": "\nCash flow hedges
\nWhen a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair
\nvalue of the derivative is recognized in OCI and accumulated in the hedging reserve. The effective portion of
\nchanges in the fair value of the derivative that is recognized in OCI is limited to the cumulative change in fair value
\nof the hedged item, determined on a present value basis. Any ineffective portion of changes in the fair value of
\nthe derivative is recognized immediately in profit or loss. The amount accumulated in the hedging reserve and the
\ncost of the hedging reserve is reclassified to profit or loss in the same period or periods during which the hedge
\nexpected future cash flows affect profit or loss.
\nIf the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is
\nterminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash
\nflow hedges is discontinued, any gain or loss recognised in other comprehensive income and accumulated in the
\ncash flow hedge reserve at that time remains in equity and is reclassified to profit or loss when the forecasted
\ntransaction occurs. When a forecasted transaction is no longer expected to occur, the gain or loss accumulated in
\nthe cash flow hedge reserve is immediately reclassified to profit or loss.
\n
\n\n\n\n\nHedging reserve
\nThe hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow
\nhedging instruments related to the hedged transactions that have not yet occurred.
\nIn certain of our equity accounted investees, interest rate swaps (IRS) contracts have been closed to cover their
\nexposure on variable interest rates.
\n
\n\n\nInterest risk policy
\nThe interest-bearing loans are mainly negotiated with variable interest rates. In order to monitor this interest
\nrisk, the Group makes use of interest hedging instruments available on the market when management is of the
\nopinion that it is favorable to do so. For the moment, no interest rate swaps exist within our subsidiaries. On the
\nother hand, different interest rate swaps exist within our equity accounted investees. The Group applies hedge
\naccounting when the conditions to apply hedge accounting are met. In case no hedge accounting is applied, the
\nchanges in fair value are recorded in the statement of profit or loss.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag303": {
"value": "\n
\n\n
\nd. Intangible assets
\n\nResearch and development
\nExpenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge
\nand understanding, is recognised in profit or loss as incurred.
\n
\n\n\n\n\nOther intangible assets
\nOther intangible assets (e.g. software,\u2026) acquired by the Group that have finite useful lives are measured at cost
\nless accumulated amortisations and accumulated impairment losses. The amortisation is recognized in the profit
\nor loss statement, and is spread over the useful life of the relevant intangible assets following the straight-line
\ndepreciation method. The amortization starts from the date that they are available for use. Amortization methods,
\nuseful lives and residual values are reviewed at each financial year-end and adjusted if appropriate.
\nIntangible assets with an indefinite useful life or that are not yet available for use, are subject to an annual
\nimpairment test.
\nSubsequent expenditure
\nSubsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific
\nassets to which it relates. All other expenditure is recognized in profit or loss as incurred.
\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag304": {
"value": "\n
\nd. Intangible assets
\n\nResearch and development
\nExpenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge
\nand understanding, is recognised in profit or loss as incurred.
\n
\n\n\n\n\nOther intangible assets
\nOther intangible assets (e.g. software,\u2026) acquired by the Group that have finite useful lives are measured at cost
\nless accumulated amortisations and accumulated impairment losses. The amortisation is recognized in the profit
\nor loss statement, and is spread over the useful life of the relevant intangible assets following the straight-line
\ndepreciation method. The amortization starts from the date that they are available for use. Amortization methods,
\nuseful lives and residual values are reviewed at each financial year-end and adjusted if appropriate.
\nIntangible assets with an indefinite useful life or that are not yet available for use, are subject to an annual
\nimpairment test.
\nSubsequent expenditure
\nSubsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific
\nassets to which it relates. All other expenditure is recognized in profit or loss as incurred.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag305": {
"value": "\nResearch and development
\nExpenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge
\nand understanding, is recognised in profit or loss as incurred.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag306": {
"value": "\ne. Property, plant and equipment
\nOwned assets
\nItems of property, plant and equipment are stated at cost, which includes capitalised borrowing costs, less
\naccumulated depreciation and impairment losses. Cost includes expenditure that is directly attributable to the
\nacquisition of the asset and to bringing the asset to the location and condition necessary for its intended use. The
\n
\n\n\n\n\n
\n
\ncost of self-constructed assets includes the cost of materials and direct labor, any other costs directly attributable
\nto bringing the asset to a working condition for its intended use and capitalized borrowing costs.
\nSubsequent expenses associated with items of property, plant and equipment are capitalised only if a future
\neconomic advantage will result from this expenditure and its cost can be measured reliably. If a part of an item
\nof property, plant and equipment is replaced, the replacement cost is capitalised and the carrying amount of the
\nreplaced part is derecognized. The costs of the day-to-day servicing of property, plant and equipment are recognised
\nin the profit or loss statement as incurred.
\nWhen parts of an item of property, plant and equipment have different useful lives, they are accounted for as
\nseparate items (major components) of property, plant and equipment.
\nDepreciation is calculated over the depreciable amount, which is the cost of an asset, less its residual value and is
\nrecognized in profit or loss.
\n\nVessels, barges or units in the construction process are separately classified on the balance sheet as assets under
\nconstruction. These assets under construction are not depreciated, depreciation starts at the moment that the
\nvessels are delivered. As from the moment of delivery, the vessels are no longer classified as under construction.
\nThe business model of the Group aims to rent or operate the constructed assets.
\n
\n\n\n\n\n\nThe vessels are depreciated on a straight-line basis to their residual value over their estimated useful life (as from
\nconstruction date) in the Group as follows:
\nGas vessel LPG pressurized (1) 20 years
\nGas vessel LPG 30 years
\nGas vessel VLGC 30 years
\nGas vessel LNG 35 years
\nLNG units 30 years
\nAccommodation platform, newbuild:
\n- Hull machinery & deck outfitting 20 years
\n- Accommodation 10 years
\nAccommodation platform, second hand 10-12 years
\n1.
\nIn June 2016, EXMAR increased its share in the pressurized fleet from 50% to 100% and applied IFRS 3 Business combinations to account for this. The vessels
\nwere at that date accounted for at fair value and are being depreciated over their remaining useful life, which was 30 years as from construction date, or
\non average a remaining term of 23 years. In 2020, management re-assessed the useful life and reduced it from 30 to 20 years (as from construction date),
\nor an average remaining useful life of 10 years as from January 1, 2020.
\nVessels and barges are estimated to have a zero residual value.
\nDry-docking expenses are capitalised when they occur and depreciated over a period until the next dry-dock.
\nOther property, plant and equipment are depreciated over their estimated useful life using the straight-line
\ndepreciation method. Land is not depreciated.
\nThe estimated useful lives of the various other types of assets are as follows:
\nBuildings 33.3 years
\nLeased real estate 33.3 years
\nPlant and equipment 5 years
\nFurniture 10 years
\nCars 5 years
\nAirplane 10 years
\nIT equipment 3 years
\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag307": {
"value": "\nVessels, barges or units in the construction process are separately classified on the balance sheet as assets under
\nconstruction. These assets under construction are not depreciated, depreciation starts at the moment that the
\nvessels are delivered. As from the moment of delivery, the vessels are no longer classified as under construction.
\nThe business model of the Group aims to rent or operate the constructed assets.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag308": {
"value": "\nThe vessels are depreciated on a straight-line basis to their residual value over their estimated useful life (as from
\nconstruction date) in the Group as follows:
\nGas vessel LPG pressurized (1) 20 years
\nGas vessel LPG 30 years
\nGas vessel VLGC 30 years
\nGas vessel LNG 35 years
\nLNG units 30 years
\nAccommodation platform, newbuild:
\n- Hull machinery & deck outfitting 20 years
\n- Accommodation 10 years
\nAccommodation platform, second hand 10-12 years
\n1.
\nIn June 2016, EXMAR increased its share in the pressurized fleet from 50% to 100% and applied IFRS 3 Business combinations to account for this. The vessels
\nwere at that date accounted for at fair value and are being depreciated over their remaining useful life, which was 30 years as from construction date, or
\non average a remaining term of 23 years. In 2020, management re-assessed the useful life and reduced it from 30 to 20 years (as from construction date),
\nor an average remaining useful life of 10 years as from January 1, 2020.
\nVessels and barges are estimated to have a zero residual value.
\nDry-docking expenses are capitalised when they occur and depreciated over a period until the next dry-dock.
\nOther property, plant and equipment are depreciated over their estimated useful life using the straight-line
\ndepreciation method. Land is not depreciated.
\nThe estimated useful lives of the various other types of assets are as follows:
\nBuildings 33.3 years
\nLeased real estate 33.3 years
\nPlant and equipment 5 years
\nFurniture 10 years
\nCars 5 years
\nAirplane 10 years
\nIT equipment 3 years
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag309": {
"value": "\n
\nf. Impairment of assets
\n\nFinancial assets
\nFinancial assets measured at amortised cost, except current trade receivables, are assessed each reporting date
\nto determine whether the credit risk of a financial asset has increased significantly since initial recognition. The
\nGroup recognises a loss allowance for expected credit losses (ECL\u2019s) which is based on the difference between the
\ncontractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive,
\n
\n\n\n\n\n
\n\n\n\n\n
\n
\n\ndiscounted at an approximation of the original effective interest rate. The expected cash flows will include cash
\nflows from the sale of collateral held or other credit enhancements that are an integral part of the contract terms.
\nIn determining the credit risk of a financial asset and when estimating the ECL\u2019s, the Group considers reasonable
\nand supportable information that is relevant and available without undue cost or effort. This includes both
\nquantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed
\ncredit assessment and including forward-looking information.
\nFor current trade receivables, the Group applies the simplified approach permitted by IFRS 9 Financial Instruments,
\nwhich requires expected lifetime losses to be recognized from initial recognition of the receivables. The amount
\nof the allowance is deducted from the carrying amount of the asset.
\n
\n\n\n\n\nEquity accounted investees
\nAfter application of the equity method, the entity determines whether it is necessary to recognise an impairment
\nloss with respect to its net investment in the associate or joint venture. An impairment loss in respect of an equity
\naccounted investee is measured by comparing the recoverable amount of the investment with its carrying amount.
\nAn impairment loss is recognised in profit and loss and is reversed when there is a favourable change in the estimates
\nused to determine the recoverable amount.
\n\nNon-financial assets
\nThe carrying value of non-financial assets, other than deferred tax assets, are reviewed at each balance sheet date
\nto determine whether there is an indication of impairment. If any such indication exists, the asset\u2019s recoverable
\namount is estimated.
\nFor goodwill and intangible assets that have indefinite lives or that are not yet available for use the recoverable
\namount is estimated on each balance sheet date.
\nThe recoverable amount of an asset or cash-generating unit (CGU) is the greater of its value in use and its fair value
\nless costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using
\na pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to
\nthe asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together
\ninto the smallest group of assets that generates cash inflows from continuing use that are largely independent of
\nthe cash inflows of other assets or CGUs.
\nThe goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-
\ngenerating units that are expected to benefit from the synergies of the combination.
\nAn impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated
\nrecoverable amount. All impairment losses are recognised in the profit or loss statement.
\nImpairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying amount
\nof any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group
\nof units) on a pro rata basis.
\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag310": {
"value": "\nFinancial assets
\nFinancial assets measured at amortised cost, except current trade receivables, are assessed each reporting date
\nto determine whether the credit risk of a financial asset has increased significantly since initial recognition. The
\nGroup recognises a loss allowance for expected credit losses (ECL\u2019s) which is based on the difference between the
\ncontractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive,
\n
\n\n\n\n\ndiscounted at an approximation of the original effective interest rate. The expected cash flows will include cash
\nflows from the sale of collateral held or other credit enhancements that are an integral part of the contract terms.
\nIn determining the credit risk of a financial asset and when estimating the ECL\u2019s, the Group considers reasonable
\nand supportable information that is relevant and available without undue cost or effort. This includes both
\nquantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed
\ncredit assessment and including forward-looking information.
\nFor current trade receivables, the Group applies the simplified approach permitted by IFRS 9 Financial Instruments,
\nwhich requires expected lifetime losses to be recognized from initial recognition of the receivables. The amount
\nof the allowance is deducted from the carrying amount of the asset.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag311": {
"value": "\nNon-financial assets
\nThe carrying value of non-financial assets, other than deferred tax assets, are reviewed at each balance sheet date
\nto determine whether there is an indication of impairment. If any such indication exists, the asset\u2019s recoverable
\namount is estimated.
\nFor goodwill and intangible assets that have indefinite lives or that are not yet available for use the recoverable
\namount is estimated on each balance sheet date.
\nThe recoverable amount of an asset or cash-generating unit (CGU) is the greater of its value in use and its fair value
\nless costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using
\na pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to
\nthe asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together
\ninto the smallest group of assets that generates cash inflows from continuing use that are largely independent of
\nthe cash inflows of other assets or CGUs.
\nThe goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-
\ngenerating units that are expected to benefit from the synergies of the combination.
\nAn impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its estimated
\nrecoverable amount. All impairment losses are recognised in the profit or loss statement.
\nImpairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying amount
\nof any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group
\nof units) on a pro rata basis.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag312": {
"value": "\n
\n\ng. Assets held for sale
\nNon-current assets, or disposal groups comprising assets and liabilities, that are expected to be recovered primarily
\nthrough sale rather than through continuing use, are classified as held for sale. Immediately before classification as
\nheld for sale, the assets (or components of a disposal group) are remeasured in accordance with the Group\u2019s accounting
\npolicies. Thereafter the assets (or disposal group) are measured at the lower of their carrying amount and fair value
\nless cost to sell. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining
\nassets and liabilities on a pro rata basis except that no loss is allocated to assets not in the measurement scope of
\nIFRS 5, which continue to be measured in accordance with the Group\u2019s other accounting policies. Intangible assets
\nand property, plant and equipment once classified as held for sale or distribution are not amortised or depreciated.
\nIn addition, equity accounting of equity accounted investees ceases once classified as held for sale or distribution.
\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag313": {
"value": "\ng. Assets held for sale
\nNon-current assets, or disposal groups comprising assets and liabilities, that are expected to be recovered primarily
\nthrough sale rather than through continuing use, are classified as held for sale. Immediately before classification as
\nheld for sale, the assets (or components of a disposal group) are remeasured in accordance with the Group\u2019s accounting
\npolicies. Thereafter the assets (or disposal group) are measured at the lower of their carrying amount and fair value
\nless cost to sell. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining
\nassets and liabilities on a pro rata basis except that no loss is allocated to assets not in the measurement scope of
\nIFRS 5, which continue to be measured in accordance with the Group\u2019s other accounting policies. Intangible assets
\nand property, plant and equipment once classified as held for sale or distribution are not amortised or depreciated.
\nIn addition, equity accounting of equity accounted investees ceases once classified as held for sale or distribution.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag314": {
"value": "\nh. Inventories
\nInventories are valued at the lower of cost and net realisable value.
\nCosts incurred in bringing each product to its present location and condition are accounted for, as follows:
\n\u2022 Raw materials and good purchased for resale: purchase cost on a first-in/first-out basis;
\n\u2022
\nWork in progress and finished goods: cost of direct material and labor and a proportion of manufacturing
\noverheads based on the normal operating capacity but excluding borrowing costs.
\n
\n\n\n\n\nNet realizable value is the estimated selling price in the ordinary course of business less the estimated costs of
\ncompletion and the estimated costs of completing the sale.
\nWrite-offs on inventories are applied on slow-moving items. The calculation of the allowance is based on consistently
\napplied write-off rules, which depend on both historical and future demand.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag315": {
"value": "\n
\n
\ni. Employee benefits
\nDefined contribution plans
\nObligations for contributions to defined contribution pension plans are recognised as an expense in the profit or
\nloss statement as the related service is provided.
\nDefined benefit plans
\nThe Group\u2019s net obligation in respect of defined benefit pension plans is calculated separately for each plan by
\nestimating the amount of future benefit that employees have earned in return for their service in the current and
\nprior periods; discounting that amount and deducting the fair value of any plan assets. The calculation is performed
\nannually by a qualified actuary using the projected unit credit method. When the calculation results in a potential
\nasset for the Group, the recognized asset is limited to the present value of economic benefits available in the form
\nof a any future refunds from the plan or reductions in future contributions to the plan. To calculate the present
\nvalue of economic benefits, consideration is given to any applicable minimum funding requirements.
\nRemeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan
\nassets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognised immediately
\nin OCI. The Group determines the net interest expense (income) on the net defined benefit liability (asset) for
\nthe period by applying the discount rate used to measure the defined benefit obligation at the beginning of the
\nannual period to the then net defined benefit liability (asset), taking into account any changes in the net defined
\nbenefit liability (asset) during the period as a result of contributions and benefit payments. Net interest expense
\nand other expenses related to defined benefit plans are recognised in profit or loss.
\nWhen the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates
\nto past service or the gain or loss on curtailment is recognised immediately in profit or loss. The Group recognises
\ngains and losses on the settlement of a defined benefit plan when the settlement occurs.
\nBelgian defined contribution plans with return guaranteed by law
\nBelgian defined contribution plans are subject to the Law of April 28, 2003 on occupational pensions (hereafter
\n\u2018the WAP\u2019). According to article 24 of this Law, the employer has to guarantee an average minimum return of
\n3.75% on employee contributions and of 3.25% on employer contributions and this for contributions paid until
\nDecember 31, 2015. As from January 2016, the employer has to guarantee an average minimum return of 1.75%
\non both employer and employee contributions (as changed by the Law of December 18, 2015). This guaranteed
\nminimum return generally exceeds the return that is normally guaranteed by the insurer. Because the employer
\nhas to guarantee the statutory minimum return on these plans, not all actuarial and investment risks relating to
\nthese plans are transferred to the insurance company managing the plans. Therefore, these plans do not meet the
\ndefinition of a defined contribution plan under IFRS and have to be classified by default as defined benefit plans.
\nAn actuarial calculation has been performed in accordance with IAS 19 based on the projected unit credit method.
\n\nTermination benefits
\nTermination benefits are recognised as an expense when the Group is demonstrably committed, without realistic
\npossibility or withdrawal, to a formal detailed plan to either terminate employment before the normal retirement
\ndate, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination
\nbenefits for voluntary redundancies are recognised as an expense if the Group has made an offer of voluntary
\nredundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably.
\nIf benefits are payable more than 12 months after the reporting date, then they are discounted to their present value.
\n
\n\n\n\nShort-term employee benefit
\nShort-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related
\nservice is provided. A liability is recognised for the amount expected to be paid under short-term cash bonus or
\nprofit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of
\npast service provided by the employee, and the obligation can be estimated reliably.
\n\nShare-based payment transactions
\nThe grant date fair value of options granted to employees is recognised as an employee expense, with a corresponding
\n
\n\n\n\n
\n\n\n\n
\n\nincrease in equity, over the period that the employees unconditionally become entitled to the options. The amounts
\nrecognised as an expense is adjusted to reflect the actual number of options for which the related service and
\nnon-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense
\nis based on the number of awards that do meet the related service and non-market performance conditions at
\nvesting date.
\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag316": {
"value": "\nTermination benefits
\nTermination benefits are recognised as an expense when the Group is demonstrably committed, without realistic
\npossibility or withdrawal, to a formal detailed plan to either terminate employment before the normal retirement
\ndate, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination
\nbenefits for voluntary redundancies are recognised as an expense if the Group has made an offer of voluntary
\nredundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably.
\nIf benefits are payable more than 12 months after the reporting date, then they are discounted to their present value.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag317": {
"value": "\nShare-based payment transactions
\nThe grant date fair value of options granted to employees is recognised as an employee expense, with a corresponding
\n
\n\n\n\nincrease in equity, over the period that the employees unconditionally become entitled to the options. The amounts
\nrecognised as an expense is adjusted to reflect the actual number of options for which the related service and
\nnon-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense
\nis based on the number of awards that do meet the related service and non-market performance conditions at
\nvesting date.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag318": {
"value": "\nj. Provisions
\nA provision is recognised in the statement of financial position when the Group has a legal or constructive obligation
\nas result of a past event, that can be estimated reliably and it is probable that an outflow of benefits will be
\nrequired to settle the obligation. If the effect is material, provisions are determined by discounting the expected
\nfuture cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where
\nappropriate, the risks specific to the liability.
\nRestructuring provisions
\nProvisions for restructuring are recognised when the Group has approved a detailed and formal restructuring
\nplan, and the restructuring has either commenced or has been announced publicly. Future operating costs are not
\nprovided for.
\nOnerous contracts
\nA provision for onerous contracts is recognised when the expected benefits to be derived by the Group from
\na contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is
\nmeasured at the present value of the lower of the expected cost of terminating the contract and the expected net
\ncost of continuing with the contract. Before a provision is recorded, the Group recognises any impairment loss on
\nthe assets associated with that contract.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag319": {
"value": "\nk. Income
\nCharter revenue
\nThe company and/ or its joint ventures generate revenues from charterers for the use of its assets. Assets are
\nchartered using voyage/spot, time or bareboat charters and pool revenue:
\n\u2022
\nVoyage/spot charters: Voyage revenue is recognized over time of spot charters on a load-to-discharge basis.
\nProgress is determined on time elapsed. Voyage expenses are expensed as occurred. When our vessels cannot
\nstart or continue performing its obligation due to other factors, such as port delays, a demurrage is calculated.
\nThe applicable demurrage rate is stipulated in the contract. As demurrage is often a commercial discussion
\nbetween EXMAR and the charterer, the outcome and total compensation receivable for the delay is not always
\ncertain. As such, EXMAR only recognizes the revenue which is highly probable to be received. No revenue is
\nrecognized if the collection of the consideration is not highly probable. The amount of revenue recognized is
\nestimated based on historical data. The Group updates its estimate on an annual basis.
\n\u2022
\nTime- and Bareboat charters: As a lessor, the Group leases out some of its vessels under time \u2013 and bareboat
\ncharters (see also l) Leases). For time or bareboat charters, a contract is entered into for the use of an asset for
\na specific period of time at a contractual agreed daily or monthly rate. Revenue from time or bareboat charters
\nare accounted for as operating leases and are recognised over the duration as service is performed.
\n\u2022
\nPool revenue: Aggregated revenue recognized on a daily basis from vessels operating on voyage or time charter
\nand contract of affreightment (\u201cCOA\u201d) within the pool is converted into an aggregated net revenue amount
\nby extracting aggregated voyage expenses (such as fuel consumption, port charges,..) from gross revenue. This
\nnet revenue is used to determine the pool Time Charter Equivalent revenue (\u201cTCE\u201d). Aggregate TCE revenue
\nis used to allocate revenue to the pool partners in accordance with the allocated pool points earned for each
\nvessel. Pool points are determined taking into account the following parameters: intake (= capacity of the
\nvessel), speed, fuel consumption performance and actual on hire days. The TCE revenue earned by our vessels
\noperated in the pool is equal to the pool point rating of each vessel multiplied by time on hire, as reported by
\nthe pool manager. Revenue from these floating time charter agreements under which vessels are employed
\nby the pool is accounted for under IFRS 15 Revenue from contracts with customers.
\nRevenue from services rendered
\nRevenue from services such as ship management, engineering and technical assistance services are recognised
\nin the profit or loss statement over time as the services are provided. The customer simultaneously receives and
\nconsumes the benefits provided by the entity\u2019s performance as the entity performs (recurring services). Invoices
\nand related payment terms depend on individual contractual terms.
\n
\n\n\n\n
\nLicense income
\nRevenue from the licensing of access to EXMAR\u2019s intellectual property is in general recognised over time together
\nwith the underlying services rendered based on time and material spent. In case the license revenue is considered
\ndistinct and distinct within the context of the contract, this revenue will be recognized at the point in time when
\nEXMAR satisfies the performance obligation and control is transferred to the customer.
\nGain on sale of assets
\nGain on the sale of assets (vessels and barges) is recognized in the profit or loss statement when control of the
\ngoods underlying the particular performance obligation is transferred to the customer, which in general is at
\nthe moment of delivery of the vessel or barge to the customer. Invoices and related payment terms depend on
\nindividual contractual terms.
\nRevenue from sale of goods
\nContracts with customers to sell goods have only one performance obligation. Revenue recognition occurs at a
\npoint in time when control of the asset is transferred to the customer, in general upon the delivery of goods.
\nManufacturing project revenue
\nFor revenue out of manufacturing projects, the percentage of completion method is used, provided that the
\noutcome of the project can be assessed with reasonable certainty.
\n\nCommissions
\nif the Group acts in the capacity of an agent rather than as a principal in the transaction, then the revenue recognised
\nis the net amount of commission realized by the Group.
\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag320": {
"value": "\nCommissions
\nif the Group acts in the capacity of an agent rather than as a principal in the transaction, then the revenue recognised
\nis the net amount of commission realized by the Group.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag321": {
"value": "\nl. Leases
\nAt inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains,
\na lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange
\nfor consideration.
\nAs a lessee
\nAt commencement or on modification of a contract that contains a lease component, the Group allocates the
\nconsideration in the contract to each lease component on the basis of its relative stand- alone prices.
\nThe Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use
\nasset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease
\npayments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs
\nto dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located,
\nless any lease incentives received.
\nThe right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to
\nthe end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of
\nthe lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that
\ncase the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on
\nthe same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by
\nimpairment losses, if any, and adjusted for certain remeasurements of the lease liability.
\nThe lease liability is initially measured at the present value of the lease payments that are not paid at the
\ncommencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily
\ndetermined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate
\nas the discount rate.
\nThe Group determines its incremental borrowing rate by obtaining interest rates from various external financing
\nsources and makes certain adjustments to reflect the terms of the lease and type of the asset leased.
\nLease payments included in the measurement of the lease liability comprise the following:
\n\u2022 Fixed payments, including in-substance fixed payments;
\n\u2022
\nVariable lease payments that depend on an index or a rate, initially measured using the index or rate as at the
\ncommencement date;
\n\u2022 Amounts expected to be payable under a residual value guarantee; and
\n\u2022 The exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in
\nan optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties
\nfor early termination of a lease unless the Group is reasonably certain not to terminate early.
\n
\n\n\n\nThe lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a
\nchange in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate
\nof the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether
\nit will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment.
\nWhen the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount
\nof the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been
\nreduced to zero.
\nThe Group presents right-of-use assets separately on the face of the balance sheet and lease liabilities in \u201cLoans
\nand borrowings\u201d in the statement of financial position.
\nShort-term leases and leases of low-value assets
\nThe Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and
\nshort-term leases, including IT equipment. The Group recognises the lease payments associated with these leases
\nas an expense on a straight-line basis over the lease term.
\nAs a lessor
\nAt inception or on modification of a contract that contains a lease component, the Group allocates the consideration
\nin the contract to each lease component on the basis of their relative stand-alone prices.
\nWhen the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an
\noperating lease.
\nTo classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of
\nthe risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance
\nlease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such
\nas whether the lease is for the major part of the economic life of the asset.
\nIf an arrangement contains lease and non-lease components, then the Group applies IFRS 15 to allocate the
\nconsideration in the contract.
\nThe Group recognises lease payments received under operating leases as income on a straight-line basis over the
\nlease term as part of \u201cRevenue\u201d.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag322": {
"value": "\nm. Finance income and expenses
\nFinance income consists of interests received, dividend income, gains on the disposal of equity securities at FVTPL,
\nchanges in the fair value of financial assets at fair value through profit or loss, and gains on hedging instruments
\nthat are recognised in profit or loss and exchange rate gains. Interest income is recognised in the profit or loss
\nstatement as it accrues, taking into account the effective yield on the asset. Dividend income is recognised in the
\nprofit or loss statement on the date that the dividend is declared.
\nFinance expenses consist of interest expense on borrowings, unwinding of the discount on provisions, changes
\nin the fair value of financial assets at fair value through profit or loss, impairment losses recognised on financial
\nassets, exchange rate losses and losses on hedging instruments that are recognised in profit or loss.
\nBorrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying
\nasset are recognised in profit or loss using the effective interest method. Foreign currency gains and losses are
\nreported on a net basis per currency as either other finance income or finance expense.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag323": {
"value": "Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag324": {
"value": "\n\n\nn. Taxes
\nIncome tax expense consists of current and deferred taxes. Current and deferred tax is recognised in the profit
\nor loss statement, except to the extent it relates to a business combination, or when they relate to items that are
\nrecognised directly in equity or in other comprehensive income.
\nCurrent tax is the expected tax payable or receivable on the taxable income or loss of the year, using tax rates
\nenacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous
\nyears. Current tax assets and liabilities are offset only if certain criteria are met.
\nDeferred tax is recognised on all temporary differences between the carrying amounts of assets and liabilities for
\nreporting purposes and the amounts used for taxation purposes. The following temporary differences are not
\nprovided for: the initial recognition of goodwill, the initial recognition of assets or liabilities in a transaction that
\nis not a business combination and that affects neither accounting, nor taxable profit, and differences relating to
\n\n\n\n\n\n\n\n\ninvestments in subsidiaries, associates and joint arrangements to the extent that the Group is able to control the
\ntiming of reversal and it is probable that they will not reverse in the foreseeable future.
\nDeferred tax is measured at the tax rates that are expected to be applied to temporary differences when they
\nreverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax
\nassets are recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it
\nis probable that future taxable profits will be available against which they can be utilised.
\nDeferred tax assets are reduced when it is no longer probable that the related tax benefits will be realized.
\nUnrecognized deferred tax assets are reassessed at each reporting date and recognised to the extent that is has
\nbecome probable that future taxable profits will be available against which they can be used. Deferred tax assets
\nand liabilities are offset only if certain conditions are met.
\n\n\n\nTonnage tax is not accounted for as income taxes in accordance with IAS 12 and is not presented as part of income
\ntax expense in the profit or loss statement but is shown under other operating expenses.
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag325": {
"value": "\nn. Taxes
\nIncome tax expense consists of current and deferred taxes. Current and deferred tax is recognised in the profit
\nor loss statement, except to the extent it relates to a business combination, or when they relate to items that are
\nrecognised directly in equity or in other comprehensive income.
\nCurrent tax is the expected tax payable or receivable on the taxable income or loss of the year, using tax rates
\nenacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous
\nyears. Current tax assets and liabilities are offset only if certain criteria are met.
\nDeferred tax is recognised on all temporary differences between the carrying amounts of assets and liabilities for
\nreporting purposes and the amounts used for taxation purposes. The following temporary differences are not
\nprovided for: the initial recognition of goodwill, the initial recognition of assets or liabilities in a transaction that
\nis not a business combination and that affects neither accounting, nor taxable profit, and differences relating to
\n\n\ninvestments in subsidiaries, associates and joint arrangements to the extent that the Group is able to control the
\ntiming of reversal and it is probable that they will not reverse in the foreseeable future.
\nDeferred tax is measured at the tax rates that are expected to be applied to temporary differences when they
\nreverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax
\nassets are recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it
\nis probable that future taxable profits will be available against which they can be utilised.
\nDeferred tax assets are reduced when it is no longer probable that the related tax benefits will be realized.
\nUnrecognized deferred tax assets are reassessed at each reporting date and recognised to the extent that is has
\nbecome probable that future taxable profits will be available against which they can be used. Deferred tax assets
\nand liabilities are offset only if certain conditions are met.
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag326": {
"value": "\nTonnage tax is not accounted for as income taxes in accordance with IAS 12 and is not presented as part of income
\ntax expense in the profit or loss statement but is shown under other operating expenses.
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag327": {
"value": "\no. Segment reporting
\nAn operating segment is a component of the Group that engages in business activities from which it may earn
\nrevenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group\u2019s
\nother components. All operating segments\u2019 operating results are reviewed regularly by management to make
\ndecisions about resources to be allocated to the segment and assess its performance.
\nThe result for each segment includes all income and expenses generated directly by this segment, as well as part
\nof the income and expenses that can reasonably be allocated to this segment. The assets and liabilities allocated
\nto a segment include as a minimum the assets and liabilities which are periodically reported to the Chief operating
\ndecision maker, being the Group\u2019s CEO and the Executive Committee.
\nSegment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment
\nand intangible assets.
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag328": {
"value": "\np. Earnings per share
\nThe Group presents basic and diluted earnings per share for its ordinary shares. Basic earnings per share is calculated
\nby dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number
\nof ordinary shares outstanding during the period, adjusted for treasury shares held. Diluted earnings per share is
\ndetermined by adjusting the profit and loss attributable to ordinary shareholders and the weighted average of
\nordinary shares outstanding, adjusted for treasury shares held and for the effects of all dilutive potential ordinary
\nshares such as share options granted to employees.
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag329": {
"value": "\nNote 2 - Segment reporting
\nIn respect of joint ventures, the company continues to manage its operations based on internal management reports
\napplying the principles of the proportionate consolidation method. The reconciliation of the segment reporting
\nto the consolidated statement of financial position and the consolidated statement of profit or loss is presented in
\nNote 3 Reconciliation segment reporting. All differences relate to the application of IFRS 11 Joint arrangements,
\nno other differences exist.
\nThe Group has three reportable segments. The Group\u2019s operating segments reflect the level at which the Group\u2019s
\nCEO and the Executive Committee review the business and make decisions about the allocation of resources and
\nother operating matters. These segments offer different products and services and are managed separately.
\n\u2022
\nThe activities in the Shipping segment include the transportation of liquefied gas products such as Liquid
\nNatural Gas (LNG), Liquid Petroleum Gas (LPG), ammonia and petrochemical gases.
\n\u2022
\nThe Infrastructure segment provides innovative floating infrastructure solutions to the oil & gas industry both
\nby making use of its asset portfolio and through developing new assets for near-shore and offshore production,
\nprocessing, storage or other ancillary services.
\n\u2022
\nThe segment Supporting services includes the specialised supporting services such as ship management services,
\ntravel services and manufacturing activities.
\nThe company\u2019s internal and management structure does not distinguish any geographical information (non-current
\nassets and revenue per major country) as the company\u2019s fleet is operated on a worldwide basis.
\nThe intra-segment revenue mainly relates to management, supervision and crew services provided between segments.
\nMajor shipping client Equinor (ex-Statoil) and Saudi Arabian Mining Company represented 21.0% (2022: 24.6%)
\nand 12.6% (2022: 12.4%) of the revenue of the Shipping segment and 5.2% (2022: 14.4%) and 3.1% (2022: 7.2%) of
\nthe EXMAR Group revenue in 2023. The remaining part of the Shipping revenue is divided between 13 different
\ncustomers. Export LNG Limited, ENI Congo and Gasunie represented 52.1% (2022: 0.0%), 23.4% (2022: 0.0%) and
\n9.2% (2022: 15.8%) of the revenue of the Infrastructure segment. These three companies represented 33.6%
\n(2022: 0.0%), 15.1% (2022: 0.0%) and 5.9% (2022: 9.3%) of the EXMAR Group revenue in 2023. In 2022, Hyundai
\nHeavy Industries Korea contributed 29.1% to the infrastructure segment and 6.4% of the EXMAR Group revenue.
\nThe percentages mentioned are calculated excluding settlement fees. No other customers represented more than
\n10.0% of the EXMAR Group revenue in 2023.
\n\n\nSEGMENT REPORTING 2023
\n(In thousands of USD)
\nShipping Infrastucture
\nSupporting
\nservices Eliminations Total
\nCONSOLIDATED STATEMENT OF PROFIT OR LOSS
\nFor the year ended December 31, 2023
\nRevenue third party 143,658 372,696 61,136 0 577,490
\nRevenue intra-segment 187 1,183 9,948 -11,318 0
\nRoyalty income 0 800 0 0 800
\nTotal revenue 143,845 374,678 71,084 -11,318 578,289
\nGain on disposal 6,594 6 836 0 7,436
\nOther operating income 677 1,908 1,435 0 4,020
\nOperating income 151,117 376,592 73,355 -11,318 589,746
\nOperating result before depreciations,
\namortisations & impairment losses (EBITDA)
\n82,330 75,746 -3,559 0 154,517
\nDepreciations and amortisations -48,002 -11,823 -2,456 0 -62,281
\nImpairment losses and reversals 0 2,669 32 0 2,701
\nLoss on disposal 0 0 -82 0 -82
\nOperating result (EBIT) 34,328 66,593 -6,065 0 94,855
\nInterest income (non-intra-segment) 4,357 1,725 16,127 0 22,209
\nInterest income intra-segment 1,469 1,528 14,744 -17,741 0
\nInterest expenses (non-intra-segment) -27,407 -662 -368 0 -28,437
\nInterest expenses intra-segment -7,127 -9,017 -1,597 17,741 0
\nOther finance income 264 -2,532 894 0 -1,374
\nOther finance expenses -676 -1,391 -8,966 0 -11,033
\nShare of result of equity accounted investees (net of
\nincome tax)
\n0 0 199 0 199
\nIncome tax expense -1,919 -182 -2,310 0 -4,411
\nSegment result for the period 3,288 56,061 12,658 0 72,007
\nAttributable to:
\nNon-controlling interest 36
\nOwners of the Company 71,971
\n\n\n(In thousands of USD)
\nShipping Infrastucture
\nSupporting
\nservices Eliminations Total
\nCONSOLIDATED STATEMENT OF FINANCIAL
\nPOSITION
\nDecember 31, 2023
\nAssets
\nVessels and barges 489,002 203,234 0 692,236
\nOther property, plant and equipment 134 655 15,182 15,970
\nIntangible assets 0 13 301 314
\nRight-of-use assets 32,168 1,950 7,225 41,343
\nInvestments in equity accounted investees 0 0 612 611
\nBorrowings to equity accounted investees 0 47,801 1,725 49,525
\nLoan receivables intra-segment 45,034 58,694 452,813 -556,542 0
\nInventories 0 0 15,134 15,134
\nRestricted cash 1,857 0 0 1,857
\nCash and cash equivalents 49,616 118,128 72,208 239,952
\nTotal segment assets 617,811 430,475 565,199 -556,542 1,056,943
\nUnallocated other investments 0 550
\nUnallocated trade and other receivables 0 107,043
\nTrade and other receivables intra-segment 12,543 2,835 23,260 -38,638 0
\nOther unallocated assets 11,239
\nTotal assets -595,180 1,175,776
\nLiabilities
\nNon-current borrowings 324,488 82,734 6,096 413,317
\nCurrent borrowings 58,838 14,242 7,554 80,634
\nBorrowings intra-segment 49,892 71,372 435,278 -556,542 0
\nOther payables 36 -40 10 7
\nNon-current provisions 2,397 11,638 13,368 27,403
\nTotal segment liabilities 435,651 179,946 462,306 -556,542 521,361
\nUnallocated equity 0 482,138
\nUnallocated trade and other payables 0 164,492
\nTrade and other payables intra-segment 7,346 22,660 8,632 -38,638 0
\nUnallocated other liabilities 0 7,785
\nTotal equity and liabilities -595,180 1,175,776
\nCASH FLOW STATEMENT
\nCash from operating activities 74,381 59,350 -17,698 116,033
\nCash from investing activities 13,829 -44,671 -2,851 -33,692
\nCash from financing activities -91,118 85,161 -384,093 -390,050
\nExchange rate fluctuations 224
\nTotal cash flow -2,908 99,840 -404,641 -307,485
\nAdditional information
\nCapital expenditures -32,864 -3,240 -1,901 -38,005
\nProceeds from disposals 46,693 191 62 46,946
\n
\n\n\n\n\nSEGMENT REPORTING 2022
\n(In thousands of USD)
\nShipping Infrastucture
\nSupporting
\nservices Eliminations Total
\nCONSOLIDATED STATEMENT OF PROFIT OR LOSS
\nFor the year ended December 31, 2022
\nRevenue third party 139,882 76,099 23,026 0 239,007
\nRevenue intra-segment 1,530 39 7,928 -9,497 0
\nRoyalty income 0 4,320 0 0 4,320
\nTotal revenue 141,412 80,458 30,954 -9,497 243,328
\nGain on disposal 385 315,659 3,489 0 319,533
\nOther operating income 3,239 1,193 264 -9 4,688
\nOperating income 145,036 397,311 34,706 -9,505 567,549
\nOperating result before depreciations,
\namortisations & impairment losses (EBITDA)
\n81,627 323,130 -3,080 0 401,676
\nDepreciations and amortisations -47,859 -13,256 -1,233 0 -62,347
\nImpairment losses and reversals 8,975 4,859 -91 0 13,743
\nOperating result (EBIT) 42,743 314,733 -4,404 0 353,072
\nInterest income (non-intra-segment) 83 2,626 3,942 0 6,651
\nInterest income intra-segment 453 515 12,556 -13,525 0
\nInterest expenses (non-intra-segment) -25,603 -6,575 -306 0 -32,484
\nInterest expenses intra-segment -2,105 -10,905 -515 13,525 0
\nOther finance income 5,040 4,613 4,150 -1,000 12,803
\nOther finance expenses -2,862 -9,636 -7,388 1,000 -18,885
\nShare of result of equity accounted investees (net of
\nincome tax)
\n0 0 269 0 269
\nIncome tax expense -919 1,007 -1,167 0 -1,079
\nSegment result for the period 16,831 296,378 7,139 0 320,348
\nAttributable to:
\nNon-controlling interest 30
\nAttributable to owners of the Company 320,318
\n
\n\n\n\n\n(In thousands of USD)
\nShipping Infrastucture
\nSupporting
\nservices Eliminations Total
\nCONSOLIDATED STATEMENT OF FINANCIAL
\nPOSITION
\nDecember 31, 2022
\nAssets
\nVessels and barges 507,669 211,930 0 0 719,599
\nOther property, plant and equipment 40 400 14,116 14,556
\nIntangible assets 0 19 206 225
\nRight-of-use assets 11,696 2,442 7,812 21,949
\nInvestments in equity accounted investees 0 0 449 449
\nBorrowings to equity accounted investees 0 7,000 0 7,000
\nLoan receivables intra-segment 76,872 58,153 416,458 -551,483 0
\nInventories 0 0 9,217 9,217
\nRestricted cash 1,778 0 0 1,778
\nCash and cash equivalents 28,872 32,600 485,965 547,437
\nAssets held for sale 9,988 0 0 9,988
\nTotal segment assets 636,915 312,544 934,222 -551,483 1,332,198
\nUnallocated other investments 5,432
\nUnallocated trade and other receivables 81,375
\nTrade and other receivables intra-segment 7,123 10,035 36,117 -53,275 0
\nOther unallocated assets 2,256
\nTotal assets -604,758 1,421,260
\nLiabilities
\nNon-current borrowings 330,718 2,026 6,541 339,284
\nCurrent borrowings 92,909 10,465 1,386 104,759
\nBorrowings intra-segment 262,919 167,310 121,254 -551,483 0
\nOther payables 0 78,000 0 78,000
\nNon-current provisions 2,347 0 800 3,147
\nTotal segment liabilities 688,892 257,801 129,980 -551,483 525,190
\nUnallocated equity 0 798,689
\nUnallocated trade and other payables 0 90,478
\nTrade and other payables intra-segment 22,243 21,035 535,735 -53,275 0
\nUnallocated other liabilities 0 6,903
\nTotal equity and liabilities -604,758 1,421,260
\nCASH FLOW STATEMENT
\nCash from operating activities -20,686 -116,164 204,797 67,947
\nCash from investing activities 2,578 619,892 -8,961 613,509
\nCash from financing activities 11,121 -482,042 229,261 -241,660
\nExchange rate fluctuations 568
\nTotal cash flow -6,988 21,685 425,098 0 440,364
\nAdditional information
\nCapital expenditures -21,778 -9,693 -317 -31,788
\nProceeds from disposals 24,356 718 9 25,083
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag330": {
"value": "\nNote 3 - Reconciliation segment reporting
\nThe financial information of each operating segment is reviewed by management using the proportionate
\nconsolidation method. The below tables reconcile the financial information as reported in the consolidated
\nstatement of financial position and the interim condensed consolidated statement of profit or loss (using the
\nequity consolidation method as required under IFRS 11) with the financial information disclosed in Note 2 Segment
\nreporting (using the proportionate consolidation method).
\nRECONCILIATION SEGMENT REPORTING 2023
\n(In thousands of USD)
\nProportionate
\nconsolidation
\nDifference
\nEquity
\nconsolidation
\nFor the year ended December 31, 2023
\nRevenue 578,289 -90,971 487,318
\nGain on disposal 7,436 -6,569 868
\nOther operating income 4,020 0 4,020
\nVessel expenses -286,415 23,301 -263,114
\nRaw materials and consumables used -23,279 0 -23,279
\nGeneral and administrative expenses -54,953 148 -54,804
\nPersonnel expenses -46,176 0 -46,176
\nDepreciations and amortisations -62,281 28,325 -33,956
\nImpairment losses and reversals 2,701 0 2,701
\nLoss on disposal -82 0 -82
\nOther operating expenses -24,407 51 -24,356
\nResult from operating activities 94,855 -45,715 49,140
\nInterest income 22,209 -4,248 17,961
\nInterest expenses -28,437 17,498 -10,938
\nOther finance income -1,374 2,747 1,373
\nOther finance expenses -11,033 -2,482 -13,515
\nResult before income tax and share of result of equity
\naccounted investees
\n76,219 -32,199 44,020
\nShare of result of equity accounted investees (net of income tax) 199 31,937 32,136
\nIncome tax expense -4,411 263 -4,148
\nResult for the period 72,007 0 72,007
\n
\n\n\n\n\n(In thousands of USD)
\nProportionate
\nconsolidation
\nDifference
\nEquity
\nconsolidation
\nFor the year ended December 31, 2023
\nVessels and barges 692,236 -276,489 415,747
\nOther property, plant and equipment 15,970 0 15,970
\nIntangible assets 314 0 314
\nRight-of-use assets 41,343 -31,682 9,661
\nInvestments in equity accounted investees 611 134,777 135,388
\nDerivative financial asset 911 -911 0
\nDeferred tax assets 4,429 0 4,429
\nOther investments 37,928 0 37,928
\nNon-current assets 793,743 -174,306 619,437
\nDerivative financial asset 550 0 550
\nInventories 15,134 0 15,134
\nTrade and other receivables 107,043 -9,659 97,384
\nBorrowings to equity accounted investees 11,597 0 11,597
\nCurrent tax assets 5,899 1 5,900
\nRestricted cash 1,857 -1,857 0
\nCash and cash equivalents 239,952 -63,022 176,930
\nCurrent assets 382,033 -74,537 307,496
\nTotal assets 1,175,776 -248,843 926,933
\nEquity 482,138 0 482,138
\nBorrowings 413,317 -193,486 219,831
\nOther payables 7 -7 0
\nEmployee benefits 999 0 999
\nNon-current provisions 27,403 -2,397 25,006
\nDeferred tax liabilities 3,026 0 3,026
\nNon-current liabilities 444,752 -195,889 248,862
\nBorrowings 80,634 -35,154 45,480
\nTrade and other payables 164,492 -17,583 146,909
\nCurrent tax liability 3,760 -217 3,544
\nCurrent liabilities 248,886 -52,954 195,932
\nTotal equity and liabilities 1,175,776 -248,843 926,933
\n
\n\n\n\n\nRECONCILIATION SEGMENT REPORTING 2022
\n(In thousands of USD)
\nProportionate
\nconsolidation
\nDifference
\nEquity
\nconsolidation
\nFor the year ended December 31, 2022
\nRevenue 243,328 -87,724 155,604
\nGain on disposal 319,534 109 319,643
\nOther operating income 4,688 -3,086 1,601
\nVessel expenses -90,444 30,323 -60,121
\nRaw materials and consumables used -3,447 0 -3,447
\nGeneral and administrative expenses -39,623 330 -39,293
\nPersonnel expenses -32,333 0 -32,333
\nDepreciations and amortisations -62,347 28,723 -33,624
\nImpairment losses and reversals 13,743 -8,975 4,768
\nLoss on disposal 0 0 0
\nOther operating expenses -25 0 -25
\nResult from operating activities 353,073 -40,300 312,773
\nInterest income 6,651 473 7,125
\nInterest expenses -32,484 10,530 -21,954
\nOther finance income 12,803 -3,278 9,525
\nOther finance expenses -18,885 830 -18,055
\nResult before income tax and share of result of equity
\naccounted investees
\n321,157 -31,743 289,414
\nShare of result of equity accounted investees (net of income tax) 269 31,737 32,007
\nIncome tax expense -1,079 6 -1,072
\nResult for the period 320,348 0 320,348
\n
\n\n\n\n\n(In thousands of USD)
\nProportionate
\nconsolidation
\nDifference
\nEquity
\nconsolidation
\nFor the year ended December 31, 2022
\nVessels and barges 719,599 -281,633 437,966
\nOther property, plant and equipment 14,556 0 14,556
\nIntangible assets 225 0 225
\nRight-of-use assets 21,949 -11,039 10,910
\nInvestments in equity accounted investees 449 106,633 107,082
\nBorrowings to equity accounted investees 0 0 0
\nDeferred tax assets 1,071 0 1,071
\nOther investments 1,849 0 1,849
\nNon-current assets 759,698 -186,039 573,659
\nAssets held for sale 9,988 -9,988 0
\nDerivative financial asset 3,583 -3,010 573
\nInventories 9,217 0 9,217
\nTrade and other receivables 81,375 -14,286 67,089
\nBorrowings to equity accounted investees 7,000 0 7,000
\nCurrent tax assets 1,185 0 1,185
\nRestricted cash 1,778 -1,778 0
\nCash and cash equivalents 547,437 -27,884 519,553
\nCurrent assets 661,563 -56,946 604,617
\nTotal assets 1,421,260 -242,985 1,178,276
\nEquity 798,689 1 798,691
\nBorrowings 339,284 -171,736 167,548
\nOther payables 78,000 0 78,000
\nEmployee benefits 1,040 0 1,040
\nNon-current provisions 3,147 -2,347 800
\nDeferred tax liabilities 2,982 0 2,982
\nNon-current liabilities 424,453 -174,083 250,370
\nBorrowings 104,759 -53,960 50,800
\nTrade and other payables 90,478 -14,936 75,542
\nCurrent tax liability 2,881 -8 2,873
\nCurrent liabilities 198,118 -68,903 129,215
\nTotal equity and liabilities 1,421,260 -242,985 1,178,276
\n
\n\n\n\n",
"dimensions": {
"concept": "exmar:DisclosureOfReconciliationSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag331": {
"value": "\nNote 4 \u2013 Revenue
\nFor the period ended December 31,
\n(In thousands of USD)
\n2023 2022
\nShipping segment 52,553 51,936
\nInfrastructure segment - ordinary revenue 371,226 78,152
\nSupporting services segment - ordinary revenue 63,539 25,517
\nRevenue 487,318 155,604
\nThe increase in total revenue at the Shipping segment is mainly a result of the higher time-charter rates for all
\nvessel types.
\nRevenue in the Infrastructure segment increased significantly in 2023 as a result of the increased revenue from
\nengineering projects, including the engineering, procurement and construction contracts for the Marine XII project
\nin Congo and the twelve months employment of the EXCALIBUR and the FSRU EEMSHAVEN LNG.
\nThe increase in revenue at the Supporting services is the combined effect of Bexco NV, entering the consolidation
\nscope of the Group since November 2022 (contribution increased by USD 34.8 million), higher revenue from the
\noffshore accommodation barges and at Travel Plus, offset by lower ship management revenue due to less vessels
\nunder management. Bexco NV is a manufacturer of precision-engineered synthetic mooring, towing and lifting
\nropes for offshore, marine and industrial applications.
\nRevenue which falls within the scope of IFRS 16 Leasing represented 18.5% (2022: 43.0%) of total revenue and is
\nsituated in the Shipping and Infrastructure segment. Revenue which falls within the scope of IFRS 15 Revenue from
\ncontracts with customers represented 81.5% (2022: 57.0%) of total revenue and is mainly situated in the Infrastructure
\nand Supporting services segment. The percentages mentioned are calculated excluding settlement fees.
\nMajor shipping clients Equinor (ex-Statoil) and Nippon Gas Line Co represented 57.4% (2022: 53.6%) and 21.8%
\n(2022: 21.2%) respectively of the revenue of the Shipping segment. Both clients contributed 6.2% (2022: 17.9%)
\nand 2.4% (2022: 7.1%) respectively to the EXMAR Group revenue in 2023. Export LNG Limited, ENI Congo and
\nGasunie represented 52.3% (2022: 0.0%) and 23.5% (2022: 0.0%) and 9.2% (2022: 28.4%) of the revenue of the
\nInfrastructure segment. These three clients represented 39.9% (2022: 0.0%), 17.9% (2022: 0.0%) and 7.0% (2022:
\n14.2%) of the EXMAR Group revenue in 2023. In, 2022, Hyundai Heavy Industries Korea represented 19.6% of the
\ninfrastructure segment and 9.8% of the EXMAR Group revenue. The percentages mentioned are also calculated
\nexcluding settlement fees. No other customers represent more than 10.0% of the EXMAR Group revenue in 2023.
\n(In thousands of USD) 2023 2022
\nTrade receivables, included in trade and other receivables (current + non-current) 45,426 39,344
\nContract assets, included in trade and other receivables 25,514 7,743
\nContract liabilities, included in trade and other payables 10,025 11,056
\nContract balances 80,964 58,143
\nThe increase in contract balances in 2023 is resulting from receivables related to the engineering agreements related
\nto EEMSHAVEN LNG, TANGO FLNG and EXCALIBUR.
\nThe contract assets mainly relate to the Group\u2019s rights to consideration for work completed but not billed at the
\nreporting date. The contract assets are transferred to receivables when the rights become unconditional.
\nThe contract liabilities primarily relate to invoices issued in respect of vessel income (prepaid hire) and advances
\ncharged for planned services. The contract liabilities at the end of 2022 have been recognized in revenue in 2023.
\nThe increase in contract assets and contract liabilities mainly results from the services delivered/to be delivered to
\nthe three assets mentioned above.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag332": {
"value": "\n
\n\nNote 5 \u2013 Gain on disposal
\n(In thousands of USD) 2023 2022
\nGain on sale of shares of Export LNG 0 315,654
\nGain on derecognition Bexco NV 0 3,474
\nOther 868 515
\nGain on disposal 868 319,643
\nIn the fourth quarter of 2023 EXMAR sold 26.7% of the shares of ECOS Srl and realized a gain of USD 0.8 million.
\nAs a result of the transaction EXMAR owns 33.3% and applies the equity method to its investment as of December
\n31, 2023.
\nAs a result of the sale of the 100% shares of Export LNG Ltd., the owning company of the TANGO FLNG, in August
\n2022, EXMAR realized a non-recurring gain of USD 315.7 million. Details of the transaction related assets and
\nliabilities can be found in Note 4 of the consolidated financial statements as of December 31, 2022.
\nOn November 1, 2022 EXMAR obtained control over Bexco NV, consequently realized a gain on the derecognition
\nof the equity accounted investment and includes the company in full in the Group\u2019s consolidated financials since
\nthat date. The total impact of the acquisition of the remaining 55.09% resulted in a total gain of USD 3.5 million.
\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "exmar:DisclosureOfDivestituresExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag333": {
"value": "\nNote 5 \u2013 Gain on disposal
\n(In thousands of USD) 2023 2022
\nGain on sale of shares of Export LNG 0 315,654
\nGain on derecognition Bexco NV 0 3,474
\nOther 868 515
\nGain on disposal 868 319,643
\nIn the fourth quarter of 2023 EXMAR sold 26.7% of the shares of ECOS Srl and realized a gain of USD 0.8 million.
\nAs a result of the transaction EXMAR owns 33.3% and applies the equity method to its investment as of December
\n31, 2023.
\nAs a result of the sale of the 100% shares of Export LNG Ltd., the owning company of the TANGO FLNG, in August
\n2022, EXMAR realized a non-recurring gain of USD 315.7 million. Details of the transaction related assets and
\nliabilities can be found in Note 4 of the consolidated financial statements as of December 31, 2022.
\nOn November 1, 2022 EXMAR obtained control over Bexco NV, consequently realized a gain on the derecognition
\nof the equity accounted investment and includes the company in full in the Group\u2019s consolidated financials since
\nthat date. The total impact of the acquisition of the remaining 55.09% resulted in a total gain of USD 3.5 million.
\n
\n\n\n\n\nNote 7 \u2013 Purchase of goods
\nIn 2023 EXMAR reports USD 23.3 million of purchases of goods in relation to the rope manufacturing activity at
\nBexco NV, that became a subsidiary of the Group as from November 1, 2022.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag334": {
"value": "\n
\n\nNote 6 - Vessel expenses
\nFor the period ended December 31,
\n(In thousands of USD)
\n2023 2022
\nVessel expenses crew -33,281 -28,287
\nVessel expenses maintenance -13,989 -23,931
\nVessel expenses engineering -203,312 0
\nVessel expenses insurance -1,815 -2,759
\nVessel expenses other -10,716 -5,144
\nVessel expenses -263,114 -60,121
\nVessel expenses are expenses made to operate a vessel and include primarily crew, maintenance, insurance and
\nother related expenses. Vessel expenses exclude depreciations.
\nThe increase in the vessel expenses in 2023 compared to 2022 is mainly the result of the increased expenses in
\nrelation to the engineering, procurement and conversion contracts for the TANGO FLNG and EXCALIBUR FSU with
\ncompletion of conversion works early 2024.
\n
\n\n\n\n\n
\n\n\n\n",
"dimensions": {
"concept": "exmar:DisclosureOfVesselExpensesExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag335": {
"value": "\nNote 6 - Vessel expenses
\nFor the period ended December 31,
\n(In thousands of USD)
\n2023 2022
\nVessel expenses crew -33,281 -28,287
\nVessel expenses maintenance -13,989 -23,931
\nVessel expenses engineering -203,312 0
\nVessel expenses insurance -1,815 -2,759
\nVessel expenses other -10,716 -5,144
\nVessel expenses -263,114 -60,121
\nVessel expenses are expenses made to operate a vessel and include primarily crew, maintenance, insurance and
\nother related expenses. Vessel expenses exclude depreciations.
\nThe increase in the vessel expenses in 2023 compared to 2022 is mainly the result of the increased expenses in
\nrelation to the engineering, procurement and conversion contracts for the TANGO FLNG and EXCALIBUR FSU with
\ncompletion of conversion works early 2024.
\n
\n\n\n\n\n
\n\nNote 8 - General and administrative expenses
\nFor the period ended December 31,
\n(In thousands of USD)
\n2023 2022
\nAdministrative expenses -34,480 -33,393
\n Office expenses -1,297 -1,386
\n Travel expenses -3,016 -2,488
\n IT & communication expenses -2,693 -2,409
\n Fees -26,463 -26,318
\n Insurance -1,011 -793
\nFreight charges -1,787 -1,740
\nNon-income based taxes -13,863 -2,844
\nOther expenses -4,675 -1,316
\nGeneral and administrative expenses -54,804 -39,293
\nDuring 2023 administrative expenses increased mainly due to the Marine XII project in Congo, more specific in
\nrelation to taxes withheld in relation to the activity in Republic Congo.
\nAdministrative expenses and freight charges for the Bexco activities since their inclusion in the consolidation scope
\nhad an impact of USD 5 million on 2023.
\n
\n\n\n\n\n
\n\n\n\n\n\nNote 9 - Personnel expenses
\n(In thousands of USD) 2023 2022
\nSalaries and wages -38,954 -27,492
\nSocial security charges -6,580 -4,263
\nEmployee benefit, defined benefit and defined contribution plan -642 -577
\nPersonnel expenses -46,176 -32,333
\nAt year-end 2023 2022
\nSeagoing 1,514 1,508
\nStaff 409 418
\n\nNumber of personnel members 1,923 1,926
\n\n\nSalaries and wages increased because of inflation (impact of 11%), the inclusion of Bexco for a full year (in 2022
\nonly 2 months) with an impact of USD 7.4 million and a higher number of engineers and technical employees for
\namongst others the projects managed by EXMAR Offshore Company.
\nThe number of personnel members represents the effective number of personnel members in service per period
\nend (including the seagoing employees of our equity accounted investees).
\nA significant part of EXMAR\u2019s seagoing personnel is employed on the assets held or operated by EXMAR\u2019s equity
\naccounted investees, the related expense is not included in the personnel expenses or crew expenses disclosed above.
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag336": {
"value": "\nNote 8 - General and administrative expenses
\nFor the period ended December 31,
\n(In thousands of USD)
\n2023 2022
\nAdministrative expenses -34,480 -33,393
\n Office expenses -1,297 -1,386
\n Travel expenses -3,016 -2,488
\n IT & communication expenses -2,693 -2,409
\n Fees -26,463 -26,318
\n Insurance -1,011 -793
\nFreight charges -1,787 -1,740
\nNon-income based taxes -13,863 -2,844
\nOther expenses -4,675 -1,316
\nGeneral and administrative expenses -54,804 -39,293
\nDuring 2023 administrative expenses increased mainly due to the Marine XII project in Congo, more specific in
\nrelation to taxes withheld in relation to the activity in Republic Congo.
\nAdministrative expenses and freight charges for the Bexco activities since their inclusion in the consolidation scope
\nhad an impact of USD 5 million on 2023.
\n
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag337": {
"value": "\n\n\n\n\nNote 9 - Personnel expenses
\n(In thousands of USD) 2023 2022
\nSalaries and wages -38,954 -27,492
\nSocial security charges -6,580 -4,263
\nEmployee benefit, defined benefit and defined contribution plan -642 -577
\nPersonnel expenses -46,176 -32,333
\nAt year-end 2023 2022
\nSeagoing 1,514 1,508
\nStaff 409 418
\n\nNumber of personnel members 1,923 1,926
\n\n\nSalaries and wages increased because of inflation (impact of 11%), the inclusion of Bexco for a full year (in 2022
\nonly 2 months) with an impact of USD 7.4 million and a higher number of engineers and technical employees for
\namongst others the projects managed by EXMAR Offshore Company.
\nThe number of personnel members represents the effective number of personnel members in service per period
\nend (including the seagoing employees of our equity accounted investees).
\nA significant part of EXMAR\u2019s seagoing personnel is employed on the assets held or operated by EXMAR\u2019s equity
\naccounted investees, the related expense is not included in the personnel expenses or crew expenses disclosed above.
\n\n\n\n\nNote 28 - Employee benefits
\nDEFINED BENEFIT PLAN AND SIMILAR LIABILITIES
\nThe Group provides pension benefits for most of its employees, either directly or through a contribution to an
\nindependent fund. The pension benefits for management staff employed before January 1, 2008 are provided
\nunder a defined benefit plan. This plan is organized as a final pay program.
\nFor the management, employed as from January 1, 2008, and employees promoted to management as from January
\n1, 2008 and the management staff who reached the age of 60, the pension benefits are provided under a defined
\ncontribution plan. Belgian defined contribution plans are subject to the Law of April 28, 2003 on supplementary
\npensions (WAP). According to article 24 of this law, the employer has to guarantee a fixed minimum return of
\n3.25% on employer contributions and of 3.75% on employee contributions and this for contributions paid until
\nDecember 31, 2015. As from January 2016, the employer has to guarantee an average minimum return of 1.75%
\non both employer and employee contributions (as changed by the Law of December 18, 2015).
\nThis guaranteed minimum return generally exceeds the return that is normally guaranteed by the insurer. Because
\nthe employer has to guarantee the statutory minimum return on these plans, not all actuarial and investment risks
\nrelating to these plans are transferred to the insurance company managing the plans. Therefore, these plans do
\nnot meet the definition of defined contribution plan under IFRS and have to be classified by default as defined
\nbenefit plans. An actuarial calculation has been performed in accordance with IAS 19 based on the projected unit
\ncredit method.
\nEMPLOYEE BENEFITS
\n(In thousands of USD) 2023 2022 2021 2020 2019
\nDEFINED BENEFIT PLANS
\nPresent value of funded obligations -7,417 -7,523 -9,631 -10,969 -11,535
\nFair value of the defined plan assets 6,549 6,601 9,017 9,408 8,839
\nPresent value of net obligations -868 -922 -614 -1,561 -2,696
\nBELGIAN DEFINED CONTRIBUTION PLAN WITH GUARANTEED RETURN
\nPresent value of funded obligations -6,701 -5,690 -8,102 -9,559 -5,340
\nFair value of the defined plan assets 6,570 5,571 7,986 9,405 6,438
\nPresent value of net (obligations) assets -131 -119 -116 -154 1,099
\nTotal employee benefits -999 -1,040 -730 -1,715 -1,597
\n
\n\n\nDEFINED BENEFIT PLAN
\n(In thousands of USD) 2023 2022
\nCHANGES IN LIABILITIES DURING THE PERIOD \u00b9
\nLiability as per 1 January 13,213 17,733
\nDistributions -1,329 -979
\nActual employee's contributions 225 190
\nInterest expense 499 147
\nCurrent service cost 546 515
\nActual taxes on contributions paid (excluding interest) -146 -116
\nActuarial gains/losses 624 -3,207
\nExchange differences 486 -1,070
\nLiability as per 31 December 14,118 13,213
\nCHANGES OF FAIR VALUE OF PLAN ASSETS \u00b9
\nPlan assets as per 1 January 12,172 17,003
\nContributions 1,400 1,124
\nDistributions -1,329 -979
\nInterest income 479 146
\nActual taxes on contributions paid (excluding interest) -146 -116
\nActual administration costs -75 -61
\nActuarial gain/loss 168 -3,913
\nExchange differences 451 -1,032
\nPlan assets as per 31 December \u00b2 13,119 12,172
\nNet defined liability as per 31 December 999 1,040
\n1.
\nThe changes in pension liabilities and plan assets include both the defined benefit plans as the Belgian defined contribution plans which qualify as a de-
\nfined benefit plan.
\n2. The plan assets do not include any shares issued by EXMAR or property occupied by EXMAR.
\n(In thousands of USD) 2023 2022
\nEXPENSE RECOGNISED IN THE STATEMENT OF PROFIT OR LOSS
\nCurrent service expenses -546 -515
\nInterest expense -499 -147
\nExpected return on plan assets 479 146
\nAdministration cost -75 -61
\nTotal pension cost recognised in the income statement (see note 9) -642 -577
\nEXPENSE RECOGNISED IN OTHER COMPREHENSIVE INCOME
\nRecognition of actuarial gains and losses -456 -706
\nTotal pension cost recognised in other comprehensive income -456 -706
\n
\n\n\nThe expected employer contributions to be paid for the next financial year amount to:
\n(In thousands of USD) 2023 2022
\nEXPECTED NEXT YEAR CONTRIBUTIONS
\nBest estimate of contributions expected to be paid during next year 990 1,093
\nThe actuarial assumptions and average duration of the plans are detailed below:
\n(In weighted averages) 2023 2022
\nMOST SIGNIFICANT ASSUMPTIONS
\nDiscount rate at 31 December 3.20% 3.75%
\nExpected return on assets at 31 December 3.20% 3.75%
\nInflation 2.20% 2.20%
\nDuration of defined benefit plans (in years) 8 8
\nDuration of the Belgian defined contribution plans (in years) 13 14
\nThe plan assets are composed as follows:
\n(In thousands of USD) 2023 2022
\nShares 4.0% 5.0%
\nBonds & loans 87.0% 88.0%
\nProperty investments 8.0% 7.0%
\nCash 1.0% 0.0%
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag338": {
"value": "\nNumber of personnel members 1,923 1,926
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag339": {
"value": "\n\n\nNote 10 - Other Operating Expenses
\nFor the period ended December 31,
\n(In thousands of USD)
\n2023 2022
\nOther Provisions -24,204 0
\nNon income based taxes -150 -24
\nOther -2 -1
\nOther operating expenses -24,356 -25
\nAs per December 31, 2023 additional provisions are recorded for a total amount of USD 24,0 million based on
\nmanagement\u2019s assessment of potential cash outflows. Additional provisions have been recorded for the former lease
\narrangement of LNG Carrier EXCEL, obligations under the engineering, procurement and construction contracts
\nfor the Marine XII project in Congo and a claim from a foreign tax authority.
\nRegarding LNGC Excel this vessel was financed through a lease agreement in the UK, which was terminated in
\nAugust 2013. The UK tax authorities (HMRC) had made inquiries on the tax treatment of the lease and on the right
\nto receive Capital Allowances claimed by the Lessor.
\nIn 2023 the company was informed that recent discussions between the Lessor and HMRC were held, that some
\nclosure notices had been received and payments were made by the Lessor.
\nUpdated assessment of the case by EXMAR management led to the recognition of an additional provision under
\nthe IFRS rules.
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag340": {
"value": "\nNote 10 - Other Operating Expenses
\nFor the period ended December 31,
\n(In thousands of USD)
\n2023 2022
\nOther Provisions -24,204 0
\nNon income based taxes -150 -24
\nOther -2 -1
\nOther operating expenses -24,356 -25
\nAs per December 31, 2023 additional provisions are recorded for a total amount of USD 24,0 million based on
\nmanagement\u2019s assessment of potential cash outflows. Additional provisions have been recorded for the former lease
\narrangement of LNG Carrier EXCEL, obligations under the engineering, procurement and construction contracts
\nfor the Marine XII project in Congo and a claim from a foreign tax authority.
\nRegarding LNGC Excel this vessel was financed through a lease agreement in the UK, which was terminated in
\nAugust 2013. The UK tax authorities (HMRC) had made inquiries on the tax treatment of the lease and on the right
\nto receive Capital Allowances claimed by the Lessor.
\nIn 2023 the company was informed that recent discussions between the Lessor and HMRC were held, that some
\nclosure notices had been received and payments were made by the Lessor.
\nUpdated assessment of the case by EXMAR management led to the recognition of an additional provision under
\nthe IFRS rules.
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag405": {
"value": "\n
\n\n
\n
\nNote 11 - Finance result
\n\n
\n\n
\n\n
\n\nFor the period ended December 31,
\n(In thousands of USD)
\n2023 2022
\nInterest income on borrowings to equity accounted investees 1,217 1,929
\nInterest income on cash and cash equivalents 16,744 5,196
\nInterest income 17,961 7,125
\nInterest expenses on borrowings -10,537 -21,954
\nAmortisation transaction costs -402 0
\nInterest expenses -10,938 -21,954
\n
\n\n\n\n
\n\n\n\nThe interest income on borrowings to equity accounted investees relates to interests charged to the equity accounted
\ninvestees on the borrowings provided by EXMAR and decreased as a result of lower average outstanding balances.
\nWe refer in this respect also to Note 18 Borrowings to equity accounted investees.
\n
\n\n\n\n
\n\n\n\nInterest income on cash and cash equivalents increased significantly thanks to the higher average short term
\ndeposits in 2023 compared to the average in 2022.
\n\n
\n\nInterest expenses relate to EXMAR\u2019s borrowings as disclosed in Note 26 Borrowings and the decrease of USD 11.4
\nmillion is the combined effect of (i) lower interest expenses in the Infrastructure segment due to the repayment of
\nthe NOK bond (USD 3.3 million) (ii) the effective interest correction in 2022 on the pressurized fleet following the
\nexercise of the early buy-out option (USD 5.5 million including USD 3.3 million adjustment of historic interest expenses
\n1
\n)
\n(Shipping segment), and (iii) lower margins and early repayment of the Bank Of China loan facility in August 2022
\nupon the sale of the shares of Export LNG Ltd (USD 2.3 million).
\n
\n\n\n\nFor the period ended December 31,
\n(In thousands of USD)
\n2023 2022
\nRealised exchange gains 351 2,967
\nUnrealised exchange gains 756 2,418
\nDividend income from non-consolidated companies 19 18
\nEquity securities measured at FVTPL 0 280
\nFair value gain on financial instruments -42 934
\nPremium refund 0 2,497
\nOther 289 410
\nOther finance income 1,373 9,525
\nRealised exchange losses -7,608 -6,324
\nUnrealised exchange losses -1,051 -1,236
\nAmortisation transaction costs 0 -7,504
\nBanking fees -389 -2,280
\nOther -4,467 -711
\nOther finance expenses -13,515 -18,055
\n
\n\n\n\nOther finance income decreases with USD 8.2 million and is mainly the result of (i) lower exchange gains compared
\nto 2022, when NOK bond was repaid with positive exchange result and (ii) a refund of USD 2.5 million credit
\ninsurance premiums in 2022, because of the early repayment of the Bank of China loan.
\nOther finance cost decreases with USD 4.5 million in comparison to 2022. The realized exchange losses of 2023
\ninclude USD 4.4 million loss on the settlement of EUR-USD short-term swaps (2022: USD 5.6 million).
\nThe amortisation of the transaction costs
\n2
\n decreased due to the accelerated recognition of the capitalized financing
\nfees on the Bank of China loan and Sequoia credit facility upon the early termination of these loan agreements (see
\nalso Note 26 Borrowings). Related to this, EXMAR paid in 2022 a cancellation fee to Sequoia of USD 1.0 million, which
\nprimarily explains the decrease in \u201cBanking fees\u201d. The Other finance expenses include USD 2.9 million loss following
\nthe remeasurement at FVTPL on December 31, 2023 of the shares in Vantage Drilling (see Note 20 Other investments).
\n1 The USD 3.3 million interest expense adjustment relates to the correction of an error regarding the accounting for sale & lease back transactions dating
\nback to 2019 for four pressurized vessels. We refer to the consolidated financial statements of 2022.
\n2 In 2022 the amortisation of transaction costs was impacted by the one-off accelerated recognition of the capitalized financing fees on the Bank of China
\nloan and Sequoia credit facility upon the early termination of these loan agreements and was presented in other finance expense. Since 2023 amortisations
\nare reported as interest expenses.
\n
\n\n\n\n
\n\n\n\nCurrency risk
\nThe Group\u2019s currency risk is historically mainly affected by the EUR/USD ratio for manning its fleet, paying salaries
\nand all other personnel related expenses and the Bexco activities, which are expressed in EUR. In order to monitor
\nthe currency risk, the Group uses a range of foreign currency rate hedging instruments and forward contracts if
\ndeemed necessary.
\nAt year-end 2023, no financial instrument contracts were outstanding to cover the EUR/USD.
\nExposure to risk
\nExposure to currency risk, based on notional amounts in thousands of foreign currency:
\n(In thousands of local 2023 2022
\ncurrency) EUR NOK XAF ARS EUR NOK XAF ARS
\nReceivables 9,730 91 1,975,725 230,930 12,435 1,899 434,754 225,083
\nPayables -11,464 -97 0 -83,302 -16,083 0 -12,801 -37,564
\nInterest-bearing loans 0 0 0 0 0 0 0 0
\nBalance sheet exposure -1,734 -5 1,975,725 147,628 -3,648 1,899 421,953 187,519
\nForward contracts
\nNet exposure -1,734 -5 1,975,725 147,628 -3,648 1,899 421,953 187,519
\n In thousands of USD -1,916 -1 3,328 183 -3,891 193 686 1,059
\nThe above overview reflects the exposure for the top-4 currency risks.
\nSensitivity analysis
\nAs per December 31, 2023 an increase in the year-end EUR/USD rate of 10.0% would affect the statement of profit
\nor loss with USD -0.2 million (2022: USD -0.4 million). A 10.0% decrease of the EUR/USD rate would impact the
\nprofit or loss statement with the same amount (opposite sign).
\nAs per December 31, 2023 an increase in the year-end XAF/USD rate of 10% would affect the statement of profit
\nor loss with USD +0.33 million (2022: USD +0.07 million). A 10.0% decrease of the XAF/ USD rate would impact the
\nprofit or loss statement with the same amount (opposite sign).
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag406": {
"value": "\n
\n
\nNote 11 - Finance result
\n\n
\n\n
\n\n
\n\nFor the period ended December 31,
\n(In thousands of USD)
\n2023 2022
\nInterest income on borrowings to equity accounted investees 1,217 1,929
\nInterest income on cash and cash equivalents 16,744 5,196
\nInterest income 17,961 7,125
\nInterest expenses on borrowings -10,537 -21,954
\nAmortisation transaction costs -402 0
\nInterest expenses -10,938 -21,954
\n
\n\n\n\n
\n\n\n\nThe interest income on borrowings to equity accounted investees relates to interests charged to the equity accounted
\ninvestees on the borrowings provided by EXMAR and decreased as a result of lower average outstanding balances.
\nWe refer in this respect also to Note 18 Borrowings to equity accounted investees.
\n
\n\n\n\n
\n\n\n\nInterest income on cash and cash equivalents increased significantly thanks to the higher average short term
\ndeposits in 2023 compared to the average in 2022.
\n\n
\n\nInterest expenses relate to EXMAR\u2019s borrowings as disclosed in Note 26 Borrowings and the decrease of USD 11.4
\nmillion is the combined effect of (i) lower interest expenses in the Infrastructure segment due to the repayment of
\nthe NOK bond (USD 3.3 million) (ii) the effective interest correction in 2022 on the pressurized fleet following the
\nexercise of the early buy-out option (USD 5.5 million including USD 3.3 million adjustment of historic interest expenses
\n1
\n)
\n(Shipping segment), and (iii) lower margins and early repayment of the Bank Of China loan facility in August 2022
\nupon the sale of the shares of Export LNG Ltd (USD 2.3 million).
\n
\n\n\n\nFor the period ended December 31,
\n(In thousands of USD)
\n2023 2022
\nRealised exchange gains 351 2,967
\nUnrealised exchange gains 756 2,418
\nDividend income from non-consolidated companies 19 18
\nEquity securities measured at FVTPL 0 280
\nFair value gain on financial instruments -42 934
\nPremium refund 0 2,497
\nOther 289 410
\nOther finance income 1,373 9,525
\nRealised exchange losses -7,608 -6,324
\nUnrealised exchange losses -1,051 -1,236
\nAmortisation transaction costs 0 -7,504
\nBanking fees -389 -2,280
\nOther -4,467 -711
\nOther finance expenses -13,515 -18,055
\n
\n\n\n\nOther finance income decreases with USD 8.2 million and is mainly the result of (i) lower exchange gains compared
\nto 2022, when NOK bond was repaid with positive exchange result and (ii) a refund of USD 2.5 million credit
\ninsurance premiums in 2022, because of the early repayment of the Bank of China loan.
\nOther finance cost decreases with USD 4.5 million in comparison to 2022. The realized exchange losses of 2023
\ninclude USD 4.4 million loss on the settlement of EUR-USD short-term swaps (2022: USD 5.6 million).
\nThe amortisation of the transaction costs
\n2
\n decreased due to the accelerated recognition of the capitalized financing
\nfees on the Bank of China loan and Sequoia credit facility upon the early termination of these loan agreements (see
\nalso Note 26 Borrowings). Related to this, EXMAR paid in 2022 a cancellation fee to Sequoia of USD 1.0 million, which
\nprimarily explains the decrease in \u201cBanking fees\u201d. The Other finance expenses include USD 2.9 million loss following
\nthe remeasurement at FVTPL on December 31, 2023 of the shares in Vantage Drilling (see Note 20 Other investments).
\n1 The USD 3.3 million interest expense adjustment relates to the correction of an error regarding the accounting for sale & lease back transactions dating
\nback to 2019 for four pressurized vessels. We refer to the consolidated financial statements of 2022.
\n2 In 2022 the amortisation of transaction costs was impacted by the one-off accelerated recognition of the capitalized financing fees on the Bank of China
\nloan and Sequoia credit facility upon the early termination of these loan agreements and was presented in other finance expense. Since 2023 amortisations
\nare reported as interest expenses.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag407": {
"value": "\n
\n\n
\n\n
\n\nFor the period ended December 31,
\n(In thousands of USD)
\n2023 2022
\nInterest income on borrowings to equity accounted investees 1,217 1,929
\nInterest income on cash and cash equivalents 16,744 5,196
\nInterest income 17,961 7,125
\nInterest expenses on borrowings -10,537 -21,954
\nAmortisation transaction costs -402 0
\nInterest expenses -10,938 -21,954
\n
\n\n\n\n
\n\n\n\nThe interest income on borrowings to equity accounted investees relates to interests charged to the equity accounted
\ninvestees on the borrowings provided by EXMAR and decreased as a result of lower average outstanding balances.
\nWe refer in this respect also to Note 18 Borrowings to equity accounted investees.
\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag408": {
"value": "\n
\n\n
\n\nFor the period ended December 31,
\n(In thousands of USD)
\n2023 2022
\nInterest income on borrowings to equity accounted investees 1,217 1,929
\nInterest income on cash and cash equivalents 16,744 5,196
\nInterest income 17,961 7,125
\nInterest expenses on borrowings -10,537 -21,954
\nAmortisation transaction costs -402 0
\nInterest expenses -10,938 -21,954
\n
\n\n\n\n
\n\n\n\nThe interest income on borrowings to equity accounted investees relates to interests charged to the equity accounted
\ninvestees on the borrowings provided by EXMAR and decreased as a result of lower average outstanding balances.
\nWe refer in this respect also to Note 18 Borrowings to equity accounted investees.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag409": {
"value": "\n
\n\nFor the period ended December 31,
\n(In thousands of USD)
\n2023 2022
\nInterest income on borrowings to equity accounted investees 1,217 1,929
\nInterest income on cash and cash equivalents 16,744 5,196
\nInterest income 17,961 7,125
\nInterest expenses on borrowings -10,537 -21,954
\nAmortisation transaction costs -402 0
\nInterest expenses -10,938 -21,954
\n
\n\n\n\n
\n\n\n\n
\n\nInterest expenses relate to EXMAR\u2019s borrowings as disclosed in Note 26 Borrowings and the decrease of USD 11.4
\nmillion is the combined effect of (i) lower interest expenses in the Infrastructure segment due to the repayment of
\nthe NOK bond (USD 3.3 million) (ii) the effective interest correction in 2022 on the pressurized fleet following the
\nexercise of the early buy-out option (USD 5.5 million including USD 3.3 million adjustment of historic interest expenses
\n1
\n)
\n(Shipping segment), and (iii) lower margins and early repayment of the Bank Of China loan facility in August 2022
\nupon the sale of the shares of Export LNG Ltd (USD 2.3 million).
\n
\n\n\n\nFor the period ended December 31,
\n(In thousands of USD)
\n2023 2022
\nRealised exchange gains 351 2,967
\nUnrealised exchange gains 756 2,418
\nDividend income from non-consolidated companies 19 18
\nEquity securities measured at FVTPL 0 280
\nFair value gain on financial instruments -42 934
\nPremium refund 0 2,497
\nOther 289 410
\nOther finance income 1,373 9,525
\nRealised exchange losses -7,608 -6,324
\nUnrealised exchange losses -1,051 -1,236
\nAmortisation transaction costs 0 -7,504
\nBanking fees -389 -2,280
\nOther -4,467 -711
\nOther finance expenses -13,515 -18,055
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag410": {
"value": "\nFor the period ended December 31,
\n(In thousands of USD)
\n2023 2022
\nInterest income on borrowings to equity accounted investees 1,217 1,929
\nInterest income on cash and cash equivalents 16,744 5,196
\nInterest income 17,961 7,125
\nInterest expenses on borrowings -10,537 -21,954
\nAmortisation transaction costs -402 0
\nInterest expenses -10,938 -21,954
\n
\n\n\n\nInterest expenses relate to EXMAR\u2019s borrowings as disclosed in Note 26 Borrowings and the decrease of USD 11.4
\nmillion is the combined effect of (i) lower interest expenses in the Infrastructure segment due to the repayment of
\nthe NOK bond (USD 3.3 million) (ii) the effective interest correction in 2022 on the pressurized fleet following the
\nexercise of the early buy-out option (USD 5.5 million including USD 3.3 million adjustment of historic interest expenses
\n1
\n)
\n(Shipping segment), and (iii) lower margins and early repayment of the Bank Of China loan facility in August 2022
\nupon the sale of the shares of Export LNG Ltd (USD 2.3 million).
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag411": {
"value": "\nNote 12 - Income taxes
\n(In thousands of USD) 2023 2022
\nTaxes current period -7,675 -1,717
\nPrior year adjustments 111 -314
\nIncome taxes -7,563 -2,030
\nDeferred income taxes 3,415 958
\nIncome taxes -4,148 -1,072
\nRECONCILIATION
\nResult before income tax 76,156 321,419
\nTax at domestic tax rate -25.00% -19,039 -25.00% -80,355
\nTax impact on share of profit of equity accounted investees 8,235 8,001
\nIncrease/decrease resulting from:
\nEffects of tax rates in foreign jurisdictions 5,214 -3,807
\nNon-deductible expenses -415 -2,316
\nOther taxes -85 -79
\nCurrent year tax losses/ credits for which no deferred tax asset has been recognised 2,270 -112
\nUse of tax credits, tax losses carried forward,... for which no DTA was recognised
\nbefore
\n2,655 389
\nUnused tax losses under the Belgian tonnage tax regime -2,617 -1,472
\nTax exempt income -478 78,993
\nAdjustments in respect of prior years 111 -316
\nReconciliation of the effective tax rate (1) -5.4% -4,148 -0.3% -1,072
\n1.
\nThe effective tax rate calculated as tax expense over result before income tax corrected for the share of profit for equity method investees amounts to
\n9.4% (2022: 0.4%).
\nThe tax exempt income in 2022 related primarily to the gain on disposal of 100% of the shares of Export LNG.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag412": {
"value": "\n
\n\n
\nNote 13 - Vessels and barges
\n(In thousands of USD)
\nShipping Infrastructure
\nUnder
\nconstruction
\n- advance
\npayments
\nTotal
\nCost
\nBalance as per January 1, 2022 291,208 488,688 0 779,896
\nChanges during the financial year
\n Acquisitions 5,656 14,212 0 19,867
\n Increase through share deal 0 39,860 0 39,860
\n Disposals 0 -300,053 0 -300,053
\n Reclassification 34 -713 0 -679
\nBalance as per December 31, 2022 296,898 241,993 0 538,891
\nBalance as per January 1, 2023 (1) 276,542 241,993 0 518,535
\nChanges during the financial year
\n Acquisitions 1,368 2,850 0 4,218
\n Disposals 0 -7,714 0 -7,714
\n Early buy out option 4,532 0 0 4,532
\nBalance as per December 31, 2023 282,443 237,130 0 519,572
\n\nDepreciations and impairment losses
\nBalance as per January 1, 2022 45,322 86,139 0 131,461
\nChanges during the financial year
\n Depreciations 19,837 11,801 0 31,638
\n Impairments 0 -18,300 0 -18,300
\n Disposals 0 -43,874 0 -43,874
\nBalance as per December 31, 2022 65,159 35,766 0 100,925
\nBalance as per January 1, 2023 (1) 44,804 35,766 0 80,570
\nChanges during the financial year
\n Depreciations 20,357 10,231 0 30,588
\n Disposals 0 -7,332 0 -7,332
\nBalance as per December 31, 2023 65,160 38,665 0 103,826
\nNet book value
\nNet book value as per December 31, 2022 231,739 206,227 0 437,966
\nNet book value as per December 31, 2023 217,283 198,464 0 415,747
\n
\n\n\n\n1.
\nOpening balance has been restated by USD 20.4 million in both acquisition value and accumulated depreciations. This restatement relates to netting of
\nassets capitalized and fully depreciated as per December 31, 2022.
\nIn 2023 and 2022, the acquisitions relate to capitalized dry dock expenses for vessels in the Shipping and Infrastructure
\nsegments. The cost of vessels increased in 2023 as a result of the lifting of early buy out options for 3 pressurized
\nvessels.
\nIn 2022, EXMAR, Infrastructure segment, acquired the EXCALIBUR vessel through a share deal and disposed the
\nfloating liquefaction unit TANGO FLNG.
\nThe vessels are pledged as a security for the related underlying liabilities. We refer to Note 26 Borrowings for more
\ninformation in respect of these underlying liabilities.
\n
\n\n\n\n
\n\n\n\n
\n\n
\n\nImpairment
\nFor the wholly-owned fleet, internal and external triggers are evaluated which indicate that the carrying value
\nof the fleet should be tested for impairment. The carrying amount of the fleet is compared to the recoverable
\namount, which is the higher of the fair value less cost to sell and the value in use.
\nThe fair value less costs to sell is based upon the average fair market value as determined by two independent
\nship brokers or recent market transactions of comparable assets. This market value is corrected with an average
\nbrokerage commission to be paid when a vessel is sold. The value in use is based upon the estimated future cash
\nflows discounted to their present value and reflecting current market assessments relating to freight rate estimates,
\nemployment, and operating expenses. The value in use model also includes assumptions taken amongst others
\nwith respect to future hire paid, contract duration and number of months\u2019 interval between two contracts. The
\noperating cash flows are based on internal information and a sensitivity analysis is performed on each assumption.
\nThe discounted cash flow model used by management includes estimated cash flows for the remaining lifetime
\nof the wholly owned fleet. Three-year cash flow forecasts are estimated by management based upon the past
\nexperience as well as current market expectations regarding volumes and freight rates going forward. Freight rates
\nas well as operating expenses subsequent to this three-year period are expected to change in line with estimated
\ninflation afterwards. The discount rate used is a weighted average cost of capital of 7.6% for the Shipping LPG
\nsegment (2022: 7.6%), 9.0% for the Shipping LNG segment (2022: 9.5%) and 11.8% for the Infrastructure segment
\n(2022: 11.0%).
\nFor vessels under joint venture ownership, impairment triggers are evaluated in the same way as for the wholly-
\nowned fleet. We refer to Note 16 Investments in equity accounted investees in this respect.
\nIn 2023, EXMAR did not record a change in impairments. In 2022, an impairment charge of USD 18.3 million was
\nreversed for the FSRU EEMSHAVEN LNG, former FSRU S188, based on two independent broker reports.
\n
\n\n\n\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "exmar:DisclosureOfVesselsAndBargesExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag413": {
"value": "\n
\nNote 13 - Vessels and barges
\n(In thousands of USD)
\nShipping Infrastructure
\nUnder
\nconstruction
\n- advance
\npayments
\nTotal
\nCost
\nBalance as per January 1, 2022 291,208 488,688 0 779,896
\nChanges during the financial year
\n Acquisitions 5,656 14,212 0 19,867
\n Increase through share deal 0 39,860 0 39,860
\n Disposals 0 -300,053 0 -300,053
\n Reclassification 34 -713 0 -679
\nBalance as per December 31, 2022 296,898 241,993 0 538,891
\nBalance as per January 1, 2023 (1) 276,542 241,993 0 518,535
\nChanges during the financial year
\n Acquisitions 1,368 2,850 0 4,218
\n Disposals 0 -7,714 0 -7,714
\n Early buy out option 4,532 0 0 4,532
\nBalance as per December 31, 2023 282,443 237,130 0 519,572
\n\nDepreciations and impairment losses
\nBalance as per January 1, 2022 45,322 86,139 0 131,461
\nChanges during the financial year
\n Depreciations 19,837 11,801 0 31,638
\n Impairments 0 -18,300 0 -18,300
\n Disposals 0 -43,874 0 -43,874
\nBalance as per December 31, 2022 65,159 35,766 0 100,925
\nBalance as per January 1, 2023 (1) 44,804 35,766 0 80,570
\nChanges during the financial year
\n Depreciations 20,357 10,231 0 30,588
\n Disposals 0 -7,332 0 -7,332
\nBalance as per December 31, 2023 65,160 38,665 0 103,826
\nNet book value
\nNet book value as per December 31, 2022 231,739 206,227 0 437,966
\nNet book value as per December 31, 2023 217,283 198,464 0 415,747
\n
\n\n\n\n1.
\nOpening balance has been restated by USD 20.4 million in both acquisition value and accumulated depreciations. This restatement relates to netting of
\nassets capitalized and fully depreciated as per December 31, 2022.
\nIn 2023 and 2022, the acquisitions relate to capitalized dry dock expenses for vessels in the Shipping and Infrastructure
\nsegments. The cost of vessels increased in 2023 as a result of the lifting of early buy out options for 3 pressurized
\nvessels.
\nIn 2022, EXMAR, Infrastructure segment, acquired the EXCALIBUR vessel through a share deal and disposed the
\nfloating liquefaction unit TANGO FLNG.
\nThe vessels are pledged as a security for the related underlying liabilities. We refer to Note 26 Borrowings for more
\ninformation in respect of these underlying liabilities.
\n
\n\n\n\n
\n\nImpairment
\nFor the wholly-owned fleet, internal and external triggers are evaluated which indicate that the carrying value
\nof the fleet should be tested for impairment. The carrying amount of the fleet is compared to the recoverable
\namount, which is the higher of the fair value less cost to sell and the value in use.
\nThe fair value less costs to sell is based upon the average fair market value as determined by two independent
\nship brokers or recent market transactions of comparable assets. This market value is corrected with an average
\nbrokerage commission to be paid when a vessel is sold. The value in use is based upon the estimated future cash
\nflows discounted to their present value and reflecting current market assessments relating to freight rate estimates,
\nemployment, and operating expenses. The value in use model also includes assumptions taken amongst others
\nwith respect to future hire paid, contract duration and number of months\u2019 interval between two contracts. The
\noperating cash flows are based on internal information and a sensitivity analysis is performed on each assumption.
\nThe discounted cash flow model used by management includes estimated cash flows for the remaining lifetime
\nof the wholly owned fleet. Three-year cash flow forecasts are estimated by management based upon the past
\nexperience as well as current market expectations regarding volumes and freight rates going forward. Freight rates
\nas well as operating expenses subsequent to this three-year period are expected to change in line with estimated
\ninflation afterwards. The discount rate used is a weighted average cost of capital of 7.6% for the Shipping LPG
\nsegment (2022: 7.6%), 9.0% for the Shipping LNG segment (2022: 9.5%) and 11.8% for the Infrastructure segment
\n(2022: 11.0%).
\nFor vessels under joint venture ownership, impairment triggers are evaluated in the same way as for the wholly-
\nowned fleet. We refer to Note 16 Investments in equity accounted investees in this respect.
\nIn 2023, EXMAR did not record a change in impairments. In 2022, an impairment charge of USD 18.3 million was
\nreversed for the FSRU EEMSHAVEN LNG, former FSRU S188, based on two independent broker reports.
\n
\n\n\n\n
\n\n\n\n
\n\n
\nNote 14 - Other property, plant and equipment
\n(In thousands of USD)
\nLand and
\nbuildings
\nMachinery and
\nequipment
\nFurniture and
\nmovables
\nTotal
\nCost
\nBalance as per January 1, 2022 3,981 959 3,464 8,404
\nChanges during the financial year
\n Acquisitions 49 184 321 554
\n Increase through business combinations 7,206 5,815 48 13,069
\n Disposals 0 12 -369 -356
\n Exchange differences -156 50 -98 -203
\nBalance as per December 31, 2022 11,081 7,020 3,366 21,467
\nBalance as per January 1, 2023 (1) 11,081 7,020 3,366 21,467
\nChanges during the financial year
\n Acquisitions 339 1,466 536 2,340
\n Transfers 167 -192 -55 -79
\n Disposals -15 -351 -219 -584
\n Exchange differences 410 247 3 661
\nBalance as per December 31, 2023 11,982 8,190 3,632 23,804
\n\nDepreciations and impairment losses
\nBalance as per January 1, 2022 3,331 892 2,908 7,131
\nChanges during the financial year
\n Depreciations 64 170 214 448
\n Disposals 0 -14 -356 -370
\n Exchange differences -194 -21 -84 -298
\nBalance as per December 31, 2022 3,202 1,027 2,681 6,910
\nBalance as per January 1, 2023 (1) 3,202 1,027 2,681 6,910
\n Changes during the financial year
\n Depreciations 289 822 274 1,385
\n Disposals -15 -349 -205 -569
\n Exchange differences 124 94 -110 108
\nBalance as per December 31, 2023 3,600 1,594 2,640 7,834
\n
\nNet book value
\nNet book value as per December 31, 2022 7,879 5,993 684 14,556
\nNet book value as per December 31, 2023 8,383 6,596 992 15,970
\n
\n\n\n\nIn 2023 acquisitions count for USD 2.3 million and relate mainly to machinery and equipment. The increase in net
\nbook value during 2022 of USD 13 million mainly relates to the acquisition of Bexco NV as a 100% subsidiary.
\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag414": {
"value": "\nDepreciations and impairment losses
\nBalance as per January 1, 2022 45,322 86,139 0 131,461
\nChanges during the financial year
\n Depreciations 19,837 11,801 0 31,638
\n Impairments 0 -18,300 0 -18,300
\n Disposals 0 -43,874 0 -43,874
\nBalance as per December 31, 2022 65,159 35,766 0 100,925
\nBalance as per January 1, 2023 (1) 44,804 35,766 0 80,570
\nChanges during the financial year
\n Depreciations 20,357 10,231 0 30,588
\n Disposals 0 -7,332 0 -7,332
\nBalance as per December 31, 2023 65,160 38,665 0 103,826
\nNet book value
\nNet book value as per December 31, 2022 231,739 206,227 0 437,966
\nNet book value as per December 31, 2023 217,283 198,464 0 415,747
\n
\n\n\n\nDepreciations and impairment losses
\nBalance as per January 1, 2022 3,331 892 2,908 7,131
\nChanges during the financial year
\n Depreciations 64 170 214 448
\n Disposals 0 -14 -356 -370
\n Exchange differences -194 -21 -84 -298
\nBalance as per December 31, 2022 3,202 1,027 2,681 6,910
\nBalance as per January 1, 2023 (1) 3,202 1,027 2,681 6,910
\n Changes during the financial year
\n Depreciations 289 822 274 1,385
\n Disposals -15 -349 -205 -569
\n Exchange differences 124 94 -110 108
\nBalance as per December 31, 2023 3,600 1,594 2,640 7,834
\n
\nNet book value
\nNet book value as per December 31, 2022 7,879 5,993 684 14,556
\nNet book value as per December 31, 2023 8,383 6,596 992 15,970
\n
\n\n\n\nDEPRECIATIONS AND IMPAIRMENT LOSSES
\nBalance as per January 1, 2022 2,848 273 3,121
\nChanges during the financial year
\n Depreciations 1,294 194 1,489
\n Terminations -241 -71 -312
\n Exchange differences -43 -13 -56
\nBalance as per December 31, 2022 3,858 384 4,242
\nBalance as per January 1, 2023 3,858 384 4,242
\nChanges during the financial year
\n Depreciations 1,599 234 1,833
\n Terminations -193 -317 -510
\n Exchange differences -203 10 -193
\nBalance as per December 31, 2023 5,062 310 5,373
\nNET BOOK VALUE
\nNet book value as per December 31, 2022 10,143 768 10,910
\nNet book value as per December 31, 2023 9,152 510 9,661
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag415": {
"value": "\nImpairment
\nFor the wholly-owned fleet, internal and external triggers are evaluated which indicate that the carrying value
\nof the fleet should be tested for impairment. The carrying amount of the fleet is compared to the recoverable
\namount, which is the higher of the fair value less cost to sell and the value in use.
\nThe fair value less costs to sell is based upon the average fair market value as determined by two independent
\nship brokers or recent market transactions of comparable assets. This market value is corrected with an average
\nbrokerage commission to be paid when a vessel is sold. The value in use is based upon the estimated future cash
\nflows discounted to their present value and reflecting current market assessments relating to freight rate estimates,
\nemployment, and operating expenses. The value in use model also includes assumptions taken amongst others
\nwith respect to future hire paid, contract duration and number of months\u2019 interval between two contracts. The
\noperating cash flows are based on internal information and a sensitivity analysis is performed on each assumption.
\nThe discounted cash flow model used by management includes estimated cash flows for the remaining lifetime
\nof the wholly owned fleet. Three-year cash flow forecasts are estimated by management based upon the past
\nexperience as well as current market expectations regarding volumes and freight rates going forward. Freight rates
\nas well as operating expenses subsequent to this three-year period are expected to change in line with estimated
\ninflation afterwards. The discount rate used is a weighted average cost of capital of 7.6% for the Shipping LPG
\nsegment (2022: 7.6%), 9.0% for the Shipping LNG segment (2022: 9.5%) and 11.8% for the Infrastructure segment
\n(2022: 11.0%).
\nFor vessels under joint venture ownership, impairment triggers are evaluated in the same way as for the wholly-
\nowned fleet. We refer to Note 16 Investments in equity accounted investees in this respect.
\nIn 2023, EXMAR did not record a change in impairments. In 2022, an impairment charge of USD 18.3 million was
\nreversed for the FSRU EEMSHAVEN LNG, former FSRU S188, based on two independent broker reports.
\n
\n\n\n\n
\n(In thousands of USD)
\nProperty IT equipment Total
\nCOST
\nBalance as per January 1, 2022 8,675 446 9,121
\nChanges during the financial year
\n Additions -25 791 766
\n Increase through business combinations 5,609 0 5,609
\n Terminations -241 -71 -312
\n Exchange differences -178 -15 -194
\n Contract re-measurement/contract modification 162 -1 161
\nBalance as per December 31, 2022 14,002 1,151 15,152
\nBalance as per January 1, 2023 14,002 1,151 15,152
\nChanges during the financial year
\n Additions 854 0 854
\n Increase through business combinations -198 0 -198
\n Terminations -670 -317 -987
\n Exchange differences 312 0 312
\n Contract re-measurement/contract modification -86 -14 -100
\nBalance as per December 31, 2023 14,214 821 15,033
\n\nDEPRECIATIONS AND IMPAIRMENT LOSSES
\nBalance as per January 1, 2022 2,848 273 3,121
\nChanges during the financial year
\n Depreciations 1,294 194 1,489
\n Terminations -241 -71 -312
\n Exchange differences -43 -13 -56
\nBalance as per December 31, 2022 3,858 384 4,242
\nBalance as per January 1, 2023 3,858 384 4,242
\nChanges during the financial year
\n Depreciations 1,599 234 1,833
\n Terminations -193 -317 -510
\n Exchange differences -203 10 -193
\nBalance as per December 31, 2023 5,062 310 5,373
\nNET BOOK VALUE
\nNet book value as per December 31, 2022 10,143 768 10,910
\nNet book value as per December 31, 2023 9,152 510 9,661
\n
\n\n\n\n
\n\n\n\n
\n\nImpairment losses
\nAs past due outstanding receivable balances are immaterial, no ageing analysis is disclosed.
\nAt year-end 2022, we recorded impairment charges for borrowings to and trade receivable balances from equity
\naccounted investees for a total amount of USD 11.4 million. The impairment for borrowings to and trade receivable
\nbalances from equity accounted investees was partially reversed at year-end 2023 and amounts to USD 6.7 million.
\nImpairment charges on other (non-trade) third party receivable balances increased by USD 1.9 million to USD 3.9 million.
\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag416": {
"value": "\n
\nNote 14 - Other property, plant and equipment
\n(In thousands of USD)
\nLand and
\nbuildings
\nMachinery and
\nequipment
\nFurniture and
\nmovables
\nTotal
\nCost
\nBalance as per January 1, 2022 3,981 959 3,464 8,404
\nChanges during the financial year
\n Acquisitions 49 184 321 554
\n Increase through business combinations 7,206 5,815 48 13,069
\n Disposals 0 12 -369 -356
\n Exchange differences -156 50 -98 -203
\nBalance as per December 31, 2022 11,081 7,020 3,366 21,467
\nBalance as per January 1, 2023 (1) 11,081 7,020 3,366 21,467
\nChanges during the financial year
\n Acquisitions 339 1,466 536 2,340
\n Transfers 167 -192 -55 -79
\n Disposals -15 -351 -219 -584
\n Exchange differences 410 247 3 661
\nBalance as per December 31, 2023 11,982 8,190 3,632 23,804
\n\nDepreciations and impairment losses
\nBalance as per January 1, 2022 3,331 892 2,908 7,131
\nChanges during the financial year
\n Depreciations 64 170 214 448
\n Disposals 0 -14 -356 -370
\n Exchange differences -194 -21 -84 -298
\nBalance as per December 31, 2022 3,202 1,027 2,681 6,910
\nBalance as per January 1, 2023 (1) 3,202 1,027 2,681 6,910
\n Changes during the financial year
\n Depreciations 289 822 274 1,385
\n Disposals -15 -349 -205 -569
\n Exchange differences 124 94 -110 108
\nBalance as per December 31, 2023 3,600 1,594 2,640 7,834
\n
\nNet book value
\nNet book value as per December 31, 2022 7,879 5,993 684 14,556
\nNet book value as per December 31, 2023 8,383 6,596 992 15,970
\n
\n\n\n\nIn 2023 acquisitions count for USD 2.3 million and relate mainly to machinery and equipment. The increase in net
\nbook value during 2022 of USD 13 million mainly relates to the acquisition of Bexco NV as a 100% subsidiary.
\n
\n\n\n",
"dimensions": {
"concept": "exmar:DisclosureOfOtherPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag417": {
"value": "\n
\nNote 15 - Right -of- use assets
\nThe Group has initially applied IFRS 16 from January 1, 2019. IFRS 16 introduced a single, on-balance sheet accounting
\nmodel for lessees. As a result, the Group, as a lessee, has recognised right-of-use assets representing its rights to
\nuse the underlying assets and lease liabilities representing its obligation to make lease payments (we refer to Note
\n26 Borrowings in respect of right-of-use lease liabilities).
\n\n
\n(In thousands of USD)
\nProperty IT equipment Total
\nCOST
\nBalance as per January 1, 2022 8,675 446 9,121
\nChanges during the financial year
\n Additions -25 791 766
\n Increase through business combinations 5,609 0 5,609
\n Terminations -241 -71 -312
\n Exchange differences -178 -15 -194
\n Contract re-measurement/contract modification 162 -1 161
\nBalance as per December 31, 2022 14,002 1,151 15,152
\nBalance as per January 1, 2023 14,002 1,151 15,152
\nChanges during the financial year
\n Additions 854 0 854
\n Increase through business combinations -198 0 -198
\n Terminations -670 -317 -987
\n Exchange differences 312 0 312
\n Contract re-measurement/contract modification -86 -14 -100
\nBalance as per December 31, 2023 14,214 821 15,033
\n\nDEPRECIATIONS AND IMPAIRMENT LOSSES
\nBalance as per January 1, 2022 2,848 273 3,121
\nChanges during the financial year
\n Depreciations 1,294 194 1,489
\n Terminations -241 -71 -312
\n Exchange differences -43 -13 -56
\nBalance as per December 31, 2022 3,858 384 4,242
\nBalance as per January 1, 2023 3,858 384 4,242
\nChanges during the financial year
\n Depreciations 1,599 234 1,833
\n Terminations -193 -317 -510
\n Exchange differences -203 10 -193
\nBalance as per December 31, 2023 5,062 310 5,373
\nNET BOOK VALUE
\nNet book value as per December 31, 2022 10,143 768 10,910
\nNet book value as per December 31, 2023 9,152 510 9,661
\n
\n\n\n\n
\n\n\n\nThe decrease in the net book value of the right-of-use assets by USD 1.3 million in 2023 is primarily due to
\ndepreciations of the year.
\n
\n\n\n\nNote 31 \u2013 Leases
\nLeases as a lessee
\nThe Group leases properties, motor vehicles and IT equipment.
\n(In thousands of USD)
\nRIGHT-OF-USE ASSETS Property IT equipment Total
\nBalance as per December 31, 2022 10,143 768 10,910
\nBalance as per December 31, 2023 9,152 510 9,661
\nFor the full roll forward schedule in respect of the right-of-use assets including the depreciation charge for the
\nyear, we refer to Note 15 Right-of-use assets of this annual report.
\nThe Group has several lease contracts that include extension or termination options. These options are negotiated
\nby management to provide flexibility in managing its lease portfolio. Judgement is applied in determining whether
\nthese extension and options are reasonably certain to be exercised (see Note 1 Accounting policies).
\nFor the maturity analysis in respect of related lease liabilities, we refer to Note 30 Financial risks and financial
\ninstruments.
\nAmounts recognised in profit or loss
\n(In thousands of USD)
\nLEASES UNDER IFRS 16 2023 2022
\nInterest on lease liability 238 266
\nExpenses related to short-term leases and low value assets 468 499
\n
\n\n\nLeases as a lessor
\nThe Group entered into long-term time charter agreements for certain assets in its fleet. In respect of lease
\nclassification, it was judged that substantially all risks and rewards remain with the Group. As a consequence, these
\nagreements qualify as operating leases.
\nRental income recognised by the Group during 2023 was USD 108.9 million (2022: USD 65.1 million).
\nThe following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be
\nreceived after the reporting date. No variable lease payments are included. The decrease in total lease payments
\n(at the subsidiaries) compared to 2022 is mainly the result of:
\n\u2022 Lease contracts of VLGC and EEMSHAVEN coming closer to maturity: decrease by USD 60 million
\n\u2022 New contracts midsize: increase by USD 29 million
\n\u2022
\nAn extra year included for the ten-year charter agreement for the EXCALIBUR FSU with Eni is an increase of
\nUSD 24 million.
\nThe operating lease amounts below for the equity accounted investees are limited to EXMAR\u2019s share in the expected
\noperating lease payments.
\n(In thousands of USD) 2023 2022
\nLess than one year 81,029 80,662
\nOne to two years 65,421 62,765
\nTwo to three years 57,407 62,646
\nThree to four years 36,714 55,187
\nFour to five years 22,075 32,850
\nMore than five years 109,500 85,045
\nTotal operating leases under IFRS 16 (Subsidiaries)
\n
\nAs of December 31
\n372,147 379,155
\nLess than one year 77,283 72,472
\nOne to two years 20,524 28,349
\nTwo to three years 5,432 16,101
\nThree to four years 1,806 5,432
\nFour to five years 0 1,806
\nMore than five years 0 0
\nTotal operating leases under IFRS 16 (equity accounted investees)
\n
\nAs of December 31
\n105,045 124,160
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag418": {
"value": "\nNote 16 \u2013 Investments in equity accounted investees
\nThe change in investments in equity accounted investees can be detailed as follows:
\n(In thousands of USD) 2023 2022
\nBalance as per January 1 107,082 86,760
\nChanges during the period:
\n Share in profit/(loss) 32,136 32,007
\n Increase (Decrease) through business combinations and other share deals 154 -11,552
\n Dividends -1,772 -2,079
\n Exchange differences -59 -305
\n Changes in other comprehensive income equity accounted investees -2,155 2,249
\n Other 2 2
\nBalance as per December 31 135,388 107,082
\nThe share in the profit of equity accounted investees of USD 32.2 million in 2023 is primarily due to the contribution
\nof the SEAPEAK LPG joint ventures, and is in line with 2022 (USD 32.0 million)
\nIn 2023 EXMAR sold 26.7% of its investment in Ecos Srl, an Italian based Ship management Company. As a result of
\nthe transaction EXMAR reduced its share in the company from 60% to 33.3% and reports Ecos Srl, as from December
\n31, 2023, as an equity accounted investee.
\nDuring 2022, EXMAR acquired the remaining shares of Bexco NV and Solaia Shipping LLC of respectively 55.1%
\nand 50.0%. Consequently, these entities are no longer equity accounted investees and are fully consolidated since
\nthe date of obtaining control.
\nEXMAR has provided guarantees to financial institutions that granted credit facilities to its equity accounted investees.
\nAs of December 31, 2023 an amount of USD 475.2 million (December 2022: USD 541.6 million) was outstanding
\nunder such loan agreements, of which EXMAR has guaranteed USD 237.6 million (2022: USD 270.8 million). EXMAR
\ndid not incur material contingent liabilities versus its equity accounted investees. No other commitments than the
\naforementioned guarantees are provided by EXMAR to its equity accounted investees.
\nFollowing regulatory requirements or borrowing arrangements, our joint ventures or associates may be restricted
\nto make cash distributions such as dividend payments or repayments of shareholder loans. Under the borrowing
\narrangements our joint ventures or associates may only make a distribution if no event of default or no breach of
\nany covenant would result from such distribution. Under corporate law, dividend distributions are restricted if the
\nnet assets would be less than the amount of paid up capital plus any reserves that cannot be distributed.
\nFor the fleet under joint-venture ownership, impairment triggers are evaluated in the same way as for the wholly-
\nowned fleet. We refer to Note 13 Vessels and barges for more information in this respect. There were no changes
\nof impairment losses on the vessels recorded in the profit of the equity accounted investees.
\n
\n\n\n\n
\n\nNote 17 - Financial information equity accounted investees
\nEXMAR has no liabilities towards its equity accounted investees and has the following assets:
\n(In thousands of USD) 2023 2022
\nInvestments in equity accounted investees:
\n Joint ventures 134,776 106,625
\n Associates 612 457
\nBorrowings to equity accounted investees:
\n Long-term - Gross 2,047 1,051
\n Long-term - Impairment -2,047 -1,051
\n Short-term (or current portion of long-term) - Gross 11,597 10,398
\n Short-term (or current portion of long-term) - Impairment 0 -3,398
\nTrade and other receivables (see also Note 34 Related parties)
\n Gross balance 12,858 10,977
\n Impairment -4,607 -6,903
\nTotal 155,236 118,157
\nThe investments at year-end 2023 can be detailed as follows:
\nJoint ventures Segment JV partner Description activities
\nEstrela Ltd Infrastructure ASS Owner of the accommodation barge NUNCE
\nEXMAR Gas Shipping Ltd Shipping SEAPEAK
\nPreviously owner of the midsize vessel TOURAINE-inactive
\ncompany
\nEXMAR LPG BV Shipping SEAPEAK Holding company for EXMAR-Seapeak activities
\nEXMAR Shipping BV Shipping SEAPEAK
\nOwner of 17 midsize carriers and 1 VLGC, of which five
\ncarriers under finance lease
\nGood Investment Ltd Shipping SEAPEAK
\nPreviously time-charter agreement of the VLGC BW TOKYO,
\ninactive since 2023
\nMonteriggioni Inc Shipping MOL
\nOwner of the LNG carrier EXCEL which was sold during
\n2017 - inactive company
\nAssociates Segment Ownership% Description activities
\nEcos Srl Supporting
\nservices
\n33.30% Ship Management and operational services
\nMarpos NV
\nSupporting
\nservices
\n45.00% Provides waste solutions for maritime industry
\nElectra Offshore Ltd Infrastructure 40.00% Owner of the accommodation barge WARIBOKO
\nExview Hong Kong Ltd Infrastructure 40.00% Bareboat owner of the accommodation barge WARIBOKO
\nSpringmarine Nigeria Ltd Infrastructure 40.00%
\nTime-charter agreement for the accommodation barge
\nWARIBOKO
\nDuring 2023, the Group lost control of Ecos Srl following the sale of shares reducing its share in the share capital
\nof the company to 33.3% and this entity is since December 31, 2023 equity accounted.
\nIn 2023, the Group reversed partially the impairment of the trade and other receivables on its equity accounted
\ninvestees, Exview Hong Kong Ltd and Electra Offshore Ltd.
\n
\n\n\n\n
\n\n\n\n
\n\n(In thousands of USD) Joint ventures Associates
\nJV partner Seapeak MOL ASS
\nOwnership percentage 50% 50% 50% 33% 45% 40%
\nEntity
\nTotal
\nSeapeak
\nMonte-
\nriggioni
\nEstrela Ltd ECOS Marpos
\nTotal
\nWariboko
\ncompanies
\nTOTAL
\nNon current assets 611,355 0 9,543 157 405 1,392 622,852
\nCurrent assets 123,626 4,881 6,835 4,961 1,269 15,318 156,890
\n of which cash and cash equivalents 106,993 4,881 6,821 2,036 841 1,446 123,019
\nNon current liabilities 392,404 4,794 0 152 0 13,070 410,420
\n of which bank borrowings 342,907 0 0 0 0 0 342,907
\n of which finance leases 43,985 0 0 152 0 0 44,137
\n of which other borrowings 0 0 0 0 0 4,715 4,715
\nCurrent liabilities 94,708 48 2,132 4,722 500 29,650 131,761
\n of which bank borrowings 32,378 0 0 0 0 0 32,378
\n of which finance leases 36,707 0 0 7 0 0 36,714
\n of which other borrowings 0 0 0 0 0 9,848 9,848
\n0 0
\nRevenue 182,109 0 10,225 0 2,479 0 194,813
\nDepreciation and amortization 54,782 0 1,867 0 77 1,587 58,313
\nImpairment (reversal) 0 0 0 0 0 -2,230 -2,230
\nInterest income 9,334 158 0 0 0 0 9,492
\nInterest expense 35,993 0 0 0 6 1,198 37,197
\nIncome tax expense 525 0 0 0 156 0 681
\nProfit or (loss) from continuing
\noperations
\n62,069 62 1,743 0 442 -9,539 54,777
\nOther comprehensive income -4,310 0 0 0 0 0 -4,310
\nTotal comprehensive income 57,759 62 1,743 0 442 -9,539 50,467
\n0
\nNet assets (100%) 255,269 39 14,246 244 1,174 -17,656 253,316
\nEXMAR share in net assets 127,635 20 7,123 81 528 -7,062 128,324
\nShare in net assets of equity
\naccounted investees on January 1,
\n2023
\n98,751 -8 7,882 0 457 -1,961 105,121
\nShare in total comprehensive income 28,880 31 872 0 199 0 29,981
\nIncrease (Decrease) through business
\ncombinations and other share deals
\n0 0 0 154 0 0 154
\nDividends 0 0 -1,630 0 -142 0 -1,772
\nForeign currency translation differences 0 0 0 -73 14 0 -59
\nOther 3 -4 0 3 0 2
\nShare in net assets of equity
\naccounted investees
\n
\non December 31, 2023
\n127,634 19 7,123 84 528 -1,961 133,427
\n Netting negative equity and
\nimpairment
\n0 0 0 0 0 1,961 1,961
\nShare in net assets of equity
\naccounted investees on December 31,
\n2023, after netting negative equity
\n127,634 19 7,123 84 528 0 135,388
\n
\n\n\n\n
\n\n\n\n
\n\n(In thousands of USD) Joint ventures Associates
\nJV partner Seapeak MOL Seapeak ASS
\nOwnership percentage 50% 50% 50% 50% 45% 45% 40%
\nEntity
\nTotal
\nSeapeak
\nMonte-
\nriggioni
\nSolaia
\n
\nShipping
\nEstrela
\nLtd
\nBEXCO Marpos
\nTotal
\nWariboko
\ncompanies
\nTOTAL
\nMONTER SOLAIALLC ESTR BEXCO Marp
\nNon current assets 613,933 0 0 11,410 0 404 2,675 628,422
\nCurrent assets 48,672 4,725 0 4,962 0 1,207 14,852 74,418
\n of which cash and cash equivalents 37,665 4,725 0 4,932 0 657 57 48,036
\nNon current liabilities 355,773 4,693 0 0 0 0 8,445 368,911
\n of which bank borrowings 340,515 0 0 0 0 0 0 340,515
\n of which finance leases 2,958 0 0 0 0 0 0 2,958
\n of which other borrowings 0 0 0 0 0 0 2,225 2,225
\nCurrent liabilities 161,607 56 0 609 0 595 28,794 191,661
\n of which bank borrowings 4,033 0 0 0 0 0 0 4,033
\n of which finance leases 103,249 0 0 0 0 0 0 103,249
\n of which other borrowings 0 0 0 0 0 0 14,190 14,190
\n0 0
\nRevenue 172,129 0 0 10,220 17,471 2,254 0 202,074
\nDepreciation and amortization 52,754 0 2,941 1,751 661 71 1,933 60,111
\nImpairment (reversal) -7,950 0 -10,000 0 17 0 482 -17,451
\nInterest income 1,034 34 19 0 0 0 0 1,087
\nInterest expense 22,515 0 581 0 100 7 1,198 24,401
\nIncome tax expense 12 0 0 0 2 145 0 159
\nProfit or (loss) from continuing
\noperations
\n62,978 -4 -1,126 1,626 187 413 -9,853 54,221
\nOther comprehensive income 4,498 0 0 0 0 0 4,498
\nTotal comprehensive income 67,476 -4 -1,126 1,626 187 413 -9,853 58,719
\n0
\nNet assets (100%) 197,525 -24 0 15,763 0 1,016 -13,492 200,788
\nEXMAR share in net assets 98,763 -12 0 7,882 0 457 -5,397 101,692
\nShare in net assets of equity
\naccounted investees on January
\n1, 2022
\n65,025 -10 7,736 8,650 4,930 439 -1,961 84,809
\nShare in total comprehensive income 33,738 -2 -563 813 84 186 0 34,256
\nDecrease through business
\ncombinations
\n0 0 -7,173 0 -4,379 0 0 -11,552
\nDividends 0 0 0 -1,581 -337 -161 0 -2,079
\nForeign currency translation
\ndifferences
\n0 0 0 0 -298 -7 0 -305
\nOther 0 4 0 0 0 0 0 4
\nShare in net assets of equity
\naccounted investees
\n
\non December 31, 2022
\n98,763 -8 0 7,882 0 457 -1,961 105,133
\n Netting negative equity and
\nimpairment
\n0 0 0 0 0 0 1,961 1,961
\nShare in net assets of equity
\naccounted investees on December
\n31, 2022, after netting negative
\nequity
\n98,751 -8 0 7,882 0 457 0 107,082
\n
\n\n\n\n
\n\n\n\n
\n\nNote 18 - Borrowings to equity accounted investees
\n(In thousands of USD) Shipping Infrastructure
\nSupporting
\nservices
\nTotal
\nAs per January 1, 2022 32,260 7,907 0 40,167
\nNew loans and borrowings 20,000 21,085 0 41,085
\nElimination after share deal \u00b9 0 -20,195 0 -20,195
\nAccrued interest 0 2,491 0 2,491
\nRepayments -52,260 0 0 -52,260
\nWrite-off 0 -4,288 0 -4,288
\nAs per December 31, 2022 0 7,000 0 7,000
\nMore than 1 year - Note 17 0 0 0 0
\nLess than 1 year - Note 17 0 7,000 0 7,000
\nAs per January 1, 2023 0 7,000 0 7,000
\nNew loans and borrowings 0 996 0 996
\nAccrued interest 0 1,198 0 1,198
\nImpairment (reversal) 0 2,402 0 2,402
\nForeign currency translation differences 0 1 0 1
\nAs per December 31, 2023 0 11,597 0 11,597
\nMore than 1 year - Note 17 0 0 0 0
\nLess than 1 year - Note 17 0 11,597 0 11,597
\n1.
\nDuring 2022, EXMAR granted a new loan to Solaia Shipping LLC, which at that time was still an equity accounted investee. Upon obtaining 100% of the
\nshares and control of this entity, this intra group loan is eliminated.
\nThe activities and assets of certain of our equity accounted investees are financed through shareholder borrowings
\nmade by the Company to the respective equity accounted investees. Such borrowings granted are in substance
\npart of the net investment in an associate or joint venture and any expected credit losses are accounted for before
\nallocating negative net assets. During 2023, EXMAR reversed impairment losses for USD 2.4 million and did not
\nallocate any negative net assets.
\nElectra Offshore Ltd (Infrastructure segment) USD 11.6 million (2022: USD 7.0 million)
\nEXMAR Netherlands BV has granted a loan to Electra Offshore Ltd in 2016. The loan is repaid based on availability of
\ncash and accumulates interest. The interest rate applicable on the loan is a fixed percentage of 12.0%. During 2023,
\nthe accrued interests were added to the outstanding loan balance and collectability was re-assessed. The balance
\nhas been adjusted to its expected recoverable amount, which is the fair value of the pledge on the underlying asset.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag420": {
"value": "\n
\n\n
\n\nNote 17 - Financial information equity accounted investees
\nEXMAR has no liabilities towards its equity accounted investees and has the following assets:
\n(In thousands of USD) 2023 2022
\nInvestments in equity accounted investees:
\n Joint ventures 134,776 106,625
\n Associates 612 457
\nBorrowings to equity accounted investees:
\n Long-term - Gross 2,047 1,051
\n Long-term - Impairment -2,047 -1,051
\n Short-term (or current portion of long-term) - Gross 11,597 10,398
\n Short-term (or current portion of long-term) - Impairment 0 -3,398
\nTrade and other receivables (see also Note 34 Related parties)
\n Gross balance 12,858 10,977
\n Impairment -4,607 -6,903
\nTotal 155,236 118,157
\nThe investments at year-end 2023 can be detailed as follows:
\nJoint ventures Segment JV partner Description activities
\nEstrela Ltd Infrastructure ASS Owner of the accommodation barge NUNCE
\nEXMAR Gas Shipping Ltd Shipping SEAPEAK
\nPreviously owner of the midsize vessel TOURAINE-inactive
\ncompany
\nEXMAR LPG BV Shipping SEAPEAK Holding company for EXMAR-Seapeak activities
\nEXMAR Shipping BV Shipping SEAPEAK
\nOwner of 17 midsize carriers and 1 VLGC, of which five
\ncarriers under finance lease
\nGood Investment Ltd Shipping SEAPEAK
\nPreviously time-charter agreement of the VLGC BW TOKYO,
\ninactive since 2023
\nMonteriggioni Inc Shipping MOL
\nOwner of the LNG carrier EXCEL which was sold during
\n2017 - inactive company
\nAssociates Segment Ownership% Description activities
\nEcos Srl Supporting
\nservices
\n33.30% Ship Management and operational services
\nMarpos NV
\nSupporting
\nservices
\n45.00% Provides waste solutions for maritime industry
\nElectra Offshore Ltd Infrastructure 40.00% Owner of the accommodation barge WARIBOKO
\nExview Hong Kong Ltd Infrastructure 40.00% Bareboat owner of the accommodation barge WARIBOKO
\nSpringmarine Nigeria Ltd Infrastructure 40.00%
\nTime-charter agreement for the accommodation barge
\nWARIBOKO
\nDuring 2023, the Group lost control of Ecos Srl following the sale of shares reducing its share in the share capital
\nof the company to 33.3% and this entity is since December 31, 2023 equity accounted.
\nIn 2023, the Group reversed partially the impairment of the trade and other receivables on its equity accounted
\ninvestees, Exview Hong Kong Ltd and Electra Offshore Ltd.
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n
\n\n(In thousands of USD) Joint ventures Associates
\nJV partner Seapeak MOL ASS
\nOwnership percentage 50% 50% 50% 33% 45% 40%
\nEntity
\nTotal
\nSeapeak
\nMonte-
\nriggioni
\nEstrela Ltd ECOS Marpos
\nTotal
\nWariboko
\ncompanies
\nTOTAL
\nNon current assets 611,355 0 9,543 157 405 1,392 622,852
\nCurrent assets 123,626 4,881 6,835 4,961 1,269 15,318 156,890
\n of which cash and cash equivalents 106,993 4,881 6,821 2,036 841 1,446 123,019
\nNon current liabilities 392,404 4,794 0 152 0 13,070 410,420
\n of which bank borrowings 342,907 0 0 0 0 0 342,907
\n of which finance leases 43,985 0 0 152 0 0 44,137
\n of which other borrowings 0 0 0 0 0 4,715 4,715
\nCurrent liabilities 94,708 48 2,132 4,722 500 29,650 131,761
\n of which bank borrowings 32,378 0 0 0 0 0 32,378
\n of which finance leases 36,707 0 0 7 0 0 36,714
\n of which other borrowings 0 0 0 0 0 9,848 9,848
\n0 0
\nRevenue 182,109 0 10,225 0 2,479 0 194,813
\nDepreciation and amortization 54,782 0 1,867 0 77 1,587 58,313
\nImpairment (reversal) 0 0 0 0 0 -2,230 -2,230
\nInterest income 9,334 158 0 0 0 0 9,492
\nInterest expense 35,993 0 0 0 6 1,198 37,197
\nIncome tax expense 525 0 0 0 156 0 681
\nProfit or (loss) from continuing
\noperations
\n62,069 62 1,743 0 442 -9,539 54,777
\nOther comprehensive income -4,310 0 0 0 0 0 -4,310
\nTotal comprehensive income 57,759 62 1,743 0 442 -9,539 50,467
\n0
\nNet assets (100%) 255,269 39 14,246 244 1,174 -17,656 253,316
\nEXMAR share in net assets 127,635 20 7,123 81 528 -7,062 128,324
\nShare in net assets of equity
\naccounted investees on January 1,
\n2023
\n98,751 -8 7,882 0 457 -1,961 105,121
\nShare in total comprehensive income 28,880 31 872 0 199 0 29,981
\nIncrease (Decrease) through business
\ncombinations and other share deals
\n0 0 0 154 0 0 154
\nDividends 0 0 -1,630 0 -142 0 -1,772
\nForeign currency translation differences 0 0 0 -73 14 0 -59
\nOther 3 -4 0 3 0 2
\nShare in net assets of equity
\naccounted investees
\n
\non December 31, 2023
\n127,634 19 7,123 84 528 -1,961 133,427
\n Netting negative equity and
\nimpairment
\n0 0 0 0 0 1,961 1,961
\nShare in net assets of equity
\naccounted investees on December 31,
\n2023, after netting negative equity
\n127,634 19 7,123 84 528 0 135,388
\n
\n\n\n\n
\n\n\n\n
\n\n\n\n
\n\n
\n\n(In thousands of USD) Joint ventures Associates
\nJV partner Seapeak MOL Seapeak ASS
\nOwnership percentage 50% 50% 50% 50% 45% 45% 40%
\nEntity
\nTotal
\nSeapeak
\nMonte-
\nriggioni
\nSolaia
\n
\nShipping
\nEstrela
\nLtd
\nBEXCO Marpos
\nTotal
\nWariboko
\ncompanies
\nTOTAL
\nMONTER SOLAIALLC ESTR BEXCO Marp
\nNon current assets 613,933 0 0 11,410 0 404 2,675 628,422
\nCurrent assets 48,672 4,725 0 4,962 0 1,207 14,852 74,418
\n of which cash and cash equivalents 37,665 4,725 0 4,932 0 657 57 48,036
\nNon current liabilities 355,773 4,693 0 0 0 0 8,445 368,911
\n of which bank borrowings 340,515 0 0 0 0 0 0 340,515
\n of which finance leases 2,958 0 0 0 0 0 0 2,958
\n of which other borrowings 0 0 0 0 0 0 2,225 2,225
\nCurrent liabilities 161,607 56 0 609 0 595 28,794 191,661
\n of which bank borrowings 4,033 0 0 0 0 0 0 4,033
\n of which finance leases 103,249 0 0 0 0 0 0 103,249
\n of which other borrowings 0 0 0 0 0 0 14,190 14,190
\n0 0
\nRevenue 172,129 0 0 10,220 17,471 2,254 0 202,074
\nDepreciation and amortization 52,754 0 2,941 1,751 661 71 1,933 60,111
\nImpairment (reversal) -7,950 0 -10,000 0 17 0 482 -17,451
\nInterest income 1,034 34 19 0 0 0 0 1,087
\nInterest expense 22,515 0 581 0 100 7 1,198 24,401
\nIncome tax expense 12 0 0 0 2 145 0 159
\nProfit or (loss) from continuing
\noperations
\n62,978 -4 -1,126 1,626 187 413 -9,853 54,221
\nOther comprehensive income 4,498 0 0 0 0 0 4,498
\nTotal comprehensive income 67,476 -4 -1,126 1,626 187 413 -9,853 58,719
\n0
\nNet assets (100%) 197,525 -24 0 15,763 0 1,016 -13,492 200,788
\nEXMAR share in net assets 98,763 -12 0 7,882 0 457 -5,397 101,692
\nShare in net assets of equity
\naccounted investees on January
\n1, 2022
\n65,025 -10 7,736 8,650 4,930 439 -1,961 84,809
\nShare in total comprehensive income 33,738 -2 -563 813 84 186 0 34,256
\nDecrease through business
\ncombinations
\n0 0 -7,173 0 -4,379 0 0 -11,552
\nDividends 0 0 0 -1,581 -337 -161 0 -2,079
\nForeign currency translation
\ndifferences
\n0 0 0 0 -298 -7 0 -305
\nOther 0 4 0 0 0 0 0 4
\nShare in net assets of equity
\naccounted investees
\n
\non December 31, 2022
\n98,763 -8 0 7,882 0 457 -1,961 105,133
\n Netting negative equity and
\nimpairment
\n0 0 0 0 0 0 1,961 1,961
\nShare in net assets of equity
\naccounted investees on December
\n31, 2022, after netting negative
\nequity
\n98,751 -8 0 7,882 0 457 0 107,082
\n
\n\n\n\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "exmar:DisclosureOfFinancialInformationEquityAccountedInvesteesExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag419": {
"value": "\nNote 17 - Financial information equity accounted investees
\nEXMAR has no liabilities towards its equity accounted investees and has the following assets:
\n(In thousands of USD) 2023 2022
\nInvestments in equity accounted investees:
\n Joint ventures 134,776 106,625
\n Associates 612 457
\nBorrowings to equity accounted investees:
\n Long-term - Gross 2,047 1,051
\n Long-term - Impairment -2,047 -1,051
\n Short-term (or current portion of long-term) - Gross 11,597 10,398
\n Short-term (or current portion of long-term) - Impairment 0 -3,398
\nTrade and other receivables (see also Note 34 Related parties)
\n Gross balance 12,858 10,977
\n Impairment -4,607 -6,903
\nTotal 155,236 118,157
\nThe investments at year-end 2023 can be detailed as follows:
\nJoint ventures Segment JV partner Description activities
\nEstrela Ltd Infrastructure ASS Owner of the accommodation barge NUNCE
\nEXMAR Gas Shipping Ltd Shipping SEAPEAK
\nPreviously owner of the midsize vessel TOURAINE-inactive
\ncompany
\nEXMAR LPG BV Shipping SEAPEAK Holding company for EXMAR-Seapeak activities
\nEXMAR Shipping BV Shipping SEAPEAK
\nOwner of 17 midsize carriers and 1 VLGC, of which five
\ncarriers under finance lease
\nGood Investment Ltd Shipping SEAPEAK
\nPreviously time-charter agreement of the VLGC BW TOKYO,
\ninactive since 2023
\nMonteriggioni Inc Shipping MOL
\nOwner of the LNG carrier EXCEL which was sold during
\n2017 - inactive company
\nAssociates Segment Ownership% Description activities
\nEcos Srl Supporting
\nservices
\n33.30% Ship Management and operational services
\nMarpos NV
\nSupporting
\nservices
\n45.00% Provides waste solutions for maritime industry
\nElectra Offshore Ltd Infrastructure 40.00% Owner of the accommodation barge WARIBOKO
\nExview Hong Kong Ltd Infrastructure 40.00% Bareboat owner of the accommodation barge WARIBOKO
\nSpringmarine Nigeria Ltd Infrastructure 40.00%
\nTime-charter agreement for the accommodation barge
\nWARIBOKO
\nDuring 2023, the Group lost control of Ecos Srl following the sale of shares reducing its share in the share capital
\nof the company to 33.3% and this entity is since December 31, 2023 equity accounted.
\nIn 2023, the Group reversed partially the impairment of the trade and other receivables on its equity accounted
\ninvestees, Exview Hong Kong Ltd and Electra Offshore Ltd.
\n
\n\n\n\n(In thousands of USD) Joint ventures Associates
\nJV partner Seapeak MOL ASS
\nOwnership percentage 50% 50% 50% 33% 45% 40%
\nEntity
\nTotal
\nSeapeak
\nMonte-
\nriggioni
\nEstrela Ltd ECOS Marpos
\nTotal
\nWariboko
\ncompanies
\nTOTAL
\nNon current assets 611,355 0 9,543 157 405 1,392 622,852
\nCurrent assets 123,626 4,881 6,835 4,961 1,269 15,318 156,890
\n of which cash and cash equivalents 106,993 4,881 6,821 2,036 841 1,446 123,019
\nNon current liabilities 392,404 4,794 0 152 0 13,070 410,420
\n of which bank borrowings 342,907 0 0 0 0 0 342,907
\n of which finance leases 43,985 0 0 152 0 0 44,137
\n of which other borrowings 0 0 0 0 0 4,715 4,715
\nCurrent liabilities 94,708 48 2,132 4,722 500 29,650 131,761
\n of which bank borrowings 32,378 0 0 0 0 0 32,378
\n of which finance leases 36,707 0 0 7 0 0 36,714
\n of which other borrowings 0 0 0 0 0 9,848 9,848
\n0 0
\nRevenue 182,109 0 10,225 0 2,479 0 194,813
\nDepreciation and amortization 54,782 0 1,867 0 77 1,587 58,313
\nImpairment (reversal) 0 0 0 0 0 -2,230 -2,230
\nInterest income 9,334 158 0 0 0 0 9,492
\nInterest expense 35,993 0 0 0 6 1,198 37,197
\nIncome tax expense 525 0 0 0 156 0 681
\nProfit or (loss) from continuing
\noperations
\n62,069 62 1,743 0 442 -9,539 54,777
\nOther comprehensive income -4,310 0 0 0 0 0 -4,310
\nTotal comprehensive income 57,759 62 1,743 0 442 -9,539 50,467
\n0
\nNet assets (100%) 255,269 39 14,246 244 1,174 -17,656 253,316
\nEXMAR share in net assets 127,635 20 7,123 81 528 -7,062 128,324
\nShare in net assets of equity
\naccounted investees on January 1,
\n2023
\n98,751 -8 7,882 0 457 -1,961 105,121
\nShare in total comprehensive income 28,880 31 872 0 199 0 29,981
\nIncrease (Decrease) through business
\ncombinations and other share deals
\n0 0 0 154 0 0 154
\nDividends 0 0 -1,630 0 -142 0 -1,772
\nForeign currency translation differences 0 0 0 -73 14 0 -59
\nOther 3 -4 0 3 0 2
\nShare in net assets of equity
\naccounted investees
\n
\non December 31, 2023
\n127,634 19 7,123 84 528 -1,961 133,427
\n Netting negative equity and
\nimpairment
\n0 0 0 0 0 1,961 1,961
\nShare in net assets of equity
\naccounted investees on December 31,
\n2023, after netting negative equity
\n127,634 19 7,123 84 528 0 135,388
\n
\n\n\n\n(In thousands of USD) Joint ventures Associates
\nJV partner Seapeak MOL Seapeak ASS
\nOwnership percentage 50% 50% 50% 50% 45% 45% 40%
\nEntity
\nTotal
\nSeapeak
\nMonte-
\nriggioni
\nSolaia
\n
\nShipping
\nEstrela
\nLtd
\nBEXCO Marpos
\nTotal
\nWariboko
\ncompanies
\nTOTAL
\nMONTER SOLAIALLC ESTR BEXCO Marp
\nNon current assets 613,933 0 0 11,410 0 404 2,675 628,422
\nCurrent assets 48,672 4,725 0 4,962 0 1,207 14,852 74,418
\n of which cash and cash equivalents 37,665 4,725 0 4,932 0 657 57 48,036
\nNon current liabilities 355,773 4,693 0 0 0 0 8,445 368,911
\n of which bank borrowings 340,515 0 0 0 0 0 0 340,515
\n of which finance leases 2,958 0 0 0 0 0 0 2,958
\n of which other borrowings 0 0 0 0 0 0 2,225 2,225
\nCurrent liabilities 161,607 56 0 609 0 595 28,794 191,661
\n of which bank borrowings 4,033 0 0 0 0 0 0 4,033
\n of which finance leases 103,249 0 0 0 0 0 0 103,249
\n of which other borrowings 0 0 0 0 0 0 14,190 14,190
\n0 0
\nRevenue 172,129 0 0 10,220 17,471 2,254 0 202,074
\nDepreciation and amortization 52,754 0 2,941 1,751 661 71 1,933 60,111
\nImpairment (reversal) -7,950 0 -10,000 0 17 0 482 -17,451
\nInterest income 1,034 34 19 0 0 0 0 1,087
\nInterest expense 22,515 0 581 0 100 7 1,198 24,401
\nIncome tax expense 12 0 0 0 2 145 0 159
\nProfit or (loss) from continuing
\noperations
\n62,978 -4 -1,126 1,626 187 413 -9,853 54,221
\nOther comprehensive income 4,498 0 0 0 0 0 4,498
\nTotal comprehensive income 67,476 -4 -1,126 1,626 187 413 -9,853 58,719
\n0
\nNet assets (100%) 197,525 -24 0 15,763 0 1,016 -13,492 200,788
\nEXMAR share in net assets 98,763 -12 0 7,882 0 457 -5,397 101,692
\nShare in net assets of equity
\naccounted investees on January
\n1, 2022
\n65,025 -10 7,736 8,650 4,930 439 -1,961 84,809
\nShare in total comprehensive income 33,738 -2 -563 813 84 186 0 34,256
\nDecrease through business
\ncombinations
\n0 0 -7,173 0 -4,379 0 0 -11,552
\nDividends 0 0 0 -1,581 -337 -161 0 -2,079
\nForeign currency translation
\ndifferences
\n0 0 0 0 -298 -7 0 -305
\nOther 0 4 0 0 0 0 0 4
\nShare in net assets of equity
\naccounted investees
\n
\non December 31, 2022
\n98,763 -8 0 7,882 0 457 -1,961 105,133
\n Netting negative equity and
\nimpairment
\n0 0 0 0 0 0 1,961 1,961
\nShare in net assets of equity
\naccounted investees on December
\n31, 2022, after netting negative
\nequity
\n98,751 -8 0 7,882 0 457 0 107,082
\n
\n\n\n\n
\n\n
\n\nNote 35 - Group entities
\nCONSOLIDATED COMPANIES
\nCountry of
\nincorporation
\nConsolidation
\nmethod
\nOwnership
\n2023 2022
\nJoint ventures
\nEstrela Ltd Hong Kong Equity 50.00% 50.00%
\nEXMAR Gas Shipping Ltd Hong Kong Equity 50.00% 50.00%
\nEXMAR LPG BV Belgium Equity 50.00% 50.00%
\nEXMAR Shipping BV Belgium Equity 50.00% 50.00%
\nGood Investment Ltd Hong Kong Equity 50.00% 50.00%
\nMonteriggioni Inc Liberia Equity 50.00% 50.00%
\nAssociates
\nECOS SRL \u00b2 Italy Equity 33.33% 60.00%
\nElectra Offshore Ltd Hong Kong Equity 40.00% 40.00%
\nExview Hong Kong Ltd Hong Kong Equity 40.00% 40.00%
\nMarpos NV Belgium Equity 45.00% 45.00%
\nSpringmarine Nigeria Ltd Nigeria Equity 40.00% 40.00%
\nSubsidiaries
\nAhlmar Germany GmbH Germany Full 100.00% 100.00%
\nBexco NV Belgium Full 100.00% 100.00%
\nDV Offshore SAS France Full 100.00% 100.00%
\nEXMAR Argentina Argentina Full 100.00% 100.00%
\nEXMAR Energy Hong Kong Ltd Hong Kong Full 100.00% 100.00%
\nEXMAR Energy Netherlands BV Netherlands Full 100.00% 100.00%
\nEXMAR Energy Services BV Netherlands Full 100.00% 100.00%
\nEXMAR Export Netherlands Netherlands Full 100.00% 100.00%
\nEXMAR Fortitude LNG Limited \u00b9 Netherlands Full 100.00% 100.00%
\nEXMAR FSRU Hong Kong Ltd Hong Kong Full 100.00% 100.00%
\nEXMAR Holdings Ltd Liberia Full 100.00% 100.00%
\nEXMAR Hong Kong Ltd Hong Kong Full 100.00% 100.00%
\nEXMAR Import LNG Netherlands BV \u00b9 Netherlands Full 100.00% 100.00%
\nEXMAR LPG Holding BV Belgium Full 100.00% 100.00%
\nEXMAR LNG Investments Ltd Liberia Full 100.00% 100.00%
\nEXMAR Lux SA Luxembourg Full 100.00% 100.00%
\nEXMAR Marine NV Belgium Full 100.00% 100.00%
\nEXMAR Netherlands BV Netherlands Full 100.00% 100.00%
\nEXMAR NV Belgium Full 100.00% 100.00%
\nEXMAR Offshore Company USA Full 100.00% 100.00%
\nEXMAR Offshore Ltd Bermuda Full 100.00% 100.00%
\nEXMAR Offshore Services SA Luxembourg Full 100.00% 100.00%
\nEXMAR Offshore BV Belgium Full 100.00% 100.00%
\nEXMAR Singapore Pte Ltd Singapore Full 100.00% 100.00%
\nEXMAR Shipmanagement BV Belgium Full 100.00% 100.00%
\nEXMAR Shipmanagement India Private Ltd India Full 100.00% 100.00%
\nEXMAR Shipping USA Inc \u00b3 USA Full 0.00% 100.00%
\nEXMAR Small Scale LPG NL BV Netherlands Full 100.00% 100.00%
\nEXMAR Small Scale LPG HK Ltd Hong Kong Full 100.00% 100.00%
\nEXMAR Small Scale LPG BE BV Belgium Full 100.00% 100.00%
\nEXMAR (UK) Shipping Company Ltd Great-Britain Full 100.00% 100.00%
\nEXMAR VLGC BV Belgium Full 100.00% 100.00%
\nEXMAR VLGC Netherlands BV Netherlands Full 100.00% 100.00%
\nEXMAR Yachting BV Belgium Full 100.00% 100.00%
\nFranship Offshore Lux SA Luxembourg Full 100.00% 100.00%
\nInternationaal Maritiem Agentschap NV Belgium Full 99.03% 99.03%
\nSeavie Caribean Ltd Jamaica Jamaica Full 100.00% 100.00%
\nSeavie Private Ltd India Full 100.00% 100.00%
\nSolaia Shipping Llc Liberia Full 100.00% 100.00%
\nTecto Cyprus Ltd Cyprus Full 100.00% 100.00%
\nTecto Luxembourg SA Luxembourg Full 100.00% 100.00%
\nTravel Plus BV Belgium Full 100.00% 100.00%
\n1. New company in 2023
\n2. Shares sold
\n3. Company liquidated in 2023
\n
\n\n\n\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag367": {
"value": "\n
\n\n
\n\nNote 18 - Borrowings to equity accounted investees
\n(In thousands of USD) Shipping Infrastructure
\nSupporting
\nservices
\nTotal
\nAs per January 1, 2022 32,260 7,907 0 40,167
\nNew loans and borrowings 20,000 21,085 0 41,085
\nElimination after share deal \u00b9 0 -20,195 0 -20,195
\nAccrued interest 0 2,491 0 2,491
\nRepayments -52,260 0 0 -52,260
\nWrite-off 0 -4,288 0 -4,288
\nAs per December 31, 2022 0 7,000 0 7,000
\nMore than 1 year - Note 17 0 0 0 0
\nLess than 1 year - Note 17 0 7,000 0 7,000
\nAs per January 1, 2023 0 7,000 0 7,000
\nNew loans and borrowings 0 996 0 996
\nAccrued interest 0 1,198 0 1,198
\nImpairment (reversal) 0 2,402 0 2,402
\nForeign currency translation differences 0 1 0 1
\nAs per December 31, 2023 0 11,597 0 11,597
\nMore than 1 year - Note 17 0 0 0 0
\nLess than 1 year - Note 17 0 11,597 0 11,597
\n1.
\nDuring 2022, EXMAR granted a new loan to Solaia Shipping LLC, which at that time was still an equity accounted investee. Upon obtaining 100% of the
\nshares and control of this entity, this intra group loan is eliminated.
\nThe activities and assets of certain of our equity accounted investees are financed through shareholder borrowings
\nmade by the Company to the respective equity accounted investees. Such borrowings granted are in substance
\npart of the net investment in an associate or joint venture and any expected credit losses are accounted for before
\nallocating negative net assets. During 2023, EXMAR reversed impairment losses for USD 2.4 million and did not
\nallocate any negative net assets.
\nElectra Offshore Ltd (Infrastructure segment) USD 11.6 million (2022: USD 7.0 million)
\nEXMAR Netherlands BV has granted a loan to Electra Offshore Ltd in 2016. The loan is repaid based on availability of
\ncash and accumulates interest. The interest rate applicable on the loan is a fixed percentage of 12.0%. During 2023,
\nthe accrued interests were added to the outstanding loan balance and collectability was re-assessed. The balance
\nhas been adjusted to its expected recoverable amount, which is the fair value of the pledge on the underlying asset.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "exmar:DisclosureOfBorrowingsToInvestmentAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag368": {
"value": "\nNote 18 - Borrowings to equity accounted investees
\n(In thousands of USD) Shipping Infrastructure
\nSupporting
\nservices
\nTotal
\nAs per January 1, 2022 32,260 7,907 0 40,167
\nNew loans and borrowings 20,000 21,085 0 41,085
\nElimination after share deal \u00b9 0 -20,195 0 -20,195
\nAccrued interest 0 2,491 0 2,491
\nRepayments -52,260 0 0 -52,260
\nWrite-off 0 -4,288 0 -4,288
\nAs per December 31, 2022 0 7,000 0 7,000
\nMore than 1 year - Note 17 0 0 0 0
\nLess than 1 year - Note 17 0 7,000 0 7,000
\nAs per January 1, 2023 0 7,000 0 7,000
\nNew loans and borrowings 0 996 0 996
\nAccrued interest 0 1,198 0 1,198
\nImpairment (reversal) 0 2,402 0 2,402
\nForeign currency translation differences 0 1 0 1
\nAs per December 31, 2023 0 11,597 0 11,597
\nMore than 1 year - Note 17 0 0 0 0
\nLess than 1 year - Note 17 0 11,597 0 11,597
\n1.
\nDuring 2022, EXMAR granted a new loan to Solaia Shipping LLC, which at that time was still an equity accounted investee. Upon obtaining 100% of the
\nshares and control of this entity, this intra group loan is eliminated.
\nThe activities and assets of certain of our equity accounted investees are financed through shareholder borrowings
\nmade by the Company to the respective equity accounted investees. Such borrowings granted are in substance
\npart of the net investment in an associate or joint venture and any expected credit losses are accounted for before
\nallocating negative net assets. During 2023, EXMAR reversed impairment losses for USD 2.4 million and did not
\nallocate any negative net assets.
\nElectra Offshore Ltd (Infrastructure segment) USD 11.6 million (2022: USD 7.0 million)
\nEXMAR Netherlands BV has granted a loan to Electra Offshore Ltd in 2016. The loan is repaid based on availability of
\ncash and accumulates interest. The interest rate applicable on the loan is a fixed percentage of 12.0%. During 2023,
\nthe accrued interests were added to the outstanding loan balance and collectability was re-assessed. The balance
\nhas been adjusted to its expected recoverable amount, which is the fair value of the pledge on the underlying asset.
\n
\n\n\n\n\n\n\nNote 26 \u2013 Borrowings
\nBank loans Other loans
\nLease liabilities
\nROU assets
\nTotal
\n(In thousands of USD)
\nAs of 1 January 2022 319,724 98,983 6,105 424,812
\n New loans and borrowings 0 50,014 766 50,780
\n Increase through business combinations 15,319 0 4,864 20,184
\n Repayments -163,700 -116,119 -1,476 -281,294
\n Transfers 7,551 -8,710 0 -1,160
\n Loan forgiveness 0 -1,193 0 -1,193
\n Amortized transaction costs 5,877 1,627 0 7,504
\n Exchange differences 8 -4,791 -157 -4,940
\n Accrued interest payable -1,387 -619 0 -2,006
\n Contract re-measurement/ contract modification 5,498 0 162 5,660
\nAs of 31 December 2022 188,891 19,192 10,264 218,347
\nMore than 1 year 139,522 19,177 8,849 167,548
\nLess than 1 year 49,369 16 1,415 50,800
\nAs of 31 December 2022 188,891 19,192 10,264 218,347
\n Shipping segment 178,090 19,178 664 197,932
\n Infrastructure segment 10,005 0 2,486 12,491
\n Supporting services segment 796 15 7,114 7,925
\nAs of 31 December 2022 188,891 19,192 10,264 218,347
\nAs of 1 January 2023 188,891 19,192 10,264 218,347
\n New loans 100,930 -23 805 101,712
\n Derecognition upon sale of shares 0 0 -164 -164
\n Repayments -56,869 -1,520 -2,283 -60,672
\n Transfers 13,981 -9,447 0 4,533
\n Amortized transaction costs 339 64 0 403
\n Exchange differences 174 0 296 469
\n Accrued interest payable 180 398 0 579
\n Contract re-measurement/ contract modification 0 0 104 104
\nAs of 31 December 2023 247,626 8,664 9,022 265,312
\nMore than 1 year 206,878 5,531 7,423 219,831
\nLess than 1 year 40,748 3,133 1,599 45,480
\nAs of 31 December 2023 247,626 8,664 9,022 265,311
\n Shipping segment 145,773 8,648 472 154,894
\n Infrastructure segment 94,746 0 2,029 96,775
\n Supporting services segment 7,106 15 6,520 13,642
\nAs of 31 December 2023 247,626 8,664 9,022 265,311
\n
\n\n\n
\n\n
\nBank loans
\nThe bank loans mainly relate to:
\nFLANDERS INNOVATION & FLANDERS PIONEER \u2013 USD 129.7 million (December 2022: USD 135.5 million)
\nIn 2021, the Group obtained USD 144.0 million financing for the two VLGC\u2019s: FLANDERS INNOVATION (USD 72.0
\nmillion) and FLANDERS PIONEER (also USD 72.0 million) maturing in fifteen years. The weighted average interest
\nrate implicit in these loans amounts to 5.61%. EXMAR NV has guaranteed the underlying obligations.
\nLPG pressurized facilities - USD 15.8 million (December 2022: USD 42.6 million)
\nIn the last quarter of 2018 and in April 2019, EXMAR refinanced respectively six and four of its LPG pressurized fleet
\nvessels through a JOLCO (Japanese Operating Lease with Call Option) structure. The loans are repayable in quarterly
\ntranches and the applicable interest percentage amounts to three-month SOFR plus 2.4%. The last repayment is
\nforeseen in December 2025. The equity part of the JOLCO financing is presented in \u201cOther Loans\u201d (see below).
\nIn 2022 and 2023 EXMAR exercised the early buy out options of 7 vessels and paid in 2023 USD 41.1 million for 5
\npressurized vessels. For the two vessels for which the early buy out option was exercised before December 31, 2023
\nwith payment in 2024, management has transferred the related outstanding equity part of these vessels to \u201cbank
\nloans\u201d (USD 9.4 million) and presented the expected payable amount as short-term (USD 14.0 million).
\nAll obligations of the borrower are guaranteed by EXMAR NV (\u201cguarantor\u201d).
\nBank loans Solaia Shipping LLC and Bexco NV \u2013 USD 7.1 million (December 2022: USD 10.8 million)
\nThe amended syndicated bank loan of EXMAR\u2019s subsidiary Solaia Shipping LLC (December 2022: USD 10.0 million),
\nthat dated from December 2021, was repaid in 2023.
\nBexco NV has additional loans of EUR 6.2 million in 2023. Total outstanding loans as per December 31, 2023
\namounted to USD 7.1 million.
\nEEMSHAVEN - USD 94.7 million
\nEnd 2023 EXMAR Energy Netherlands BV (a 100% subsidiary of EXMAR NV) signed a facility agreement of USD
\n96 million with ABN AMRO Bank N.V., Belfius Bank NV/SA, BNP PARIBAS FORTIS NV/SA and KBC BANK NV for
\nthe financing of FSRU EEMSHAVEN and maturing August 16, 2027. The facility agreement has an interest rate of
\nSOFR 3 months plus 2.16%. The facility agreement is repayable in seven semi-annually tranches and a balloon at
\ntermination date.
\nAll obligations of the borrower are guaranteed by EXMAR NV (\u201cguarantor\u201d).
\nOther loans
\n\nPressurized fleet - USD 8.7 million (December 2022: USD 19.2 million)
\nThe other loans comprise the outstanding equity part of the JOLCO (Japanese Operating Lease with Call Option)
\nfinancing. At December 31, 2023, the outstanding balance amounts to USD 8.7 million and relates to 3 vessels.
\n
\n\n\nManagement assumes to exercise the purchase options of the three remaining vessels before or at the end of the
\nlease, which will then result in an additional cash out of USD 4.6 million.
\nAvailable credit facilities
\nIn May 2020, EXMAR obtained a revolving credit facility of EUR 18.0 million from Belgian financial institutions
\nwith maturity date February 1, 2022 at an interest rate of EURIBOR three-month plus 2.0% margin. This facility
\nwas extended until June 2024 and can be increased up to USD 30.0 million. EXMAR did not draw upon this facility
\nper end 2022 and 2023.
\n
\n\n\nOther information
\nOn December 16, 2022 EXMAR Shipping BV, a major equity accounted investee, signed a senior sustainability linked
\nfacility with a consortium of banks in the amount of USD 450.0 million, comprising a revolving credit facility of USD
\n310.0 million and a term loan facility of USD 140.0 million.
\nThe loan matures 5 years after signing date. As at December 31, 2023, EXMAR Shipping BV had drawn USD 247.3
\nmillion of the revolving credit facility and USD 131.9 million of the term loan.
\n
\n\n\nIn general, the borrowings held by EXMAR and its equity accounted investees are secured by a mortgage on the
\nunderlying assets owned by EXMAR and its equity accounted investees. Furthermore, different pledges and other
\ntypes of guarantees exist to secure the borrowings.
\nCovenants
\nDifferent debt covenants exist that require compliance with certain financial ratio\u2019s. These ratios are calculated
\nsemi-annually based on EXMAR\u2019s consolidated figures in which equity accounted investees are not accounted for
\nunder IFRS 11 but still on a proportionate basis (similar to accounting policies used for segment reporting purposes).
\nWe refer to the table below for an overview of the applicable covenants.
\nAPPLICABLE COVENANTS
\nRatio
\nPressurized
\nfacility
\nCredit facilities \u00b9
\nActual December
\n31, 2023 \u00b2
\nActual December
\n31, 2022 \u00b2
\nMinimum Book equity \u2265 USD 300 million \u2265 USD 300 million USD 519.4 million USD 796.4 million
\nMinimum free cash \u2265 USD 25 million \u2265 USD 20 million USD 240,0 million USD 547.4 million
\nEquity ratio (Equity/Total assets) \u2265 25% NA 44.18% 59.1%
\nWorking capital min positive min positive USD 213.8 million USD 570.1 million
\nNet financial indebtedness ratio NA < 70% 32.84% -14.04%
\nOutstanding loan amount (in thousands of USD) 24,469 94,746
\n1. Relates to the EUR credit facility and EEMSHAVEN credit facility.
\n2. The actual amounts presented are based on the most restrictive definitions.
\nExplanation of the major definitions applied in the covenant calculations:
\n\u2022
\nBook equity: equity excluding treasury shares and the effect of any impairment of intangible assets and the
\neffect of fair value changes of any financial derivative;
\n\u2022
\nFree cash: cash in hand (excluding pledged or blocked cash), time deposits and, in certain covenants, including
\nundrawn credit facilities with minimum six months to maturity;
\n\u2022 Working capital: current assets less current liabilities.
\n\u2022
\nNet interest-bearing debt: consolidated interest-bearing financial indebtness less free cash (and in one covenant
\nalso less restricted cash used as debt collateral)
\nAs of December 31, 2023 EXMAR was compliant with all covenants with sufficient headroom. EXMAR is continuously
\nmonitoring compliance with all applicable covenants to meet all covenants per June 2024 and December 2024.
\nIn case of non-compliance with these covenants, early repayment of related borrowings might be required and
\nshould therefore be accounted for as short-term debt.
\nFollowing steps are to be taken in accordance with applicable agreements if a breach of covenants would occur:
\n\u2022
\nEach borrower shall notify the Facility Agent of any Defaults (and the steps, if any, taken to remedy it) promptly
\nupon becoming aware of its occurrence.
\n\u2022
\nPromptly, upon the request by the Facility Agent, the Borrower shall supply a certificate signed by two of its
\ndirectors certifying that no Default is continuing, specifying the Default and the steps, if any, being taken to
\nremedy it.
\n
\n\n\n
\nInterest risk
\n\nInterest risk policy
\nThe interest-bearing loans are mainly negotiated with variable interest rates. In order to monitor this interest
\nrisk, the Group makes use of interest hedging instruments available on the market when management is of the
\nopinion that it is favorable to do so. For the moment, no interest rate swaps exist within our subsidiaries. On the
\nother hand, different interest rate swaps exist within our equity accounted investees. The Group applies hedge
\naccounting when the conditions to apply hedge accounting are met. In case no hedge accounting is applied, the
\nchanges in fair value are recorded in the statement of profit or loss.
\n
\n\n\nExposure to risk
\n(In thousands of USD) 2023 2022
\nTotal borrowings (excluding lease liabilities) 256,290 208,083
\nwith fixed interest rate 138,389 154,669
\nwith variable interest rate 117,901 53,414
\nNet exposure 117,901 53,414
\nThe amount of variable interest rate borrowings increased significantly during 2023 as a result of the new facility
\nagreement for the financing of the FSRU EEMSHAVEN (see Note 26 Borrowings).
\nSensitivity analysis
\nIn case the interest rate would increase/decrease with 50 basis points, the financial statements would be impacted
\nwith the following amounts (assuming that all other variables remain unchanged):
\n(In thousands of USD) 2023 2022
\n+ 50 bp - 50 bp + 50 bp - 50 bp
\nVariable interest rate borrowings 590 -590 267 -267
\nInterest rate swaps and cross-currency rate swaps 0 0 0 0
\nSensitivity (net), of which 590 -590 267 -267
\n Impact in profit and loss 590 -590 267 -267
\n Impact in equity 0 0 0 0
\nA significant portion of EXMAR\u2019s interest income is derived from borrowings to equity accounted investees with
\nvariable interest rates. Any increase/decrease in the interest rate would result in an increase/decrease of interest
\nincome but would mainly be offset by an increase/ decrease in the interest expense recognized by the equity
\naccounted investee for a corresponding amount. Accordingly, any increase/decrease in the variable interest rate
\napplied on the borrowings to equity accounted investees would have no impact on the net result of the Group.
\n
\n\n\nTherefore, borrowings to equity accounted investees have not been included in the above sensitivity analysis.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag369": {
"value": "The activities and assets of certain of our equity accounted investees are financed through shareholder borrowings made by the Company to the respective equity accounted investees. Such borrowings granted are in substance part of the net investment in an associate or joint venture and any expected credit losses are accounted for before allocating negative net assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag370": {
"value": "\n
\nNote 19 - Tax assets and liabilities
\nCurrent tax assets and liabilities
\nDecember 31
\n(In thousands of USD) 2023 2022
\nCurrent tax assets 5,900 1,185
\nCurrent tax liabilities 3,544 2,873
\n\nDeferred tax assets and liabilities
\nDecember 31, 2023 December 31, 2022
\n(In thousands of USD) Assets Liabilities Assets Liabilities
\nOther tangible assets 3,096 2,597 0 2,618
\nEmployee benefits 170 0 566 0
\nFinancial instruments 0 138 0 143
\nTax losses 1,333 0 1,071 0
\nOther 0 291 0 221
\nDeferred tax assets / liabilities 4,599 3,026 1,637 2,982
\nTax assets not recognised -170 0 -566 0
\nDeferred tax assets and liabilities recognized 4,429 3,026 1,071 2,982
\nDeductible temporary differences 170 566
\nUnused tax losses and investment tax credits 61,061 62,596
\nDeferred tax assets/ liabilities not recognised 61,232 0 63,162 0
\nThe increase of deferred taxed in 2023 is mainly driven by the recognition at Group level of the deferred tax balances
\nin EXMAR Offshore Cy for which future taxable profits are expected.
\nOur equity accounted investees have limited temporary differences. Deferred tax assets on tax losses at our joint
\nventures and equity accounted investees amounted to USD 0.7 million end 2023 (2022: USD 0.9 million) for their
\nshare, but have not been recognized. Amounts have not been included in the above overview.
\nTax assets are not recognised if it is not probable that future taxable profits will be available against which the
\ngroup can use the benefits therefrom or because the future taxable profits cannot be measured on a reliable basis.
\nThe majority of the tax losses and investment tax credits do not expire in time.
\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag371": {
"value": "\nDeferred tax assets and liabilities
\nDecember 31, 2023 December 31, 2022
\n(In thousands of USD) Assets Liabilities Assets Liabilities
\nOther tangible assets 3,096 2,597 0 2,618
\nEmployee benefits 170 0 566 0
\nFinancial instruments 0 138 0 143
\nTax losses 1,333 0 1,071 0
\nOther 0 291 0 221
\nDeferred tax assets / liabilities 4,599 3,026 1,637 2,982
\nTax assets not recognised -170 0 -566 0
\nDeferred tax assets and liabilities recognized 4,429 3,026 1,071 2,982
\nDeductible temporary differences 170 566
\nUnused tax losses and investment tax credits 61,061 62,596
\nDeferred tax assets/ liabilities not recognised 61,232 0 63,162 0
\nThe increase of deferred taxed in 2023 is mainly driven by the recognition at Group level of the deferred tax balances
\nin EXMAR Offshore Cy for which future taxable profits are expected.
\nOur equity accounted investees have limited temporary differences. Deferred tax assets on tax losses at our joint
\nventures and equity accounted investees amounted to USD 0.7 million end 2023 (2022: USD 0.9 million) for their
\nshare, but have not been recognized. Amounts have not been included in the above overview.
\nTax assets are not recognised if it is not probable that future taxable profits will be available against which the
\ngroup can use the benefits therefrom or because the future taxable profits cannot be measured on a reliable basis.
\nThe majority of the tax losses and investment tax credits do not expire in time.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag372": {
"value": "\nNote 20 - Other investments
\n(In thousands of USD) 2023 2022
\nUnquoted shares 37,227 795
\nQuoted shares 701 1,054
\nEquity securities - FVTPL 37,928 1,849
\nThe unquoted shares include 149 shares of Sibelco, acquired in 2014, and 1,530,833 shares, representing approximately
\n11,5% of total shares, acquired in 2023 in Vantage Drilling International Company (Vantage) for USD 39.1 million.
\nVantage is listed on OTCMKTS and valued USD 36.2 million at year end 2023.
\nThe quoted shares include 116,338 shares of Frontera Energy Corporation quoted at CAD 7.97 on December 31,
\n2023 (December 31, 2022: CAD 12.27).
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag373": {
"value": "\nNote 21 - Inventories
\n(In thousands of USD) 2023 2022
\nRaw materials and supplies 7,248 3,346
\nWork in progress 4,868 3,699
\nGoods purchased for resale 183 139
\nAdvance payments 1,829 561
\nFinished goods 1,006 1,472
\nInventories 15,134 9,217
\nBexco NV, a manufacturer of precision-engineered synthetic mooring, towing and lifting ropes for offshore, marine
\nand industrial applications has an increased inventory position in December 2023 compared to 2022 as a result
\nof the inventory built for the delivery of a large deeprope project in the first quarter of 2024, representing USD
\n5 million. Additionally, in relation to the start of production in February 2024 for another deeprope project raw
\nmaterials were purchased in 2023, representing USD 3 million, to anticipate expected price increases.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag374": {
"value": "\n
\n
\nNote 22 - Trade and other receivables
\n\n(In thousands of USD) 2023 2022
\nTrade receivables (including contract assets)-Gross 83,753 56,031
\nImpairment trade receivables -8,514 -8,944
\nCash guarantees 169 175
\nOther receivables 15,186 14,539
\nDeferred charges and accrued income 6,789 5,289
\nBalance as per December 31 97,384 67,089
\nOf which financial assets (Note 30) 87,943 59,778
\n
\n\n\nThe increase in the trade and other receivables in 2023 is primarily the result of the outstanding receivables related
\nto the hire and engineering services for customers in US and Marine XII project in Congo in relation conversion of
\nTango and Excalibur.
\nThe contract assets included in the table above amounted to USD 25.5 million for the period ended December 31,
\n2023.
\n\nDeferred charges comprise expenses already invoiced relating to the next accounting year, e.g. hire, insurances,
\ncommissions, bunkers, prepaid credit facility costs. Accrued income comprises un-invoiced revenue related to the
\ncurrent accounting period such as interests.
\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag375": {
"value": "\n(In thousands of USD) 2023 2022
\nTrade receivables (including contract assets)-Gross 83,753 56,031
\nImpairment trade receivables -8,514 -8,944
\nCash guarantees 169 175
\nOther receivables 15,186 14,539
\nDeferred charges and accrued income 6,789 5,289
\nBalance as per December 31 97,384 67,089
\nOf which financial assets (Note 30) 87,943 59,778
\n
\n\n\nDeferred charges comprise expenses already invoiced relating to the next accounting year, e.g. hire, insurances,
\ncommissions, bunkers, prepaid credit facility costs. Accrued income comprises un-invoiced revenue related to the
\ncurrent accounting period such as interests.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag376": {
"value": "\n
\n\n
\n\nNote 23 - Restricted cash and cash and cash equivalents
\n(In thousands of USD) 2023 2022
\nBank 176,702 51,320
\nCash in hand 5 17
\nShort-term deposits 223 468,216
\nBalance as per December 31 176,930 519,553
\nWe refer to the consolidated statement of cash flows for a detailed analysis of the cash movements.
\n
\n\n\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag377": {
"value": "\n
\n\nNote 23 - Restricted cash and cash and cash equivalents
\n(In thousands of USD) 2023 2022
\nBank 176,702 51,320
\nCash in hand 5 17
\nShort-term deposits 223 468,216
\nBalance as per December 31 176,930 519,553
\nWe refer to the consolidated statement of cash flows for a detailed analysis of the cash movements.
\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag378": {
"value": "\nNote 23 - Restricted cash and cash and cash equivalents
\n(In thousands of USD) 2023 2022
\nBank 176,702 51,320
\nCash in hand 5 17
\nShort-term deposits 223 468,216
\nBalance as per December 31 176,930 519,553
\nWe refer to the consolidated statement of cash flows for a detailed analysis of the cash movements.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag379": {
"value": "\n
\n
\n
\n
\nNote 24 - Share capital and reserves
\n\nShare capital and share premium
\nNumber of ordinary shares 2023 2022
\nIssued shares as per January 1 59,500,000 59,500,000
\nIssued shares as per December 31 - paid in full 59,500,000 59,500,000
\nThe issued shares have no nominal value. The holders of ordinary shares are entitled to dividends and are entitled
\nto one vote per share during the General Meeting of Shareholders of the Company.
\nAs authorized by the Extraordinary General Meeting held on September 11, 2020, the Board of Directors of EXMAR
\nmay, for a period of five years expiring in September 2025, within certain legal limits and conditions, increase the
\ncapital of EXMAR NV by a maximum amount of USD 12.0 million.
\n
\n\n\n\nDividends
\nWith respect to the financial year 2023, the Board of Directors proposes a dividend payment of (gross) EUR 0.40 per
\nshare and the distribution of (gross) EUR 0.38 share premium to the owners of ordinary shares. This dividend Both
\npayments are subject to approval by the General Meeting of Shareholders of May 21, 2024 and have therefore not
\nbeen included as a liability in EXMAR\u2019s consolidated financial statements prepared under IFRS. The financial year
\n2023 dividend and share premium distribution, based on the number of shares issued, excluding treasury shares,
\nis (gross) EUR 44.9 million or a total payment of USD 49.6 million.
\nOn October 30, 2023 a Special General Meeting of Shareholders approved the payment of an intermediate dividend
\nof gross EUR 4.40 per share and the distribution from the available share premium of gross EUR 1.0 per share or a
\ntotal gross payment of EUR 310.7 million or USD 329.4 million.
\nOn May 16, 2023, the General Meeting of Shareholders approved a gross dividend of EUR 1 per share or a total
\ngross dividend of EUR 57.4 million or USD 62.4 million.
\n
\n\n\n\nTreasury shares
\nThe reserve for treasury shares comprises the cost of the Company\u2019s shares held by the Group.
\n2023 2022
\nNumber of treasury shares held as of December 31 1,956,013 2,273,263
\nBook value of treasury shares held (in thousands USD) 38,160 44,349
\nAverage cost price per share (in EUR) - historical value 14.1507 14.1507
\n
\n\n\nTranslation reserve
\nThe translation reserve comprises all foreign exchange differences arising from the translation of the financial
\nstatements of Group\u2019s subsidiaries which have a functional currency different than the USD reporting currency
\nand the direct recognition of the translation of the net intra group investment in a foreign operation (expressed
\nin Argentinian peso) which is since 2022 recorded in Other comprehensive income. The balance in the translation
\nreserve is mainly impacted by the appreciation or depreciation of the EUR to the USD.
\n\nHedging reserve
\nThe hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow
\nhedging instruments related to the hedged transactions that have not yet occurred.
\nIn certain of our equity accounted investees, interest rate swaps (IRS) contracts have been closed to cover their
\nexposure on variable interest rates.
\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag380": {
"value": "\nShare capital and share premium
\nNumber of ordinary shares 2023 2022
\nIssued shares as per January 1 59,500,000 59,500,000
\nIssued shares as per December 31 - paid in full 59,500,000 59,500,000
\nThe issued shares have no nominal value. The holders of ordinary shares are entitled to dividends and are entitled
\nto one vote per share during the General Meeting of Shareholders of the Company.
\nAs authorized by the Extraordinary General Meeting held on September 11, 2020, the Board of Directors of EXMAR
\nmay, for a period of five years expiring in September 2025, within certain legal limits and conditions, increase the
\ncapital of EXMAR NV by a maximum amount of USD 12.0 million.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag381": {
"value": "\nDividends
\nWith respect to the financial year 2023, the Board of Directors proposes a dividend payment of (gross) EUR 0.40 per
\nshare and the distribution of (gross) EUR 0.38 share premium to the owners of ordinary shares. This dividend Both
\npayments are subject to approval by the General Meeting of Shareholders of May 21, 2024 and have therefore not
\nbeen included as a liability in EXMAR\u2019s consolidated financial statements prepared under IFRS. The financial year
\n2023 dividend and share premium distribution, based on the number of shares issued, excluding treasury shares,
\nis (gross) EUR 44.9 million or a total payment of USD 49.6 million.
\nOn October 30, 2023 a Special General Meeting of Shareholders approved the payment of an intermediate dividend
\nof gross EUR 4.40 per share and the distribution from the available share premium of gross EUR 1.0 per share or a
\ntotal gross payment of EUR 310.7 million or USD 329.4 million.
\nOn May 16, 2023, the General Meeting of Shareholders approved a gross dividend of EUR 1 per share or a total
\ngross dividend of EUR 57.4 million or USD 62.4 million.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag382": {
"value": "\nTreasury shares
\nThe reserve for treasury shares comprises the cost of the Company\u2019s shares held by the Group.
\n2023 2022
\nNumber of treasury shares held as of December 31 1,956,013 2,273,263
\nBook value of treasury shares held (in thousands USD) 38,160 44,349
\nAverage cost price per share (in EUR) - historical value 14.1507 14.1507
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag383": {
"value": "\nNote 25 - Earnings per share
\n2023 2022
\nResult for the period, attributable to owners of the Company (in thousands USD) 71,972 320,317
\nIssued ordinary shares as per December 31 59,500,000 59,500,000
\nEffect of treasury shares -1,956,013 -2,273,263
\nWeighted average number of ordinary shares as per December 31 57,415,904 57,226,737
\nBasic earnings per share in USD 1.25 0.01
\n2023 2022
\nResult for the period, attributable to owners of the Company (in thousands USD) 71,972 320,317,483
\nWeighted average number of ordinary shares as per December 31 57,415,904 57,226,737
\nDilution effect of share based compensation 62,725 0
\nWeighted average number of ordinary shares including options 57,478,629 57,226,737
\nDiluted earnings per share in USD 1.25 5.60
\nPlan 10 is included in the dilution effect. As of April 2023 the share options were in the money and diluted the
\nearnings per share.
\nIn 2023 a total of 317,250 options of plan 10 were exercised at a price of 9.62 EUR per share. No share options
\nremained at December 31, 2023.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag384": {
"value": "\n
\nBank loans
\nThe bank loans mainly relate to:
\nFLANDERS INNOVATION & FLANDERS PIONEER \u2013 USD 129.7 million (December 2022: USD 135.5 million)
\nIn 2021, the Group obtained USD 144.0 million financing for the two VLGC\u2019s: FLANDERS INNOVATION (USD 72.0
\nmillion) and FLANDERS PIONEER (also USD 72.0 million) maturing in fifteen years. The weighted average interest
\nrate implicit in these loans amounts to 5.61%. EXMAR NV has guaranteed the underlying obligations.
\nLPG pressurized facilities - USD 15.8 million (December 2022: USD 42.6 million)
\nIn the last quarter of 2018 and in April 2019, EXMAR refinanced respectively six and four of its LPG pressurized fleet
\nvessels through a JOLCO (Japanese Operating Lease with Call Option) structure. The loans are repayable in quarterly
\ntranches and the applicable interest percentage amounts to three-month SOFR plus 2.4%. The last repayment is
\nforeseen in December 2025. The equity part of the JOLCO financing is presented in \u201cOther Loans\u201d (see below).
\nIn 2022 and 2023 EXMAR exercised the early buy out options of 7 vessels and paid in 2023 USD 41.1 million for 5
\npressurized vessels. For the two vessels for which the early buy out option was exercised before December 31, 2023
\nwith payment in 2024, management has transferred the related outstanding equity part of these vessels to \u201cbank
\nloans\u201d (USD 9.4 million) and presented the expected payable amount as short-term (USD 14.0 million).
\nAll obligations of the borrower are guaranteed by EXMAR NV (\u201cguarantor\u201d).
\nBank loans Solaia Shipping LLC and Bexco NV \u2013 USD 7.1 million (December 2022: USD 10.8 million)
\nThe amended syndicated bank loan of EXMAR\u2019s subsidiary Solaia Shipping LLC (December 2022: USD 10.0 million),
\nthat dated from December 2021, was repaid in 2023.
\nBexco NV has additional loans of EUR 6.2 million in 2023. Total outstanding loans as per December 31, 2023
\namounted to USD 7.1 million.
\nEEMSHAVEN - USD 94.7 million
\nEnd 2023 EXMAR Energy Netherlands BV (a 100% subsidiary of EXMAR NV) signed a facility agreement of USD
\n96 million with ABN AMRO Bank N.V., Belfius Bank NV/SA, BNP PARIBAS FORTIS NV/SA and KBC BANK NV for
\nthe financing of FSRU EEMSHAVEN and maturing August 16, 2027. The facility agreement has an interest rate of
\nSOFR 3 months plus 2.16%. The facility agreement is repayable in seven semi-annually tranches and a balloon at
\ntermination date.
\nAll obligations of the borrower are guaranteed by EXMAR NV (\u201cguarantor\u201d).
\nOther loans
\n\nPressurized fleet - USD 8.7 million (December 2022: USD 19.2 million)
\nThe other loans comprise the outstanding equity part of the JOLCO (Japanese Operating Lease with Call Option)
\nfinancing. At December 31, 2023, the outstanding balance amounts to USD 8.7 million and relates to 3 vessels.
\n
\n\n\nManagement assumes to exercise the purchase options of the three remaining vessels before or at the end of the
\nlease, which will then result in an additional cash out of USD 4.6 million.
\nAvailable credit facilities
\nIn May 2020, EXMAR obtained a revolving credit facility of EUR 18.0 million from Belgian financial institutions
\nwith maturity date February 1, 2022 at an interest rate of EURIBOR three-month plus 2.0% margin. This facility
\nwas extended until June 2024 and can be increased up to USD 30.0 million. EXMAR did not draw upon this facility
\nper end 2022 and 2023.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag385": {
"value": "\nPressurized fleet - USD 8.7 million (December 2022: USD 19.2 million)
\nThe other loans comprise the outstanding equity part of the JOLCO (Japanese Operating Lease with Call Option)
\nfinancing. At December 31, 2023, the outstanding balance amounts to USD 8.7 million and relates to 3 vessels.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag386": {
"value": "\nNote 27 - Share based payments
\nThe Group established a share option plan program that entitles certain employees to register for a number of
\nshares. The share options are only exercisable after a period of three years and for employees still in service after
\nthis three year period. Each share option entitles the holder of the option to one EXMAR share.
\nThe fair value of services received in return for share options granted are measured by reference to the exercise
\nprice of the granted share options. The estimated fair value of the services received is measured based on a binomial
\nlattice model. The contractual life of the option is used as an input into this model.
\nPlan 10 matured at the end of 2023 and of the remaining 321,250 options 317,250 were exercised and 4,000 forfeited.
\nDuring 2023 and 2022 no new plans were implemented.
\n2023 2022
\nReconciliation of outstanding share options Number of
\noptions
\nWeighted
\naverage exercise
\nprice
\nNumber of
\noptions
\nWeighted
\naverage exercise
\nprice
\nOutstanding share options at 1 January 321,250 9.62 651,850 10.08
\nNew options granted 0 0.00 0 0.00
\nChanges during the year
\n Options exercised -317,250 9.62 0 0.00
\n Options forfeited -4,000 9.62 -330,600 10.53
\nOutstanding share options at 31 December 0 9.62 321,250 9.62
\nExercisable share options at 31 December 0 N/A 321,250 9.62
\nAt the end of December 2023 there are no options remaining.
\nAll plans have been fully expensed since 2018.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag390": {
"value": "\n
\n\nNote 29 - Trade and other payables
\n(In thousands of USD) 2023 2022
\nTrade payables 40,721 35,366
\nOther payables 96,002 29,100
\nDeferred income 10,186 11,076
\nTrade and other payables 146,909 75,542
\nOf which financial liabilities (Note 30) 134,717 62,730
\nTrade payables increased in 2023 and is mainly related to the engineering, procurement and conversion contract work
\nOther payables contain advances received, VAT and payroll payables. The increase relates to the contingent
\nconsideration liability of USD 78.0 million booked in 2022 relating to TANGO FLNG, which is expected to be settled
\nin the fourth quarter of 2024 (see also Significant judgements and estimates) and has been transferred from non-
\ncurrent to current liabilities.
\nDeferred income comprises already invoiced revenue, related to the next accounting year, e.g. freight, hire.
\nAs a result of the partial disposal of the shares of Ecos Srl the assets and liabilities of the company were derecognized.
\nThe impact of the derecognition on trade and other payables is USD 3.5 million on trade payables and USD 1.0
\nmillion on other payables.
\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag391": {
"value": "\nNote 29 - Trade and other payables
\n(In thousands of USD) 2023 2022
\nTrade payables 40,721 35,366
\nOther payables 96,002 29,100
\nDeferred income 10,186 11,076
\nTrade and other payables 146,909 75,542
\nOf which financial liabilities (Note 30) 134,717 62,730
\nTrade payables increased in 2023 and is mainly related to the engineering, procurement and conversion contract work
\nOther payables contain advances received, VAT and payroll payables. The increase relates to the contingent
\nconsideration liability of USD 78.0 million booked in 2022 relating to TANGO FLNG, which is expected to be settled
\nin the fourth quarter of 2024 (see also Significant judgements and estimates) and has been transferred from non-
\ncurrent to current liabilities.
\nDeferred income comprises already invoiced revenue, related to the next accounting year, e.g. freight, hire.
\nAs a result of the partial disposal of the shares of Ecos Srl the assets and liabilities of the company were derecognized.
\nThe impact of the derecognition on trade and other payables is USD 3.5 million on trade payables and USD 1.0
\nmillion on other payables.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag392": {
"value": "\n
\n\n
\n\n
\n
\n
\nNote 30 - Financial risks and financial instruments
\n\nDuring the normal course of its business, EXMAR is exposed to various risks as described in more detail in the
\nCorporate Governance Statement. EXMAR is exposed to credit, interest, currency and liquidity risks and in order
\nto hedge this exposure, EXMAR uses different financial instruments, mainly interest rate hedges situated within
\nour equity accounted investees as well as foreign currency forward contracts.
\nEXMAR applies hedge accounting for all hedging relations which meet the conditions to apply hedge accounting
\n(formal documentation and high effectiveness at inception and on an ongoing basis). Financial instruments are
\nrecognised initially at fair value. Subsequent to initial recognition, the effective portion of changes in fair value of the
\nfinancial instruments qualifying for hedge accounting (i.e. cash flow hedges), is recognised in other comprehensive
\nincome. Any ineffective portion of changes in fair value and changes in fair value of financial instruments not
\nqualifying for hedge accounting are recognised immediately in profit or loss.
\n
\n\n\n\nFair value & fair value hierarchy
\nThe following table shows financial assets and financial liabilities measured at fair value, including their level in
\nthe fair value hierarchy.
\n(In thousands of USD)
\nDecember 31, 2023 Level 1 Level 2 Level 3 Total
\nDerivative financial asset 0 550 0 550
\nEquity securities - FVTPL 701 37,227 0 37,928
\nTotal financial assets carried at fair value 701 37,777 0 38,478
\nTotal financial liabilities carried at fair value 0 0 0 0
\n(In thousands of USD)
\nDecember 31, 2022 Level 1 Level 2 Level 3 Total
\nDerivative financial asset 0 573 0 573
\nEquity securities - FVTPL 1,054 795 0 1,849
\nTotal financial assets carried at fair value 1,054 1,368 0 2,422
\nTotal financial liabilities carried at fair value 0 0 0 0
\n
\n\n\nFinancial instruments other than those listed above are all measured at amortized cost.
\n\nCredit risk
\nCredit risk policy
\nThe Group is exposed to credit risk from its operating activities (primarily trade and other receivables and transactions
\nwith equity accounted investees) and from its financing activities, including deposits with banks, foreign exchange
\ntransactions and other financial instruments.
\nCredit risk is monitored closely and by each segment on an ongoing basis by the Group and creditworthiness
\ncontrols are carried out if deemed necessary.
\nThe borrowings to equity accounted investees consist of shareholder loans to our equity accounted investees that
\nown or operate a LPG vessel or Offshore platform. As all vessels are operational and generate income or are pledged
\nas a security for the underlying borrowing, we do not anticipate any recoverability issues for the outstanding
\nborrowings (after impairment) to equity accounted investees. The equity accounted investees for whom the
\nshare in the net assets is negative, are allocated to other components (mainly deducted from receivables) of the
\ninvestor\u2019s interest in the equity accounted investee and if the negative net asset exceeds the investor\u2019s interest, a
\ncorresponding liability is recognized to the extent that the Group has a legal or constructive obligation. The terms
\nof the shareholder loans are discussed in Note 18 Borrowings to equity accounted investees of this annual report.
\nEXMAR reviews the recoverable amount of each trade and other receivable on an individual basis at the end of the
\nreporting period to ensure that an adequate loss allowance is made for irrecoverable amounts. Monitoring procedures
\nare also in place to ensure that follow-up action is taken to recover overdue debts. In this regard, considering historical
\ndefault rates below 1% for 2023 and 2022, Group management considers that the group\u2019s credit risk is remote.
\nThe Group only engages with banks with a good credit rating. The Group monitors and manages exposures to
\nbanks with approved counterparty credit limits and credit risk parameters in order to mitigate the risk of default.
\n
\n\n\n
\n\n\n
\n\n\n
\n\n\n
\n\n
\n\n
\n
\n\n
\nExposure to risk
\n(In thousands of USD) 2023 2022
\nBorrowings to equity accounted investees 11,597 6,997
\nDerivative financial assets 550 573
\nOther investments - equity instruments at FVTPL 37,928 3
\nTrade and other receivables (see Note 22) 83,643 59,778
\nRestricted cash 0 0
\nCash and cash equivalents 176,930 519,553
\nCarrying amount of financial assets 310,649 586,904
\nThe carrying amounts of the financial assets represent the maximum credit exposure.
\n\n
\n\nImpairment losses
\nAs past due outstanding receivable balances are immaterial, no ageing analysis is disclosed.
\nAt year-end 2022, we recorded impairment charges for borrowings to and trade receivable balances from equity
\naccounted investees for a total amount of USD 11.4 million. The impairment for borrowings to and trade receivable
\nbalances from equity accounted investees was partially reversed at year-end 2023 and amounts to USD 6.7 million.
\nImpairment charges on other (non-trade) third party receivable balances increased by USD 1.9 million to USD 3.9 million.
\n
\n\n\n
\n\n\n
\n\n\n\n
\nInterest risk
\n\nInterest risk policy
\nThe interest-bearing loans are mainly negotiated with variable interest rates. In order to monitor this interest
\nrisk, the Group makes use of interest hedging instruments available on the market when management is of the
\nopinion that it is favorable to do so. For the moment, no interest rate swaps exist within our subsidiaries. On the
\nother hand, different interest rate swaps exist within our equity accounted investees. The Group applies hedge
\naccounting when the conditions to apply hedge accounting are met. In case no hedge accounting is applied, the
\nchanges in fair value are recorded in the statement of profit or loss.
\n
\n\n\nExposure to risk
\n(In thousands of USD) 2023 2022
\nTotal borrowings (excluding lease liabilities) 256,290 208,083
\nwith fixed interest rate 138,389 154,669
\nwith variable interest rate 117,901 53,414
\nNet exposure 117,901 53,414
\nThe amount of variable interest rate borrowings increased significantly during 2023 as a result of the new facility
\nagreement for the financing of the FSRU EEMSHAVEN (see Note 26 Borrowings).
\nSensitivity analysis
\nIn case the interest rate would increase/decrease with 50 basis points, the financial statements would be impacted
\nwith the following amounts (assuming that all other variables remain unchanged):
\n(In thousands of USD) 2023 2022
\n+ 50 bp - 50 bp + 50 bp - 50 bp
\nVariable interest rate borrowings 590 -590 267 -267
\nInterest rate swaps and cross-currency rate swaps 0 0 0 0
\nSensitivity (net), of which 590 -590 267 -267
\n Impact in profit and loss 590 -590 267 -267
\n Impact in equity 0 0 0 0
\nA significant portion of EXMAR\u2019s interest income is derived from borrowings to equity accounted investees with
\nvariable interest rates. Any increase/decrease in the interest rate would result in an increase/decrease of interest
\nincome but would mainly be offset by an increase/ decrease in the interest expense recognized by the equity
\naccounted investee for a corresponding amount. Accordingly, any increase/decrease in the variable interest rate
\napplied on the borrowings to equity accounted investees would have no impact on the net result of the Group.
\n
\n\n\n
\n\n\n
\n\n\n
\n\n\n
\n\n
\n\n
\n
\n
\n
\n\nTherefore, borrowings to equity accounted investees have not been included in the above sensitivity analysis.
\n
\n\n\n\nCurrency risk
\nThe Group\u2019s currency risk is historically mainly affected by the EUR/USD ratio for manning its fleet, paying salaries
\nand all other personnel related expenses and the Bexco activities, which are expressed in EUR. In order to monitor
\nthe currency risk, the Group uses a range of foreign currency rate hedging instruments and forward contracts if
\ndeemed necessary.
\nAt year-end 2023, no financial instrument contracts were outstanding to cover the EUR/USD.
\nExposure to risk
\nExposure to currency risk, based on notional amounts in thousands of foreign currency:
\n(In thousands of local 2023 2022
\ncurrency) EUR NOK XAF ARS EUR NOK XAF ARS
\nReceivables 9,730 91 1,975,725 230,930 12,435 1,899 434,754 225,083
\nPayables -11,464 -97 0 -83,302 -16,083 0 -12,801 -37,564
\nInterest-bearing loans 0 0 0 0 0 0 0 0
\nBalance sheet exposure -1,734 -5 1,975,725 147,628 -3,648 1,899 421,953 187,519
\nForward contracts
\nNet exposure -1,734 -5 1,975,725 147,628 -3,648 1,899 421,953 187,519
\n In thousands of USD -1,916 -1 3,328 183 -3,891 193 686 1,059
\nThe above overview reflects the exposure for the top-4 currency risks.
\nSensitivity analysis
\nAs per December 31, 2023 an increase in the year-end EUR/USD rate of 10.0% would affect the statement of profit
\nor loss with USD -0.2 million (2022: USD -0.4 million). A 10.0% decrease of the EUR/USD rate would impact the
\nprofit or loss statement with the same amount (opposite sign).
\nAs per December 31, 2023 an increase in the year-end XAF/USD rate of 10% would affect the statement of profit
\nor loss with USD +0.33 million (2022: USD +0.07 million). A 10.0% decrease of the XAF/ USD rate would impact the
\nprofit or loss statement with the same amount (opposite sign).
\n
\n\n\n\nLiquidity risk
\nLiquidity risk policy
\nThe Group manages the liquidity risk in order to meet financial obligations as they fall due. The risk is managed
\nthrough a continuous cash flow projection follow-up, monitoring balance sheet liquidity ratio\u2019s against internal
\nand regulatory requirements and maintaining a diverse range of funding sources with adequate back-up facilities.
\nDifferent debt covenants exist that require compliance with certain financial ratio\u2019s. As of December 31, 2023,
\nEXMAR was compliant with all covenants. We also refer in this respect to Note 26 Borrowings.
\nMaturity analysis of financial liabilities, borrowings to equity accounted investees and financial guarantees
\nOur current financial liabilities such as trade and other payables are expected to be paid within the next twelve
\nmonths and are therefore not included in the tables below. The contractual maturities of our financial liabilities
\nand our borrowings to equity accounted investees, including estimated interest payments, are detailed in the tables
\nbelow. The contractual maturities of our financial liabilities are based on the contractual amortization tables of
\nthe facilities. The undrawn parts of our credit facilities are not included in the tables below.
\nThe contractual maturities of our borrowings to equity accounted investees are based on the cash flow projections
\nfor future years for the EXMAR LPG shareholder\u2019s loan and the expected repayment of the loan for the Electra
\nOffshore Ltd facility, excluding netting of negative net assets (see Note 18 Borrowings to equity accounted investees).
\nEXMAR has also provided guarantees to financial institutions that have provided credit facilities to her equity
\naccounted investees. The amount that EXMAR would have to pay if the guarantee is called on, is disclosed below
\nunder financial guarantees.
\n
\n\n\n
\n\n\n
\n\n\n
\n\n\n
\n\n
\n\n
\n\n(In thousands of
\nUSD)
\nCurr. Interest rate Matur. Carrying
\namount
\nContractual cash flows
\nDecember 31, 2023 Total < 1 year 1-2
\nyears
\n2-5
\nyears
\n> 5
\nyears
\nBank loans VLGC's USD 5,62% 2036 -129,740 -190,631 -13,258 -13,104 -39,026 -125,243
\nBank/other loans -
\npressurized fleet
\nUSD
\nLIBOR+
\n
\n2.4%
\n2023 -
\n2025
\n-15,820 -26,063 -12,586 -13,477 0 0
\nBank loan -
\nEEMSHAVEN
\nUSD LIBOR+ 2.5% 2023 -94,746 -112,735 -20,047 -18,789 -73,899 0
\nBank loans - other EUR EURIBOR + 1.7% 2028 -15,983 -6,598 -6,605 -115 122 0
\nLease liabilities USD -3,277 -1,880 -464 -463 -953 0
\nLease liabilities EUR -4,955 -5,085 -1,400 -1,363 -1,544 -778
\nLease liabilities SGD -454 -205 -134 -71 1 0
\nLease liabilities CNY 0 -19 -19 0 0 0
\nLease liabilities INR -199 -244 -53 -56 -135 0
\nLease liabilities XAF -136 -147 -51 -51 -46 0
\n-265,311 -343,608 -54,618 -47,487 -115,482 -126,022
\nBorrowings to equity
\naccounted investees
\nUSD 11,597 12,989 12,989 0 0 0
\nFinancial guarantees USD 0 -237,584 -31,301 -30,754 -175,530 0
\n(In thousands of
\nUSD)
\nCurr. Interest rate Matur. Carrying
\namount
\nContractual cash flows
\nDecember 31, 2022 Total < 1 year 1-2
\nyears
\n2-5
\nyears
\n> 5
\nyears
\nBank loans VLGC's USD 5,62% 2036 -135,492 -203,954 -13,323 -13,258 -39,210 -138,163
\nBank/other loans -
\npressurized fleet
\nUSD
\nLIBOR+
\n
\n2.4%
\n2023 -
\n2025
\n-61,752 -62,831 -36,038 -16,190 -10,604 0
\nBank loan - EXCALIBUR USD LIBOR+ 2.5% 2023 -10,004 -10,458 -10,458 0 0 0
\nBank loans - other EUR EURIBOR + 1.7% 2028 -835 -372 -356 -16 0 0
\nLease liabilities USD -2,127 -2,387 -507 -464 -1,416 0
\nLease liabilities EUR -7,985 -8,516 -1,533 -1,287 -2,441 -3,255
\nLease liabilities SGD -65 -66 -66 0 0 0
\nLease liabilities INR -66 -332 -20 0 0 0
\nLease liabilities CNY -21 -22 -22 0 0 0
\n-218,347 -288,939 -62,322 -31,216 -53,670 -141,419
\nBorrowings to equity
\naccounted investees
\nUSD 7,000 7,840 7,840 0 0 0
\nFinancial guarantees USD 0 -270,796 -56,458 -27,661 -186,676 0
\n
\n\n\n
\n\n\n
\n\n\n
\n\n\n
\n\n
\n\n
\n\n
\n\n
\nFair values
\nCarrying amounts versus fair values
\n(In thousands of USD) 2023 2022
\nFV
\nhierarchy
\nCarrying
\namount
\nFair value FV
\nhierarchy
\nCarrying
\namount
\nFair value
\nBorrowings to equity accounted investees 2 11,597 11,597 2 7,000 7,000
\nOther investments - equity instruments at FVTLP 1/2 37,928 37,928 1/2 1,849 1,849
\nDerivative financial asset 2 550 550 2 573 573
\nBorrowings (excluding lease liabilities) 2 -256,290 -280,280 2 -208,083 -234,700
\n-206,214 -230,204 -198,661 -225,278
\n\nThe financial assets and liabilities carried at fair value are analysed and a hierarchy in valuation method has been
\ndefined:
\n\u2022 Level 1 being quoted bid prices in active markets for identical assets or liabilities.
\n\u2022
\nLevel 2 being inputs in other than quoted prices included in level 1 that are observable for the related assets
\nand liabilities, either directly (as prices) or indirectly (derived from prices);
\n\u2022 Level 3 being inputs for the asset or liability that are not based on observable market data.
\nThe breakdown between level 1 and 2 of the equity instruments at FVTPL is shown in the beginning of this note.
\nBasis for determining fair values:
\n\u2022
\nBorrowings to equity accounted investees: present value of future cash flows, discounted at the market rate
\nof interest at reporting date or the fair value of the underlying pledged asset
\n\u2022 Equity instruments at FVTPL:
\n - Quoted closing bid price at reporting date for Frontera shares
\n - Non-quoted closing fixing price at reporting date through a public auction via Euronext for Sibelco shares
\n -
\nVantage Drilling is an Over-the-counter (OTC) security and as a consequence not listed on a major exchange
\nin the United States and is instead traded via a broker-dealer network. Pricing is set according to the bid/
\nask principle.
\n\u2022
\nForward contracts: present value of the difference between the forward price at reporting date and the
\nforward price paid
\n\u2022
\nInterest bearing loans: present value of future cash flows, discounted at the market rate of interest at reporting
\ndate.
\nFor certain financial assets and liabilities (trade and other receivables, cash and cash equivalents, trade and other
\npayables and lease liabilities) not carried at fair value, no fair value is disclosed because the carrying amounts are
\na reasonable approximation of the fair values.
\n
\n\n\n
\n\n\n
\n\n\n
\n\n\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag393": {
"value": "\n
\n\n
\n
\n
\nNote 30 - Financial risks and financial instruments
\n\nDuring the normal course of its business, EXMAR is exposed to various risks as described in more detail in the
\nCorporate Governance Statement. EXMAR is exposed to credit, interest, currency and liquidity risks and in order
\nto hedge this exposure, EXMAR uses different financial instruments, mainly interest rate hedges situated within
\nour equity accounted investees as well as foreign currency forward contracts.
\nEXMAR applies hedge accounting for all hedging relations which meet the conditions to apply hedge accounting
\n(formal documentation and high effectiveness at inception and on an ongoing basis). Financial instruments are
\nrecognised initially at fair value. Subsequent to initial recognition, the effective portion of changes in fair value of the
\nfinancial instruments qualifying for hedge accounting (i.e. cash flow hedges), is recognised in other comprehensive
\nincome. Any ineffective portion of changes in fair value and changes in fair value of financial instruments not
\nqualifying for hedge accounting are recognised immediately in profit or loss.
\n
\n\n\n\nFair value & fair value hierarchy
\nThe following table shows financial assets and financial liabilities measured at fair value, including their level in
\nthe fair value hierarchy.
\n(In thousands of USD)
\nDecember 31, 2023 Level 1 Level 2 Level 3 Total
\nDerivative financial asset 0 550 0 550
\nEquity securities - FVTPL 701 37,227 0 37,928
\nTotal financial assets carried at fair value 701 37,777 0 38,478
\nTotal financial liabilities carried at fair value 0 0 0 0
\n(In thousands of USD)
\nDecember 31, 2022 Level 1 Level 2 Level 3 Total
\nDerivative financial asset 0 573 0 573
\nEquity securities - FVTPL 1,054 795 0 1,849
\nTotal financial assets carried at fair value 1,054 1,368 0 2,422
\nTotal financial liabilities carried at fair value 0 0 0 0
\n
\n\n\nFinancial instruments other than those listed above are all measured at amortized cost.
\n\nCredit risk
\nCredit risk policy
\nThe Group is exposed to credit risk from its operating activities (primarily trade and other receivables and transactions
\nwith equity accounted investees) and from its financing activities, including deposits with banks, foreign exchange
\ntransactions and other financial instruments.
\nCredit risk is monitored closely and by each segment on an ongoing basis by the Group and creditworthiness
\ncontrols are carried out if deemed necessary.
\nThe borrowings to equity accounted investees consist of shareholder loans to our equity accounted investees that
\nown or operate a LPG vessel or Offshore platform. As all vessels are operational and generate income or are pledged
\nas a security for the underlying borrowing, we do not anticipate any recoverability issues for the outstanding
\nborrowings (after impairment) to equity accounted investees. The equity accounted investees for whom the
\nshare in the net assets is negative, are allocated to other components (mainly deducted from receivables) of the
\ninvestor\u2019s interest in the equity accounted investee and if the negative net asset exceeds the investor\u2019s interest, a
\ncorresponding liability is recognized to the extent that the Group has a legal or constructive obligation. The terms
\nof the shareholder loans are discussed in Note 18 Borrowings to equity accounted investees of this annual report.
\nEXMAR reviews the recoverable amount of each trade and other receivable on an individual basis at the end of the
\nreporting period to ensure that an adequate loss allowance is made for irrecoverable amounts. Monitoring procedures
\nare also in place to ensure that follow-up action is taken to recover overdue debts. In this regard, considering historical
\ndefault rates below 1% for 2023 and 2022, Group management considers that the group\u2019s credit risk is remote.
\nThe Group only engages with banks with a good credit rating. The Group monitors and manages exposures to
\nbanks with approved counterparty credit limits and credit risk parameters in order to mitigate the risk of default.
\n
\n\n\n
\n\n\n
\n\n\n
\n\n
\n
\n\n
\nExposure to risk
\n(In thousands of USD) 2023 2022
\nBorrowings to equity accounted investees 11,597 6,997
\nDerivative financial assets 550 573
\nOther investments - equity instruments at FVTPL 37,928 3
\nTrade and other receivables (see Note 22) 83,643 59,778
\nRestricted cash 0 0
\nCash and cash equivalents 176,930 519,553
\nCarrying amount of financial assets 310,649 586,904
\nThe carrying amounts of the financial assets represent the maximum credit exposure.
\n\n
\n\nImpairment losses
\nAs past due outstanding receivable balances are immaterial, no ageing analysis is disclosed.
\nAt year-end 2022, we recorded impairment charges for borrowings to and trade receivable balances from equity
\naccounted investees for a total amount of USD 11.4 million. The impairment for borrowings to and trade receivable
\nbalances from equity accounted investees was partially reversed at year-end 2023 and amounts to USD 6.7 million.
\nImpairment charges on other (non-trade) third party receivable balances increased by USD 1.9 million to USD 3.9 million.
\n
\n\n\n
\n\n\n
\n\n\n\n
\nInterest risk
\n\nInterest risk policy
\nThe interest-bearing loans are mainly negotiated with variable interest rates. In order to monitor this interest
\nrisk, the Group makes use of interest hedging instruments available on the market when management is of the
\nopinion that it is favorable to do so. For the moment, no interest rate swaps exist within our subsidiaries. On the
\nother hand, different interest rate swaps exist within our equity accounted investees. The Group applies hedge
\naccounting when the conditions to apply hedge accounting are met. In case no hedge accounting is applied, the
\nchanges in fair value are recorded in the statement of profit or loss.
\n
\n\n\nExposure to risk
\n(In thousands of USD) 2023 2022
\nTotal borrowings (excluding lease liabilities) 256,290 208,083
\nwith fixed interest rate 138,389 154,669
\nwith variable interest rate 117,901 53,414
\nNet exposure 117,901 53,414
\nThe amount of variable interest rate borrowings increased significantly during 2023 as a result of the new facility
\nagreement for the financing of the FSRU EEMSHAVEN (see Note 26 Borrowings).
\nSensitivity analysis
\nIn case the interest rate would increase/decrease with 50 basis points, the financial statements would be impacted
\nwith the following amounts (assuming that all other variables remain unchanged):
\n(In thousands of USD) 2023 2022
\n+ 50 bp - 50 bp + 50 bp - 50 bp
\nVariable interest rate borrowings 590 -590 267 -267
\nInterest rate swaps and cross-currency rate swaps 0 0 0 0
\nSensitivity (net), of which 590 -590 267 -267
\n Impact in profit and loss 590 -590 267 -267
\n Impact in equity 0 0 0 0
\nA significant portion of EXMAR\u2019s interest income is derived from borrowings to equity accounted investees with
\nvariable interest rates. Any increase/decrease in the interest rate would result in an increase/decrease of interest
\nincome but would mainly be offset by an increase/ decrease in the interest expense recognized by the equity
\naccounted investee for a corresponding amount. Accordingly, any increase/decrease in the variable interest rate
\napplied on the borrowings to equity accounted investees would have no impact on the net result of the Group.
\n
\n\n\n
\n\n\n
\n\n\n
\n\n
\n
\n
\n
\n\nTherefore, borrowings to equity accounted investees have not been included in the above sensitivity analysis.
\n
\n\n\n\nCurrency risk
\nThe Group\u2019s currency risk is historically mainly affected by the EUR/USD ratio for manning its fleet, paying salaries
\nand all other personnel related expenses and the Bexco activities, which are expressed in EUR. In order to monitor
\nthe currency risk, the Group uses a range of foreign currency rate hedging instruments and forward contracts if
\ndeemed necessary.
\nAt year-end 2023, no financial instrument contracts were outstanding to cover the EUR/USD.
\nExposure to risk
\nExposure to currency risk, based on notional amounts in thousands of foreign currency:
\n(In thousands of local 2023 2022
\ncurrency) EUR NOK XAF ARS EUR NOK XAF ARS
\nReceivables 9,730 91 1,975,725 230,930 12,435 1,899 434,754 225,083
\nPayables -11,464 -97 0 -83,302 -16,083 0 -12,801 -37,564
\nInterest-bearing loans 0 0 0 0 0 0 0 0
\nBalance sheet exposure -1,734 -5 1,975,725 147,628 -3,648 1,899 421,953 187,519
\nForward contracts
\nNet exposure -1,734 -5 1,975,725 147,628 -3,648 1,899 421,953 187,519
\n In thousands of USD -1,916 -1 3,328 183 -3,891 193 686 1,059
\nThe above overview reflects the exposure for the top-4 currency risks.
\nSensitivity analysis
\nAs per December 31, 2023 an increase in the year-end EUR/USD rate of 10.0% would affect the statement of profit
\nor loss with USD -0.2 million (2022: USD -0.4 million). A 10.0% decrease of the EUR/USD rate would impact the
\nprofit or loss statement with the same amount (opposite sign).
\nAs per December 31, 2023 an increase in the year-end XAF/USD rate of 10% would affect the statement of profit
\nor loss with USD +0.33 million (2022: USD +0.07 million). A 10.0% decrease of the XAF/ USD rate would impact the
\nprofit or loss statement with the same amount (opposite sign).
\n
\n\n\n\nLiquidity risk
\nLiquidity risk policy
\nThe Group manages the liquidity risk in order to meet financial obligations as they fall due. The risk is managed
\nthrough a continuous cash flow projection follow-up, monitoring balance sheet liquidity ratio\u2019s against internal
\nand regulatory requirements and maintaining a diverse range of funding sources with adequate back-up facilities.
\nDifferent debt covenants exist that require compliance with certain financial ratio\u2019s. As of December 31, 2023,
\nEXMAR was compliant with all covenants. We also refer in this respect to Note 26 Borrowings.
\nMaturity analysis of financial liabilities, borrowings to equity accounted investees and financial guarantees
\nOur current financial liabilities such as trade and other payables are expected to be paid within the next twelve
\nmonths and are therefore not included in the tables below. The contractual maturities of our financial liabilities
\nand our borrowings to equity accounted investees, including estimated interest payments, are detailed in the tables
\nbelow. The contractual maturities of our financial liabilities are based on the contractual amortization tables of
\nthe facilities. The undrawn parts of our credit facilities are not included in the tables below.
\nThe contractual maturities of our borrowings to equity accounted investees are based on the cash flow projections
\nfor future years for the EXMAR LPG shareholder\u2019s loan and the expected repayment of the loan for the Electra
\nOffshore Ltd facility, excluding netting of negative net assets (see Note 18 Borrowings to equity accounted investees).
\nEXMAR has also provided guarantees to financial institutions that have provided credit facilities to her equity
\naccounted investees. The amount that EXMAR would have to pay if the guarantee is called on, is disclosed below
\nunder financial guarantees.
\n
\n\n\n
\n\n\n
\n\n\n
\n\n
\n\n(In thousands of
\nUSD)
\nCurr. Interest rate Matur. Carrying
\namount
\nContractual cash flows
\nDecember 31, 2023 Total < 1 year 1-2
\nyears
\n2-5
\nyears
\n> 5
\nyears
\nBank loans VLGC's USD 5,62% 2036 -129,740 -190,631 -13,258 -13,104 -39,026 -125,243
\nBank/other loans -
\npressurized fleet
\nUSD
\nLIBOR+
\n
\n2.4%
\n2023 -
\n2025
\n-15,820 -26,063 -12,586 -13,477 0 0
\nBank loan -
\nEEMSHAVEN
\nUSD LIBOR+ 2.5% 2023 -94,746 -112,735 -20,047 -18,789 -73,899 0
\nBank loans - other EUR EURIBOR + 1.7% 2028 -15,983 -6,598 -6,605 -115 122 0
\nLease liabilities USD -3,277 -1,880 -464 -463 -953 0
\nLease liabilities EUR -4,955 -5,085 -1,400 -1,363 -1,544 -778
\nLease liabilities SGD -454 -205 -134 -71 1 0
\nLease liabilities CNY 0 -19 -19 0 0 0
\nLease liabilities INR -199 -244 -53 -56 -135 0
\nLease liabilities XAF -136 -147 -51 -51 -46 0
\n-265,311 -343,608 -54,618 -47,487 -115,482 -126,022
\nBorrowings to equity
\naccounted investees
\nUSD 11,597 12,989 12,989 0 0 0
\nFinancial guarantees USD 0 -237,584 -31,301 -30,754 -175,530 0
\n(In thousands of
\nUSD)
\nCurr. Interest rate Matur. Carrying
\namount
\nContractual cash flows
\nDecember 31, 2022 Total < 1 year 1-2
\nyears
\n2-5
\nyears
\n> 5
\nyears
\nBank loans VLGC's USD 5,62% 2036 -135,492 -203,954 -13,323 -13,258 -39,210 -138,163
\nBank/other loans -
\npressurized fleet
\nUSD
\nLIBOR+
\n
\n2.4%
\n2023 -
\n2025
\n-61,752 -62,831 -36,038 -16,190 -10,604 0
\nBank loan - EXCALIBUR USD LIBOR+ 2.5% 2023 -10,004 -10,458 -10,458 0 0 0
\nBank loans - other EUR EURIBOR + 1.7% 2028 -835 -372 -356 -16 0 0
\nLease liabilities USD -2,127 -2,387 -507 -464 -1,416 0
\nLease liabilities EUR -7,985 -8,516 -1,533 -1,287 -2,441 -3,255
\nLease liabilities SGD -65 -66 -66 0 0 0
\nLease liabilities INR -66 -332 -20 0 0 0
\nLease liabilities CNY -21 -22 -22 0 0 0
\n-218,347 -288,939 -62,322 -31,216 -53,670 -141,419
\nBorrowings to equity
\naccounted investees
\nUSD 7,000 7,840 7,840 0 0 0
\nFinancial guarantees USD 0 -270,796 -56,458 -27,661 -186,676 0
\n
\n\n\n
\n\n\n
\n\n\n
\n\n
\n\n
\n\n
\nFair values
\nCarrying amounts versus fair values
\n(In thousands of USD) 2023 2022
\nFV
\nhierarchy
\nCarrying
\namount
\nFair value FV
\nhierarchy
\nCarrying
\namount
\nFair value
\nBorrowings to equity accounted investees 2 11,597 11,597 2 7,000 7,000
\nOther investments - equity instruments at FVTLP 1/2 37,928 37,928 1/2 1,849 1,849
\nDerivative financial asset 2 550 550 2 573 573
\nBorrowings (excluding lease liabilities) 2 -256,290 -280,280 2 -208,083 -234,700
\n-206,214 -230,204 -198,661 -225,278
\n\nThe financial assets and liabilities carried at fair value are analysed and a hierarchy in valuation method has been
\ndefined:
\n\u2022 Level 1 being quoted bid prices in active markets for identical assets or liabilities.
\n\u2022
\nLevel 2 being inputs in other than quoted prices included in level 1 that are observable for the related assets
\nand liabilities, either directly (as prices) or indirectly (derived from prices);
\n\u2022 Level 3 being inputs for the asset or liability that are not based on observable market data.
\nThe breakdown between level 1 and 2 of the equity instruments at FVTPL is shown in the beginning of this note.
\nBasis for determining fair values:
\n\u2022
\nBorrowings to equity accounted investees: present value of future cash flows, discounted at the market rate
\nof interest at reporting date or the fair value of the underlying pledged asset
\n\u2022 Equity instruments at FVTPL:
\n - Quoted closing bid price at reporting date for Frontera shares
\n - Non-quoted closing fixing price at reporting date through a public auction via Euronext for Sibelco shares
\n -
\nVantage Drilling is an Over-the-counter (OTC) security and as a consequence not listed on a major exchange
\nin the United States and is instead traded via a broker-dealer network. Pricing is set according to the bid/
\nask principle.
\n\u2022
\nForward contracts: present value of the difference between the forward price at reporting date and the
\nforward price paid
\n\u2022
\nInterest bearing loans: present value of future cash flows, discounted at the market rate of interest at reporting
\ndate.
\nFor certain financial assets and liabilities (trade and other receivables, cash and cash equivalents, trade and other
\npayables and lease liabilities) not carried at fair value, no fair value is disclosed because the carrying amounts are
\na reasonable approximation of the fair values.
\n
\n\n\n
\n\n\n
\n\n\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag394": {
"value": "\n
\n
\n
\nNote 30 - Financial risks and financial instruments
\n\nDuring the normal course of its business, EXMAR is exposed to various risks as described in more detail in the
\nCorporate Governance Statement. EXMAR is exposed to credit, interest, currency and liquidity risks and in order
\nto hedge this exposure, EXMAR uses different financial instruments, mainly interest rate hedges situated within
\nour equity accounted investees as well as foreign currency forward contracts.
\nEXMAR applies hedge accounting for all hedging relations which meet the conditions to apply hedge accounting
\n(formal documentation and high effectiveness at inception and on an ongoing basis). Financial instruments are
\nrecognised initially at fair value. Subsequent to initial recognition, the effective portion of changes in fair value of the
\nfinancial instruments qualifying for hedge accounting (i.e. cash flow hedges), is recognised in other comprehensive
\nincome. Any ineffective portion of changes in fair value and changes in fair value of financial instruments not
\nqualifying for hedge accounting are recognised immediately in profit or loss.
\n
\n\n\n\nFair value & fair value hierarchy
\nThe following table shows financial assets and financial liabilities measured at fair value, including their level in
\nthe fair value hierarchy.
\n(In thousands of USD)
\nDecember 31, 2023 Level 1 Level 2 Level 3 Total
\nDerivative financial asset 0 550 0 550
\nEquity securities - FVTPL 701 37,227 0 37,928
\nTotal financial assets carried at fair value 701 37,777 0 38,478
\nTotal financial liabilities carried at fair value 0 0 0 0
\n(In thousands of USD)
\nDecember 31, 2022 Level 1 Level 2 Level 3 Total
\nDerivative financial asset 0 573 0 573
\nEquity securities - FVTPL 1,054 795 0 1,849
\nTotal financial assets carried at fair value 1,054 1,368 0 2,422
\nTotal financial liabilities carried at fair value 0 0 0 0
\n
\n\n\nFinancial instruments other than those listed above are all measured at amortized cost.
\n\nCredit risk
\nCredit risk policy
\nThe Group is exposed to credit risk from its operating activities (primarily trade and other receivables and transactions
\nwith equity accounted investees) and from its financing activities, including deposits with banks, foreign exchange
\ntransactions and other financial instruments.
\nCredit risk is monitored closely and by each segment on an ongoing basis by the Group and creditworthiness
\ncontrols are carried out if deemed necessary.
\nThe borrowings to equity accounted investees consist of shareholder loans to our equity accounted investees that
\nown or operate a LPG vessel or Offshore platform. As all vessels are operational and generate income or are pledged
\nas a security for the underlying borrowing, we do not anticipate any recoverability issues for the outstanding
\nborrowings (after impairment) to equity accounted investees. The equity accounted investees for whom the
\nshare in the net assets is negative, are allocated to other components (mainly deducted from receivables) of the
\ninvestor\u2019s interest in the equity accounted investee and if the negative net asset exceeds the investor\u2019s interest, a
\ncorresponding liability is recognized to the extent that the Group has a legal or constructive obligation. The terms
\nof the shareholder loans are discussed in Note 18 Borrowings to equity accounted investees of this annual report.
\nEXMAR reviews the recoverable amount of each trade and other receivable on an individual basis at the end of the
\nreporting period to ensure that an adequate loss allowance is made for irrecoverable amounts. Monitoring procedures
\nare also in place to ensure that follow-up action is taken to recover overdue debts. In this regard, considering historical
\ndefault rates below 1% for 2023 and 2022, Group management considers that the group\u2019s credit risk is remote.
\nThe Group only engages with banks with a good credit rating. The Group monitors and manages exposures to
\nbanks with approved counterparty credit limits and credit risk parameters in order to mitigate the risk of default.
\n
\n\n\n
\n\n\n
\n
\n\n
\nExposure to risk
\n(In thousands of USD) 2023 2022
\nBorrowings to equity accounted investees 11,597 6,997
\nDerivative financial assets 550 573
\nOther investments - equity instruments at FVTPL 37,928 3
\nTrade and other receivables (see Note 22) 83,643 59,778
\nRestricted cash 0 0
\nCash and cash equivalents 176,930 519,553
\nCarrying amount of financial assets 310,649 586,904
\nThe carrying amounts of the financial assets represent the maximum credit exposure.
\n\n
\n\nImpairment losses
\nAs past due outstanding receivable balances are immaterial, no ageing analysis is disclosed.
\nAt year-end 2022, we recorded impairment charges for borrowings to and trade receivable balances from equity
\naccounted investees for a total amount of USD 11.4 million. The impairment for borrowings to and trade receivable
\nbalances from equity accounted investees was partially reversed at year-end 2023 and amounts to USD 6.7 million.
\nImpairment charges on other (non-trade) third party receivable balances increased by USD 1.9 million to USD 3.9 million.
\n
\n\n\n
\n\n\n
\n\n\n\n
\nInterest risk
\n\nInterest risk policy
\nThe interest-bearing loans are mainly negotiated with variable interest rates. In order to monitor this interest
\nrisk, the Group makes use of interest hedging instruments available on the market when management is of the
\nopinion that it is favorable to do so. For the moment, no interest rate swaps exist within our subsidiaries. On the
\nother hand, different interest rate swaps exist within our equity accounted investees. The Group applies hedge
\naccounting when the conditions to apply hedge accounting are met. In case no hedge accounting is applied, the
\nchanges in fair value are recorded in the statement of profit or loss.
\n
\n\n\nExposure to risk
\n(In thousands of USD) 2023 2022
\nTotal borrowings (excluding lease liabilities) 256,290 208,083
\nwith fixed interest rate 138,389 154,669
\nwith variable interest rate 117,901 53,414
\nNet exposure 117,901 53,414
\nThe amount of variable interest rate borrowings increased significantly during 2023 as a result of the new facility
\nagreement for the financing of the FSRU EEMSHAVEN (see Note 26 Borrowings).
\nSensitivity analysis
\nIn case the interest rate would increase/decrease with 50 basis points, the financial statements would be impacted
\nwith the following amounts (assuming that all other variables remain unchanged):
\n(In thousands of USD) 2023 2022
\n+ 50 bp - 50 bp + 50 bp - 50 bp
\nVariable interest rate borrowings 590 -590 267 -267
\nInterest rate swaps and cross-currency rate swaps 0 0 0 0
\nSensitivity (net), of which 590 -590 267 -267
\n Impact in profit and loss 590 -590 267 -267
\n Impact in equity 0 0 0 0
\nA significant portion of EXMAR\u2019s interest income is derived from borrowings to equity accounted investees with
\nvariable interest rates. Any increase/decrease in the interest rate would result in an increase/decrease of interest
\nincome but would mainly be offset by an increase/ decrease in the interest expense recognized by the equity
\naccounted investee for a corresponding amount. Accordingly, any increase/decrease in the variable interest rate
\napplied on the borrowings to equity accounted investees would have no impact on the net result of the Group.
\n
\n\n\n
\n\n\n
\n
\n
\n
\n\nTherefore, borrowings to equity accounted investees have not been included in the above sensitivity analysis.
\n
\n\n\n\nCurrency risk
\nThe Group\u2019s currency risk is historically mainly affected by the EUR/USD ratio for manning its fleet, paying salaries
\nand all other personnel related expenses and the Bexco activities, which are expressed in EUR. In order to monitor
\nthe currency risk, the Group uses a range of foreign currency rate hedging instruments and forward contracts if
\ndeemed necessary.
\nAt year-end 2023, no financial instrument contracts were outstanding to cover the EUR/USD.
\nExposure to risk
\nExposure to currency risk, based on notional amounts in thousands of foreign currency:
\n(In thousands of local 2023 2022
\ncurrency) EUR NOK XAF ARS EUR NOK XAF ARS
\nReceivables 9,730 91 1,975,725 230,930 12,435 1,899 434,754 225,083
\nPayables -11,464 -97 0 -83,302 -16,083 0 -12,801 -37,564
\nInterest-bearing loans 0 0 0 0 0 0 0 0
\nBalance sheet exposure -1,734 -5 1,975,725 147,628 -3,648 1,899 421,953 187,519
\nForward contracts
\nNet exposure -1,734 -5 1,975,725 147,628 -3,648 1,899 421,953 187,519
\n In thousands of USD -1,916 -1 3,328 183 -3,891 193 686 1,059
\nThe above overview reflects the exposure for the top-4 currency risks.
\nSensitivity analysis
\nAs per December 31, 2023 an increase in the year-end EUR/USD rate of 10.0% would affect the statement of profit
\nor loss with USD -0.2 million (2022: USD -0.4 million). A 10.0% decrease of the EUR/USD rate would impact the
\nprofit or loss statement with the same amount (opposite sign).
\nAs per December 31, 2023 an increase in the year-end XAF/USD rate of 10% would affect the statement of profit
\nor loss with USD +0.33 million (2022: USD +0.07 million). A 10.0% decrease of the XAF/ USD rate would impact the
\nprofit or loss statement with the same amount (opposite sign).
\n
\n\n\n\nLiquidity risk
\nLiquidity risk policy
\nThe Group manages the liquidity risk in order to meet financial obligations as they fall due. The risk is managed
\nthrough a continuous cash flow projection follow-up, monitoring balance sheet liquidity ratio\u2019s against internal
\nand regulatory requirements and maintaining a diverse range of funding sources with adequate back-up facilities.
\nDifferent debt covenants exist that require compliance with certain financial ratio\u2019s. As of December 31, 2023,
\nEXMAR was compliant with all covenants. We also refer in this respect to Note 26 Borrowings.
\nMaturity analysis of financial liabilities, borrowings to equity accounted investees and financial guarantees
\nOur current financial liabilities such as trade and other payables are expected to be paid within the next twelve
\nmonths and are therefore not included in the tables below. The contractual maturities of our financial liabilities
\nand our borrowings to equity accounted investees, including estimated interest payments, are detailed in the tables
\nbelow. The contractual maturities of our financial liabilities are based on the contractual amortization tables of
\nthe facilities. The undrawn parts of our credit facilities are not included in the tables below.
\nThe contractual maturities of our borrowings to equity accounted investees are based on the cash flow projections
\nfor future years for the EXMAR LPG shareholder\u2019s loan and the expected repayment of the loan for the Electra
\nOffshore Ltd facility, excluding netting of negative net assets (see Note 18 Borrowings to equity accounted investees).
\nEXMAR has also provided guarantees to financial institutions that have provided credit facilities to her equity
\naccounted investees. The amount that EXMAR would have to pay if the guarantee is called on, is disclosed below
\nunder financial guarantees.
\n
\n\n\n
\n\n\n
\n\n(In thousands of
\nUSD)
\nCurr. Interest rate Matur. Carrying
\namount
\nContractual cash flows
\nDecember 31, 2023 Total < 1 year 1-2
\nyears
\n2-5
\nyears
\n> 5
\nyears
\nBank loans VLGC's USD 5,62% 2036 -129,740 -190,631 -13,258 -13,104 -39,026 -125,243
\nBank/other loans -
\npressurized fleet
\nUSD
\nLIBOR+
\n
\n2.4%
\n2023 -
\n2025
\n-15,820 -26,063 -12,586 -13,477 0 0
\nBank loan -
\nEEMSHAVEN
\nUSD LIBOR+ 2.5% 2023 -94,746 -112,735 -20,047 -18,789 -73,899 0
\nBank loans - other EUR EURIBOR + 1.7% 2028 -15,983 -6,598 -6,605 -115 122 0
\nLease liabilities USD -3,277 -1,880 -464 -463 -953 0
\nLease liabilities EUR -4,955 -5,085 -1,400 -1,363 -1,544 -778
\nLease liabilities SGD -454 -205 -134 -71 1 0
\nLease liabilities CNY 0 -19 -19 0 0 0
\nLease liabilities INR -199 -244 -53 -56 -135 0
\nLease liabilities XAF -136 -147 -51 -51 -46 0
\n-265,311 -343,608 -54,618 -47,487 -115,482 -126,022
\nBorrowings to equity
\naccounted investees
\nUSD 11,597 12,989 12,989 0 0 0
\nFinancial guarantees USD 0 -237,584 -31,301 -30,754 -175,530 0
\n(In thousands of
\nUSD)
\nCurr. Interest rate Matur. Carrying
\namount
\nContractual cash flows
\nDecember 31, 2022 Total < 1 year 1-2
\nyears
\n2-5
\nyears
\n> 5
\nyears
\nBank loans VLGC's USD 5,62% 2036 -135,492 -203,954 -13,323 -13,258 -39,210 -138,163
\nBank/other loans -
\npressurized fleet
\nUSD
\nLIBOR+
\n
\n2.4%
\n2023 -
\n2025
\n-61,752 -62,831 -36,038 -16,190 -10,604 0
\nBank loan - EXCALIBUR USD LIBOR+ 2.5% 2023 -10,004 -10,458 -10,458 0 0 0
\nBank loans - other EUR EURIBOR + 1.7% 2028 -835 -372 -356 -16 0 0
\nLease liabilities USD -2,127 -2,387 -507 -464 -1,416 0
\nLease liabilities EUR -7,985 -8,516 -1,533 -1,287 -2,441 -3,255
\nLease liabilities SGD -65 -66 -66 0 0 0
\nLease liabilities INR -66 -332 -20 0 0 0
\nLease liabilities CNY -21 -22 -22 0 0 0
\n-218,347 -288,939 -62,322 -31,216 -53,670 -141,419
\nBorrowings to equity
\naccounted investees
\nUSD 7,000 7,840 7,840 0 0 0
\nFinancial guarantees USD 0 -270,796 -56,458 -27,661 -186,676 0
\n
\n\n\n
\n\n\n
\n\n
\n\n
\nFair values
\nCarrying amounts versus fair values
\n(In thousands of USD) 2023 2022
\nFV
\nhierarchy
\nCarrying
\namount
\nFair value FV
\nhierarchy
\nCarrying
\namount
\nFair value
\nBorrowings to equity accounted investees 2 11,597 11,597 2 7,000 7,000
\nOther investments - equity instruments at FVTLP 1/2 37,928 37,928 1/2 1,849 1,849
\nDerivative financial asset 2 550 550 2 573 573
\nBorrowings (excluding lease liabilities) 2 -256,290 -280,280 2 -208,083 -234,700
\n-206,214 -230,204 -198,661 -225,278
\n\nThe financial assets and liabilities carried at fair value are analysed and a hierarchy in valuation method has been
\ndefined:
\n\u2022 Level 1 being quoted bid prices in active markets for identical assets or liabilities.
\n\u2022
\nLevel 2 being inputs in other than quoted prices included in level 1 that are observable for the related assets
\nand liabilities, either directly (as prices) or indirectly (derived from prices);
\n\u2022 Level 3 being inputs for the asset or liability that are not based on observable market data.
\nThe breakdown between level 1 and 2 of the equity instruments at FVTPL is shown in the beginning of this note.
\nBasis for determining fair values:
\n\u2022
\nBorrowings to equity accounted investees: present value of future cash flows, discounted at the market rate
\nof interest at reporting date or the fair value of the underlying pledged asset
\n\u2022 Equity instruments at FVTPL:
\n - Quoted closing bid price at reporting date for Frontera shares
\n - Non-quoted closing fixing price at reporting date through a public auction via Euronext for Sibelco shares
\n -
\nVantage Drilling is an Over-the-counter (OTC) security and as a consequence not listed on a major exchange
\nin the United States and is instead traded via a broker-dealer network. Pricing is set according to the bid/
\nask principle.
\n\u2022
\nForward contracts: present value of the difference between the forward price at reporting date and the
\nforward price paid
\n\u2022
\nInterest bearing loans: present value of future cash flows, discounted at the market rate of interest at reporting
\ndate.
\nFor certain financial assets and liabilities (trade and other receivables, cash and cash equivalents, trade and other
\npayables and lease liabilities) not carried at fair value, no fair value is disclosed because the carrying amounts are
\na reasonable approximation of the fair values.
\n
\n\n\n
\n\n\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag395": {
"value": "\nFair value & fair value hierarchy
\nThe following table shows financial assets and financial liabilities measured at fair value, including their level in
\nthe fair value hierarchy.
\n(In thousands of USD)
\nDecember 31, 2023 Level 1 Level 2 Level 3 Total
\nDerivative financial asset 0 550 0 550
\nEquity securities - FVTPL 701 37,227 0 37,928
\nTotal financial assets carried at fair value 701 37,777 0 38,478
\nTotal financial liabilities carried at fair value 0 0 0 0
\n(In thousands of USD)
\nDecember 31, 2022 Level 1 Level 2 Level 3 Total
\nDerivative financial asset 0 573 0 573
\nEquity securities - FVTPL 1,054 795 0 1,849
\nTotal financial assets carried at fair value 1,054 1,368 0 2,422
\nTotal financial liabilities carried at fair value 0 0 0 0
\n
\n\n\n
\nFair values
\nCarrying amounts versus fair values
\n(In thousands of USD) 2023 2022
\nFV
\nhierarchy
\nCarrying
\namount
\nFair value FV
\nhierarchy
\nCarrying
\namount
\nFair value
\nBorrowings to equity accounted investees 2 11,597 11,597 2 7,000 7,000
\nOther investments - equity instruments at FVTLP 1/2 37,928 37,928 1/2 1,849 1,849
\nDerivative financial asset 2 550 550 2 573 573
\nBorrowings (excluding lease liabilities) 2 -256,290 -280,280 2 -208,083 -234,700
\n-206,214 -230,204 -198,661 -225,278
\n\nThe financial assets and liabilities carried at fair value are analysed and a hierarchy in valuation method has been
\ndefined:
\n\u2022 Level 1 being quoted bid prices in active markets for identical assets or liabilities.
\n\u2022
\nLevel 2 being inputs in other than quoted prices included in level 1 that are observable for the related assets
\nand liabilities, either directly (as prices) or indirectly (derived from prices);
\n\u2022 Level 3 being inputs for the asset or liability that are not based on observable market data.
\nThe breakdown between level 1 and 2 of the equity instruments at FVTPL is shown in the beginning of this note.
\nBasis for determining fair values:
\n\u2022
\nBorrowings to equity accounted investees: present value of future cash flows, discounted at the market rate
\nof interest at reporting date or the fair value of the underlying pledged asset
\n\u2022 Equity instruments at FVTPL:
\n - Quoted closing bid price at reporting date for Frontera shares
\n - Non-quoted closing fixing price at reporting date through a public auction via Euronext for Sibelco shares
\n -
\nVantage Drilling is an Over-the-counter (OTC) security and as a consequence not listed on a major exchange
\nin the United States and is instead traded via a broker-dealer network. Pricing is set according to the bid/
\nask principle.
\n\u2022
\nForward contracts: present value of the difference between the forward price at reporting date and the
\nforward price paid
\n\u2022
\nInterest bearing loans: present value of future cash flows, discounted at the market rate of interest at reporting
\ndate.
\nFor certain financial assets and liabilities (trade and other receivables, cash and cash equivalents, trade and other
\npayables and lease liabilities) not carried at fair value, no fair value is disclosed because the carrying amounts are
\na reasonable approximation of the fair values.
\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag396": {
"value": "\nCredit risk
\nCredit risk policy
\nThe Group is exposed to credit risk from its operating activities (primarily trade and other receivables and transactions
\nwith equity accounted investees) and from its financing activities, including deposits with banks, foreign exchange
\ntransactions and other financial instruments.
\nCredit risk is monitored closely and by each segment on an ongoing basis by the Group and creditworthiness
\ncontrols are carried out if deemed necessary.
\nThe borrowings to equity accounted investees consist of shareholder loans to our equity accounted investees that
\nown or operate a LPG vessel or Offshore platform. As all vessels are operational and generate income or are pledged
\nas a security for the underlying borrowing, we do not anticipate any recoverability issues for the outstanding
\nborrowings (after impairment) to equity accounted investees. The equity accounted investees for whom the
\nshare in the net assets is negative, are allocated to other components (mainly deducted from receivables) of the
\ninvestor\u2019s interest in the equity accounted investee and if the negative net asset exceeds the investor\u2019s interest, a
\ncorresponding liability is recognized to the extent that the Group has a legal or constructive obligation. The terms
\nof the shareholder loans are discussed in Note 18 Borrowings to equity accounted investees of this annual report.
\nEXMAR reviews the recoverable amount of each trade and other receivable on an individual basis at the end of the
\nreporting period to ensure that an adequate loss allowance is made for irrecoverable amounts. Monitoring procedures
\nare also in place to ensure that follow-up action is taken to recover overdue debts. In this regard, considering historical
\ndefault rates below 1% for 2023 and 2022, Group management considers that the group\u2019s credit risk is remote.
\nThe Group only engages with banks with a good credit rating. The Group monitors and manages exposures to
\nbanks with approved counterparty credit limits and credit risk parameters in order to mitigate the risk of default.
\n
\n\n\n
\nExposure to risk
\n(In thousands of USD) 2023 2022
\nBorrowings to equity accounted investees 11,597 6,997
\nDerivative financial assets 550 573
\nOther investments - equity instruments at FVTPL 37,928 3
\nTrade and other receivables (see Note 22) 83,643 59,778
\nRestricted cash 0 0
\nCash and cash equivalents 176,930 519,553
\nCarrying amount of financial assets 310,649 586,904
\nThe carrying amounts of the financial assets represent the maximum credit exposure.
\n\n
\n\nImpairment losses
\nAs past due outstanding receivable balances are immaterial, no ageing analysis is disclosed.
\nAt year-end 2022, we recorded impairment charges for borrowings to and trade receivable balances from equity
\naccounted investees for a total amount of USD 11.4 million. The impairment for borrowings to and trade receivable
\nbalances from equity accounted investees was partially reversed at year-end 2023 and amounts to USD 6.7 million.
\nImpairment charges on other (non-trade) third party receivable balances increased by USD 1.9 million to USD 3.9 million.
\n
\n\n\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag397": {
"value": "\nImpairment losses
\nAs past due outstanding receivable balances are immaterial, no ageing analysis is disclosed.
\nAt year-end 2022, we recorded impairment charges for borrowings to and trade receivable balances from equity
\naccounted investees for a total amount of USD 11.4 million. The impairment for borrowings to and trade receivable
\nbalances from equity accounted investees was partially reversed at year-end 2023 and amounts to USD 6.7 million.
\nImpairment charges on other (non-trade) third party receivable balances increased by USD 1.9 million to USD 3.9 million.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag398": {
"value": "\nLiquidity risk
\nLiquidity risk policy
\nThe Group manages the liquidity risk in order to meet financial obligations as they fall due. The risk is managed
\nthrough a continuous cash flow projection follow-up, monitoring balance sheet liquidity ratio\u2019s against internal
\nand regulatory requirements and maintaining a diverse range of funding sources with adequate back-up facilities.
\nDifferent debt covenants exist that require compliance with certain financial ratio\u2019s. As of December 31, 2023,
\nEXMAR was compliant with all covenants. We also refer in this respect to Note 26 Borrowings.
\nMaturity analysis of financial liabilities, borrowings to equity accounted investees and financial guarantees
\nOur current financial liabilities such as trade and other payables are expected to be paid within the next twelve
\nmonths and are therefore not included in the tables below. The contractual maturities of our financial liabilities
\nand our borrowings to equity accounted investees, including estimated interest payments, are detailed in the tables
\nbelow. The contractual maturities of our financial liabilities are based on the contractual amortization tables of
\nthe facilities. The undrawn parts of our credit facilities are not included in the tables below.
\nThe contractual maturities of our borrowings to equity accounted investees are based on the cash flow projections
\nfor future years for the EXMAR LPG shareholder\u2019s loan and the expected repayment of the loan for the Electra
\nOffshore Ltd facility, excluding netting of negative net assets (see Note 18 Borrowings to equity accounted investees).
\nEXMAR has also provided guarantees to financial institutions that have provided credit facilities to her equity
\naccounted investees. The amount that EXMAR would have to pay if the guarantee is called on, is disclosed below
\nunder financial guarantees.
\n
\n\n\n(In thousands of
\nUSD)
\nCurr. Interest rate Matur. Carrying
\namount
\nContractual cash flows
\nDecember 31, 2023 Total < 1 year 1-2
\nyears
\n2-5
\nyears
\n> 5
\nyears
\nBank loans VLGC's USD 5,62% 2036 -129,740 -190,631 -13,258 -13,104 -39,026 -125,243
\nBank/other loans -
\npressurized fleet
\nUSD
\nLIBOR+
\n
\n2.4%
\n2023 -
\n2025
\n-15,820 -26,063 -12,586 -13,477 0 0
\nBank loan -
\nEEMSHAVEN
\nUSD LIBOR+ 2.5% 2023 -94,746 -112,735 -20,047 -18,789 -73,899 0
\nBank loans - other EUR EURIBOR + 1.7% 2028 -15,983 -6,598 -6,605 -115 122 0
\nLease liabilities USD -3,277 -1,880 -464 -463 -953 0
\nLease liabilities EUR -4,955 -5,085 -1,400 -1,363 -1,544 -778
\nLease liabilities SGD -454 -205 -134 -71 1 0
\nLease liabilities CNY 0 -19 -19 0 0 0
\nLease liabilities INR -199 -244 -53 -56 -135 0
\nLease liabilities XAF -136 -147 -51 -51 -46 0
\n-265,311 -343,608 -54,618 -47,487 -115,482 -126,022
\nBorrowings to equity
\naccounted investees
\nUSD 11,597 12,989 12,989 0 0 0
\nFinancial guarantees USD 0 -237,584 -31,301 -30,754 -175,530 0
\n(In thousands of
\nUSD)
\nCurr. Interest rate Matur. Carrying
\namount
\nContractual cash flows
\nDecember 31, 2022 Total < 1 year 1-2
\nyears
\n2-5
\nyears
\n> 5
\nyears
\nBank loans VLGC's USD 5,62% 2036 -135,492 -203,954 -13,323 -13,258 -39,210 -138,163
\nBank/other loans -
\npressurized fleet
\nUSD
\nLIBOR+
\n
\n2.4%
\n2023 -
\n2025
\n-61,752 -62,831 -36,038 -16,190 -10,604 0
\nBank loan - EXCALIBUR USD LIBOR+ 2.5% 2023 -10,004 -10,458 -10,458 0 0 0
\nBank loans - other EUR EURIBOR + 1.7% 2028 -835 -372 -356 -16 0 0
\nLease liabilities USD -2,127 -2,387 -507 -464 -1,416 0
\nLease liabilities EUR -7,985 -8,516 -1,533 -1,287 -2,441 -3,255
\nLease liabilities SGD -65 -66 -66 0 0 0
\nLease liabilities INR -66 -332 -20 0 0 0
\nLease liabilities CNY -21 -22 -22 0 0 0
\n-218,347 -288,939 -62,322 -31,216 -53,670 -141,419
\nBorrowings to equity
\naccounted investees
\nUSD 7,000 7,840 7,840 0 0 0
\nFinancial guarantees USD 0 -270,796 -56,458 -27,661 -186,676 0
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag399": {
"value": "\n
\n\n
\nFair values
\nCarrying amounts versus fair values
\n(In thousands of USD) 2023 2022
\nFV
\nhierarchy
\nCarrying
\namount
\nFair value FV
\nhierarchy
\nCarrying
\namount
\nFair value
\nBorrowings to equity accounted investees 2 11,597 11,597 2 7,000 7,000
\nOther investments - equity instruments at FVTLP 1/2 37,928 37,928 1/2 1,849 1,849
\nDerivative financial asset 2 550 550 2 573 573
\nBorrowings (excluding lease liabilities) 2 -256,290 -280,280 2 -208,083 -234,700
\n-206,214 -230,204 -198,661 -225,278
\n\nThe financial assets and liabilities carried at fair value are analysed and a hierarchy in valuation method has been
\ndefined:
\n\u2022 Level 1 being quoted bid prices in active markets for identical assets or liabilities.
\n\u2022
\nLevel 2 being inputs in other than quoted prices included in level 1 that are observable for the related assets
\nand liabilities, either directly (as prices) or indirectly (derived from prices);
\n\u2022 Level 3 being inputs for the asset or liability that are not based on observable market data.
\nThe breakdown between level 1 and 2 of the equity instruments at FVTPL is shown in the beginning of this note.
\nBasis for determining fair values:
\n\u2022
\nBorrowings to equity accounted investees: present value of future cash flows, discounted at the market rate
\nof interest at reporting date or the fair value of the underlying pledged asset
\n\u2022 Equity instruments at FVTPL:
\n - Quoted closing bid price at reporting date for Frontera shares
\n - Non-quoted closing fixing price at reporting date through a public auction via Euronext for Sibelco shares
\n -
\nVantage Drilling is an Over-the-counter (OTC) security and as a consequence not listed on a major exchange
\nin the United States and is instead traded via a broker-dealer network. Pricing is set according to the bid/
\nask principle.
\n\u2022
\nForward contracts: present value of the difference between the forward price at reporting date and the
\nforward price paid
\n\u2022
\nInterest bearing loans: present value of future cash flows, discounted at the market rate of interest at reporting
\ndate.
\nFor certain financial assets and liabilities (trade and other receivables, cash and cash equivalents, trade and other
\npayables and lease liabilities) not carried at fair value, no fair value is disclosed because the carrying amounts are
\na reasonable approximation of the fair values.
\n
\n\n\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag400": {
"value": "\nThe financial assets and liabilities carried at fair value are analysed and a hierarchy in valuation method has been
\ndefined:
\n\u2022 Level 1 being quoted bid prices in active markets for identical assets or liabilities.
\n\u2022
\nLevel 2 being inputs in other than quoted prices included in level 1 that are observable for the related assets
\nand liabilities, either directly (as prices) or indirectly (derived from prices);
\n\u2022 Level 3 being inputs for the asset or liability that are not based on observable market data.
\nThe breakdown between level 1 and 2 of the equity instruments at FVTPL is shown in the beginning of this note.
\nBasis for determining fair values:
\n\u2022
\nBorrowings to equity accounted investees: present value of future cash flows, discounted at the market rate
\nof interest at reporting date or the fair value of the underlying pledged asset
\n\u2022 Equity instruments at FVTPL:
\n - Quoted closing bid price at reporting date for Frontera shares
\n - Non-quoted closing fixing price at reporting date through a public auction via Euronext for Sibelco shares
\n -
\nVantage Drilling is an Over-the-counter (OTC) security and as a consequence not listed on a major exchange
\nin the United States and is instead traded via a broker-dealer network. Pricing is set according to the bid/
\nask principle.
\n\u2022
\nForward contracts: present value of the difference between the forward price at reporting date and the
\nforward price paid
\n\u2022
\nInterest bearing loans: present value of future cash flows, discounted at the market rate of interest at reporting
\ndate.
\nFor certain financial assets and liabilities (trade and other receivables, cash and cash equivalents, trade and other
\npayables and lease liabilities) not carried at fair value, no fair value is disclosed because the carrying amounts are
\na reasonable approximation of the fair values.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag401": {
"value": "\n
\n\nNote 32 - Capital commitments
\nAs per December 31, 2023, the Group has capital commitments for a total value of USD 284.8 million, whereto USD
\n63.9 million advances have been paid in 2022 and 2023. This relates to an order placed by EXMAR together with
\nits joint-venture partner SEAPEAK (each 50%) for four 46,000m
\n3
\n newbuild dual-fuel MGC\u2019s. EXMAR\u2019s outstanding
\ncommitment for the order is USD 110.5 million.
\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag402": {
"value": "\nNote 32 - Capital commitments
\nAs per December 31, 2023, the Group has capital commitments for a total value of USD 284.8 million, whereto USD
\n63.9 million advances have been paid in 2022 and 2023. This relates to an order placed by EXMAR together with
\nits joint-venture partner SEAPEAK (each 50%) for four 46,000m
\n3
\n newbuild dual-fuel MGC\u2019s. EXMAR\u2019s outstanding
\ncommitment for the order is USD 110.5 million.
\n
\n\n\nNote 33 \u2013 Contingencies
\nSeveral of the Group\u2019s companies are involved in a number of legal disputes arising from their day-to-day operations.
\nManagement does not expect the outcome of these procedures to have any material effect on the Group\u2019s financial
\nposition.
\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag403": {
"value": "\n
\n\nNote 33 \u2013 Contingencies
\nSeveral of the Group\u2019s companies are involved in a number of legal disputes arising from their day-to-day operations.
\nManagement does not expect the outcome of these procedures to have any material effect on the Group\u2019s financial
\nposition.
\n
\n\n\n
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag404": {
"value": "\nNote 34 - Related parties
\nUltimate controlling party
\nSaverex NV, the major Belgian shareholder of EXMAR NV prepares IFRS consolidated financial statements which
\nare publicly available. Saverex NV is controlled by Mr. Nicolas Saverys (Executive chairman of the Board of Directors
\nof EXMAR).
\nTransactions with controlling shareholder and with controlling shareholder
\nrelated parties
\nSaverbel NV, controlled by Mr. Nicolas Saverys, recharged administrative expenses for KEUR 91 to the Group in
\n2023 (same period 2022: KEUR 79). The outstanding balance at December 31, 2023 amounted to KEUR 28 (year-
\nend 2022: KEUR 27).
\nSaverex NV, also controlled by Mr. Nicolas Saverys, charged consulting fees for KEUR 2.400 during 2023 (same period
\n2022: KEUR 2.900), which was fully paid by December 31, 2023 (year-end 2022: KEUR 0). Furthermore, Saverex
\ncharged KEUR 1 administrative expenses in 2023 (same period 2022: KEUR 0) and KEUR 0 time-charter revenue for
\nthe yacht \u201cDouce France\u201d to EXMAR Yachting (same period 2022: KEUR 232). The balance outstanding at year-end
\n2023 amounted to KEUR 0 (year-end 2022: KEUR 0).
\nEXMAR Shipmanagement charged KEUR 111 to Saverex for shipmanagement services in respect of the yacht \"Douce
\nFrance\" in 2023 (same period 2022: KEUR 61), for which KEUR 4 is outstanding (year-end 2022: KEUR 1).
\nTravel PLUS invoiced a total of KEUR 89 to Saverex in respect of travel services provided during 2023 (same period
\n2022: KEUR 33), of which KEUR 0 is outstanding (year-end 2022: KEUR 1).
\nFurthermore, during 2023, an amount of KEUR 204 (same period 2022: KEUR 108) was invoiced to Mr Nicolas Saverys
\nas a recharge of private expenses. The related outstanding balance amounted to KEUR 42 (year-end 2022: KEUR 11).
\nTransactions with related parties are at arm\u2019s length conditions.
\nTransactions with joint ventures and associated companies
\nEXMAR provides general, accounting, corporate, site supervision and ship management services to its joint ventures
\nand associates. For these services, fees are charged based on contractual agreements between all parties involved.
\nBelow table gives an overview of the significant receivables, significant payables and the related P&L amount of
\nservices provided and received.
\nDecember 31, 2023 December 31, 2022
\n(In thousands of USD) Receivables Payables Receivables Payables
\nShip management services 11,840 0 2,905 1,591
\nGeneral, accounting and corporate services 1,018 0 1,151 0
\nSite supervision & plan approval services 0 0 0 0
\nRental services 0 0 0 0
\n2023 2022
\n(In thousands of USD)
\nServices
\nprovided P&L
\nServices received
\nP&L
\nServices
\nprovided P&L
\nServices received
\nP&L
\nShip management services 15,156 0 12,752 0
\nGeneral, accounting and corporate services 1,112 0 999 0
\nSite supervision & plan approval services 0 0 0 0
\nRental & other services 0 0 0 0
\nEXMAR also provides borrowings to its joint ventures and associates for which an interest income is recognised in
\nthe financial statements. We refer to Note 18 Borrowings to equity accounted investees for an overview of these
\nborrowings and to Note 11 Finance result for the total amount of interest income.
\n
\n\n\n
\n\nTransactions with key management personnel
\nIn respect of the transactions with key management personnel, we refer to the Remuneration report of 2023 which
\nis included in this financial report (see Corporate Governance Statement). For information relating to conflicts of
\ninterests, we refer to the report Board of Directors.
\nKey management (personnel) recharged KEUR 83 expenses (same period 2022: KEUR 82). The relating outstanding
\namount per December 31, 2023 in respect of these services is KEUR 0 (year-end 2022: KEUR 0).
\nBoard of Directors
\n(In thousands of EUR) 2023 2022
\nChairman 100 100
\nOther members (individual amount) 50 50
\nTotal paid 469 500
\nThe total amount paid to the members of the Board of Directors represents the total payments to all non-executive
\nand independent directors for the activities as members of the Board of Directors. The executive directors of
\nEXMAR are only remunerated in their capacity as executive and not in their capacity as executive director/member
\nof the Board.
\nNo loans were granted to the members of the Board in 2023 nor 2022. The outstanding amount in respect of
\nrecharged private expenses to Mr. Nicolas Saverys was zero per December 31, 2023 and 2022.
\nAudit and Risk Committee
\n(In thousands of EUR) 2023 2022
\nChairman 20 20
\nOther members (individual amount) 10 10
\nTotal paid 50 50
\nNomination and Remuneration Committee
\n(In thousands of EUR) 2023 2022
\nMembers (individual amount) 10 10
\nTotal paid 30 30
\nExecutive Committee
\nIn line with EXMAR\u2019s total reward principles, the form and level of the Company\u2019s executive remuneration are
\naligned to company performance and individual skills and performance. The remuneration package is composed
\nof three main elements:
\n\u2022 The fixed annual remuneration;
\n\u2022 The short-term variable remuneration (STI \u2013 short term incentive);
\n\u2022 The long-term variable remuneration (LTI- long term incentive).
\nThe level and structure of the compensation packages are aligned with market practices for similar functions at
\ncomparable companies.
\nEnd 2023, the Executive Committee consisted of four members. Customary notice periods and severance pay are
\nprovided in the agreements with the members of the Executive Committee, taking into account factors such as the
\nposition and experience of the executive manager in question, and always within the applicable legal framework.
\n(In thousands of EUR)
\nEXECUTIVE COMMITTEE, excluding CEO
\n2023 2022
\nTotal fixed remuneration 1,556 1,270
\n of which for insurance and pension plan 0 0
\n of which value of share options 0 0
\nTotal variable remuneration 1,205 574
\n
\n\n\n\n
\n\n\n\n
\n\n(In thousands of EUR)
\nNicolas Saverys/Saverex
\n2023 2022
\nTotal fixed remuneration 1,200 900
\n of which for insurance and pension plan 0 0
\n of which value of share options 0 0
\nTotal variable remuneration 1,200 2,000
\n(In thousands of EUR)
\nCEO
\n2023 2022
\nTotal fixed remuneration 575 575
\n of which for insurance and pension plan 0 0
\n of which value of share options 0 0
\nTotal variable remuneration 288 500
\nNo loans were granted to the members of the executive committee in 2023 or 2022.
\nThe total number of options (plan 10) granted to key management are as follows:
\nNUMBER OF SHARES GRANTED 2023 2022
\nNicolas Saverys 0 60,000
\n0 60,000
\nA number of key management personnel, or their close family members, hold positions in other companies that
\nresult in them having control or joint control over these companies. None of these companies transacted with the
\nGroup during the year.
\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag388": {
"value": "Saverex NV",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag389": {
"value": "EXMAR NV",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag387": {
"value": "NV",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag423": {
"value": "\nTransactions with key management personnel
\nIn respect of the transactions with key management personnel, we refer to the Remuneration report of 2023 which
\nis included in this financial report (see Corporate Governance Statement). For information relating to conflicts of
\ninterests, we refer to the report Board of Directors.
\nKey management (personnel) recharged KEUR 83 expenses (same period 2022: KEUR 82). The relating outstanding
\namount per December 31, 2023 in respect of these services is KEUR 0 (year-end 2022: KEUR 0).
\nBoard of Directors
\n(In thousands of EUR) 2023 2022
\nChairman 100 100
\nOther members (individual amount) 50 50
\nTotal paid 469 500
\nThe total amount paid to the members of the Board of Directors represents the total payments to all non-executive
\nand independent directors for the activities as members of the Board of Directors. The executive directors of
\nEXMAR are only remunerated in their capacity as executive and not in their capacity as executive director/member
\nof the Board.
\nNo loans were granted to the members of the Board in 2023 nor 2022. The outstanding amount in respect of
\nrecharged private expenses to Mr. Nicolas Saverys was zero per December 31, 2023 and 2022.
\nAudit and Risk Committee
\n(In thousands of EUR) 2023 2022
\nChairman 20 20
\nOther members (individual amount) 10 10
\nTotal paid 50 50
\nNomination and Remuneration Committee
\n(In thousands of EUR) 2023 2022
\nMembers (individual amount) 10 10
\nTotal paid 30 30
\nExecutive Committee
\nIn line with EXMAR\u2019s total reward principles, the form and level of the Company\u2019s executive remuneration are
\naligned to company performance and individual skills and performance. The remuneration package is composed
\nof three main elements:
\n\u2022 The fixed annual remuneration;
\n\u2022 The short-term variable remuneration (STI \u2013 short term incentive);
\n\u2022 The long-term variable remuneration (LTI- long term incentive).
\nThe level and structure of the compensation packages are aligned with market practices for similar functions at
\ncomparable companies.
\nEnd 2023, the Executive Committee consisted of four members. Customary notice periods and severance pay are
\nprovided in the agreements with the members of the Executive Committee, taking into account factors such as the
\nposition and experience of the executive manager in question, and always within the applicable legal framework.
\n(In thousands of EUR)
\nEXECUTIVE COMMITTEE, excluding CEO
\n2023 2022
\nTotal fixed remuneration 1,556 1,270
\n of which for insurance and pension plan 0 0
\n of which value of share options 0 0
\nTotal variable remuneration 1,205 574
\n
\n\n\n\n(In thousands of EUR)
\nNicolas Saverys/Saverex
\n2023 2022
\nTotal fixed remuneration 1,200 900
\n of which for insurance and pension plan 0 0
\n of which value of share options 0 0
\nTotal variable remuneration 1,200 2,000
\n(In thousands of EUR)
\nCEO
\n2023 2022
\nTotal fixed remuneration 575 575
\n of which for insurance and pension plan 0 0
\n of which value of share options 0 0
\nTotal variable remuneration 288 500
\nNo loans were granted to the members of the executive committee in 2023 or 2022.
\nThe total number of options (plan 10) granted to key management are as follows:
\nNUMBER OF SHARES GRANTED 2023 2022
\nNicolas Saverys 0 60,000
\n0 60,000
\nA number of key management personnel, or their close family members, hold positions in other companies that
\nresult in them having control or joint control over these companies. None of these companies transacted with the
\nGroup during the year.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag424": {
"value": "\n
\n\nNote 35 - Group entities
\nCONSOLIDATED COMPANIES
\nCountry of
\nincorporation
\nConsolidation
\nmethod
\nOwnership
\n2023 2022
\nJoint ventures
\nEstrela Ltd Hong Kong Equity 50.00% 50.00%
\nEXMAR Gas Shipping Ltd Hong Kong Equity 50.00% 50.00%
\nEXMAR LPG BV Belgium Equity 50.00% 50.00%
\nEXMAR Shipping BV Belgium Equity 50.00% 50.00%
\nGood Investment Ltd Hong Kong Equity 50.00% 50.00%
\nMonteriggioni Inc Liberia Equity 50.00% 50.00%
\nAssociates
\nECOS SRL \u00b2 Italy Equity 33.33% 60.00%
\nElectra Offshore Ltd Hong Kong Equity 40.00% 40.00%
\nExview Hong Kong Ltd Hong Kong Equity 40.00% 40.00%
\nMarpos NV Belgium Equity 45.00% 45.00%
\nSpringmarine Nigeria Ltd Nigeria Equity 40.00% 40.00%
\nSubsidiaries
\nAhlmar Germany GmbH Germany Full 100.00% 100.00%
\nBexco NV Belgium Full 100.00% 100.00%
\nDV Offshore SAS France Full 100.00% 100.00%
\nEXMAR Argentina Argentina Full 100.00% 100.00%
\nEXMAR Energy Hong Kong Ltd Hong Kong Full 100.00% 100.00%
\nEXMAR Energy Netherlands BV Netherlands Full 100.00% 100.00%
\nEXMAR Energy Services BV Netherlands Full 100.00% 100.00%
\nEXMAR Export Netherlands Netherlands Full 100.00% 100.00%
\nEXMAR Fortitude LNG Limited \u00b9 Netherlands Full 100.00% 100.00%
\nEXMAR FSRU Hong Kong Ltd Hong Kong Full 100.00% 100.00%
\nEXMAR Holdings Ltd Liberia Full 100.00% 100.00%
\nEXMAR Hong Kong Ltd Hong Kong Full 100.00% 100.00%
\nEXMAR Import LNG Netherlands BV \u00b9 Netherlands Full 100.00% 100.00%
\nEXMAR LPG Holding BV Belgium Full 100.00% 100.00%
\nEXMAR LNG Investments Ltd Liberia Full 100.00% 100.00%
\nEXMAR Lux SA Luxembourg Full 100.00% 100.00%
\nEXMAR Marine NV Belgium Full 100.00% 100.00%
\nEXMAR Netherlands BV Netherlands Full 100.00% 100.00%
\nEXMAR NV Belgium Full 100.00% 100.00%
\nEXMAR Offshore Company USA Full 100.00% 100.00%
\nEXMAR Offshore Ltd Bermuda Full 100.00% 100.00%
\nEXMAR Offshore Services SA Luxembourg Full 100.00% 100.00%
\nEXMAR Offshore BV Belgium Full 100.00% 100.00%
\nEXMAR Singapore Pte Ltd Singapore Full 100.00% 100.00%
\nEXMAR Shipmanagement BV Belgium Full 100.00% 100.00%
\nEXMAR Shipmanagement India Private Ltd India Full 100.00% 100.00%
\nEXMAR Shipping USA Inc \u00b3 USA Full 0.00% 100.00%
\nEXMAR Small Scale LPG NL BV Netherlands Full 100.00% 100.00%
\nEXMAR Small Scale LPG HK Ltd Hong Kong Full 100.00% 100.00%
\nEXMAR Small Scale LPG BE BV Belgium Full 100.00% 100.00%
\nEXMAR (UK) Shipping Company Ltd Great-Britain Full 100.00% 100.00%
\nEXMAR VLGC BV Belgium Full 100.00% 100.00%
\nEXMAR VLGC Netherlands BV Netherlands Full 100.00% 100.00%
\nEXMAR Yachting BV Belgium Full 100.00% 100.00%
\nFranship Offshore Lux SA Luxembourg Full 100.00% 100.00%
\nInternationaal Maritiem Agentschap NV Belgium Full 99.03% 99.03%
\nSeavie Caribean Ltd Jamaica Jamaica Full 100.00% 100.00%
\nSeavie Private Ltd India Full 100.00% 100.00%
\nSolaia Shipping Llc Liberia Full 100.00% 100.00%
\nTecto Cyprus Ltd Cyprus Full 100.00% 100.00%
\nTecto Luxembourg SA Luxembourg Full 100.00% 100.00%
\nTravel Plus BV Belgium Full 100.00% 100.00%
\n1. New company in 2023
\n2. Shares sold
\n3. Company liquidated in 2023
\n
\n\n\n\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag425": {
"value": "\nNote 35 - Group entities
\nCONSOLIDATED COMPANIES
\nCountry of
\nincorporation
\nConsolidation
\nmethod
\nOwnership
\n2023 2022
\nJoint ventures
\nEstrela Ltd Hong Kong Equity 50.00% 50.00%
\nEXMAR Gas Shipping Ltd Hong Kong Equity 50.00% 50.00%
\nEXMAR LPG BV Belgium Equity 50.00% 50.00%
\nEXMAR Shipping BV Belgium Equity 50.00% 50.00%
\nGood Investment Ltd Hong Kong Equity 50.00% 50.00%
\nMonteriggioni Inc Liberia Equity 50.00% 50.00%
\nAssociates
\nECOS SRL \u00b2 Italy Equity 33.33% 60.00%
\nElectra Offshore Ltd Hong Kong Equity 40.00% 40.00%
\nExview Hong Kong Ltd Hong Kong Equity 40.00% 40.00%
\nMarpos NV Belgium Equity 45.00% 45.00%
\nSpringmarine Nigeria Ltd Nigeria Equity 40.00% 40.00%
\nSubsidiaries
\nAhlmar Germany GmbH Germany Full 100.00% 100.00%
\nBexco NV Belgium Full 100.00% 100.00%
\nDV Offshore SAS France Full 100.00% 100.00%
\nEXMAR Argentina Argentina Full 100.00% 100.00%
\nEXMAR Energy Hong Kong Ltd Hong Kong Full 100.00% 100.00%
\nEXMAR Energy Netherlands BV Netherlands Full 100.00% 100.00%
\nEXMAR Energy Services BV Netherlands Full 100.00% 100.00%
\nEXMAR Export Netherlands Netherlands Full 100.00% 100.00%
\nEXMAR Fortitude LNG Limited \u00b9 Netherlands Full 100.00% 100.00%
\nEXMAR FSRU Hong Kong Ltd Hong Kong Full 100.00% 100.00%
\nEXMAR Holdings Ltd Liberia Full 100.00% 100.00%
\nEXMAR Hong Kong Ltd Hong Kong Full 100.00% 100.00%
\nEXMAR Import LNG Netherlands BV \u00b9 Netherlands Full 100.00% 100.00%
\nEXMAR LPG Holding BV Belgium Full 100.00% 100.00%
\nEXMAR LNG Investments Ltd Liberia Full 100.00% 100.00%
\nEXMAR Lux SA Luxembourg Full 100.00% 100.00%
\nEXMAR Marine NV Belgium Full 100.00% 100.00%
\nEXMAR Netherlands BV Netherlands Full 100.00% 100.00%
\nEXMAR NV Belgium Full 100.00% 100.00%
\nEXMAR Offshore Company USA Full 100.00% 100.00%
\nEXMAR Offshore Ltd Bermuda Full 100.00% 100.00%
\nEXMAR Offshore Services SA Luxembourg Full 100.00% 100.00%
\nEXMAR Offshore BV Belgium Full 100.00% 100.00%
\nEXMAR Singapore Pte Ltd Singapore Full 100.00% 100.00%
\nEXMAR Shipmanagement BV Belgium Full 100.00% 100.00%
\nEXMAR Shipmanagement India Private Ltd India Full 100.00% 100.00%
\nEXMAR Shipping USA Inc \u00b3 USA Full 0.00% 100.00%
\nEXMAR Small Scale LPG NL BV Netherlands Full 100.00% 100.00%
\nEXMAR Small Scale LPG HK Ltd Hong Kong Full 100.00% 100.00%
\nEXMAR Small Scale LPG BE BV Belgium Full 100.00% 100.00%
\nEXMAR (UK) Shipping Company Ltd Great-Britain Full 100.00% 100.00%
\nEXMAR VLGC BV Belgium Full 100.00% 100.00%
\nEXMAR VLGC Netherlands BV Netherlands Full 100.00% 100.00%
\nEXMAR Yachting BV Belgium Full 100.00% 100.00%
\nFranship Offshore Lux SA Luxembourg Full 100.00% 100.00%
\nInternationaal Maritiem Agentschap NV Belgium Full 99.03% 99.03%
\nSeavie Caribean Ltd Jamaica Jamaica Full 100.00% 100.00%
\nSeavie Private Ltd India Full 100.00% 100.00%
\nSolaia Shipping Llc Liberia Full 100.00% 100.00%
\nTecto Cyprus Ltd Cyprus Full 100.00% 100.00%
\nTecto Luxembourg SA Luxembourg Full 100.00% 100.00%
\nTravel Plus BV Belgium Full 100.00% 100.00%
\n1. New company in 2023
\n2. Shares sold
\n3. Company liquidated in 2023
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag422": {
"value": "Belgium",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag421": {
"value": "Belgium",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag426": {
"value": "\nNote 36 - Fees statutory auditor
\nThe worldwide audit and other fees in respect of services provided by the statutory auditor or companies or persons
\nrelated to the auditors, can be detailed as follows:
\n(In thousands of EUR) 2023 2022
\nAudit services 439 397
\nAudit related services 257 174
\nTax services 60 30
\nFees statutory auditor 756 601
\nFor 2023 and 2022, the non-audit fees do not exceed the audit fees.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"Tag427": {
"value": "\nNote 37 - Subsequent events
\nIn the first quarter of 2024 subsequent events occurred.
\nEXMAR increased its holding in Vantage Drilling International in the first quarter of 2024 to 12.1% via the purchase
\nof additional 75,000 shares for USD 1.8 million.
\nOur 40% equity owned investee, Electra Offshore Ltd (note 17 Financial information equity accounted investees),
\nsold its accommodation and work barge WARIBOKO to Adnoc for an amount of USD 13.7 million, net of selling costs,
\nin March 2024. EXMAR stated the investments in and the receivables from the companies, owning and operating
\nthe barge, as of December 31, 2023 at their net realisable value (read note 18 Borrowings to equity accounted
\ninvestees) taking the sale into consideration.
\nThe joint venture between EXMAR and Seapeak ordered, as part of its strategy to develop a rejuvenated MGC fleet
\nwith zero emission capabilities, two additional dual-fuel ammonia MGCs for a price of USD 80.5 million per vessel.
\nNo other subsequent events occurred.
\n
\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5493006GOR72R0ZYBN98",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}