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"value": "\n
\n
\n\n
\n1. General information
\nBW LPG Limited (the \u201cCompany\u201d) is listed on the Oslo Stock Exchange and incorporated and domiciled
\nin Bermuda. The address of its registered office is c/o Inchona Services Limited, Washington Mall
\nPhase 2, 4th Floor, Suite 400, 22 Church Street, HM 1189, Hamilton HM EX, Bermuda.
\nT
\nhe principal activity of the Company is that of investment holding. The principal activities of its
\nsubsidiaries are shipowning, chartering and LPG trading (note 27)
\n.
\n\nT
\nhese consolidated financial statements were authorised for issue by the Board of Directors of the
\nCompany on 28 February 2023.
\n
\n\n
\n\n\n
\n2. Significant accounting policies
\n\n
\n(a) Basis of preparation
\nThe consolidated financial statements have been prepared in accordance with International
\nFinancial Reporting Standards (\u201cIFRS\u201d), and have been prepared under the historical cost
\nconvention, except as disclosed in the accounting policies below.
\n\nNew standards, amendments to published standards and interpretations, adopted by the
\nGroup
\nThe Group has adopted all the relevant new standards, amendments and interpretations to
\npublished standards as of 1 January 2022.
\nThe adoption of these new standards, amendments, and interpretations to published
\nstandards does not have a material impact on the consolidated financial statements.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n2. Significant accounting policies (continued)
\n
\n\n
\n (a) Basis of preparation (continued)
\n
\n\nCritical accounting estimates, assumptions and judgements
\n
\n
\nThe preparation of the consolidated financial statements in conformity with IFRS requires
\nManagement to exercise its judgement in the process of applying the Group\u2019s accounting
\npolicies. It also requires the use of certain critical accounting estimates and assumptions.
\nEstimates, assumptions and judgements are continually evaluated and are based on
\nhistorical experience and other factors, including expectations of future events that are
\nbelieved to be reasonable under the circumstances.
\n
\nThe following is a summary of estimates and assumptions which have a material effect.
\n
\n(1) Useful life and residual value of assets
\n
\nThe Group reviews the useful life and residual value of its vessels at the balance sheet
\ndate and any adjustments are made on a prospective basis. Residual value is
\nestimated as the lightweight tonnage (LWT) of each vessel multiplied by the scrap
\nsteel price per LWT. If estimates of the residual values are revised, the amount of
\ndepreciation charge in the future years will be changed.
\n
\nThe useful lives of the vessels are assessed periodically based on the condition of the
\nvessels, market conditions and other regulatory requirements. If the estimates of
\nuseful lives for the vessels are revised or there is a change in useful lives, the amount
\nof depreciation charge recorded in future years will be changed.
\n
\n(2) Impairment
\n
\nThe Group assesses at the balance sheet dates whether there is any objective evidence
\nor indication that the values of the intangible assets, and property, plant and
\nequipment may be impaired. If any such indication exists, the Group will estimate the
\nrecoverable amount of the asset, and write down the asset to the recoverable amount.
\nThe assessment of the recoverable amounts of the vessels is based on the higher of
\nfair value less cost to sell and value-in-use calculations, with each vessel being
\nregarded as one cash generating unit. The recoverable amount of vessels is estimated
\npredominantly based on independent third party broker valuations.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n2. Significant accounting policies (continued)
\n
\n\n
\n (a) Basis of preparation (continued)
\n
\n\nCritical accounting estimates, assumptions and judgements
\n(continued)
\n
\n(2) Impairment (continued)
\n
\nChanges to these brokers\u2019 estimates may significantly impact the impairment charges
\nrecognised and future changes may lead to reversals of currently recognised
\nimpairment charges.
\n
\nSee note 8(c) for further disclosures.
\n
\n(3) Revenue recognition
\n
\nAll voyage revenues, demurrage and voyage expenses are recognised on a
\npercentage of completion basis. Load-to-discharge basis is used in determining the
\npercentage of completion for all spot voyages and voyages servicing contracts of
\naffreightment. Under this method, voyage revenue is recognised rateably over the
\nperiod from the point of loading of the current voyage to the point of discharge of the
\ncurrent voyage.
\n
\nManagement uses its judgement in estimating the total number of days of a voyage
\nbased on historical trends, the operating capability of the vessel (speed and fuel
\nconsumption) and the distance of the trade route. Actual results may differ from
\nestimates.
\n
\nDemurrage income is assessed at a percentage of the total estimated claims issued
\nto customers. The estimation of this rate is based on the historical actual demurrage
\nrecovered over the total estimated claims issued to customers.
\n
\n\n
\n\n
\n\n (b) Revenue and income recognition
\n
\nRevenue comprises the fair value of the consideration received or receivable for the rendering
\nof services in the ordinary course of the Group\u2019s activities, net of rebates, discounts, off-hire
\ncharges and after eliminating sales within the Group.
\n
\n(1) Rendering of services
\n
\nRevenue from time charters accounted for as operating leases is recognised in profit
\nor loss on a straight-line basis over the lease term.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n2. Significant accounting policies (continued)
\n(
\n\n
\nb) Revenue and income recognition (continued)
\n(1) Rendering of services (continued)
\nRevenue from voyage charters is recognised rateably over the estimated length of the
\nvoyage within the respective reporting period, in the event the voyage commences
\nin one reporting period and ends in the subsequent reporting period. No additional
\ndisclosures in relation to the incremental cost of obtaining the contract and the
\nremaining performance obligation with an original duration of one year or less are
\nmade as the Group has applied the practical expedients available in the standard
\n.
\nAd
\nditionally, as the Group typically receives payments within one year from the star
\nt
\no
\nf the voyage, there are no additional disclosures made
\n.
\nT
\nhe Group determines the percentage of completion of voyage revenue using the
\nload-to-discharge method. Under this method, voyage revenue is recognised evenl
\ny
\no
\nver the period from the point of loading of the current voyage to the point of
\ndischarge of the current voyage.
\nD
\nemurrage revenue is recognised as revenue from voyage charter based on
\npercentage of completion, consistent with the basis of recognising voyage freight
\nrevenue and is assessed at a percentage of the total estimated claims issued to
\ncustomers. The estimation of this rate is based on the historical actual demurrage
\nrecovered over the total estimated claims issued to customers.
\n(
\n2) Sale of goods \u2013 LPG cargo
\nR
\nevenue from the sale of goods is recognised when the performance obligations have
\nbeen satisfied, which is when control of the cargo is transferred to the customer
\n.
\nRevenue is measured based on consideration specified in the contract with a customer,
\nwhich i
\nncludes the provision of services (shipping and insurance) when goods are sol
\nd
\no
\nn a CFR or CIF basis. The same recognition and presentation principles apply to
\nrevenues arising from physical settlement of forward sale contracts that do not mee
\nt
\nt
\nhe own use exemption.
\n\n
\n
\n\n(3) I
\nnterest incom
\ne
\nInterest income is recognised on a time proportion basis using the effective interest
\nmethod.
\n
\n\n
\n\n
\n\n(
\n\n
\nc) Group accounting
\n\n1) Subsidiaries
\n(i) Consolidation
\nS
\nubsidiaries are entities (including special purpose entities) over which the
\nGroup has control. The Group controls an entity when the Group is exposed
\nto, or has rights to, variable returns from its involvement with the entity and
\nhas the ability to affect those returns through its power over the entity.
\nSubsidiaries are fully consolidated from the date on which control is
\ntransferred to the Group. They are de-consolidated from the date on which
\ncontrol ceases.
\n
\n\n
\n\n(
\n
\n\n
\n\n
\n
\n\n
\n2. Significant accounting policies (continued)
\n\n
\n(c) Group accounting (continued)
\n\n
\n(1) Subsidiaries (continued)
\n(i) Consolidation
\n(continued)
\nIn preparing the consolidated financial statements, transactions, balances and
\nunrealised gains on transactions between group companies are eliminated.
\nUnrealised losses are also eliminated but are considered an impairment
\nindicator of the asset transferred. Where necessary, adjustments are made to
\nthe financial statements of subsidiaries to ensure the consistency of
\naccounting policies with those of the Group.
\n
\nNon-controlling interests are part of the net results of operations and of net
\nassets of a subsidiary attributable to the interests which are not owned
\ndirectly or indirectly by the equity holders of the Company. They are shown
\nseparately in the consolidated statement of comprehensive income,
\nstatement of changes in equity and balance sheet. Total comprehensive
\nincome is attributed to the non-controlling interests based on their respective
\ninterests in a subsidiary, even if this results in the non-controlling interests
\nhaving a deficit balance.
\n\n
\n\n
\n\n(ii) Acquisitions
\nThe Group uses the acquisition method of accounting to account for business
\ncombinations.
\n
\nThe consideration transferred for the acquisition of a subsidiary or business
\ncomprises the fair value of the assets transferred, the liabilities incurred, and
\nthe equity interests issued by the Group.
\n
\nThe consideration transferred also includes any contingent consideration
\narrangement and any pre-existing equity interest in the subsidiary measured
\nat their fair value at the acquisition date.
\n
\nIf the business combination is achieved in stages, the acquisition date carrying
\nvalue of the acquirer\u2019s previously held equity interest in the acquiree is re-
\nmeasured to fair value at the acquisition date, and any gains or losses arising
\nfrom such re-measurement are recognised in profit or loss.
\n
\nAcquisition-related costs are expensed as incurred.
\n
\nIdentifiable assets acquired and liabilities and contingent liabilities assumed
\nin a business combination are, with limited exceptions, measured initially at
\ntheir fair values at the acquisition date.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n\n
\n\n
\n2. Significant accounting policies (continued)
\n\n
\n
\n(c) Group accounting (continued)
\n
\n\n
\n(1) Subsidiaries (continued)
\n\n
\n\n
\n\n(ii) Acquisitions
\n(continued)
\nOn an acquisition-by-acquisition basis, the Group recognises any non-
\ncontrolling interest in the acquiree at the date of acquisition either at fair
\nvalue or at the non-controlling interest\u2019s proportionate share of the
\nacquiree\u2019s net identifiable assets.
\n
\nThe excess of (i) the consideration transferred, the amount of any non-
\ncontrolling interest in the acquiree, and the acquisition-date fair value of
\nany previous equity interest in the acquiree over (ii) the fair values of the
\nidentifiable net assets acquired, is recorded as goodwill.
\n
\nThe excess of: (i) fair value of the net identifiable assets acquired over
\nthe (ii) consideration transferred; the amount of any non-controlling
\ninterest in the acquiree; and the acquisition-date fair value of any
\nprevious equity interest in the acquiree; is recorded in the profit or loss
\nduring the period when it occurs.
\n
\nThe Group has an option to apply a \u201cconcentration test\u201d that permits a
\nsimplified assessment of whether an acquired set of activities and assets
\nis not a business. The optional concentration test is met if substantially all
\nof the fair value of the gross assets acquired is concentrated in a single
\nidentifiable asset or group of similar identifiable assets.
\n(iii) Disposals
\nWhen a change in the Group\u2019s ownership interest in a subsidiary results
\nin a loss of control over the subsidiary, the assets and liabilities of the
\nsubsidiary including any goodwill are derecognised. Amounts previously
\nrecognised in other comprehensive income in respect of that entity are
\nalso reclassified to profit or loss or transferred directly to retained
\nearnings if required by a specific standard.
\nAny retained equity interest in the entity is remeasured at fair value. The
\ndifference between the carrying amount of the retained interest at the
\ndate when control is lost and its fair value is recognised in profit or loss.
\n
\n\n
\n\n
\n\n
\n
\n
\n
\n
\n
\n\n
\n
\n\n(2) Transactions with non-controlling interests
\n
\nChanges in the Group\u2019s ownership interest in a subsidiary that do not result in a
\nloss of control over the subsidiary are accounted for as transactions with equity
\nowners of the Company. Any difference between the change in the carrying
\namounts of the non-controlling interest and the fair value of the consideration
\npaid or received is recognised in a separate reserve within equity attributable to
\nthe equity holders of the Company.
\n
\n\n
\n\n
\n\n
\n
\n\n
\n\n
\n2. Significant accounting policies (continued)
\n\n
\n(c) Group accounting (continued)
\n
\n\n
\n(3) Joint venture
\n
\nA joint venture is an entity over which the Group has joint control as a result of
\ncontractual arrangements and rights to the net assets of the entity.
\n
\nInvestment in joint ventures is accounted for in the consolidated financial statements
\nusing the equity method of accounting less impairment losses, if any.
\n\n
\n\n
\n\n(i) Acquisitions
\nInvestment in a joint venture is initially recognised at cost. The cost of an
\nacquisition is measured at the fair value of the assets given, equity
\ninstruments issued or liabilities incurred or assumed at the date of exchange,
\nplus costs directly attributable to the acquisition. Goodwill on joint venture
\nrepresents the excess of the cost of acquisition of the joint venture over the
\nGroup\u2019s share of the fair value of the identifiable net assets of the joint
\nventure and is included in the carrying amount of the investment.
\n
\n\n
\n\n
\n\n(ii) Equity method of accounting
\n
\nUnder the equity method of accounting, the investment is initially recognised
\nat cost and adjusted thereafter to recognise the Group\u2019s share of its joint
\nventure\u2019s post-acquisition profits or losses in the Group\u2019s profit or loss and its
\nshare of the joint venture\u2019s other comprehensive income in the Group\u2019s other
\ncomprehensive income. Dividend received or receivable from the joint
\nventure is recognised as a reduction of the carrying amount of the
\ninvestment. When the Group\u2019s share of losses in a joint venture equals to or
\nexceeds its interest in the joint venture, the Group does not recognise further
\nlosses, unless it has incurred legal or constructive obligations to make, or has
\nmade, payments on behalf of the joint venture. If the joint venture
\nsubsequently reports profits, the Group resumes recognising its share of those
\nprofits only after its share of the profits equals the share of losses not
\nrecognised.
\n
\nUnrealised gains on transactions between the Group and its joint venture are
\neliminated to the extent of the Group's interest in the joint venture.
\nUnrealised losses are also eliminated unless the transactions provide
\nevidence of impairment of the assets transferred. The accounting policies of
\na joint venture are changed where necessary to ensure consistency with the
\naccounting policies adopted by the Group.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n2. Significant accounting policies (continued)
\n\n
\n(c) Group accounting (continued)
\n\n(3) Joint venture (continued)
\n
\n(iii) Disposals
\n
\nInvestment in joint venture is derecognised when the Group loses joint
\ncontrol. If the retained equity interest in the former joint venture is a financial
\nasset, the retained equity interest is remeasured at fair value. The difference
\nbetween the carrying amount of the retained interest at the date when joint
\ncontrol is lost, and its fair value and any proceeds on partial disposal, is
\nrecognised in profit or loss.
\n
\n\n
\n\n\n
\n\n
\n\n(d) Intangible assets
\nComputer software
\n
\nAcquired computer software are initially capitalised at cost which includes the purchase price
\n(net of any discounts and rebates) and other directly attributable costs of preparing the assets
\nfor its intended use. They are subsequently carried at cost less accumulated amortisation and
\nimpairment losses. These costs are amortised to profit or loss using the straight-line method
\nover their estimated remaining useful lives of 5 years.
\n
\nThe useful lives are reviewed, and adjusted as appropriate, at least annually. The effects of
\nany revision in estimate are recognised in profit or loss when the changes arise.
\n
\n\n
\n\n
\n\n\n(e) Property, plant and equipment
\n
\n(1) Measurement
\n
\n(i)
\nProperty, plant and equipment are initially recognised at cost and
\nsubsequently carried at cost less accumulated depreciation and accumulated
\nimpairment losses (note 2(f)).
\n
\n(ii)
\nThe cost of an item of property, plant and equipment initially recognised
\nincludes expenditure that is directly attributable to the acquisition of the
\nitems. Dismantlement, removal or restoration costs are included as part of
\nthe cost of property, plant and equipment if the obligation for dismantlement,
\nremoval or restoration is incurred as a consequence of acquiring or using the
\nasset.
\n
\n(iii)
\nIf significant parts of an item of property, plant and equipment have different
\nuseful lives, they are accounted for as separate components of property, plant
\nand equipment.
\n
\n\n
\n\n
\n
\n\n
\n\n
\n2. Significant accounting policies (continued)
\n
\n\n
\n
\n(e) Property, plant and equipment (continued)
\n
\n\n(2) Depreciation
\n
\n(i)
\n Depreciation on property, plant and equipment is calculated using a
\nstraight-line method to allocate their depreciable amounts over their
\nestimated useful lives as follows:
\n
\nVessels 25 years
\nDry docking/Scrubbers 2.5 - 5 years
\nFurniture and fixtures 3 - 5 years
\n
\nThe residual values, estimated useful lives and depreciation method of
\nproperty, plant and equipment are reviewed, and adjusted as
\nappropriate, at least annually. The effects of any revision in estimate are
\nrecognised in profit or loss when the changes arise.
\n
\n(ii)
\nSignificant components of individual assets are assessed and if a
\ncomponent has a useful life that is different from the remainder of that
\nasset, that component is depreciated separately. The remaining carrying
\namount of the old component as a result of a replacement will be written
\noff to profit or loss.
\n
\n\n
\n\n(3) Subsequent expenditure
\n
\nSubsequent expenditure relating to property, plant and equipment, including
\nreplacing a significant component, that has already been recognised, is added to
\nthe carrying amount of the asset only when it is probable that future economic
\nbenefits associated with the item will flow to the Group and the cost of the item
\ncan be measured reliably. All other repair and maintenance expenses are
\nrecognised in profit or loss when incurred.
\n
\n\n
\n(4) Disposal
\n
\nOn disposal of an item of property, plant and equipment, the difference between
\nthe net disposal proceeds and its carrying amount is recognised in profit or loss.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n2. Significant accounting policies (continued)
\n
\n\n
\n\n(f) Impairment of non-financial assets
\n
\nIntangible assets with finite lives, property, plant and equipment and investment in a joint
\nventure are tested for impairment whenever there is any objective evidence or an indication
\nthat these assets may be impaired.
\n
\nFor the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair
\nvalue less cost to sell and value-in-use) is determined on an individual asset basis unless the
\nasset does not generate cash flows that are largely independent of those from other assets.
\nIf this is the case, the recoverable amount is determined for the cash-generating unit (\u201cCGU\u201d)
\nto which the asset belongs.
\n
\nIf the recoverable amount of the asset is estimated to be less than its carrying amount, the
\ncarrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference
\nbetween the carrying amount and recoverable amount is recognised as an impairment loss
\nin profit or loss.
\n
\nAn impairment loss for an asset (or CGU) is reversed if, and only if, there has been a change
\nin the estimates used to determine the asset\u2019s (or CGU\u2019s) recoverable amount since the last
\nimpairment loss was recognised. The carrying amount of this asset (or CGU) is increased to
\nits revised recoverable amount, provided that this amount does not exceed the carrying
\namount that would have been determined (net of accumulated depreciation) had no
\nimpairment loss been recognised for the asset (or CGU) in prior years. A reversal of
\nimpairment loss for an asset (or CGU) is recognised in profit or loss.
\n
\n\n
\n\n
\n\n(g) Derivative financial instruments and hedging activities
\n
\nA derivative financial instrument is initially recognised at its fair value on the date the contract
\nis entered into and is subsequently carried at its fair value. The method of recognising the
\nresulting gain or loss depends on whether the derivative is designated as a hedge instrument,
\nand if so, the nature of the item being hedged. The Group designates each hedge as either:
\n(a) fair value hedge or (b) cash flow hedge.
\n
\nFor derivative financial instruments that are not designated or do not qualify for hedge
\naccounting, any fair value gains or losses are recognised in profit or loss as derivative
\ngain/(loss) when the change arises.
\n
\nAt the inception of the transaction, the Group documents the relationship between the
\nhedging instruments and hedged items as well as, the risk management objective and
\nstrategies for undertaking various hedging transactions. The Group also documents its
\nassessment, both at hedge inception and on an ongoing basis, of whether the derivatives
\ndesignated as hedging instruments are highly effective in offsetting changes in fair value or
\ncash flows of the hedged items.
\n
\nHedge effectiveness is determined at the inception of the hedging relationship, and through
\nperiodic prospective effectiveness assessments to ensure that an economic relationship exists
\nbetween the hedged item and hedging instrument.
\n
\n\n
\n\n
\n\n
\n\n
\n2. Significant accounting policies (continued)
\n
\n\n(g) Derivative financial instruments and hedging activities (continued)
\n
\nThe Group enters into hedge relationships where the critical terms of the hedging instrument
\nmatch exactly with the terms of the hedged item, and so a qualitative assessment of
\neffectiveness is performed. If changes in circumstances affect the terms of the hedged item
\nsuch that the critical terms no longer match exactly with the critical terms of the hedging
\ninstrument, the Group uses the hypothetical derivative method to assess effectiveness.
\n
\nThe carrying amount of a derivative designated as a hedge is presented as a non-current
\nasset or liability if the remaining expected life of the hedged item is more than 12 months,
\nand as a current asset or liability if the remaining expected life of the hedged item is less
\nthan 12 months. The fair value of a trading derivative is classified as a current asset or liability.
\n
\nThe fair value of derivative financial instruments represents the amount estimated by banks
\nor brokers that the Group will receive or pay to terminate the derivatives at the balance sheet
\ndate.
\n
\nHedges directly affected by interest rate benchmark reform.
\n
\nPhase 1 amendments: Prior to interest rate benchmark reform \u2013 when there is uncertainty
\narising from interest rate benchmark reform
\n
\nFor the purpose of evaluating whether there is an economic relationship between the hedged
\nitem(s) and the hedging instrument(s), the Group assumes that the benchmark interest rate
\nis not altered as a result of interest rate benchmark reform.
\n
\nFor a cash flow hedge of a forecast transaction, the Group assumes that the benchmark
\ninterest rate will not be altered as a result of interest rate benchmark reform for the purpose
\nof assessing whether the forecast transaction is highly probable and presents an exposure to
\nvariations in cash flows that could ultimately affect profit or loss.
\n
\nThe Group will cease to apply the specific policy for assessing the economic relationship
\nbetween the hedged item and the hedging instrument (i) to a hedged item or hedging
\ninstrument when the uncertainty arising from interest rate benchmark reform is no longer
\npresent with respect to the timing and the amount of the interest rate benchmark-based cash
\nflows of the respective item or instrument or (ii) when the hedging relationship is
\ndiscontinued. For its highly probable assessment of the hedged item, the Group will no longer
\napply the specific policy when the uncertainty arising from interest rate benchmark reform
\nabout the timing and the amount of the interest rate benchmark-based future cash flows of
\nthe hedged item is no longer present, or when the hedging relationship is discontinued.
\n
\n\n
\n\n
\n\n
\n\n
\n2. Significant accounting policies (continued)
\n
\n\n(g) Derivative financial instruments and hedging activities (continued)
\n
\nPhase 1 amendments: Prior to interest rate benchmark reform \u2013 when there is uncertainty
\narising from interest rate benchmark reform (continued)
\n
\nThe basis for determining the contractual cash flows of the hedged item or the hedging
\ninstrument may be modified as required by the IBOR reform. A change in the basis for
\ndetermining the contractual cash flows is required by interest rate benchmark reform if the
\nfollowing conditions are met:
\n- the change is necessary as a direct consequence of the reform; and
\n- the new basis for determining the contractual cash flows is economically equivalent to
\nthe previous basis \u2013 i.e the basis immediately before the change.
\n
\nFor these modifications, the Group amends the hedge documentation of that hedging
\nrelationship to reflect the change(s) required by interest rate benchmark reform when there
\nis no longer uncertainty about the cash flows of the hedged item or the hedging instrument.
\n
\nFor this purpose, the hedge designation is amended only to make one or more of the
\nfollowing changes:
\n- designating an alternative benchmark rate as the hedged risk;
\n- updating the description of hedged item, including the description of the designated
\nportion of the cash flows or fair value being hedged; or
\n- updating the description of the hedging instrument.
\n
\nHedges directly affected by interest rate benchmark reform.
\n
\nPhase 2 amendments: Replacement of benchmark interest rates \u2013 when there is no longer
\nuncertainty arising from interest rate benchmark reform (continued)
\n
\nThe Group amends the description of the hedging instrument only if the following conditions
\nare met:
\n
\n- it makes a change required by interest rate benchmark reform by changing the basis for
\ndetermining the contractual cash flows of the hedging instrument or using another
\napproach that is economically equivalent to changing the basis for determining the
\ncontractual cash flows of the original hedging instrument; and
\n- the original hedging instrument is not derecognised.
\n
\nThese amendments in the formal hedge documentation do not constitute the discontinuation
\nof the hedging relationship or the designation of a new hedging relationship.
\n
\nIf other changes are made in addition to those changes required by the interest rate
\nbenchmark reform described above, then the Group first considers whether those additional
\nchanges result in the discontinuation of the hedge accounting relationship. If the additional
\nchanges do not result in discontinuation of the hedge accounting relationship, then the Group
\namends the formal hedge documentation for changes required by interest rate benchmark
\nreform as mentioned above.
\n
\n\n
\n\n
\n\n
\n\n
\n2. Significant accounting policies (continued)
\n\n(
\ng) Derivative financial instruments and hedging activities (continued)
\n(1) Interest rate swaps
\nT
\nhe Group has entered into interest rate swaps that are cash flow hedges for the
\nGroup\u2019s exposure to interest rate risk on its borrowings. These contracts entitle the
\nGroup to receive interest at floating rates on notional principal amounts and oblige the
\nGroup to pay interest at fixed rates on the same notional principal amounts, thus
\nallowing the Group to raise borrowings at floating rates and swap them into fixed
\nrates. The Group hedges up to 75% of its floating rate borrowings and the hedged
\nitem is identified as a proportion of the outstanding amount of the borrowings. As all
\ncritical terms matched during the year, the economic relationship was assessed to be
\n100% effective.
\nT
\nhe fair value changes on the effective portion of interest rate swaps designated as
\ncash flow hedges are recognised in other comprehensive income, accumulated in the
\nfair value reserve, and reclassified to profit or loss when the hedged interest expense
\non the borrowings is recognised in profit or loss. The fair value changes on the
\nineffective portion of interest swaps are recognised immediately in profit or loss.
\n(
\n2) Forward bunker swaps
\nT
\nhe Group has entered into forward bunker swaps that are cash flow hedges for the
\nGroup\u2019s exposure to cash flow variability for its forecasted bunker purchases. These
\ncontracts entitle the Group to receive bunker at floating rates and oblige the Group
\n to
\np
\nay for bunker at fixed prices, or in some contracts to pay a fixed incremental spread
\n(between high and low sulphur fuel oil) for low sulphur fuel oil. It was assessed tha
\nt
\nt
\nhe economic relationship between the forward bunker swaps and the hedged item
\nwas effective as the critical terms match.
\nThe fair value changes on the effective portion of the forward bunker swaps
\ndesignated as cash flow hedges are recognised in other comprehensive income.
\nAmounts accumulated in equity are reclassified in the periods when the hedged item
\naffects profit or loss.
\n(
\n3) Forward freight agreements (FFAs)
\nT
\nhe Group has entered into FFAs that are cash flow hedges for the Group\u2019s exposure
\nto cash flow variability, for its forecasted freight earnings. These contracts entitle the
\nGroup to receive fixed freight rates and oblige the Group to pay floating freight rates
\nfor the volumes transacted. This effectively hedges the forecasted freight revenu
\ne
\nc
\nontracted at future market freight rates. It was assessed that the economic
\nrelationship between the FFAs and the hedged item was effective as the critical terms
\nmatc
\nh.
\nT
\nhe fair value changes on the effective portion of the FFAs designated as cash flow
\nhedges are recognised in other comprehensive income. Amounts accumulated in
\nequity are reclassified in the periods when the hedged item affects profit or loss.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n2. Significant accounting policies (continued)
\n
\n\n(g) Derivative financial instruments and hedging activities (continued)
\n
\n(4) Non-derivative financial asset
\n
\nThe Group has designated the foreign currency risk component of a foreign
\ndenominated cash balance as a cash flow hedge against the Group\u2019s commitment for
\nthe exercise of a purchase option on its time charter in lease contract which is
\ndenominated in the same foreign currency. This effectively hedges the forecasted
\npurchase price at a fixed USD amount from the date of designation of the hedge. It
\nwas assessed that the economic relationship between the hedging instrument and
\nthe hedged item was effective as the critical terms match.
\n
\nThe fair value changes on the effective portion of the foreign currency risk component
\nof the foreign denominated cash balance designated as cash flow hedges are
\nrecognised in other comprehensive income. Amounts accumulated in equity are
\nreclassified into the cost of the asset upon payment of the purchase option.
\n
\n\n
\n\n(h) Financial assets
\n
\n(1) Financial assets at amortised cost
\n
\nA financial asset is measured at amortised cost if it meets both of the following
\nconditions and is not designated as a FVTPL:
\n
\n- it is held within a business model whose objective is to hold assets to collect
\ncontractual cash flows; and
\n
\n- its contractual terms give rise on specified dates to cash flows that are solely
\npayments of principal and interest on the principal amount outstanding.
\n
\nThe Group\u2019s financial assets at amortised costs, are presented as \u201cfinance lease
\nreceivables\u201d (note 9) \u201ctrade and other receivables\u201d (note 11) and \u201ccash and cash
\nequivalents\u201d (note 15) in the consolidated balance sheet.
\n
\nThese financial assets are initially recognised at their fair values plus transaction costs
\nand subsequently carried at amortised cost using the effective interest method, less
\naccumulated impairment losses.
\n
\nThe Group managed these groups of financial assets by collecting the contractual cash
\nflow and these cash flows represent solely payment of principal and interest.
\nAccordingly, these groups of financial assets are measured at amortised cost
\nsubsequent to initial recognition.
\n
\nThe Group assesses on a forward-looking basis the expected credit losses (ECLs)
\nassociated with these groups of financial assets.
\n
\nFor trade receivables, finance lease receivables and other receivables \u2013 related party,
\nthe Group applied the simplified approach permitted by IFRS 9, which requires
\nexpected lifetime losses to be recognised from initial recognition of the receivables.
\n
\n\n
\n\n
\n\n
\n\n
\n2. Significant accounting policies (continued)
\n
\n\n
\n(h) Financial assets
\n(continued)
\n
\n(1) Financial assets at amortised cost (continued)
\n
\nFor cash and cash equivalents, the general 3 stage approach is applied. Credit loss
\nallowance is based on 12-month ECL if there is no significant increase in credit risk
\nsince the initial recognition of the assets. If there is a significant increase in credit risk
\nsince initial recognition, lifetime ECL will be calculated and recognised.
\n
\nWhen determining whether the credit risk of a financial instrument has increased
\nsignificantly since initial recognition and when estimating ECLs, the Group considers
\nreasonable and supportable information that is relevant and available without undue
\ncost or effort. This includes both quantitative and qualitative information analysis,
\nbased on the Group\u2019s historical experience and informed credit assessment and
\nincludes forward-looking information.
\n
\nThe Group considers a financial asset to be in default when:
\n
\n- the borrower is unlikely to pay its credit obligations to the Group in full,
\nwithout recourse by the Group to actions such as realising security (if any is
\nheld); or
\n
\n- the financial asset is more than 90 days past due.
\n
\nWhen the asset becomes uncollectible, it is written off against the allowance amount.
\nSubsequent recoveries of amounts previously written off are recognised against the
\nsame line item in profit or loss.
\n
\nThe impairment allowance is reduced through profit or loss in a subsequent period by
\nthe amount of ECL reversal that is required to adjust the loss allowance to the amount
\nthat is required to be recognised at the reporting date.
\n
\nThese assets are presented as current assets except for those that are expected to be
\nrealised later than 12 months after the balance sheet date, which are presented as
\nnon-current assets.
\n
\n\nThe Group derecognises a financial asset when the contractual rights to the cash flows
\nfrom the financial asset expire, or it transfers the rights to receive the contractual cash
\nflows in a transaction in which substantially all of the risks and rewards of ownership
\nof the financial asset are transferred or in which the Group neither transfers nor retains
\nsubstantially all of the risks and rewards of ownership and it does not retain control of
\nthe financial asset.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n2. Significant accounting policies (continued)
\n
\n\n
\n(h) Financial assets
\n(continued)
\n
\n\n(2) Equity Investments
\n
\nEquity investments are initially recognised at its fair value. Transaction costs are
\nexpensed in profit or loss.
\n
\n(i)
\n The Group subsequently measures all its equity investments at their fair
\nvalues. Equity investments are classified as fair value through profit or loss
\n(\u201cFVPL\u201d) with movements in their fair values recognised in profit or loss in
\nthe period in which the changes arise. Dividends from equity investments are
\nrecognised in profit or loss as \u201cdividend income\u201d.
\n
\n(ii)
\n On disposal of an equity investment, the difference between the carrying
\namount and sales proceed is recognised in profit or loss if there was no
\nelection made to recognise fair value changes in other comprehensive
\nincome. If there was an election made, any differences between the carrying
\namount and sales proceed amount would be recognised in other
\ncomprehensive income and transferred to retained profits along with the
\namount previously recognised in other comprehensive income relating to that
\nasset.
\n
\n\n
\n\n
\n\n(i) Borrowings
\n
\nBorrowings are initially recognised at fair value, net of transaction costs incurred, and
\nsubsequently stated at amortised cost. Any difference between the proceeds (net of
\ntransaction costs) and the redemption value is taken to profit or loss over the period of the
\nborrowings using the effective interest method.
\n
\nBorrowings are presented as current liabilities in the consolidated balance sheet unless the
\nGroup has an unconditional right to defer settlement of the liability for at least 12 months
\nafter the balance sheet date, in which case they are presented as non-current liabilities.
\n
\n\n
\n\n(j) Borrowing costs
\n
\nBorrowing costs are recognised in the consolidated statement of comprehensive income
\nusing the effective interest method except for those costs that are directly attributable to the
\nconstruction of vessels. This includes those costs on borrowings acquired specifically for the
\nconstruction of vessels, as well as those in relation to general borrowings used to finance the
\nconstruction of vessels.
\n
\nBorrowing costs on borrowings acquired specifically for the construction of vessels are
\ncapitalised in the cost of the vessel under construction during the period of construction until
\nthe Group takes delivery of the vessels. Borrowing costs on general borrowings are capitalised
\nby applying a capitalisation rate to the construction expenditures that are financed by general
\nborrowings.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n2. Significant accounting policies (continued)
\n\n(j) B
\norrowing costs (continued)
\nThe basis for determining the contractual cash flows of the borrowing may be modified as
\nrequired by the IBOR reform. A change in the basis for determining the contractual cash flows
\nis required by interest rate benchmark reform if the following conditions are met:
\n- t
\nhe change is necessary as a direct consequence of the reform; and
\n- the new basis for determining the contractual cash flows is economically equivalent
\nto the previous basis \u2013 i.e. the basis immediately before the change.
\nF
\nor this purpose, the Group updated the effective interest rate of the borrowing to reflect the
\nchange that is required.
\nI
\nf other changes are made in addition to those changes required by interest rate benchmark
\nreform described above, then the Group first updated the effective interest rate of the
\nborrowing to reflect the change that is required by interest rate benchmark reform. Then the
\nGroup applied the policies on accounting for modification to the additional changes.
\n
\n\n\n(k
\n) Trade and other payables
\nTrade and other payables represent liabilities to pay for goods or services provided to the
\nGroup prior to the end of the financial year which are unpaid. Trade and other payables are
\nclassified as current liabilities if payment is due within one year or less. If not, they are
\npresented as non-current liabilities.
\nT
\nrade and other payables are initially recognised at fair value, and subsequently carried at
\namortised cost using the effective interest method and are derecognised when the Group\u2019s
\nobligation has been discharged or cancelled or expired.
\n
\n\n\n(l
\n) Leases
\n(1) As a lessee:
\nA
\nt the inception of the contract, the Group assesses if the contract contains a lease.
\nA contract contains a lease if the contract conveys the right to control the use of an
\nidentified asset for a period of time in exchange for consideration. Reassessment i
\ns
\no
\nnly required when the terms and conditions of the contract are changed.
\nT
\nhe Group recognised a right-of-use asset and lease liability at the lease
\ncommencement date. Right-of-use assets are measured at cost which comprise
\ns
\nt
\nhe initial measurement of lease liabilities adjusted for any lease payments mad
\ne
\na
\nt or before the commencement date and lease incentive received. Any initial direct
\ncosts that would not have been incurred if the lease had not been obtained are
\nadded to the carrying amount of the right-of-use assets.
\n
\n\n
\n\n
\n\n
\n\n
\n2. Significant accounting policies (continued)
\n
\n\n(l) Leases (continued)
\n
\n(1) As a lessee (continued):
\n
\nThe right-of-use assets are subsequently carried at cost less accumulated
\ndepreciation and accumulated impairment losses (note 2(f)). Depreciation is
\ncalculated on straight-line method from the commencement date to the to the end
\nof the lease term, unless the lease transfers ownership of the underlying asset to
\nthe Group by the end of the lease term or it is reasonably certain that the Group
\nwill exercise a purchase option. In that case, the right-of-use asset will be
\ndepreciated over the useful life of the underlying asset, which is determined on the
\nsame basis as those of property and equipment.
\n
\nRight-of-use assets are presented within \u201cRight-of-use assets (vessels)\u201d.
\n
\nThe lease liability is initially measured at the present value of the lease payments
\nthat are not paid at the commencement date, discounted using the interest rate
\nimplicit in the lease, or if that rate cannot be readily determined, the Group\u2019s
\nincremental borrowing rate. Generally, the Group uses its incremental borrowing
\nrate as the discount rate. From 1 January 2021, where the basis for determining
\nfuture lease payments changes as required by interest rate benchmark reform, the
\nGroup remeasures the lease liability by discounting the revised lease payments
\nusing the revised discount rate that reflects the change to an alternative benchmark
\ninterest rate.
\n
\nLease payments included in the measurement of the lease liability comprise the
\nfollowing:
\n- fixed payments, including in-substance fixed payments;
\n- variable lease payments that depend on an index or a rate, initially measured
\nusing the index or rate as at the commencement date;
\n- amounts expected to be payable under a residual value guarantee; and
\n- the exercise price under a purchase option that the Group is reasonably certain
\nto exercise, lease payments in an optional renewal period if the Group is
\nreasonably certain to exercise an extension option, and penalties for early
\ntermination of a lease unless the Group is reasonably certain not to terminate
\nearly.
\n
\nThe lease liability is measured at amortised cost using the effective interest method.
\nIt is remeasured when there is a change in future lease payments arising from a
\nchange in an index or rate, if there is a change in the Group\u2019s estimate of the
\namount expected to be payable under a residual value guarantee, if the Group
\nchanges its assessment of whether it will exercise a purchase, extension, or
\ntermination option or if there is a revised in-substance fixed lease payment.
\n
\nWhen the lease liability is remeasured in this way, a corresponding adjustment is
\nmade to the carrying amount of the right-of-use asset, or is recorded in profit or
\nloss if the carrying amount of the right-of-use asset has been reduced to zero.
\n
\nVariable lease payments not dependent on an index or rate and lease payments
\narising from leases with lease terms less than 12 months are recognised as an
\nexpense as incurred, or on a straight-line basis over the lease term and presented
\nwithin \u201ccharter hire expenses\u201d.
\n
\nPayments made in relation to the non-lease components of the leases are
\nrecognised as an expense on a straight-line basis over the lease term.
\n
\n\n
\n\n
\n\n
\n\n
\n2. Significant accounting policies (continued)
\n\n(l
\n) Leases (continued)
\n(2) As a lessor:
\nT
\nhe Group time charters vessels to non-related parties under operating leas
\ne
\na
\ngreements. The leases have varying terms.
\nLe
\nssor \u2013 Finance leases
\nL
\neases where the Group has transferred substantially all risks and rewards incidenta
\nl
\nt
\no ownership of the leased assets to the lessees, are classified as finance leases.
\nThe leased asset is derecognised and the present value of the lease receivable is
\nrecognised on the balance sheet. Each lease payment received is applied against
\nthe gross investment in the finance lease receivable to reduce both the principal
\nand the unearned finance income. The finance income is recognised in profit or loss
\non a basis that reflects a constant periodic rate of return on the net investment in
\nthe finance lease receivable. The Group applies the derecognition and impairment
\nrequirements in IFRS 9 to the net investment in the lease (see note 2(h))
\n.
\nI
\nnitial direct costs incurred by the Group in negotiating and arranging finance leases
\nare added to finance lease receivables and reduce the amount of incom
\ne
\nr
\necognised over the lease term.
\nLe
\nssor \u2013 Operating leases
\nL
\neases, where the Group retains substantially all risks and rewards incidental to
\nownership are classified as operating leases. Rental income from operating lease
\ns
\n(
\nnet of any incentives given to the lessees) is recognised in profit or loss on a
\nstraight-line basis over the lease term.
\n(3) As an intermediate lessor:
\nIn classifying a sublease, the Group as an intermediate lessor classifies the sublease
\nas a finance or an operating lease with reference to the right-of-use asset arising
\nfrom the head lease, rather than the underlying asset.
\nW
\nhen the sublease is assessed as a finance lease, the Group derecognises the right-
\nof-use asset relating to the head lease that it transfers to the sublessee and
\nrecognised the net investment in the sublease within \u201cFinance lease receivables\u201d.
\nAny differences between the right-of-use asset derecognised and the net
\ninvestment in sublease is recognised in the statement of comprehensive income
\n.
\nL
\nease liability relating to the head lease is retained on the balance sheet, whic
\nh
\nr
\nepresents the lease payments owed to the head lessor.
\nW
\nhen the sublease is assessed as an operating lease, the Group recognise lease
\nincome from sublease in profit or loss within \u201cRevenue from time charter voyages\u201d
\n.
\nT
\nhe right-of-use asset relating to the head lease is not derecognised.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n2. Significant accounting policies (continued)
\n\n(m) F
\nair value estimation of financial assets and liabilities
\nThe fair values of financial instruments traded in active markets (such as exchange-traded
\nand over-the-counter securities and derivatives) are based on quoted market prices at the
\nbalance sheet date. The quoted market prices for financial assets are the current bid prices;
\nthe appropriate market prices used for financial liabilities are the current asking prices.
\nT
\nhe fair values of financial instruments that are not traded in an active market are determined
\nby using valuation techniques. The Group uses a variety of methods and makes assumptions
\nthat are based on market conditions existing at each balance sheet date. Where appropriate,
\nquoted market prices or dealer quotes for similar instruments are used.
\n
\n\n\n(
\nn) Inventories
\nInventories comprise fuel oil remaining on board and liquefied petroleum gas held for trading
\npurposes.
\nFuel oil is measured at the lower of cost (on a first-in, first-out basis) and net realisable value.
\nL
\niquefied petroleum gas held for trading purposes are measured at fair value less costs to
\nsell. Any change in fair value is recognised in profit or loss for the period in which it arose.
\n
\n\n\n(
\no) Provisions for other liabilities and charges
\nProvisions are recognised when the Group has a present legal or constructive obligation
\nwhere as a result of past events, it is more likely than not that an outflow of resources will
\nbe required to settle the obligation and a reliable estimate of the amount can be made. When
\nthe Group expects a provision to be reimbursed, the reimbursement is recognised as a
\nseparate asset but only when the reimbursement is virtually certain. Provisions are not
\nrecognised for future operating losses.
\nP
\nrovisions are measured at the present value of the expenditure expected to be required to
\nsettle the obligation using a pre-tax discount rate that reflects the current market assessmen
\nt
\no
\nf the time value of money and the risks specific to the obligation. The increase in the
\nprovision due to the passage of time is recognised in profit or loss as finance expense.
\nC
\nhanges in the estimated timing or amount of the expenditure or discount rate are recognised
\nin profit or loss when the changes arise.
\n
\n\n
\n\n
\n\n
\n\n
\n2. Significant accounting policies (continued)
\n
\n\n
\n(p) Foreign currency translation
\n
\n\n(1) Functional and presentation currency
\n
\nItems included in the financial statements of each entity in the Group are measured
\nusing the currency of the primary economic environment in which the entity operates
\n(the \u201cfunctional currency\u201d). The consolidated financial statements of the Group are
\npresented in United States Dollars (\u201cUS$\u201d), which is the functional currency of the
\nCompany.
\n
\n\n
\n(2) Transactions and balances
\n
\nTransactions in a currency other than the functional currency (\u201cforeign currency\u201d) are
\ntranslated into the functional currency using the exchange rates prevailing at the dates
\nof the transactions. Foreign currency exchange gains and losses resulting from the
\nsettlement of such transactions and from the translation of monetary assets and
\nliabilities denominated in foreign currencies at the closing rates at the balance sheet
\ndate are recognised in profit or loss within \u201cfinance expense \u2013 net\u201d.
\n
\n(3) Translation of Group entities\u2019 financial statements
\n
\nThe results and financial position of all the Group entities (none of which has the
\ncurrency of a hyperinflationary economy) that have a functional currency different
\nfrom United States Dollars are translated into United States Dollars as follows:
\n
\n(i)
\n Assets and liabilities are translated at the closing rate at the reporting date;
\n
\n(ii)
\n Income and expenses are translated at average exchange rates (unless this
\naverage is not a reasonable approximation of the cumulative effect of the
\nrates prevailing on the transaction dates, in which case income and expenses
\nare translated using the exchange rates at the dates on the transactions); and
\n
\n(iii)
\n All resulting currency translation differences are recognised in other
\ncomprehensive income and accumulated in the currency translation reserve.
\nThese currency translation differences are reclassified to profit or loss on
\ndisposal or partial disposal of the entity giving rise to such reserve.
\n
\n\n
\n\n
\n\n
\n\n
\n2. Significant accounting policies (continued)
\n
\n\n
\n(q) Employee benefits
\n
\nEmployee benefits are recognised as an expense unless the cost qualifies to be classified as
\nan asset.
\n
\n(1) Employee leave entitlement
\n
\nEmployee entitlements to annual leave are recognised when they accrue to
\nemployees. An accrual is made for the estimated liability for annual leave as a result
\nof services rendered by employees up to the balance sheet date.
\n
\n(2) Defined contribution plans
\n
\nDefined contribution plans are post-employment benefit plans under which the Group
\npays fixed contributions into separate entities on a mandatory, contractual or voluntary
\nbasis. The Group has no further payment obligations once the contributions have been
\npaid.
\n
\n\n(3) Share-based compensation
\n
\nThe Group operates an equity-settled, share-based compensation plan. The value of
\nthe employee services received in exchange for the grant of options is recognised as
\nan expense with a corresponding increase in the share-based payment reserve over
\nthe vesting period. The total amount to be recognised over the vesting period is
\ndetermined by reference to the fair value of the share options granted on grant date.
\nNon-market vesting conditions are included in the estimation of the number of shares
\nunder options that are expected to become exercisable on the vesting date. At each
\nbalance sheet date, the Group revises its estimates of the number of shares under
\noptions that are expected to become exercisable on the vesting date and recognises
\nthe impact of the revision of the estimates in profit or loss, with a corresponding
\nadjustment to the share-based payment reserve over the remaining vesting period.
\n
\nWhen the share options are exercised, the proceeds received (net of transaction costs)
\nand the related balance previously recognised in the share-based payment reserve
\nare credited to share capital (nominal value) and share premium, when new ordinary
\nshares are issued, or to the \u201ctreasury shares\u201d account, when treasury shares are
\nreissued to the employees.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n2. Significant accounting policies (continued)
\n
\n\n(r) Offsetting financial instruments
\n
\nFinancial assets and liabilities are offset, and the net amount reported in the balance sheet
\nwhen there is a legally enforceable right to offset and there is an intention to settle on a net
\nbasis or realise the asset and settle the liability simultaneously.
\n
\n\n
\n\n
\n\n
\n\n(s) Cash and cash equivalents
\n
\nFor the purpose of presentation in the consolidated statement of cash flows, cash and cash
\nequivalents include cash on hand and short-term bank deposits less margin account held with
\nbrokers which are subject to an insignificant risk of change in value.
\n
\n\n
\n\n
\n\n
\n(t) Share capital and treasury shares
\n
\n\nCommon shares are classified as equity. Incremental costs directly attributable to the issuance
\nof new common shares are deducted against share premium, a component of the share
\ncapital account.
\n
\n\n
\n\nWhen any entity within the Group purchases the Company\u2019s common shares (\u201ctreasury
\nshares\u201d), the carrying amount which includes the consideration paid and any directly
\nattributable transaction cost is presented as a component within equity attributable to the
\nCompany\u2019s equity holders, until they are cancelled, sold, or reissued.
\n
\nWhen treasury shares are subsequently sold or reissued pursuant to an employee share
\noption scheme, the cost of treasury shares is reversed from the treasury share account and
\nthe realised gain or loss on sale or reissue, net of any directly attributable incremental
\ntransaction costs and related income tax, is recognised in the capital reserve.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n2. Significant accounting policies (continued)
\n
\n\n(u) Income tax
\n
\nThe income tax expense or credit for the period is the tax payable on the current period\u2019s
\ntaxable income, based on the applicable income tax rate for each jurisdiction.
\n
\nThe current income tax charge is calculated on the basis of the tax laws enacted or
\nsubstantively enacted at the end of the reporting period in the countries where the company
\nand its subsidiaries operate and generate taxable income. Management periodically evaluates
\npositions taken in tax returns with respect to situations in which applicable tax regulation is
\nsubject to interpretation. It establishes provisions, where appropriate, on the basis of amounts
\nexpected to be paid to the tax authorities.
\n
\nDeferred tax is recognised in respect of temporary differences between the carrying amounts
\nof assets and liabilities for financial reporting purposes and the amounts used for taxation
\npurposes. Deferred tax is measured at the tax rates that are expected to be applied to
\ntemporary differences when they reverse, based on tax rates and tax laws that have been
\nenacted or substantively enacted by the reporting date, and reflects uncertainty related to
\nincome taxes, if any.
\n
\nDeferred tax assets and liabilities are offset if there is a legally enforceable right to offset
\ncurrent tax liabilities and assets, and they relate to taxes levied by the same tax authority on
\nthe same taxable entity, or on different tax entities, but they intend to settle current tax
\nliabilities and assets on a net basis or their tax assets and liabilities will be realised
\nsimultaneously.
\n
\nDeferred tax assets are recognised for unused tax losses, unused tax credits and deductible
\ntemporary differences to the extent that it is probable that future taxable profits will be
\navailable against which they can be used. Future taxable profits are determined based on the
\nreversal of relevant taxable temporary differences. If the amount of taxable temporary
\ndifferences is insufficient to recognise a deferred tax asset in full, then future taxable profits,
\nadjusted for reversals of existing temporary differences, are considered, based on the
\nbusiness plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at
\neach reporting date and are reduced to the extent that it is no longer probable that the related
\ntax benefit will be realised; such reductions are reversed when the probability of future
\ntaxable profits improves.
\n
\n\n
\n\n(v) Dividend to Company\u2019s shareholders
\n
\nDividend to the Company\u2019s shareholders is recognised when the dividend is approved.
\n
\n\n
\n\n(w) Segment reporting
\n
\nOperating segments are reported in a manner consistent with the internal reporting provided
\nto Management whose members are responsible for allocating resources and assessing the
\nperformance of the operating segments.
\n
\n\n
\n\n
\n\n(x) Non\u2013current assets (or disposal groups) held-for-sale
\n
\nNon-current assets (or disposal groups) are classified as assets held-for-sale and carried at
\nthe lower of carrying amount and fair value less costs to sell if its carrying amount is recovered
\nprincipally through a sale transaction rather than through continuing use. The asset is not
\ndepreciated or amortised while it is classified as held-for-sale. Any impairment loss on initial
\nclassification and subsequent measurement value less costs to sell (not exceeding the
\naccumulated impairment loss that has been previously recognised) is recognised in profit or
\nloss.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n2. Significant accounting policies (continued)
\n
\n\n(y) Commodity contracts
\n
\nPhysical contracts to buy and sell commodities are accounted for as derivatives at fair value
\nthrough profit or loss. These derivative gains or losses are presented within Revenue \u2013 Product
\nServices. At delivery of the commodity, the sale of the commodity is recognised as revenue
\nunder IFRS 15. See note 2(b)(2).
\n
\n\n
\n\n(z) Contingent liabilities
\n
\nWhere it is not probable that an outflow of economic benefits will be required, or the amount
\ncannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the
\nprobability of outflow of economic benefits is remote. Possible obligations, whose existence
\nwill only be confirmed by the occurrence or non-occurrence of one or more future events,
\nare also disclosed as contingent liabilities unless the probability of outflow of economic
\nbenefits is remote.
\n
\nThe Group is involved in certain claims, litigations, and disputes. Due to the nature of these
\ndisputes and matters, and the uncertainty of the outcome, the Group believes that possible
\nobligations arising are remote and the amount of exposure cannot currently be determined.
\n
\n\n
\n\n
\n\n
\n
\n\n3. Revenue
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\n(a) Revenue \u2013 Shipping
\n
\n
\n
\n - voyage charter
\n699,028
\n451,329
\n
\n- time charter
\n134,304
\n178,856
\n
\n
\n833,332
\n630,185
\n
\n
\n
\n
\n
\n(b) Revenue \u2013 Product Services
\n
\n
\n
\n- cargo sales
\n729,279
\n619,806
\n
\n- derivative gain/(loss)
\n952
\n(8,636)
\n
\n
\n730,231
\n611,170
\n
\n\n
\n
\n
\n
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n4. Expenses by nature
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nFuel oil consumed
\n221,436
\n132,399
\n
\nPort charges
\n80,338
\n70,854
\n
\nOther voyage expenses
\n48,242
\n18,967
\n
\nVoyage expenses
\n350,016
\n222,220
\n
\n
\n
\n
\n
\nCost of goods sold \u2013 purchase of goods and freight
\n645,993
\n557,183
\n
\n
\n
\n
\n
\nManning costs
\n46,878
\n48,213
\n
\nMaintenance and repair expenses
\n32,172
\n32,736
\n
\nInsurance expenses
\n4,146
\n4,716
\n
\nOther vessel operating expenses
\n10,232
\n14,482
\n
\nVessel operating expenses
\n93,428
\n100,147
\n
\n
\n
\n
\n
\nEmployee compensation (note 5)
\n17,647
\n18,017
\n
\nDirectors\u2019 fees
\n378
\n377
\n
\nAudit and other attestation fees
\n286
\n241
\n
\nOther general and administrative expenses
\n13,605
\n13,947
\n
\nGeneral and administrative expenses
\n31,916
\n32,582
\n
\n
\n
\n
\n
\nTime charter-in expenses (short-term)
\n8,060
\n6,572
\n
\nTime charter-in expenses (variable payments)
\n8,367
\n2,837
\n
\nCharter hire expenses
\n16,427
\n9,409
\n
\n
\n
\n
\n
\nTime charter contracts (non-lease components)
\n19,506
\n14,427
\n
\n
\n
\n
\n
\nSundry income
\n(661)
\n(1,153)
\n
\nOther operating income
\n(154)
\n(2,143)
\n
\nOther operating income - net
\n(815)
\n(3,296)
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n\n5. Employee compensation
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nWages and salaries
\n15,857
\n16,970
\n
\nShare-based payments - equity settled
\n1,372
\n631
\n
\nPost-employment benefits - contributions to defined contribution
\nplans
\n418
\n416
\n
\n
\n17,647
\n18,017
\n
\n\n
\n
\n\n
\n6. Basic and diluted earnings per share
\n
\n\nBasic earnings per share is calculated by dividing the net profit or loss attributable to equity holders
\nof the Company by the weighted average number of common shares outstanding during the financial
\nyear.
\n
\nDiluted earnings per share is calculated by dividing the net profit or loss attributable to equity holders
\nof the Company by the weighted average number of common shares outstanding during the financial
\nyear, after adjusting for all dilutive potential ordinary shares. The potential common shares arising
\nfrom the Company\u2019s equity-settled, share-based compensation plan does not have a material impact
\non the computation of basic earnings per share.
\n
\n\n
\n
\n
\n2022
\n2021
\n
\n
\n
\n
\n
\nNet profit attributable to equity holders of the Company (US$\u2019000)
\n227,396
\n184,821
\n
\nWeighted average number of common shares outstanding (\u2018000) *
\n135,416
\n138,951
\n
\nBasic and diluted earnings per share (US$ per share)
\n1.68
\n1.33
\n
\n* Includes dilutive shares from share options of 664,756 (2021: 1,052,789)
\n
\n\n
\n
\n\n7. Income tax expense
\n
\n(a) Income tax expense
\n
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\nTax expense attributable to profit is made up of:
\n
\n
\n
\n- profit for the financial year:
\n
\n
\n
\n current income tax
\n1,315
\n563
\n
\n- under/(over)provision in prior financial years:
\n
\n
\n
\n current income tax
\n349
\n(42)
\n
\n- recognition of deferred tax assets
\n
\n
\n
\n current income tax
\n(593)
\n-
\n
\n
\n1,071
\n521
\n
\n\n
\n\n
\n\n
\n7. Income tax expense (continued)
\n
\n\n(b) Movement in current income tax liabilities
\n
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nAt beginning of the financial year
\n1,231
\n995
\n
\nIncome tax expense
\n1,664
\n521
\n
\nIncome tax paid
\n(730)
\n(148)
\n
\nAcquisition of subsidiary (note 25)
\n66
\n-
\n
\nCurrency effects
\n258
\n(137)
\n
\nAt end of the financial year
\n2,489
\n1,231
\n
\n(c) Movement in deferred tax assets
\n
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nAt beginning of the financial year
\n-
\n-
\n
\nTax credited to profit for the financial year
\n593
\n-
\n
\nAcquisition of subsidiary (note 25)
\n5,919
\n-
\n
\nCurrency effects
\n208
\n-
\n
\nAt end of the financial year
\n6,720
\n-
\n
\nDeferred tax assets are recognised for tax losses carried forward for the Group\u2019s Spanish
\nsubsidiary, Vilma Oil Trading, S.L., to the extent that realisation of the related tax benefits
\nthrough future taxable profits is probable. The Group has concluded that the deferred tax
\nassets will be recoverable from the estimated future taxable income of the subsidiary within
\nthe next five years.
\n
\nThere is no income, withholding, capital gains or capital transfer taxes payable in Bermuda. Income
\ntax expense reconciliation is as follows:
\n
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nProfit before tax
\n239,648
\n186,941
\n
\n
\n
\n
\n
\nTax calculated at a tax rate of 0% (2021: 0%)
\n-
\n-
\n
\nEffects of different tax rates in other countries
\n1,664
\n521
\n
\nRecognition of unutilised tax losses
\n(593)
\n-
\n
\nIncome tax expense
\n1,071
\n521
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n8. Property, plant and equipment
\n
\n
\n
\nVessels
\nDry docking
\nFurniture
\nand
\nfixtures
\nRight-of-use
\nassets
\n
\n(Vessels)
\nTotal
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\n
\nCost
\n
\n
\n
\n
\n
\n
\nAt 1 January 2022
\n2,267,087
\n63,614
\n555
\n176,659
\n2,507,915
\n
\nAdditions
\n33,734
\n12,347
\n111
\n79,350
\n125,542
\n
\nAcquisition of subsidiary
\n(note 25)
\n-
\n-
\n151
\n123,336
\n123,487
\n
\nDisposals
\n(141,530)
\n(5,418)
\n-
\n-
\n(146,948)
\n
\nReclassified to assets held-
\nfor-sale (note 12)
\n(209,049)
\n(5,356)
\n-
\n-
\n(214,405)
\n
\nWrite off on completion of
\ndry docking costs
\n-
\n(10,180)
\n-
\n-
\n(10,180)
\n
\nCurrency effects
\n(34,525)
\n(1,290)
\n-
\n-
\n(35,815)
\n
\nAt 31 December 2022
\n1,915,717
\n53,717
\n817
\n379,345
\n2,349,596
\n
\n
\n
\n
\n
\n
\n
\n
\nAccumulated depreciation
\nand impairment charge
\n
\n
\n
\n
\n
\n
\nAt 1 January 2022
\n510,553
\n28,463
\n478
\n68,923
\n608,417
\n
\nDepreciation charge
\n99,590
\n11,967
\n32
\n47,226
\n158,815
\n
\nDisposals
\n(63,118)
\n(2,909)
\n-
\n-
\n(66,027)
\n
\nWrite-back of impairment
\ncharge
\n-
\n-
\n-
\n(1,470)
\n(1,470)
\n
\nReclassified to assets held-
\nfor-sale (note 12)
\n(81,590)
\n(4,205)
\n-
\n-
\n(85,795)
\n
\nWrite off on completion of
\ndry docking costs
\n-
\n(10,180)
\n-
\n-
\n(10,180)
\n
\nCurrency effects
\n(2,830)
\n(796)
\n-
\n-
\n(3,626)
\n
\nAt 31 December 2022
\n462,605
\n22,340
\n510
\n114,679
\n600,134
\n
\n
\n
\n
\n
\n
\n
\n
\nNet book value
\n
\n
\n
\n
\n
\n
\nAt 31 December 2022
\n1,453,112
\n31,377
\n307
\n264,666
\n1,749,462
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n8. Property, plant and equipment (continued)
\n
\n
\n
\nVessels
\nDry docking
\nFurniture
\nand
\nfixtures
\nRight-of-use
\nassets
\n(Vessels)
\nTotal
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\n
\nCost
\n
\n
\n
\n
\n
\n
\nAt 1 January 2021
\n2,250,450
\n68,444
\n546
\n213,408
\n2,532,848
\n
\nAdditions
\n157,395
\n29,932
\n9
\n20,866
\n208,202
\n
\nAcquisition of subsidiary
\n(note 25)
\n189,999
\n7,001
\n-
\n-
\n197,000
\n
\nDisposals
\n(148,055)
\n(9,130)
\n-
\n(57,615)
\n(214,800)
\n
\nReclassified to assets held-
\nfor-sale (note 12)
\n(179,155)
\n(8,206)
\n-
\n-
\n(187,361)
\n
\nWrite off on completion of
\ndry docking costs
\n-
\n(24,313)
\n-
\n-
\n(24,313)
\n
\nCurrency effects
\n(3,547)
\n(114)
\n-
\n-
\n(3,661)
\n
\nAt 31 December 2021
\n2,267,087
\n63,614
\n555
\n176,659
\n2,507,915
\n
\n
\n
\n
\n
\n
\n
\n
\nAccumulated depreciation
\nand impairment charge
\n
\n
\n
\n
\n
\n
\nAt 1 January 2021
\n520,253
\n44,303
\n410
\n66,142
\n631,108
\n
\nDepreciation charge
\n104,030
\n14,774
\n68
\n34,781
\n153,653
\n
\nDisposals
\n(59,138)
\n(5,454)
\n-
\n(32,000)
\n(96,592)
\n
\nWrite-back of impairment
\ncharge
\n(31,901)
\n-
\n-
\n-
\n(31,901)
\n
\nReclassified to assets held-
\nfor-sale (note 12)
\n(22,567)
\n(804)
\n-
\n-
\n(23,371)
\n
\nWrite off on completion of
\ndry docking costs
\n-
\n(24,313)
\n-
\n-
\n(24,313)
\n
\nCurrency effects
\n(124)
\n(43)
\n-
\n-
\n(167)
\n
\nAt 31 December 2021
\n510,553
\n28,463
\n478
\n68,923
\n608,417
\n
\n
\n
\n
\n
\n
\n
\n
\nNet book value
\n
\n
\n
\n
\n
\n
\nAt 31 December 2021
\n1,756,534
\n35,151
\n77
\n107,736
\n1,899,498
\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n(a) Vessels with an aggregate carrying amount of US$974.5 million as at 31 December 2022
\n(2021: US$1,791.7 million) are secured on borrowings (note 17).
\n
\n(b) As at 31 December 2022, the Group has capital commitments relating to vessel upgrade of
\nUS$nil (2021: US$11.5 million).
\n
\n(c) In FY 2022, the Group wrote-back an impairment charge of US$1.5 million on a right-of-use
\nvessel (FY 2021: wrote-back an impairment charge of US$31.9 million on certain vessels)
\nto their recoverable amounts following the recovery of the freight market and asset prices
\nfrom when the impairment losses were recognised. In FY 2021, the recoverable amounts
\nof the vessels were based on the higher of fair value less cost to sell and value-in-use
\ncalculation, with each vessel being regarded as one cash generating unit. The recoverable
\namount of each vessel is estimated based on independent third party valuation reports,
\nwhich made reference to comparable transaction prices of similar vessels. These are
\nregarded as level 2 fair values under the fair value hierarchy of IFRS 13 Fair value
\nmeasurement that is also applicable for financial assets/liabilities. The Group has assessed
\nthat the brokers had the required competency and capability to perform the valuations. The
\nGroup had also considered the appropriateness of the valuation methodologies and
\nassumptions used by the brokers.
\n
\n\n
\n\n
\n\n
\n
\n\n9. Finance lease receivables
\n
\nIn 2019, back-to-back time charter contracts were entered into and the subleases were accounted for
\nas finance leases under IFRS 16. The adoption of IFRS 16 resulted in the recognition of net investment
\nin subleases as finance lease receivables and the movements as follows:
\n
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nAt beginning of the financial year
\n18,061
\n35,327
\n
\nRepayments
\n(7,535)
\n(17,266)
\n
\nAt end of the financial year
\n10,526
\n18,061
\n
\nThe table below sets out a maturity analysis of lease receivables, showing the undiscounted lease
\npayments to be received after the reporting date.
\n
\n
\n
\nLess than
\n
\n1 year
\nBetween 1
\nand 2
\nyears
\nBetween 2
\nand 3
\nyears
\nBetween 3
\nand 4
\nyears
\nBetween 4
\nand 5
\nyears
\nTotal
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\n
\nAt 31 December
\n2022
\n
\n
\n
\n
\n
\n
\n
\nUndiscounted lease
\nreceivables
\n8,120
\n2,707
\n-
\n-
\n-
\n10,827
\n
\nLess: Unearned
\nfinance income
\n(278)
\n(23)
\n-
\n-
\n-
\n(301)
\n
\n
\n7,842
\n2,684
\n-
\n-
\n-
\n10,526
\n
\n
\n
\n
\n
\n
\n
\n
\n
\nAt 31 December
\n2021
\n
\n
\n
\n
\n
\n
\n
\nUndiscounted lease
\nreceivables
\n8,120
\n8,120
\n2,707
\n-
\n-
\n18,947
\n
\nLess: Unearned
\nfinance income
\n(585)
\n(278)
\n(23)
\n-
\n-
\n(886)
\n
\n
\n7,535
\n7,842
\n2,684
\n-
\n-
\n18,061
\n
\n\n
\n
\n\n10. Inventories
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nFuel oil, at cost
\n111,524
\n26,595
\n
\nLiquefied petroleum gas, held for trading
\n2,421
\n27,989
\n
\n
\n113,945
\n54,584
\n
\n\n
\n\n
\n
\n
\n\n
\n11. Trade and other receivables
\n
\n
\n\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nTrade receivables - non-related parties
\n182,097
\n143,723
\n
\nOther receivables - non-related parties
\n24,144
\n17,083
\n
\nOther receivables - related parties ^
\n1,614
\n1,317
\n
\n
\n207,855
\n162,123
\n
\nPrepayments
\n11,193
\n29,507
\n
\n
\n219,048
\n191,630
\n
\n
\n
\n
\n
\nNon-current
\n15,869
\n-
\n
\nCurrent
\n203,179
\n191,630
\n
\n
\n219,048
\n191,630
\n
\n^ Related parties refer to corporations controlled by a shareholder of the Company.
\n
\n\n
\nContract assets \u2013 accrued revenue of US$59.1 million (2021: US$35.1 million) had been presented
\nwithin \u201cTrade receivables \u2013 non-related parties\u201d. These relate to the Group\u2019s rights to consideration
\nfor proportional performance from voyage charters-in-progress at the balance sheet date. The
\ncontract assets are transferred to trade receivables when the rights become unconditional which
\ntypically occurs in the next financial year. This usually occurs when the Group invoices the customers.
\n
\nOther receivables due from non-related parties include GST paid to India\u2019s Government in advance.
\nAfter taking into account the present value of other receivables (non-current), the carrying amounts
\napproximate their fair value.
\n
\nOther receivables due from related parties comprise mainly advances for vessel operating expenses.
\nThey are unsecured, interest-free and repayable on demand. The carrying amounts of trade
\nreceivables and prepayments, principally denominated in US$, approximate their fair values due to
\nthe short-term nature of these balances.
\n
\n\n
\n
\n\n
\n\n12. Assets held-for-sale
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nAt beginning of the financial year
\n39,027
\n-
\n
\nReclassified from property, plant and equipment (note 8)
\n128,610
\n163,990
\n
\nDisposal
\n(80,768)
\n(124,963)
\n
\nAt end of the financial year
\n86,869
\n39,027
\n
\nAs at 31 December 2022, assets held-for-sale comprised two VLGCs (2021: one VLGC) that have
\nbeen committed for sale to a non-related party.
\n
\n\n
\n\n
\n
\n
\n\n13. Equity financial assets, at fair value
\n
\n2022
\n2021
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\nAt beginning of financial year
\n3,250
\n28,259
\nAdditions
\n271
\n4,072
\nDisposals
\n(250)
\n(31,076)
\nFair value gains
\n-
\n1,995
\nAt end of financial year
\n3,271
\n3,250
\n
\n\n
\n\n
\n
\n\n14. Derivative financial instruments
\n2022
\n2021
\nAssets
\nLiabilities
\nAssets
\nLiabilities
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nInterest rate swaps
\n
\n23,806
\n-
\n-
\n(14,140)
\nForward freight agreements
\nand related bunker swaps
\n
\n-
\n(3,152)
\n17,442
\n(10,789)
\nCommodity contracts and
\nderivatives
\n89,346
\n(30,706)
\n6,079
\n-
\nForward foreign exchange
\ncontracts
\n
\n-
\n(77)
\n161
\n(16)
\n113,152
\n(33,935)
\n23,682
\n(24,945)
\nNon-current
\n
\n23,806
\n(929)
\n-
\n(12,962)
\nCurrent
\n89,346
\n(33,006)
\n23,682
\n(11,983)
\n113,152
\n(33,935)
\n23,682
\n(24,945)
\nAs at 31 December 2022, the Group has interest rate swaps with total notional principal amounting
\nto US$358.6 million (2021: US$519.4 million). The Group\u2019s interest rate swaps mature between 2024
\nto 2028.
\nI
\nnterest rate swaps were transacted to hedge the interest rate risk on bank borrowings. After taking
\ninto account the effects of these contracts, for part of the bank borrowings, the Group would
\neffectively pay fixed interest rates ranging from 1.8% per annum to 2.9% per annum and would
\nreceive a variable rate equal to US$ three-month LIBOR. Hedge accounting was adopted for these
\ncontracts.
\nF
\norward freight agreements and related bunker swaps were transacted to hedge freight rates and
\nbunker price risks. Hedge accounting was adopted for these contracts.
\n
\nCommodity contract derivatives comprise physical buy and sell commodity contracts measured at
\nfair value through profit or loss, and commodity derivative contracts. The Group did not adopt hedge
\naccounting for these contracts.
\n
\nForward foreign exchange contracts were transacted to hedge foreign exchange risks. The Group did
\nnot adopt hedge accounting for these contracts.
\n
\n\n\n
\n\n
\n\n15. Cash and cash equivalents
\nFor the purpose of presenting the consolidated statement of cash flows, cash and cash equivalents
\ncomprise the following:
\n2022
\n2021
\nUS$\u2019000
\nUS$\u2019000
\nCash and cash equivalents per consolidated balance sheet
\n236,151
\n132,673
\nLess: Margin account held with broker *
\n(15,236)
\n(3,026)
\nCash and cash equivalents per consolidated statement of
\ncash flows
\n220,915
\n129,647
\n* Margin account held with brokers are collateral for open derivative financial instruments.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n16. Share capital and other reserves
\n
\n\n(a) Issued and fully paid share capital
\n
\n(i) As at 31 December 2022 and 31 December 2021, the Company\u2019s share capital
\ncomprised 141,938,998 fully paid common shares with a par value of US$0.01.
\nFully paid common shares carry one vote per share and carry a right to dividend
\nas and when declared by the Company.
\n
\n(ii) The Company operates two equity-settled, share-based compensation plans. The
\n2017 Long-Term Incentive Plan (\u201cLTIP 2017\u201d) was fully awarded in 2021. At the
\nend of the vesting periods between February 2020 and February 2024, common
\nshares of 2,043,784 (2021: 2,225,544) may be acquired by certain employees
\nfrom the Company at a predetermined strike price. Under the 2022 Long-Term
\nIncentive Plan (\u201cLTIP 2022\u201d), at the end of the vesting periods between February
\n2025 and February 2029, common shares of 3,463,336 may be acquired by certain
\nemployees from the Company at a predetermined strike price.
\n
\n\n
\n\n(b) Share premium
\n
\nThe differences between the consideration for common shares issued and their par value are
\nrecognised as share premium.
\n
\n(c) Capital reserve
\n
\nAs at 31 December 2022 and 31 December 2021, negative capital reserve amounted to
\nUS$36.3 million, which comprises negative reserve arising from the business acquisition of
\nentities under common control using the pooling-of-interest method of accounting of US$41.5
\nmillion and a gain on disposal of treasury shares of US$5.2 million in December 2015.
\n
\n(d) Other reserve
\n
\nOther reserve includes US$2.2 million of tonnage tax reserves of the Group\u2019s Indian subsidiary,
\nBW Global United LPG India Private Limited. This amount is computed based on the
\nsubsidiary\u2019s profits pursuant to Section 115 JB to Tonnage tax reserve.
\n
\n(e) Share-based payment reserve
\n
\nCertain employees are entitled to receive common shares in the Company. This award is
\nrecognised as an expense in the consolidated profit or loss with a corresponding increase in
\nthe share-based payment reserve over the vesting periods. For the year ended 31 December
\n2022, an expense of US$1.4 million (2021: US$0.5 million) was recognised in the consolidated
\nprofit or loss with a corresponding increase (2021: increase) recognised in the share-based
\npayment reserve.
\n
\n\n
\n\n
\n\n
\n
\n\n
\n16. Share capital and other reserves (continued)
\n
\n\n(f) Treasury shares
\n
\n
\n
\nNumber of shares
\nAmount
\n
\n
\n2022
\n2021
\n2022
\n2021
\n
\n
\n\u2019000
\n\u2019000
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\n
\n
\nBalance as at 1 January
\n5,001
\n3,842
\n23,294
\n16,895
\n
\nTransfer of treasury shares
\n(923)
\n(213)
\n(3,324)
\n(937)
\n
\nPurchases of treasury shares
\n4,480
\n1,372
\n27,661
\n7,336
\n
\nBalance as at 31 December
\n8,558
\n5,001
\n47,631
\n23,294
\n
\nIn 2022, 923,000 shares (2021: 213,000 shares) were transferred to certain members in
\nsettlement of their exercising of certain vested options granted under LTIP 2017.
\n
\nOn 8 December 2021, the Company announced a share buy-back programme, under which
\nthe Company will purchase up to 10 million common shares for a maximum amount of US$50
\nmillion, to be held as treasury shares. In FY 2022, the Company purchased a total of 4,480,086
\n(2021: 1,371,192) of its own common shares at an average price of US$6.18 (NOK58.75)
\n(2021: US$5.33 (NOK47.96)) per share for an aggregate consideration of US$27.7 million
\n(NOK263.2 million) (2021: US$7.3 million (NOK65.8 million)).
\n
\n
\n\n
\n\n
\n
\n\n
\n\n17. Borrowings
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nBank borrowings
\n421,325
\n740,243
\n
\nTrust receipts
\n53,138
\n-
\n
\nInterest payable
\n3,910
\n2,046
\n
\n
\n478,373
\n742,289
\n
\n
\n
\n
\n
\nNon-current
\n362,220
\n659,781
\n
\nCurrent
\n116,153
\n82,508
\n
\n
\n478,373
\n742,289
\n
\nAs at 31 December 2022, bank borrowings amounting to US$425.2 million (2021: US$742.3 million)
\nare secured by mortgages over certain vessels of the Group (note 8). These bank borrowings are
\ninterest bearing at three-month US Dollar LIBOR plus a margin. The carrying amounts of non-current
\nand current borrowings approximate their fair values because interest rates are repriced on a regular
\nbasis.
\n
\n\n
\n\n
\n\n
\n
\n
\n\n18. Lease liabilities
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nAt beginning of financial year
\n132,540
\n188,446
\n
\nAdditions
\n53,059
\n20,866
\n
\nAcquisition of subsidiary (note 25)
\n90,463
\n-
\n
\nLease modifications
\n20,791
\n(28,151)
\n
\nRepayments
\n(54,181)
\n(48,621)
\n
\nAt end of financial year
\n242,672
\n132,540
\n
\n
\n
\n
\n
\nNon-current
\n106,281
\n86,140
\n
\nCurrent
\n136,391
\n46,400
\n
\n
\n242,672
\n132,540
\n
\n\n
\n
\n\n
\n\n19. Trade and other payables
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nTrade payables - non-related parties
\n175,895
\n38,570
\n
\nOther payables - non-related parties
\n196
\n151
\n
\nOther payables - related parties^
\n409
\n7
\n
\nCharter hire received in advance
\n2,825
\n4,591
\n
\nOther accrued operating expenses
\n44,598
\n34,060
\n
\n
\n223,923
\n77,379
\n
\n^ Related parties refer to corporations controlled by a shareholder of the Company.
\n
\nThe carrying amounts of trade and other payables, principally denominated in US$, approximate
\ntheir fair values due to the short-term nature of these balances.
\n
\nOther payables due to related parties are unsecured, interest-free and are payable on demand.
\n
\n\n
\n\n
\n
\n\n
\n\n20. Related party transactions
\n
\nIn addition to the information disclosed elsewhere in the consolidated financial statements, the
\nfollowing transactions took place between the Group and related parties during the financial year at
\nterms agreed between the parties:
\n
\n(a) Services
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nCharter hire expense charged by related party^
\n2,808
\n-
\n
\nCorporate service fees charged by related parties^
\n6,865
\n6,731
\n
\nShip management fees charged by related parties^
\n1,258
\n1,501
\n
\nCorporate service fees charged to related parties^
\n242
\n181
\n
\n^ Related parties refer to corporations controlled by a shareholder of the Company.
\n
\n\n
\n\n
\n\n
\n
\n\n
\n\n20. Related party transactions (continued)
\n
\n(b) Key management\u2019s remuneration
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nSalaries and other short-term employee benefits
\n3,191
\n3,252
\n
\nPost-employment benefits - contributions to defined
\ncontribution plans and share-based payment
\n1,237
\n533
\n
\nDirectors\u2019 fees
\n376
\n377
\n
\n
\n4,804
\n4,162
\n
\n
\n
\n
\n
\n(c) Others
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nInterest income from a joint venture
\n-
\n1,849*
\n
\nSale of vessels to a joint venture
\n-
\n45,000*
\n
\n* Transactions with a joint venture prior to acquisition (note 25)
\n
\n\n
\n\n
\n
\n\n
\n\n21. Commitments
\n
\n(a) Commitments \u2013 as a lessor
\n
\nThe Group time charters vessels to non-related parties under operating lease agreements.
\nThe leases have varying terms.
\n
\nThe future minimum lease payments receivable under non-cancellable operating leases
\ncontracted for at the balance sheet date but not recognised as receivables, are as follows:
\n
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nLess than one year
\n138,567
\n40,257
\n
\nOne to two years
\n6,176
\n14,485
\n
\n
\n144,743
\n54,742
\n
\n(b) Sub-leasing \u2013 as a lessor
\n
\nIncluded within \u201cRevenue from time charter voyages\u201d was income from sub-leasing of
\nright-of-use assets of US$nil million (2021: US$15.6 million).
\n
\n\n
\n\n
\n\n
\n\n
\n22. Financial risk management
\n
\nThe Group\u2019s activities expose it to a variety of financial risks. The Group\u2019s overall risk management
\nprogramme focuses on the unpredictability of financial markets and seeks to minimise potential
\nadverse effects on financial performance of the Group. Where applicable, the Group uses financial
\ninstruments such as interest rate swaps, forward freight agreements, bunker swaps, and commodity
\ncontracts to hedge certain financial risk exposures.
\n
\nThe Board of Directors is responsible for setting the objectives and underlying principles of financial
\nrisk management for the Group.
\n
\n\n(a) Market risk
\n
\n(i) Fuel price risk
\n
\nThe Group is exposed to the risk of variations in fuel oil costs, which are affected
\nby the global political and economic environment. In 2022, fuel oil costs comprised
\n45% (2021: 36%) of the Group\u2019s total operating expenses (excluding amortisation,
\ndepreciation and charter hire expenses).
\n
\n(ii) Currency risk
\n
\nThe Group\u2019s business operations are not exposed to significant foreign exchange
\nrisk as it has no significant regular transactions denominated in foreign currencies.
\n
\n(iii) Equity price risk
\n
\nThe Group is exposed to equity securities price risk arising from the investments
\nheld by the Group which are classified as equity financial assets, at FVPL. These
\nsecurities are unquoted. If prices for these equity securities increase/decrease by
\n20% with other variables including tax rate being held constant, the profit after
\ntax will be higher/lower by approximately US$0.7 million (2021: US$0.7 million).
\n
\n(iv) Commodity price risk
\n
\nCommodity price risk results primarily from exposures to fluctuations in spot prices
\nand forward prices of LPG and LPG freight indexes due to the Group\u2019s LPG trading
\noperations. The Group holds positions to meet physical supply commitments to its
\ncustomers and to leverage on physical arbitrage opportunities between the key
\nLPG markets. The value of these positions is accounted for at fair value and are
\ntherefore impacted by changes in market prices. A large majority of price risks
\narising from the LPG trading activities are hedged to the corresponding commodity
\nprice exposures.
\n
\nThe Group monitors the market risk arising from commodity price risk using Daily
\nValue at Risk (VaR) calculated at a 95 percent confidence level, which is a statistical
\nestimate of the potential decline in value of the Group\u2019s positions due to market
\nmovements.
\n
\n\n
\n\n
\n\n
\n\n
\n22. Financial risk management (continued)
\n
\n\n(a) Market risk (continued)
\n
\n(v) Interest rate risk
\n
\nThe Group\u2019s income and operating cash flows are substantially independent of
\nchanges in market interest rates.
\n
\nThe Group\u2019s bank borrowings are at variable rates. The Group has entered into
\ninterest rate swaps to swap floating interest rates to fixed interest rates for certain
\nportions of the bank borrowings (note 17). If the US$ interest rates
\nincrease/decrease by 50 basis points (2021: 10 basis points) with all other
\nvariables including tax rate being held constant, the profit after tax will be
\nlower/higher by approximately US$0.2 million (2021 profit after tax will be
\nlower/higher by approximately US$0.3 million) as a result of higher/lower
\ninterest expense on these borrowings; the other comprehensive loss will be
\nlower/higher by approximately US$5.2 million (2021: other comprehensive loss
\nwill be lower/higher by approximately US$1.4 million).
\n
\nA fundamental reform of major interest rate benchmarks is being undertaken
\nglobally, including the replacement of some interbank offered rates (IBORs) with
\nalternative nearly risk-free rates (referred to as \u2018IBOR reform\u2019). The Group has
\nexposure to IBORs on its financial instruments that will be replaced or reformed as
\npart of these market-wide initiatives. The Group\u2019s main IBOR exposure at 31
\nDecember 2022 was indexed to US dollar LIBOR. The alternative reference rate for
\nthe US dollar LIBOR is the Secured Overnight Financing Rate (SOFR). US dollar LIBOR
\nis expected to be discontinued after June 2023.
\n
\nThe Group holds derivatives for risk management purposes, some of which are
\ndesignated in hedging relationships. These derivatives have floating legs that are
\nmainly indexed to US dollar LIBOR. The Group\u2019s derivative instruments are
\ngoverned by contracts based on the International Swaps and Derivatives
\nAssociation (ISDA)\u2019s master agreements. While ISDA has provided fallback
\nprovisions for the cessation of IBOR, the Group plans to negotiate the modifications
\nof the derivatives in conjunction with the hedged instruments to minimise hedge
\nineffectiveness.
\n
\nThe Group monitors the progress of transition from IBORs to new benchmark rates
\nby reviewing the total amounts of contracts that have yet to transition to an
\nalternative benchmark rate and the amounts of such contracts that include an
\nappropriate fallback clause. The Group considers that a contract is not yet
\ntransitioned to an alternative benchmark rate when interest under the contract is
\nindexed to a benchmark rate that is still subject to IBOR reform, even if it includes
\na fallback clause that deals with the cessation of the existing IBOR (referred to as
\nan \u2018unreformed contract\u2019). As at 1 January 2022 and at 31 December 2022, the
\nGroup does not yet have any contracts with appropriate fallback clauses.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n22. Financial risk management (continued)
\n
\n\n(a) Market risk (continued)
\n
\n(v) Interest rate risk (continued)
\n
\nThe Group holds interest rate swaps for risk management purposes which are
\ndesignated in cash flow hedging relationships. The interest rate swaps have
\nfloating legs that are indexed to various IBORs. The Group\u2019s derivative instruments
\nare governed by contracts based on the International Swaps and Derivatives
\nAssociation (ISDA) master agreements. ISDA is currently reviewing its standardised
\ncontracts in the light of IBOR reform. When ISDA has completed its review, the
\nGroup expects to negotiate the inclusion of new fall-back clauses with its
\nderivative counterparties. No derivative instruments have been modified as at 31
\nDecember 2022.
\n
\nThe Group has evaluated the extent to which its cash flow hedging relationships
\nare subject to uncertainty driven by IBOR reform as at 31 December 2022. The
\nGroup\u2019s hedged items and hedging instruments continue to be indexed to various
\nIBORs. These benchmark rates are quoted each day and the IBOR cash flows are
\nexchanged with its counterparties as usual.
\n
\nThe Group\u2019s cash flow hedging relationships extend beyond the anticipated
\ncessation date for IBOR. However, there is uncertainty about when and how
\nreplacement may occur with respect to the relevant hedged items and hedging
\ninstruments. Such uncertainty may impact the hedging relationship. The Group
\napplies the amendments to IFRS 9 issued in December 2019 to those hedging
\nrelationships directly affected by IBOR reform.
\n
\nHedging relationships impacted by IBOR reform may experience ineffectiveness
\nattributable to market participants\u2019 expectations of when the shift from the existing
\nIBOR benchmark rate to an alternative benchmark interest rate will occur. This
\ntransition may occur at different times for the hedged item and hedging
\ninstrument, which may lead to hedge ineffectiveness.
\n
\n\n
\n\n(b) Credit risk
\n
\nCredit risk is diversified over a range of counterparties including several key charterers. The
\nGroup performs ongoing credit evaluation of its charterers and has policies in place to
\nensure that credit is extended only to charterers with appropriate credit histories or financial
\nresources. In this regard, the Group is of the opinion that the credit risk of counterparty
\ndefault is appropriately mitigated. In addition, although the trade and other receivables
\nconsist of a small number of customers, the Group has policies in place for the control and
\nmonitoring of the concentration of credit risk. The Group has implemented policies to ensure
\ncash is only deposited with internationally recognised financial institutions with good credit
\nratings.
\n
\n\n
\n\n
\n\n
\n\n
\n22. Financial risk management (continued)
\n
\n\n(b) Credit risk (continued)
\n
\nThe Group\u2018s credit risk is primarily attributable to trade and other receivables, finance lease
\nreceivables, amounts due from related parties and cash and cash equivalents. The Group
\nhas assessed the ECL as at 31 December 2022 and 31 December 2021 based on past events,
\ncurrent conditions and forecasts of future economic conditions:
\n
\n(i) General approach
\n
\n- bank deposits are not impaired and are mainly deposits with banks with
\ncredit-ratings assigned by international credit-rating agencies; and
\n
\n(ii) Simplified approach
\n
\n- trade receivables are neither past due nor impaired and are substantially from
\ncompanies with a good collection track record with the Group; and
\n- finance lease receivables are due from customers with good credit standing,
\nand in the event of default, the Group would be entitled to repossess the
\nvessels chartered.
\n- other receivables from related parties are not past due.
\n
\nBased on the assessment of the qualitative factors that are indicative of the risk of default,
\nthere have been no significant increases in the credit risk since the initial recognition of
\nthese financial assets, as such, the expected credit losses based on the 12-month ECLs has
\nbeen assessed to be insignificant.
\n
\nThere is no significant balance as at the balance sheet date that is past due as substantial
\nportions of the trade and other receivables represent accrued revenue for voyage charters-
\nin-progress, unbilled receivables from time charters and unbilled demurrage receivables at
\nthe balance sheet date. The maximum exposure is represented by the carrying value of
\neach financial asset on the consolidated balance sheet before taking into account any
\ncollateral held.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n22. Financial risk management (continued)
\n
\n\n(c) Liquidity risk
\n
\nPrudent liquidity risk management implies maintaining sufficient cash, the availability of
\nfunding through an adequate amount of committed credit facilities and the ability to close
\nout market positions. Due to the dynamic nature of the underlying businesses, the Group
\nmaintains sufficient cash for its daily operations via short-term cash deposit at banks and
\nhas access to unutilised portions of revolving facilities offered by financial institutions.
\n
\nThe table below analyses non-derivative financial liabilities of the Group into relevant
\nmaturity groupings based on the remaining period from the balance sheet date to the
\ncontractual maturity date on an undiscounted basis.
\n
\n
\n
\nLess than
\n1 year
\nBetween 1
\nand 2 years
\nBetween 2
\nand 5 years
\nOver 5 years
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\n
\nAt 31 December 2022
\n
\n
\n
\n
\n
\nTrade and other payables
\n221,098
\n-
\n-
\n-
\n
\nBank borrowings
\n79,684
\n77,964
\n325,360
\n27,134
\n
\nTrust receipts
\n53,138
\n-
\n-
\n-
\n
\nLease liabilities
\n143,012
\n45,676
\n54,869
\n13,664
\n
\n
\n496,932
\n123,640
\n380,229
\n40,798
\n
\n
\n
\n
\n
\n
\n
\nAt 31 December 2021
\n
\n
\n
\n
\n
\nTrade and other payables
\n72,788
\n-
\n-
\n-
\n
\nBank borrowings
\n92,529
\n91,622
\n321,824
\n290,788
\n
\nLease liabilities
\n50,809
\n35,793
\n56,208
\n-
\n
\n
\n216,126
\n127,415
\n378,032
\n290,788
\n
\n\n
\n
\n
\n
\n
\n
\n\n
\n(d) Capital risk
\n
\n\nThe Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to
\ncontinue as a going concern and to maintain an optimal capital structure so as to maximise
\nshareholder value. In order to maintain or achieve an optimal capital structure, the Group
\nmay adjust the amount of dividend paid, return capital to shareholders, obtain new
\nborrowings or sell assets to reduce borrowings.
\n
\n\n
\nThe Group monitors capital based on a book leverage ratio (defined as total debt to total
\nequity and debt). The Group pursues a policy aiming to achieve a target book leverage ratio
\nof below 60%. If the book leverage ratio is higher than 60%, the Group will seek to return
\nto a conservative financial level by disposing assets, deleveraging the balance sheet;
\nand/or increasing fixed income coverage within a reasonable period of time.
\n
\nThe Group\u2019s leverage ratio net of cash at 31 December 2022 is 24% (2021: 35%).
\n
\nThe Group is in compliance with all other externally imposed capital requirements for the
\nfinancial year ended 31 December 2022 and 31 December 2021.
\n
\n\n
\n\n
\n\n
\n\n
\n22. Financial risk management (continued)
\n
\n\n
\n(e) Financial instruments by category
\n
\nThe aggregate carrying amounts of the Group\u2019s financial instruments are as follows:
\n
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nEquity financial assets, at FVPL
\n3,271
\n3,250
\n
\nNet derivative assets/(liabilities) measured at fair value
\n79,217
\n(1,263)
\n
\nFinancial assets at amortised cost
\n
\n384,858
\n259,647
\n
\nFinancial liabilities at amortised cost
\n687,968
\n808,267
\n
\n\n(f) Estimation of fair value
\n
\nIFRS 13 established a fair value hierarchy that prioritises inputs used to measure fair value.
\nThe three levels of the fair value input hierarchy defined by IFRS 13 are as follows:
\n
\n(i) quoted prices (unadjusted) in active markets for identical assets or liabilities (Level
\n1);
\n(ii) inputs other than quoted prices included within Level 1 that are observable for the
\nasset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)
\n(Level 2); and
\n(iii) inputs for the asset or liability that are not based on observable market data
\n(unobservable inputs) (Level 3).
\n
\n
\nLevel 1
\nLevel 2
\nLevel 3
\nTotal
\n
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\n2022
\n
\n
\n
\n
\nAssets
\n
\n
\n
\n
\nEquity financial assets, at FVPL
\n-
\n-
\n3,271
\n3,271
\nDerivative financial instruments
\n-
\n113,152
\n-
\n113,152
\nTotal assets
\n-
\n113,152
\n3,271
\n116,423
\n
\n
\n
\n
\n
\nLiabilities
\n
\n
\n
\n
\nDerivative financial instruments
\n-
\n33,935
\n-
\n33,935
\nTotal liabilities
\n-
\n33,935
\n-
\n33,935
\n
\n
\n
\n
\n
\n2021
\n
\n
\n
\n
\nAssets
\n
\n
\n
\n
\nEquity financial assets, at FVPL
\n-
\n-
\n3,250
\n3,250
\nDerivative financial instruments
\n-
\n23,682
\n-
\n23,682
\nTotal assets
\n-
\n23,682
\n3,250
\n26,932
\n
\n
\n
\n
\n
\nLiabilities
\n
\n
\n
\n
\nDerivative financial instruments
\n-
\n24,945
\n-
\n24,945
\nTotal liabilities
\n-
\n24,945
\n-
\n24,945
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n22. Financial risk management (continued)
\n\n
\n\n(
\nf) Estimation of fair value (continued)
\nDerivative financial assets and liabilities
\nThe Group\u2019s financial derivative instruments primarily relate to interest rate swaps, forward
\nfreight agreements, bunker swaps and commodity contracts (note 14) measured at fair
\nvalue.
\nL
\nevel 1 classifications primarily include exchange-traded futures including interest rat
\ne
\ns
\nwaps, forward freight agreements and bunker swaps. The fair values of interest rate swaps
\nare calculated at the present value of estimated future cash flows based on observabl
\ne
\nyi
\neld curves. The fair values of forward freight agreements, bunker swaps and commodity
\ncontracts measured at fair value are determined using forward commodity indices at the
\nbalance sheet date. Level 2 classifications primarily include physical contracts to buy and
\nsell commodities which derive their fair value primarily from exchange quotes and readily
\navailable observable broker quotes. Level 3 classifications primarily include unlisted equity
\ninvestment which was valued using Market approach based on Enterprise Value to Revenue
\nmultiple of comparable companies.
\nN
\non-derivative non-current financial assets and liabilities
\nThe carrying amount of non-derivative non-current financial assets and liabilities which bear
\nfloating interest rates are assumed to approximate their fair value because of the short
\nrepricing period. There are no non-current financial assets and liabilities which do not bear
\nfloating interest rates.
\nNon-derivative current financial assets and liabilities
\nThe carrying amounts of financial assets and liabilities with a maturity of less than one year
\nare assumed to approximate their fair value because of the short period to maturity.
\n
\n\n
\n\n
\n\n
\n\n
\n\n22. Financial risk management (continued)
\n
\n(g) Offsetting financial assets and financial liabilities
\n
\nThe Group has the following financial instruments subject to enforceable master netting
\narrangements or other similar agreements as follows:
\n
\n
\nGross
\namounts of
\nrecognised
\nfinancial
\ninstruments
\nGross
\namounts of
\nrecognised
\nfinancial
\ninstruments
\noffset in
\nthe balance
\nsheet
\nNet
\namounts of
\nfinancial
\ninstruments
\nincluded in
\nthe balance
\nsheet
\nRelated
\nfinancial
\ninstruments
\nthat are not
\noffset
\nNet
\namount
\n
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\n2022
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\nDerivative financial
\nassets
\n
\nCommodity
\ncontracts
\n(note 14)
\n110,020
\n(20,674)
\n89,346
\n-
\n89,346
\n
\n
\n
\n
\n
\n
\nDerivative financial
\nliabilities
\n
\n
\n
\n
\n
\nCommodity
\ncontracts
\n(note 14)
\n-
\n-
\n(30,706)
\n-
\n(30,706)
\n
\n
\n
\n
\n
\n
\n
\n
\nGross
\namounts of
\nrecognised
\nfinancial
\ninstruments
\nGross
\namounts of
\nrecognised
\nfinancial
\ninstruments
\noffset in
\nthe balance
\nsheet
\nNet
\namounts of
\nfinancial
\ninstruments
\nincluded in
\nthe balance
\nsheet
\nRelated
\nfinancial
\ninstruments
\nthat are not
\noffset
\nNet
\namount
\n
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\n2021
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\nDerivative financial
\nassets
\n
\n
\n
\n
\n
\nCommodity
\ncontracts
\n(note 14)
\n32,889
\n(26,810)
\n6,079
\n-
\n6,079
\n
\n\n
\n\n
\n\n23. Segment information
\n
\nThe Group identifies segments on the basis of those components of the Group that Management
\nregularly reviews. Management considers the business from each individual business segment
\nperspective which comprise the Shipping and Product Services segments.
\n
\nThe reported measures of segment profit is gross profit. For the Shipping segment, gross profit is
\nreflected as TCE income. Operating segment disclosures are consistent with the information
\nreviewed by the Management.
\n
\nGeographical information
\n
\nNon-current assets comprise mainly vessels, operating on an international platform with individual
\nvessels calling at various ports across the globe. The Group does not consider the domicile of its
\ncustomers as a relevant decision making guideline and hence does not consider it meaningful to
\nallocate vessels and revenue to specific geographical locations.
\n
\nSegment performance is presented below:
\n
\nShipping
\nProduct
\nServices
\nInter-
\nsegment
\nelimination
\nTotal
\n
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\n2022
\n
\n
\n
\n
\n
\n
\n
\n
\n
\nRevenue from spot voyages
\n699,028
\n-
\n-
\n699,028
\nInter-segment revenue
\n87,328
\n-
\n(87,328)
\n-
\nVoyage expenses
\n(350,016)
\n-
\n-
\n(350,016)
\nInter-segment expense
\n(2,983)
\n-
\n2,983
\n-
\nNet income from spot voyages
\n433,357
\n-
\n(84,345)
\n349,012
\nRevenue from time charter voyages
\n134,304
\n-
\n-
\n134,304
\nTCE income \u2013 Shipping
\n1
\n
\n567,661
\n-
\n(84,345)
\n483,316
\n
\n
\n
\n
\n
\nRevenue from Product Services
\n-
\n730,231
\n-
\n730,231
\nInter-segment revenue
\n-
\n2,983
\n(2,983)
\n-
\nCost of goods sold
\n-
\n(645,993)
\n-
\n(645,993)
\nInter-segment expense
\n-
\n(87,328)
\n87,328
\n-
\nGross (loss)/profit \u2013 Product Services
\n2
\n
\n-
\n(107)
\n84,345
\n84,238
\n
\n
\n
\n
\n
\nGross profit - Total
\n567,661
\n(107)
\n-
\n567,554
\n
\n
\n
\n
\n
\nDepreciation
\n(155,401)
\n(3,414)
\n-
\n(158,815)
\nAmortisation
\n(610)
\n-
\n-
\n(610)
\nWrite-back of impairment
\n1,470
\n-
\n-
\n1,470
\nGain on disposal of assets
\n21,110
\n-
\n-
\n21,110
\n
\n1
\n\u201cTCE income\u201d denotes \u201ctime charter equivalent income\u201d which represents revenue from time charters and voyage
\n charters less voyage expenses comprising primarily fuel oil, port charges and commission.
\n
\n2
\n Gross profit from Product Services represents the net trading results which comprise revenue and cost of LPG cargo,
\n derivative gains and losses, and other trading attributable costs.
\n
\n\n
\n\n
\n\n23. Segment information (continued)
\nShipping
\nProduct
\nServices
\nInter-
\nsegment
\nelimination
\nTotal
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\n2021
\nRevenue from spot voyages
\n451,329
\n-
\n-
\n451,329
\nInter-segment revenue
\n57,345
\n-
\n(57,345)
\n-
\nVoyage expenses
\n(222,220)
\n-
\n-
\n(222,220)
\nNet income from spot voyages
\n286,454
\n-
\n(57,345)
\n229,109
\nRevenue from time charter voyages
\n178,856
\n-
\n-
\n178,856
\nTCE income \u2013 Shipping
\n1
\n
\n465,310
\n-
\n(57,345)
\n407,965
\nRevenue from Product Services
\n-
\n611,170
\n-
\n611,170
\nCost of goods sold
\n-
\n(557,183)
\n-
\n(557,183)
\nInter-segment cost
\n-
\n(57,345)
\n57,345
\n-
\nGross (loss)/profit \u2013 Product Services
\n2
\n
\n-
\n(3,358)
\n57,345
\n53,987
\nGross profit - Total
\n465,310
\n(3,358)
\n-
\n461,952
\nDepreciation
\n(153,653)
\n-
\n-
\n(153,653)
\nAmortisation
\n(546)
\n-
\n-
\n(546)
\nWrite-back of impairment
\n31,901
\n-
\n-
\n31,901
\nGain on disposal of assets
\n25,468
\n-
\n-
\n25,468
\n1
\n \u201cTCE income\u201d denotes \u201ctime charter equivalent income\u201d which represents revenue from time charters and
\nvoyage charters less voyage expenses comprising primarily fuel oil, port charges and commission.
\n2
\n Gross profit from Product Services represents the net trading results which comprise revenue and cost of
\nLPG cargo, derivative gains and losses, and other trading attributable costs.
\nReconciliation of segment profits:
\n2022
\n2021
\nUS$\u2019000
\nUS$\u2019000
\nTotal Gross profit for reportable segments
\n567,554
\n461,952
\nVessel operating expenses
\n(93,428)
\n(100,147)
\nTime charter contracts (non-lease components)
\n(19,506)
\n(14,427)
\nGeneral and administrative expenses
\n(31,916)
\n(32,582)
\nCharter hire expenses
\n(16,427)
\n(9,409)
\nFair value gain from equity financial asset
\n-
\n1,995
\nFinance lease income
\n585
\n1,025
\nOther operating income - net
\n815
\n3,296
\nDepreciation charge
\n(158,815)
\n(153,653)
\nAmortisation
\n(610)
\n(546)
\nWrite-back of impairment charge
\n1,470
\n31,901
\nGain on disposal of assets
\n21,110
\n25,468
\nRemeasurement of equity interest in joint venture
\n-
\n9,835
\nFinance expenses - net
\n(31,184)
\n(38,652)
\nShare of profit of a joint venture
\n-
\n2,031
\nOther expenses
\n-
\n(1,146)
\nProfit before tax for the financial year
\n239,648
\n186,941
\n
\n\n
\n\n
\n
\n\n24. Dividends paid
\n2022
\n2021
\nUS$\u2019000
\nUS$\u2019000
\nFinal dividend paid in respect of FY 2021 of US$0.18
\n(2021: in respect of FY 2020 of US$0.34) per share
\n24,182
\n47,260
\nInterim dividend paid in respect of Q1 2022 of US$0.31
\n(2021: in respect of Q1 2021 of US$0.18) per share
\n42,072
\n24,679
\nInterim dividend paid in respect of Q2 2022 of US$0.20
\n(2021: in respect of Q2 2021 of US$0.10) per share
\n26,528
\n13,963
\nInterim dividend paid in respect of Q3 2022 of US$0.25
\n(2021: in respect of Q3 2021 of US$0.10) per share
\n33,923
\n13,605
\n126,705
\n99,507
\nThe Board has declared a final cash dividend of US$0.52 per share for 2022, amounting to US
\n$69.4 mill
\nion. Together with the interim dividend paid for Q1 2022 of US$0.31 per share, Q2
\n2022 of US$0.20 per share and Q3 2022 of US$0.25 per share, the total dividend payout for FY
\n2022 will amount to US$1.28 per share or US$172 million. The shares will be traded ex-dividend on
\nand after 3 March 2023. The dividend will be payable on or about 17 March 2023 to shareholders
\nof record as at 6 March 2023.
\n
\n\n\n25. Business combinations
\nFY2022
\nThe Group acquired 85.0% equity interest in Vilma Oil (\u201cVilma\u201d)\u2019s LPG trading operations resulting in
\nthe Group obtaining control of the LPG trading operations. From 30 November 2022, the Group
\naccounted for Vilma\u2019s LPG trading operations as its subsidiary.
\nT
\nhe principal activity of Vilma\u2019s LPG trading operations is that of LPG trading operations. As a result
\nof the acquisition, the Group is expected to increase its market presence in LPG trading market.
\nDe
\ntails of the consideration paid, the assets acquired and liabilities assumed on a provisional basis
\n,
\nthe
\n non-controlling interest recognised and the effects on the cash flows of the Group, at the
\nacquisition date, were as follows. The Group has one year from the date of acquisition to finalise the
\nmeasurement of the assets acquired and liabilities assumed.
\n(a) De
\ntails of the acquisition
\nUS$\u2019000
\nPurchase consideration
\n53,438
\nNon-controlling interest
\n1
\n
\n10,327
\nLess: Fair value of identifiable net assets acquired (provisional)
\n(63,765)
\nGoodwill
\n-
\n1
\nNon-controlling interest was measured based on their proportionate share of interest in the fair value
\nof identifiable net assets acquired.
\n
\n\n
\n\n
\n\n25. Business combinations (continued)
\n
\n(b) Effect on cash flows of the Group
\n
\n
\n
\nUS$\u2019000
\n
\n
\n
\n
\nCash paid
\n1
\n
\n51,138
\n
\nLess: cash and cash equivalents in subsidiary acquired
\n
\n
\n(1,975)
\n
\nCash outflow on acquisition
\n49,163
\n
\n1
\n Final payment of US$2.3 million to be settled (provisional)
\n
\n(c) Identifiable assets acquired and liabilities assumed (provisional)
\n
\n
\n
\nUS$\u2019000
\n
\n
\nCash and cash equivalents
\n1,975
\n
\nRight-of-use assets (vessels)
\n123,336
\n
\nDerivatives financial instruments
\n81,878
\n
\nDerivatives financial instruments (commodity contracts)
\n15,435
\n
\nInventories
\n30,138
\n
\nTrade and other receivables
\n150,812
\n
\nDeferred tax assets
\n5,919
\n
\nOther assets
\n962
\n
\nTotal assets
\n410,455
\n
\n
\n
\n
\nTrade and other payables
\n(134,218)
\n
\nBorrowings
\n(99,618)
\n
\nLease liabilities
\n(90,463)
\n
\nDerivative financial instruments
\n(22,325)
\n
\nCurrent income tax
\n(66)
\n
\nTotal liabilities
\n(346,690)
\n
\n
\n
\n
\nTotal identifiable net assets
\n63,765
\n
\n
\n
\n
\nLess: Non-controlling interest
\n(10,327)
\n
\n
\n53,438
\n
\nRight-of-use assets (vessels) comprise the contractual lease payments for the remaining lease
\nterm, recalculated on the date of acquisition plus the fair value uplift for those identified as
\nfavorable lease contracts. The fair value was derived based on the comparison of forecasted
\nfreight rates against actual freight rates.
\n
\nDerivatives financial instruments comprise exchange traded futures and swaps which are
\nrecognised at fair value, derived using exchange traded price indexes.
\n
\nDerivative financial instruments (commodity contracts) were recognised at fair value on the
\ndate of acquisition, derived based on forecasted commodity rates.
\n
\nThe fair value of favourable lease contracts and derivative financial instruments (commodity
\ncontracts) have been determined provisionally pending completion of Management\u2019s
\nvaluation.
\n
\nIf new information obtained within one year from the date of acquisition about facts and
\ncircumstances that existed at the date of acquisition identifies adjustments to the above
\namounts, then the accounting for the acquisition will be revised.
\n
\n\n
\n\n
\n\n25. Business combinations (continued)
\n
\n(c) Identifiable assets acquired and liabilities assumed (provisional) (continued)
\n
\nThe carrying amounts of borrowings approximate their fair values because they are short-term
\nin nature. The carrying amounts of trade and other receivables, trade and other payables
\napproximate their fair value due to the short-term nature of these balances and are expected
\nto be collectible or paid in full at the date of acquisition.
\n
\nFor the one month ended 31 December 2022, Vilma LPG trading operations contributed
\nrevenue of US$217.0 million and a net loss of US$3.7 million to the Group\u2019s results.
\n
\nFY2021
\n
\nIn Q2 2021, the Group acquired 38.4% equity interest in BW Global United LPG India Private Limited
\n(\u201cBW LPG India\u201d) through conversion of loans receivable to equity. As a result, the Group\u2019s equity
\ninterest in BW LPG India increased from 50% to 88.4% resulting in the Group obtaining control of
\nBW LPG India, and consolidating BW LPG India as a subsidiary, when it was previously accounted for
\nas a joint venture.
\n
\nThe principal activity of BW LPG India is that of vessel owning and chartering. As a result of the
\nacquisition, the Group is expected to increase its market presence in the Indian charter market.
\n
\nDetails of the consideration paid, the assets acquired and liabilities assumed, the non-controlling
\ninterest recognised and the effects on the cash flows of the Group, at the acquisition date, were as
\nfollows.
\n
\n(a) Details of the acquisition
\n
\n
\n
\nUS$\u2019000
\n
\n
\n
\n
\nPurchase consideration \u2013 Conversion of loans receivable to equity
\n80,565
\n
\nNon-controlling interest
\n1
\n
\n12,575
\n
\nFair value of existing interest in joint venture
\n15,254
\n
\nLess: Fair value of identifiable net assets acquired
\n(108,394)
\n
\nGoodwill
\n-
\n
\n1
\nNon-controlling interest was measured based on their proportionate share of interest in the fair value
\nof identifiable net assets acquired.
\n
\n
\n
\nUS$\u2019000
\n
\n
\n
\n
\nFair value of existing interest in joint venture
\n15,254
\n
\nCarrying amount of interest in joint venture
\n(5,419)
\n
\nRemeasurement of equity interest in joint venture
\n1
\n
\n9,835
\n
\nAcquisition related costs
\n2
\n
\n(1,146)
\n
\nNet gain on acquisition
\n8,689
\n
\n1
\nComprise deferred gains of US$4.9 million from the sale of five vessels to the joint venture.
\n2
\nPresented as \u2018Other expense\u2019 on the statement of comprehensive income.
\n
\n\n
\n\n
\n\n25. Business combinations (continued)
\n
\n(b) Effect on cash flows of the Group
\n
\n
\n
\nUS$\u2019000
\n
\n
\n
\n
\nCash paid
\n-
\n
\nLess: cash and cash equivalents in subsidiary acquired
\n
\n
\n(4,633)
\n
\nCash inflow on acquisition
\n(4,633)
\n
\n
\n(c) Identifiable assets acquired and liabilities assumed
\n
\n
\n
\nUS$\u2019000
\n
\n
\n
\n
\nCash and cash equivalents
\n4,633
\n
\nVessels and dry docking (note 8)
\n197,000
\n
\nInventories
\n431
\n
\nTrade and other receivables
\n8,455
\n
\nTotal assets
\n210,519
\n
\n
\n
\n
\nTrade and other payables
\n(1,213)
\n
\nBorrowings
\n(100,912)
\n
\nTotal liabilities
\n(102,125)
\n
\n
\n
\n
\nTotal identifiable net assets
\n108,394
\n
\n
\n
\n
\nLess: Non-controlling interest at fair value
\n(12,575)
\n
\n
\n95,819
\n
\nThe fair value of vessels was estimated based on independent third party valuation reports,
\nwhich made reference to comparable transaction prices of similar vessels.
\n
\nThe carrying amounts of borrowings approximate their fair values because interest rates are
\nrepriced on a regular basis.
\n
\nThe carrying amounts of trade and other receivables approximate their fair value due to the
\nshort-term nature of these balances and are expected to be collectible in full at the date of
\nacquisition.
\n
\nFor the nine months ended 31 December 2021, BW LPG India contributed revenue of US$43.6
\nmillion and profit of US$13.8 million to the Group\u2019s results. If the acquisition had occurred on 1
\nJanuary 2021, Management estimates that the consolidated revenue would have been higher
\nby approximately US$14.0 million and consolidated profit for the period would have been
\nhigher by approximately US$2.0 million.
\n
\n\n
\n\n
\n\n26. Investment in subsidiaries
\n
\nIn January 2022 and May 2022, an external investor subscribed for US$50 million and US$30 million
\nof new shares in BW LPG India Pte. Ltd. (\u201cBW India\u201d), representing 31.9% and 9.2% equity interest
\nrespectively. Following these transactions, the Group now owns approximately 52% in BW India. The
\nshare subscription resulted in an increase in non-controlling interest of US$84.3 million and a decrease
\nin equity attributable to shareholders of the Group of US$4.3 million. The effect of changes in the
\nownership interest of BW India on the equity attributable to shareholders of the Group has been
\nreflected in the consolidated statement of changes in equity.
\n
\nIn November 2022, the Group\u2019s subsidiary, BW LPG Product Services Pte. Ltd. (\u201cBW Product Services\u201d),
\ncompleted the acquisition of Vilma\u2019s LPG trading operations. From 30 November 2022, the Group
\naccounted for Vilma\u2019s LPG\u2019s trading operations as its subsidiary.
\n
\nSet out below are the summarised financial information for BW LPG India Pte. Ltd. (\u201cBW India\u201d) and
\nBW LPG Product Services Pte. Ltd. (\u201cBW Product Services\u201d), that has non-controlling interests that are
\nmaterial to the Group. These are presented before inter-company eliminations.
\n
\nSummarised balance sheet:
\n
\n
\nBW India
\nBW Product Services
\n
\n2022
\n2021
\n2022
\n
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\nAssets
\n
\n
\n
\nCurrent assets
\n36,874
\n25,673
\n329,485
\nIncludes
\n
\n
\n
\nCash and cash equivalents
\n12,216
\n1,350
\n77,829
\nNon-current assets
\n337,868
\n323,173
\n120,085
\n
\n
\n
\n
\nLiabilities
\n
\n
\n
\nCurrent liabilities
\n33,861
\n81,275
\n326,246
\nIncludes
\n
\n
\n
\nBorrowings
\n27,957
\n78,903
\n110,260
\nNon-current liabilities
\n (Borrowings)
\n
\n139,007
\n
\n148,286
\n
\n62,231
\n
\n
\n
\n
\nNet assets
\n201,874
\n119,285
\n61,093
\n
\n\n
\n\n\n\n
\n
\n
\n\n\n26. Investment in subsidiaries (continued)
\n
\n\nSummarised statement of comprehensive income:
\n
\n
\nBW India
\nBW Product Services
\n
\n2022
\n2021
\n2022
\n
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\nTCE income
\n92,561
\n43,612
\n-
\nGross loss \u2013 Product Services
\n-
\n-
\n(107)
\nGain on disposal of assets held-for-sale
\n-
\n2,637
\n-
\nVessel operating expense
\n(22,885)
\n(11,132)
\n-
\nDepreciation and amortisation
\n(32,154)
\n(16,175)
\n(3,414)
\nFinance expense
\n(7,453)
\n(3,914)
\n(1,755)
\nOther expenses
\n(2,004)
\n(1,245)
\n3,139
\nNet profit/(loss) after tax
\n28,065
\n13,783
\n(2,137)
\n
\n
\n
\n
\nOther comprehensive income
\n (currency translation effects)
\n(34,507)
\n(2,892)
\n(895)
\n
\n
\n
\n
\nTotal comprehensive (loss)/income
\n(6,442)
\n10,891
\n(3,032)
\n
\n
\n
\n
\nTotal comprehensive (loss)/income
\n allocated to non-controlling interests
\n(3,990)
\n1,262
\n(1,317)
\n\n\n\n\n
\n
\n\n27. Listing of companies in the Group
\n
\nName of companies
\n
\nPrincipal activities
\nCountry of
\nincorporation
\nEffective
\nequity
\nholding
\n2022
\nEffective
\nequity
\nholding
\n2021
\n
\n
\n
\n
\n
\n
\n
\n
\n(i)
\n
\nSubsidiaries held by the Company
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\nBW LPG Holding Limited
\n
\n
\nInvestment holding
\nBermuda
\n100%
\n
\n100%
\n
\nBW LPG Product Services Limited
\n
\nInvestment holding
\nBermuda
\n100%
\n
\n100%
\n
\n
\n
\n
\n
\n
\n
\n
\n(ii) Subsidiaries held by BW LPG Holding
\nLimited
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\nBW LPG Pte Ltd
\n
\nManagement
\nSingapore
\n100%
\n100%
\n
\nBW LPG Technologies Pte. Ltd.
\n
\nInvestment holding
\nSingapore
\n100%
\n100%
\n
\nBW LPG Investments Limited
\n
\nInvestment holding
\nBermuda
\n100%
\n100%
\n
\nBW LPG LLC
\n
\nManagement
\nUnited States
\n100%
\n100%
\n
\nAurora LPG Holding AS
\n
\nManagement
\nNorway
\n100%
\n100%
\n\n\n
\n\n
\n
\n\n27. Listing of companies in the Group (continued)
\n
\n
\nName of companies
\n
\nPrincipal activities
\nCountry of
\nincorporation
\nEffective
\nequity
\nholding
\n2022
\nEffective
\nequity
\nholding
\n2021
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(iii) Subsidiaries held by BW LPG Product
\nServices Limited
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\nBW LPG Product Services Pte. Ltd.
\n(a)
\nLPG Trading
\nSingapore
\n85%
\n100%
\n
\nVilma Oil Trading, S.L.
\n(b)
\nLPG Trading
\nSpain
\n85%
\n-
\n
\nVilma Oil Singapore Pte. Ltd.
\n(b)
\nLPG Trading
\nSingapore
\n85%
\n-
\n
\n
\n
\n
\n
\n
\n
\n
\n(iv) Subsidiaries held by BW LPG Pte. Ltd.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\nBW Gas LPG Chartering Pte. Ltd
\n
\nChartering
\nSingapore
\n100%
\n100%
\n
\nBW VLGC Pte. Ltd
\n
\nShipowning
\nSingapore
\n100%
\n100%
\n
\nLPG Transport Service Ltd.
\n(c)
\nDormant
\nBermuda
\n-
\n100%
\n
\nBW LPG Pool Pte. Ltd.
\n
\nChartering
\nSingapore
\n100%
\n100%
\n
\nBW LPG Partners Pte Ltd
\n
\nDormant
\nSingapore
\n100%
\n100%
\n
\nBW LPG AS
\n
\nManagement
\nNorway
\n100%
\n100%
\n
\nBW Cyan Limited
\n(c)
\nShipowning
\nBermuda
\n-
\n100%
\n
\nBW Constellation I Pte. Ltd.
\n
\nShipowning
\nSingapore
\n100%
\n100%
\n
\nBW Constellation II Pte. Ltd.
\n
\nShipowning
\nSingapore
\n100%
\n100%
\n
\nBW Okpo Pte. Ltd.
\n
\nShipowning
\nSingapore
\n100%
\n100%
\n
\nBW Seoul Pte. Ltd.
\n
\nShipowning
\nSingapore
\n100%
\n100%
\n
\nLPG Kenya Pte. Ltd.
\n(d)
\nInvestment holding
\nSingapore
\n100%
\n-
\n
\nBW LPG India Pte. Ltd.
\n(e)
\nManagement
\nSingapore
\n52%
\n88%
\n
\n
\n
\n
\n
\n
\n
\n
\n(v) Subsidiary held by BW LPG India Pte.
\nLtd.
\n
\n
\n
\n
\n
\n
\nBW Global United LPG India Private
\nLimited
\n
\n
\nShipowning
\nIndia
\n52%
\n88%
\n
\n
\n
\n
\n
\n
\n
\n(a) The Group\u2019s equity interest in the company decreased to 85% due to a share swap as part of the acquisition
\n of Vilma\u2019s LPG trading operations. Post completion of the transaction, the minority shareholder of Vilma\u2019s
\n LPG trading operations now owns 15% of BW LPG Product Services Pte. Ltd.
\n(b) Companies were acquired during the financial year
\n(c) Companies were liquidated during the financial year
\n(d) Company was newly incorporated during the financial year
\n(e) The Group\u2019s equity interest in the company decreased to 52% due to issuance of new shares to an
\n external investor. See note 26.
\n
\n\n
\n
\n\n28. Comparative information
\n
\n Post-acquisition of Vilma\u2019s LPG trading operations in November 2022, the Group changed its
\naccounting policy with respect to the accounting of commodity contracts from net basis to gross basis.
\nWith the change in policy, gross proceeds from the physical delivery of commodities and change in
\nfair value of commodity contracts are reported as \u201cRevenue \u2013 Product Services\u201d on the Consolidated
\nStatement of Comprehensive Income. The Group believes that presentation on a gross basis provides
\nbetter insights into the financial performance of Product Services\u2019 increased trading activities which
\ncomprise delivery of commodities to customers and derivative contracts that are entered for trading
\nactivities. This change was applied retrospectively.
\n
\n\n
\n\n
\n
\n
\n
\n\n28. Comparative information (continued)
\n
\nThe following table summarises the impact of the re-presentation to the Group\u2019s Consolidated
\nStatement of Comprehensive Income for the year ended 31 December 2021:
\n
\n
\n
\nAs previously
\n reported
\n
\nAdjustments
\n
\nAs restated
\n
\n
\nUS$\u2019000 US$\u2019000 US$\u2019000
\n
\nRevenue - Shipping spot voyages
\n508,947
\n(57,618)
\n451,329
\n
\nRevenue - Product Services
\n-
\n611,170
\n611,170
\n
\nCost of goods sold - Product Services
\n-
\n(557,183)
\n(557,183)
\n
\nNet loss from commodity contracts
\n(3,631)
\n3,631
\n-
\n
\n
\n505,316
\n-
\n505,316
\n
\n\n
\n\n29. Subsequent events
\n
\n In February 2023, the Group entered into an agreement with an external party to sell one VLGC for
\ndelivery in Q1 2023. The sale is expected to generate liquidity of US$53.7 million and a net gain on
\ndisposal of US$16.5 million.
\n
\n\n
\n
\n\n30. Climate-related risks consideration
\n
\nThe Group identified climate-related risks related to the global transition towards low-carbon or
\ncarbon-neutral solutions, marine environmental factors and industry-led decarbonisation policies. The
\nGroup assess transition risks in strategic planning, fleet development and capital expenditure plans for
\nnext-generation and existing fleet transition planning. Physical risks from climate events influence the
\nGroup\u2019s voyage planning and operation strategies. Maritime activities affect the marine environment
\nand the Group identifies better management of ballast water contamination, accidental oil spills and
\nunderwater noise pollutions to be key strategies. International Maritime Organisation (IMO) targets
\nto halve international shipping GHG emissions by 2050 may also impact the Group\u2019s strategy and its
\nfinancial performance.
\n
\nIn assessing the impact of climate-related risks on the Group\u2019s financial statements, the Group
\nconsiders if there are near to medium term financial impacts arising from the aforementioned
\nrisks. Presently the Group incurs certain operating or capital expenditures to mitigate such climate-
\nrelated risks and policies. The Group concluded the LPG retrofit project in May 2022 with a US$130
\nmillion investment to upgrade 15 owned vessels. The project is a key mitigation in preparation for
\nclimate-related transition risks arising from global regulations and market changes.
\n
\nNotwithstanding, there remains the risk that evolving demands for stronger protection over the
\nenvironment, evolving laws and regulations and evolving decarbonisation policies may have a
\nsignificant impact to the Group\u2019s financial performance in the future. The Group continues to monitor
\nand assess the potential impact of such developments on its operation and financial performance.
\n
\n\n
\n
\n\n31. New or revised accounting standards and interpretations
\n
\nA number of new standards, interpretations and amendments to standards are effective for annual
\nperiods beginning after 1 January 2023 and earlier application is permitted. However, the Group has
\nnot early adopted the new or amended standards and interpretations in preparing these financial
\nstatements.
\n
\nThere are no other IFRS or IFRIC interpretations that are not yet effective that would be expected to
\nhave a material impact on the Group.
\n
\n\n
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\n1. General information
\nBW LPG Limited (the \u201cCompany\u201d) is listed on the Oslo Stock Exchange and incorporated and domiciled
\nin Bermuda. The address of its registered office is c/o Inchona Services Limited, Washington Mall
\nPhase 2, 4th Floor, Suite 400, 22 Church Street, HM 1189, Hamilton HM EX, Bermuda.
\nT
\nhe principal activity of the Company is that of investment holding. The principal activities of its
\nsubsidiaries are shipowning, chartering and LPG trading (note 27)
\n.
\n\nT
\nhese consolidated financial statements were authorised for issue by the Board of Directors of the
\nCompany on 28 February 2023.
\n
\n\n
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\nhese consolidated financial statements were authorised for issue by the Board of Directors of the
\nCompany on 28 February 2023.
\n
\n",
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\n2. Significant accounting policies
\n\n
\n(a) Basis of preparation
\nThe consolidated financial statements have been prepared in accordance with International
\nFinancial Reporting Standards (\u201cIFRS\u201d), and have been prepared under the historical cost
\nconvention, except as disclosed in the accounting policies below.
\n\nNew standards, amendments to published standards and interpretations, adopted by the
\nGroup
\nThe Group has adopted all the relevant new standards, amendments and interpretations to
\npublished standards as of 1 January 2022.
\nThe adoption of these new standards, amendments, and interpretations to published
\nstandards does not have a material impact on the consolidated financial statements.
\n
\n\n
\n\n
\n\n
\n2. Significant accounting policies (continued)
\n
\n\n
\n (a) Basis of preparation (continued)
\n
\n\nCritical accounting estimates, assumptions and judgements
\n
\n
\nThe preparation of the consolidated financial statements in conformity with IFRS requires
\nManagement to exercise its judgement in the process of applying the Group\u2019s accounting
\npolicies. It also requires the use of certain critical accounting estimates and assumptions.
\nEstimates, assumptions and judgements are continually evaluated and are based on
\nhistorical experience and other factors, including expectations of future events that are
\nbelieved to be reasonable under the circumstances.
\n
\nThe following is a summary of estimates and assumptions which have a material effect.
\n
\n(1) Useful life and residual value of assets
\n
\nThe Group reviews the useful life and residual value of its vessels at the balance sheet
\ndate and any adjustments are made on a prospective basis. Residual value is
\nestimated as the lightweight tonnage (LWT) of each vessel multiplied by the scrap
\nsteel price per LWT. If estimates of the residual values are revised, the amount of
\ndepreciation charge in the future years will be changed.
\n
\nThe useful lives of the vessels are assessed periodically based on the condition of the
\nvessels, market conditions and other regulatory requirements. If the estimates of
\nuseful lives for the vessels are revised or there is a change in useful lives, the amount
\nof depreciation charge recorded in future years will be changed.
\n
\n(2) Impairment
\n
\nThe Group assesses at the balance sheet dates whether there is any objective evidence
\nor indication that the values of the intangible assets, and property, plant and
\nequipment may be impaired. If any such indication exists, the Group will estimate the
\nrecoverable amount of the asset, and write down the asset to the recoverable amount.
\nThe assessment of the recoverable amounts of the vessels is based on the higher of
\nfair value less cost to sell and value-in-use calculations, with each vessel being
\nregarded as one cash generating unit. The recoverable amount of vessels is estimated
\npredominantly based on independent third party broker valuations.
\n
\n\n
\n\n
\n\n
\n
\n2. Significant accounting policies (continued)
\n
\n\n
\n (a) Basis of preparation (continued)
\n
\n\nCritical accounting estimates, assumptions and judgements
\n(continued)
\n
\n(2) Impairment (continued)
\n
\nChanges to these brokers\u2019 estimates may significantly impact the impairment charges
\nrecognised and future changes may lead to reversals of currently recognised
\nimpairment charges.
\n
\nSee note 8(c) for further disclosures.
\n
\n(3) Revenue recognition
\n
\nAll voyage revenues, demurrage and voyage expenses are recognised on a
\npercentage of completion basis. Load-to-discharge basis is used in determining the
\npercentage of completion for all spot voyages and voyages servicing contracts of
\naffreightment. Under this method, voyage revenue is recognised rateably over the
\nperiod from the point of loading of the current voyage to the point of discharge of the
\ncurrent voyage.
\n
\nManagement uses its judgement in estimating the total number of days of a voyage
\nbased on historical trends, the operating capability of the vessel (speed and fuel
\nconsumption) and the distance of the trade route. Actual results may differ from
\nestimates.
\n
\nDemurrage income is assessed at a percentage of the total estimated claims issued
\nto customers. The estimation of this rate is based on the historical actual demurrage
\nrecovered over the total estimated claims issued to customers.
\n
\n\n
\n\n
\n\n (b) Revenue and income recognition
\n
\nRevenue comprises the fair value of the consideration received or receivable for the rendering
\nof services in the ordinary course of the Group\u2019s activities, net of rebates, discounts, off-hire
\ncharges and after eliminating sales within the Group.
\n
\n(1) Rendering of services
\n
\nRevenue from time charters accounted for as operating leases is recognised in profit
\nor loss on a straight-line basis over the lease term.
\n
\n\n
\n\n
\n
\n
\n
\n2. Significant accounting policies (continued)
\n(
\n\n
\nb) Revenue and income recognition (continued)
\n(1) Rendering of services (continued)
\nRevenue from voyage charters is recognised rateably over the estimated length of the
\nvoyage within the respective reporting period, in the event the voyage commences
\nin one reporting period and ends in the subsequent reporting period. No additional
\ndisclosures in relation to the incremental cost of obtaining the contract and the
\nremaining performance obligation with an original duration of one year or less are
\nmade as the Group has applied the practical expedients available in the standard
\n.
\nAd
\nditionally, as the Group typically receives payments within one year from the star
\nt
\no
\nf the voyage, there are no additional disclosures made
\n.
\nT
\nhe Group determines the percentage of completion of voyage revenue using the
\nload-to-discharge method. Under this method, voyage revenue is recognised evenl
\ny
\no
\nver the period from the point of loading of the current voyage to the point of
\ndischarge of the current voyage.
\nD
\nemurrage revenue is recognised as revenue from voyage charter based on
\npercentage of completion, consistent with the basis of recognising voyage freight
\nrevenue and is assessed at a percentage of the total estimated claims issued to
\ncustomers. The estimation of this rate is based on the historical actual demurrage
\nrecovered over the total estimated claims issued to customers.
\n(
\n2) Sale of goods \u2013 LPG cargo
\nR
\nevenue from the sale of goods is recognised when the performance obligations have
\nbeen satisfied, which is when control of the cargo is transferred to the customer
\n.
\nRevenue is measured based on consideration specified in the contract with a customer,
\nwhich i
\nncludes the provision of services (shipping and insurance) when goods are sol
\nd
\no
\nn a CFR or CIF basis. The same recognition and presentation principles apply to
\nrevenues arising from physical settlement of forward sale contracts that do not mee
\nt
\nt
\nhe own use exemption.
\n\n
\n
\n\n(3) I
\nnterest incom
\ne
\nInterest income is recognised on a time proportion basis using the effective interest
\nmethod.
\n
\n\n
\n\n
\n\n(
\n\n
\nc) Group accounting
\n\n1) Subsidiaries
\n(i) Consolidation
\nS
\nubsidiaries are entities (including special purpose entities) over which the
\nGroup has control. The Group controls an entity when the Group is exposed
\nto, or has rights to, variable returns from its involvement with the entity and
\nhas the ability to affect those returns through its power over the entity.
\nSubsidiaries are fully consolidated from the date on which control is
\ntransferred to the Group. They are de-consolidated from the date on which
\ncontrol ceases.
\n
\n\n
\n\n(
\n
\n\n
\n2. Significant accounting policies (continued)
\n\n
\n(c) Group accounting (continued)
\n\n
\n(1) Subsidiaries (continued)
\n(i) Consolidation
\n(continued)
\nIn preparing the consolidated financial statements, transactions, balances and
\nunrealised gains on transactions between group companies are eliminated.
\nUnrealised losses are also eliminated but are considered an impairment
\nindicator of the asset transferred. Where necessary, adjustments are made to
\nthe financial statements of subsidiaries to ensure the consistency of
\naccounting policies with those of the Group.
\n
\nNon-controlling interests are part of the net results of operations and of net
\nassets of a subsidiary attributable to the interests which are not owned
\ndirectly or indirectly by the equity holders of the Company. They are shown
\nseparately in the consolidated statement of comprehensive income,
\nstatement of changes in equity and balance sheet. Total comprehensive
\nincome is attributed to the non-controlling interests based on their respective
\ninterests in a subsidiary, even if this results in the non-controlling interests
\nhaving a deficit balance.
\n\n
\n\n
\n\n(ii) Acquisitions
\nThe Group uses the acquisition method of accounting to account for business
\ncombinations.
\n
\nThe consideration transferred for the acquisition of a subsidiary or business
\ncomprises the fair value of the assets transferred, the liabilities incurred, and
\nthe equity interests issued by the Group.
\n
\nThe consideration transferred also includes any contingent consideration
\narrangement and any pre-existing equity interest in the subsidiary measured
\nat their fair value at the acquisition date.
\n
\nIf the business combination is achieved in stages, the acquisition date carrying
\nvalue of the acquirer\u2019s previously held equity interest in the acquiree is re-
\nmeasured to fair value at the acquisition date, and any gains or losses arising
\nfrom such re-measurement are recognised in profit or loss.
\n
\nAcquisition-related costs are expensed as incurred.
\n
\nIdentifiable assets acquired and liabilities and contingent liabilities assumed
\nin a business combination are, with limited exceptions, measured initially at
\ntheir fair values at the acquisition date.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n2. Significant accounting policies (continued)
\n\n
\n
\n(c) Group accounting (continued)
\n
\n\n
\n(1) Subsidiaries (continued)
\n\n
\n\n
\n\n(ii) Acquisitions
\n(continued)
\nOn an acquisition-by-acquisition basis, the Group recognises any non-
\ncontrolling interest in the acquiree at the date of acquisition either at fair
\nvalue or at the non-controlling interest\u2019s proportionate share of the
\nacquiree\u2019s net identifiable assets.
\n
\nThe excess of (i) the consideration transferred, the amount of any non-
\ncontrolling interest in the acquiree, and the acquisition-date fair value of
\nany previous equity interest in the acquiree over (ii) the fair values of the
\nidentifiable net assets acquired, is recorded as goodwill.
\n
\nThe excess of: (i) fair value of the net identifiable assets acquired over
\nthe (ii) consideration transferred; the amount of any non-controlling
\ninterest in the acquiree; and the acquisition-date fair value of any
\nprevious equity interest in the acquiree; is recorded in the profit or loss
\nduring the period when it occurs.
\n
\nThe Group has an option to apply a \u201cconcentration test\u201d that permits a
\nsimplified assessment of whether an acquired set of activities and assets
\nis not a business. The optional concentration test is met if substantially all
\nof the fair value of the gross assets acquired is concentrated in a single
\nidentifiable asset or group of similar identifiable assets.
\n(iii) Disposals
\nWhen a change in the Group\u2019s ownership interest in a subsidiary results
\nin a loss of control over the subsidiary, the assets and liabilities of the
\nsubsidiary including any goodwill are derecognised. Amounts previously
\nrecognised in other comprehensive income in respect of that entity are
\nalso reclassified to profit or loss or transferred directly to retained
\nearnings if required by a specific standard.
\nAny retained equity interest in the entity is remeasured at fair value. The
\ndifference between the carrying amount of the retained interest at the
\ndate when control is lost and its fair value is recognised in profit or loss.
\n
\n\n
\n\n
\n\n
\n
\n
\n
\n
\n
\n\n
\n
\n\n(2) Transactions with non-controlling interests
\n
\nChanges in the Group\u2019s ownership interest in a subsidiary that do not result in a
\nloss of control over the subsidiary are accounted for as transactions with equity
\nowners of the Company. Any difference between the change in the carrying
\namounts of the non-controlling interest and the fair value of the consideration
\npaid or received is recognised in a separate reserve within equity attributable to
\nthe equity holders of the Company.
\n
\n\n
\n\n
\n\n
\n2. Significant accounting policies (continued)
\n\n
\n(c) Group accounting (continued)
\n
\n\n
\n(3) Joint venture
\n
\nA joint venture is an entity over which the Group has joint control as a result of
\ncontractual arrangements and rights to the net assets of the entity.
\n
\nInvestment in joint ventures is accounted for in the consolidated financial statements
\nusing the equity method of accounting less impairment losses, if any.
\n\n
\n\n
\n\n(i) Acquisitions
\nInvestment in a joint venture is initially recognised at cost. The cost of an
\nacquisition is measured at the fair value of the assets given, equity
\ninstruments issued or liabilities incurred or assumed at the date of exchange,
\nplus costs directly attributable to the acquisition. Goodwill on joint venture
\nrepresents the excess of the cost of acquisition of the joint venture over the
\nGroup\u2019s share of the fair value of the identifiable net assets of the joint
\nventure and is included in the carrying amount of the investment.
\n
\n\n
\n\n
\n\n(ii) Equity method of accounting
\n
\nUnder the equity method of accounting, the investment is initially recognised
\nat cost and adjusted thereafter to recognise the Group\u2019s share of its joint
\nventure\u2019s post-acquisition profits or losses in the Group\u2019s profit or loss and its
\nshare of the joint venture\u2019s other comprehensive income in the Group\u2019s other
\ncomprehensive income. Dividend received or receivable from the joint
\nventure is recognised as a reduction of the carrying amount of the
\ninvestment. When the Group\u2019s share of losses in a joint venture equals to or
\nexceeds its interest in the joint venture, the Group does not recognise further
\nlosses, unless it has incurred legal or constructive obligations to make, or has
\nmade, payments on behalf of the joint venture. If the joint venture
\nsubsequently reports profits, the Group resumes recognising its share of those
\nprofits only after its share of the profits equals the share of losses not
\nrecognised.
\n
\nUnrealised gains on transactions between the Group and its joint venture are
\neliminated to the extent of the Group's interest in the joint venture.
\nUnrealised losses are also eliminated unless the transactions provide
\nevidence of impairment of the assets transferred. The accounting policies of
\na joint venture are changed where necessary to ensure consistency with the
\naccounting policies adopted by the Group.
\n
\n\n
\n\n
\n\n
\n
\n
\n2. Significant accounting policies (continued)
\n\n
\n(c) Group accounting (continued)
\n\n(3) Joint venture (continued)
\n
\n(iii) Disposals
\n
\nInvestment in joint venture is derecognised when the Group loses joint
\ncontrol. If the retained equity interest in the former joint venture is a financial
\nasset, the retained equity interest is remeasured at fair value. The difference
\nbetween the carrying amount of the retained interest at the date when joint
\ncontrol is lost, and its fair value and any proceeds on partial disposal, is
\nrecognised in profit or loss.
\n
\n\n
\n\n\n
\n\n
\n\n(d) Intangible assets
\nComputer software
\n
\nAcquired computer software are initially capitalised at cost which includes the purchase price
\n(net of any discounts and rebates) and other directly attributable costs of preparing the assets
\nfor its intended use. They are subsequently carried at cost less accumulated amortisation and
\nimpairment losses. These costs are amortised to profit or loss using the straight-line method
\nover their estimated remaining useful lives of 5 years.
\n
\nThe useful lives are reviewed, and adjusted as appropriate, at least annually. The effects of
\nany revision in estimate are recognised in profit or loss when the changes arise.
\n
\n\n
\n\n
\n\n\n(e) Property, plant and equipment
\n
\n(1) Measurement
\n
\n(i)
\nProperty, plant and equipment are initially recognised at cost and
\nsubsequently carried at cost less accumulated depreciation and accumulated
\nimpairment losses (note 2(f)).
\n
\n(ii)
\nThe cost of an item of property, plant and equipment initially recognised
\nincludes expenditure that is directly attributable to the acquisition of the
\nitems. Dismantlement, removal or restoration costs are included as part of
\nthe cost of property, plant and equipment if the obligation for dismantlement,
\nremoval or restoration is incurred as a consequence of acquiring or using the
\nasset.
\n
\n(iii)
\nIf significant parts of an item of property, plant and equipment have different
\nuseful lives, they are accounted for as separate components of property, plant
\nand equipment.
\n
\n\n
\n\n
\n2. Significant accounting policies (continued)
\n
\n\n
\n
\n(e) Property, plant and equipment (continued)
\n
\n\n(2) Depreciation
\n
\n(i)
\n Depreciation on property, plant and equipment is calculated using a
\nstraight-line method to allocate their depreciable amounts over their
\nestimated useful lives as follows:
\n
\nVessels 25 years
\nDry docking/Scrubbers 2.5 - 5 years
\nFurniture and fixtures 3 - 5 years
\n
\nThe residual values, estimated useful lives and depreciation method of
\nproperty, plant and equipment are reviewed, and adjusted as
\nappropriate, at least annually. The effects of any revision in estimate are
\nrecognised in profit or loss when the changes arise.
\n
\n(ii)
\nSignificant components of individual assets are assessed and if a
\ncomponent has a useful life that is different from the remainder of that
\nasset, that component is depreciated separately. The remaining carrying
\namount of the old component as a result of a replacement will be written
\noff to profit or loss.
\n
\n\n
\n\n(3) Subsequent expenditure
\n
\nSubsequent expenditure relating to property, plant and equipment, including
\nreplacing a significant component, that has already been recognised, is added to
\nthe carrying amount of the asset only when it is probable that future economic
\nbenefits associated with the item will flow to the Group and the cost of the item
\ncan be measured reliably. All other repair and maintenance expenses are
\nrecognised in profit or loss when incurred.
\n
\n\n
\n(4) Disposal
\n
\nOn disposal of an item of property, plant and equipment, the difference between
\nthe net disposal proceeds and its carrying amount is recognised in profit or loss.
\n
\n\n
\n\n
\n
\n2. Significant accounting policies (continued)
\n
\n\n
\n\n(f) Impairment of non-financial assets
\n
\nIntangible assets with finite lives, property, plant and equipment and investment in a joint
\nventure are tested for impairment whenever there is any objective evidence or an indication
\nthat these assets may be impaired.
\n
\nFor the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair
\nvalue less cost to sell and value-in-use) is determined on an individual asset basis unless the
\nasset does not generate cash flows that are largely independent of those from other assets.
\nIf this is the case, the recoverable amount is determined for the cash-generating unit (\u201cCGU\u201d)
\nto which the asset belongs.
\n
\nIf the recoverable amount of the asset is estimated to be less than its carrying amount, the
\ncarrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference
\nbetween the carrying amount and recoverable amount is recognised as an impairment loss
\nin profit or loss.
\n
\nAn impairment loss for an asset (or CGU) is reversed if, and only if, there has been a change
\nin the estimates used to determine the asset\u2019s (or CGU\u2019s) recoverable amount since the last
\nimpairment loss was recognised. The carrying amount of this asset (or CGU) is increased to
\nits revised recoverable amount, provided that this amount does not exceed the carrying
\namount that would have been determined (net of accumulated depreciation) had no
\nimpairment loss been recognised for the asset (or CGU) in prior years. A reversal of
\nimpairment loss for an asset (or CGU) is recognised in profit or loss.
\n
\n\n
\n\n
\n\n(g) Derivative financial instruments and hedging activities
\n
\nA derivative financial instrument is initially recognised at its fair value on the date the contract
\nis entered into and is subsequently carried at its fair value. The method of recognising the
\nresulting gain or loss depends on whether the derivative is designated as a hedge instrument,
\nand if so, the nature of the item being hedged. The Group designates each hedge as either:
\n(a) fair value hedge or (b) cash flow hedge.
\n
\nFor derivative financial instruments that are not designated or do not qualify for hedge
\naccounting, any fair value gains or losses are recognised in profit or loss as derivative
\ngain/(loss) when the change arises.
\n
\nAt the inception of the transaction, the Group documents the relationship between the
\nhedging instruments and hedged items as well as, the risk management objective and
\nstrategies for undertaking various hedging transactions. The Group also documents its
\nassessment, both at hedge inception and on an ongoing basis, of whether the derivatives
\ndesignated as hedging instruments are highly effective in offsetting changes in fair value or
\ncash flows of the hedged items.
\n
\nHedge effectiveness is determined at the inception of the hedging relationship, and through
\nperiodic prospective effectiveness assessments to ensure that an economic relationship exists
\nbetween the hedged item and hedging instrument.
\n
\n\n
\n\n
\n2. Significant accounting policies (continued)
\n
\n\n(g) Derivative financial instruments and hedging activities (continued)
\n
\nThe Group enters into hedge relationships where the critical terms of the hedging instrument
\nmatch exactly with the terms of the hedged item, and so a qualitative assessment of
\neffectiveness is performed. If changes in circumstances affect the terms of the hedged item
\nsuch that the critical terms no longer match exactly with the critical terms of the hedging
\ninstrument, the Group uses the hypothetical derivative method to assess effectiveness.
\n
\nThe carrying amount of a derivative designated as a hedge is presented as a non-current
\nasset or liability if the remaining expected life of the hedged item is more than 12 months,
\nand as a current asset or liability if the remaining expected life of the hedged item is less
\nthan 12 months. The fair value of a trading derivative is classified as a current asset or liability.
\n
\nThe fair value of derivative financial instruments represents the amount estimated by banks
\nor brokers that the Group will receive or pay to terminate the derivatives at the balance sheet
\ndate.
\n
\nHedges directly affected by interest rate benchmark reform.
\n
\nPhase 1 amendments: Prior to interest rate benchmark reform \u2013 when there is uncertainty
\narising from interest rate benchmark reform
\n
\nFor the purpose of evaluating whether there is an economic relationship between the hedged
\nitem(s) and the hedging instrument(s), the Group assumes that the benchmark interest rate
\nis not altered as a result of interest rate benchmark reform.
\n
\nFor a cash flow hedge of a forecast transaction, the Group assumes that the benchmark
\ninterest rate will not be altered as a result of interest rate benchmark reform for the purpose
\nof assessing whether the forecast transaction is highly probable and presents an exposure to
\nvariations in cash flows that could ultimately affect profit or loss.
\n
\nThe Group will cease to apply the specific policy for assessing the economic relationship
\nbetween the hedged item and the hedging instrument (i) to a hedged item or hedging
\ninstrument when the uncertainty arising from interest rate benchmark reform is no longer
\npresent with respect to the timing and the amount of the interest rate benchmark-based cash
\nflows of the respective item or instrument or (ii) when the hedging relationship is
\ndiscontinued. For its highly probable assessment of the hedged item, the Group will no longer
\napply the specific policy when the uncertainty arising from interest rate benchmark reform
\nabout the timing and the amount of the interest rate benchmark-based future cash flows of
\nthe hedged item is no longer present, or when the hedging relationship is discontinued.
\n
\n\n
\n\n
\n2. Significant accounting policies (continued)
\n
\n\n(g) Derivative financial instruments and hedging activities (continued)
\n
\nPhase 1 amendments: Prior to interest rate benchmark reform \u2013 when there is uncertainty
\narising from interest rate benchmark reform (continued)
\n
\nThe basis for determining the contractual cash flows of the hedged item or the hedging
\ninstrument may be modified as required by the IBOR reform. A change in the basis for
\ndetermining the contractual cash flows is required by interest rate benchmark reform if the
\nfollowing conditions are met:
\n- the change is necessary as a direct consequence of the reform; and
\n- the new basis for determining the contractual cash flows is economically equivalent to
\nthe previous basis \u2013 i.e the basis immediately before the change.
\n
\nFor these modifications, the Group amends the hedge documentation of that hedging
\nrelationship to reflect the change(s) required by interest rate benchmark reform when there
\nis no longer uncertainty about the cash flows of the hedged item or the hedging instrument.
\n
\nFor this purpose, the hedge designation is amended only to make one or more of the
\nfollowing changes:
\n- designating an alternative benchmark rate as the hedged risk;
\n- updating the description of hedged item, including the description of the designated
\nportion of the cash flows or fair value being hedged; or
\n- updating the description of the hedging instrument.
\n
\nHedges directly affected by interest rate benchmark reform.
\n
\nPhase 2 amendments: Replacement of benchmark interest rates \u2013 when there is no longer
\nuncertainty arising from interest rate benchmark reform (continued)
\n
\nThe Group amends the description of the hedging instrument only if the following conditions
\nare met:
\n
\n- it makes a change required by interest rate benchmark reform by changing the basis for
\ndetermining the contractual cash flows of the hedging instrument or using another
\napproach that is economically equivalent to changing the basis for determining the
\ncontractual cash flows of the original hedging instrument; and
\n- the original hedging instrument is not derecognised.
\n
\nThese amendments in the formal hedge documentation do not constitute the discontinuation
\nof the hedging relationship or the designation of a new hedging relationship.
\n
\nIf other changes are made in addition to those changes required by the interest rate
\nbenchmark reform described above, then the Group first considers whether those additional
\nchanges result in the discontinuation of the hedge accounting relationship. If the additional
\nchanges do not result in discontinuation of the hedge accounting relationship, then the Group
\namends the formal hedge documentation for changes required by interest rate benchmark
\nreform as mentioned above.
\n
\n\n
\n\n
\n2. Significant accounting policies (continued)
\n\n(
\ng) Derivative financial instruments and hedging activities (continued)
\n(1) Interest rate swaps
\nT
\nhe Group has entered into interest rate swaps that are cash flow hedges for the
\nGroup\u2019s exposure to interest rate risk on its borrowings. These contracts entitle the
\nGroup to receive interest at floating rates on notional principal amounts and oblige the
\nGroup to pay interest at fixed rates on the same notional principal amounts, thus
\nallowing the Group to raise borrowings at floating rates and swap them into fixed
\nrates. The Group hedges up to 75% of its floating rate borrowings and the hedged
\nitem is identified as a proportion of the outstanding amount of the borrowings. As all
\ncritical terms matched during the year, the economic relationship was assessed to be
\n100% effective.
\nT
\nhe fair value changes on the effective portion of interest rate swaps designated as
\ncash flow hedges are recognised in other comprehensive income, accumulated in the
\nfair value reserve, and reclassified to profit or loss when the hedged interest expense
\non the borrowings is recognised in profit or loss. The fair value changes on the
\nineffective portion of interest swaps are recognised immediately in profit or loss.
\n(
\n2) Forward bunker swaps
\nT
\nhe Group has entered into forward bunker swaps that are cash flow hedges for the
\nGroup\u2019s exposure to cash flow variability for its forecasted bunker purchases. These
\ncontracts entitle the Group to receive bunker at floating rates and oblige the Group
\n to
\np
\nay for bunker at fixed prices, or in some contracts to pay a fixed incremental spread
\n(between high and low sulphur fuel oil) for low sulphur fuel oil. It was assessed tha
\nt
\nt
\nhe economic relationship between the forward bunker swaps and the hedged item
\nwas effective as the critical terms match.
\nThe fair value changes on the effective portion of the forward bunker swaps
\ndesignated as cash flow hedges are recognised in other comprehensive income.
\nAmounts accumulated in equity are reclassified in the periods when the hedged item
\naffects profit or loss.
\n(
\n3) Forward freight agreements (FFAs)
\nT
\nhe Group has entered into FFAs that are cash flow hedges for the Group\u2019s exposure
\nto cash flow variability, for its forecasted freight earnings. These contracts entitle the
\nGroup to receive fixed freight rates and oblige the Group to pay floating freight rates
\nfor the volumes transacted. This effectively hedges the forecasted freight revenu
\ne
\nc
\nontracted at future market freight rates. It was assessed that the economic
\nrelationship between the FFAs and the hedged item was effective as the critical terms
\nmatc
\nh.
\nT
\nhe fair value changes on the effective portion of the FFAs designated as cash flow
\nhedges are recognised in other comprehensive income. Amounts accumulated in
\nequity are reclassified in the periods when the hedged item affects profit or loss.
\n
\n\n
\n\n
\n
\n2. Significant accounting policies (continued)
\n
\n\n(g) Derivative financial instruments and hedging activities (continued)
\n
\n(4) Non-derivative financial asset
\n
\nThe Group has designated the foreign currency risk component of a foreign
\ndenominated cash balance as a cash flow hedge against the Group\u2019s commitment for
\nthe exercise of a purchase option on its time charter in lease contract which is
\ndenominated in the same foreign currency. This effectively hedges the forecasted
\npurchase price at a fixed USD amount from the date of designation of the hedge. It
\nwas assessed that the economic relationship between the hedging instrument and
\nthe hedged item was effective as the critical terms match.
\n
\nThe fair value changes on the effective portion of the foreign currency risk component
\nof the foreign denominated cash balance designated as cash flow hedges are
\nrecognised in other comprehensive income. Amounts accumulated in equity are
\nreclassified into the cost of the asset upon payment of the purchase option.
\n
\n\n
\n\n(h) Financial assets
\n
\n(1) Financial assets at amortised cost
\n
\nA financial asset is measured at amortised cost if it meets both of the following
\nconditions and is not designated as a FVTPL:
\n
\n- it is held within a business model whose objective is to hold assets to collect
\ncontractual cash flows; and
\n
\n- its contractual terms give rise on specified dates to cash flows that are solely
\npayments of principal and interest on the principal amount outstanding.
\n
\nThe Group\u2019s financial assets at amortised costs, are presented as \u201cfinance lease
\nreceivables\u201d (note 9) \u201ctrade and other receivables\u201d (note 11) and \u201ccash and cash
\nequivalents\u201d (note 15) in the consolidated balance sheet.
\n
\nThese financial assets are initially recognised at their fair values plus transaction costs
\nand subsequently carried at amortised cost using the effective interest method, less
\naccumulated impairment losses.
\n
\nThe Group managed these groups of financial assets by collecting the contractual cash
\nflow and these cash flows represent solely payment of principal and interest.
\nAccordingly, these groups of financial assets are measured at amortised cost
\nsubsequent to initial recognition.
\n
\nThe Group assesses on a forward-looking basis the expected credit losses (ECLs)
\nassociated with these groups of financial assets.
\n
\nFor trade receivables, finance lease receivables and other receivables \u2013 related party,
\nthe Group applied the simplified approach permitted by IFRS 9, which requires
\nexpected lifetime losses to be recognised from initial recognition of the receivables.
\n
\n\n
\n\n
\n2. Significant accounting policies (continued)
\n
\n\n
\n(h) Financial assets
\n(continued)
\n
\n(1) Financial assets at amortised cost (continued)
\n
\nFor cash and cash equivalents, the general 3 stage approach is applied. Credit loss
\nallowance is based on 12-month ECL if there is no significant increase in credit risk
\nsince the initial recognition of the assets. If there is a significant increase in credit risk
\nsince initial recognition, lifetime ECL will be calculated and recognised.
\n
\nWhen determining whether the credit risk of a financial instrument has increased
\nsignificantly since initial recognition and when estimating ECLs, the Group considers
\nreasonable and supportable information that is relevant and available without undue
\ncost or effort. This includes both quantitative and qualitative information analysis,
\nbased on the Group\u2019s historical experience and informed credit assessment and
\nincludes forward-looking information.
\n
\nThe Group considers a financial asset to be in default when:
\n
\n- the borrower is unlikely to pay its credit obligations to the Group in full,
\nwithout recourse by the Group to actions such as realising security (if any is
\nheld); or
\n
\n- the financial asset is more than 90 days past due.
\n
\nWhen the asset becomes uncollectible, it is written off against the allowance amount.
\nSubsequent recoveries of amounts previously written off are recognised against the
\nsame line item in profit or loss.
\n
\nThe impairment allowance is reduced through profit or loss in a subsequent period by
\nthe amount of ECL reversal that is required to adjust the loss allowance to the amount
\nthat is required to be recognised at the reporting date.
\n
\nThese assets are presented as current assets except for those that are expected to be
\nrealised later than 12 months after the balance sheet date, which are presented as
\nnon-current assets.
\n
\n\nThe Group derecognises a financial asset when the contractual rights to the cash flows
\nfrom the financial asset expire, or it transfers the rights to receive the contractual cash
\nflows in a transaction in which substantially all of the risks and rewards of ownership
\nof the financial asset are transferred or in which the Group neither transfers nor retains
\nsubstantially all of the risks and rewards of ownership and it does not retain control of
\nthe financial asset.
\n
\n\n
\n\n
\n\n
\n
\n
\n2. Significant accounting policies (continued)
\n
\n\n
\n(h) Financial assets
\n(continued)
\n
\n\n(2) Equity Investments
\n
\nEquity investments are initially recognised at its fair value. Transaction costs are
\nexpensed in profit or loss.
\n
\n(i)
\n The Group subsequently measures all its equity investments at their fair
\nvalues. Equity investments are classified as fair value through profit or loss
\n(\u201cFVPL\u201d) with movements in their fair values recognised in profit or loss in
\nthe period in which the changes arise. Dividends from equity investments are
\nrecognised in profit or loss as \u201cdividend income\u201d.
\n
\n(ii)
\n On disposal of an equity investment, the difference between the carrying
\namount and sales proceed is recognised in profit or loss if there was no
\nelection made to recognise fair value changes in other comprehensive
\nincome. If there was an election made, any differences between the carrying
\namount and sales proceed amount would be recognised in other
\ncomprehensive income and transferred to retained profits along with the
\namount previously recognised in other comprehensive income relating to that
\nasset.
\n
\n\n
\n\n
\n\n(i) Borrowings
\n
\nBorrowings are initially recognised at fair value, net of transaction costs incurred, and
\nsubsequently stated at amortised cost. Any difference between the proceeds (net of
\ntransaction costs) and the redemption value is taken to profit or loss over the period of the
\nborrowings using the effective interest method.
\n
\nBorrowings are presented as current liabilities in the consolidated balance sheet unless the
\nGroup has an unconditional right to defer settlement of the liability for at least 12 months
\nafter the balance sheet date, in which case they are presented as non-current liabilities.
\n
\n\n
\n\n(j) Borrowing costs
\n
\nBorrowing costs are recognised in the consolidated statement of comprehensive income
\nusing the effective interest method except for those costs that are directly attributable to the
\nconstruction of vessels. This includes those costs on borrowings acquired specifically for the
\nconstruction of vessels, as well as those in relation to general borrowings used to finance the
\nconstruction of vessels.
\n
\nBorrowing costs on borrowings acquired specifically for the construction of vessels are
\ncapitalised in the cost of the vessel under construction during the period of construction until
\nthe Group takes delivery of the vessels. Borrowing costs on general borrowings are capitalised
\nby applying a capitalisation rate to the construction expenditures that are financed by general
\nborrowings.
\n
\n\n
\n\n
\n
\n
\n2. Significant accounting policies (continued)
\n\n(j) B
\norrowing costs (continued)
\nThe basis for determining the contractual cash flows of the borrowing may be modified as
\nrequired by the IBOR reform. A change in the basis for determining the contractual cash flows
\nis required by interest rate benchmark reform if the following conditions are met:
\n- t
\nhe change is necessary as a direct consequence of the reform; and
\n- the new basis for determining the contractual cash flows is economically equivalent
\nto the previous basis \u2013 i.e. the basis immediately before the change.
\nF
\nor this purpose, the Group updated the effective interest rate of the borrowing to reflect the
\nchange that is required.
\nI
\nf other changes are made in addition to those changes required by interest rate benchmark
\nreform described above, then the Group first updated the effective interest rate of the
\nborrowing to reflect the change that is required by interest rate benchmark reform. Then the
\nGroup applied the policies on accounting for modification to the additional changes.
\n
\n\n\n(k
\n) Trade and other payables
\nTrade and other payables represent liabilities to pay for goods or services provided to the
\nGroup prior to the end of the financial year which are unpaid. Trade and other payables are
\nclassified as current liabilities if payment is due within one year or less. If not, they are
\npresented as non-current liabilities.
\nT
\nrade and other payables are initially recognised at fair value, and subsequently carried at
\namortised cost using the effective interest method and are derecognised when the Group\u2019s
\nobligation has been discharged or cancelled or expired.
\n
\n\n\n(l
\n) Leases
\n(1) As a lessee:
\nA
\nt the inception of the contract, the Group assesses if the contract contains a lease.
\nA contract contains a lease if the contract conveys the right to control the use of an
\nidentified asset for a period of time in exchange for consideration. Reassessment i
\ns
\no
\nnly required when the terms and conditions of the contract are changed.
\nT
\nhe Group recognised a right-of-use asset and lease liability at the lease
\ncommencement date. Right-of-use assets are measured at cost which comprise
\ns
\nt
\nhe initial measurement of lease liabilities adjusted for any lease payments mad
\ne
\na
\nt or before the commencement date and lease incentive received. Any initial direct
\ncosts that would not have been incurred if the lease had not been obtained are
\nadded to the carrying amount of the right-of-use assets.
\n
\n\n
\n\n
\n2. Significant accounting policies (continued)
\n
\n\n(l) Leases (continued)
\n
\n(1) As a lessee (continued):
\n
\nThe right-of-use assets are subsequently carried at cost less accumulated
\ndepreciation and accumulated impairment losses (note 2(f)). Depreciation is
\ncalculated on straight-line method from the commencement date to the to the end
\nof the lease term, unless the lease transfers ownership of the underlying asset to
\nthe Group by the end of the lease term or it is reasonably certain that the Group
\nwill exercise a purchase option. In that case, the right-of-use asset will be
\ndepreciated over the useful life of the underlying asset, which is determined on the
\nsame basis as those of property and equipment.
\n
\nRight-of-use assets are presented within \u201cRight-of-use assets (vessels)\u201d.
\n
\nThe lease liability is initially measured at the present value of the lease payments
\nthat are not paid at the commencement date, discounted using the interest rate
\nimplicit in the lease, or if that rate cannot be readily determined, the Group\u2019s
\nincremental borrowing rate. Generally, the Group uses its incremental borrowing
\nrate as the discount rate. From 1 January 2021, where the basis for determining
\nfuture lease payments changes as required by interest rate benchmark reform, the
\nGroup remeasures the lease liability by discounting the revised lease payments
\nusing the revised discount rate that reflects the change to an alternative benchmark
\ninterest rate.
\n
\nLease payments included in the measurement of the lease liability comprise the
\nfollowing:
\n- fixed payments, including in-substance fixed payments;
\n- variable lease payments that depend on an index or a rate, initially measured
\nusing the index or rate as at the commencement date;
\n- amounts expected to be payable under a residual value guarantee; and
\n- the exercise price under a purchase option that the Group is reasonably certain
\nto exercise, lease payments in an optional renewal period if the Group is
\nreasonably certain to exercise an extension option, and penalties for early
\ntermination of a lease unless the Group is reasonably certain not to terminate
\nearly.
\n
\nThe lease liability is measured at amortised cost using the effective interest method.
\nIt is remeasured when there is a change in future lease payments arising from a
\nchange in an index or rate, if there is a change in the Group\u2019s estimate of the
\namount expected to be payable under a residual value guarantee, if the Group
\nchanges its assessment of whether it will exercise a purchase, extension, or
\ntermination option or if there is a revised in-substance fixed lease payment.
\n
\nWhen the lease liability is remeasured in this way, a corresponding adjustment is
\nmade to the carrying amount of the right-of-use asset, or is recorded in profit or
\nloss if the carrying amount of the right-of-use asset has been reduced to zero.
\n
\nVariable lease payments not dependent on an index or rate and lease payments
\narising from leases with lease terms less than 12 months are recognised as an
\nexpense as incurred, or on a straight-line basis over the lease term and presented
\nwithin \u201ccharter hire expenses\u201d.
\n
\nPayments made in relation to the non-lease components of the leases are
\nrecognised as an expense on a straight-line basis over the lease term.
\n
\n\n
\n\n
\n2. Significant accounting policies (continued)
\n\n(l
\n) Leases (continued)
\n(2) As a lessor:
\nT
\nhe Group time charters vessels to non-related parties under operating leas
\ne
\na
\ngreements. The leases have varying terms.
\nLe
\nssor \u2013 Finance leases
\nL
\neases where the Group has transferred substantially all risks and rewards incidenta
\nl
\nt
\no ownership of the leased assets to the lessees, are classified as finance leases.
\nThe leased asset is derecognised and the present value of the lease receivable is
\nrecognised on the balance sheet. Each lease payment received is applied against
\nthe gross investment in the finance lease receivable to reduce both the principal
\nand the unearned finance income. The finance income is recognised in profit or loss
\non a basis that reflects a constant periodic rate of return on the net investment in
\nthe finance lease receivable. The Group applies the derecognition and impairment
\nrequirements in IFRS 9 to the net investment in the lease (see note 2(h))
\n.
\nI
\nnitial direct costs incurred by the Group in negotiating and arranging finance leases
\nare added to finance lease receivables and reduce the amount of incom
\ne
\nr
\necognised over the lease term.
\nLe
\nssor \u2013 Operating leases
\nL
\neases, where the Group retains substantially all risks and rewards incidental to
\nownership are classified as operating leases. Rental income from operating lease
\ns
\n(
\nnet of any incentives given to the lessees) is recognised in profit or loss on a
\nstraight-line basis over the lease term.
\n(3) As an intermediate lessor:
\nIn classifying a sublease, the Group as an intermediate lessor classifies the sublease
\nas a finance or an operating lease with reference to the right-of-use asset arising
\nfrom the head lease, rather than the underlying asset.
\nW
\nhen the sublease is assessed as a finance lease, the Group derecognises the right-
\nof-use asset relating to the head lease that it transfers to the sublessee and
\nrecognised the net investment in the sublease within \u201cFinance lease receivables\u201d.
\nAny differences between the right-of-use asset derecognised and the net
\ninvestment in sublease is recognised in the statement of comprehensive income
\n.
\nL
\nease liability relating to the head lease is retained on the balance sheet, whic
\nh
\nr
\nepresents the lease payments owed to the head lessor.
\nW
\nhen the sublease is assessed as an operating lease, the Group recognise lease
\nincome from sublease in profit or loss within \u201cRevenue from time charter voyages\u201d
\n.
\nT
\nhe right-of-use asset relating to the head lease is not derecognised.
\n
\n\n
\n\n
\n
\n
\n2. Significant accounting policies (continued)
\n\n(m) F
\nair value estimation of financial assets and liabilities
\nThe fair values of financial instruments traded in active markets (such as exchange-traded
\nand over-the-counter securities and derivatives) are based on quoted market prices at the
\nbalance sheet date. The quoted market prices for financial assets are the current bid prices;
\nthe appropriate market prices used for financial liabilities are the current asking prices.
\nT
\nhe fair values of financial instruments that are not traded in an active market are determined
\nby using valuation techniques. The Group uses a variety of methods and makes assumptions
\nthat are based on market conditions existing at each balance sheet date. Where appropriate,
\nquoted market prices or dealer quotes for similar instruments are used.
\n
\n\n\n(
\nn) Inventories
\nInventories comprise fuel oil remaining on board and liquefied petroleum gas held for trading
\npurposes.
\nFuel oil is measured at the lower of cost (on a first-in, first-out basis) and net realisable value.
\nL
\niquefied petroleum gas held for trading purposes are measured at fair value less costs to
\nsell. Any change in fair value is recognised in profit or loss for the period in which it arose.
\n
\n\n\n(
\no) Provisions for other liabilities and charges
\nProvisions are recognised when the Group has a present legal or constructive obligation
\nwhere as a result of past events, it is more likely than not that an outflow of resources will
\nbe required to settle the obligation and a reliable estimate of the amount can be made. When
\nthe Group expects a provision to be reimbursed, the reimbursement is recognised as a
\nseparate asset but only when the reimbursement is virtually certain. Provisions are not
\nrecognised for future operating losses.
\nP
\nrovisions are measured at the present value of the expenditure expected to be required to
\nsettle the obligation using a pre-tax discount rate that reflects the current market assessmen
\nt
\no
\nf the time value of money and the risks specific to the obligation. The increase in the
\nprovision due to the passage of time is recognised in profit or loss as finance expense.
\nC
\nhanges in the estimated timing or amount of the expenditure or discount rate are recognised
\nin profit or loss when the changes arise.
\n
\n\n
\n\n
\n2. Significant accounting policies (continued)
\n
\n\n
\n(p) Foreign currency translation
\n
\n\n(1) Functional and presentation currency
\n
\nItems included in the financial statements of each entity in the Group are measured
\nusing the currency of the primary economic environment in which the entity operates
\n(the \u201cfunctional currency\u201d). The consolidated financial statements of the Group are
\npresented in United States Dollars (\u201cUS$\u201d), which is the functional currency of the
\nCompany.
\n
\n\n
\n(2) Transactions and balances
\n
\nTransactions in a currency other than the functional currency (\u201cforeign currency\u201d) are
\ntranslated into the functional currency using the exchange rates prevailing at the dates
\nof the transactions. Foreign currency exchange gains and losses resulting from the
\nsettlement of such transactions and from the translation of monetary assets and
\nliabilities denominated in foreign currencies at the closing rates at the balance sheet
\ndate are recognised in profit or loss within \u201cfinance expense \u2013 net\u201d.
\n
\n(3) Translation of Group entities\u2019 financial statements
\n
\nThe results and financial position of all the Group entities (none of which has the
\ncurrency of a hyperinflationary economy) that have a functional currency different
\nfrom United States Dollars are translated into United States Dollars as follows:
\n
\n(i)
\n Assets and liabilities are translated at the closing rate at the reporting date;
\n
\n(ii)
\n Income and expenses are translated at average exchange rates (unless this
\naverage is not a reasonable approximation of the cumulative effect of the
\nrates prevailing on the transaction dates, in which case income and expenses
\nare translated using the exchange rates at the dates on the transactions); and
\n
\n(iii)
\n All resulting currency translation differences are recognised in other
\ncomprehensive income and accumulated in the currency translation reserve.
\nThese currency translation differences are reclassified to profit or loss on
\ndisposal or partial disposal of the entity giving rise to such reserve.
\n
\n\n
\n\n
\n2. Significant accounting policies (continued)
\n
\n\n
\n(q) Employee benefits
\n
\nEmployee benefits are recognised as an expense unless the cost qualifies to be classified as
\nan asset.
\n
\n(1) Employee leave entitlement
\n
\nEmployee entitlements to annual leave are recognised when they accrue to
\nemployees. An accrual is made for the estimated liability for annual leave as a result
\nof services rendered by employees up to the balance sheet date.
\n
\n(2) Defined contribution plans
\n
\nDefined contribution plans are post-employment benefit plans under which the Group
\npays fixed contributions into separate entities on a mandatory, contractual or voluntary
\nbasis. The Group has no further payment obligations once the contributions have been
\npaid.
\n
\n\n(3) Share-based compensation
\n
\nThe Group operates an equity-settled, share-based compensation plan. The value of
\nthe employee services received in exchange for the grant of options is recognised as
\nan expense with a corresponding increase in the share-based payment reserve over
\nthe vesting period. The total amount to be recognised over the vesting period is
\ndetermined by reference to the fair value of the share options granted on grant date.
\nNon-market vesting conditions are included in the estimation of the number of shares
\nunder options that are expected to become exercisable on the vesting date. At each
\nbalance sheet date, the Group revises its estimates of the number of shares under
\noptions that are expected to become exercisable on the vesting date and recognises
\nthe impact of the revision of the estimates in profit or loss, with a corresponding
\nadjustment to the share-based payment reserve over the remaining vesting period.
\n
\nWhen the share options are exercised, the proceeds received (net of transaction costs)
\nand the related balance previously recognised in the share-based payment reserve
\nare credited to share capital (nominal value) and share premium, when new ordinary
\nshares are issued, or to the \u201ctreasury shares\u201d account, when treasury shares are
\nreissued to the employees.
\n
\n\n
\n\n
\n\n
\n
\n
\n
\n2. Significant accounting policies (continued)
\n
\n\n(r) Offsetting financial instruments
\n
\nFinancial assets and liabilities are offset, and the net amount reported in the balance sheet
\nwhen there is a legally enforceable right to offset and there is an intention to settle on a net
\nbasis or realise the asset and settle the liability simultaneously.
\n
\n\n
\n\n
\n\n
\n\n(s) Cash and cash equivalents
\n
\nFor the purpose of presentation in the consolidated statement of cash flows, cash and cash
\nequivalents include cash on hand and short-term bank deposits less margin account held with
\nbrokers which are subject to an insignificant risk of change in value.
\n
\n\n
\n\n
\n\n
\n(t) Share capital and treasury shares
\n
\n\nCommon shares are classified as equity. Incremental costs directly attributable to the issuance
\nof new common shares are deducted against share premium, a component of the share
\ncapital account.
\n
\n\n
\n\nWhen any entity within the Group purchases the Company\u2019s common shares (\u201ctreasury
\nshares\u201d), the carrying amount which includes the consideration paid and any directly
\nattributable transaction cost is presented as a component within equity attributable to the
\nCompany\u2019s equity holders, until they are cancelled, sold, or reissued.
\n
\nWhen treasury shares are subsequently sold or reissued pursuant to an employee share
\noption scheme, the cost of treasury shares is reversed from the treasury share account and
\nthe realised gain or loss on sale or reissue, net of any directly attributable incremental
\ntransaction costs and related income tax, is recognised in the capital reserve.
\n
\n\n
\n\n
\n
\n
\n
\n2. Significant accounting policies (continued)
\n
\n\n(u) Income tax
\n
\nThe income tax expense or credit for the period is the tax payable on the current period\u2019s
\ntaxable income, based on the applicable income tax rate for each jurisdiction.
\n
\nThe current income tax charge is calculated on the basis of the tax laws enacted or
\nsubstantively enacted at the end of the reporting period in the countries where the company
\nand its subsidiaries operate and generate taxable income. Management periodically evaluates
\npositions taken in tax returns with respect to situations in which applicable tax regulation is
\nsubject to interpretation. It establishes provisions, where appropriate, on the basis of amounts
\nexpected to be paid to the tax authorities.
\n
\nDeferred tax is recognised in respect of temporary differences between the carrying amounts
\nof assets and liabilities for financial reporting purposes and the amounts used for taxation
\npurposes. Deferred tax is measured at the tax rates that are expected to be applied to
\ntemporary differences when they reverse, based on tax rates and tax laws that have been
\nenacted or substantively enacted by the reporting date, and reflects uncertainty related to
\nincome taxes, if any.
\n
\nDeferred tax assets and liabilities are offset if there is a legally enforceable right to offset
\ncurrent tax liabilities and assets, and they relate to taxes levied by the same tax authority on
\nthe same taxable entity, or on different tax entities, but they intend to settle current tax
\nliabilities and assets on a net basis or their tax assets and liabilities will be realised
\nsimultaneously.
\n
\nDeferred tax assets are recognised for unused tax losses, unused tax credits and deductible
\ntemporary differences to the extent that it is probable that future taxable profits will be
\navailable against which they can be used. Future taxable profits are determined based on the
\nreversal of relevant taxable temporary differences. If the amount of taxable temporary
\ndifferences is insufficient to recognise a deferred tax asset in full, then future taxable profits,
\nadjusted for reversals of existing temporary differences, are considered, based on the
\nbusiness plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at
\neach reporting date and are reduced to the extent that it is no longer probable that the related
\ntax benefit will be realised; such reductions are reversed when the probability of future
\ntaxable profits improves.
\n
\n\n
\n\n(v) Dividend to Company\u2019s shareholders
\n
\nDividend to the Company\u2019s shareholders is recognised when the dividend is approved.
\n
\n\n
\n\n(w) Segment reporting
\n
\nOperating segments are reported in a manner consistent with the internal reporting provided
\nto Management whose members are responsible for allocating resources and assessing the
\nperformance of the operating segments.
\n
\n\n
\n\n
\n\n(x) Non\u2013current assets (or disposal groups) held-for-sale
\n
\nNon-current assets (or disposal groups) are classified as assets held-for-sale and carried at
\nthe lower of carrying amount and fair value less costs to sell if its carrying amount is recovered
\nprincipally through a sale transaction rather than through continuing use. The asset is not
\ndepreciated or amortised while it is classified as held-for-sale. Any impairment loss on initial
\nclassification and subsequent measurement value less costs to sell (not exceeding the
\naccumulated impairment loss that has been previously recognised) is recognised in profit or
\nloss.
\n
\n\n
\n\n
\n\n
\n
\n2. Significant accounting policies (continued)
\n
\n\n(y) Commodity contracts
\n
\nPhysical contracts to buy and sell commodities are accounted for as derivatives at fair value
\nthrough profit or loss. These derivative gains or losses are presented within Revenue \u2013 Product
\nServices. At delivery of the commodity, the sale of the commodity is recognised as revenue
\nunder IFRS 15. See note 2(b)(2).
\n
\n\n
\n\n(z) Contingent liabilities
\n
\nWhere it is not probable that an outflow of economic benefits will be required, or the amount
\ncannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the
\nprobability of outflow of economic benefits is remote. Possible obligations, whose existence
\nwill only be confirmed by the occurrence or non-occurrence of one or more future events,
\nare also disclosed as contingent liabilities unless the probability of outflow of economic
\nbenefits is remote.
\n
\nThe Group is involved in certain claims, litigations, and disputes. Due to the nature of these
\ndisputes and matters, and the uncertainty of the outcome, the Group believes that possible
\nobligations arising are remote and the amount of exposure cannot currently be determined.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"Tag667": {
"value": "\n
\n(a) Basis of preparation
\nThe consolidated financial statements have been prepared in accordance with International
\nFinancial Reporting Standards (\u201cIFRS\u201d), and have been prepared under the historical cost
\nconvention, except as disclosed in the accounting policies below.
\n\nNew standards, amendments to published standards and interpretations, adopted by the
\nGroup
\nThe Group has adopted all the relevant new standards, amendments and interpretations to
\npublished standards as of 1 January 2022.
\nThe adoption of these new standards, amendments, and interpretations to published
\nstandards does not have a material impact on the consolidated financial statements.
\n
\n\n
\n\n
\n (a) Basis of preparation (continued)
\n
\n\nCritical accounting estimates, assumptions and judgements
\n
\n
\nThe preparation of the consolidated financial statements in conformity with IFRS requires
\nManagement to exercise its judgement in the process of applying the Group\u2019s accounting
\npolicies. It also requires the use of certain critical accounting estimates and assumptions.
\nEstimates, assumptions and judgements are continually evaluated and are based on
\nhistorical experience and other factors, including expectations of future events that are
\nbelieved to be reasonable under the circumstances.
\n
\nThe following is a summary of estimates and assumptions which have a material effect.
\n
\n(1) Useful life and residual value of assets
\n
\nThe Group reviews the useful life and residual value of its vessels at the balance sheet
\ndate and any adjustments are made on a prospective basis. Residual value is
\nestimated as the lightweight tonnage (LWT) of each vessel multiplied by the scrap
\nsteel price per LWT. If estimates of the residual values are revised, the amount of
\ndepreciation charge in the future years will be changed.
\n
\nThe useful lives of the vessels are assessed periodically based on the condition of the
\nvessels, market conditions and other regulatory requirements. If the estimates of
\nuseful lives for the vessels are revised or there is a change in useful lives, the amount
\nof depreciation charge recorded in future years will be changed.
\n
\n(2) Impairment
\n
\nThe Group assesses at the balance sheet dates whether there is any objective evidence
\nor indication that the values of the intangible assets, and property, plant and
\nequipment may be impaired. If any such indication exists, the Group will estimate the
\nrecoverable amount of the asset, and write down the asset to the recoverable amount.
\nThe assessment of the recoverable amounts of the vessels is based on the higher of
\nfair value less cost to sell and value-in-use calculations, with each vessel being
\nregarded as one cash generating unit. The recoverable amount of vessels is estimated
\npredominantly based on independent third party broker valuations.
\n
\n\n
\n\n
\n (a) Basis of preparation (continued)
\n
\n\nCritical accounting estimates, assumptions and judgements
\n(continued)
\n
\n(2) Impairment (continued)
\n
\nChanges to these brokers\u2019 estimates may significantly impact the impairment charges
\nrecognised and future changes may lead to reversals of currently recognised
\nimpairment charges.
\n
\nSee note 8(c) for further disclosures.
\n
\n(3) Revenue recognition
\n
\nAll voyage revenues, demurrage and voyage expenses are recognised on a
\npercentage of completion basis. Load-to-discharge basis is used in determining the
\npercentage of completion for all spot voyages and voyages servicing contracts of
\naffreightment. Under this method, voyage revenue is recognised rateably over the
\nperiod from the point of loading of the current voyage to the point of discharge of the
\ncurrent voyage.
\n
\nManagement uses its judgement in estimating the total number of days of a voyage
\nbased on historical trends, the operating capability of the vessel (speed and fuel
\nconsumption) and the distance of the trade route. Actual results may differ from
\nestimates.
\n
\nDemurrage income is assessed at a percentage of the total estimated claims issued
\nto customers. The estimation of this rate is based on the historical actual demurrage
\nrecovered over the total estimated claims issued to customers.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"Tag668": {
"value": "The consolidated financial statements have been prepared in accordance with InternationalFinancial Reporting Standards (\u201cIFRS\u201d)",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag669": {
"value": "\nNew standards, amendments to published standards and interpretations, adopted by the
\nGroup
\nThe Group has adopted all the relevant new standards, amendments and interpretations to
\npublished standards as of 1 January 2022.
\nThe adoption of these new standards, amendments, and interpretations to published
\nstandards does not have a material impact on the consolidated financial statements.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag670": {
"value": "\nCritical accounting estimates, assumptions and judgements
\n
\n
\nThe preparation of the consolidated financial statements in conformity with IFRS requires
\nManagement to exercise its judgement in the process of applying the Group\u2019s accounting
\npolicies. It also requires the use of certain critical accounting estimates and assumptions.
\nEstimates, assumptions and judgements are continually evaluated and are based on
\nhistorical experience and other factors, including expectations of future events that are
\nbelieved to be reasonable under the circumstances.
\n
\nThe following is a summary of estimates and assumptions which have a material effect.
\n
\n(1) Useful life and residual value of assets
\n
\nThe Group reviews the useful life and residual value of its vessels at the balance sheet
\ndate and any adjustments are made on a prospective basis. Residual value is
\nestimated as the lightweight tonnage (LWT) of each vessel multiplied by the scrap
\nsteel price per LWT. If estimates of the residual values are revised, the amount of
\ndepreciation charge in the future years will be changed.
\n
\nThe useful lives of the vessels are assessed periodically based on the condition of the
\nvessels, market conditions and other regulatory requirements. If the estimates of
\nuseful lives for the vessels are revised or there is a change in useful lives, the amount
\nof depreciation charge recorded in future years will be changed.
\n
\n(2) Impairment
\n
\nThe Group assesses at the balance sheet dates whether there is any objective evidence
\nor indication that the values of the intangible assets, and property, plant and
\nequipment may be impaired. If any such indication exists, the Group will estimate the
\nrecoverable amount of the asset, and write down the asset to the recoverable amount.
\nThe assessment of the recoverable amounts of the vessels is based on the higher of
\nfair value less cost to sell and value-in-use calculations, with each vessel being
\nregarded as one cash generating unit. The recoverable amount of vessels is estimated
\npredominantly based on independent third party broker valuations.
\n
\n\nCritical accounting estimates, assumptions and judgements
\n(continued)
\n
\n(2) Impairment (continued)
\n
\nChanges to these brokers\u2019 estimates may significantly impact the impairment charges
\nrecognised and future changes may lead to reversals of currently recognised
\nimpairment charges.
\n
\nSee note 8(c) for further disclosures.
\n
\n(3) Revenue recognition
\n
\nAll voyage revenues, demurrage and voyage expenses are recognised on a
\npercentage of completion basis. Load-to-discharge basis is used in determining the
\npercentage of completion for all spot voyages and voyages servicing contracts of
\naffreightment. Under this method, voyage revenue is recognised rateably over the
\nperiod from the point of loading of the current voyage to the point of discharge of the
\ncurrent voyage.
\n
\nManagement uses its judgement in estimating the total number of days of a voyage
\nbased on historical trends, the operating capability of the vessel (speed and fuel
\nconsumption) and the distance of the trade route. Actual results may differ from
\nestimates.
\n
\nDemurrage income is assessed at a percentage of the total estimated claims issued
\nto customers. The estimation of this rate is based on the historical actual demurrage
\nrecovered over the total estimated claims issued to customers.
\n
\n",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag671": {
"value": "\n (b) Revenue and income recognition
\n
\nRevenue comprises the fair value of the consideration received or receivable for the rendering
\nof services in the ordinary course of the Group\u2019s activities, net of rebates, discounts, off-hire
\ncharges and after eliminating sales within the Group.
\n
\n(1) Rendering of services
\n
\nRevenue from time charters accounted for as operating leases is recognised in profit
\nor loss on a straight-line basis over the lease term.
\n
\n\n
\nb) Revenue and income recognition (continued)
\n(1) Rendering of services (continued)
\nRevenue from voyage charters is recognised rateably over the estimated length of the
\nvoyage within the respective reporting period, in the event the voyage commences
\nin one reporting period and ends in the subsequent reporting period. No additional
\ndisclosures in relation to the incremental cost of obtaining the contract and the
\nremaining performance obligation with an original duration of one year or less are
\nmade as the Group has applied the practical expedients available in the standard
\n.
\nAd
\nditionally, as the Group typically receives payments within one year from the star
\nt
\no
\nf the voyage, there are no additional disclosures made
\n.
\nT
\nhe Group determines the percentage of completion of voyage revenue using the
\nload-to-discharge method. Under this method, voyage revenue is recognised evenl
\ny
\no
\nver the period from the point of loading of the current voyage to the point of
\ndischarge of the current voyage.
\nD
\nemurrage revenue is recognised as revenue from voyage charter based on
\npercentage of completion, consistent with the basis of recognising voyage freight
\nrevenue and is assessed at a percentage of the total estimated claims issued to
\ncustomers. The estimation of this rate is based on the historical actual demurrage
\nrecovered over the total estimated claims issued to customers.
\n(
\n2) Sale of goods \u2013 LPG cargo
\nR
\nevenue from the sale of goods is recognised when the performance obligations have
\nbeen satisfied, which is when control of the cargo is transferred to the customer
\n.
\nRevenue is measured based on consideration specified in the contract with a customer,
\nwhich i
\nncludes the provision of services (shipping and insurance) when goods are sol
\nd
\no
\nn a CFR or CIF basis. The same recognition and presentation principles apply to
\nrevenues arising from physical settlement of forward sale contracts that do not mee
\nt
\nt
\nhe own use exemption.
\n\n
\n
\n\n(3) I
\nnterest incom
\ne
\nInterest income is recognised on a time proportion basis using the effective interest
\nmethod.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
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"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag672": {
"value": "\n
\n
\n\n(3) I
\nnterest incom
\ne
\nInterest income is recognised on a time proportion basis using the effective interest
\nmethod.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag673": {
"value": "\n(3) I
\nnterest incom
\ne
\nInterest income is recognised on a time proportion basis using the effective interest
\nmethod.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag674": {
"value": "\n
\nc) Group accounting
\n\n1) Subsidiaries
\n(i) Consolidation
\nS
\nubsidiaries are entities (including special purpose entities) over which the
\nGroup has control. The Group controls an entity when the Group is exposed
\nto, or has rights to, variable returns from its involvement with the entity and
\nhas the ability to affect those returns through its power over the entity.
\nSubsidiaries are fully consolidated from the date on which control is
\ntransferred to the Group. They are de-consolidated from the date on which
\ncontrol ceases.
\n
\n\n
\n\n
\n(c) Group accounting (continued)
\n\n
\n(1) Subsidiaries (continued)
\n(i) Consolidation
\n(continued)
\nIn preparing the consolidated financial statements, transactions, balances and
\nunrealised gains on transactions between group companies are eliminated.
\nUnrealised losses are also eliminated but are considered an impairment
\nindicator of the asset transferred. Where necessary, adjustments are made to
\nthe financial statements of subsidiaries to ensure the consistency of
\naccounting policies with those of the Group.
\n
\nNon-controlling interests are part of the net results of operations and of net
\nassets of a subsidiary attributable to the interests which are not owned
\ndirectly or indirectly by the equity holders of the Company. They are shown
\nseparately in the consolidated statement of comprehensive income,
\nstatement of changes in equity and balance sheet. Total comprehensive
\nincome is attributed to the non-controlling interests based on their respective
\ninterests in a subsidiary, even if this results in the non-controlling interests
\nhaving a deficit balance.
\n\n
\n\n
\n\n(ii) Acquisitions
\nThe Group uses the acquisition method of accounting to account for business
\ncombinations.
\n
\nThe consideration transferred for the acquisition of a subsidiary or business
\ncomprises the fair value of the assets transferred, the liabilities incurred, and
\nthe equity interests issued by the Group.
\n
\nThe consideration transferred also includes any contingent consideration
\narrangement and any pre-existing equity interest in the subsidiary measured
\nat their fair value at the acquisition date.
\n
\nIf the business combination is achieved in stages, the acquisition date carrying
\nvalue of the acquirer\u2019s previously held equity interest in the acquiree is re-
\nmeasured to fair value at the acquisition date, and any gains or losses arising
\nfrom such re-measurement are recognised in profit or loss.
\n
\nAcquisition-related costs are expensed as incurred.
\n
\nIdentifiable assets acquired and liabilities and contingent liabilities assumed
\nin a business combination are, with limited exceptions, measured initially at
\ntheir fair values at the acquisition date.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n(c) Group accounting (continued)
\n
\n\n
\n(1) Subsidiaries (continued)
\n\n
\n\n
\n\n(ii) Acquisitions
\n(continued)
\nOn an acquisition-by-acquisition basis, the Group recognises any non-
\ncontrolling interest in the acquiree at the date of acquisition either at fair
\nvalue or at the non-controlling interest\u2019s proportionate share of the
\nacquiree\u2019s net identifiable assets.
\n
\nThe excess of (i) the consideration transferred, the amount of any non-
\ncontrolling interest in the acquiree, and the acquisition-date fair value of
\nany previous equity interest in the acquiree over (ii) the fair values of the
\nidentifiable net assets acquired, is recorded as goodwill.
\n
\nThe excess of: (i) fair value of the net identifiable assets acquired over
\nthe (ii) consideration transferred; the amount of any non-controlling
\ninterest in the acquiree; and the acquisition-date fair value of any
\nprevious equity interest in the acquiree; is recorded in the profit or loss
\nduring the period when it occurs.
\n
\nThe Group has an option to apply a \u201cconcentration test\u201d that permits a
\nsimplified assessment of whether an acquired set of activities and assets
\nis not a business. The optional concentration test is met if substantially all
\nof the fair value of the gross assets acquired is concentrated in a single
\nidentifiable asset or group of similar identifiable assets.
\n(iii) Disposals
\nWhen a change in the Group\u2019s ownership interest in a subsidiary results
\nin a loss of control over the subsidiary, the assets and liabilities of the
\nsubsidiary including any goodwill are derecognised. Amounts previously
\nrecognised in other comprehensive income in respect of that entity are
\nalso reclassified to profit or loss or transferred directly to retained
\nearnings if required by a specific standard.
\nAny retained equity interest in the entity is remeasured at fair value. The
\ndifference between the carrying amount of the retained interest at the
\ndate when control is lost and its fair value is recognised in profit or loss.
\n
\n\n
\n\n
\n\n
\n
\n
\n
\n
\n
\n\n
\n
\n\n(2) Transactions with non-controlling interests
\n
\nChanges in the Group\u2019s ownership interest in a subsidiary that do not result in a
\nloss of control over the subsidiary are accounted for as transactions with equity
\nowners of the Company. Any difference between the change in the carrying
\namounts of the non-controlling interest and the fair value of the consideration
\npaid or received is recognised in a separate reserve within equity attributable to
\nthe equity holders of the Company.
\n
\n\n
\n\n
\n(c) Group accounting (continued)
\n
\n\n
\n(3) Joint venture
\n
\nA joint venture is an entity over which the Group has joint control as a result of
\ncontractual arrangements and rights to the net assets of the entity.
\n
\nInvestment in joint ventures is accounted for in the consolidated financial statements
\nusing the equity method of accounting less impairment losses, if any.
\n\n
\n\n
\n\n(i) Acquisitions
\nInvestment in a joint venture is initially recognised at cost. The cost of an
\nacquisition is measured at the fair value of the assets given, equity
\ninstruments issued or liabilities incurred or assumed at the date of exchange,
\nplus costs directly attributable to the acquisition. Goodwill on joint venture
\nrepresents the excess of the cost of acquisition of the joint venture over the
\nGroup\u2019s share of the fair value of the identifiable net assets of the joint
\nventure and is included in the carrying amount of the investment.
\n
\n\n
\n\n
\n\n(ii) Equity method of accounting
\n
\nUnder the equity method of accounting, the investment is initially recognised
\nat cost and adjusted thereafter to recognise the Group\u2019s share of its joint
\nventure\u2019s post-acquisition profits or losses in the Group\u2019s profit or loss and its
\nshare of the joint venture\u2019s other comprehensive income in the Group\u2019s other
\ncomprehensive income. Dividend received or receivable from the joint
\nventure is recognised as a reduction of the carrying amount of the
\ninvestment. When the Group\u2019s share of losses in a joint venture equals to or
\nexceeds its interest in the joint venture, the Group does not recognise further
\nlosses, unless it has incurred legal or constructive obligations to make, or has
\nmade, payments on behalf of the joint venture. If the joint venture
\nsubsequently reports profits, the Group resumes recognising its share of those
\nprofits only after its share of the profits equals the share of losses not
\nrecognised.
\n
\nUnrealised gains on transactions between the Group and its joint venture are
\neliminated to the extent of the Group's interest in the joint venture.
\nUnrealised losses are also eliminated unless the transactions provide
\nevidence of impairment of the assets transferred. The accounting policies of
\na joint venture are changed where necessary to ensure consistency with the
\naccounting policies adopted by the Group.
\n
\n\n
\n\n
\n(c) Group accounting (continued)
\n\n(3) Joint venture (continued)
\n
\n(iii) Disposals
\n
\nInvestment in joint venture is derecognised when the Group loses joint
\ncontrol. If the retained equity interest in the former joint venture is a financial
\nasset, the retained equity interest is remeasured at fair value. The difference
\nbetween the carrying amount of the retained interest at the date when joint
\ncontrol is lost, and its fair value and any proceeds on partial disposal, is
\nrecognised in profit or loss.
\n
\n\n
\n",
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"language": "en",
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"Tag675": {
"value": "\n1) Subsidiaries
\n(i) Consolidation
\nS
\nubsidiaries are entities (including special purpose entities) over which the
\nGroup has control. The Group controls an entity when the Group is exposed
\nto, or has rights to, variable returns from its involvement with the entity and
\nhas the ability to affect those returns through its power over the entity.
\nSubsidiaries are fully consolidated from the date on which control is
\ntransferred to the Group. They are de-consolidated from the date on which
\ncontrol ceases.
\n
\n\n
\n(1) Subsidiaries (continued)
\n(i) Consolidation
\n(continued)
\nIn preparing the consolidated financial statements, transactions, balances and
\nunrealised gains on transactions between group companies are eliminated.
\nUnrealised losses are also eliminated but are considered an impairment
\nindicator of the asset transferred. Where necessary, adjustments are made to
\nthe financial statements of subsidiaries to ensure the consistency of
\naccounting policies with those of the Group.
\n
\nNon-controlling interests are part of the net results of operations and of net
\nassets of a subsidiary attributable to the interests which are not owned
\ndirectly or indirectly by the equity holders of the Company. They are shown
\nseparately in the consolidated statement of comprehensive income,
\nstatement of changes in equity and balance sheet. Total comprehensive
\nincome is attributed to the non-controlling interests based on their respective
\ninterests in a subsidiary, even if this results in the non-controlling interests
\nhaving a deficit balance.
\n\n
\n\n
\n\n(ii) Acquisitions
\nThe Group uses the acquisition method of accounting to account for business
\ncombinations.
\n
\nThe consideration transferred for the acquisition of a subsidiary or business
\ncomprises the fair value of the assets transferred, the liabilities incurred, and
\nthe equity interests issued by the Group.
\n
\nThe consideration transferred also includes any contingent consideration
\narrangement and any pre-existing equity interest in the subsidiary measured
\nat their fair value at the acquisition date.
\n
\nIf the business combination is achieved in stages, the acquisition date carrying
\nvalue of the acquirer\u2019s previously held equity interest in the acquiree is re-
\nmeasured to fair value at the acquisition date, and any gains or losses arising
\nfrom such re-measurement are recognised in profit or loss.
\n
\nAcquisition-related costs are expensed as incurred.
\n
\nIdentifiable assets acquired and liabilities and contingent liabilities assumed
\nin a business combination are, with limited exceptions, measured initially at
\ntheir fair values at the acquisition date.
\n
\n\n
\n\n
\n\n
\n\n
\n(1) Subsidiaries (continued)
\n\n
\n\n
\n\n(ii) Acquisitions
\n(continued)
\nOn an acquisition-by-acquisition basis, the Group recognises any non-
\ncontrolling interest in the acquiree at the date of acquisition either at fair
\nvalue or at the non-controlling interest\u2019s proportionate share of the
\nacquiree\u2019s net identifiable assets.
\n
\nThe excess of (i) the consideration transferred, the amount of any non-
\ncontrolling interest in the acquiree, and the acquisition-date fair value of
\nany previous equity interest in the acquiree over (ii) the fair values of the
\nidentifiable net assets acquired, is recorded as goodwill.
\n
\nThe excess of: (i) fair value of the net identifiable assets acquired over
\nthe (ii) consideration transferred; the amount of any non-controlling
\ninterest in the acquiree; and the acquisition-date fair value of any
\nprevious equity interest in the acquiree; is recorded in the profit or loss
\nduring the period when it occurs.
\n
\nThe Group has an option to apply a \u201cconcentration test\u201d that permits a
\nsimplified assessment of whether an acquired set of activities and assets
\nis not a business. The optional concentration test is met if substantially all
\nof the fair value of the gross assets acquired is concentrated in a single
\nidentifiable asset or group of similar identifiable assets.
\n(iii) Disposals
\nWhen a change in the Group\u2019s ownership interest in a subsidiary results
\nin a loss of control over the subsidiary, the assets and liabilities of the
\nsubsidiary including any goodwill are derecognised. Amounts previously
\nrecognised in other comprehensive income in respect of that entity are
\nalso reclassified to profit or loss or transferred directly to retained
\nearnings if required by a specific standard.
\nAny retained equity interest in the entity is remeasured at fair value. The
\ndifference between the carrying amount of the retained interest at the
\ndate when control is lost and its fair value is recognised in profit or loss.
\n
\n\n
\n\n
\n\n
\n
\n
\n
\n
\n
\n",
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}
},
"Tag676": {
"value": "\n
\n\n
\n\n(ii) Acquisitions
\nThe Group uses the acquisition method of accounting to account for business
\ncombinations.
\n
\nThe consideration transferred for the acquisition of a subsidiary or business
\ncomprises the fair value of the assets transferred, the liabilities incurred, and
\nthe equity interests issued by the Group.
\n
\nThe consideration transferred also includes any contingent consideration
\narrangement and any pre-existing equity interest in the subsidiary measured
\nat their fair value at the acquisition date.
\n
\nIf the business combination is achieved in stages, the acquisition date carrying
\nvalue of the acquirer\u2019s previously held equity interest in the acquiree is re-
\nmeasured to fair value at the acquisition date, and any gains or losses arising
\nfrom such re-measurement are recognised in profit or loss.
\n
\nAcquisition-related costs are expensed as incurred.
\n
\nIdentifiable assets acquired and liabilities and contingent liabilities assumed
\nin a business combination are, with limited exceptions, measured initially at
\ntheir fair values at the acquisition date.
\n
\n\n
\n\n
\n\n
\n\n
\n\n(ii) Acquisitions
\n(continued)
\nOn an acquisition-by-acquisition basis, the Group recognises any non-
\ncontrolling interest in the acquiree at the date of acquisition either at fair
\nvalue or at the non-controlling interest\u2019s proportionate share of the
\nacquiree\u2019s net identifiable assets.
\n
\nThe excess of (i) the consideration transferred, the amount of any non-
\ncontrolling interest in the acquiree, and the acquisition-date fair value of
\nany previous equity interest in the acquiree over (ii) the fair values of the
\nidentifiable net assets acquired, is recorded as goodwill.
\n
\nThe excess of: (i) fair value of the net identifiable assets acquired over
\nthe (ii) consideration transferred; the amount of any non-controlling
\ninterest in the acquiree; and the acquisition-date fair value of any
\nprevious equity interest in the acquiree; is recorded in the profit or loss
\nduring the period when it occurs.
\n
\nThe Group has an option to apply a \u201cconcentration test\u201d that permits a
\nsimplified assessment of whether an acquired set of activities and assets
\nis not a business. The optional concentration test is met if substantially all
\nof the fair value of the gross assets acquired is concentrated in a single
\nidentifiable asset or group of similar identifiable assets.
\n(iii) Disposals
\nWhen a change in the Group\u2019s ownership interest in a subsidiary results
\nin a loss of control over the subsidiary, the assets and liabilities of the
\nsubsidiary including any goodwill are derecognised. Amounts previously
\nrecognised in other comprehensive income in respect of that entity are
\nalso reclassified to profit or loss or transferred directly to retained
\nearnings if required by a specific standard.
\nAny retained equity interest in the entity is remeasured at fair value. The
\ndifference between the carrying amount of the retained interest at the
\ndate when control is lost and its fair value is recognised in profit or loss.
\n
\n\n
\n\n
\n\n
\n\n
\n\n(i) Acquisitions
\nInvestment in a joint venture is initially recognised at cost. The cost of an
\nacquisition is measured at the fair value of the assets given, equity
\ninstruments issued or liabilities incurred or assumed at the date of exchange,
\nplus costs directly attributable to the acquisition. Goodwill on joint venture
\nrepresents the excess of the cost of acquisition of the joint venture over the
\nGroup\u2019s share of the fair value of the identifiable net assets of the joint
\nventure and is included in the carrying amount of the investment.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag677": {
"value": "\n
\n\n(ii) Acquisitions
\nThe Group uses the acquisition method of accounting to account for business
\ncombinations.
\n
\nThe consideration transferred for the acquisition of a subsidiary or business
\ncomprises the fair value of the assets transferred, the liabilities incurred, and
\nthe equity interests issued by the Group.
\n
\nThe consideration transferred also includes any contingent consideration
\narrangement and any pre-existing equity interest in the subsidiary measured
\nat their fair value at the acquisition date.
\n
\nIf the business combination is achieved in stages, the acquisition date carrying
\nvalue of the acquirer\u2019s previously held equity interest in the acquiree is re-
\nmeasured to fair value at the acquisition date, and any gains or losses arising
\nfrom such re-measurement are recognised in profit or loss.
\n
\nAcquisition-related costs are expensed as incurred.
\n
\nIdentifiable assets acquired and liabilities and contingent liabilities assumed
\nin a business combination are, with limited exceptions, measured initially at
\ntheir fair values at the acquisition date.
\n
\n\n
\n\n
\n\n(ii) Acquisitions
\n(continued)
\nOn an acquisition-by-acquisition basis, the Group recognises any non-
\ncontrolling interest in the acquiree at the date of acquisition either at fair
\nvalue or at the non-controlling interest\u2019s proportionate share of the
\nacquiree\u2019s net identifiable assets.
\n
\nThe excess of (i) the consideration transferred, the amount of any non-
\ncontrolling interest in the acquiree, and the acquisition-date fair value of
\nany previous equity interest in the acquiree over (ii) the fair values of the
\nidentifiable net assets acquired, is recorded as goodwill.
\n
\nThe excess of: (i) fair value of the net identifiable assets acquired over
\nthe (ii) consideration transferred; the amount of any non-controlling
\ninterest in the acquiree; and the acquisition-date fair value of any
\nprevious equity interest in the acquiree; is recorded in the profit or loss
\nduring the period when it occurs.
\n
\nThe Group has an option to apply a \u201cconcentration test\u201d that permits a
\nsimplified assessment of whether an acquired set of activities and assets
\nis not a business. The optional concentration test is met if substantially all
\nof the fair value of the gross assets acquired is concentrated in a single
\nidentifiable asset or group of similar identifiable assets.
\n(iii) Disposals
\nWhen a change in the Group\u2019s ownership interest in a subsidiary results
\nin a loss of control over the subsidiary, the assets and liabilities of the
\nsubsidiary including any goodwill are derecognised. Amounts previously
\nrecognised in other comprehensive income in respect of that entity are
\nalso reclassified to profit or loss or transferred directly to retained
\nearnings if required by a specific standard.
\nAny retained equity interest in the entity is remeasured at fair value. The
\ndifference between the carrying amount of the retained interest at the
\ndate when control is lost and its fair value is recognised in profit or loss.
\n
\n\n
\n\n
\n\n(i) Acquisitions
\nInvestment in a joint venture is initially recognised at cost. The cost of an
\nacquisition is measured at the fair value of the assets given, equity
\ninstruments issued or liabilities incurred or assumed at the date of exchange,
\nplus costs directly attributable to the acquisition. Goodwill on joint venture
\nrepresents the excess of the cost of acquisition of the joint venture over the
\nGroup\u2019s share of the fair value of the identifiable net assets of the joint
\nventure and is included in the carrying amount of the investment.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag678": {
"value": "\n(ii) Acquisitions
\nThe Group uses the acquisition method of accounting to account for business
\ncombinations.
\n
\nThe consideration transferred for the acquisition of a subsidiary or business
\ncomprises the fair value of the assets transferred, the liabilities incurred, and
\nthe equity interests issued by the Group.
\n
\nThe consideration transferred also includes any contingent consideration
\narrangement and any pre-existing equity interest in the subsidiary measured
\nat their fair value at the acquisition date.
\n
\nIf the business combination is achieved in stages, the acquisition date carrying
\nvalue of the acquirer\u2019s previously held equity interest in the acquiree is re-
\nmeasured to fair value at the acquisition date, and any gains or losses arising
\nfrom such re-measurement are recognised in profit or loss.
\n
\nAcquisition-related costs are expensed as incurred.
\n
\nIdentifiable assets acquired and liabilities and contingent liabilities assumed
\nin a business combination are, with limited exceptions, measured initially at
\ntheir fair values at the acquisition date.
\n
\n\n(ii) Acquisitions
\n(continued)
\nOn an acquisition-by-acquisition basis, the Group recognises any non-
\ncontrolling interest in the acquiree at the date of acquisition either at fair
\nvalue or at the non-controlling interest\u2019s proportionate share of the
\nacquiree\u2019s net identifiable assets.
\n
\nThe excess of (i) the consideration transferred, the amount of any non-
\ncontrolling interest in the acquiree, and the acquisition-date fair value of
\nany previous equity interest in the acquiree over (ii) the fair values of the
\nidentifiable net assets acquired, is recorded as goodwill.
\n
\nThe excess of: (i) fair value of the net identifiable assets acquired over
\nthe (ii) consideration transferred; the amount of any non-controlling
\ninterest in the acquiree; and the acquisition-date fair value of any
\nprevious equity interest in the acquiree; is recorded in the profit or loss
\nduring the period when it occurs.
\n
\nThe Group has an option to apply a \u201cconcentration test\u201d that permits a
\nsimplified assessment of whether an acquired set of activities and assets
\nis not a business. The optional concentration test is met if substantially all
\nof the fair value of the gross assets acquired is concentrated in a single
\nidentifiable asset or group of similar identifiable assets.
\n(iii) Disposals
\nWhen a change in the Group\u2019s ownership interest in a subsidiary results
\nin a loss of control over the subsidiary, the assets and liabilities of the
\nsubsidiary including any goodwill are derecognised. Amounts previously
\nrecognised in other comprehensive income in respect of that entity are
\nalso reclassified to profit or loss or transferred directly to retained
\nearnings if required by a specific standard.
\nAny retained equity interest in the entity is remeasured at fair value. The
\ndifference between the carrying amount of the retained interest at the
\ndate when control is lost and its fair value is recognised in profit or loss.
\n
\n\n(i) Acquisitions
\nInvestment in a joint venture is initially recognised at cost. The cost of an
\nacquisition is measured at the fair value of the assets given, equity
\ninstruments issued or liabilities incurred or assumed at the date of exchange,
\nplus costs directly attributable to the acquisition. Goodwill on joint venture
\nrepresents the excess of the cost of acquisition of the joint venture over the
\nGroup\u2019s share of the fair value of the identifiable net assets of the joint
\nventure and is included in the carrying amount of the investment.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag679": {
"value": "\n(2) Transactions with non-controlling interests
\n
\nChanges in the Group\u2019s ownership interest in a subsidiary that do not result in a
\nloss of control over the subsidiary are accounted for as transactions with equity
\nowners of the Company. Any difference between the change in the carrying
\namounts of the non-controlling interest and the fair value of the consideration
\npaid or received is recognised in a separate reserve within equity attributable to
\nthe equity holders of the Company.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag680": {
"value": "\n
\n(3) Joint venture
\n
\nA joint venture is an entity over which the Group has joint control as a result of
\ncontractual arrangements and rights to the net assets of the entity.
\n
\nInvestment in joint ventures is accounted for in the consolidated financial statements
\nusing the equity method of accounting less impairment losses, if any.
\n\n
\n\n
\n\n(i) Acquisitions
\nInvestment in a joint venture is initially recognised at cost. The cost of an
\nacquisition is measured at the fair value of the assets given, equity
\ninstruments issued or liabilities incurred or assumed at the date of exchange,
\nplus costs directly attributable to the acquisition. Goodwill on joint venture
\nrepresents the excess of the cost of acquisition of the joint venture over the
\nGroup\u2019s share of the fair value of the identifiable net assets of the joint
\nventure and is included in the carrying amount of the investment.
\n
\n\n
\n\n
\n\n(ii) Equity method of accounting
\n
\nUnder the equity method of accounting, the investment is initially recognised
\nat cost and adjusted thereafter to recognise the Group\u2019s share of its joint
\nventure\u2019s post-acquisition profits or losses in the Group\u2019s profit or loss and its
\nshare of the joint venture\u2019s other comprehensive income in the Group\u2019s other
\ncomprehensive income. Dividend received or receivable from the joint
\nventure is recognised as a reduction of the carrying amount of the
\ninvestment. When the Group\u2019s share of losses in a joint venture equals to or
\nexceeds its interest in the joint venture, the Group does not recognise further
\nlosses, unless it has incurred legal or constructive obligations to make, or has
\nmade, payments on behalf of the joint venture. If the joint venture
\nsubsequently reports profits, the Group resumes recognising its share of those
\nprofits only after its share of the profits equals the share of losses not
\nrecognised.
\n
\nUnrealised gains on transactions between the Group and its joint venture are
\neliminated to the extent of the Group's interest in the joint venture.
\nUnrealised losses are also eliminated unless the transactions provide
\nevidence of impairment of the assets transferred. The accounting policies of
\na joint venture are changed where necessary to ensure consistency with the
\naccounting policies adopted by the Group.
\n
\n\n(3) Joint venture (continued)
\n
\n(iii) Disposals
\n
\nInvestment in joint venture is derecognised when the Group loses joint
\ncontrol. If the retained equity interest in the former joint venture is a financial
\nasset, the retained equity interest is remeasured at fair value. The difference
\nbetween the carrying amount of the retained interest at the date when joint
\ncontrol is lost, and its fair value and any proceeds on partial disposal, is
\nrecognised in profit or loss.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag681": {
"value": "\n
\n\n
\n\n(d) Intangible assets
\nComputer software
\n
\nAcquired computer software are initially capitalised at cost which includes the purchase price
\n(net of any discounts and rebates) and other directly attributable costs of preparing the assets
\nfor its intended use. They are subsequently carried at cost less accumulated amortisation and
\nimpairment losses. These costs are amortised to profit or loss using the straight-line method
\nover their estimated remaining useful lives of 5 years.
\n
\nThe useful lives are reviewed, and adjusted as appropriate, at least annually. The effects of
\nany revision in estimate are recognised in profit or loss when the changes arise.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag682": {
"value": "\n
\n\n(d) Intangible assets
\nComputer software
\n
\nAcquired computer software are initially capitalised at cost which includes the purchase price
\n(net of any discounts and rebates) and other directly attributable costs of preparing the assets
\nfor its intended use. They are subsequently carried at cost less accumulated amortisation and
\nimpairment losses. These costs are amortised to profit or loss using the straight-line method
\nover their estimated remaining useful lives of 5 years.
\n
\nThe useful lives are reviewed, and adjusted as appropriate, at least annually. The effects of
\nany revision in estimate are recognised in profit or loss when the changes arise.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag683": {
"value": "\n(d) Intangible assets
\nComputer software
\n
\nAcquired computer software are initially capitalised at cost which includes the purchase price
\n(net of any discounts and rebates) and other directly attributable costs of preparing the assets
\nfor its intended use. They are subsequently carried at cost less accumulated amortisation and
\nimpairment losses. These costs are amortised to profit or loss using the straight-line method
\nover their estimated remaining useful lives of 5 years.
\n
\nThe useful lives are reviewed, and adjusted as appropriate, at least annually. The effects of
\nany revision in estimate are recognised in profit or loss when the changes arise.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProgrammingAssetsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag684": {
"value": "\n(e) Property, plant and equipment
\n
\n(1) Measurement
\n
\n(i)
\nProperty, plant and equipment are initially recognised at cost and
\nsubsequently carried at cost less accumulated depreciation and accumulated
\nimpairment losses (note 2(f)).
\n
\n(ii)
\nThe cost of an item of property, plant and equipment initially recognised
\nincludes expenditure that is directly attributable to the acquisition of the
\nitems. Dismantlement, removal or restoration costs are included as part of
\nthe cost of property, plant and equipment if the obligation for dismantlement,
\nremoval or restoration is incurred as a consequence of acquiring or using the
\nasset.
\n
\n(iii)
\nIf significant parts of an item of property, plant and equipment have different
\nuseful lives, they are accounted for as separate components of property, plant
\nand equipment.
\n
\n\n
\n
\n(e) Property, plant and equipment (continued)
\n
\n\n(2) Depreciation
\n
\n(i)
\n Depreciation on property, plant and equipment is calculated using a
\nstraight-line method to allocate their depreciable amounts over their
\nestimated useful lives as follows:
\n
\nVessels 25 years
\nDry docking/Scrubbers 2.5 - 5 years
\nFurniture and fixtures 3 - 5 years
\n
\nThe residual values, estimated useful lives and depreciation method of
\nproperty, plant and equipment are reviewed, and adjusted as
\nappropriate, at least annually. The effects of any revision in estimate are
\nrecognised in profit or loss when the changes arise.
\n
\n(ii)
\nSignificant components of individual assets are assessed and if a
\ncomponent has a useful life that is different from the remainder of that
\nasset, that component is depreciated separately. The remaining carrying
\namount of the old component as a result of a replacement will be written
\noff to profit or loss.
\n
\n\n
\n\n(3) Subsequent expenditure
\n
\nSubsequent expenditure relating to property, plant and equipment, including
\nreplacing a significant component, that has already been recognised, is added to
\nthe carrying amount of the asset only when it is probable that future economic
\nbenefits associated with the item will flow to the Group and the cost of the item
\ncan be measured reliably. All other repair and maintenance expenses are
\nrecognised in profit or loss when incurred.
\n
\n\n
\n(4) Disposal
\n
\nOn disposal of an item of property, plant and equipment, the difference between
\nthe net disposal proceeds and its carrying amount is recognised in profit or loss.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag685": {
"value": "\n(2) Depreciation
\n
\n(i)
\n Depreciation on property, plant and equipment is calculated using a
\nstraight-line method to allocate their depreciable amounts over their
\nestimated useful lives as follows:
\n
\nVessels 25 years
\nDry docking/Scrubbers 2.5 - 5 years
\nFurniture and fixtures 3 - 5 years
\n
\nThe residual values, estimated useful lives and depreciation method of
\nproperty, plant and equipment are reviewed, and adjusted as
\nappropriate, at least annually. The effects of any revision in estimate are
\nrecognised in profit or loss when the changes arise.
\n
\n(ii)
\nSignificant components of individual assets are assessed and if a
\ncomponent has a useful life that is different from the remainder of that
\nasset, that component is depreciated separately. The remaining carrying
\namount of the old component as a result of a replacement will be written
\noff to profit or loss.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag686": {
"value": "\n(3) Subsequent expenditure
\n
\nSubsequent expenditure relating to property, plant and equipment, including
\nreplacing a significant component, that has already been recognised, is added to
\nthe carrying amount of the asset only when it is probable that future economic
\nbenefits associated with the item will flow to the Group and the cost of the item
\ncan be measured reliably. All other repair and maintenance expenses are
\nrecognised in profit or loss when incurred.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag687": {
"value": "\n
\n\n(f) Impairment of non-financial assets
\n
\nIntangible assets with finite lives, property, plant and equipment and investment in a joint
\nventure are tested for impairment whenever there is any objective evidence or an indication
\nthat these assets may be impaired.
\n
\nFor the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair
\nvalue less cost to sell and value-in-use) is determined on an individual asset basis unless the
\nasset does not generate cash flows that are largely independent of those from other assets.
\nIf this is the case, the recoverable amount is determined for the cash-generating unit (\u201cCGU\u201d)
\nto which the asset belongs.
\n
\nIf the recoverable amount of the asset is estimated to be less than its carrying amount, the
\ncarrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference
\nbetween the carrying amount and recoverable amount is recognised as an impairment loss
\nin profit or loss.
\n
\nAn impairment loss for an asset (or CGU) is reversed if, and only if, there has been a change
\nin the estimates used to determine the asset\u2019s (or CGU\u2019s) recoverable amount since the last
\nimpairment loss was recognised. The carrying amount of this asset (or CGU) is increased to
\nits revised recoverable amount, provided that this amount does not exceed the carrying
\namount that would have been determined (net of accumulated depreciation) had no
\nimpairment loss been recognised for the asset (or CGU) in prior years. A reversal of
\nimpairment loss for an asset (or CGU) is recognised in profit or loss.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag688": {
"value": "\n(f) Impairment of non-financial assets
\n
\nIntangible assets with finite lives, property, plant and equipment and investment in a joint
\nventure are tested for impairment whenever there is any objective evidence or an indication
\nthat these assets may be impaired.
\n
\nFor the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair
\nvalue less cost to sell and value-in-use) is determined on an individual asset basis unless the
\nasset does not generate cash flows that are largely independent of those from other assets.
\nIf this is the case, the recoverable amount is determined for the cash-generating unit (\u201cCGU\u201d)
\nto which the asset belongs.
\n
\nIf the recoverable amount of the asset is estimated to be less than its carrying amount, the
\ncarrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference
\nbetween the carrying amount and recoverable amount is recognised as an impairment loss
\nin profit or loss.
\n
\nAn impairment loss for an asset (or CGU) is reversed if, and only if, there has been a change
\nin the estimates used to determine the asset\u2019s (or CGU\u2019s) recoverable amount since the last
\nimpairment loss was recognised. The carrying amount of this asset (or CGU) is increased to
\nits revised recoverable amount, provided that this amount does not exceed the carrying
\namount that would have been determined (net of accumulated depreciation) had no
\nimpairment loss been recognised for the asset (or CGU) in prior years. A reversal of
\nimpairment loss for an asset (or CGU) is recognised in profit or loss.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag689": {
"value": "\n(g) Derivative financial instruments and hedging activities
\n
\nA derivative financial instrument is initially recognised at its fair value on the date the contract
\nis entered into and is subsequently carried at its fair value. The method of recognising the
\nresulting gain or loss depends on whether the derivative is designated as a hedge instrument,
\nand if so, the nature of the item being hedged. The Group designates each hedge as either:
\n(a) fair value hedge or (b) cash flow hedge.
\n
\nFor derivative financial instruments that are not designated or do not qualify for hedge
\naccounting, any fair value gains or losses are recognised in profit or loss as derivative
\ngain/(loss) when the change arises.
\n
\nAt the inception of the transaction, the Group documents the relationship between the
\nhedging instruments and hedged items as well as, the risk management objective and
\nstrategies for undertaking various hedging transactions. The Group also documents its
\nassessment, both at hedge inception and on an ongoing basis, of whether the derivatives
\ndesignated as hedging instruments are highly effective in offsetting changes in fair value or
\ncash flows of the hedged items.
\n
\nHedge effectiveness is determined at the inception of the hedging relationship, and through
\nperiodic prospective effectiveness assessments to ensure that an economic relationship exists
\nbetween the hedged item and hedging instrument.
\n
\n\n(g) Derivative financial instruments and hedging activities (continued)
\n
\nThe Group enters into hedge relationships where the critical terms of the hedging instrument
\nmatch exactly with the terms of the hedged item, and so a qualitative assessment of
\neffectiveness is performed. If changes in circumstances affect the terms of the hedged item
\nsuch that the critical terms no longer match exactly with the critical terms of the hedging
\ninstrument, the Group uses the hypothetical derivative method to assess effectiveness.
\n
\nThe carrying amount of a derivative designated as a hedge is presented as a non-current
\nasset or liability if the remaining expected life of the hedged item is more than 12 months,
\nand as a current asset or liability if the remaining expected life of the hedged item is less
\nthan 12 months. The fair value of a trading derivative is classified as a current asset or liability.
\n
\nThe fair value of derivative financial instruments represents the amount estimated by banks
\nor brokers that the Group will receive or pay to terminate the derivatives at the balance sheet
\ndate.
\n
\nHedges directly affected by interest rate benchmark reform.
\n
\nPhase 1 amendments: Prior to interest rate benchmark reform \u2013 when there is uncertainty
\narising from interest rate benchmark reform
\n
\nFor the purpose of evaluating whether there is an economic relationship between the hedged
\nitem(s) and the hedging instrument(s), the Group assumes that the benchmark interest rate
\nis not altered as a result of interest rate benchmark reform.
\n
\nFor a cash flow hedge of a forecast transaction, the Group assumes that the benchmark
\ninterest rate will not be altered as a result of interest rate benchmark reform for the purpose
\nof assessing whether the forecast transaction is highly probable and presents an exposure to
\nvariations in cash flows that could ultimately affect profit or loss.
\n
\nThe Group will cease to apply the specific policy for assessing the economic relationship
\nbetween the hedged item and the hedging instrument (i) to a hedged item or hedging
\ninstrument when the uncertainty arising from interest rate benchmark reform is no longer
\npresent with respect to the timing and the amount of the interest rate benchmark-based cash
\nflows of the respective item or instrument or (ii) when the hedging relationship is
\ndiscontinued. For its highly probable assessment of the hedged item, the Group will no longer
\napply the specific policy when the uncertainty arising from interest rate benchmark reform
\nabout the timing and the amount of the interest rate benchmark-based future cash flows of
\nthe hedged item is no longer present, or when the hedging relationship is discontinued.
\n
\n\n(g) Derivative financial instruments and hedging activities (continued)
\n
\nPhase 1 amendments: Prior to interest rate benchmark reform \u2013 when there is uncertainty
\narising from interest rate benchmark reform (continued)
\n
\nThe basis for determining the contractual cash flows of the hedged item or the hedging
\ninstrument may be modified as required by the IBOR reform. A change in the basis for
\ndetermining the contractual cash flows is required by interest rate benchmark reform if the
\nfollowing conditions are met:
\n- the change is necessary as a direct consequence of the reform; and
\n- the new basis for determining the contractual cash flows is economically equivalent to
\nthe previous basis \u2013 i.e the basis immediately before the change.
\n
\nFor these modifications, the Group amends the hedge documentation of that hedging
\nrelationship to reflect the change(s) required by interest rate benchmark reform when there
\nis no longer uncertainty about the cash flows of the hedged item or the hedging instrument.
\n
\nFor this purpose, the hedge designation is amended only to make one or more of the
\nfollowing changes:
\n- designating an alternative benchmark rate as the hedged risk;
\n- updating the description of hedged item, including the description of the designated
\nportion of the cash flows or fair value being hedged; or
\n- updating the description of the hedging instrument.
\n
\nHedges directly affected by interest rate benchmark reform.
\n
\nPhase 2 amendments: Replacement of benchmark interest rates \u2013 when there is no longer
\nuncertainty arising from interest rate benchmark reform (continued)
\n
\nThe Group amends the description of the hedging instrument only if the following conditions
\nare met:
\n
\n- it makes a change required by interest rate benchmark reform by changing the basis for
\ndetermining the contractual cash flows of the hedging instrument or using another
\napproach that is economically equivalent to changing the basis for determining the
\ncontractual cash flows of the original hedging instrument; and
\n- the original hedging instrument is not derecognised.
\n
\nThese amendments in the formal hedge documentation do not constitute the discontinuation
\nof the hedging relationship or the designation of a new hedging relationship.
\n
\nIf other changes are made in addition to those changes required by the interest rate
\nbenchmark reform described above, then the Group first considers whether those additional
\nchanges result in the discontinuation of the hedge accounting relationship. If the additional
\nchanges do not result in discontinuation of the hedge accounting relationship, then the Group
\namends the formal hedge documentation for changes required by interest rate benchmark
\nreform as mentioned above.
\n
\n\n(
\ng) Derivative financial instruments and hedging activities (continued)
\n(1) Interest rate swaps
\nT
\nhe Group has entered into interest rate swaps that are cash flow hedges for the
\nGroup\u2019s exposure to interest rate risk on its borrowings. These contracts entitle the
\nGroup to receive interest at floating rates on notional principal amounts and oblige the
\nGroup to pay interest at fixed rates on the same notional principal amounts, thus
\nallowing the Group to raise borrowings at floating rates and swap them into fixed
\nrates. The Group hedges up to 75% of its floating rate borrowings and the hedged
\nitem is identified as a proportion of the outstanding amount of the borrowings. As all
\ncritical terms matched during the year, the economic relationship was assessed to be
\n100% effective.
\nT
\nhe fair value changes on the effective portion of interest rate swaps designated as
\ncash flow hedges are recognised in other comprehensive income, accumulated in the
\nfair value reserve, and reclassified to profit or loss when the hedged interest expense
\non the borrowings is recognised in profit or loss. The fair value changes on the
\nineffective portion of interest swaps are recognised immediately in profit or loss.
\n(
\n2) Forward bunker swaps
\nT
\nhe Group has entered into forward bunker swaps that are cash flow hedges for the
\nGroup\u2019s exposure to cash flow variability for its forecasted bunker purchases. These
\ncontracts entitle the Group to receive bunker at floating rates and oblige the Group
\n to
\np
\nay for bunker at fixed prices, or in some contracts to pay a fixed incremental spread
\n(between high and low sulphur fuel oil) for low sulphur fuel oil. It was assessed tha
\nt
\nt
\nhe economic relationship between the forward bunker swaps and the hedged item
\nwas effective as the critical terms match.
\nThe fair value changes on the effective portion of the forward bunker swaps
\ndesignated as cash flow hedges are recognised in other comprehensive income.
\nAmounts accumulated in equity are reclassified in the periods when the hedged item
\naffects profit or loss.
\n(
\n3) Forward freight agreements (FFAs)
\nT
\nhe Group has entered into FFAs that are cash flow hedges for the Group\u2019s exposure
\nto cash flow variability, for its forecasted freight earnings. These contracts entitle the
\nGroup to receive fixed freight rates and oblige the Group to pay floating freight rates
\nfor the volumes transacted. This effectively hedges the forecasted freight revenu
\ne
\nc
\nontracted at future market freight rates. It was assessed that the economic
\nrelationship between the FFAs and the hedged item was effective as the critical terms
\nmatc
\nh.
\nT
\nhe fair value changes on the effective portion of the FFAs designated as cash flow
\nhedges are recognised in other comprehensive income. Amounts accumulated in
\nequity are reclassified in the periods when the hedged item affects profit or loss.
\n
\n\n(g) Derivative financial instruments and hedging activities (continued)
\n
\n(4) Non-derivative financial asset
\n
\nThe Group has designated the foreign currency risk component of a foreign
\ndenominated cash balance as a cash flow hedge against the Group\u2019s commitment for
\nthe exercise of a purchase option on its time charter in lease contract which is
\ndenominated in the same foreign currency. This effectively hedges the forecasted
\npurchase price at a fixed USD amount from the date of designation of the hedge. It
\nwas assessed that the economic relationship between the hedging instrument and
\nthe hedged item was effective as the critical terms match.
\n
\nThe fair value changes on the effective portion of the foreign currency risk component
\nof the foreign denominated cash balance designated as cash flow hedges are
\nrecognised in other comprehensive income. Amounts accumulated in equity are
\nreclassified into the cost of the asset upon payment of the purchase option.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag690": {
"value": "\n(h) Financial assets
\n
\n(1) Financial assets at amortised cost
\n
\nA financial asset is measured at amortised cost if it meets both of the following
\nconditions and is not designated as a FVTPL:
\n
\n- it is held within a business model whose objective is to hold assets to collect
\ncontractual cash flows; and
\n
\n- its contractual terms give rise on specified dates to cash flows that are solely
\npayments of principal and interest on the principal amount outstanding.
\n
\nThe Group\u2019s financial assets at amortised costs, are presented as \u201cfinance lease
\nreceivables\u201d (note 9) \u201ctrade and other receivables\u201d (note 11) and \u201ccash and cash
\nequivalents\u201d (note 15) in the consolidated balance sheet.
\n
\nThese financial assets are initially recognised at their fair values plus transaction costs
\nand subsequently carried at amortised cost using the effective interest method, less
\naccumulated impairment losses.
\n
\nThe Group managed these groups of financial assets by collecting the contractual cash
\nflow and these cash flows represent solely payment of principal and interest.
\nAccordingly, these groups of financial assets are measured at amortised cost
\nsubsequent to initial recognition.
\n
\nThe Group assesses on a forward-looking basis the expected credit losses (ECLs)
\nassociated with these groups of financial assets.
\n
\nFor trade receivables, finance lease receivables and other receivables \u2013 related party,
\nthe Group applied the simplified approach permitted by IFRS 9, which requires
\nexpected lifetime losses to be recognised from initial recognition of the receivables.
\n
\n\n
\n(h) Financial assets
\n(continued)
\n
\n(1) Financial assets at amortised cost (continued)
\n
\nFor cash and cash equivalents, the general 3 stage approach is applied. Credit loss
\nallowance is based on 12-month ECL if there is no significant increase in credit risk
\nsince the initial recognition of the assets. If there is a significant increase in credit risk
\nsince initial recognition, lifetime ECL will be calculated and recognised.
\n
\nWhen determining whether the credit risk of a financial instrument has increased
\nsignificantly since initial recognition and when estimating ECLs, the Group considers
\nreasonable and supportable information that is relevant and available without undue
\ncost or effort. This includes both quantitative and qualitative information analysis,
\nbased on the Group\u2019s historical experience and informed credit assessment and
\nincludes forward-looking information.
\n
\nThe Group considers a financial asset to be in default when:
\n
\n- the borrower is unlikely to pay its credit obligations to the Group in full,
\nwithout recourse by the Group to actions such as realising security (if any is
\nheld); or
\n
\n- the financial asset is more than 90 days past due.
\n
\nWhen the asset becomes uncollectible, it is written off against the allowance amount.
\nSubsequent recoveries of amounts previously written off are recognised against the
\nsame line item in profit or loss.
\n
\nThe impairment allowance is reduced through profit or loss in a subsequent period by
\nthe amount of ECL reversal that is required to adjust the loss allowance to the amount
\nthat is required to be recognised at the reporting date.
\n
\nThese assets are presented as current assets except for those that are expected to be
\nrealised later than 12 months after the balance sheet date, which are presented as
\nnon-current assets.
\n
\n\nThe Group derecognises a financial asset when the contractual rights to the cash flows
\nfrom the financial asset expire, or it transfers the rights to receive the contractual cash
\nflows in a transaction in which substantially all of the risks and rewards of ownership
\nof the financial asset are transferred or in which the Group neither transfers nor retains
\nsubstantially all of the risks and rewards of ownership and it does not retain control of
\nthe financial asset.
\n
\n\n
\n\n
\n(h) Financial assets
\n(continued)
\n
\n\n(2) Equity Investments
\n
\nEquity investments are initially recognised at its fair value. Transaction costs are
\nexpensed in profit or loss.
\n
\n(i)
\n The Group subsequently measures all its equity investments at their fair
\nvalues. Equity investments are classified as fair value through profit or loss
\n(\u201cFVPL\u201d) with movements in their fair values recognised in profit or loss in
\nthe period in which the changes arise. Dividends from equity investments are
\nrecognised in profit or loss as \u201cdividend income\u201d.
\n
\n(ii)
\n On disposal of an equity investment, the difference between the carrying
\namount and sales proceed is recognised in profit or loss if there was no
\nelection made to recognise fair value changes in other comprehensive
\nincome. If there was an election made, any differences between the carrying
\namount and sales proceed amount would be recognised in other
\ncomprehensive income and transferred to retained profits along with the
\namount previously recognised in other comprehensive income relating to that
\nasset.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag691": {
"value": "\nThe Group derecognises a financial asset when the contractual rights to the cash flows
\nfrom the financial asset expire, or it transfers the rights to receive the contractual cash
\nflows in a transaction in which substantially all of the risks and rewards of ownership
\nof the financial asset are transferred or in which the Group neither transfers nor retains
\nsubstantially all of the risks and rewards of ownership and it does not retain control of
\nthe financial asset.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag692": {
"value": "\n(2) Equity Investments
\n
\nEquity investments are initially recognised at its fair value. Transaction costs are
\nexpensed in profit or loss.
\n
\n(i)
\n The Group subsequently measures all its equity investments at their fair
\nvalues. Equity investments are classified as fair value through profit or loss
\n(\u201cFVPL\u201d) with movements in their fair values recognised in profit or loss in
\nthe period in which the changes arise. Dividends from equity investments are
\nrecognised in profit or loss as \u201cdividend income\u201d.
\n
\n(ii)
\n On disposal of an equity investment, the difference between the carrying
\namount and sales proceed is recognised in profit or loss if there was no
\nelection made to recognise fair value changes in other comprehensive
\nincome. If there was an election made, any differences between the carrying
\namount and sales proceed amount would be recognised in other
\ncomprehensive income and transferred to retained profits along with the
\namount previously recognised in other comprehensive income relating to that
\nasset.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag693": {
"value": "\n(i) Borrowings
\n
\nBorrowings are initially recognised at fair value, net of transaction costs incurred, and
\nsubsequently stated at amortised cost. Any difference between the proceeds (net of
\ntransaction costs) and the redemption value is taken to profit or loss over the period of the
\nborrowings using the effective interest method.
\n
\nBorrowings are presented as current liabilities in the consolidated balance sheet unless the
\nGroup has an unconditional right to defer settlement of the liability for at least 12 months
\nafter the balance sheet date, in which case they are presented as non-current liabilities.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag694": {
"value": "\n(j) Borrowing costs
\n
\nBorrowing costs are recognised in the consolidated statement of comprehensive income
\nusing the effective interest method except for those costs that are directly attributable to the
\nconstruction of vessels. This includes those costs on borrowings acquired specifically for the
\nconstruction of vessels, as well as those in relation to general borrowings used to finance the
\nconstruction of vessels.
\n
\nBorrowing costs on borrowings acquired specifically for the construction of vessels are
\ncapitalised in the cost of the vessel under construction during the period of construction until
\nthe Group takes delivery of the vessels. Borrowing costs on general borrowings are capitalised
\nby applying a capitalisation rate to the construction expenditures that are financed by general
\nborrowings.
\n
\n\n(j) B
\norrowing costs (continued)
\nThe basis for determining the contractual cash flows of the borrowing may be modified as
\nrequired by the IBOR reform. A change in the basis for determining the contractual cash flows
\nis required by interest rate benchmark reform if the following conditions are met:
\n- t
\nhe change is necessary as a direct consequence of the reform; and
\n- the new basis for determining the contractual cash flows is economically equivalent
\nto the previous basis \u2013 i.e. the basis immediately before the change.
\nF
\nor this purpose, the Group updated the effective interest rate of the borrowing to reflect the
\nchange that is required.
\nI
\nf other changes are made in addition to those changes required by interest rate benchmark
\nreform described above, then the Group first updated the effective interest rate of the
\nborrowing to reflect the change that is required by interest rate benchmark reform. Then the
\nGroup applied the policies on accounting for modification to the additional changes.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag695": {
"value": "\n(k
\n) Trade and other payables
\nTrade and other payables represent liabilities to pay for goods or services provided to the
\nGroup prior to the end of the financial year which are unpaid. Trade and other payables are
\nclassified as current liabilities if payment is due within one year or less. If not, they are
\npresented as non-current liabilities.
\nT
\nrade and other payables are initially recognised at fair value, and subsequently carried at
\namortised cost using the effective interest method and are derecognised when the Group\u2019s
\nobligation has been discharged or cancelled or expired.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag696": {
"value": "\n(l
\n) Leases
\n(1) As a lessee:
\nA
\nt the inception of the contract, the Group assesses if the contract contains a lease.
\nA contract contains a lease if the contract conveys the right to control the use of an
\nidentified asset for a period of time in exchange for consideration. Reassessment i
\ns
\no
\nnly required when the terms and conditions of the contract are changed.
\nT
\nhe Group recognised a right-of-use asset and lease liability at the lease
\ncommencement date. Right-of-use assets are measured at cost which comprise
\ns
\nt
\nhe initial measurement of lease liabilities adjusted for any lease payments mad
\ne
\na
\nt or before the commencement date and lease incentive received. Any initial direct
\ncosts that would not have been incurred if the lease had not been obtained are
\nadded to the carrying amount of the right-of-use assets.
\n
\n\n(l) Leases (continued)
\n
\n(1) As a lessee (continued):
\n
\nThe right-of-use assets are subsequently carried at cost less accumulated
\ndepreciation and accumulated impairment losses (note 2(f)). Depreciation is
\ncalculated on straight-line method from the commencement date to the to the end
\nof the lease term, unless the lease transfers ownership of the underlying asset to
\nthe Group by the end of the lease term or it is reasonably certain that the Group
\nwill exercise a purchase option. In that case, the right-of-use asset will be
\ndepreciated over the useful life of the underlying asset, which is determined on the
\nsame basis as those of property and equipment.
\n
\nRight-of-use assets are presented within \u201cRight-of-use assets (vessels)\u201d.
\n
\nThe lease liability is initially measured at the present value of the lease payments
\nthat are not paid at the commencement date, discounted using the interest rate
\nimplicit in the lease, or if that rate cannot be readily determined, the Group\u2019s
\nincremental borrowing rate. Generally, the Group uses its incremental borrowing
\nrate as the discount rate. From 1 January 2021, where the basis for determining
\nfuture lease payments changes as required by interest rate benchmark reform, the
\nGroup remeasures the lease liability by discounting the revised lease payments
\nusing the revised discount rate that reflects the change to an alternative benchmark
\ninterest rate.
\n
\nLease payments included in the measurement of the lease liability comprise the
\nfollowing:
\n- fixed payments, including in-substance fixed payments;
\n- variable lease payments that depend on an index or a rate, initially measured
\nusing the index or rate as at the commencement date;
\n- amounts expected to be payable under a residual value guarantee; and
\n- the exercise price under a purchase option that the Group is reasonably certain
\nto exercise, lease payments in an optional renewal period if the Group is
\nreasonably certain to exercise an extension option, and penalties for early
\ntermination of a lease unless the Group is reasonably certain not to terminate
\nearly.
\n
\nThe lease liability is measured at amortised cost using the effective interest method.
\nIt is remeasured when there is a change in future lease payments arising from a
\nchange in an index or rate, if there is a change in the Group\u2019s estimate of the
\namount expected to be payable under a residual value guarantee, if the Group
\nchanges its assessment of whether it will exercise a purchase, extension, or
\ntermination option or if there is a revised in-substance fixed lease payment.
\n
\nWhen the lease liability is remeasured in this way, a corresponding adjustment is
\nmade to the carrying amount of the right-of-use asset, or is recorded in profit or
\nloss if the carrying amount of the right-of-use asset has been reduced to zero.
\n
\nVariable lease payments not dependent on an index or rate and lease payments
\narising from leases with lease terms less than 12 months are recognised as an
\nexpense as incurred, or on a straight-line basis over the lease term and presented
\nwithin \u201ccharter hire expenses\u201d.
\n
\nPayments made in relation to the non-lease components of the leases are
\nrecognised as an expense on a straight-line basis over the lease term.
\n
\n\n(l
\n) Leases (continued)
\n(2) As a lessor:
\nT
\nhe Group time charters vessels to non-related parties under operating leas
\ne
\na
\ngreements. The leases have varying terms.
\nLe
\nssor \u2013 Finance leases
\nL
\neases where the Group has transferred substantially all risks and rewards incidenta
\nl
\nt
\no ownership of the leased assets to the lessees, are classified as finance leases.
\nThe leased asset is derecognised and the present value of the lease receivable is
\nrecognised on the balance sheet. Each lease payment received is applied against
\nthe gross investment in the finance lease receivable to reduce both the principal
\nand the unearned finance income. The finance income is recognised in profit or loss
\non a basis that reflects a constant periodic rate of return on the net investment in
\nthe finance lease receivable. The Group applies the derecognition and impairment
\nrequirements in IFRS 9 to the net investment in the lease (see note 2(h))
\n.
\nI
\nnitial direct costs incurred by the Group in negotiating and arranging finance leases
\nare added to finance lease receivables and reduce the amount of incom
\ne
\nr
\necognised over the lease term.
\nLe
\nssor \u2013 Operating leases
\nL
\neases, where the Group retains substantially all risks and rewards incidental to
\nownership are classified as operating leases. Rental income from operating lease
\ns
\n(
\nnet of any incentives given to the lessees) is recognised in profit or loss on a
\nstraight-line basis over the lease term.
\n(3) As an intermediate lessor:
\nIn classifying a sublease, the Group as an intermediate lessor classifies the sublease
\nas a finance or an operating lease with reference to the right-of-use asset arising
\nfrom the head lease, rather than the underlying asset.
\nW
\nhen the sublease is assessed as a finance lease, the Group derecognises the right-
\nof-use asset relating to the head lease that it transfers to the sublessee and
\nrecognised the net investment in the sublease within \u201cFinance lease receivables\u201d.
\nAny differences between the right-of-use asset derecognised and the net
\ninvestment in sublease is recognised in the statement of comprehensive income
\n.
\nL
\nease liability relating to the head lease is retained on the balance sheet, whic
\nh
\nr
\nepresents the lease payments owed to the head lessor.
\nW
\nhen the sublease is assessed as an operating lease, the Group recognise lease
\nincome from sublease in profit or loss within \u201cRevenue from time charter voyages\u201d
\n.
\nT
\nhe right-of-use asset relating to the head lease is not derecognised.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag697": {
"value": "\n(m) F
\nair value estimation of financial assets and liabilities
\nThe fair values of financial instruments traded in active markets (such as exchange-traded
\nand over-the-counter securities and derivatives) are based on quoted market prices at the
\nbalance sheet date. The quoted market prices for financial assets are the current bid prices;
\nthe appropriate market prices used for financial liabilities are the current asking prices.
\nT
\nhe fair values of financial instruments that are not traded in an active market are determined
\nby using valuation techniques. The Group uses a variety of methods and makes assumptions
\nthat are based on market conditions existing at each balance sheet date. Where appropriate,
\nquoted market prices or dealer quotes for similar instruments are used.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag698": {
"value": "\n(
\nn) Inventories
\nInventories comprise fuel oil remaining on board and liquefied petroleum gas held for trading
\npurposes.
\nFuel oil is measured at the lower of cost (on a first-in, first-out basis) and net realisable value.
\nL
\niquefied petroleum gas held for trading purposes are measured at fair value less costs to
\nsell. Any change in fair value is recognised in profit or loss for the period in which it arose.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag699": {
"value": "\n(
\no) Provisions for other liabilities and charges
\nProvisions are recognised when the Group has a present legal or constructive obligation
\nwhere as a result of past events, it is more likely than not that an outflow of resources will
\nbe required to settle the obligation and a reliable estimate of the amount can be made. When
\nthe Group expects a provision to be reimbursed, the reimbursement is recognised as a
\nseparate asset but only when the reimbursement is virtually certain. Provisions are not
\nrecognised for future operating losses.
\nP
\nrovisions are measured at the present value of the expenditure expected to be required to
\nsettle the obligation using a pre-tax discount rate that reflects the current market assessmen
\nt
\no
\nf the time value of money and the risks specific to the obligation. The increase in the
\nprovision due to the passage of time is recognised in profit or loss as finance expense.
\nC
\nhanges in the estimated timing or amount of the expenditure or discount rate are recognised
\nin profit or loss when the changes arise.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag700": {
"value": "\n
\n(p) Foreign currency translation
\n
\n\n(1) Functional and presentation currency
\n
\nItems included in the financial statements of each entity in the Group are measured
\nusing the currency of the primary economic environment in which the entity operates
\n(the \u201cfunctional currency\u201d). The consolidated financial statements of the Group are
\npresented in United States Dollars (\u201cUS$\u201d), which is the functional currency of the
\nCompany.
\n
\n\n
\n(2) Transactions and balances
\n
\nTransactions in a currency other than the functional currency (\u201cforeign currency\u201d) are
\ntranslated into the functional currency using the exchange rates prevailing at the dates
\nof the transactions. Foreign currency exchange gains and losses resulting from the
\nsettlement of such transactions and from the translation of monetary assets and
\nliabilities denominated in foreign currencies at the closing rates at the balance sheet
\ndate are recognised in profit or loss within \u201cfinance expense \u2013 net\u201d.
\n
\n(3) Translation of Group entities\u2019 financial statements
\n
\nThe results and financial position of all the Group entities (none of which has the
\ncurrency of a hyperinflationary economy) that have a functional currency different
\nfrom United States Dollars are translated into United States Dollars as follows:
\n
\n(i)
\n Assets and liabilities are translated at the closing rate at the reporting date;
\n
\n(ii)
\n Income and expenses are translated at average exchange rates (unless this
\naverage is not a reasonable approximation of the cumulative effect of the
\nrates prevailing on the transaction dates, in which case income and expenses
\nare translated using the exchange rates at the dates on the transactions); and
\n
\n(iii)
\n All resulting currency translation differences are recognised in other
\ncomprehensive income and accumulated in the currency translation reserve.
\nThese currency translation differences are reclassified to profit or loss on
\ndisposal or partial disposal of the entity giving rise to such reserve.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag701": {
"value": "\n(1) Functional and presentation currency
\n
\nItems included in the financial statements of each entity in the Group are measured
\nusing the currency of the primary economic environment in which the entity operates
\n(the \u201cfunctional currency\u201d). The consolidated financial statements of the Group are
\npresented in United States Dollars (\u201cUS$\u201d), which is the functional currency of the
\nCompany.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag702": {
"value": "\n
\n(q) Employee benefits
\n
\nEmployee benefits are recognised as an expense unless the cost qualifies to be classified as
\nan asset.
\n
\n(1) Employee leave entitlement
\n
\nEmployee entitlements to annual leave are recognised when they accrue to
\nemployees. An accrual is made for the estimated liability for annual leave as a result
\nof services rendered by employees up to the balance sheet date.
\n
\n(2) Defined contribution plans
\n
\nDefined contribution plans are post-employment benefit plans under which the Group
\npays fixed contributions into separate entities on a mandatory, contractual or voluntary
\nbasis. The Group has no further payment obligations once the contributions have been
\npaid.
\n
\n\n(3) Share-based compensation
\n
\nThe Group operates an equity-settled, share-based compensation plan. The value of
\nthe employee services received in exchange for the grant of options is recognised as
\nan expense with a corresponding increase in the share-based payment reserve over
\nthe vesting period. The total amount to be recognised over the vesting period is
\ndetermined by reference to the fair value of the share options granted on grant date.
\nNon-market vesting conditions are included in the estimation of the number of shares
\nunder options that are expected to become exercisable on the vesting date. At each
\nbalance sheet date, the Group revises its estimates of the number of shares under
\noptions that are expected to become exercisable on the vesting date and recognises
\nthe impact of the revision of the estimates in profit or loss, with a corresponding
\nadjustment to the share-based payment reserve over the remaining vesting period.
\n
\nWhen the share options are exercised, the proceeds received (net of transaction costs)
\nand the related balance previously recognised in the share-based payment reserve
\nare credited to share capital (nominal value) and share premium, when new ordinary
\nshares are issued, or to the \u201ctreasury shares\u201d account, when treasury shares are
\nreissued to the employees.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag703": {
"value": "\n(3) Share-based compensation
\n
\nThe Group operates an equity-settled, share-based compensation plan. The value of
\nthe employee services received in exchange for the grant of options is recognised as
\nan expense with a corresponding increase in the share-based payment reserve over
\nthe vesting period. The total amount to be recognised over the vesting period is
\ndetermined by reference to the fair value of the share options granted on grant date.
\nNon-market vesting conditions are included in the estimation of the number of shares
\nunder options that are expected to become exercisable on the vesting date. At each
\nbalance sheet date, the Group revises its estimates of the number of shares under
\noptions that are expected to become exercisable on the vesting date and recognises
\nthe impact of the revision of the estimates in profit or loss, with a corresponding
\nadjustment to the share-based payment reserve over the remaining vesting period.
\n
\nWhen the share options are exercised, the proceeds received (net of transaction costs)
\nand the related balance previously recognised in the share-based payment reserve
\nare credited to share capital (nominal value) and share premium, when new ordinary
\nshares are issued, or to the \u201ctreasury shares\u201d account, when treasury shares are
\nreissued to the employees.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag704": {
"value": "\n(r) Offsetting financial instruments
\n
\nFinancial assets and liabilities are offset, and the net amount reported in the balance sheet
\nwhen there is a legally enforceable right to offset and there is an intention to settle on a net
\nbasis or realise the asset and settle the liability simultaneously.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag705": {
"value": "\n
\n\n
\n\n(s) Cash and cash equivalents
\n
\nFor the purpose of presentation in the consolidated statement of cash flows, cash and cash
\nequivalents include cash on hand and short-term bank deposits less margin account held with
\nbrokers which are subject to an insignificant risk of change in value.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag706": {
"value": "\n
\n\n(s) Cash and cash equivalents
\n
\nFor the purpose of presentation in the consolidated statement of cash flows, cash and cash
\nequivalents include cash on hand and short-term bank deposits less margin account held with
\nbrokers which are subject to an insignificant risk of change in value.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag707": {
"value": "\n(s) Cash and cash equivalents
\n
\nFor the purpose of presentation in the consolidated statement of cash flows, cash and cash
\nequivalents include cash on hand and short-term bank deposits less margin account held with
\nbrokers which are subject to an insignificant risk of change in value.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag708": {
"value": "\nCommon shares are classified as equity. Incremental costs directly attributable to the issuance
\nof new common shares are deducted against share premium, a component of the share
\ncapital account.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag709": {
"value": "\nWhen any entity within the Group purchases the Company\u2019s common shares (\u201ctreasury
\nshares\u201d), the carrying amount which includes the consideration paid and any directly
\nattributable transaction cost is presented as a component within equity attributable to the
\nCompany\u2019s equity holders, until they are cancelled, sold, or reissued.
\n
\nWhen treasury shares are subsequently sold or reissued pursuant to an employee share
\noption scheme, the cost of treasury shares is reversed from the treasury share account and
\nthe realised gain or loss on sale or reissue, net of any directly attributable incremental
\ntransaction costs and related income tax, is recognised in the capital reserve.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag710": {
"value": "\n(u) Income tax
\n
\nThe income tax expense or credit for the period is the tax payable on the current period\u2019s
\ntaxable income, based on the applicable income tax rate for each jurisdiction.
\n
\nThe current income tax charge is calculated on the basis of the tax laws enacted or
\nsubstantively enacted at the end of the reporting period in the countries where the company
\nand its subsidiaries operate and generate taxable income. Management periodically evaluates
\npositions taken in tax returns with respect to situations in which applicable tax regulation is
\nsubject to interpretation. It establishes provisions, where appropriate, on the basis of amounts
\nexpected to be paid to the tax authorities.
\n
\nDeferred tax is recognised in respect of temporary differences between the carrying amounts
\nof assets and liabilities for financial reporting purposes and the amounts used for taxation
\npurposes. Deferred tax is measured at the tax rates that are expected to be applied to
\ntemporary differences when they reverse, based on tax rates and tax laws that have been
\nenacted or substantively enacted by the reporting date, and reflects uncertainty related to
\nincome taxes, if any.
\n
\nDeferred tax assets and liabilities are offset if there is a legally enforceable right to offset
\ncurrent tax liabilities and assets, and they relate to taxes levied by the same tax authority on
\nthe same taxable entity, or on different tax entities, but they intend to settle current tax
\nliabilities and assets on a net basis or their tax assets and liabilities will be realised
\nsimultaneously.
\n
\nDeferred tax assets are recognised for unused tax losses, unused tax credits and deductible
\ntemporary differences to the extent that it is probable that future taxable profits will be
\navailable against which they can be used. Future taxable profits are determined based on the
\nreversal of relevant taxable temporary differences. If the amount of taxable temporary
\ndifferences is insufficient to recognise a deferred tax asset in full, then future taxable profits,
\nadjusted for reversals of existing temporary differences, are considered, based on the
\nbusiness plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at
\neach reporting date and are reduced to the extent that it is no longer probable that the related
\ntax benefit will be realised; such reductions are reversed when the probability of future
\ntaxable profits improves.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag711": {
"value": "\n(v) Dividend to Company\u2019s shareholders
\n
\nDividend to the Company\u2019s shareholders is recognised when the dividend is approved.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag712": {
"value": "\n(w) Segment reporting
\n
\nOperating segments are reported in a manner consistent with the internal reporting provided
\nto Management whose members are responsible for allocating resources and assessing the
\nperformance of the operating segments.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag713": {
"value": "\n
\n\n(x) Non\u2013current assets (or disposal groups) held-for-sale
\n
\nNon-current assets (or disposal groups) are classified as assets held-for-sale and carried at
\nthe lower of carrying amount and fair value less costs to sell if its carrying amount is recovered
\nprincipally through a sale transaction rather than through continuing use. The asset is not
\ndepreciated or amortised while it is classified as held-for-sale. Any impairment loss on initial
\nclassification and subsequent measurement value less costs to sell (not exceeding the
\naccumulated impairment loss that has been previously recognised) is recognised in profit or
\nloss.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag714": {
"value": "\n(x) Non\u2013current assets (or disposal groups) held-for-sale
\n
\nNon-current assets (or disposal groups) are classified as assets held-for-sale and carried at
\nthe lower of carrying amount and fair value less costs to sell if its carrying amount is recovered
\nprincipally through a sale transaction rather than through continuing use. The asset is not
\ndepreciated or amortised while it is classified as held-for-sale. Any impairment loss on initial
\nclassification and subsequent measurement value less costs to sell (not exceeding the
\naccumulated impairment loss that has been previously recognised) is recognised in profit or
\nloss.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag715": {
"value": "\n(y) Commodity contracts
\n
\nPhysical contracts to buy and sell commodities are accounted for as derivatives at fair value
\nthrough profit or loss. These derivative gains or losses are presented within Revenue \u2013 Product
\nServices. At delivery of the commodity, the sale of the commodity is recognised as revenue
\nunder IFRS 15. See note 2(b)(2).
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag716": {
"value": "\n(z) Contingent liabilities
\n
\nWhere it is not probable that an outflow of economic benefits will be required, or the amount
\ncannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the
\nprobability of outflow of economic benefits is remote. Possible obligations, whose existence
\nwill only be confirmed by the occurrence or non-occurrence of one or more future events,
\nare also disclosed as contingent liabilities unless the probability of outflow of economic
\nbenefits is remote.
\n
\nThe Group is involved in certain claims, litigations, and disputes. Due to the nature of these
\ndisputes and matters, and the uncertainty of the outcome, the Group believes that possible
\nobligations arising are remote and the amount of exposure cannot currently be determined.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag718": {
"value": "\n3. Revenue
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\n(a) Revenue \u2013 Shipping
\n
\n
\n
\n - voyage charter
\n699,028
\n451,329
\n
\n- time charter
\n134,304
\n178,856
\n
\n
\n833,332
\n630,185
\n
\n
\n
\n
\n
\n(b) Revenue \u2013 Product Services
\n
\n
\n
\n- cargo sales
\n729,279
\n619,806
\n
\n- derivative gain/(loss)
\n952
\n(8,636)
\n
\n
\n730,231
\n611,170
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag719": {
"value": "\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n4. Expenses by nature
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nFuel oil consumed
\n221,436
\n132,399
\n
\nPort charges
\n80,338
\n70,854
\n
\nOther voyage expenses
\n48,242
\n18,967
\n
\nVoyage expenses
\n350,016
\n222,220
\n
\n
\n
\n
\n
\nCost of goods sold \u2013 purchase of goods and freight
\n645,993
\n557,183
\n
\n
\n
\n
\n
\nManning costs
\n46,878
\n48,213
\n
\nMaintenance and repair expenses
\n32,172
\n32,736
\n
\nInsurance expenses
\n4,146
\n4,716
\n
\nOther vessel operating expenses
\n10,232
\n14,482
\n
\nVessel operating expenses
\n93,428
\n100,147
\n
\n
\n
\n
\n
\nEmployee compensation (note 5)
\n17,647
\n18,017
\n
\nDirectors\u2019 fees
\n378
\n377
\n
\nAudit and other attestation fees
\n286
\n241
\n
\nOther general and administrative expenses
\n13,605
\n13,947
\n
\nGeneral and administrative expenses
\n31,916
\n32,582
\n
\n
\n
\n
\n
\nTime charter-in expenses (short-term)
\n8,060
\n6,572
\n
\nTime charter-in expenses (variable payments)
\n8,367
\n2,837
\n
\nCharter hire expenses
\n16,427
\n9,409
\n
\n
\n
\n
\n
\nTime charter contracts (non-lease components)
\n19,506
\n14,427
\n
\n
\n
\n
\n
\nSundry income
\n(661)
\n(1,153)
\n
\nOther operating income
\n(154)
\n(2,143)
\n
\nOther operating income - net
\n(815)
\n(3,296)
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag720": {
"value": "\n
\n\n
\n\n
\n\n
\n\n
\n\n4. Expenses by nature
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nFuel oil consumed
\n221,436
\n132,399
\n
\nPort charges
\n80,338
\n70,854
\n
\nOther voyage expenses
\n48,242
\n18,967
\n
\nVoyage expenses
\n350,016
\n222,220
\n
\n
\n
\n
\n
\nCost of goods sold \u2013 purchase of goods and freight
\n645,993
\n557,183
\n
\n
\n
\n
\n
\nManning costs
\n46,878
\n48,213
\n
\nMaintenance and repair expenses
\n32,172
\n32,736
\n
\nInsurance expenses
\n4,146
\n4,716
\n
\nOther vessel operating expenses
\n10,232
\n14,482
\n
\nVessel operating expenses
\n93,428
\n100,147
\n
\n
\n
\n
\n
\nEmployee compensation (note 5)
\n17,647
\n18,017
\n
\nDirectors\u2019 fees
\n378
\n377
\n
\nAudit and other attestation fees
\n286
\n241
\n
\nOther general and administrative expenses
\n13,605
\n13,947
\n
\nGeneral and administrative expenses
\n31,916
\n32,582
\n
\n
\n
\n
\n
\nTime charter-in expenses (short-term)
\n8,060
\n6,572
\n
\nTime charter-in expenses (variable payments)
\n8,367
\n2,837
\n
\nCharter hire expenses
\n16,427
\n9,409
\n
\n
\n
\n
\n
\nTime charter contracts (non-lease components)
\n19,506
\n14,427
\n
\n
\n
\n
\n
\nSundry income
\n(661)
\n(1,153)
\n
\nOther operating income
\n(154)
\n(2,143)
\n
\nOther operating income - net
\n(815)
\n(3,296)
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag721": {
"value": "\n
\n\n
\n\n
\n\n
\n\n4. Expenses by nature
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nFuel oil consumed
\n221,436
\n132,399
\n
\nPort charges
\n80,338
\n70,854
\n
\nOther voyage expenses
\n48,242
\n18,967
\n
\nVoyage expenses
\n350,016
\n222,220
\n
\n
\n
\n
\n
\nCost of goods sold \u2013 purchase of goods and freight
\n645,993
\n557,183
\n
\n
\n
\n
\n
\nManning costs
\n46,878
\n48,213
\n
\nMaintenance and repair expenses
\n32,172
\n32,736
\n
\nInsurance expenses
\n4,146
\n4,716
\n
\nOther vessel operating expenses
\n10,232
\n14,482
\n
\nVessel operating expenses
\n93,428
\n100,147
\n
\n
\n
\n
\n
\nEmployee compensation (note 5)
\n17,647
\n18,017
\n
\nDirectors\u2019 fees
\n378
\n377
\n
\nAudit and other attestation fees
\n286
\n241
\n
\nOther general and administrative expenses
\n13,605
\n13,947
\n
\nGeneral and administrative expenses
\n31,916
\n32,582
\n
\n
\n
\n
\n
\nTime charter-in expenses (short-term)
\n8,060
\n6,572
\n
\nTime charter-in expenses (variable payments)
\n8,367
\n2,837
\n
\nCharter hire expenses
\n16,427
\n9,409
\n
\n
\n
\n
\n
\nTime charter contracts (non-lease components)
\n19,506
\n14,427
\n
\n
\n
\n
\n
\nSundry income
\n(661)
\n(1,153)
\n
\nOther operating income
\n(154)
\n(2,143)
\n
\nOther operating income - net
\n(815)
\n(3,296)
\n
\n\n
\n\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag722": {
"value": "\n
\n\n
\n\n
\n\n4. Expenses by nature
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nFuel oil consumed
\n221,436
\n132,399
\n
\nPort charges
\n80,338
\n70,854
\n
\nOther voyage expenses
\n48,242
\n18,967
\n
\nVoyage expenses
\n350,016
\n222,220
\n
\n
\n
\n
\n
\nCost of goods sold \u2013 purchase of goods and freight
\n645,993
\n557,183
\n
\n
\n
\n
\n
\nManning costs
\n46,878
\n48,213
\n
\nMaintenance and repair expenses
\n32,172
\n32,736
\n
\nInsurance expenses
\n4,146
\n4,716
\n
\nOther vessel operating expenses
\n10,232
\n14,482
\n
\nVessel operating expenses
\n93,428
\n100,147
\n
\n
\n
\n
\n
\nEmployee compensation (note 5)
\n17,647
\n18,017
\n
\nDirectors\u2019 fees
\n378
\n377
\n
\nAudit and other attestation fees
\n286
\n241
\n
\nOther general and administrative expenses
\n13,605
\n13,947
\n
\nGeneral and administrative expenses
\n31,916
\n32,582
\n
\n
\n
\n
\n
\nTime charter-in expenses (short-term)
\n8,060
\n6,572
\n
\nTime charter-in expenses (variable payments)
\n8,367
\n2,837
\n
\nCharter hire expenses
\n16,427
\n9,409
\n
\n
\n
\n
\n
\nTime charter contracts (non-lease components)
\n19,506
\n14,427
\n
\n
\n
\n
\n
\nSundry income
\n(661)
\n(1,153)
\n
\nOther operating income
\n(154)
\n(2,143)
\n
\nOther operating income - net
\n(815)
\n(3,296)
\n
\n\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag723": {
"value": "\n
\n\n
\n\n4. Expenses by nature
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nFuel oil consumed
\n221,436
\n132,399
\n
\nPort charges
\n80,338
\n70,854
\n
\nOther voyage expenses
\n48,242
\n18,967
\n
\nVoyage expenses
\n350,016
\n222,220
\n
\n
\n
\n
\n
\nCost of goods sold \u2013 purchase of goods and freight
\n645,993
\n557,183
\n
\n
\n
\n
\n
\nManning costs
\n46,878
\n48,213
\n
\nMaintenance and repair expenses
\n32,172
\n32,736
\n
\nInsurance expenses
\n4,146
\n4,716
\n
\nOther vessel operating expenses
\n10,232
\n14,482
\n
\nVessel operating expenses
\n93,428
\n100,147
\n
\n
\n
\n
\n
\nEmployee compensation (note 5)
\n17,647
\n18,017
\n
\nDirectors\u2019 fees
\n378
\n377
\n
\nAudit and other attestation fees
\n286
\n241
\n
\nOther general and administrative expenses
\n13,605
\n13,947
\n
\nGeneral and administrative expenses
\n31,916
\n32,582
\n
\n
\n
\n
\n
\nTime charter-in expenses (short-term)
\n8,060
\n6,572
\n
\nTime charter-in expenses (variable payments)
\n8,367
\n2,837
\n
\nCharter hire expenses
\n16,427
\n9,409
\n
\n
\n
\n
\n
\nTime charter contracts (non-lease components)
\n19,506
\n14,427
\n
\n
\n
\n
\n
\nSundry income
\n(661)
\n(1,153)
\n
\nOther operating income
\n(154)
\n(2,143)
\n
\nOther operating income - net
\n(815)
\n(3,296)
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag724": {
"value": "\n
\n\n4. Expenses by nature
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nFuel oil consumed
\n221,436
\n132,399
\n
\nPort charges
\n80,338
\n70,854
\n
\nOther voyage expenses
\n48,242
\n18,967
\n
\nVoyage expenses
\n350,016
\n222,220
\n
\n
\n
\n
\n
\nCost of goods sold \u2013 purchase of goods and freight
\n645,993
\n557,183
\n
\n
\n
\n
\n
\nManning costs
\n46,878
\n48,213
\n
\nMaintenance and repair expenses
\n32,172
\n32,736
\n
\nInsurance expenses
\n4,146
\n4,716
\n
\nOther vessel operating expenses
\n10,232
\n14,482
\n
\nVessel operating expenses
\n93,428
\n100,147
\n
\n
\n
\n
\n
\nEmployee compensation (note 5)
\n17,647
\n18,017
\n
\nDirectors\u2019 fees
\n378
\n377
\n
\nAudit and other attestation fees
\n286
\n241
\n
\nOther general and administrative expenses
\n13,605
\n13,947
\n
\nGeneral and administrative expenses
\n31,916
\n32,582
\n
\n
\n
\n
\n
\nTime charter-in expenses (short-term)
\n8,060
\n6,572
\n
\nTime charter-in expenses (variable payments)
\n8,367
\n2,837
\n
\nCharter hire expenses
\n16,427
\n9,409
\n
\n
\n
\n
\n
\nTime charter contracts (non-lease components)
\n19,506
\n14,427
\n
\n
\n
\n
\n
\nSundry income
\n(661)
\n(1,153)
\n
\nOther operating income
\n(154)
\n(2,143)
\n
\nOther operating income - net
\n(815)
\n(3,296)
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag725": {
"value": "\n4. Expenses by nature
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nFuel oil consumed
\n221,436
\n132,399
\n
\nPort charges
\n80,338
\n70,854
\n
\nOther voyage expenses
\n48,242
\n18,967
\n
\nVoyage expenses
\n350,016
\n222,220
\n
\n
\n
\n
\n
\nCost of goods sold \u2013 purchase of goods and freight
\n645,993
\n557,183
\n
\n
\n
\n
\n
\nManning costs
\n46,878
\n48,213
\n
\nMaintenance and repair expenses
\n32,172
\n32,736
\n
\nInsurance expenses
\n4,146
\n4,716
\n
\nOther vessel operating expenses
\n10,232
\n14,482
\n
\nVessel operating expenses
\n93,428
\n100,147
\n
\n
\n
\n
\n
\nEmployee compensation (note 5)
\n17,647
\n18,017
\n
\nDirectors\u2019 fees
\n378
\n377
\n
\nAudit and other attestation fees
\n286
\n241
\n
\nOther general and administrative expenses
\n13,605
\n13,947
\n
\nGeneral and administrative expenses
\n31,916
\n32,582
\n
\n
\n
\n
\n
\nTime charter-in expenses (short-term)
\n8,060
\n6,572
\n
\nTime charter-in expenses (variable payments)
\n8,367
\n2,837
\n
\nCharter hire expenses
\n16,427
\n9,409
\n
\n
\n
\n
\n
\nTime charter contracts (non-lease components)
\n19,506
\n14,427
\n
\n
\n
\n
\n
\nSundry income
\n(661)
\n(1,153)
\n
\nOther operating income
\n(154)
\n(2,143)
\n
\nOther operating income - net
\n(815)
\n(3,296)
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag726": {
"value": "\n5. Employee compensation
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nWages and salaries
\n15,857
\n16,970
\n
\nShare-based payments - equity settled
\n1,372
\n631
\n
\nPost-employment benefits - contributions to defined contribution
\nplans
\n418
\n416
\n
\n
\n17,647
\n18,017
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag727": {
"value": "\n
\n6. Basic and diluted earnings per share
\n
\n\nBasic earnings per share is calculated by dividing the net profit or loss attributable to equity holders
\nof the Company by the weighted average number of common shares outstanding during the financial
\nyear.
\n
\nDiluted earnings per share is calculated by dividing the net profit or loss attributable to equity holders
\nof the Company by the weighted average number of common shares outstanding during the financial
\nyear, after adjusting for all dilutive potential ordinary shares. The potential common shares arising
\nfrom the Company\u2019s equity-settled, share-based compensation plan does not have a material impact
\non the computation of basic earnings per share.
\n
\n\n
\n
\n
\n2022
\n2021
\n
\n
\n
\n
\n
\nNet profit attributable to equity holders of the Company (US$\u2019000)
\n227,396
\n184,821
\n
\nWeighted average number of common shares outstanding (\u2018000) *
\n135,416
\n138,951
\n
\nBasic and diluted earnings per share (US$ per share)
\n1.68
\n1.33
\n
\n* Includes dilutive shares from share options of 664,756 (2021: 1,052,789)
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag728": {
"value": "\nBasic earnings per share is calculated by dividing the net profit or loss attributable to equity holders
\nof the Company by the weighted average number of common shares outstanding during the financial
\nyear.
\n
\nDiluted earnings per share is calculated by dividing the net profit or loss attributable to equity holders
\nof the Company by the weighted average number of common shares outstanding during the financial
\nyear, after adjusting for all dilutive potential ordinary shares. The potential common shares arising
\nfrom the Company\u2019s equity-settled, share-based compensation plan does not have a material impact
\non the computation of basic earnings per share.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag729": {
"value": "\n7. Income tax expense
\n
\n(a) Income tax expense
\n
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\nTax expense attributable to profit is made up of:
\n
\n
\n
\n- profit for the financial year:
\n
\n
\n
\n current income tax
\n1,315
\n563
\n
\n- under/(over)provision in prior financial years:
\n
\n
\n
\n current income tax
\n349
\n(42)
\n
\n- recognition of deferred tax assets
\n
\n
\n
\n current income tax
\n(593)
\n-
\n
\n
\n1,071
\n521
\n
\n\n
\n7. Income tax expense (continued)
\n
\n\n(b) Movement in current income tax liabilities
\n
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nAt beginning of the financial year
\n1,231
\n995
\n
\nIncome tax expense
\n1,664
\n521
\n
\nIncome tax paid
\n(730)
\n(148)
\n
\nAcquisition of subsidiary (note 25)
\n66
\n-
\n
\nCurrency effects
\n258
\n(137)
\n
\nAt end of the financial year
\n2,489
\n1,231
\n
\n(c) Movement in deferred tax assets
\n
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nAt beginning of the financial year
\n-
\n-
\n
\nTax credited to profit for the financial year
\n593
\n-
\n
\nAcquisition of subsidiary (note 25)
\n5,919
\n-
\n
\nCurrency effects
\n208
\n-
\n
\nAt end of the financial year
\n6,720
\n-
\n
\nDeferred tax assets are recognised for tax losses carried forward for the Group\u2019s Spanish
\nsubsidiary, Vilma Oil Trading, S.L., to the extent that realisation of the related tax benefits
\nthrough future taxable profits is probable. The Group has concluded that the deferred tax
\nassets will be recoverable from the estimated future taxable income of the subsidiary within
\nthe next five years.
\n
\nThere is no income, withholding, capital gains or capital transfer taxes payable in Bermuda. Income
\ntax expense reconciliation is as follows:
\n
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nProfit before tax
\n239,648
\n186,941
\n
\n
\n
\n
\n
\nTax calculated at a tax rate of 0% (2021: 0%)
\n-
\n-
\n
\nEffects of different tax rates in other countries
\n1,664
\n521
\n
\nRecognition of unutilised tax losses
\n(593)
\n-
\n
\nIncome tax expense
\n1,071
\n521
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag730": {
"value": "\n(b) Movement in current income tax liabilities
\n
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nAt beginning of the financial year
\n1,231
\n995
\n
\nIncome tax expense
\n1,664
\n521
\n
\nIncome tax paid
\n(730)
\n(148)
\n
\nAcquisition of subsidiary (note 25)
\n66
\n-
\n
\nCurrency effects
\n258
\n(137)
\n
\nAt end of the financial year
\n2,489
\n1,231
\n
\n(c) Movement in deferred tax assets
\n
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nAt beginning of the financial year
\n-
\n-
\n
\nTax credited to profit for the financial year
\n593
\n-
\n
\nAcquisition of subsidiary (note 25)
\n5,919
\n-
\n
\nCurrency effects
\n208
\n-
\n
\nAt end of the financial year
\n6,720
\n-
\n
\nDeferred tax assets are recognised for tax losses carried forward for the Group\u2019s Spanish
\nsubsidiary, Vilma Oil Trading, S.L., to the extent that realisation of the related tax benefits
\nthrough future taxable profits is probable. The Group has concluded that the deferred tax
\nassets will be recoverable from the estimated future taxable income of the subsidiary within
\nthe next five years.
\n
\nThere is no income, withholding, capital gains or capital transfer taxes payable in Bermuda. Income
\ntax expense reconciliation is as follows:
\n
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nProfit before tax
\n239,648
\n186,941
\n
\n
\n
\n
\n
\nTax calculated at a tax rate of 0% (2021: 0%)
\n-
\n-
\n
\nEffects of different tax rates in other countries
\n1,664
\n521
\n
\nRecognition of unutilised tax losses
\n(593)
\n-
\n
\nIncome tax expense
\n1,071
\n521
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag717": {
"value": "Bermuda",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag731": {
"value": "\n
\n\n
\n\n8. Property, plant and equipment
\n
\n
\n
\nVessels
\nDry docking
\nFurniture
\nand
\nfixtures
\nRight-of-use
\nassets
\n
\n(Vessels)
\nTotal
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\n
\nCost
\n
\n
\n
\n
\n
\n
\nAt 1 January 2022
\n2,267,087
\n63,614
\n555
\n176,659
\n2,507,915
\n
\nAdditions
\n33,734
\n12,347
\n111
\n79,350
\n125,542
\n
\nAcquisition of subsidiary
\n(note 25)
\n-
\n-
\n151
\n123,336
\n123,487
\n
\nDisposals
\n(141,530)
\n(5,418)
\n-
\n-
\n(146,948)
\n
\nReclassified to assets held-
\nfor-sale (note 12)
\n(209,049)
\n(5,356)
\n-
\n-
\n(214,405)
\n
\nWrite off on completion of
\ndry docking costs
\n-
\n(10,180)
\n-
\n-
\n(10,180)
\n
\nCurrency effects
\n(34,525)
\n(1,290)
\n-
\n-
\n(35,815)
\n
\nAt 31 December 2022
\n1,915,717
\n53,717
\n817
\n379,345
\n2,349,596
\n
\n
\n
\n
\n
\n
\n
\n
\nAccumulated depreciation
\nand impairment charge
\n
\n
\n
\n
\n
\n
\nAt 1 January 2022
\n510,553
\n28,463
\n478
\n68,923
\n608,417
\n
\nDepreciation charge
\n99,590
\n11,967
\n32
\n47,226
\n158,815
\n
\nDisposals
\n(63,118)
\n(2,909)
\n-
\n-
\n(66,027)
\n
\nWrite-back of impairment
\ncharge
\n-
\n-
\n-
\n(1,470)
\n(1,470)
\n
\nReclassified to assets held-
\nfor-sale (note 12)
\n(81,590)
\n(4,205)
\n-
\n-
\n(85,795)
\n
\nWrite off on completion of
\ndry docking costs
\n-
\n(10,180)
\n-
\n-
\n(10,180)
\n
\nCurrency effects
\n(2,830)
\n(796)
\n-
\n-
\n(3,626)
\n
\nAt 31 December 2022
\n462,605
\n22,340
\n510
\n114,679
\n600,134
\n
\n
\n
\n
\n
\n
\n
\n
\nNet book value
\n
\n
\n
\n
\n
\n
\nAt 31 December 2022
\n1,453,112
\n31,377
\n307
\n264,666
\n1,749,462
\n
\n\n
\n\n
\n\n
\n\n
\n\n8. Property, plant and equipment (continued)
\n
\n
\n
\nVessels
\nDry docking
\nFurniture
\nand
\nfixtures
\nRight-of-use
\nassets
\n(Vessels)
\nTotal
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\n
\nCost
\n
\n
\n
\n
\n
\n
\nAt 1 January 2021
\n2,250,450
\n68,444
\n546
\n213,408
\n2,532,848
\n
\nAdditions
\n157,395
\n29,932
\n9
\n20,866
\n208,202
\n
\nAcquisition of subsidiary
\n(note 25)
\n189,999
\n7,001
\n-
\n-
\n197,000
\n
\nDisposals
\n(148,055)
\n(9,130)
\n-
\n(57,615)
\n(214,800)
\n
\nReclassified to assets held-
\nfor-sale (note 12)
\n(179,155)
\n(8,206)
\n-
\n-
\n(187,361)
\n
\nWrite off on completion of
\ndry docking costs
\n-
\n(24,313)
\n-
\n-
\n(24,313)
\n
\nCurrency effects
\n(3,547)
\n(114)
\n-
\n-
\n(3,661)
\n
\nAt 31 December 2021
\n2,267,087
\n63,614
\n555
\n176,659
\n2,507,915
\n
\n
\n
\n
\n
\n
\n
\n
\nAccumulated depreciation
\nand impairment charge
\n
\n
\n
\n
\n
\n
\nAt 1 January 2021
\n520,253
\n44,303
\n410
\n66,142
\n631,108
\n
\nDepreciation charge
\n104,030
\n14,774
\n68
\n34,781
\n153,653
\n
\nDisposals
\n(59,138)
\n(5,454)
\n-
\n(32,000)
\n(96,592)
\n
\nWrite-back of impairment
\ncharge
\n(31,901)
\n-
\n-
\n-
\n(31,901)
\n
\nReclassified to assets held-
\nfor-sale (note 12)
\n(22,567)
\n(804)
\n-
\n-
\n(23,371)
\n
\nWrite off on completion of
\ndry docking costs
\n-
\n(24,313)
\n-
\n-
\n(24,313)
\n
\nCurrency effects
\n(124)
\n(43)
\n-
\n-
\n(167)
\n
\nAt 31 December 2021
\n510,553
\n28,463
\n478
\n68,923
\n608,417
\n
\n
\n
\n
\n
\n
\n
\n
\nNet book value
\n
\n
\n
\n
\n
\n
\nAt 31 December 2021
\n1,756,534
\n35,151
\n77
\n107,736
\n1,899,498
\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n(a) Vessels with an aggregate carrying amount of US$974.5 million as at 31 December 2022
\n(2021: US$1,791.7 million) are secured on borrowings (note 17).
\n
\n(b) As at 31 December 2022, the Group has capital commitments relating to vessel upgrade of
\nUS$nil (2021: US$11.5 million).
\n
\n(c) In FY 2022, the Group wrote-back an impairment charge of US$1.5 million on a right-of-use
\nvessel (FY 2021: wrote-back an impairment charge of US$31.9 million on certain vessels)
\nto their recoverable amounts following the recovery of the freight market and asset prices
\nfrom when the impairment losses were recognised. In FY 2021, the recoverable amounts
\nof the vessels were based on the higher of fair value less cost to sell and value-in-use
\ncalculation, with each vessel being regarded as one cash generating unit. The recoverable
\namount of each vessel is estimated based on independent third party valuation reports,
\nwhich made reference to comparable transaction prices of similar vessels. These are
\nregarded as level 2 fair values under the fair value hierarchy of IFRS 13 Fair value
\nmeasurement that is also applicable for financial assets/liabilities. The Group has assessed
\nthat the brokers had the required competency and capability to perform the valuations. The
\nGroup had also considered the appropriateness of the valuation methodologies and
\nassumptions used by the brokers.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag732": {
"value": "\n
\n\n8. Property, plant and equipment
\n
\n
\n
\nVessels
\nDry docking
\nFurniture
\nand
\nfixtures
\nRight-of-use
\nassets
\n
\n(Vessels)
\nTotal
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\n
\nCost
\n
\n
\n
\n
\n
\n
\nAt 1 January 2022
\n2,267,087
\n63,614
\n555
\n176,659
\n2,507,915
\n
\nAdditions
\n33,734
\n12,347
\n111
\n79,350
\n125,542
\n
\nAcquisition of subsidiary
\n(note 25)
\n-
\n-
\n151
\n123,336
\n123,487
\n
\nDisposals
\n(141,530)
\n(5,418)
\n-
\n-
\n(146,948)
\n
\nReclassified to assets held-
\nfor-sale (note 12)
\n(209,049)
\n(5,356)
\n-
\n-
\n(214,405)
\n
\nWrite off on completion of
\ndry docking costs
\n-
\n(10,180)
\n-
\n-
\n(10,180)
\n
\nCurrency effects
\n(34,525)
\n(1,290)
\n-
\n-
\n(35,815)
\n
\nAt 31 December 2022
\n1,915,717
\n53,717
\n817
\n379,345
\n2,349,596
\n
\n
\n
\n
\n
\n
\n
\n
\nAccumulated depreciation
\nand impairment charge
\n
\n
\n
\n
\n
\n
\nAt 1 January 2022
\n510,553
\n28,463
\n478
\n68,923
\n608,417
\n
\nDepreciation charge
\n99,590
\n11,967
\n32
\n47,226
\n158,815
\n
\nDisposals
\n(63,118)
\n(2,909)
\n-
\n-
\n(66,027)
\n
\nWrite-back of impairment
\ncharge
\n-
\n-
\n-
\n(1,470)
\n(1,470)
\n
\nReclassified to assets held-
\nfor-sale (note 12)
\n(81,590)
\n(4,205)
\n-
\n-
\n(85,795)
\n
\nWrite off on completion of
\ndry docking costs
\n-
\n(10,180)
\n-
\n-
\n(10,180)
\n
\nCurrency effects
\n(2,830)
\n(796)
\n-
\n-
\n(3,626)
\n
\nAt 31 December 2022
\n462,605
\n22,340
\n510
\n114,679
\n600,134
\n
\n
\n
\n
\n
\n
\n
\n
\nNet book value
\n
\n
\n
\n
\n
\n
\nAt 31 December 2022
\n1,453,112
\n31,377
\n307
\n264,666
\n1,749,462
\n
\n\n
\n\n
\n\n8. Property, plant and equipment (continued)
\n
\n
\n
\nVessels
\nDry docking
\nFurniture
\nand
\nfixtures
\nRight-of-use
\nassets
\n(Vessels)
\nTotal
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\n
\nCost
\n
\n
\n
\n
\n
\n
\nAt 1 January 2021
\n2,250,450
\n68,444
\n546
\n213,408
\n2,532,848
\n
\nAdditions
\n157,395
\n29,932
\n9
\n20,866
\n208,202
\n
\nAcquisition of subsidiary
\n(note 25)
\n189,999
\n7,001
\n-
\n-
\n197,000
\n
\nDisposals
\n(148,055)
\n(9,130)
\n-
\n(57,615)
\n(214,800)
\n
\nReclassified to assets held-
\nfor-sale (note 12)
\n(179,155)
\n(8,206)
\n-
\n-
\n(187,361)
\n
\nWrite off on completion of
\ndry docking costs
\n-
\n(24,313)
\n-
\n-
\n(24,313)
\n
\nCurrency effects
\n(3,547)
\n(114)
\n-
\n-
\n(3,661)
\n
\nAt 31 December 2021
\n2,267,087
\n63,614
\n555
\n176,659
\n2,507,915
\n
\n
\n
\n
\n
\n
\n
\n
\nAccumulated depreciation
\nand impairment charge
\n
\n
\n
\n
\n
\n
\nAt 1 January 2021
\n520,253
\n44,303
\n410
\n66,142
\n631,108
\n
\nDepreciation charge
\n104,030
\n14,774
\n68
\n34,781
\n153,653
\n
\nDisposals
\n(59,138)
\n(5,454)
\n-
\n(32,000)
\n(96,592)
\n
\nWrite-back of impairment
\ncharge
\n(31,901)
\n-
\n-
\n-
\n(31,901)
\n
\nReclassified to assets held-
\nfor-sale (note 12)
\n(22,567)
\n(804)
\n-
\n-
\n(23,371)
\n
\nWrite off on completion of
\ndry docking costs
\n-
\n(24,313)
\n-
\n-
\n(24,313)
\n
\nCurrency effects
\n(124)
\n(43)
\n-
\n-
\n(167)
\n
\nAt 31 December 2021
\n510,553
\n28,463
\n478
\n68,923
\n608,417
\n
\n
\n
\n
\n
\n
\n
\n
\nNet book value
\n
\n
\n
\n
\n
\n
\nAt 31 December 2021
\n1,756,534
\n35,151
\n77
\n107,736
\n1,899,498
\n
\n\n
\n
\n
\n
\n
\n
\n
\n
\n(a) Vessels with an aggregate carrying amount of US$974.5 million as at 31 December 2022
\n(2021: US$1,791.7 million) are secured on borrowings (note 17).
\n
\n(b) As at 31 December 2022, the Group has capital commitments relating to vessel upgrade of
\nUS$nil (2021: US$11.5 million).
\n
\n(c) In FY 2022, the Group wrote-back an impairment charge of US$1.5 million on a right-of-use
\nvessel (FY 2021: wrote-back an impairment charge of US$31.9 million on certain vessels)
\nto their recoverable amounts following the recovery of the freight market and asset prices
\nfrom when the impairment losses were recognised. In FY 2021, the recoverable amounts
\nof the vessels were based on the higher of fair value less cost to sell and value-in-use
\ncalculation, with each vessel being regarded as one cash generating unit. The recoverable
\namount of each vessel is estimated based on independent third party valuation reports,
\nwhich made reference to comparable transaction prices of similar vessels. These are
\nregarded as level 2 fair values under the fair value hierarchy of IFRS 13 Fair value
\nmeasurement that is also applicable for financial assets/liabilities. The Group has assessed
\nthat the brokers had the required competency and capability to perform the valuations. The
\nGroup had also considered the appropriateness of the valuation methodologies and
\nassumptions used by the brokers.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag733": {
"value": "\n8. Property, plant and equipment
\n
\n
\n
\nVessels
\nDry docking
\nFurniture
\nand
\nfixtures
\nRight-of-use
\nassets
\n
\n(Vessels)
\nTotal
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\n
\nCost
\n
\n
\n
\n
\n
\n
\nAt 1 January 2022
\n2,267,087
\n63,614
\n555
\n176,659
\n2,507,915
\n
\nAdditions
\n33,734
\n12,347
\n111
\n79,350
\n125,542
\n
\nAcquisition of subsidiary
\n(note 25)
\n-
\n-
\n151
\n123,336
\n123,487
\n
\nDisposals
\n(141,530)
\n(5,418)
\n-
\n-
\n(146,948)
\n
\nReclassified to assets held-
\nfor-sale (note 12)
\n(209,049)
\n(5,356)
\n-
\n-
\n(214,405)
\n
\nWrite off on completion of
\ndry docking costs
\n-
\n(10,180)
\n-
\n-
\n(10,180)
\n
\nCurrency effects
\n(34,525)
\n(1,290)
\n-
\n-
\n(35,815)
\n
\nAt 31 December 2022
\n1,915,717
\n53,717
\n817
\n379,345
\n2,349,596
\n
\n
\n
\n
\n
\n
\n
\n
\nAccumulated depreciation
\nand impairment charge
\n
\n
\n
\n
\n
\n
\nAt 1 January 2022
\n510,553
\n28,463
\n478
\n68,923
\n608,417
\n
\nDepreciation charge
\n99,590
\n11,967
\n32
\n47,226
\n158,815
\n
\nDisposals
\n(63,118)
\n(2,909)
\n-
\n-
\n(66,027)
\n
\nWrite-back of impairment
\ncharge
\n-
\n-
\n-
\n(1,470)
\n(1,470)
\n
\nReclassified to assets held-
\nfor-sale (note 12)
\n(81,590)
\n(4,205)
\n-
\n-
\n(85,795)
\n
\nWrite off on completion of
\ndry docking costs
\n-
\n(10,180)
\n-
\n-
\n(10,180)
\n
\nCurrency effects
\n(2,830)
\n(796)
\n-
\n-
\n(3,626)
\n
\nAt 31 December 2022
\n462,605
\n22,340
\n510
\n114,679
\n600,134
\n
\n
\n
\n
\n
\n
\n
\n
\nNet book value
\n
\n
\n
\n
\n
\n
\nAt 31 December 2022
\n1,453,112
\n31,377
\n307
\n264,666
\n1,749,462
\n
\n\n8. Property, plant and equipment (continued)
\n
\n
\n
\nVessels
\nDry docking
\nFurniture
\nand
\nfixtures
\nRight-of-use
\nassets
\n(Vessels)
\nTotal
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\n
\nCost
\n
\n
\n
\n
\n
\n
\nAt 1 January 2021
\n2,250,450
\n68,444
\n546
\n213,408
\n2,532,848
\n
\nAdditions
\n157,395
\n29,932
\n9
\n20,866
\n208,202
\n
\nAcquisition of subsidiary
\n(note 25)
\n189,999
\n7,001
\n-
\n-
\n197,000
\n
\nDisposals
\n(148,055)
\n(9,130)
\n-
\n(57,615)
\n(214,800)
\n
\nReclassified to assets held-
\nfor-sale (note 12)
\n(179,155)
\n(8,206)
\n-
\n-
\n(187,361)
\n
\nWrite off on completion of
\ndry docking costs
\n-
\n(24,313)
\n-
\n-
\n(24,313)
\n
\nCurrency effects
\n(3,547)
\n(114)
\n-
\n-
\n(3,661)
\n
\nAt 31 December 2021
\n2,267,087
\n63,614
\n555
\n176,659
\n2,507,915
\n
\n
\n
\n
\n
\n
\n
\n
\nAccumulated depreciation
\nand impairment charge
\n
\n
\n
\n
\n
\n
\nAt 1 January 2021
\n520,253
\n44,303
\n410
\n66,142
\n631,108
\n
\nDepreciation charge
\n104,030
\n14,774
\n68
\n34,781
\n153,653
\n
\nDisposals
\n(59,138)
\n(5,454)
\n-
\n(32,000)
\n(96,592)
\n
\nWrite-back of impairment
\ncharge
\n(31,901)
\n-
\n-
\n-
\n(31,901)
\n
\nReclassified to assets held-
\nfor-sale (note 12)
\n(22,567)
\n(804)
\n-
\n-
\n(23,371)
\n
\nWrite off on completion of
\ndry docking costs
\n-
\n(24,313)
\n-
\n-
\n(24,313)
\n
\nCurrency effects
\n(124)
\n(43)
\n-
\n-
\n(167)
\n
\nAt 31 December 2021
\n510,553
\n28,463
\n478
\n68,923
\n608,417
\n
\n
\n
\n
\n
\n
\n
\n
\nNet book value
\n
\n
\n
\n
\n
\n
\nAt 31 December 2021
\n1,756,534
\n35,151
\n77
\n107,736
\n1,899,498
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag734": {
"value": "\n9. Finance lease receivables
\n
\nIn 2019, back-to-back time charter contracts were entered into and the subleases were accounted for
\nas finance leases under IFRS 16. The adoption of IFRS 16 resulted in the recognition of net investment
\nin subleases as finance lease receivables and the movements as follows:
\n
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nAt beginning of the financial year
\n18,061
\n35,327
\n
\nRepayments
\n(7,535)
\n(17,266)
\n
\nAt end of the financial year
\n10,526
\n18,061
\n
\nThe table below sets out a maturity analysis of lease receivables, showing the undiscounted lease
\npayments to be received after the reporting date.
\n
\n
\n
\nLess than
\n
\n1 year
\nBetween 1
\nand 2
\nyears
\nBetween 2
\nand 3
\nyears
\nBetween 3
\nand 4
\nyears
\nBetween 4
\nand 5
\nyears
\nTotal
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\n
\nAt 31 December
\n2022
\n
\n
\n
\n
\n
\n
\n
\nUndiscounted lease
\nreceivables
\n8,120
\n2,707
\n-
\n-
\n-
\n10,827
\n
\nLess: Unearned
\nfinance income
\n(278)
\n(23)
\n-
\n-
\n-
\n(301)
\n
\n
\n7,842
\n2,684
\n-
\n-
\n-
\n10,526
\n
\n
\n
\n
\n
\n
\n
\n
\n
\nAt 31 December
\n2021
\n
\n
\n
\n
\n
\n
\n
\nUndiscounted lease
\nreceivables
\n8,120
\n8,120
\n2,707
\n-
\n-
\n18,947
\n
\nLess: Unearned
\nfinance income
\n(585)
\n(278)
\n(23)
\n-
\n-
\n(886)
\n
\n
\n7,535
\n7,842
\n2,684
\n-
\n-
\n18,061
\n
\n\n18. Lease liabilities
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nAt beginning of financial year
\n132,540
\n188,446
\n
\nAdditions
\n53,059
\n20,866
\n
\nAcquisition of subsidiary (note 25)
\n90,463
\n-
\n
\nLease modifications
\n20,791
\n(28,151)
\n
\nRepayments
\n(54,181)
\n(48,621)
\n
\nAt end of financial year
\n242,672
\n132,540
\n
\n
\n
\n
\n
\nNon-current
\n106,281
\n86,140
\n
\nCurrent
\n136,391
\n46,400
\n
\n
\n242,672
\n132,540
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag735": {
"value": "\n10. Inventories
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nFuel oil, at cost
\n111,524
\n26,595
\n
\nLiquefied petroleum gas, held for trading
\n2,421
\n27,989
\n
\n
\n113,945
\n54,584
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag736": {
"value": "\n
\n11. Trade and other receivables
\n
\n
\n\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nTrade receivables - non-related parties
\n182,097
\n143,723
\n
\nOther receivables - non-related parties
\n24,144
\n17,083
\n
\nOther receivables - related parties ^
\n1,614
\n1,317
\n
\n
\n207,855
\n162,123
\n
\nPrepayments
\n11,193
\n29,507
\n
\n
\n219,048
\n191,630
\n
\n
\n
\n
\n
\nNon-current
\n15,869
\n-
\n
\nCurrent
\n203,179
\n191,630
\n
\n
\n219,048
\n191,630
\n
\n^ Related parties refer to corporations controlled by a shareholder of the Company.
\n
\n\n
\nContract assets \u2013 accrued revenue of US$59.1 million (2021: US$35.1 million) had been presented
\nwithin \u201cTrade receivables \u2013 non-related parties\u201d. These relate to the Group\u2019s rights to consideration
\nfor proportional performance from voyage charters-in-progress at the balance sheet date. The
\ncontract assets are transferred to trade receivables when the rights become unconditional which
\ntypically occurs in the next financial year. This usually occurs when the Group invoices the customers.
\n
\nOther receivables due from non-related parties include GST paid to India\u2019s Government in advance.
\nAfter taking into account the present value of other receivables (non-current), the carrying amounts
\napproximate their fair value.
\n
\nOther receivables due from related parties comprise mainly advances for vessel operating expenses.
\nThey are unsecured, interest-free and repayable on demand. The carrying amounts of trade
\nreceivables and prepayments, principally denominated in US$, approximate their fair values due to
\nthe short-term nature of these balances.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag737": {
"value": "\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nTrade receivables - non-related parties
\n182,097
\n143,723
\n
\nOther receivables - non-related parties
\n24,144
\n17,083
\n
\nOther receivables - related parties ^
\n1,614
\n1,317
\n
\n
\n207,855
\n162,123
\n
\nPrepayments
\n11,193
\n29,507
\n
\n
\n219,048
\n191,630
\n
\n
\n
\n
\n
\nNon-current
\n15,869
\n-
\n
\nCurrent
\n203,179
\n191,630
\n
\n
\n219,048
\n191,630
\n
\n^ Related parties refer to corporations controlled by a shareholder of the Company.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag738": {
"value": "\n
\n\n12. Assets held-for-sale
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nAt beginning of the financial year
\n39,027
\n-
\n
\nReclassified from property, plant and equipment (note 8)
\n128,610
\n163,990
\n
\nDisposal
\n(80,768)
\n(124,963)
\n
\nAt end of the financial year
\n86,869
\n39,027
\n
\nAs at 31 December 2022, assets held-for-sale comprised two VLGCs (2021: one VLGC) that have
\nbeen committed for sale to a non-related party.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag739": {
"value": "\n12. Assets held-for-sale
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nAt beginning of the financial year
\n39,027
\n-
\n
\nReclassified from property, plant and equipment (note 8)
\n128,610
\n163,990
\n
\nDisposal
\n(80,768)
\n(124,963)
\n
\nAt end of the financial year
\n86,869
\n39,027
\n
\nAs at 31 December 2022, assets held-for-sale comprised two VLGCs (2021: one VLGC) that have
\nbeen committed for sale to a non-related party.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag740": {
"value": "\n13. Equity financial assets, at fair value
\n
\n2022
\n2021
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\nAt beginning of financial year
\n3,250
\n28,259
\nAdditions
\n271
\n4,072
\nDisposals
\n(250)
\n(31,076)
\nFair value gains
\n-
\n1,995
\nAt end of financial year
\n3,271
\n3,250
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag741": {
"value": "\n14. Derivative financial instruments
\n2022
\n2021
\nAssets
\nLiabilities
\nAssets
\nLiabilities
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nInterest rate swaps
\n
\n23,806
\n-
\n-
\n(14,140)
\nForward freight agreements
\nand related bunker swaps
\n
\n-
\n(3,152)
\n17,442
\n(10,789)
\nCommodity contracts and
\nderivatives
\n89,346
\n(30,706)
\n6,079
\n-
\nForward foreign exchange
\ncontracts
\n
\n-
\n(77)
\n161
\n(16)
\n113,152
\n(33,935)
\n23,682
\n(24,945)
\nNon-current
\n
\n23,806
\n(929)
\n-
\n(12,962)
\nCurrent
\n89,346
\n(33,006)
\n23,682
\n(11,983)
\n113,152
\n(33,935)
\n23,682
\n(24,945)
\nAs at 31 December 2022, the Group has interest rate swaps with total notional principal amounting
\nto US$358.6 million (2021: US$519.4 million). The Group\u2019s interest rate swaps mature between 2024
\nto 2028.
\nI
\nnterest rate swaps were transacted to hedge the interest rate risk on bank borrowings. After taking
\ninto account the effects of these contracts, for part of the bank borrowings, the Group would
\neffectively pay fixed interest rates ranging from 1.8% per annum to 2.9% per annum and would
\nreceive a variable rate equal to US$ three-month LIBOR. Hedge accounting was adopted for these
\ncontracts.
\nF
\norward freight agreements and related bunker swaps were transacted to hedge freight rates and
\nbunker price risks. Hedge accounting was adopted for these contracts.
\n
\nCommodity contract derivatives comprise physical buy and sell commodity contracts measured at
\nfair value through profit or loss, and commodity derivative contracts. The Group did not adopt hedge
\naccounting for these contracts.
\n
\nForward foreign exchange contracts were transacted to hedge foreign exchange risks. The Group did
\nnot adopt hedge accounting for these contracts.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag742": {
"value": "\n
\n\n
\n\n15. Cash and cash equivalents
\nFor the purpose of presenting the consolidated statement of cash flows, cash and cash equivalents
\ncomprise the following:
\n2022
\n2021
\nUS$\u2019000
\nUS$\u2019000
\nCash and cash equivalents per consolidated balance sheet
\n236,151
\n132,673
\nLess: Margin account held with broker *
\n(15,236)
\n(3,026)
\nCash and cash equivalents per consolidated statement of
\ncash flows
\n220,915
\n129,647
\n* Margin account held with brokers are collateral for open derivative financial instruments.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag743": {
"value": "\n
\n\n15. Cash and cash equivalents
\nFor the purpose of presenting the consolidated statement of cash flows, cash and cash equivalents
\ncomprise the following:
\n2022
\n2021
\nUS$\u2019000
\nUS$\u2019000
\nCash and cash equivalents per consolidated balance sheet
\n236,151
\n132,673
\nLess: Margin account held with broker *
\n(15,236)
\n(3,026)
\nCash and cash equivalents per consolidated statement of
\ncash flows
\n220,915
\n129,647
\n* Margin account held with brokers are collateral for open derivative financial instruments.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag744": {
"value": "\n15. Cash and cash equivalents
\nFor the purpose of presenting the consolidated statement of cash flows, cash and cash equivalents
\ncomprise the following:
\n2022
\n2021
\nUS$\u2019000
\nUS$\u2019000
\nCash and cash equivalents per consolidated balance sheet
\n236,151
\n132,673
\nLess: Margin account held with broker *
\n(15,236)
\n(3,026)
\nCash and cash equivalents per consolidated statement of
\ncash flows
\n220,915
\n129,647
\n* Margin account held with brokers are collateral for open derivative financial instruments.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag745": {
"value": "\n
\n
\n16. Share capital and other reserves
\n
\n\n(a) Issued and fully paid share capital
\n
\n(i) As at 31 December 2022 and 31 December 2021, the Company\u2019s share capital
\ncomprised 141,938,998 fully paid common shares with a par value of US$0.01.
\nFully paid common shares carry one vote per share and carry a right to dividend
\nas and when declared by the Company.
\n
\n(ii) The Company operates two equity-settled, share-based compensation plans. The
\n2017 Long-Term Incentive Plan (\u201cLTIP 2017\u201d) was fully awarded in 2021. At the
\nend of the vesting periods between February 2020 and February 2024, common
\nshares of 2,043,784 (2021: 2,225,544) may be acquired by certain employees
\nfrom the Company at a predetermined strike price. Under the 2022 Long-Term
\nIncentive Plan (\u201cLTIP 2022\u201d), at the end of the vesting periods between February
\n2025 and February 2029, common shares of 3,463,336 may be acquired by certain
\nemployees from the Company at a predetermined strike price.
\n
\n\n
\n\n(b) Share premium
\n
\nThe differences between the consideration for common shares issued and their par value are
\nrecognised as share premium.
\n
\n(c) Capital reserve
\n
\nAs at 31 December 2022 and 31 December 2021, negative capital reserve amounted to
\nUS$36.3 million, which comprises negative reserve arising from the business acquisition of
\nentities under common control using the pooling-of-interest method of accounting of US$41.5
\nmillion and a gain on disposal of treasury shares of US$5.2 million in December 2015.
\n
\n(d) Other reserve
\n
\nOther reserve includes US$2.2 million of tonnage tax reserves of the Group\u2019s Indian subsidiary,
\nBW Global United LPG India Private Limited. This amount is computed based on the
\nsubsidiary\u2019s profits pursuant to Section 115 JB to Tonnage tax reserve.
\n
\n(e) Share-based payment reserve
\n
\nCertain employees are entitled to receive common shares in the Company. This award is
\nrecognised as an expense in the consolidated profit or loss with a corresponding increase in
\nthe share-based payment reserve over the vesting periods. For the year ended 31 December
\n2022, an expense of US$1.4 million (2021: US$0.5 million) was recognised in the consolidated
\nprofit or loss with a corresponding increase (2021: increase) recognised in the share-based
\npayment reserve.
\n
\n\n
\n\n
\n16. Share capital and other reserves (continued)
\n
\n\n(f) Treasury shares
\n
\n
\n
\nNumber of shares
\nAmount
\n
\n
\n2022
\n2021
\n2022
\n2021
\n
\n
\n\u2019000
\n\u2019000
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\n
\n
\nBalance as at 1 January
\n5,001
\n3,842
\n23,294
\n16,895
\n
\nTransfer of treasury shares
\n(923)
\n(213)
\n(3,324)
\n(937)
\n
\nPurchases of treasury shares
\n4,480
\n1,372
\n27,661
\n7,336
\n
\nBalance as at 31 December
\n8,558
\n5,001
\n47,631
\n23,294
\n
\nIn 2022, 923,000 shares (2021: 213,000 shares) were transferred to certain members in
\nsettlement of their exercising of certain vested options granted under LTIP 2017.
\n
\nOn 8 December 2021, the Company announced a share buy-back programme, under which
\nthe Company will purchase up to 10 million common shares for a maximum amount of US$50
\nmillion, to be held as treasury shares. In FY 2022, the Company purchased a total of 4,480,086
\n(2021: 1,371,192) of its own common shares at an average price of US$6.18 (NOK58.75)
\n(2021: US$5.33 (NOK47.96)) per share for an aggregate consideration of US$27.7 million
\n(NOK263.2 million) (2021: US$7.3 million (NOK65.8 million)).
\n
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag746": {
"value": "\n(a) Issued and fully paid share capital
\n
\n(i) As at 31 December 2022 and 31 December 2021, the Company\u2019s share capital
\ncomprised 141,938,998 fully paid common shares with a par value of US$0.01.
\nFully paid common shares carry one vote per share and carry a right to dividend
\nas and when declared by the Company.
\n
\n(ii) The Company operates two equity-settled, share-based compensation plans. The
\n2017 Long-Term Incentive Plan (\u201cLTIP 2017\u201d) was fully awarded in 2021. At the
\nend of the vesting periods between February 2020 and February 2024, common
\nshares of 2,043,784 (2021: 2,225,544) may be acquired by certain employees
\nfrom the Company at a predetermined strike price. Under the 2022 Long-Term
\nIncentive Plan (\u201cLTIP 2022\u201d), at the end of the vesting periods between February
\n2025 and February 2029, common shares of 3,463,336 may be acquired by certain
\nemployees from the Company at a predetermined strike price.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag747": {
"value": "\n(b) Share premium
\n
\nThe differences between the consideration for common shares issued and their par value are
\nrecognised as share premium.
\n
\n(c) Capital reserve
\n
\nAs at 31 December 2022 and 31 December 2021, negative capital reserve amounted to
\nUS$36.3 million, which comprises negative reserve arising from the business acquisition of
\nentities under common control using the pooling-of-interest method of accounting of US$41.5
\nmillion and a gain on disposal of treasury shares of US$5.2 million in December 2015.
\n
\n(d) Other reserve
\n
\nOther reserve includes US$2.2 million of tonnage tax reserves of the Group\u2019s Indian subsidiary,
\nBW Global United LPG India Private Limited. This amount is computed based on the
\nsubsidiary\u2019s profits pursuant to Section 115 JB to Tonnage tax reserve.
\n
\n(e) Share-based payment reserve
\n
\nCertain employees are entitled to receive common shares in the Company. This award is
\nrecognised as an expense in the consolidated profit or loss with a corresponding increase in
\nthe share-based payment reserve over the vesting periods. For the year ended 31 December
\n2022, an expense of US$1.4 million (2021: US$0.5 million) was recognised in the consolidated
\nprofit or loss with a corresponding increase (2021: increase) recognised in the share-based
\npayment reserve.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag748": {
"value": "\n(f) Treasury shares
\n
\n
\n
\nNumber of shares
\nAmount
\n
\n
\n2022
\n2021
\n2022
\n2021
\n
\n
\n\u2019000
\n\u2019000
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\n
\n
\nBalance as at 1 January
\n5,001
\n3,842
\n23,294
\n16,895
\n
\nTransfer of treasury shares
\n(923)
\n(213)
\n(3,324)
\n(937)
\n
\nPurchases of treasury shares
\n4,480
\n1,372
\n27,661
\n7,336
\n
\nBalance as at 31 December
\n8,558
\n5,001
\n47,631
\n23,294
\n
\nIn 2022, 923,000 shares (2021: 213,000 shares) were transferred to certain members in
\nsettlement of their exercising of certain vested options granted under LTIP 2017.
\n
\nOn 8 December 2021, the Company announced a share buy-back programme, under which
\nthe Company will purchase up to 10 million common shares for a maximum amount of US$50
\nmillion, to be held as treasury shares. In FY 2022, the Company purchased a total of 4,480,086
\n(2021: 1,371,192) of its own common shares at an average price of US$6.18 (NOK58.75)
\n(2021: US$5.33 (NOK47.96)) per share for an aggregate consideration of US$27.7 million
\n(NOK263.2 million) (2021: US$7.3 million (NOK65.8 million)).
\n
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag749": {
"value": "\n
\n\n17. Borrowings
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nBank borrowings
\n421,325
\n740,243
\n
\nTrust receipts
\n53,138
\n-
\n
\nInterest payable
\n3,910
\n2,046
\n
\n
\n478,373
\n742,289
\n
\n
\n
\n
\n
\nNon-current
\n362,220
\n659,781
\n
\nCurrent
\n116,153
\n82,508
\n
\n
\n478,373
\n742,289
\n
\nAs at 31 December 2022, bank borrowings amounting to US$425.2 million (2021: US$742.3 million)
\nare secured by mortgages over certain vessels of the Group (note 8). These bank borrowings are
\ninterest bearing at three-month US Dollar LIBOR plus a margin. The carrying amounts of non-current
\nand current borrowings approximate their fair values because interest rates are repriced on a regular
\nbasis.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag750": {
"value": "\n17. Borrowings
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nBank borrowings
\n421,325
\n740,243
\n
\nTrust receipts
\n53,138
\n-
\n
\nInterest payable
\n3,910
\n2,046
\n
\n
\n478,373
\n742,289
\n
\n
\n
\n
\n
\nNon-current
\n362,220
\n659,781
\n
\nCurrent
\n116,153
\n82,508
\n
\n
\n478,373
\n742,289
\n
\nAs at 31 December 2022, bank borrowings amounting to US$425.2 million (2021: US$742.3 million)
\nare secured by mortgages over certain vessels of the Group (note 8). These bank borrowings are
\ninterest bearing at three-month US Dollar LIBOR plus a margin. The carrying amounts of non-current
\nand current borrowings approximate their fair values because interest rates are repriced on a regular
\nbasis.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag751": {
"value": "As at 31 December 2022, bank borrowings amounting to US$425.2 million (2021: US$742.3 million)are secured by mortgages over certain vessels of the Group (note 8).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag752": {
"value": "\n
\n\n19. Trade and other payables
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nTrade payables - non-related parties
\n175,895
\n38,570
\n
\nOther payables - non-related parties
\n196
\n151
\n
\nOther payables - related parties^
\n409
\n7
\n
\nCharter hire received in advance
\n2,825
\n4,591
\n
\nOther accrued operating expenses
\n44,598
\n34,060
\n
\n
\n223,923
\n77,379
\n
\n^ Related parties refer to corporations controlled by a shareholder of the Company.
\n
\nThe carrying amounts of trade and other payables, principally denominated in US$, approximate
\ntheir fair values due to the short-term nature of these balances.
\n
\nOther payables due to related parties are unsecured, interest-free and are payable on demand.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag753": {
"value": "\n19. Trade and other payables
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nTrade payables - non-related parties
\n175,895
\n38,570
\n
\nOther payables - non-related parties
\n196
\n151
\n
\nOther payables - related parties^
\n409
\n7
\n
\nCharter hire received in advance
\n2,825
\n4,591
\n
\nOther accrued operating expenses
\n44,598
\n34,060
\n
\n
\n223,923
\n77,379
\n
\n^ Related parties refer to corporations controlled by a shareholder of the Company.
\n
\nThe carrying amounts of trade and other payables, principally denominated in US$, approximate
\ntheir fair values due to the short-term nature of these balances.
\n
\nOther payables due to related parties are unsecured, interest-free and are payable on demand.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag754": {
"value": "\n
\n\n20. Related party transactions
\n
\nIn addition to the information disclosed elsewhere in the consolidated financial statements, the
\nfollowing transactions took place between the Group and related parties during the financial year at
\nterms agreed between the parties:
\n
\n(a) Services
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nCharter hire expense charged by related party^
\n2,808
\n-
\n
\nCorporate service fees charged by related parties^
\n6,865
\n6,731
\n
\nShip management fees charged by related parties^
\n1,258
\n1,501
\n
\nCorporate service fees charged to related parties^
\n242
\n181
\n
\n^ Related parties refer to corporations controlled by a shareholder of the Company.
\n
\n\n
\n\n
\n\n20. Related party transactions (continued)
\n
\n(b) Key management\u2019s remuneration
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nSalaries and other short-term employee benefits
\n3,191
\n3,252
\n
\nPost-employment benefits - contributions to defined
\ncontribution plans and share-based payment
\n1,237
\n533
\n
\nDirectors\u2019 fees
\n376
\n377
\n
\n
\n4,804
\n4,162
\n
\n
\n
\n
\n
\n(c) Others
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nInterest income from a joint venture
\n-
\n1,849*
\n
\nSale of vessels to a joint venture
\n-
\n45,000*
\n
\n* Transactions with a joint venture prior to acquisition (note 25)
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag755": {
"value": "\n20. Related party transactions
\n
\nIn addition to the information disclosed elsewhere in the consolidated financial statements, the
\nfollowing transactions took place between the Group and related parties during the financial year at
\nterms agreed between the parties:
\n
\n(a) Services
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nCharter hire expense charged by related party^
\n2,808
\n-
\n
\nCorporate service fees charged by related parties^
\n6,865
\n6,731
\n
\nShip management fees charged by related parties^
\n1,258
\n1,501
\n
\nCorporate service fees charged to related parties^
\n242
\n181
\n
\n^ Related parties refer to corporations controlled by a shareholder of the Company.
\n
\n\n20. Related party transactions (continued)
\n
\n(b) Key management\u2019s remuneration
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nSalaries and other short-term employee benefits
\n3,191
\n3,252
\n
\nPost-employment benefits - contributions to defined
\ncontribution plans and share-based payment
\n1,237
\n533
\n
\nDirectors\u2019 fees
\n376
\n377
\n
\n
\n4,804
\n4,162
\n
\n
\n
\n
\n
\n(c) Others
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nInterest income from a joint venture
\n-
\n1,849*
\n
\nSale of vessels to a joint venture
\n-
\n45,000*
\n
\n* Transactions with a joint venture prior to acquisition (note 25)
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag756": {
"value": "\n
\n\n21. Commitments
\n
\n(a) Commitments \u2013 as a lessor
\n
\nThe Group time charters vessels to non-related parties under operating lease agreements.
\nThe leases have varying terms.
\n
\nThe future minimum lease payments receivable under non-cancellable operating leases
\ncontracted for at the balance sheet date but not recognised as receivables, are as follows:
\n
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nLess than one year
\n138,567
\n40,257
\n
\nOne to two years
\n6,176
\n14,485
\n
\n
\n144,743
\n54,742
\n
\n(b) Sub-leasing \u2013 as a lessor
\n
\nIncluded within \u201cRevenue from time charter voyages\u201d was income from sub-leasing of
\nright-of-use assets of US$nil million (2021: US$15.6 million).
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag757": {
"value": "\n21. Commitments
\n
\n(a) Commitments \u2013 as a lessor
\n
\nThe Group time charters vessels to non-related parties under operating lease agreements.
\nThe leases have varying terms.
\n
\nThe future minimum lease payments receivable under non-cancellable operating leases
\ncontracted for at the balance sheet date but not recognised as receivables, are as follows:
\n
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nLess than one year
\n138,567
\n40,257
\n
\nOne to two years
\n6,176
\n14,485
\n
\n
\n144,743
\n54,742
\n
\n(b) Sub-leasing \u2013 as a lessor
\n
\nIncluded within \u201cRevenue from time charter voyages\u201d was income from sub-leasing of
\nright-of-use assets of US$nil million (2021: US$15.6 million).
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag758": {
"value": "\n
\n22. Financial risk management
\n
\nThe Group\u2019s activities expose it to a variety of financial risks. The Group\u2019s overall risk management
\nprogramme focuses on the unpredictability of financial markets and seeks to minimise potential
\nadverse effects on financial performance of the Group. Where applicable, the Group uses financial
\ninstruments such as interest rate swaps, forward freight agreements, bunker swaps, and commodity
\ncontracts to hedge certain financial risk exposures.
\n
\nThe Board of Directors is responsible for setting the objectives and underlying principles of financial
\nrisk management for the Group.
\n
\n\n(a) Market risk
\n
\n(i) Fuel price risk
\n
\nThe Group is exposed to the risk of variations in fuel oil costs, which are affected
\nby the global political and economic environment. In 2022, fuel oil costs comprised
\n45% (2021: 36%) of the Group\u2019s total operating expenses (excluding amortisation,
\ndepreciation and charter hire expenses).
\n
\n(ii) Currency risk
\n
\nThe Group\u2019s business operations are not exposed to significant foreign exchange
\nrisk as it has no significant regular transactions denominated in foreign currencies.
\n
\n(iii) Equity price risk
\n
\nThe Group is exposed to equity securities price risk arising from the investments
\nheld by the Group which are classified as equity financial assets, at FVPL. These
\nsecurities are unquoted. If prices for these equity securities increase/decrease by
\n20% with other variables including tax rate being held constant, the profit after
\ntax will be higher/lower by approximately US$0.7 million (2021: US$0.7 million).
\n
\n(iv) Commodity price risk
\n
\nCommodity price risk results primarily from exposures to fluctuations in spot prices
\nand forward prices of LPG and LPG freight indexes due to the Group\u2019s LPG trading
\noperations. The Group holds positions to meet physical supply commitments to its
\ncustomers and to leverage on physical arbitrage opportunities between the key
\nLPG markets. The value of these positions is accounted for at fair value and are
\ntherefore impacted by changes in market prices. A large majority of price risks
\narising from the LPG trading activities are hedged to the corresponding commodity
\nprice exposures.
\n
\nThe Group monitors the market risk arising from commodity price risk using Daily
\nValue at Risk (VaR) calculated at a 95 percent confidence level, which is a statistical
\nestimate of the potential decline in value of the Group\u2019s positions due to market
\nmovements.
\n
\n\n
\n\n
\n22. Financial risk management (continued)
\n
\n\n(a) Market risk (continued)
\n
\n(v) Interest rate risk
\n
\nThe Group\u2019s income and operating cash flows are substantially independent of
\nchanges in market interest rates.
\n
\nThe Group\u2019s bank borrowings are at variable rates. The Group has entered into
\ninterest rate swaps to swap floating interest rates to fixed interest rates for certain
\nportions of the bank borrowings (note 17). If the US$ interest rates
\nincrease/decrease by 50 basis points (2021: 10 basis points) with all other
\nvariables including tax rate being held constant, the profit after tax will be
\nlower/higher by approximately US$0.2 million (2021 profit after tax will be
\nlower/higher by approximately US$0.3 million) as a result of higher/lower
\ninterest expense on these borrowings; the other comprehensive loss will be
\nlower/higher by approximately US$5.2 million (2021: other comprehensive loss
\nwill be lower/higher by approximately US$1.4 million).
\n
\nA fundamental reform of major interest rate benchmarks is being undertaken
\nglobally, including the replacement of some interbank offered rates (IBORs) with
\nalternative nearly risk-free rates (referred to as \u2018IBOR reform\u2019). The Group has
\nexposure to IBORs on its financial instruments that will be replaced or reformed as
\npart of these market-wide initiatives. The Group\u2019s main IBOR exposure at 31
\nDecember 2022 was indexed to US dollar LIBOR. The alternative reference rate for
\nthe US dollar LIBOR is the Secured Overnight Financing Rate (SOFR). US dollar LIBOR
\nis expected to be discontinued after June 2023.
\n
\nThe Group holds derivatives for risk management purposes, some of which are
\ndesignated in hedging relationships. These derivatives have floating legs that are
\nmainly indexed to US dollar LIBOR. The Group\u2019s derivative instruments are
\ngoverned by contracts based on the International Swaps and Derivatives
\nAssociation (ISDA)\u2019s master agreements. While ISDA has provided fallback
\nprovisions for the cessation of IBOR, the Group plans to negotiate the modifications
\nof the derivatives in conjunction with the hedged instruments to minimise hedge
\nineffectiveness.
\n
\nThe Group monitors the progress of transition from IBORs to new benchmark rates
\nby reviewing the total amounts of contracts that have yet to transition to an
\nalternative benchmark rate and the amounts of such contracts that include an
\nappropriate fallback clause. The Group considers that a contract is not yet
\ntransitioned to an alternative benchmark rate when interest under the contract is
\nindexed to a benchmark rate that is still subject to IBOR reform, even if it includes
\na fallback clause that deals with the cessation of the existing IBOR (referred to as
\nan \u2018unreformed contract\u2019). As at 1 January 2022 and at 31 December 2022, the
\nGroup does not yet have any contracts with appropriate fallback clauses.
\n
\n\n
\n\n
\n
\n22. Financial risk management (continued)
\n
\n\n(a) Market risk (continued)
\n
\n(v) Interest rate risk (continued)
\n
\nThe Group holds interest rate swaps for risk management purposes which are
\ndesignated in cash flow hedging relationships. The interest rate swaps have
\nfloating legs that are indexed to various IBORs. The Group\u2019s derivative instruments
\nare governed by contracts based on the International Swaps and Derivatives
\nAssociation (ISDA) master agreements. ISDA is currently reviewing its standardised
\ncontracts in the light of IBOR reform. When ISDA has completed its review, the
\nGroup expects to negotiate the inclusion of new fall-back clauses with its
\nderivative counterparties. No derivative instruments have been modified as at 31
\nDecember 2022.
\n
\nThe Group has evaluated the extent to which its cash flow hedging relationships
\nare subject to uncertainty driven by IBOR reform as at 31 December 2022. The
\nGroup\u2019s hedged items and hedging instruments continue to be indexed to various
\nIBORs. These benchmark rates are quoted each day and the IBOR cash flows are
\nexchanged with its counterparties as usual.
\n
\nThe Group\u2019s cash flow hedging relationships extend beyond the anticipated
\ncessation date for IBOR. However, there is uncertainty about when and how
\nreplacement may occur with respect to the relevant hedged items and hedging
\ninstruments. Such uncertainty may impact the hedging relationship. The Group
\napplies the amendments to IFRS 9 issued in December 2019 to those hedging
\nrelationships directly affected by IBOR reform.
\n
\nHedging relationships impacted by IBOR reform may experience ineffectiveness
\nattributable to market participants\u2019 expectations of when the shift from the existing
\nIBOR benchmark rate to an alternative benchmark interest rate will occur. This
\ntransition may occur at different times for the hedged item and hedging
\ninstrument, which may lead to hedge ineffectiveness.
\n
\n\n
\n\n(b) Credit risk
\n
\nCredit risk is diversified over a range of counterparties including several key charterers. The
\nGroup performs ongoing credit evaluation of its charterers and has policies in place to
\nensure that credit is extended only to charterers with appropriate credit histories or financial
\nresources. In this regard, the Group is of the opinion that the credit risk of counterparty
\ndefault is appropriately mitigated. In addition, although the trade and other receivables
\nconsist of a small number of customers, the Group has policies in place for the control and
\nmonitoring of the concentration of credit risk. The Group has implemented policies to ensure
\ncash is only deposited with internationally recognised financial institutions with good credit
\nratings.
\n
\n\n
\n\n
\n22. Financial risk management (continued)
\n
\n\n(b) Credit risk (continued)
\n
\nThe Group\u2018s credit risk is primarily attributable to trade and other receivables, finance lease
\nreceivables, amounts due from related parties and cash and cash equivalents. The Group
\nhas assessed the ECL as at 31 December 2022 and 31 December 2021 based on past events,
\ncurrent conditions and forecasts of future economic conditions:
\n
\n(i) General approach
\n
\n- bank deposits are not impaired and are mainly deposits with banks with
\ncredit-ratings assigned by international credit-rating agencies; and
\n
\n(ii) Simplified approach
\n
\n- trade receivables are neither past due nor impaired and are substantially from
\ncompanies with a good collection track record with the Group; and
\n- finance lease receivables are due from customers with good credit standing,
\nand in the event of default, the Group would be entitled to repossess the
\nvessels chartered.
\n- other receivables from related parties are not past due.
\n
\nBased on the assessment of the qualitative factors that are indicative of the risk of default,
\nthere have been no significant increases in the credit risk since the initial recognition of
\nthese financial assets, as such, the expected credit losses based on the 12-month ECLs has
\nbeen assessed to be insignificant.
\n
\nThere is no significant balance as at the balance sheet date that is past due as substantial
\nportions of the trade and other receivables represent accrued revenue for voyage charters-
\nin-progress, unbilled receivables from time charters and unbilled demurrage receivables at
\nthe balance sheet date. The maximum exposure is represented by the carrying value of
\neach financial asset on the consolidated balance sheet before taking into account any
\ncollateral held.
\n
\n\n
\n\n
\n
\n22. Financial risk management (continued)
\n
\n\n(c) Liquidity risk
\n
\nPrudent liquidity risk management implies maintaining sufficient cash, the availability of
\nfunding through an adequate amount of committed credit facilities and the ability to close
\nout market positions. Due to the dynamic nature of the underlying businesses, the Group
\nmaintains sufficient cash for its daily operations via short-term cash deposit at banks and
\nhas access to unutilised portions of revolving facilities offered by financial institutions.
\n
\nThe table below analyses non-derivative financial liabilities of the Group into relevant
\nmaturity groupings based on the remaining period from the balance sheet date to the
\ncontractual maturity date on an undiscounted basis.
\n
\n
\n
\nLess than
\n1 year
\nBetween 1
\nand 2 years
\nBetween 2
\nand 5 years
\nOver 5 years
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\n
\nAt 31 December 2022
\n
\n
\n
\n
\n
\nTrade and other payables
\n221,098
\n-
\n-
\n-
\n
\nBank borrowings
\n79,684
\n77,964
\n325,360
\n27,134
\n
\nTrust receipts
\n53,138
\n-
\n-
\n-
\n
\nLease liabilities
\n143,012
\n45,676
\n54,869
\n13,664
\n
\n
\n496,932
\n123,640
\n380,229
\n40,798
\n
\n
\n
\n
\n
\n
\n
\nAt 31 December 2021
\n
\n
\n
\n
\n
\nTrade and other payables
\n72,788
\n-
\n-
\n-
\n
\nBank borrowings
\n92,529
\n91,622
\n321,824
\n290,788
\n
\nLease liabilities
\n50,809
\n35,793
\n56,208
\n-
\n
\n
\n216,126
\n127,415
\n378,032
\n290,788
\n
\n\n
\n
\n
\n
\n
\n
\n\n
\n(d) Capital risk
\n
\n\nThe Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to
\ncontinue as a going concern and to maintain an optimal capital structure so as to maximise
\nshareholder value. In order to maintain or achieve an optimal capital structure, the Group
\nmay adjust the amount of dividend paid, return capital to shareholders, obtain new
\nborrowings or sell assets to reduce borrowings.
\n
\n\n
\nThe Group monitors capital based on a book leverage ratio (defined as total debt to total
\nequity and debt). The Group pursues a policy aiming to achieve a target book leverage ratio
\nof below 60%. If the book leverage ratio is higher than 60%, the Group will seek to return
\nto a conservative financial level by disposing assets, deleveraging the balance sheet;
\nand/or increasing fixed income coverage within a reasonable period of time.
\n
\nThe Group\u2019s leverage ratio net of cash at 31 December 2022 is 24% (2021: 35%).
\n
\nThe Group is in compliance with all other externally imposed capital requirements for the
\nfinancial year ended 31 December 2022 and 31 December 2021.
\n
\n\n
\n\n
\n22. Financial risk management (continued)
\n
\n\n
\n(e) Financial instruments by category
\n
\nThe aggregate carrying amounts of the Group\u2019s financial instruments are as follows:
\n
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nEquity financial assets, at FVPL
\n3,271
\n3,250
\n
\nNet derivative assets/(liabilities) measured at fair value
\n79,217
\n(1,263)
\n
\nFinancial assets at amortised cost
\n
\n384,858
\n259,647
\n
\nFinancial liabilities at amortised cost
\n687,968
\n808,267
\n
\n\n(f) Estimation of fair value
\n
\nIFRS 13 established a fair value hierarchy that prioritises inputs used to measure fair value.
\nThe three levels of the fair value input hierarchy defined by IFRS 13 are as follows:
\n
\n(i) quoted prices (unadjusted) in active markets for identical assets or liabilities (Level
\n1);
\n(ii) inputs other than quoted prices included within Level 1 that are observable for the
\nasset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)
\n(Level 2); and
\n(iii) inputs for the asset or liability that are not based on observable market data
\n(unobservable inputs) (Level 3).
\n
\n
\nLevel 1
\nLevel 2
\nLevel 3
\nTotal
\n
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\n2022
\n
\n
\n
\n
\nAssets
\n
\n
\n
\n
\nEquity financial assets, at FVPL
\n-
\n-
\n3,271
\n3,271
\nDerivative financial instruments
\n-
\n113,152
\n-
\n113,152
\nTotal assets
\n-
\n113,152
\n3,271
\n116,423
\n
\n
\n
\n
\n
\nLiabilities
\n
\n
\n
\n
\nDerivative financial instruments
\n-
\n33,935
\n-
\n33,935
\nTotal liabilities
\n-
\n33,935
\n-
\n33,935
\n
\n
\n
\n
\n
\n2021
\n
\n
\n
\n
\nAssets
\n
\n
\n
\n
\nEquity financial assets, at FVPL
\n-
\n-
\n3,250
\n3,250
\nDerivative financial instruments
\n-
\n23,682
\n-
\n23,682
\nTotal assets
\n-
\n23,682
\n3,250
\n26,932
\n
\n
\n
\n
\n
\nLiabilities
\n
\n
\n
\n
\nDerivative financial instruments
\n-
\n24,945
\n-
\n24,945
\nTotal liabilities
\n-
\n24,945
\n-
\n24,945
\n
\n\n
\n\n
\n\n
\n22. Financial risk management (continued)
\n\n
\n\n(
\nf) Estimation of fair value (continued)
\nDerivative financial assets and liabilities
\nThe Group\u2019s financial derivative instruments primarily relate to interest rate swaps, forward
\nfreight agreements, bunker swaps and commodity contracts (note 14) measured at fair
\nvalue.
\nL
\nevel 1 classifications primarily include exchange-traded futures including interest rat
\ne
\ns
\nwaps, forward freight agreements and bunker swaps. The fair values of interest rate swaps
\nare calculated at the present value of estimated future cash flows based on observabl
\ne
\nyi
\neld curves. The fair values of forward freight agreements, bunker swaps and commodity
\ncontracts measured at fair value are determined using forward commodity indices at the
\nbalance sheet date. Level 2 classifications primarily include physical contracts to buy and
\nsell commodities which derive their fair value primarily from exchange quotes and readily
\navailable observable broker quotes. Level 3 classifications primarily include unlisted equity
\ninvestment which was valued using Market approach based on Enterprise Value to Revenue
\nmultiple of comparable companies.
\nN
\non-derivative non-current financial assets and liabilities
\nThe carrying amount of non-derivative non-current financial assets and liabilities which bear
\nfloating interest rates are assumed to approximate their fair value because of the short
\nrepricing period. There are no non-current financial assets and liabilities which do not bear
\nfloating interest rates.
\nNon-derivative current financial assets and liabilities
\nThe carrying amounts of financial assets and liabilities with a maturity of less than one year
\nare assumed to approximate their fair value because of the short period to maturity.
\n
\n\n
\n\n
\n\n22. Financial risk management (continued)
\n
\n(g) Offsetting financial assets and financial liabilities
\n
\nThe Group has the following financial instruments subject to enforceable master netting
\narrangements or other similar agreements as follows:
\n
\n
\nGross
\namounts of
\nrecognised
\nfinancial
\ninstruments
\nGross
\namounts of
\nrecognised
\nfinancial
\ninstruments
\noffset in
\nthe balance
\nsheet
\nNet
\namounts of
\nfinancial
\ninstruments
\nincluded in
\nthe balance
\nsheet
\nRelated
\nfinancial
\ninstruments
\nthat are not
\noffset
\nNet
\namount
\n
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\n2022
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\nDerivative financial
\nassets
\n
\nCommodity
\ncontracts
\n(note 14)
\n110,020
\n(20,674)
\n89,346
\n-
\n89,346
\n
\n
\n
\n
\n
\n
\nDerivative financial
\nliabilities
\n
\n
\n
\n
\n
\nCommodity
\ncontracts
\n(note 14)
\n-
\n-
\n(30,706)
\n-
\n(30,706)
\n
\n
\n
\n
\n
\n
\n
\n
\nGross
\namounts of
\nrecognised
\nfinancial
\ninstruments
\nGross
\namounts of
\nrecognised
\nfinancial
\ninstruments
\noffset in
\nthe balance
\nsheet
\nNet
\namounts of
\nfinancial
\ninstruments
\nincluded in
\nthe balance
\nsheet
\nRelated
\nfinancial
\ninstruments
\nthat are not
\noffset
\nNet
\namount
\n
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\n2021
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\nDerivative financial
\nassets
\n
\n
\n
\n
\n
\nCommodity
\ncontracts
\n(note 14)
\n32,889
\n(26,810)
\n6,079
\n-
\n6,079
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag759": {
"value": "\n(a) Market risk
\n
\n(i) Fuel price risk
\n
\nThe Group is exposed to the risk of variations in fuel oil costs, which are affected
\nby the global political and economic environment. In 2022, fuel oil costs comprised
\n45% (2021: 36%) of the Group\u2019s total operating expenses (excluding amortisation,
\ndepreciation and charter hire expenses).
\n
\n(ii) Currency risk
\n
\nThe Group\u2019s business operations are not exposed to significant foreign exchange
\nrisk as it has no significant regular transactions denominated in foreign currencies.
\n
\n(iii) Equity price risk
\n
\nThe Group is exposed to equity securities price risk arising from the investments
\nheld by the Group which are classified as equity financial assets, at FVPL. These
\nsecurities are unquoted. If prices for these equity securities increase/decrease by
\n20% with other variables including tax rate being held constant, the profit after
\ntax will be higher/lower by approximately US$0.7 million (2021: US$0.7 million).
\n
\n(iv) Commodity price risk
\n
\nCommodity price risk results primarily from exposures to fluctuations in spot prices
\nand forward prices of LPG and LPG freight indexes due to the Group\u2019s LPG trading
\noperations. The Group holds positions to meet physical supply commitments to its
\ncustomers and to leverage on physical arbitrage opportunities between the key
\nLPG markets. The value of these positions is accounted for at fair value and are
\ntherefore impacted by changes in market prices. A large majority of price risks
\narising from the LPG trading activities are hedged to the corresponding commodity
\nprice exposures.
\n
\nThe Group monitors the market risk arising from commodity price risk using Daily
\nValue at Risk (VaR) calculated at a 95 percent confidence level, which is a statistical
\nestimate of the potential decline in value of the Group\u2019s positions due to market
\nmovements.
\n
\n\n(a) Market risk (continued)
\n
\n(v) Interest rate risk
\n
\nThe Group\u2019s income and operating cash flows are substantially independent of
\nchanges in market interest rates.
\n
\nThe Group\u2019s bank borrowings are at variable rates. The Group has entered into
\ninterest rate swaps to swap floating interest rates to fixed interest rates for certain
\nportions of the bank borrowings (note 17). If the US$ interest rates
\nincrease/decrease by 50 basis points (2021: 10 basis points) with all other
\nvariables including tax rate being held constant, the profit after tax will be
\nlower/higher by approximately US$0.2 million (2021 profit after tax will be
\nlower/higher by approximately US$0.3 million) as a result of higher/lower
\ninterest expense on these borrowings; the other comprehensive loss will be
\nlower/higher by approximately US$5.2 million (2021: other comprehensive loss
\nwill be lower/higher by approximately US$1.4 million).
\n
\nA fundamental reform of major interest rate benchmarks is being undertaken
\nglobally, including the replacement of some interbank offered rates (IBORs) with
\nalternative nearly risk-free rates (referred to as \u2018IBOR reform\u2019). The Group has
\nexposure to IBORs on its financial instruments that will be replaced or reformed as
\npart of these market-wide initiatives. The Group\u2019s main IBOR exposure at 31
\nDecember 2022 was indexed to US dollar LIBOR. The alternative reference rate for
\nthe US dollar LIBOR is the Secured Overnight Financing Rate (SOFR). US dollar LIBOR
\nis expected to be discontinued after June 2023.
\n
\nThe Group holds derivatives for risk management purposes, some of which are
\ndesignated in hedging relationships. These derivatives have floating legs that are
\nmainly indexed to US dollar LIBOR. The Group\u2019s derivative instruments are
\ngoverned by contracts based on the International Swaps and Derivatives
\nAssociation (ISDA)\u2019s master agreements. While ISDA has provided fallback
\nprovisions for the cessation of IBOR, the Group plans to negotiate the modifications
\nof the derivatives in conjunction with the hedged instruments to minimise hedge
\nineffectiveness.
\n
\nThe Group monitors the progress of transition from IBORs to new benchmark rates
\nby reviewing the total amounts of contracts that have yet to transition to an
\nalternative benchmark rate and the amounts of such contracts that include an
\nappropriate fallback clause. The Group considers that a contract is not yet
\ntransitioned to an alternative benchmark rate when interest under the contract is
\nindexed to a benchmark rate that is still subject to IBOR reform, even if it includes
\na fallback clause that deals with the cessation of the existing IBOR (referred to as
\nan \u2018unreformed contract\u2019). As at 1 January 2022 and at 31 December 2022, the
\nGroup does not yet have any contracts with appropriate fallback clauses.
\n
\n\n(a) Market risk (continued)
\n
\n(v) Interest rate risk (continued)
\n
\nThe Group holds interest rate swaps for risk management purposes which are
\ndesignated in cash flow hedging relationships. The interest rate swaps have
\nfloating legs that are indexed to various IBORs. The Group\u2019s derivative instruments
\nare governed by contracts based on the International Swaps and Derivatives
\nAssociation (ISDA) master agreements. ISDA is currently reviewing its standardised
\ncontracts in the light of IBOR reform. When ISDA has completed its review, the
\nGroup expects to negotiate the inclusion of new fall-back clauses with its
\nderivative counterparties. No derivative instruments have been modified as at 31
\nDecember 2022.
\n
\nThe Group has evaluated the extent to which its cash flow hedging relationships
\nare subject to uncertainty driven by IBOR reform as at 31 December 2022. The
\nGroup\u2019s hedged items and hedging instruments continue to be indexed to various
\nIBORs. These benchmark rates are quoted each day and the IBOR cash flows are
\nexchanged with its counterparties as usual.
\n
\nThe Group\u2019s cash flow hedging relationships extend beyond the anticipated
\ncessation date for IBOR. However, there is uncertainty about when and how
\nreplacement may occur with respect to the relevant hedged items and hedging
\ninstruments. Such uncertainty may impact the hedging relationship. The Group
\napplies the amendments to IFRS 9 issued in December 2019 to those hedging
\nrelationships directly affected by IBOR reform.
\n
\nHedging relationships impacted by IBOR reform may experience ineffectiveness
\nattributable to market participants\u2019 expectations of when the shift from the existing
\nIBOR benchmark rate to an alternative benchmark interest rate will occur. This
\ntransition may occur at different times for the hedged item and hedging
\ninstrument, which may lead to hedge ineffectiveness.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag760": {
"value": "\n(b) Credit risk
\n
\nCredit risk is diversified over a range of counterparties including several key charterers. The
\nGroup performs ongoing credit evaluation of its charterers and has policies in place to
\nensure that credit is extended only to charterers with appropriate credit histories or financial
\nresources. In this regard, the Group is of the opinion that the credit risk of counterparty
\ndefault is appropriately mitigated. In addition, although the trade and other receivables
\nconsist of a small number of customers, the Group has policies in place for the control and
\nmonitoring of the concentration of credit risk. The Group has implemented policies to ensure
\ncash is only deposited with internationally recognised financial institutions with good credit
\nratings.
\n
\n\n(b) Credit risk (continued)
\n
\nThe Group\u2018s credit risk is primarily attributable to trade and other receivables, finance lease
\nreceivables, amounts due from related parties and cash and cash equivalents. The Group
\nhas assessed the ECL as at 31 December 2022 and 31 December 2021 based on past events,
\ncurrent conditions and forecasts of future economic conditions:
\n
\n(i) General approach
\n
\n- bank deposits are not impaired and are mainly deposits with banks with
\ncredit-ratings assigned by international credit-rating agencies; and
\n
\n(ii) Simplified approach
\n
\n- trade receivables are neither past due nor impaired and are substantially from
\ncompanies with a good collection track record with the Group; and
\n- finance lease receivables are due from customers with good credit standing,
\nand in the event of default, the Group would be entitled to repossess the
\nvessels chartered.
\n- other receivables from related parties are not past due.
\n
\nBased on the assessment of the qualitative factors that are indicative of the risk of default,
\nthere have been no significant increases in the credit risk since the initial recognition of
\nthese financial assets, as such, the expected credit losses based on the 12-month ECLs has
\nbeen assessed to be insignificant.
\n
\nThere is no significant balance as at the balance sheet date that is past due as substantial
\nportions of the trade and other receivables represent accrued revenue for voyage charters-
\nin-progress, unbilled receivables from time charters and unbilled demurrage receivables at
\nthe balance sheet date. The maximum exposure is represented by the carrying value of
\neach financial asset on the consolidated balance sheet before taking into account any
\ncollateral held.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag761": {
"value": "\n(c) Liquidity risk
\n
\nPrudent liquidity risk management implies maintaining sufficient cash, the availability of
\nfunding through an adequate amount of committed credit facilities and the ability to close
\nout market positions. Due to the dynamic nature of the underlying businesses, the Group
\nmaintains sufficient cash for its daily operations via short-term cash deposit at banks and
\nhas access to unutilised portions of revolving facilities offered by financial institutions.
\n
\nThe table below analyses non-derivative financial liabilities of the Group into relevant
\nmaturity groupings based on the remaining period from the balance sheet date to the
\ncontractual maturity date on an undiscounted basis.
\n
\n
\n
\nLess than
\n1 year
\nBetween 1
\nand 2 years
\nBetween 2
\nand 5 years
\nOver 5 years
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\n
\nAt 31 December 2022
\n
\n
\n
\n
\n
\nTrade and other payables
\n221,098
\n-
\n-
\n-
\n
\nBank borrowings
\n79,684
\n77,964
\n325,360
\n27,134
\n
\nTrust receipts
\n53,138
\n-
\n-
\n-
\n
\nLease liabilities
\n143,012
\n45,676
\n54,869
\n13,664
\n
\n
\n496,932
\n123,640
\n380,229
\n40,798
\n
\n
\n
\n
\n
\n
\n
\nAt 31 December 2021
\n
\n
\n
\n
\n
\nTrade and other payables
\n72,788
\n-
\n-
\n-
\n
\nBank borrowings
\n92,529
\n91,622
\n321,824
\n290,788
\n
\nLease liabilities
\n50,809
\n35,793
\n56,208
\n-
\n
\n
\n216,126
\n127,415
\n378,032
\n290,788
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag762": {
"value": "\n
\n(d) Capital risk
\n
\n\nThe Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to
\ncontinue as a going concern and to maintain an optimal capital structure so as to maximise
\nshareholder value. In order to maintain or achieve an optimal capital structure, the Group
\nmay adjust the amount of dividend paid, return capital to shareholders, obtain new
\nborrowings or sell assets to reduce borrowings.
\n
\n\n
\nThe Group monitors capital based on a book leverage ratio (defined as total debt to total
\nequity and debt). The Group pursues a policy aiming to achieve a target book leverage ratio
\nof below 60%. If the book leverage ratio is higher than 60%, the Group will seek to return
\nto a conservative financial level by disposing assets, deleveraging the balance sheet;
\nand/or increasing fixed income coverage within a reasonable period of time.
\n
\nThe Group\u2019s leverage ratio net of cash at 31 December 2022 is 24% (2021: 35%).
\n
\nThe Group is in compliance with all other externally imposed capital requirements for the
\nfinancial year ended 31 December 2022 and 31 December 2021.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag763": {
"value": "\nThe Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to
\ncontinue as a going concern and to maintain an optimal capital structure so as to maximise
\nshareholder value. In order to maintain or achieve an optimal capital structure, the Group
\nmay adjust the amount of dividend paid, return capital to shareholders, obtain new
\nborrowings or sell assets to reduce borrowings.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag764": {
"value": "\n
\n(e) Financial instruments by category
\n
\nThe aggregate carrying amounts of the Group\u2019s financial instruments are as follows:
\n
\n
\n
\n2022
\n2021
\n
\n
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\nEquity financial assets, at FVPL
\n3,271
\n3,250
\n
\nNet derivative assets/(liabilities) measured at fair value
\n79,217
\n(1,263)
\n
\nFinancial assets at amortised cost
\n
\n384,858
\n259,647
\n
\nFinancial liabilities at amortised cost
\n687,968
\n808,267
\n
\n\n(f) Estimation of fair value
\n
\nIFRS 13 established a fair value hierarchy that prioritises inputs used to measure fair value.
\nThe three levels of the fair value input hierarchy defined by IFRS 13 are as follows:
\n
\n(i) quoted prices (unadjusted) in active markets for identical assets or liabilities (Level
\n1);
\n(ii) inputs other than quoted prices included within Level 1 that are observable for the
\nasset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)
\n(Level 2); and
\n(iii) inputs for the asset or liability that are not based on observable market data
\n(unobservable inputs) (Level 3).
\n
\n
\nLevel 1
\nLevel 2
\nLevel 3
\nTotal
\n
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\n2022
\n
\n
\n
\n
\nAssets
\n
\n
\n
\n
\nEquity financial assets, at FVPL
\n-
\n-
\n3,271
\n3,271
\nDerivative financial instruments
\n-
\n113,152
\n-
\n113,152
\nTotal assets
\n-
\n113,152
\n3,271
\n116,423
\n
\n
\n
\n
\n
\nLiabilities
\n
\n
\n
\n
\nDerivative financial instruments
\n-
\n33,935
\n-
\n33,935
\nTotal liabilities
\n-
\n33,935
\n-
\n33,935
\n
\n
\n
\n
\n
\n2021
\n
\n
\n
\n
\nAssets
\n
\n
\n
\n
\nEquity financial assets, at FVPL
\n-
\n-
\n3,250
\n3,250
\nDerivative financial instruments
\n-
\n23,682
\n-
\n23,682
\nTotal assets
\n-
\n23,682
\n3,250
\n26,932
\n
\n
\n
\n
\n
\nLiabilities
\n
\n
\n
\n
\nDerivative financial instruments
\n-
\n24,945
\n-
\n24,945
\nTotal liabilities
\n-
\n24,945
\n-
\n24,945
\n
\n\n
\n\n
\n\n(
\nf) Estimation of fair value (continued)
\nDerivative financial assets and liabilities
\nThe Group\u2019s financial derivative instruments primarily relate to interest rate swaps, forward
\nfreight agreements, bunker swaps and commodity contracts (note 14) measured at fair
\nvalue.
\nL
\nevel 1 classifications primarily include exchange-traded futures including interest rat
\ne
\ns
\nwaps, forward freight agreements and bunker swaps. The fair values of interest rate swaps
\nare calculated at the present value of estimated future cash flows based on observabl
\ne
\nyi
\neld curves. The fair values of forward freight agreements, bunker swaps and commodity
\ncontracts measured at fair value are determined using forward commodity indices at the
\nbalance sheet date. Level 2 classifications primarily include physical contracts to buy and
\nsell commodities which derive their fair value primarily from exchange quotes and readily
\navailable observable broker quotes. Level 3 classifications primarily include unlisted equity
\ninvestment which was valued using Market approach based on Enterprise Value to Revenue
\nmultiple of comparable companies.
\nN
\non-derivative non-current financial assets and liabilities
\nThe carrying amount of non-derivative non-current financial assets and liabilities which bear
\nfloating interest rates are assumed to approximate their fair value because of the short
\nrepricing period. There are no non-current financial assets and liabilities which do not bear
\nfloating interest rates.
\nNon-derivative current financial assets and liabilities
\nThe carrying amounts of financial assets and liabilities with a maturity of less than one year
\nare assumed to approximate their fair value because of the short period to maturity.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag765": {
"value": "\n(f) Estimation of fair value
\n
\nIFRS 13 established a fair value hierarchy that prioritises inputs used to measure fair value.
\nThe three levels of the fair value input hierarchy defined by IFRS 13 are as follows:
\n
\n(i) quoted prices (unadjusted) in active markets for identical assets or liabilities (Level
\n1);
\n(ii) inputs other than quoted prices included within Level 1 that are observable for the
\nasset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)
\n(Level 2); and
\n(iii) inputs for the asset or liability that are not based on observable market data
\n(unobservable inputs) (Level 3).
\n
\n
\nLevel 1
\nLevel 2
\nLevel 3
\nTotal
\n
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\n
\n2022
\n
\n
\n
\n
\nAssets
\n
\n
\n
\n
\nEquity financial assets, at FVPL
\n-
\n-
\n3,271
\n3,271
\nDerivative financial instruments
\n-
\n113,152
\n-
\n113,152
\nTotal assets
\n-
\n113,152
\n3,271
\n116,423
\n
\n
\n
\n
\n
\nLiabilities
\n
\n
\n
\n
\nDerivative financial instruments
\n-
\n33,935
\n-
\n33,935
\nTotal liabilities
\n-
\n33,935
\n-
\n33,935
\n
\n
\n
\n
\n
\n2021
\n
\n
\n
\n
\nAssets
\n
\n
\n
\n
\nEquity financial assets, at FVPL
\n-
\n-
\n3,250
\n3,250
\nDerivative financial instruments
\n-
\n23,682
\n-
\n23,682
\nTotal assets
\n-
\n23,682
\n3,250
\n26,932
\n
\n
\n
\n
\n
\nLiabilities
\n
\n
\n
\n
\nDerivative financial instruments
\n-
\n24,945
\n-
\n24,945
\nTotal liabilities
\n-
\n24,945
\n-
\n24,945
\n
\n\n(
\nf) Estimation of fair value (continued)
\nDerivative financial assets and liabilities
\nThe Group\u2019s financial derivative instruments primarily relate to interest rate swaps, forward
\nfreight agreements, bunker swaps and commodity contracts (note 14) measured at fair
\nvalue.
\nL
\nevel 1 classifications primarily include exchange-traded futures including interest rat
\ne
\ns
\nwaps, forward freight agreements and bunker swaps. The fair values of interest rate swaps
\nare calculated at the present value of estimated future cash flows based on observabl
\ne
\nyi
\neld curves. The fair values of forward freight agreements, bunker swaps and commodity
\ncontracts measured at fair value are determined using forward commodity indices at the
\nbalance sheet date. Level 2 classifications primarily include physical contracts to buy and
\nsell commodities which derive their fair value primarily from exchange quotes and readily
\navailable observable broker quotes. Level 3 classifications primarily include unlisted equity
\ninvestment which was valued using Market approach based on Enterprise Value to Revenue
\nmultiple of comparable companies.
\nN
\non-derivative non-current financial assets and liabilities
\nThe carrying amount of non-derivative non-current financial assets and liabilities which bear
\nfloating interest rates are assumed to approximate their fair value because of the short
\nrepricing period. There are no non-current financial assets and liabilities which do not bear
\nfloating interest rates.
\nNon-derivative current financial assets and liabilities
\nThe carrying amounts of financial assets and liabilities with a maturity of less than one year
\nare assumed to approximate their fair value because of the short period to maturity.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag767": {
"value": "\n23. Segment information
\n
\nThe Group identifies segments on the basis of those components of the Group that Management
\nregularly reviews. Management considers the business from each individual business segment
\nperspective which comprise the Shipping and Product Services segments.
\n
\nThe reported measures of segment profit is gross profit. For the Shipping segment, gross profit is
\nreflected as TCE income. Operating segment disclosures are consistent with the information
\nreviewed by the Management.
\n
\nGeographical information
\n
\nNon-current assets comprise mainly vessels, operating on an international platform with individual
\nvessels calling at various ports across the globe. The Group does not consider the domicile of its
\ncustomers as a relevant decision making guideline and hence does not consider it meaningful to
\nallocate vessels and revenue to specific geographical locations.
\n
\nSegment performance is presented below:
\n
\nShipping
\nProduct
\nServices
\nInter-
\nsegment
\nelimination
\nTotal
\n
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\n2022
\n
\n
\n
\n
\n
\n
\n
\n
\n
\nRevenue from spot voyages
\n699,028
\n-
\n-
\n699,028
\nInter-segment revenue
\n87,328
\n-
\n(87,328)
\n-
\nVoyage expenses
\n(350,016)
\n-
\n-
\n(350,016)
\nInter-segment expense
\n(2,983)
\n-
\n2,983
\n-
\nNet income from spot voyages
\n433,357
\n-
\n(84,345)
\n349,012
\nRevenue from time charter voyages
\n134,304
\n-
\n-
\n134,304
\nTCE income \u2013 Shipping
\n1
\n
\n567,661
\n-
\n(84,345)
\n483,316
\n
\n
\n
\n
\n
\nRevenue from Product Services
\n-
\n730,231
\n-
\n730,231
\nInter-segment revenue
\n-
\n2,983
\n(2,983)
\n-
\nCost of goods sold
\n-
\n(645,993)
\n-
\n(645,993)
\nInter-segment expense
\n-
\n(87,328)
\n87,328
\n-
\nGross (loss)/profit \u2013 Product Services
\n2
\n
\n-
\n(107)
\n84,345
\n84,238
\n
\n
\n
\n
\n
\nGross profit - Total
\n567,661
\n(107)
\n-
\n567,554
\n
\n
\n
\n
\n
\nDepreciation
\n(155,401)
\n(3,414)
\n-
\n(158,815)
\nAmortisation
\n(610)
\n-
\n-
\n(610)
\nWrite-back of impairment
\n1,470
\n-
\n-
\n1,470
\nGain on disposal of assets
\n21,110
\n-
\n-
\n21,110
\n
\n1
\n\u201cTCE income\u201d denotes \u201ctime charter equivalent income\u201d which represents revenue from time charters and voyage
\n charters less voyage expenses comprising primarily fuel oil, port charges and commission.
\n
\n2
\n Gross profit from Product Services represents the net trading results which comprise revenue and cost of LPG cargo,
\n derivative gains and losses, and other trading attributable costs.
\n
\n\n23. Segment information (continued)
\nShipping
\nProduct
\nServices
\nInter-
\nsegment
\nelimination
\nTotal
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\n2021
\nRevenue from spot voyages
\n451,329
\n-
\n-
\n451,329
\nInter-segment revenue
\n57,345
\n-
\n(57,345)
\n-
\nVoyage expenses
\n(222,220)
\n-
\n-
\n(222,220)
\nNet income from spot voyages
\n286,454
\n-
\n(57,345)
\n229,109
\nRevenue from time charter voyages
\n178,856
\n-
\n-
\n178,856
\nTCE income \u2013 Shipping
\n1
\n
\n465,310
\n-
\n(57,345)
\n407,965
\nRevenue from Product Services
\n-
\n611,170
\n-
\n611,170
\nCost of goods sold
\n-
\n(557,183)
\n-
\n(557,183)
\nInter-segment cost
\n-
\n(57,345)
\n57,345
\n-
\nGross (loss)/profit \u2013 Product Services
\n2
\n
\n-
\n(3,358)
\n57,345
\n53,987
\nGross profit - Total
\n465,310
\n(3,358)
\n-
\n461,952
\nDepreciation
\n(153,653)
\n-
\n-
\n(153,653)
\nAmortisation
\n(546)
\n-
\n-
\n(546)
\nWrite-back of impairment
\n31,901
\n-
\n-
\n31,901
\nGain on disposal of assets
\n25,468
\n-
\n-
\n25,468
\n1
\n \u201cTCE income\u201d denotes \u201ctime charter equivalent income\u201d which represents revenue from time charters and
\nvoyage charters less voyage expenses comprising primarily fuel oil, port charges and commission.
\n2
\n Gross profit from Product Services represents the net trading results which comprise revenue and cost of
\nLPG cargo, derivative gains and losses, and other trading attributable costs.
\nReconciliation of segment profits:
\n2022
\n2021
\nUS$\u2019000
\nUS$\u2019000
\nTotal Gross profit for reportable segments
\n567,554
\n461,952
\nVessel operating expenses
\n(93,428)
\n(100,147)
\nTime charter contracts (non-lease components)
\n(19,506)
\n(14,427)
\nGeneral and administrative expenses
\n(31,916)
\n(32,582)
\nCharter hire expenses
\n(16,427)
\n(9,409)
\nFair value gain from equity financial asset
\n-
\n1,995
\nFinance lease income
\n585
\n1,025
\nOther operating income - net
\n815
\n3,296
\nDepreciation charge
\n(158,815)
\n(153,653)
\nAmortisation
\n(610)
\n(546)
\nWrite-back of impairment charge
\n1,470
\n31,901
\nGain on disposal of assets
\n21,110
\n25,468
\nRemeasurement of equity interest in joint venture
\n-
\n9,835
\nFinance expenses - net
\n(31,184)
\n(38,652)
\nShare of profit of a joint venture
\n-
\n2,031
\nOther expenses
\n-
\n(1,146)
\nProfit before tax for the financial year
\n239,648
\n186,941
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag768": {
"value": "\n24. Dividends paid
\n2022
\n2021
\nUS$\u2019000
\nUS$\u2019000
\nFinal dividend paid in respect of FY 2021 of US$0.18
\n(2021: in respect of FY 2020 of US$0.34) per share
\n24,182
\n47,260
\nInterim dividend paid in respect of Q1 2022 of US$0.31
\n(2021: in respect of Q1 2021 of US$0.18) per share
\n42,072
\n24,679
\nInterim dividend paid in respect of Q2 2022 of US$0.20
\n(2021: in respect of Q2 2021 of US$0.10) per share
\n26,528
\n13,963
\nInterim dividend paid in respect of Q3 2022 of US$0.25
\n(2021: in respect of Q3 2021 of US$0.10) per share
\n33,923
\n13,605
\n126,705
\n99,507
\nThe Board has declared a final cash dividend of US$0.52 per share for 2022, amounting to US
\n$69.4 mill
\nion. Together with the interim dividend paid for Q1 2022 of US$0.31 per share, Q2
\n2022 of US$0.20 per share and Q3 2022 of US$0.25 per share, the total dividend payout for FY
\n2022 will amount to US$1.28 per share or US$172 million. The shares will be traded ex-dividend on
\nand after 3 March 2023. The dividend will be payable on or about 17 March 2023 to shareholders
\nof record as at 6 March 2023.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag769": {
"value": "0.52",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"Tag780": {
"value": "69400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"Tag773": {
"value": "0.31",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2022-04-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"Tag770": {
"value": "0.2",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-04-01T00:00:00/2022-07-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"Tag771": {
"value": "0.25",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-07-01T00:00:00/2022-10-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"Tag772": {
"value": "1.28",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"Tag774": {
"value": "\n25. Business combinations
\nFY2022
\nThe Group acquired 85.0% equity interest in Vilma Oil (\u201cVilma\u201d)\u2019s LPG trading operations resulting in
\nthe Group obtaining control of the LPG trading operations. From 30 November 2022, the Group
\naccounted for Vilma\u2019s LPG trading operations as its subsidiary.
\nT
\nhe principal activity of Vilma\u2019s LPG trading operations is that of LPG trading operations. As a result
\nof the acquisition, the Group is expected to increase its market presence in LPG trading market.
\nDe
\ntails of the consideration paid, the assets acquired and liabilities assumed on a provisional basis
\n,
\nthe
\n non-controlling interest recognised and the effects on the cash flows of the Group, at the
\nacquisition date, were as follows. The Group has one year from the date of acquisition to finalise the
\nmeasurement of the assets acquired and liabilities assumed.
\n(a) De
\ntails of the acquisition
\nUS$\u2019000
\nPurchase consideration
\n53,438
\nNon-controlling interest
\n1
\n
\n10,327
\nLess: Fair value of identifiable net assets acquired (provisional)
\n(63,765)
\nGoodwill
\n-
\n1
\nNon-controlling interest was measured based on their proportionate share of interest in the fair value
\nof identifiable net assets acquired.
\n
\n\n25. Business combinations (continued)
\n
\n(b) Effect on cash flows of the Group
\n
\n
\n
\nUS$\u2019000
\n
\n
\n
\n
\nCash paid
\n1
\n
\n51,138
\n
\nLess: cash and cash equivalents in subsidiary acquired
\n
\n
\n(1,975)
\n
\nCash outflow on acquisition
\n49,163
\n
\n1
\n Final payment of US$2.3 million to be settled (provisional)
\n
\n(c) Identifiable assets acquired and liabilities assumed (provisional)
\n
\n
\n
\nUS$\u2019000
\n
\n
\nCash and cash equivalents
\n1,975
\n
\nRight-of-use assets (vessels)
\n123,336
\n
\nDerivatives financial instruments
\n81,878
\n
\nDerivatives financial instruments (commodity contracts)
\n15,435
\n
\nInventories
\n30,138
\n
\nTrade and other receivables
\n150,812
\n
\nDeferred tax assets
\n5,919
\n
\nOther assets
\n962
\n
\nTotal assets
\n410,455
\n
\n
\n
\n
\nTrade and other payables
\n(134,218)
\n
\nBorrowings
\n(99,618)
\n
\nLease liabilities
\n(90,463)
\n
\nDerivative financial instruments
\n(22,325)
\n
\nCurrent income tax
\n(66)
\n
\nTotal liabilities
\n(346,690)
\n
\n
\n
\n
\nTotal identifiable net assets
\n63,765
\n
\n
\n
\n
\nLess: Non-controlling interest
\n(10,327)
\n
\n
\n53,438
\n
\nRight-of-use assets (vessels) comprise the contractual lease payments for the remaining lease
\nterm, recalculated on the date of acquisition plus the fair value uplift for those identified as
\nfavorable lease contracts. The fair value was derived based on the comparison of forecasted
\nfreight rates against actual freight rates.
\n
\nDerivatives financial instruments comprise exchange traded futures and swaps which are
\nrecognised at fair value, derived using exchange traded price indexes.
\n
\nDerivative financial instruments (commodity contracts) were recognised at fair value on the
\ndate of acquisition, derived based on forecasted commodity rates.
\n
\nThe fair value of favourable lease contracts and derivative financial instruments (commodity
\ncontracts) have been determined provisionally pending completion of Management\u2019s
\nvaluation.
\n
\nIf new information obtained within one year from the date of acquisition about facts and
\ncircumstances that existed at the date of acquisition identifies adjustments to the above
\namounts, then the accounting for the acquisition will be revised.
\n
\n\n25. Business combinations (continued)
\n
\n(c) Identifiable assets acquired and liabilities assumed (provisional) (continued)
\n
\nThe carrying amounts of borrowings approximate their fair values because they are short-term
\nin nature. The carrying amounts of trade and other receivables, trade and other payables
\napproximate their fair value due to the short-term nature of these balances and are expected
\nto be collectible or paid in full at the date of acquisition.
\n
\nFor the one month ended 31 December 2022, Vilma LPG trading operations contributed
\nrevenue of US$217.0 million and a net loss of US$3.7 million to the Group\u2019s results.
\n
\nFY2021
\n
\nIn Q2 2021, the Group acquired 38.4% equity interest in BW Global United LPG India Private Limited
\n(\u201cBW LPG India\u201d) through conversion of loans receivable to equity. As a result, the Group\u2019s equity
\ninterest in BW LPG India increased from 50% to 88.4% resulting in the Group obtaining control of
\nBW LPG India, and consolidating BW LPG India as a subsidiary, when it was previously accounted for
\nas a joint venture.
\n
\nThe principal activity of BW LPG India is that of vessel owning and chartering. As a result of the
\nacquisition, the Group is expected to increase its market presence in the Indian charter market.
\n
\nDetails of the consideration paid, the assets acquired and liabilities assumed, the non-controlling
\ninterest recognised and the effects on the cash flows of the Group, at the acquisition date, were as
\nfollows.
\n
\n(a) Details of the acquisition
\n
\n
\n
\nUS$\u2019000
\n
\n
\n
\n
\nPurchase consideration \u2013 Conversion of loans receivable to equity
\n80,565
\n
\nNon-controlling interest
\n1
\n
\n12,575
\n
\nFair value of existing interest in joint venture
\n15,254
\n
\nLess: Fair value of identifiable net assets acquired
\n(108,394)
\n
\nGoodwill
\n-
\n
\n1
\nNon-controlling interest was measured based on their proportionate share of interest in the fair value
\nof identifiable net assets acquired.
\n
\n
\n
\nUS$\u2019000
\n
\n
\n
\n
\nFair value of existing interest in joint venture
\n15,254
\n
\nCarrying amount of interest in joint venture
\n(5,419)
\n
\nRemeasurement of equity interest in joint venture
\n1
\n
\n9,835
\n
\nAcquisition related costs
\n2
\n
\n(1,146)
\n
\nNet gain on acquisition
\n8,689
\n
\n1
\nComprise deferred gains of US$4.9 million from the sale of five vessels to the joint venture.
\n2
\nPresented as \u2018Other expense\u2019 on the statement of comprehensive income.
\n
\n\n25. Business combinations (continued)
\n
\n(b) Effect on cash flows of the Group
\n
\n
\n
\nUS$\u2019000
\n
\n
\n
\n
\nCash paid
\n-
\n
\nLess: cash and cash equivalents in subsidiary acquired
\n
\n
\n(4,633)
\n
\nCash inflow on acquisition
\n(4,633)
\n
\n
\n(c) Identifiable assets acquired and liabilities assumed
\n
\n
\n
\nUS$\u2019000
\n
\n
\n
\n
\nCash and cash equivalents
\n4,633
\n
\nVessels and dry docking (note 8)
\n197,000
\n
\nInventories
\n431
\n
\nTrade and other receivables
\n8,455
\n
\nTotal assets
\n210,519
\n
\n
\n
\n
\nTrade and other payables
\n(1,213)
\n
\nBorrowings
\n(100,912)
\n
\nTotal liabilities
\n(102,125)
\n
\n
\n
\n
\nTotal identifiable net assets
\n108,394
\n
\n
\n
\n
\nLess: Non-controlling interest at fair value
\n(12,575)
\n
\n
\n95,819
\n
\nThe fair value of vessels was estimated based on independent third party valuation reports,
\nwhich made reference to comparable transaction prices of similar vessels.
\n
\nThe carrying amounts of borrowings approximate their fair values because interest rates are
\nrepriced on a regular basis.
\n
\nThe carrying amounts of trade and other receivables approximate their fair value due to the
\nshort-term nature of these balances and are expected to be collectible in full at the date of
\nacquisition.
\n
\nFor the nine months ended 31 December 2021, BW LPG India contributed revenue of US$43.6
\nmillion and profit of US$13.8 million to the Group\u2019s results. If the acquisition had occurred on 1
\nJanuary 2021, Management estimates that the consolidated revenue would have been higher
\nby approximately US$14.0 million and consolidated profit for the period would have been
\nhigher by approximately US$2.0 million.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag775": {
"value": "\n26. Investment in subsidiaries
\n
\nIn January 2022 and May 2022, an external investor subscribed for US$50 million and US$30 million
\nof new shares in BW LPG India Pte. Ltd. (\u201cBW India\u201d), representing 31.9% and 9.2% equity interest
\nrespectively. Following these transactions, the Group now owns approximately 52% in BW India. The
\nshare subscription resulted in an increase in non-controlling interest of US$84.3 million and a decrease
\nin equity attributable to shareholders of the Group of US$4.3 million. The effect of changes in the
\nownership interest of BW India on the equity attributable to shareholders of the Group has been
\nreflected in the consolidated statement of changes in equity.
\n
\nIn November 2022, the Group\u2019s subsidiary, BW LPG Product Services Pte. Ltd. (\u201cBW Product Services\u201d),
\ncompleted the acquisition of Vilma\u2019s LPG trading operations. From 30 November 2022, the Group
\naccounted for Vilma\u2019s LPG\u2019s trading operations as its subsidiary.
\n
\nSet out below are the summarised financial information for BW LPG India Pte. Ltd. (\u201cBW India\u201d) and
\nBW LPG Product Services Pte. Ltd. (\u201cBW Product Services\u201d), that has non-controlling interests that are
\nmaterial to the Group. These are presented before inter-company eliminations.
\n
\nSummarised balance sheet:
\n
\n
\nBW India
\nBW Product Services
\n
\n2022
\n2021
\n2022
\n
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\nAssets
\n
\n
\n
\nCurrent assets
\n36,874
\n25,673
\n329,485
\nIncludes
\n
\n
\n
\nCash and cash equivalents
\n12,216
\n1,350
\n77,829
\nNon-current assets
\n337,868
\n323,173
\n120,085
\n
\n
\n
\n
\nLiabilities
\n
\n
\n
\nCurrent liabilities
\n33,861
\n81,275
\n326,246
\nIncludes
\n
\n
\n
\nBorrowings
\n27,957
\n78,903
\n110,260
\nNon-current liabilities
\n (Borrowings)
\n
\n139,007
\n
\n148,286
\n
\n62,231
\n
\n
\n
\n
\nNet assets
\n201,874
\n119,285
\n61,093
\n
\n\n\n26. Investment in subsidiaries (continued)
\n
\n\nSummarised statement of comprehensive income:
\n
\n
\nBW India
\nBW Product Services
\n
\n2022
\n2021
\n2022
\n
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\nTCE income
\n92,561
\n43,612
\n-
\nGross loss \u2013 Product Services
\n-
\n-
\n(107)
\nGain on disposal of assets held-for-sale
\n-
\n2,637
\n-
\nVessel operating expense
\n(22,885)
\n(11,132)
\n-
\nDepreciation and amortisation
\n(32,154)
\n(16,175)
\n(3,414)
\nFinance expense
\n(7,453)
\n(3,914)
\n(1,755)
\nOther expenses
\n(2,004)
\n(1,245)
\n3,139
\nNet profit/(loss) after tax
\n28,065
\n13,783
\n(2,137)
\n
\n
\n
\n
\nOther comprehensive income
\n (currency translation effects)
\n(34,507)
\n(2,892)
\n(895)
\n
\n
\n
\n
\nTotal comprehensive (loss)/income
\n(6,442)
\n10,891
\n(3,032)
\n
\n
\n
\n
\nTotal comprehensive (loss)/income
\n allocated to non-controlling interests
\n(3,990)
\n1,262
\n(1,317)
\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag781": {
"value": "\nSummarised statement of comprehensive income:
\n
\n
\nBW India
\nBW Product Services
\n
\n2022
\n2021
\n2022
\n
\nUS$\u2019000
\nUS$\u2019000
\nUS$\u2019000
\n
\n
\n
\n
\nTCE income
\n92,561
\n43,612
\n-
\nGross loss \u2013 Product Services
\n-
\n-
\n(107)
\nGain on disposal of assets held-for-sale
\n-
\n2,637
\n-
\nVessel operating expense
\n(22,885)
\n(11,132)
\n-
\nDepreciation and amortisation
\n(32,154)
\n(16,175)
\n(3,414)
\nFinance expense
\n(7,453)
\n(3,914)
\n(1,755)
\nOther expenses
\n(2,004)
\n(1,245)
\n3,139
\nNet profit/(loss) after tax
\n28,065
\n13,783
\n(2,137)
\n
\n
\n
\n
\nOther comprehensive income
\n (currency translation effects)
\n(34,507)
\n(2,892)
\n(895)
\n
\n
\n
\n
\nTotal comprehensive (loss)/income
\n(6,442)
\n10,891
\n(3,032)
\n
\n
\n
\n
\nTotal comprehensive (loss)/income
\n allocated to non-controlling interests
\n(3,990)
\n1,262
\n(1,317)
\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag782": {
"value": "\n27. Listing of companies in the Group
\n
\nName of companies
\n
\nPrincipal activities
\nCountry of
\nincorporation
\nEffective
\nequity
\nholding
\n2022
\nEffective
\nequity
\nholding
\n2021
\n
\n
\n
\n
\n
\n
\n
\n
\n(i)
\n
\nSubsidiaries held by the Company
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\nBW LPG Holding Limited
\n
\n
\nInvestment holding
\nBermuda
\n100%
\n
\n100%
\n
\nBW LPG Product Services Limited
\n
\nInvestment holding
\nBermuda
\n100%
\n
\n100%
\n
\n
\n
\n
\n
\n
\n
\n
\n(ii) Subsidiaries held by BW LPG Holding
\nLimited
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\nBW LPG Pte Ltd
\n
\nManagement
\nSingapore
\n100%
\n100%
\n
\nBW LPG Technologies Pte. Ltd.
\n
\nInvestment holding
\nSingapore
\n100%
\n100%
\n
\nBW LPG Investments Limited
\n
\nInvestment holding
\nBermuda
\n100%
\n100%
\n
\nBW LPG LLC
\n
\nManagement
\nUnited States
\n100%
\n100%
\n
\nAurora LPG Holding AS
\n
\nManagement
\nNorway
\n100%
\n100%
\n\n\n27. Listing of companies in the Group (continued)
\n
\n
\nName of companies
\n
\nPrincipal activities
\nCountry of
\nincorporation
\nEffective
\nequity
\nholding
\n2022
\nEffective
\nequity
\nholding
\n2021
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n(iii) Subsidiaries held by BW LPG Product
\nServices Limited
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\nBW LPG Product Services Pte. Ltd.
\n(a)
\nLPG Trading
\nSingapore
\n85%
\n100%
\n
\nVilma Oil Trading, S.L.
\n(b)
\nLPG Trading
\nSpain
\n85%
\n-
\n
\nVilma Oil Singapore Pte. Ltd.
\n(b)
\nLPG Trading
\nSingapore
\n85%
\n-
\n
\n
\n
\n
\n
\n
\n
\n
\n(iv) Subsidiaries held by BW LPG Pte. Ltd.
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\nBW Gas LPG Chartering Pte. Ltd
\n
\nChartering
\nSingapore
\n100%
\n100%
\n
\nBW VLGC Pte. Ltd
\n
\nShipowning
\nSingapore
\n100%
\n100%
\n
\nLPG Transport Service Ltd.
\n(c)
\nDormant
\nBermuda
\n-
\n100%
\n
\nBW LPG Pool Pte. Ltd.
\n
\nChartering
\nSingapore
\n100%
\n100%
\n
\nBW LPG Partners Pte Ltd
\n
\nDormant
\nSingapore
\n100%
\n100%
\n
\nBW LPG AS
\n
\nManagement
\nNorway
\n100%
\n100%
\n
\nBW Cyan Limited
\n(c)
\nShipowning
\nBermuda
\n-
\n100%
\n
\nBW Constellation I Pte. Ltd.
\n
\nShipowning
\nSingapore
\n100%
\n100%
\n
\nBW Constellation II Pte. Ltd.
\n
\nShipowning
\nSingapore
\n100%
\n100%
\n
\nBW Okpo Pte. Ltd.
\n
\nShipowning
\nSingapore
\n100%
\n100%
\n
\nBW Seoul Pte. Ltd.
\n
\nShipowning
\nSingapore
\n100%
\n100%
\n
\nLPG Kenya Pte. Ltd.
\n(d)
\nInvestment holding
\nSingapore
\n100%
\n-
\n
\nBW LPG India Pte. Ltd.
\n(e)
\nManagement
\nSingapore
\n52%
\n88%
\n
\n
\n
\n
\n
\n
\n
\n
\n(v) Subsidiary held by BW LPG India Pte.
\nLtd.
\n
\n
\n
\n
\n
\n
\nBW Global United LPG India Private
\nLimited
\n
\n
\nShipowning
\nIndia
\n52%
\n88%
\n
\n
\n
\n
\n
\n
\n
\n(a) The Group\u2019s equity interest in the company decreased to 85% due to a share swap as part of the acquisition
\n of Vilma\u2019s LPG trading operations. Post completion of the transaction, the minority shareholder of Vilma\u2019s
\n LPG trading operations now owns 15% of BW LPG Product Services Pte. Ltd.
\n(b) Companies were acquired during the financial year
\n(c) Companies were liquidated during the financial year
\n(d) Company was newly incorporated during the financial year
\n(e) The Group\u2019s equity interest in the company decreased to 52% due to issuance of new shares to an
\n external investor. See note 26.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag776": {
"value": "\n28. Comparative information
\n
\n Post-acquisition of Vilma\u2019s LPG trading operations in November 2022, the Group changed its
\naccounting policy with respect to the accounting of commodity contracts from net basis to gross basis.
\nWith the change in policy, gross proceeds from the physical delivery of commodities and change in
\nfair value of commodity contracts are reported as \u201cRevenue \u2013 Product Services\u201d on the Consolidated
\nStatement of Comprehensive Income. The Group believes that presentation on a gross basis provides
\nbetter insights into the financial performance of Product Services\u2019 increased trading activities which
\ncomprise delivery of commodities to customers and derivative contracts that are entered for trading
\nactivities. This change was applied retrospectively.
\n
\n\n28. Comparative information (continued)
\n
\nThe following table summarises the impact of the re-presentation to the Group\u2019s Consolidated
\nStatement of Comprehensive Income for the year ended 31 December 2021:
\n
\n
\n
\nAs previously
\n reported
\n
\nAdjustments
\n
\nAs restated
\n
\n
\nUS$\u2019000 US$\u2019000 US$\u2019000
\n
\nRevenue - Shipping spot voyages
\n508,947
\n(57,618)
\n451,329
\n
\nRevenue - Product Services
\n-
\n611,170
\n611,170
\n
\nCost of goods sold - Product Services
\n-
\n(557,183)
\n(557,183)
\n
\nNet loss from commodity contracts
\n(3,631)
\n3,631
\n-
\n
\n
\n505,316
\n-
\n505,316
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfComparativeInformationPreparedUnderPreviousGAAPExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag777": {
"value": "\n29. Subsequent events
\n
\n In February 2023, the Group entered into an agreement with an external party to sell one VLGC for
\ndelivery in Q1 2023. The sale is expected to generate liquidity of US$53.7 million and a net gain on
\ndisposal of US$16.5 million.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag778": {
"value": "\n30. Climate-related risks consideration
\n
\nThe Group identified climate-related risks related to the global transition towards low-carbon or
\ncarbon-neutral solutions, marine environmental factors and industry-led decarbonisation policies. The
\nGroup assess transition risks in strategic planning, fleet development and capital expenditure plans for
\nnext-generation and existing fleet transition planning. Physical risks from climate events influence the
\nGroup\u2019s voyage planning and operation strategies. Maritime activities affect the marine environment
\nand the Group identifies better management of ballast water contamination, accidental oil spills and
\nunderwater noise pollutions to be key strategies. International Maritime Organisation (IMO) targets
\nto halve international shipping GHG emissions by 2050 may also impact the Group\u2019s strategy and its
\nfinancial performance.
\n
\nIn assessing the impact of climate-related risks on the Group\u2019s financial statements, the Group
\nconsiders if there are near to medium term financial impacts arising from the aforementioned
\nrisks. Presently the Group incurs certain operating or capital expenditures to mitigate such climate-
\nrelated risks and policies. The Group concluded the LPG retrofit project in May 2022 with a US$130
\nmillion investment to upgrade 15 owned vessels. The project is a key mitigation in preparation for
\nclimate-related transition risks arising from global regulations and market changes.
\n
\nNotwithstanding, there remains the risk that evolving demands for stronger protection over the
\nenvironment, evolving laws and regulations and evolving decarbonisation policies may have a
\nsignificant impact to the Group\u2019s financial performance in the future. The Group continues to monitor
\nand assess the potential impact of such developments on its operation and financial performance.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag779": {
"value": "\n31. New or revised accounting standards and interpretations
\n
\nA number of new standards, interpretations and amendments to standards are effective for annual
\nperiods beginning after 1 January 2023 and earlier application is permitted. However, the Group has
\nnot early adopted the new or amended standards and interpretations in preparing these financial
\nstatements.
\n
\nThere are no other IFRS or IFRIC interpretations that are not yet effective that would be expected to
\nhave a material impact on the Group.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"Tag766": {
"value": "Bermuda",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:5493006WBEME88YFDW23",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"footnote2": {
"value": "This will be reclassified from \u201cprepayments\u201c to \u201cproperty, plant and equipment\u201d upon completion.
",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote2",
"language": "en"
}
},
"footnote1": {
"value": "* Interest rate swaps are hedged against certain portions of bank borrowings.
",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote1",
"language": "en"
}
}
}
}