{
"documentInfo": {
"documentType": "https://xbrl.org/2021/xbrl-json",
"features": {
"xbrl:canonicalValues": true
},
"namespaces": {
"HOE": "http://hoeghautoliners.com/2022-12-31",
"ifrs-full": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full",
"iso4217": "http://www.xbrl.org/2003/iso4217",
"scheme": "http://standards.iso.org/iso/17442",
"xbrl": "https://xbrl.org/2021",
"xbrli": "http://www.xbrl.org/2003/instance"
},
"taxonomy": [
"http://hoeghautoliners.com/2022-12-31/549300D7GNMPKTA4HD46-2022-12-31.xsd"
]
},
"facts": {
"f280": {
"value": "H\u00f6egh Autoliners ASA",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f374": {
"value": "H\u00f6egh Autoliners ASA",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f673": {
"value": "H\u00f6egh Autoliners ASA",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f1320": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f1336": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f1359": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10471": {
"value": "1270320000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10474": {
"value": "946915000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10479": {
"value": "314361000",
"decimals": -3,
"dimensions": {
"concept": "HOE:BunkerExpense",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10482": {
"value": "212076000",
"decimals": -3,
"dimensions": {
"concept": "HOE:BunkerExpense",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10488": {
"value": "370359000",
"decimals": -3,
"dimensions": {
"concept": "HOE:ShipsVoyageExpense",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10491": {
"value": "393860000",
"decimals": -3,
"dimensions": {
"concept": "HOE:ShipsVoyageExpense",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10496": {
"value": "21325000",
"decimals": -3,
"dimensions": {
"concept": "HOE:CharterHireExpense",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10499": {
"value": "24599000",
"decimals": -3,
"dimensions": {
"concept": "HOE:CharterHireExpense",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10504": {
"value": "100361000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:MiscellaneousOtherOperatingExpense",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10507": {
"value": "97329000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:MiscellaneousOtherOperatingExpense",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10512": {
"value": "17201000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdministrativeExpense",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10515": {
"value": "16292000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdministrativeExpense",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10520": {
"value": "446714000",
"decimals": -3,
"dimensions": {
"concept": "HOE:ProfitLossFromOperatingActivitiesBeforeInterestTaxesDepreciationAndAmortisationExpense",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10523": {
"value": "202759000",
"decimals": -3,
"dimensions": {
"concept": "HOE:ProfitLossFromOperatingActivitiesBeforeInterestTaxesDepreciationAndAmortisationExpense",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10529": {
"value": "1539000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10532": {
"value": "1205000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10537": {
"value": "19094000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnDisposalsOfNoncurrentAssets",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10540": {
"value": "-205000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnDisposalsOfNoncurrentAssets",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10545": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10548": {
"value": "-96230000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10553": {
"value": "151470000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DepreciationExpense",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10556": {
"value": "134461000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DepreciationExpense",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10561": {
"value": "315877000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10564": {
"value": "165528000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10569": {
"value": "963000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RevenueFromInterest",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10572": {
"value": "202000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RevenueFromInterest",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10577": {
"value": "31235000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestExpense",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10580": {
"value": "32986000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestExpense",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10585": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RevenueFromDividends",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10588": {
"value": "12726000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RevenueFromDividends",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10593": {
"value": "38524000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherFinanceIncome",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10596": {
"value": "2172000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherFinanceIncome",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10601": {
"value": "10552000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherFinanceCost",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10604": {
"value": "18949000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherFinanceCost",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10609": {
"value": "313577000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10612": {
"value": "128693000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10617": {
"value": "14991000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10620": {
"value": "3924000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10624": {
"value": "298585000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10627": {
"value": "124768000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10636": {
"value": "-1087000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10639": {
"value": "-300000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10645": {
"value": "120000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10648": {
"value": "402000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10653": {
"value": "-661000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10656": {
"value": "-803000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10660": {
"value": "-1627000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10663": {
"value": "-700000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10668": {
"value": "296959000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10671": {
"value": "124068000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10676": {
"value": "1.57",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"f10679": {
"value": "0.92",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"f10684": {
"value": "1.56",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"f10687": {
"value": "0.92",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"f10699": {
"value": "774000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10702": {
"value": "977000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10708": {
"value": "988629000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Ships",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10711": {
"value": "1016589000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Ships",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10716": {
"value": "273974000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RightofuseAssets",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10719": {
"value": "229174000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RightofuseAssets",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10724": {
"value": "138725000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:LandAndBuildings",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10727": {
"value": "13131000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:LandAndBuildings",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10732": {
"value": "15656000",
"decimals": -3,
"dimensions": {
"concept": "HOE:Equipment",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10735": {
"value": "14397000",
"decimals": -3,
"dimensions": {
"concept": "HOE:Equipment",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10740": {
"value": "5233000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10743": {
"value": "9100000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10748": {
"value": "1231000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentNonfinancialAssets",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10751": {
"value": "1170000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentNonfinancialAssets",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10756": {
"value": "1078000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentFinancialAssets",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10759": {
"value": "1779000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentFinancialAssets",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10764": {
"value": "1425300000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10767": {
"value": "1286316000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10772": {
"value": "47800000",
"decimals": -3,
"dimensions": {
"concept": "HOE:BunkerInventories",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10775": {
"value": "41241000",
"decimals": -3,
"dimensions": {
"concept": "HOE:BunkerInventories",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10782": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "HOE:ShipsHeldForSale",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10786": {
"value": "12084000",
"decimals": -3,
"dimensions": {
"concept": "HOE:ShipsHeldForSale",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10792": {
"value": "92924000",
"decimals": -3,
"dimensions": {
"concept": "HOE:CurrentTradeReceivablesAndOtherCurrentReceivables",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10795": {
"value": "81454000",
"decimals": -3,
"dimensions": {
"concept": "HOE:CurrentTradeReceivablesAndOtherCurrentReceivables",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10800": {
"value": "2224000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentPrepayments",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10803": {
"value": "2124000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentPrepayments",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10808": {
"value": "183940000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10811": {
"value": "228416000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10816": {
"value": "326888000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10819": {
"value": "365319000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10824": {
"value": "1752187000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10827": {
"value": "1651635000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10857": {
"value": "493358000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f10860": {
"value": "255486000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f10863": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember",
"unit": "iso4217:USD"
}
},
"f10866": {
"value": "-207801000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f10869": {
"value": "541043000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10873": {
"value": "4248000",
"decimals": -3,
"dimensions": {
"concept": "HOE:IssueOfFunds",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f10876": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "HOE:IssueOfFunds",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f10879": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "HOE:IssueOfFunds",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember",
"unit": "iso4217:USD"
}
},
"f10882": {
"value": "-4248000",
"decimals": -3,
"dimensions": {
"concept": "HOE:IssueOfFunds",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f10885": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "HOE:IssueOfFunds",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10889": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f10892": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f10895": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember",
"unit": "iso4217:USD"
}
},
"f10898": {
"value": "4248000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f10901": {
"value": "4248000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10906": {
"value": "150908000",
"decimals": -3,
"dimensions": {
"concept": "HOE:ReductionOfIssuedCapital20211124",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f10909": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "HOE:ReductionOfIssuedCapital20211124",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f10912": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "HOE:ReductionOfIssuedCapital20211124",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember",
"unit": "iso4217:USD"
}
},
"f10915": {
"value": "-150908000",
"decimals": -3,
"dimensions": {
"concept": "HOE:ReductionOfIssuedCapital20211124",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f10918": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "HOE:ReductionOfIssuedCapital20211124",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10922": {
"value": "94561000",
"decimals": -3,
"dimensions": {
"concept": "HOE:IssueOfShares20211124",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f10925": {
"value": "39613000",
"decimals": -3,
"dimensions": {
"concept": "HOE:IssueOfShares20211124",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f10928": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "HOE:IssueOfShares20211124",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember",
"unit": "iso4217:USD"
}
},
"f10931": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "HOE:IssueOfShares20211124",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f10934": {
"value": "134174000",
"decimals": -3,
"dimensions": {
"concept": "HOE:IssueOfShares20211124",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10938": {
"value": "2639000",
"decimals": -3,
"dimensions": {
"concept": "HOE:IssueOfShares20211229",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f10941": {
"value": "1105000",
"decimals": -3,
"dimensions": {
"concept": "HOE:IssueOfShares20211229",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f10944": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "HOE:IssueOfShares20211229",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember",
"unit": "iso4217:USD"
}
},
"f10947": {
"value": "53000",
"decimals": -3,
"dimensions": {
"concept": "HOE:IssueOfShares20211229",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f10950": {
"value": "3797000",
"decimals": -3,
"dimensions": {
"concept": "HOE:IssueOfShares20211229",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10955": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f10958": {
"value": "6820000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f10961": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember",
"unit": "iso4217:USD"
}
},
"f10964": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f10967": {
"value": "6820000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareIssueRelatedCost",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10973": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f10976": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f10979": {
"value": "39000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember",
"unit": "iso4217:USD"
}
},
"f10982": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f10985": {
"value": "39000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f10989": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f10992": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f10995": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember",
"unit": "iso4217:USD"
}
},
"f10998": {
"value": "124768000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f11001": {
"value": "124768000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11005": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f11008": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f11011": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember",
"unit": "iso4217:USD"
}
},
"f11014": {
"value": "-700000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f11017": {
"value": "-700000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11022": {
"value": "443898000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f11025": {
"value": "289384000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f11028": {
"value": "39000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember",
"unit": "iso4217:USD"
}
},
"f11031": {
"value": "67228000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f11034": {
"value": "800549000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11040": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f11043": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f11046": {
"value": "465000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember",
"unit": "iso4217:USD"
}
},
"f11049": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f11052": {
"value": "465000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11056": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f11059": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f11062": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember",
"unit": "iso4217:USD"
}
},
"f11065": {
"value": "35000000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f11068": {
"value": "35000000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11072": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f11075": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f11078": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember",
"unit": "iso4217:USD"
}
},
"f11081": {
"value": "298585000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f11084": {
"value": "298585000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11088": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f11091": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f11094": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember",
"unit": "iso4217:USD"
}
},
"f11097": {
"value": "-1627000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f11100": {
"value": "-1627000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11105": {
"value": "443898000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f11108": {
"value": "289384000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f11111": {
"value": "504000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember",
"unit": "iso4217:USD"
}
},
"f11114": {
"value": "329187000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f11117": {
"value": "1062973000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11132": {
"value": "443898000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11135": {
"value": "443898000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11140": {
"value": "289384000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11143": {
"value": "289384000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11148": {
"value": "504000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdditionalPaidinCapital",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11152": {
"value": "39000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdditionalPaidinCapital",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11157": {
"value": "329187000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RetainedEarnings",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11161": {
"value": "67228000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RetainedEarnings",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11167": {
"value": "1062973000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11170": {
"value": "800549000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11178": {
"value": "2238000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11181": {
"value": "2330000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11187": {
"value": "36437000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11191": {
"value": "27681000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11198": {
"value": "90000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentNonfinancialLiabilities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11202": {
"value": "107000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentNonfinancialLiabilities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11208": {
"value": "227894000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:LongtermBorrowings",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11211": {
"value": "359704000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:LongtermBorrowings",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11216": {
"value": "133505000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentLeaseLiabilities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11220": {
"value": "201893000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentLeaseLiabilities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11225": {
"value": "400164000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11228": {
"value": "591716000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11234": {
"value": "36626000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShorttermBorrowings",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11238": {
"value": "85280000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShorttermBorrowings",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11245": {
"value": "37555000",
"decimals": -3,
"dimensions": {
"concept": "HOE:TradeAndOtherCurrentPayablesToTradeSuppliersAndOtherCurrentPayables",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11249": {
"value": "42861000",
"decimals": -3,
"dimensions": {
"concept": "HOE:TradeAndOtherCurrentPayablesToTradeSuppliersAndOtherCurrentPayables",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11255": {
"value": "5106000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilitiesCurrent",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11259": {
"value": "467000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilitiesCurrent",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11266": {
"value": "44475000",
"decimals": -3,
"dimensions": {
"concept": "HOE:CurrentProvisionsAndAccrualsClassifiedAsCurrent",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11270": {
"value": "51904000",
"decimals": -3,
"dimensions": {
"concept": "HOE:CurrentProvisionsAndAccrualsClassifiedAsCurrent",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11276": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherCurrentNonfinancialLiabilities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11280": {
"value": "5918000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherCurrentNonfinancialLiabilities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11286": {
"value": "165287000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentLeaseLiabilities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11290": {
"value": "72940000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentLeaseLiabilities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11295": {
"value": "289050000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11298": {
"value": "259370000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11303": {
"value": "1752187000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11306": {
"value": "1651635000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11777": {
"value": "313577000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11780": {
"value": "128693000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11784": {
"value": "-2300000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFinanceIncomeCost",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11787": {
"value": "-36835000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFinanceIncomeCost",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11792": {
"value": "1539000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11795": {
"value": "1205000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11800": {
"value": "151470000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11803": {
"value": "134461000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11808": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11811": {
"value": "-96230000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11816": {
"value": "19094000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11819": {
"value": "-205000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11824": {
"value": "1108000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11827": {
"value": "745000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11832": {
"value": "445606000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11835": {
"value": "202014000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11842": {
"value": "-11469000",
"decimals": -3,
"dimensions": {
"concept": "HOE:AdjustmentsForDecreaseIncreaseInTradeAccountReceivableAndAdjustmentsForDecreaseIncreaseInOtherOperatingReceivables",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11845": {
"value": "-13190000",
"decimals": -3,
"dimensions": {
"concept": "HOE:AdjustmentsForDecreaseIncreaseInTradeAccountReceivableAndAdjustmentsForDecreaseIncreaseInOtherOperatingReceivables",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11849": {
"value": "-6559000",
"decimals": -3,
"dimensions": {
"concept": "HOE:AdjustmentsForDecreaseIncreaseInBunkerInventories",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11852": {
"value": "-16299000",
"decimals": -3,
"dimensions": {
"concept": "HOE:AdjustmentsForDecreaseIncreaseInBunkerInventories",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11857": {
"value": "-100000",
"decimals": -3,
"dimensions": {
"concept": "HOE:AdjustmentsForDecreaseIncreaseInPrepayments",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11860": {
"value": "199000",
"decimals": -3,
"dimensions": {
"concept": "HOE:AdjustmentsForDecreaseIncreaseInPrepayments",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11866": {
"value": "-5306000",
"decimals": -3,
"dimensions": {
"concept": "HOE:AdjustmentsForIncreaseDecreaseInTradeAccountPayableAndAdjustmentsForIncreaseDecreaseInOtherOperatingPayables",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11869": {
"value": "-8290000",
"decimals": -3,
"dimensions": {
"concept": "HOE:AdjustmentsForIncreaseDecreaseInTradeAccountPayableAndAdjustmentsForIncreaseDecreaseInOtherOperatingPayables",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11874": {
"value": "-7429000",
"decimals": -3,
"dimensions": {
"concept": "HOE:AdjustmentsForProvisionsAndAdjustmentsForIncreaseDecreaseInAccruals",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11877": {
"value": "6862000",
"decimals": -3,
"dimensions": {
"concept": "HOE:AdjustmentsForProvisionsAndAdjustmentsForIncreaseDecreaseInAccruals",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11882": {
"value": "-5918000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInOtherCurrentLiabilities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11885": {
"value": "840000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInOtherCurrentLiabilities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11889": {
"value": "3420000",
"decimals": -3,
"dimensions": {
"concept": "HOE:IncreaseDecreaseInOtherWorkingCapital",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11892": {
"value": "33000",
"decimals": -3,
"dimensions": {
"concept": "HOE:IncreaseDecreaseInOtherWorkingCapital",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11896": {
"value": "405405000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11899": {
"value": "172103000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11906": {
"value": "32078000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11909": {
"value": "9034000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11914": {
"value": "135668000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11917": {
"value": "23661000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11921": {
"value": "-4319000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11924": {
"value": "-765000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11929": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsReceivedClassifiedAsInvestingActivities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11932": {
"value": "9544000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsReceivedClassifiedAsInvestingActivities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11937": {
"value": "754000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11940": {
"value": "202000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11944": {
"value": "-98517000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11947": {
"value": "-4116000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11953": {
"value": "3797000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromIssuingShares",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11956": {
"value": "128352000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromIssuingShares",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11961": {
"value": "153211000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11964": {
"value": "84497000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11969": {
"value": "115539000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11972": {
"value": "59954000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11976": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "HOE:SettlementOfInterestRateSwapsClassifiedAsFinancingActivities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11979": {
"value": "2561000",
"decimals": -3,
"dimensions": {
"concept": "HOE:SettlementOfInterestRateSwapsClassifiedAsFinancingActivities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11983": {
"value": "17336000",
"decimals": -3,
"dimensions": {
"concept": "HOE:InterestPaidOnBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11986": {
"value": "13976000",
"decimals": -3,
"dimensions": {
"concept": "HOE:InterestPaidOnBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11990": {
"value": "17889000",
"decimals": -3,
"dimensions": {
"concept": "HOE:InterestPaidOnLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11993": {
"value": "15723000",
"decimals": -3,
"dimensions": {
"concept": "HOE:InterestPaidOnLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f11997": {
"value": "-8859000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f12000": {
"value": "-3592000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f12004": {
"value": "35000000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f12007": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f12011": {
"value": "-344036000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f12014": {
"value": "-51951000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f12018": {
"value": "-37148000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f12021": {
"value": "116036000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f12025": {
"value": "228416000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f12028": {
"value": "115148000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f12033": {
"value": "-7327000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f12036": {
"value": "-2768000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f12041": {
"value": "183940000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f12044": {
"value": "228416000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f12048": {
"value": "183481000",
"decimals": -3,
"dimensions": {
"concept": "HOE:UnrestrictedCashAndCashEquivalents",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f12051": {
"value": "227969000",
"decimals": -3,
"dimensions": {
"concept": "HOE:UnrestrictedCashAndCashEquivalents",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f12056": {
"value": "459000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RestrictedCashAndCashEquivalents",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f12059": {
"value": "447000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RestrictedCashAndCashEquivalents",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f12064": {
"value": "183940000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f12067": {
"value": "228416000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"pp-value-7-1": {
"value": "public limited liability company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12090": {
"value": "Drammensveien 134, N-0277 Oslo, Norway",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-10-1": {
"value": "The Group is a fully integrated RoRo entity. It is one of the world\u2019s largest operators in the transportation of vehicles and high/heavy rolling cargo and operates a fleet of about 40 vessels in global tradingsystems from a worldwide network of offices. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-14-1": {
"value": "BASIS OF PREPARATION Statement of compliance. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU). The consolidated financial statements were authorised for issue by the Board of Directors on 30 March 2023.Basis of measurement. The consolidated financial statements have been prepared on a historical cost basis with the exception of the following material accounting entries:Derivative financial instruments are measured at fair value.The Group\u2019s derivative financial instruments include interest rate swaps and bunker swaps.Shares not held for trading are measured at fair value.Currency. The consolidated financial statements are presented in US dollars (USD). All financial information presented in USD has been rounded to the nearest thousands, except when otherwise indicated.CHANGES IN ACCOUNTING POLICIES AND DISCLOSURESNew and amended standards and interpretations.The accounting policies adopted are consistent with those of the previous financial year, except for the new standards and amend-ments to IFRS applicable as of 1 January 2022, which have been adopted by the Group during the current financial year. The adopted new standards and amendments had no material impact on the Group\u2019s consolidated financial statements. These include Covid 19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16), Annual Improvements to IFRS Standards 2018-2020, Onerous contracts- Cost of Fulfilling a Contract (Amendment to IAS 37), Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) and Reference to Conceptual Framework (Amendments to IFRS 3).The following new or amendments to standards and interpretations have been issued and become effective for annual reporting periods beginning on or after January 1, 2023, and earlier adoption is permitted. Insurance Contracts (IFRS 17) and Insurance Contracts (Amend-ment to IFRS 17)Presentation of Financial Statements (Classification of Liabilities as Current or Non-current (Amendment to IAS 1) Presentation of Financial Statements and Practice Statement 2 (Disclosure of Accounting Policies) (Amendment to IAS 1) Accounting Policies, Changes in Accounting Estimates and Errors (Definition of Accounting Estimates) (Amendment to IAS 8)Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendment to IAS 12)The Group has not early adopted any new or amended standards effective for 2023 in preparing these accounts, and they are not expected to have a significant impact on the Group\u2019s consolidated financial statements. The Group has not yet fully assessed the impact of changes which are effective for 2024 and beyond.ACCOUNTING ESTIMATES AND JUDGEMENTSPreparation of the financial statements in conformity with IFRS requires management to make judgements, estimates and assump-tions that affect the application of accounting principles and reportedamounts of assets and liabilities, revenues and expenses and accompanying disclosures. The estimates are based on manage-ment\u2019s best knowledge of available information at the time the financial statements are approved. Uncertainty about these assump-tions and estimates could result in outcomes that require a material adjustment to the carrying amounts of assets and liabilities, affected in future periods. Changes in accounting estimates are recognised in the period the changes occur. When changes to estimates also affect future periods, the effect is distributed between the current and future periods.Assumptions and estimation uncertainties that have a risk of resulting in adjustments within the next financial year are related to the following conditions:Residual value and remaining lifetime on assets. According to IAS 16, the Group is required to evaluate the estimate for residual value and useful remaining lifetime of its vessels on a yearly basis. For further disclosures, see Note 7.Critical judgements in applying accounting policiesThe following judgements have the most significant effect on the amounts recognised in the consolidated financial statements. Determining the lease term of contracts with renewal and termina-tion options \u2013 Group as a lessee. The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group has several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. Impairment of assets. The Group considers whether there are indicators of impairment. If indicators of impairment are present, the recoverable amount is estimated. The recoverable amount for the Group\u2019s main assets, vessels, is the higher of vessel-values provided by brokers and net present value of expected cash flows, based on the long-term forecasts discounted by the Group\u2019s WACC. For further disclosures, see Note 7. FOREIGN CURRENCY TRANSACTIONSFunctional and presentation currencyThe Group\u2019s presentation currency is USD. This is also the functional currency of the parent company and all significant companies in the Group.Transactions and balancesAll transactions in currencies other than USD are included in the accounts at the exchange rate on the date of the transaction. Monetary assets and liabilities in currencies other than USD are translated to USD according to the currency rates at the balance sheet date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income. Non-monetary items included at historical cost denominatedin currencies other than USD are translated at the exchange rate at the time of the original transaction.CONSOLIDATION POLICIESThe consolidated financial statements include H\u00f6egh Autoliners ASA and its subsidiaries. Intercompany transactions, balances and unrealised gains on transactions between group companies are elim-inated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.SubsidiariesSubsidiaries are all companies where the Group has a controlling interest. A controlling interest is where the Group has the power to govern the financial and operating policies. This is usually achieved when the Group owns, either directly or indirectly, more than 50% of the shares in the company, or through agreements, are able to exer-cise control over the company. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date on which control ceases. Subsidiaries\u2019accounting policies have been changed where necessary to ensure consistency with the policies adopted by the Group.Associated companies Associated companies are all entities in which the Group has signifi-cant influence but not control, generally companies owned between 20% and 50%. Interests in associated companies are reported according to the equity method. The consolidated accounts include the Group\u2019s share of profit from associated companies accounted for according to the equity methodfrom the date significant influence is achieved and until such influ-ence ceases. The Group\u2019s share of its associates\u2019 profits and losses is presented net as a separate line, as part of operations in the statement of comprehensive income and is added to the capitalised value of the investments together with its share of equity movement not recognised in the statement of comprehensive income. When theGroup\u2019s share of the loss exceeds the investment in an associated company, the Group reduces the carrying value to zero and further losses are not recorded unless the Group has an obligation or an intention to cover this loss.Unrealised gains arising from transactions with associates are eliminated according to the Group\u2019s share in the company. Unreal-ised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. For further disclosures, see Note 26.Non-current assets held for sale The Group classifies non-current assets as held for sale if their carrying amounts will be recovered principally through a sale trans-action rather than continuing use. Non-current assets classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset, excluding finance costs and income tax expense.The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and thesale expected to be completed within one year from the date of the classification.Property, plant and equipment and intangible assets are not depreci-ated or amortised once classified as held for sale.Assets and liabilities classified as held for sale are presented sepa-rately as current items in the statement of financial position.REVENUE RECOGNITIONH\u00f6egh Autoliners provides RoRo transportation on deep sea and short sea markets as well as terminal related services. The Group also hires out some of its vessels on a time charter (TC) basis when necessary. The Group has the following major revenue streams:Voyage revenueTime charter revenueTerminal related revenueRevenues from shipping activities are recognised when the control of goods or services agreed in the contract has been transferred to the customer (satisfaction of performance obligation). Revenues are measured at the fair value of the consideration to which the Group expects to be entitled in a contract with a customer and excludes amounts collected by third parties. A contract is defined as an agreement between two or more parties that creates enforceable rights and obligations. For the Group, a contract with a customer is defined as the Bill of Lading document. Most of the services the Group provides are invoiced upon the issuance of the Bill of Lading.Each customer contract could initiate recognition of contract assets and liabilities. Historically, the Group has applied terms as deferred (accrued) income and prepayments to capture the information included in the term contract liabilities. The same is the case with other receivables to capture the information included in the term contract assets. Disclosures with regards to contract balances are presented in Note 2. The main contract liability for the Group is deferred (accrued) income where the Group has yet to perform the freight service for future periods (remaining voyage) but has received payment (or the payment is due) from the customers in excess of revenue recognised.Transaction price is determined based on market prices. The freight services are priced as one complete transport service to the customer. Retrospective volume rebates provided to certain customers, which represent variable consideration, are based on the expected value method and allocated to the voyage revenue. Variable considerations are only included in the transaction price if it is highly probable that there will not be a significant reversal in cumulative revenue recognised, when the uncertainties related to the variability are resolved. Voyage revenue and expensesAll voyage revenue and expenses are recognised on a load-to-dis-charge basis for all spot voyages. Revenue and expenses related to voyages will to some extent be based on estimates as the actual figures are not available at year-end. All estimates are based on regular updates based on the progress of each voyage. The freight revenues measured at year-end give a faithful depiction of the transferof services.Performance obligations for voyage revenue are satisfied over time through the progress of the voyage, as the customer is receiving and consuming the benefits of the transport services as the Group performs. No revenue is recognised until the voyage starts and the performance obligation is partly satisfied. Voyage expenses include all expenses that are incurred as a direct and incremental consequence of a particular voyage, such as bunker fuel, port costs, cargo loading and unloading expenses, canal and agency fees, as well as administrative expenses in the various regions. Other operating expenses include running expenses and administrative expenses. Other operating expenses are recognised when incurred. All voyage expenses in relation to each voyage are considered costs to fulfil a contract and are capitalised and amortised through each specific voyage, based on the percentage of completion of the voyage (progress/days). For further disclosures, see Note 3, 4 and 5. Time charter revenue Time charter revenue is accounted for as operating lease under IFRS 16. The performance obligation for time charter revenue is satisfied over the period the vessel is available to the lessee, hence the revenue is recognised on a straight-lined basis over the term of the charter arrangement. Revenue from vessels on time charter is recognised as a time charter per day less days off hire as applicable.Terminal related revenueThe performance obligation for terminal related services is satisfied at the point in time when the service delivery is complete, and revenue is recognised at this time. CASH AND CASH EQUIVALENTSCash includes cash in hand and bank deposits, including restricted bank accounts for deposits in respect of employee taxes. For further disclosures, see Note 14.FINANCIAL INSTRUMENTSFinancial assetsFinancial assets are initially recognised at fair value when the Group becomes a party to the contractual provisions of the asset, unless the fair value differs from the transaction value. The subsequent measurement of the financial assets depends on what category they are classified into at inception. The Group classifies its financial assets into the following main categories for subsequent measure-ment; Debt instrument at amortised cost, debt instruments at fair value through other comprehensive income (with cumulative gains and losses reclassified to profit or loss upon derecognition) and equity instruments designated measured at fair value through other comprehensive income (with gains and losses remaining in other comprehensive income). The fair value of investments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date. For investments where there is no active market, fair value is determined applying commonly used valuation techniques. As of 31 December 2022, the Group holds financial instruments classified in level three in the valuation hierarchy.Amortised cost. This category includes assets that are held in order to collect contractual cash flows, and where the contractual terms give right to cash flows that are solely related to principal and interests on the principal amount outstanding. This includes mainly loans to associate companies and trade receivables. Loans and trade receivables are non-derivative financial assets with fixed or agreed payments that are not traded in an active market. Such assets are measured at amortised cost using the effective interest method. Gains and losses are recognised in the consolidated statement of comprehensive income when the loans and receivables are derecognised or impaired, as well as through the amortisation process. Trade and other receivables are carried at the original invoice amount, less an allowance made for doubtful receivables. Impairment is performed when there is objective evidence that the Group will be unable to recover balances in fullFinancial assets at fair value through other comprehensive income. Investments in shares not held for trade purposes, are classified as investments in fair value through other comprehensive income. Dividends from these companies are recognised through profit or loss unless they clearly represent a recovery of part of the investment, in which case they are recognised in other comprehen-sive income.Financial assets at fair value through profit or loss. This category includes financial assets that are held for trading and financial assetsthat on initial recognition are designated as fair value through profit or loss. Derivatives are also categorised as held for trading unless they are designated as effective hedging instruments as defined by IFRS 9. The Group uses derivative financial instruments such as interest rate swaps to manage its risks associated with interest rates.Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative. Changes in the fair value are recognised in the statement of comprehensive income as other financial items. The fair value of bunker caps is determined using themarket value at the balance sheet date. The Group has not desig-nated any derivatives as hedging instruments under IFRS 9.Financial liabilitiesFinancial liabilities are after initial recognition measured at amor-tised cost using the effective interest method, except for financial liabilities recognised through profit or loss, including derivatives. Financial liabilities at fair value through profit or loss is calculated by discounting future cash flows.Interest-bearing bank loans and other debt classified as financial liabilities are initially recognised at fair value when the Group becomes party to the contractual provisions of the instrument. After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. Amortised cost is calculated by taking into account any issue costs, and any discount or premium on settlement. A substantial modification of the terms of an existing financial liability is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. In the case of recognising a new liability, the fees are treated as part of the amortised cost. Financial liabilities are presented as current if the liabilities are due to be settled within 12 months after the balance sheet date, whereasliabilities with the legal right to be settled more than 12 months after the balance sheet date are classified as non-current liabilities.Impairment of financial assetsThe Group assesses at each balance sheet date whether a financial asset or group of financial assets may be impaired. Financial assets are impaired when there is objective evidence that the Group is not likely to recover all the amounts in connection with contractual termsrelated to loans and receivables. The amount of expected credit losses recognised as a loss allow-ance depends on the extent of credit deterioration since initial recognition:12-month expected credit losses, which applies to all items (from initial recognition) as long as there is no significant deterioration in credit quality, orFull lifetime expected credit losses, which applies when a significant increase in credit risk has occurred on an individual or collective basisThe Group evaluates trade receivables according to the full lifetime expected credit losses.Impairment reversals are recorded when the amount of impairment losses in future periods is reduced, and the reduction can be linked objectively to an event that occurs after the impairment was recognised. A reversal will only be recorded to the extent that the carrying value does not exceed what the amortised cost would have been if the impairment had not been made. Impairment reversals are presented as income or as a reduction of expenses.Derecognition of financial instrumentsA financial asset is derecognised when:The rights to receive cash flows from the asset have expiredThe Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; orThe Group has transferred its rights to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the asset, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset but has trans-ferred control of the asset.Financial liabilities are derecognised from the balance sheet when the contractual obligation expires, is discharged or cancelled. Gains and losses arising on the repurchase, settlement or cancellation of liabilities are recognised respectively in interest income and other financial items and interest and other finance expenses.Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in profit or loss. The terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability.INVENTORIESInventories consist mainly of bunkers and are recognised at cost. The consumption of bunkers is recognised in accordance with the first-in first-out principle (FIFO).VESSELS / NEWBUILDINGS / EQUIPMENTFixed assets are recorded at cost less accumulated depreciation and impairments. For newbuilding contracts, the cost price includes all the costs incurred in the development and construction process, including borrowing costs, construction supervision costs and technical costs. For vessels that have been purchased in the second-hand market, the cost price includes expenses directly related to the acquisition. When assets are sold or disposed of, the gross carrying amount and accumulated depreciation are reversed, and any gain or loss on the sale or disposal is included in the statement of comprehensive income. For further disclosures relating to vessels, newbuildings and equip-ment, see Note 7. VesselsThe depreciation is calculated on a straight-line basis and adjusted for impairment if applicable. The RoRo vessels have an expected useful life of 30 years. Vessels are depreciated to estimated scrap value. Expected economic life and estimated scrap values of the vessels are reviewed and evaluated at each balance sheet date. If new evaluations materially differ from earlier estimates the deprecia-tion is changed accordingly.Ordinary repairs and maintenance costs are expensed as incurred. Docking cost/classification costs are capitalised and amortised over the period until the next anticipated docking/inspection. Costs that do not meet the capitalisation criteria are expensed as repairs and maintenance costs.NewbuildingsInstalments on newbuilding contracts are capitalised as \u201cNewbuild-ings\u201d when they are paid. Upon delivery, newbuildings are reclassi-fied to vessels and are subject to depreciation. The acquisition cost includes direct investments, cost incurred during the construction period and borrowing cost. Borrowing costs are capitalised during the construction period. The newbuilding contracts are financed generally, hence the amount of interest capitalised during the construction period is based on the effective interest of the Group\u2019s loan facilities.Vessels held for saleVessels are held for sale when their carrying amount is to be recov-ered principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of carrying amount and their fair value less cost of sale.EquipmentDepreciation is calculated on a straight-line basis with the following estimated useful life: Vessel equipment: 10 yearsOffice equipment: 3 \u2013 5 yearsVehicles: 5 yearsIT-system: 10 \u2013 15 yearsImpairment of non-financial assetsThe carrying amount of tangible assets is tested for impairment wheneverthere are indications that the value of these assets may have been impaired. If the carrying amount of an asset is higher than the recov-erable amount, an impairment loss will be recognised in the statement of comprehensive income. The recoverable amount of an asset or a cash-generating unit is the higher of its fair value less cost to sell and its value-in-use. The recoverable amount is determined separately for all assets, but if not possible, this will be determined together with the cash-generating unit to which the asset belongs. All vessels participating in the Group\u2019s RoRo operations are considered part of a single cash-gen-erating unit as this is the smallest strategically identifiable group of assets. Vessels in lay-up, for which there are no concrete plans for when the vessel will be back in operation, are not considered \u201cin operation\u201d. Impairment losses recognised in prior periods are reversed when indications of impairment no longer exist or have decreased. A loss is only reversed to the extent that the asset\u2019s carrying amount does not exceed the carrying value recognised if no impairment charges had been recognised in prior periods and normal depreciation and amortisation policies had been applied.LEASESThe Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For all leases where the Group is a lessee, a right-of-use asset and lease liability is recognised in the balance sheet at the date at which the leased asset is available for use by the Group. The Group leases vessels, terminals, offices, equipment and vehicles. The lease term is defined as the non-cancellable period of the lease, which is the period where the lessee cannot exit the agreement. The lease term may include option periods which are included when the Group is reasonably certain to exercise as described below. When deciding on whether the Group is reasonablycertain to exercise options, all facts and circumstances are taken into consideration. See section on Extension and termination optionsbelow for further details.Only short-term leases (lease term of 12 months or less and do not include a purchase option) and leases of low value assets are exempted from recognition. Low value assets comprise smaller IT and office equipment. Lease payments on short-term leases and leases of low value assets are recognised as expense on a straight-line basis over the lease term.The lease term will be revised if there is a change in the non-cancel-lable period, or it is reasonably certain that an option period is to be exercised or contracted. A revision of lease term is also relevant if an option period previously was considered as part of the lease period but is no longer probable due to an event. A re-measurement due to change in lease period or purchase option, will entail a change in lease liability (and adjustment of the right-of-use asset) based on revised lease payments.Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. However, for non-lease components that are not specified in the lease contract, the Group has elected not to separate lease and non-lease components and instead accounts for these as a single lease component. This applies for time charter leases where the lease payment includes running expenses which are not specified. All other non-lease components are accounted for separately.MeasurementThe lease liability is measured as the present value of future lease payments, which include fixed payments, variable payments based on an index or a rate, expected payments under residual value guarantees, exercise price of purchase options reasonably certain to be exercised and termination penalties if applicable. Lease paymentsto be made under reasonably certain extension options are also included in the measurement of the liability.The right-of-use asset is measured at the amount of the lease liabilityadjusted for lease prepayments, lease incentives received, the lessee\u2019s initial direct costs (e.g., commissions) and an estimate of restoration, removal and dismantling costs. The right-of-use asset is generally depreciated on a straight-line basis over the shorter of the asset\u2019s estimated useful life and the lease term. The Group applies the impairment requirements in IAS 36 to the right-of-use assets. Refer to the accounting policies in section Impairment of non-financial assets. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset.For leases where the Group is a lessor, the distinction is made between two types of leases: operating and finance leases. In leases where the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset, are classified as operating leases. Rental income associated with operating leases arerecognised on a straight-line basis and according to the agreements. A sub-lease agreement is evaluated with reference to the right-of-useasset in the head lease.Extension and termination optionsExtension and termination options are included in a number of vessels, property and equipment leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of the options are held only by the Group and not by the lessor. The Group assesses at lease commencement date whether it is reasonably certain to exercise the extension options. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option or not to exercise a termination option. These considerations include penaltiesto terminate (or not exercise), value of any leasehold improvements, costs and business disruption required to replace the leased asset. The Group reassesses whether it is reasonably certain to exercise the options if there is a significant event or significant changes in circumstances within its control.The Group has estimated that the potential future lease payments, should it exercise the extension options, would result in an increase in lease liability of USD 44 million.Variable lease paymentsVariable lease payments that do not depend on an index or a rate arerecognised as expenses in the period in which the event or condition that triggers the payment occurs. Hence, variable lease payments based on performance or usage of the underlying asset, are not included as lease payments. E.g., fees in terminals based on number of items loaded will constitute variable payments and will not be included in the calculation of the lease liability.Discount rateThe lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generallythe case for all leases in the Group, the lessee\u2019s incremental borrowing rate is used. This rate is the rate that the individual lessee would have to pay to borrow the funds necessary to obtain a similar asset in a similar economic environment with similar terms, security and conditions. Sale and leaseback transactionsIFRS 16 requires seller-lessees and buyer-lessors to apply the requirements in IFRS 15 to determine whether a sale has occurred in a sale and leaseback transaction, meaning whether the transfer of the asset qualifies as a sale in accordance with IFRS 15. If control of an underlying asset passes to the buyer-lessor and a performance obligation is satisfied, the transaction is accounted for as a sale (or purchase) and a lease by both parties. The gain on disposal is limitedto only represent the gain on the portion of the asset sold recog-nising that the seller-lessee has retained an interest in the asset.PROVISIONSProvisions are recognised when the Group has a legal or construc-tive obligation as a result of past events. The recognition of the provision is that it is likely (more likely than not) that a future event will lead to a financial settlement as a result of this commitment, and that the size of the amount can be measured reliably. Provisions are evaluated at each balance sheet date and reflects the best estimate of the obligation. When the effect of time is significant, the provision will be the present value of future payments to cover the obligation. For further disclosures, see Note 21.EQUITYTransaction costs related to equity transactions are recognised directly in equity after the deduction of tax.EMPLOYEE BENEFITSDefined contribution plansThe contribution plans comprise plans whereby the companies make annual contributions to the employees\u2019 pension plan, which is the expense for the period. The Group has no legal or constructive obli-gations to pay further contributions if the fund does not hold enough assets to pay all employees the benefits relating to employee service in the current and prior period. For further disclosures, see Note 5 and Management Remuneration Report published on the Company\u2019s website.Defined benefit plansDefined benefit plans define an amount of pension benefit that an employee will receive on retirement, dependent on a set of assump-tions. The liability recognised in the balance sheet is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. Pension assets and obligations are calculated by an actuary each year. The Group has nosignificant defined benefit plans.Termination benefitsThe costs associated with termination benefits are provided for whenthe management has decided on a plan that will lead to reductions in the workforce and the work of restructuring has started, or a reduction in workforce has been communicated to the employees. Share bonus program The Group has a long-term incentive plan which is s share bonus program for key personnel. Under the program key personnel are granted award shares that will be converted to shares based on certain conditions being fulfilled. The costs related to the program will be expensed over the vesting period of 36 months and recog-nised as salary expense with a corresponding entry to equity. For more information about the share bonus program, see Note 6.INCOME TAXThe current tax charge is calculated on the basis of the tax laws enacted at the balance sheet date in the countries where the Group operates and generates taxable income. Taxes payable with long-term maturity are recognised at present value. The tax expense consists of taxes payable and changes in deferred tax. For further disclosures, see Note 11.Tax payableTax assets and liabilities for the current and prior periods are calcu-lated to the amount expected to be reimbursed from or paid to the tax authorities. Tax rates and tax laws used to compute the amount are those that are approved at the balance sheet dateDeferred taxDeferred tax is calculated on temporary differences between tax and accounting values of assets and liabilities that exist at the balance sheet date. Deferred taxes are recognised using the liability method in accordance with IAS 12. Deferred tax assets are recognised for all deductible temporary differences, unused tax credits carried forward and unused tax losses carried forward to the extent it is probable that future taxable profits may be used against deductible temporary differences and unused tax losses carried forward.Deferred tax assets and deferred tax liabilities are offset, if the entity has a legal enforceable right to offset against the carrying amounts, and the deferred tax is related to the same taxable unit and the sametax jurisdiction. Current tonnage tax schemeH\u00f6egh Autoliners Shipping AS, H\u00f6egh Autoliners Shipping II AS, H\u00f6egh Autoliners Shipping 769-3 AS, H\u00f6egh Autoliners Shipping 769-4 AS, H\u00f6egh Autoliners Shipping 769-7 AS and H\u00f6egh Auto-liners Shipping 769-8 AS are all subject to the Norwegian tonnage tax scheme. The scheme is approved by the ESA (EFTA Surveillance Authority). According to the system, net operating revenue derived from the shipping industry will not be taxed and can be distributed without taxation. Instead of paying tax on income derived from the shipping operations, companies within this system have to pay a tonnage fee based on the size of the vessels. The fee is recognised as an operating expense. H\u00f6egh Autoliners Shipping Pte Ltd is taxedunder a tonnage tax scheme in Singapore where shipping-related earnings are tax-free.Financial income is taxed according to the ordinary Norwegian tax scheme; however, it is only a portion of interest expenses and net currency gain/ loss that gives the right to tax deductions. Dividends and capital gains are taxed according to the Norwegian exemption model.CONTINGENT LIABILITIES AND ASSETSContingent liabilities comprise:A possible obligation arising as a result of past events where the obligation depends on some uncertain future event.A present obligation that is not recognised in the accounts since it is not probable that the obligation will result in a payment being made.Liabilities that cannot be measured reliably.Contingent liabilities are not recognised in the accounts except for contingent liabilities acquired as part of the purchase of a business. Contingent liabilities acquired as part of the purchase of a business arerecognised in the accounts at fair value even if the liability is not likely to materialise. Contingent liabilities are not recognised in the financial statement, but if material, disclosed in the accompanying notes.A contingent asset is defined as a possible asset, that arises from past events, and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events, not wholly within the control of the entity. Contingent assets are not included in the annual accounts, but information is provided if there is a reasonable certainty that the benefit in question will accrue to the Group.CASH FLOWThe cash flow is presented according to the indirect method. SEGMENT REPORTINGThe Group has two operating segments, Shipping services and Logis-tics services. The Logistics segment represents around 0.5% of the Group\u2019s total revenue, profit or loss and assets. The Group has decidedthat the segment is not material to the Group for the period ended 31 December 2022 and has reported information as one combined segment.EARNINGS PER SHARECalculation of basic earnings per share is based on the net profit or loss attributable to ordinary shareholders using the weighted averagenumber of shares outstanding during the year after deduction of the average number of treasury shares held over the period.The calculation of diluted earnings per share is consistent with the calculation of basic earnings per share, while giving effect to all dilutive potential ordinary shares that were outstanding during the period.EVENTS AFTER THE BALANCE SHEET DATENew information regarding the Group\u2019s situation on the balance sheet date is taken into account in the financial statements. Events occurring after the balance sheet date, that do not affect the Group on the balance sheet date, but that will affect the Group\u2019s situation inthe future, are disclosed if significant.CLASSIFICATION OF ITEMS IN THE BALANCE SHEETCurrent assets and liabilities include items that fall due within one year after the balance sheet date, such as cash or cash equivalents, and items expected to be sold or consumed in the normal operating cycle. The short-term portion of long-term debt is classified as current liabilities. Financial investments made for the purpose of short-term returns are classified as current assets, while long-term investments of strategic nature are classified as fixed assets.(USD 1 000)Notes 31/12/2022 31/12/2021Freight receivables in Ro/Ro operations 160 363 124 786 Unearned freight income 77 135 57 291 Net freight receivables in Ro/Ro operations 13 83 228 67 495 Freight receivables in Other operations 2 936 3 492 Net freight receivables in Other operations 13 2 936 3 492 Bunker expenses (USD 1 000) 2022 2021 Total bunker consumption (1 000 mt) 375 419 Average price (USD/mt) 838 506 Total 314 361 212 076 Voyage expenses (USD 1 000) 2022 2021 Loading 69 664 68 293 Discharging 74 225 71 677 Port cost 69 063 83 509 Canal cost 51 243 51 186 Transhipment 36 134 45 598 Claims and insurance 2 159 1 443 Equipment 6 451 4 873 Commission* 43 492 42 761 Terminal 3 711 4 236 Other 14 214 20 283 Total 370 359 393 860 Charter hire expenses (USD 1 000) 2022 2021 Charter hire and space charter expenses on short-term time charter contracts 21 325 24 599 Total 21 325 24 599 Note 3 \u2014 Bunker, voyages and charter hire expensesThe Group receives payments from customers according to agreed payment terms. Freight receivables are non-interest bearing and are generally on terms of 30 to 90 days. Due to the nature of the Group\u2019s services, where the customers are invoiced at the beginning of the voyage, there are no material contract assets at year-end. Under the payment terms generally applicable to the Group\u2019s revenue gener-ating activities, prepayments are received only to a limited extent.Parts of deferred freight income at year-end represents a contract liability for those situations where the Group has yet to perform the freight service for future periods (remaining voyage), but has receivedpayment (or the amount is due) from the customers in excess of revenue recognised. Amounts included in the deferred income at year-end, are recognised as revenue when the Group performs under the contracts, normally within the next few months, as the average voyage is around 50 days. Voyage expenses Voyage expenses are variable costs relating to vessel operation and transshipment. The activity in 2022 with less vessels in operation andfewer port calls have decreased total voyage expenses. There has been a reduction of transshipment expenses due to the regulations of cargo to Russia.Charter hire expenses The decrease in charter hire expenses is due to less short time vessels hired in and less use of space charters in 2022 compared to 2021. * Including administrative expenses related to regional and local offices. Revenue from contracts with customers are recognised upon satis-faction of the performance obligation by transferring the promised good or service to the customer. Performance obligations for Freight revenues are satisfied over time through the progress of the voyage. As the service is delivered, the customer is receiving and consuming the benefits of the transport services the Group performs. Other surcharges are primarily bunker surcharges, and surcharges related to handling of cargo. Performance obligation for TC revenue is satisfied over the period the vessel is available to the lessee. Logistics revenues are recognised at a point in time as the performance obligation is satisfied when the service delivery is complete.Income Income Category of services (USD 1 000)statement 2022 Cash flow 2022statement 2021 Cash flow 2021Net freight revenues 1 016 818 823 644 Other surcharges 249 615 116 476 Freight revenues 1 266 433 1 252 305 940 120 928 634 Time charter (TC) revenues - 2 658 2 314 619 Terminal related revenues 3 887 3 887 4 481 4 481 Total revenues 1 270 320 1 258 851 946 915 933 734 Other income - - - - Total income 1 270 320 1 258 851 946 915 933 734 Recognition principle (USD 1 000)Services transferred over time 1 266 433 942 434 Services transferred at point in time 3 887 4 481 Total revenues 1 270 320 946 915 Total revenues, cash flow and contract balances from contracts with customers have been disaggregated into category of services and presented in the tables below: Note 2 \u2014 Revenue from contracts with customers Administrative expenses (USD 1 000)2022 2021 Salaries 9 957 10 752 Payroll taxes 1 351 1 445 Pension expenses 362 383 Other administrative expenses 5 531 3 711 Total 17 201 16 292 Number of employees2022 2021 Office 390 376 Sea personnel * 1 172 1 251 Total 1 562 1 627 Auditor\u2019s fee (USD 1 000)2022 2021 Statutory audit 382 229 Assurance services and other audit related services 84 - Tax services 4 56 Other services 34 99 Total 504 385 Pension expenses (USD 1 000)2022 2021Norway Defined contribution plan 433 466 Total Norway 433 466 Other countries 925 1 008 Total pension expenses* 1 358 1 474 Net pension liabilities (USD 1 000)2022 2021Norway 93 93 Other countries 2 145 2 237 Total net pension pension liability 2 238 2 330 Administrative expensesSalaries to office personnel and other office and administrative expenses related to Head office are presented as \u201cAdministrative expenses\u201d. Administrative expenses related to Regional and Local offices are presented as \u201cVoyage expenses\u201d. For details on remuneration to executive management and board of directors, see Remuneration report published on our website.* Salary to sea personnel is presented as \u201cRunning expenses\u201d. For further information see Note 4.Amounts excluded value added tax.* Of the total pension expenses USD 0.4 million (2021: USD 0.4 million) is reported as administrative expenses, the remaining is reported as voyage expenses.Note 5 \u2014 Administrative expenses, pensions and other long-term employee benefitsPensions and other long-term employee benefitsThe Group provides defined contribution plans, defined benefit plans and other post-employment benefits.Contribution plans Contribution plans comprise plans whereby the companies make annual contributions to the employees\u2019 pension plan. The return on the plan assets of each employee will decide the ultimate pension benefit. Contributions to the plans are expensed as pension costs. Norwegian employers are obliged to have an occupational pension scheme for their employees under the Act on Mandatory occupationalpension. The Group is in compliance with these regulations.Defined benefit plans The Group has per year-end 2022 defined benefit plans for employees in China and the Philippines. The schemes in China and the Philippines are considered immaterial,hence no detailed disclosures are provided. The following tables summarise the components of expenses recog-nised in the statement of comprehensive income and the liabilities recognised in the statement of financial position for the significant plans in the Group.(USD 1 000) 2022 2021 Sea personnel expenses 46 007 43 152 Spares, Repair & Maintenance 12 112 11 719 Consumables 13 618 12 836 Insurance 11 694 11 375 Ship management other 16 930 18 246 Total 100 361 97 329 Note 4 \u2014 Running expensesRunning expenses are the costs of managing the vessel, including crew wages, management fees, insurance, spares, repairs and maintenance. The increase in expenses from 2021 to 2022 is due to higher crew costs.A share bonus program was introduced for certain key employees in November 2021, to promote the long-term growth and profitability of the Company by providing an opportunity to acquire an ownership interest in the Company. The program is a share bonus scheme where award shares are assigned on certain terms and conditions, and after a vesting period of three years, will be converted to shares in the Company. Award shares are assigned annually at the Board\u2019s discretion. The share bonus program is subject to continued employment and the granted shares are subject to a lock-up period of two years following the end of the vesting period. The award share gives the employee no rights whatsoever and the award share has no value. The award share is used in the award calculation method for determining the amount of bonus shares whichshall be granted to the employee after the award shares have vested. The calculation of bonus shares is based on the difference between the share price at the award date and the share price at the vesting date, adjusted for any dividend payment in the period between award date and vesting date. The fair value of the award shares is estimated by using the Black Scholes option price model. For the award shares assigned in 2021, the expected volatility was based on three years historical volatility (50 %) at peer and no dividends were expected in the periods. The share price at the award date in November 2021 was NOK 21. The total fair value of the 2021 award shares was calculated to be USD 1.4 million at the award date, which is expensed over the vestingperiod of three years. For 2022, the share bonus program gave an income statement effect of USD 465 thousand related to the expense of the 2021 award shares. On 20 December 2022, a second award under the share bonus program was granted. In the calculation of the fair value of these awardshares, the closing share price at the award date was NOK 63.60 and the strike price was NOK 61.32, calculated as an average of the share price the last 5 trading days before the award date. The volatility was based on three years historical volatility (56%) at peer with a dividend yield of 7%. The total fair value of the 2022 award shares has been calculated to be USD 0.3 million at the award date, which will be expensed over the vesting period of three years, starting from January 2023.The following table shows the number of award shares issued under the Share bonus program, the number of award shares outstanding as at 31 December 2022 and the year in which the award shares will vest.Note 6 \u2014 Share bonus programShare bonus program (USD 1 000)2021 2022 TotalOutstanding at beginning of period - - - Awarded during the period 1 038 317 93 442 1 131 759 Exercised during the period - - - Outstanding at end of period 1 038 317 93 442 1 131 759 Vesting date29 November 2024 1 038 317 - 1 038 317 20 December 2025 - 93 442 93 442 Outstanding at end of period 1 038 317 93 442 1 131 759 Costs share bonus program (USD 1 000)2022 20212022 award - - 2021 award 465 39 Total cost 465 39 Note 7 \u2014 Vessels, newbuildings and equipment* Newbuildings & Projects mainly relate to Aurora newbuildings.** One vessel was classified as asset held for sale at 31 December 2021 and has been sold in January 2022. The leases for the vessels H\u00f6egh Caribia, H\u00f6egh Sydney and H\u00f6egh Brasilia have been extended by two and three years, resultingin a total increase in leased assets of USD 74 million. Two leased vessels, H\u00f6egh Beijing and H\u00f6egh St. Petersburg, were purchased in May 2022 and December 2022, reflected above as disposal of leased assets and addition to vessels. Further two purchase options have been declared in 2022, for the vessels H\u00f6egh Tracer and H\u00f6egh Trapper, which will be purchased in Q1 and Q2 2023, resulting in a combined increase to leased assets of USD 54 million.H\u00f6egh Maputo and H\u00f6egh Singapore were sold in Q1 2022 on behalf of the owner. A profit sharing agreement between H\u00f6egh Autoliners and the owner gave H\u00f6egh Autoliners a financial gain of approximately USD 20 million in aggregate when the sale was completed in Q3 2022.NewbuildingLeased2022 (USD 1 000)Vessels& Projects * EquipmentAssets Total Cost at 01.01 2 006 672 13 131 28 252 379 061 2 427 116 Additions 52 923 133 830 857 79 833 267 443 Transfer from newbuilding and projects 6 131 (9 345) 3 214 - - Newbuilding interest - 1 969 - - 1 969 Remeasured leases - - - 78 854 78 854 Reclassification to assets held for sale - (442) - - (442) Disposals (3 923) (417) (455) (70 908) (75 702) Cost at 31.12 2 061 803 138 725 31 869 466 840 2 669 237 Accumulated depreciation and impairment at 01.01 (990 084) - (13 854) (149 887) (1 153 825) Depreciation (87 014) - (2 772) (61 684) (151 470) Disposals 3 923 - 413 18 705 23 041 Accumulated depreciation and impairment at 31.12 (1 073 175) - (16 213) (192 866) (1 282 254) Net carrying amount at 31.12 988 629 138 725 15 656 273 974 1 416 984 Net carrying amount vessels held for sale at 01.01 12 084 - 12 084 Sold vessels (12 084) (442) (12 527) Reclassified - 442 442 Net carrying amount at 31.12 ** - - - Book value sold assets 12 084 859 41 12 985 Sales price 32 067 - 11 32 078 Gain / (loss) 19 983 (859) (30) 19 094 * Newbuildings & Projects mainly relate to investments in IT-projects. ** One vessel is reclassified as assets held for sale at 31.12, and has received reversal of write-downs to the expected sales value. Two vessels classified as held for sale at 31.12.20 have been sold in first half of 2021.NewbuildingLeased2021 (USD 1 000) Vessels& Projects * EquipmentAssets Total Cost at 01.01 1 984 932 12 294 32 237 354 367 2 383 830 Additions 1 366 21 239 1 057 43 295 66 956 Transfer from newbuilding and projects 20 374 (20 374) - - - Remeasured leases - - - 28 111 28 111 Disposals - (27 ) (5 042) (46 712) (51 781) Cost at 31.12 2 006 672 13 131 28 252 379 061 2 427 116 Accumulated depreciation and impairment at 01.01 (1 006 771) - (16 377) (136 446) (1 159 594) Depreciation (71 958) - (2 416) (60 087) (134 461) Reversal of impairment 88 235 - - - 88 235 Reclassification to assets held for sale 411 - - - 411 Disposals - - 4 939 46 647 51 585 Accumulated depreciation and impairment at 31.12 (990 084) - (13 854) (149 887) (1 153 825) Net carrying amount at 31.12 1 016 589 13 131 14 397 229 174 1 273 291 Net carrying amount vessels held for sale at 01.01 13 610 13 610 Sold vessels (9 110) (9 110) Reclassified (411) (411) Reversal of impairment 7 995 7 995 Net carrying amount at 31.12 ** 12 084 12 084 Book value sold assets 9 109 27 103 9 239 Sales price 8 949 - 85 9 034 Gain / (loss) (160) (27) (18) (205)Note 7 \u2014 Vessels, newbuildings and equipment cont.AdditionsOut of total additions to vessels of USD 59 million (USD 22 million in 2021), USD 7 million (USD 18 million in 2021) is related to capitalised drydocking costs. DisposalsOne vessel was disposed of in 2022 (two in 2021), H\u00f6egh Masan, owned by H\u00f6egh Autoliners Shipping Pte. Ltd.Assets held for saleManagement decided in 2020 that the three vessels Pusan, Inchon and Masan, owned by H\u00f6egh Autoliners Shipping Pte. Ltd, should be divested as they did not fit the future fleet strategy. Two of the vessels were sold and delivered to new owners in January and February 2021, and the third vessel was sold and delivered to new owners late January 2022. The vessels have been reclassified and are presented separately in the statement of financial position for 2021 and 2022.Depreciation The residual value and useful lifetime of the fleet is evaluated yearly. There is no change in the residual values in 2022.Charter OutPer year-end 2022 the Group has none of its vessels chartered out (none in 2021).The Group is expecting to receive no charter hire income in the years2023-2027.Charter InPer year-end 2022 the Group has 3 vessels chartered in on time charter contracts (3 in 2021). In addition, the Group has 6 vessels on bareboat charter (10 in 2021). The contract lengths are up to 6 years (7 years in 2021). Leased vessels are from 2019 recognised according to IFRS 16 Leases, see Note 8 for further information on leased assets.Impairment / Reversal of impairmentFleetAll Ro-Ro vessels in the Group operate in one cash generating unit with the purpose of maximising profit as a total. The impairment assessment is therefore based on the value in use principle for all the vessels in operation, and not vessel-by-vessel. The pool (cash generating unit) includes leased vessels and hence the impairment assessment also apply to these. See Note 8 for further details on leased assets.Continued improvement to market conditions, in combination with a tight capacity market were main drivers for rising market values for vessels. The market values for the vessels have increased with nearly 60% through 2022, and is over 69% higher than the carrying values at year-end 2022. Market values of the vessels higher than the vessels carrying values, is an indication that impairment loss recognised in prior periods may no longer exist or has been reduced.In 2021, the Group reversed USD 96.2 million of previously recog-nised impairment losses for the vessels in the fleet. The reversal resulted from a positive change in the estimates used to determine the vessels recoverable amounts since the impairment loss was initially recognised.The increase in the market values of the vessels in 2022, together with the expected positive development in freight rates and volumes the next few years, support the assessment that no impairment indicators exist at year-end 2022.A Weighted Average Cost of Capital (WACC) is applied as the Group\u2019s discount rate, calculated to 9.28% for 2022 (7.66% in 2021).Leased vesselsFor further information on leased vessels, see Note 8 Leases and Note 14 for liquidity analysis.NewbuildingsIn January 2022, the Group signed a contract with China Merchants Heavy Industry for four fixed and eight optional multi-fuel and zero carbon ready Aurora class vessels. In April 2022, a contract for further four vessels was signed, bringing the newbuilding programmeto eight vessels. The first two vessels are planned for delivery the second half of 2024, and the Company expects delivery of two vessels every six months after that. The contract for the first four vessels has a total value of USD 398 million. The contract for the additional four vessels has the same terms and specifications as the first four vessels. The Company retains its existing option for another four vessels (vessel 9-12) until end July 2023.EquipmentEquipment consists of vessel equipment, cars, office furniture and IT equipment.The Group leases offices, terminals, vessels and different machinery. The office and terminal leases typically run for 5-10 years, most of them without any options to extend. Some leases are adjusted based on consumer price indexes annually. The vessel leases are in general for periods up to 12 years, most of them with options to extend. Leased machinery is roll trailers used for loading and discharging of cargo, and typically run for 5 years with no extension options. Included in Other is trucks and forklifts, with lease periods of 3-5 years. For information on leases where the Group is a lessor, see Charter out section in Note 7.The Group leases IT and office equipment with contract terms of one to three years. These leases are short-term and/or leases of low value items. The Group has elected not to recognise right-of-use assets and lease liabilities for these leases.Leased assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.Amounts recognised in the balance sheetThe balance sheet shows the following amounts related to leases:The total cash outflow for leases in 2022 was USD 133.3 million, including USD 18 million in interest (2021: USD 75.7 million, includingUSD 16 million in interest), and includes the purchase price for the two leased vessels purchased in 2022, H\u00f6egh Beijing and H\u00f6egh St. Petersburg.See Note 15 for reconciliation of liabilities arising from financial activities.The lease agreements do not impose any covenants. Leased assets may not be used as security for borrowing purposes.The Group can not draw any debt on leased assets. The Group has limited exposure to variable lease payments, other than change in LIBOR rate. The potential future lease payments should the Group exercise extension options, would increase the lease liabilities with USD 44 million (2021: USD 68 million). The Group has not provided any residual value guarantees related to its lease agreements.Note 8 \u2014 LeasesAmounts recognised in profit / (loss)2022 2021Depreciation charges for leased assets: - Premises 2 868 2 569 - Vessels 54 400 53 362 - Machinery 4 300 4 040 - Other 116 116 Total depreciation charges for leased assets 61 684 60 087 Interest on lease liabilities 17 889 20 887 Variable lease payments not included in the measurement of lease liabilities (LIBOR adjustment) - (4 856) Total interest on lease liabilities 17 889 16 030Expenses relating to short-term leases 16 289 16 597 Expenses relating to leases of low-value 110 123 Leased assets (USD 1 000)31.12.2022 31.12.2021Premises 9 184 8 887 Vessels 255 089 209 001 Machinery 9 537 11 006 Other 164 280 Total 273 974 229 174 Lease liabilities (USD 1 000)31.12.2022 31.12.2021Non-current 133 505 201 893 Current 165 287 72 940 Total 298 792 274 833 Note 9 \u2014 Interest income and expenses * For further details on interest on lease liabilities, see Note 8.Interest income (USD 1 000) 2022 2021 Interest income from banks 759 - Other interest income 204 202 Total 963 202 Interest expenses (USD 1 000) 2022 2021 Interest mortgage debt 15 089 14 834 Capitalised interest on newbuildings (1 969) - Interest on lease liabilities* 17 889 16 030 Interest on interest rate swaps realised - 2 032 Other interest expenses 226 90 Total 31 235 32 986 The additions to the leased assets in 2022 were USD 79.8 million (2021: USD 43.3 million), mainly related extending the leases for H\u00f6egh Brasilia, H\u00f6egh Sydney and H\u00f6egh Caribia. Further USD 79 million were added to leased assets from remeasurements of existingleases, of which USD 23 million relates to variable vessel leases, and USD 56 million are from the decisions to exercise purchase options for the vessels H\u00f6egh Tracer, H\u00f6egh Trapper and H\u00f6egh St. Petersburg. Two leased vessels, H\u00f6egh Beijing and H\u00f6egh St. Petersburg, were purchased in 2022. There were no other disposals of leased assets in 2022, apart from expired leases related to offices and machinery.Note 10 \u2014 Other financial items* Dividends for 2021 is related to a payment from Den Norske Krigsforsikring (DNK) where H\u00f6egh Autoliners Management AS, as member of DNK, received USD 12.7 million in dividend payment in December 2021. ** The debt modification gain is related to the refinancing in June 2022, where the modifications to the debt were accounted for as an adjustment to the existing liability. The liability was restated to the net present value of the revised cashflows discounted at the original effective interest rate. See Note 19. *** Expenses from other financial items for 2021 include amortisation of debt modification loss from 2021 and arrangement fee for the refinancing. Income from other financial items in 2022 mainly relate to remeasurement of lease liabilities, as well as amortisation of debt modification gain from 2022. Expenses from other financial items for 2022 include amortisation of debt modification from 2021 and arrangement fee for the refinancing concluded in June 2022. Dividends (USD 1 000) 2022 2021 Dividends* - 12 726 Total - 12 726 Income from other financial items (USD 1 000) 2022 2021 Gain on interest rate swaps - 2 022 Debt modification gain** 20 869 - Other financial items*** 17 655 150 Total 38 524 2 172 Expenses from other financial items (USD 1 000) 2022 2021 Loss on currency exchange 5 308 2 698 Loss on shares - 185 Debt modification loss - 10 307 Other financial items*** 5 244 5 759 Total 10 552 18 949 Note 11 \u2014 TaxOrdinary taxation All the Norwegian companies within the Group, with the exception of H\u00f6egh Autoliners Shipping AS, are subject to 22 % Norwegian company tax. From 1 January 2023 the corporate tax rate remains at 22%.Tonnage tax payable Tonnage tax is assessed and paid according to net tonnage operatedduring the year. Current year\u2019s tonnage tax is assessed at USD 0.4 million (USD 0.5 million in 2021) and is classified under other operating expenses. Singapore tax scheme H\u00f6egh Autoliners Shipping Pte. Ltd is taxed under a tonnage tax scheme in Singapore where shipping related earnings are tax free, with exception of interest that are subject to 7% withholding tax. Income tax for the year (USD 1 000) 2022 2021 Current tax (4 783) (468) Tax in subsidiaries outside Norway (1 275) (269) Change in deferred tax (8 923) (3 366) Currency effect on deferred tax and adjustments previous periods (11) 180 Tax expense (14 991) (3 924) Income tax payable (USD 1 000) 2022 2021 Tonnage tax 429 531 Current tax for the year 4 678 (64) Tax payable (maturity within 1 year) 5 106 467 Reconciliation of actual tax expense against expected tax expense in accordance with the ordinary Norwegian income tax rate of 22% (USD 1 000) 2022 2021 Profit before tax 313 571 128 717 Estimated tax at 22% income tax rate (68 986) (28 318) Tax effect of non taxable income within the tonnage tax scheme in Norway and Singapore 64 137 32 215 Other tax payable (505) (317) Permanent differences / deferred tax assets not recognised (9 637) (7 504) Tax expense (14 991) (3 924) Effective tax rate for the Group 5% 3%Note 11 \u2014 Tax cont.Note 12 \u2014 Other non-current financial assets Deferred tax assets (liabilities) (USD 1 000) 2022 2021 Fixed assets (11) (5) Non-current debt / receivables (36 572) (30 863) Pension liabilities * 91 119 Loss carried forward 55 3 067 Deferred tax liabilities (36 437) (27 681) Deferred tax assets subsidiaries outside Norway 774 977 Total (35 663) (26 705)Other non-current financial assets (USD 1 000) 2022 2021 Pension plan assets 36 95 Investments in other companies 938 1 598 Other non-current financial assets 104 85 Total 1 078 1 779 Other non-current assets (USD 1 000) 2022 2021 Rental deposits 1 228 1 167 Other 3 3 Total 1 231 1 170 Deferred tax assets / (tax) within the tonnage tax scheme (USD 1 000) 2022 2021 Current assets - (336) Non-current debt / receivables 6 445 4 520 Loss carried forward 65 134 66 427 Deferred tax assets not recognised (71 579) (70 611) Deferred tax assets / (liabilities) - - 2022 2021 Deferred tax liabilities at 01.01. (26 705) (23 322) Charged to the income statement (8 923) (3 366) Charged to other comprehensive income (35) (16) Deferred tax liabilities at 31.12. (35 663) (26 705)* For further information see Note 6.Loss carried forward within the tonnage tax scheme is not recognised because there are uncertainties related to the Company\u2019s ability to utilise these losses carried forward. There is no time restriction for the utilisation of the losses carried forward.Pension plan assetsThe pension plan assets mainly relate to the defined benefit plans in China and Philippines. Investments in other companiesShares in other companies are measured at fair value through other comprehensive income. Note 13 \u2014 Trade, other receivables and prepaymentsNote 14 \u2014 Financial risk Trade and other receivables (USD 1 000)Note 2022 2021 Freight receivables 83 282 67 704 Provision for impairment on trade receivables (54) (209) Net freight receivables 2 83 228 67 495 Agents (147) (272) Other trade receivables 2 2 936 3 492 Tax and public duties 1 119 1 004 Unsettled claims - (33) Receivables related companies 990 1 142 Other receivables 4 798 8 626 Total 92 924 81 454 Total outstanding as of 31.12 (USD 1 000) 2022 2021 Not due 54 776 35 723 1 -15 10 279 13 507 16-30 1 664 3 866 31-60 4 376 4 169 61- 12 186 10 439 Total 83 282 67 704 Prepayments (USD 1 000) 2022 2021 Prepayments administration 1 405 1 173 Other prepayments 819 951 Total 2 224 2 124 Of which: Have yet to transition to an alternative Non-derivative liabilities exposed to USD LIBOR Carrying value benchmark interest rate as at Measured at amortised cost (USD 1 000)31/12/202231.12.2022 Mortgage debt - -Lease liabilities 157 687 157 687 Total liabilities exposed to USD LIBOR 157 687 157 687 The Group is exposed to the following financial risks from its ordinary operations:Market riskCash flow interest rate riskFair value interest rate riskForeign exchange rate riskBunker price riskCredit riskLiquidity riskClimate riskThe Group\u2019s risk management guidelines are established to identify, analyse and monitor the various risks and to set the appropriate frameworks. The guidelines are reviewed regularly to consider changes in the market conditions and the Group\u2019s activities. The Board of Directors has the overall responsibility for the establishment and control of the Group\u2019s framework for financial risk management. The Group\u2019s Audit Committee controls that management follows the guidelines set by the Board. Market riskMarket risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprise four types of risk: cash flow interest raterisk, fair value interest rate risk, currency risk and other price risk, such as bunkers risk.The Group buys and sells financial derivatives in order to mitigate risks from movements in interest rates. Changes in the market value of financial derivatives are recognised through the income statement (Fair value accounting). The Group does not apply IFRS hedge accounting.Cash flow interest rate riskThe Group\u2019s interest rate risk arises from long-term borrowings at floating rate and the risk is therefore a cash flow interest rate risk.TheGroup manages its cash flow interest rate risk by using floating-to-fixed interest rate swaps. The interest rate swaps are measured at fair value and changes in fair value are recognised through the statement of comprehensive income. As of year-end 2022 the Group had no interest rate swaps. For 2022, a change in interest rate of 1 percentage point would have had an effect on the Group\u2019s profit before tax and equity, through the impact of net floating rate borrowings, of about USD 1.5 million (USD2.6 million in 2021). Fair value interest riskThe interest rate risk can be reduced through interest rate swaps. The Group currently evaluates the exposure to interest rate risk as limited, and at year-end 2022, the Group did not have any interest rate swaps.IBOR reform - phase 2The Group\u2019s loan facility and lease liabilities have been interest bearing with LIBOR as reference rate. The agreements reference 1-month, 2-months and 3-months USD LIBOR. USD LIBOR can be used until 30 June 2023. The loan facility was refinanced in June 2022, which included a switch from LIBOR to SOFR as reference rate. For the lease agreements which still have LIBOR as a reference rate, work will be initiated to ensure a rate-switch mechanism is in place before 30 June 2023. The Group does not expect any material costs to be incurred in connection with the change from LIBOR to another reference rate.Note 14 \u2014 Financial risk cont.Foreign exchange rate riskThe Group is exposed to currency fluctuations to a limited extent as a greater part of its income and expenses (including financial and capital expenses) are in USD. The largest non-USD cost is in NOK and relates to general administrative expenses, wages and pension cost. The Group\u2019s mortgage debt is denominated in USD. The Group has no active currency hedges as of 31.12.2022 (2021: no currency hedges). For further information see Note 15. * reduced/(increased) USD expenses for the next 12 months when USD/NOK forward is decreased by 10%. * reduced/(increased) USD expenses for the next 12 months when USD/NOK forward is decreased by 10%. * See Note 7 and 8 for further information. Of which: Have yet to transition to an alternative Non-derivative liabilities exposed to USD LIBOR Carrying value benchmark interest rate as at Measured at amortised cost (USD 1 000)31/12/202131.12.2021 Mortgage debt 444 984 444 984 Lease liabilities 274 833 274 833 Total liabilities exposed to USD LIBOR 719 817 719 817 FX sensitivity Year-end 2021 Max Last 12M Min Last 12M Sensitivity Cash effect Fwd12M Currency (USD / NOK) * 8.82 9.04 8.27 10% NOK appreciation vs USD -2.79 USDm FX sensitivity Year-end 2022 Max Last 12M Min Last 12M Sensitivity Cash effect Fwd12M Currency (USD / NOK) * 9.86 10.93 8.65 10% NOK appreciation vs USD -2.46 USDmThe equivalent of USD 0.5 million (USD 0.5 million in 2021) of these deposits was held in restricted accounts in respect of employee taxes. Cash and bank deposits (USD 1 000) 2022 2021 United States Dollar 161 793 200 035 Norwegian Kroner 7 693 5 266 Pound Sterling 1 270 1 472 Euro 5 379 13 741 Japanese Yen 878 2 794 Other currencies 6 926 5 108 Total 183 940 228 416 Per 31.12.2022 (USD 1 000)Note < 1 year 1 - 5 years > 5 years Total Mortgage debt (interest included) 19 58 525 195 288 85 962 339 774 Lease liabilities (interest included)* 8 180 071 121 855 52 346 354 272 Trade and other payables 20 31 095 - - 31 095 Total 269 691 317 142 138 308 725 141 Per 31.12.2021 (USD 1 000)Note < 1 year 1 - 5 years > 5 years Total Mortgage debt (interest included) 19 97 999 387 103 - 485 101 Lease liabilities (interest included)* 8 86 764 167 672 90 059 344 494 Trade and other payables 20 32 360 - - 32 360 Settlement US Department of Justice (cash payments) 18, 22 6 000 - - 6 000 Total 223 123 554 774 90 059 867 956 Applied currency rates Currency 31/12/2022 Average 31/12/2021 Pound Sterling USD/GBP 0.83 0.79 0.74 Japanese Yen USD/JPY 131.88 123.48 115.09 Norwegian Kroner USD/NOK 9.86 9.34 8.82 Euro USD/EUR 0.94 0.91 0.88 Bunker price riskThe Group has Bunker Adjustment Factor (BAF) clauses in most commercial contracts designed to adjust for changes in bunker prices. Due to time lag, the Group will not be fully compensated in periods of rapidly changing prices, but it will give reasonable compensation in most periods. The Group has no bunkers derivativesat year-end 2022 (2021: no bunkers derivatives).Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities,including deposits with banks and financial institutions, foreign exchange transaction and other financial instruments. The Group hasderivatives with sound financial institutions.Normal credit period for freights is from 25 to 30 days. For new largercustomers a credit analysis is conducted. The majority of the largest customers have had a long relationship with H\u00f6egh Autoliners. Bad debt has remained at a very low and stable level in recent years. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. The maximum exposure risk is represented by the carrying amounts that are carried in the balance sheets. For further information about receivables see Note 13.Liquidity riskLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to liquidity management is to ensure,to the extent possible, that the liquidity at any time can meet on-going obligations, both under normal and stressful conditions. The liquidity reserve shall be kept solid with targeted minimum cash holding relative to the size of the operation, cash flow development and capital commitments. The Group will seek to have the majority of its liquidity in bank deposits. The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments.For further information see Note 17 and 19.Fair value of the Group\u2019s credit facility approximates the facility\u2019s amortised cost, as the issuers borrowing costs are considered to be according to marked rates. No financial assets or liabilities are subject to offsetting, enforceable master netting agreements or similar agreements.Climate risk The future emission and environmental regulations are necessary for the maritime industry to reduce its footprint. Non-compliance with these regulations may lead to fines or even non-approval of documentation of compliance. There is also uncertainty around future environmental regulations. In case carbon taxes are imple-mented, operational cost for H\u00f6egh Autoliners will increase. In order to meet IMO\u2019s 2030 proposed target carbon intensity, improved The Group has bank deposits in the following currencies: Note 15 \u2014 Financial instruments Note 14 \u2014 Financial risk cont.Financial instruments by category 2022Financial instruments by category 2021 * Assets at fair value through OCI is without reclassification to the P&L. The investments in Other Companies correspond to shares in the company NSA U.K. Ltd.,where fair value changes of this investment are classified as Other Comprehensive Income (OCI). As the shares are not listed and there are no observable prices, the discounted cash flow model has been applied to estimate the equity value of NSA U.K. Ltd. * Assets at fair value through OCI is without reclassification to the P&L. The investments in Other Companies correspond to shares in the company NSA U.K. Ltd.,where fair value changes of this investment are classified as Other Comprehensive Income (OCI). As the shares are not listed and there are no observable prices, the discounted cash flow model has been applied to estimate the equity value of NSA U.K. Ltd. * The mortgage debt was refinanced in July 2021, see note 19 for further details.* The mortgage debt was refinanced in July 2022, see Note 19 for further details. Assets at fair Assets at Assets at fair value Assets (USD 1 000) Note amortised cost value through P&L through OCI * Other Total Investments in other companies 12 - - 938 - 938 Other non-current financial assets 12 36 - - 104 140 Trade and other receivables 13 92 924 - - - 92 924 Cash and cash equivalents14 183 940 - - - 183 940 Assets 31.12.2022 276 900 - 938 104 277 942 Assets at Assets at fair Assets at fair Assets (USD 1 000) Note amortised cost value through P&L value through OCI * Other Total Investments in other companies 12 - - 1 598 - 1 598 Other non-current financial assets 12 95 - - 85 180 Trade and other receivables 13 81 454 - - - 81 454 Cash and cash equivalents 14 228 416 - - - 228 416 Assets 31.12.2021 309 966 - 1 598 85 311 649 Financial Liabilities Financial liabilities at at fair value Liabilities at fair Liabilities (USD 1 000) Note amortised cost through P&L value through OCI Other Total Other non-current liabilities 18 - - - 90 90 Non-current interest bearing debt * 19 227 894 - - - 227 894 Current interest bearing debt * 19 36 626 - - - 36 626 Non-current lease liabilities 8 133 505 - - - 133 505 Trade and other payables (excl. non-fin. liab.) 20 31 095 - - - 31 095 Current lease liabilities 8 165 287 - - - 165 287 Liabilities 31.12.2022 594 407 - - 90 594 497 Other financial Liabilities Financial liabilities at at fair value Liabilities at fair Liabilities (USD 1 000) Note amortised cost through P&L value through OCI Other Total Other non-current liabilities 18 - - - 107 107 Non-current interest bearing debt * 19 359 704 - - - 359 704 Current interest bearing debt * 19 85 280 - - - 85 280 Non-current lease liabilities 8 201 893 - - - 201 893 Trade and other payables (excl. non-fin. liab.) 20 32 360 - - - 32 360 Current lease liabilities 8 72 940 - - - 72 940 Other current liabilities 22 5 918 - - - 5 918 Liabilities 31.12.2021 758 096 - - 107 758 203 fuel efficiency will be important. Fuel efficiency doesn\u2019t only mean complying with emission regulations, but is also important for reducing operational costs as a result of high fuel prices and proposed taxes. H\u00f6egh Autoliners can either choose to run on low carbon fuels, reduce operational speed, implement fuel saving measures or renew the fleet. Even if H\u00f6egh Autoliners\u2019 current fleet is among the most fuel efficient in the industry, further investments in fuel efficiency measures will be necessary if we would like to further improve fuel efficiency. The current fleet can comply with the proposed regulations by reducing speed or run on bio fuels. With the new Aurora class vessels, the H\u00f6egh fleet will be in a very good position to meet the IMO 2030 proposed target. The Aurora class vessels are designed to meet the proposed CII target in current operational speed. For more information on climate related risks and opportunities, see the chapter on Sustainability in this report.Note 15 \u2014 Financial risk cont.* Other changes relate mainly to reclassifications of non-current and current portions of lease liabilities and interest bearing debt and remeasured lease liabilities due to changes in index, rates, extensions of leases and decisions to excercise purchase options.** Fair value changes relate to debt modification from the refinancing, see note 10.* Other changes relate mainly to reclassifications of non-current and current portions of lease liabilities and interest bearing debt, remeasured lease liabilities due to changes in index, rates and exercised purchase option. Financial instruments at fair value 31.12.2022 (USD 1 000) Level 1 Level 2 Level 3 Total Investment in other companies - - 938 938 Total assets - - 938 938 Financial instruments at fair value 31.12.2021 (USD 1 000) Level 1 Level 2 Level 3 Total Investment in other companies - - 1 598 1 598 Total assets - - 1 598 1 598 Reconciliation of liabilities arising from financial activities Non - cash changes Liabilities 2022 (USD 1 000) Note 31/12/2021 Cash flows Fair value changes Other changes* New liability 31/12/2022 Non-current interest bearing debt 19 359 704 (93 711) (15 629) (22 470) - 227 894 Current interest bearing debt 19 85 280 (59 500) (5 240) 16 086 - 36 626 Non-current lease liabilities 8 201 893 - - (123 061) 54 672 133 505 Current lease liabilities 8 72 940 (115 539) - 182 725 25 161 165 287 719 817 (268 750) (20 869) 53 280 79 833 563 312 Non - cash changes Liabilities 2021 (USD 1 000) Note 31/12/2020 Cash flows Fair value changes Other changes* New liability 31/12/2021 Other non-current liabilities 18 43 - (43) - - - Non-current interest bearing debt 19 - - - 353 711 5 992 359 704 Current interest bearing debt 19 520 751 (84 497) - (353 850) 2 876 85 280 Other current financial liabilities 22 2 508 - (2 508) - - - Non-current lease liabilities 8 207 561 - - (43 101) 37 434 201 893 Current lease liabilities 8 55 706 (59 954) - 71 428 5 760 72 940 786 569 (144 451) (2 551) 28 188 52 063 719 817 Fair value measurement The following tables presents the Group`s financial assets and liabilities measured at fair value, by valuation method. The different levels have been defined as follows:Level 1: Quoted prices in active markets for identical assets or liabilities.Level 2: Inputs other than quoted prices included within level one that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is derived from prices).Level 3: Inputs for the assets or liabilities that are not based on observable market data.Note 16 \u2014 Share information and earnings per share Basic earnings per share is calculated by dividing net profit or loss attributable to equity holders of the Company after non-controlling interest, by the weighted average number of total outstanding shares (adjusted for average number of own shares) during the financial year. The Company has no own shares at 31 December 2022 (2021: no own shares).Diluted earnings per share is calculated by dividing the net profit or loss attributable to equity holders of the Company after non-con-trolling interest, by the weighted average number of total outstandingshares (adjusted for average number of own shares) during the financial year, after adjusting for all dilutive potential shares. The potential shares arising from the Company\u2019s equity-settled, share-based compensation plan are included in the calculation of diluted earnings per share. See Note 6 for more information on the share-based compensation plan.On 5 November 2021, the Board of Directors and AGM of the Company decided to increase the share capital by NOK 36 466 862 from NOK 2 755 587 342 to NOK 2 792 054 204 by transfer of funds from other equity. The share capital increase was done by issuance of 344 027 shares, each with a nominal value of NOK 106. Upon completion of the transaction the shares were delivered to Damg\u00e5rd Invest. On 10 November 2021, the Board of Directors and AGM of the Company decided to split the share in the ratio 1:5, where the nominal value was reduced from NOK 106 to NOK 21.20. The number of shares increased from 26 340 134 to 131 700 670 following the split.On 24 November 2021, the Board of Directors and AGM of the Company decided to reduce the share capital by NOK 842 884 288, from NOK 2 792 054 204 to NOK 1 949 169 916 by reducing the share\u2019s nominal value from NOK 21.20 to NOK 14.80. The reduction amount was transferred to other equity. Following the private place-ment in connection with the admission to trading of the Company\u2019s shares on Euronext Growth, a capital increase was decided on 24 November 2021. The share capital was increased by NOK 851 000 000 from NOK 1 949 169 916 to NOK 2 800 169 916 by issuance of 57 500 000 new shares, each with a nominal value of NOK 14.80. The shares were subscribed for a price of NOK 21, whereof the amount of NOK 356 500 000 was transferred to share premium. On 29 December 2021, the Board of Directors of the Company decided, according to an authority given by the AGM, to increase the Company\u2019s share capital by NOK 23 222 369.20 by issuance of 1 569 079 new shares, at the subscription price of NOK 21.00 per share, equal to the subscription price in the Offering. NOK 9 728 290 was transferred to share premium. The share capital increase was made following the partial exercise of the green shoe option.Transaction costs of USD 6.8 million related to the admission to tradein November 2021 were recorded net against equity. A stabilisation gain of TUSD 53 was also been recorded against equity.The Board of directors has proposed dividend to be paid for 2022 according to the dividend policy. The Company\u2019s number of shares is as follows: 2022 2021 Total shares at 31 December 190 769 749 190 769 749 Earnings per share 31 Dec 2022 31 Dec 2021 (USD)Weighted average number of ordinary shares for the purpose of basic earnings per share 190 769 749 135 743 593 Effect of dilutive potential ordinary shares:- Share options 761 791 397 004 Weighted average number of ordinary shares for the purpose of diluted earnings per share 191 531 540 136 140 597 Profit for the period attributable to the owners of the parent 298 585 388 124 768 299 Earnings per share basic 1.57 0.92 Earnings per share diluted 1.56 0.92 Note 17 \u2014 Management of Capital Note 18 \u2014 Other non-current liabilities The Group\u2019s financial policies and guidelines are developed to Liquidity reserve secure sound financial flexibility for the Group to be able to support commercial activity and growth. Targets are set at levels which will The aim is to keep a solid liquidity reserve with minimum cash give the Group sufficient strength through business cycles. The holding relative to the size of the operation, cash flow development Group focus on a number of financial ratios, among others; and capital commitments. The Group is targeting a minimum liquidity reserve of 12 months of debt service and unfinanced capital commit-Book equity ratio ments, of which a part may consist of available credit facilities. The liquidity reserve year-end 2022 is above the set target. The Group\u2019s book equity ratio is targeted to be between 40-55%. The book equity at year-end 2022 is above the set target (2021: H\u00f6egh Autoliners ASA has covenants in the loan agreement within the set target).regarding minimum book equity ratio, working capital and minimum liquidity. The Group is in compliance with these ratios on a consoli-Working capital dated basis as per year-end 2022. The Group\u2019s working capital is targeted to be above zero excluding The Group aims to maximise shareholder return over time. To main-short-term lease liabilities. The ratio per year-end 2022 is above the tain or adjust the capital structure, the Group may adjust dividend set target. distribution or issue new shares. H\u00f6egh Autoliners targets to distribute dividends to shareholders of between 30-50% of annual net profit after tax, taking into consideration its outlook, investment opportunities and financial position. There are no restrictions on dividend payments in the loan agreement. In relation with U.S. investigations into the car carrier industry and ocean shipping services to and from the U.S., H\u00f6egh Autoliners accepted a settlement with the U.S. Department of Justice in 2017 and agreed to pay USD 21 million in a plea agreement related toU.S. to Middle East exports. The liability has been settled over a period of five years, with the first downpayment made in December 2017.The following years a yearly payment was made. The last payment was made in 2022, see also note 22. Equity ratio (USD 1 000) 2022 2021 Total equity 1 062 973 800 549 Total assets 1 752 187 1 651 635 Equity ratio 61%48%Other non-current liabilities (USD 1 000) 2022 2021 Other 90 107 Total 90 107 Note 19 \u2014 Non-current and current interest bearing debtRefinancing of debtH\u00f6egh Autoliners refinanced its USD 1 000 million Facility maturing 30 January 2025, on 28 June 2022. The refinancing included extended maturity until January 2028, reduced annual amortisa-tions, reduced interest rate and a reduction of pledged vessels. The refinancing has been accounted for as a debt modification, as the discounted cash flows under the new terms (revised cash flows discounted with the original effective interest rate) showed a difference in net present value of USD 20.9 million (gain). The liability was therefore restated and an adjustment to the amortised cost calculation of the loan will be amortised as a catch-up in the profit or loss until the maturity in 2028 (debt modification accounting). In addition, arrangement fee of USD 4.4 million has been expensed.The refinanced facility consists of USD 300 million in term loan Facility A and a Revolving Credit Facility (RCF) of USD 100 million. In addition, a Facility B of USD 280 million in term loan for the purpose of financing delivery of Aurora Newbuilds has been signed. A down payment on the existing facility of USD 82 million was made in connection with the refinancing. In December 2022, a Facility C of USD 130 million was signed, for the purpose of financing the purchase of three vessels. As of 31 December 2022, the RCF and Facility B and C have not been drawn. H\u00f6egh Autoliners complies with all loan covenants at 31 December 2022.In addition to the financial covenants, the Group also has clauses in the loan agreement related to sustainability margin adjustments. The clauses will give an adjustment of the margin based on the fleet\u2019s sustainability score, being a verified AER score per vessel.SecurityThe USD 810 million (2021: USD 1 000 million) senior secured term loan and revolving credit facility is secured by mortgages in the majority of the Group\u2019s vessels, with a book value of USD 604 million (2021: USD 958 million). In addition, the debt is secured by anassignment of earnings and insurances. 2022 - Interest bearing debt (USD 1 000) Non-current Current Total Interest bearing debt 231 847 36 636 268 483 Arrangement fee mortgage debt (3 953) (167) (4 120) Accrued interest - 157 157 Total interest bearing debt 227 894 36 626 264 520 2021 - Interest bearing debt (USD 1 000) Non-current Current Total Interest bearing debt 359 704 82 876 442 580 Accrued interest - 2 404 2 404 Total interest bearing debt 359 704 85 280 444 984 Mortgage debt (USD 1 000) Maturity Outstanding amount USD 810 million senior secured January 2028 280 500 Total mortgage debt 280 500 Weighted average effective interest rates of total borrowings 2022 2021 Mortgage debt 4.24% 3.09%Note 20 \u2014 Trade and other payables Note 21 \u2014 Current accruals and provisions Accruals All voyages are continuously estimated with regards to the expenses incurred at any given time during the voyage. The difference betweenactually invoiced expenses and the cost estimate is presented as accrued expenses at the balance sheet date. Trade and other payables (USD 1 000) 2022 2021 Suppliers 26 381 27 433 Prepaid TC on vessels chartered out 6 460 10 501 Public duties payable and holiday pay 4 714 4 927 Total 37 555 42 861 Current accruals and provisions (USD 1 000) 2022 2021 Accrued voyage expenses 32 806 40 422 Accrued crew expenses 1 928 1 787 Accrued running expenses 8 036 7 741 Other current provisions 1 705 1 954 Total 44 475 51 904 Other current provisions (USD 1 000) 2022 2021 Provision 01.01 1 954 2 323 Charged/(credited) to the income statement: Additional provisions 1 705 1 954 Unused amounts reversed (128) (676) Used during year (1 826) (1 647) Provision 31.12 1 705 1 954 Note 22 \u2014 Other current liabilities The last payment for the settlement with the US Department of Justice was made in 2022. See note 18 for more information. Other current liabilities (USD 1 000) 2022 2021 Settlement US Department of Justice - 5 918 Total other current liabilities - 5 918 All H\u00f6egh Autoliners commercial subsidiaries make cargo bookings on behalf of H\u00f6egh Autoliners AS. Most of the commercial companies are cost-plus-based where the company\u2019s income is based on a percentage of the expenses. Based on this transfer pricing principle H\u00f6egh Autoliners Shipping AS has from the various commercial subsidiaries expensed USD 17 million (USD 16 million in 2021) as voyage expenses. Main transactions with other related partiesH\u00f6egh Capital Partners Ltd delivered consultancy services amounting to TUSD 5 in 2022 (2021: USD 0.7 million). Outstanding payables to H\u00f6egh Capital Partners Ltd was TUSD 26 at the end of 2022 (2021: TUSD 45).A Co-investment agreement between the CEO, Andreas Enger, and H\u00f6egh Autoliners Management AS and Leif H\u00f6egh & Co Holdings AS, was entered into in June 2020, to govern the CEO\u2019s investment in the Company following a successful refinancing. On 10 August 2021, this agreement was executed by the CEO\u2019s wholly owned company Damg\u00e5rd Invest AS investing NOK 9 million, and Damg\u00e5rd Invest AS received a derivative giving Damg\u00e5rd Invest AS economic rights and risks as if it was a shareholder in the Company, owning 339 534 shares, but without shareholder rights. The Co-investment agreement anticipated the need for adjusting the number of shares in case of a capital raise or similar corporate reorganisation. In November 2021, the derivative was settled with a share capital increase where 344 027 shares were issued and subsequently delivered to Damg\u00e5rd Invest AS. The derivative was valued at fair market value when it was issued and a total of USD 3.3 million was expensed as finance costs in 2021. There are no outstanding balances as at 31 December 2022, between the Company and the CEO, relating to the investment.Note 23 \u2014 Transactions with related partiesSupplier Receiver Type of agreement 2022 2021 Maersk Lines Ltd. H\u00f6egh Autoliners Shipping AS Technical Management 18 881 15 368 H\u00f6egh Autoliners Shipping AS Maersk Lines Ltd. Shipping services 27 368 28 801 H\u00f6egh Technical Management Holding Pte Ltd. H\u00f6egh Autoliners Shipping Pte Ltd Technical Management 7 478 11 603 H\u00f6egh Technical Management Holding Pte Ltd. H\u00f6egh Autoliners Shipping AS Technical Management 89 159 91 865 ParCar Shipholding AS H\u00f6egh Autoliners Shipping AS Bareboat lease 7 075 7 154 Supplier Receiver 2022 2021 Maersk Lines Ltd. H\u00f6egh Autoliners Shipping AS 1 413 1 230 H\u00f6egh Technical Management Holding Pte Ltd. H\u00f6egh Autoliners Shipping Pte Ltd 1 200 64 H\u00f6egh Technical Management Holding Pte Ltd. H\u00f6egh Autoliners Shipping AS 5 639 5 418 H\u00f6egh Autoliners Shipping AS Maersk Lines Ltd. 20 543 19 985 H\u00f6egh Autoliners Management AS delivers operational, financial and administrative services to other companies in the Group. H\u00f6egh Technical Management Holding Pte. Ltd delivers technical and crewing services to H\u00f6egh Autoliners Shipping AS and H\u00f6egh Autoliners Shipping Pte. Ltd.The Group had three vessels under US flag with Maersk Lines Ltd during 2022 (2021: three vessels). All three vessels are owned as individual US Trusts. Each vessel is on bareboat charter to Maersk Lines from the Trusts and H\u00f6egh Autoliners Shipping AS have the vessels on time charter from Maersk Lines Ltd.H\u00f6egh Autoliners ASA holds a 36.45% interest (2021: 36.45%) in ParCar AS and has an outstanding receivable of USD 1 million as of 31.12.2022 (2021: USD 1.1 million). ParCar Shipholding AS, which is 100% owned by ParCar AS, leases H\u00f6egh Copenhagen on a bareboat lease to H\u00f6egh Autoliners Shipping AS. Year-end balances from sales/purchase of goods or services with related parties are as follows (USD 1 000):Note 24 \u2014 Contingent liabilities Note 25 \u2014 Commitments and guarantees Regular claims are made against the Group as a result of its ordinary operations. These are usually cargo claims for damages to the cargo on board the vessels. The Group is of the opinion that none of the on-going cases will lead to significant commitments for the Group.Since 2012 the Group has been subject of the global cartel inves-tigation in the PCTC industry, and this is still ongoing. The Group accepted a settlement of USD 21 million in a plea agreement in the United States of America in 2017, and it cannot be excluded that more fines and damage claims may come from this investigation in the future. Any potential fines or damage claims could be material forthe Group.Alleged breaches of anti-trust regulations in BrazilOn 23 March 2022, The Administrative Council for Economic Defence (CADE) in Brazil issued a fine of approximately BRL 26 million (USD 4.9 million) to H\u00f6egh Autoliners for alleged breaches of anti-trust regulations dating back to 2000-2012. Since H\u00f6egh Auto-liners did not have any turnover in Brazil in the relevant period, the fine is calculated on a \u201cvirtual turnover\u201d principle, based on Brazil\u2019s relevance in the worldwide PCTC market. The decision (including the \u201cvirtual turnover\u201d calculation) may be challenged before the AppellateCourt in Brazil. H\u00f6egh Autoliners disagrees with CADE\u2019s decision and after reviewing its merits, the Company will proceed with an appeal. No provision has been made in the financial statements as of31 December 2022.Capital commitments At the end of 2022, the Group has capital commitments relating to a newbuilding contract with China Merchants Heavy Industry. A contract is for eight fixed and eight optional multi-fuel and zero carbon ready Aurora class vessels was signed in January 2022, and in April 2022 the Group signed a contract to build an additional four new Aurora class vessels on the same terms and specifications as the first four vessels. The contract for the eight fixed vessels has a total value of USD 796 million. The Group retains its existing option for another four vessels (vessel 9-12) until end July 2023. As of 31 December 2022 a total of USD 120 million has been paid in first instalments for the eight vessels. The Group expects delivery of two Aurora vessels every six months starting from the second half of 2024.GuaranteesBelow is a list of guarantees in addition to guarantees given for related parties:Guarantees for customs clearance have been provided for some ports in which the Group operates, as well as guarantees for rent for some of the offices. H\u00f6egh Autoliners ASA has provided performance guarantees in relation to sale-leasebacks of the vessels H\u00f6egh Berlin, H\u00f6egh Copenhagen, H\u00f6egh Jeddah, H\u00f6egh Jacksonville, H\u00f6egh Tracer and H\u00f6egh Trapper. Guarantees have also been provided for the shipbuilding contracts and the related lease financings.H\u00f6egh Autoliners ASA has provided a guarantee in relation to the payments for the rent for the office at Drammensveien 134.Note 26 \u2014 Investment in associates and joint ventures The Group has investments in the following associates and joint ventures accounted for using the equity method. Voting share/ Voting share/ Carrying Carrying ownership % ownership % Nature of amount 2022amount 2021Company31.12.202231.12.2021relationship Country(USD 1 000)(USD 1 000) H\u00f6egh Northern Terminal Ltd. 50 50 Joint venture UK - - ParCar AS 36.45 36.45 Associate Norway 5 233 9 100 Sum 5 233 9 100 Specified financial information - ParCar AS is a company investing in a shipowning company providing the vessel H\u00f6egh Copenhagen on a bareboat lease toH\u00f6egh Autoliners Shipping ASReconciliation to carrying amounts (USD 1 000): ParCar GroupNet assets 31.12.2020 24 581 Other adjustments* (1 243)Profit for the period 3 727 Repaid capital (2 100) Net assets 31.12.2021 24 966 Group share in % 36,5% Carrying amount 31.12.2021 9 100 Net assets 31.12.2021 24 966 Other adjustments* (2 981)Profit for the period 4 223 Dividends paid (2 506)Repaid capital (9 344) Net assets 31.12.2022 14 357 Group share in % 36,5%Group's share 5 233 Carrying amount 31.12.2022 5 233 * Mainly currency translation differences* Figures from unaudited financial statements 2022** Figures from audited financial statements 2022* Figures from unaudited financial statements 2021Profit/(loss) for 2022 Summarised financial information (USD 1 000) Assets Liabilities Equity Revenuesthe year H\u00f6egh Northern Terminal Ltd. * 65 112 (46) 268 (7) ParCar Group ** 47 254 32 896 14 358 - 4 223 Profit/(loss) for 2021 Summarised financial information* (USD 1 000) Assets Liabilities Equity Revenuesthe year H\u00f6egh Northern Terminal Ltd. 121 165 (44) 412 (8) ParCar Group 50,500 25,534 24,966 - 3,727 Investment in joint ventures (USD 1 000) 2022 2021 Carrying amount - - Profit/(loss) - - Investment in associates (USD 1 000) 2022 2021 Carrying amount 5 233 9 100 Profit 1 539 1 205 Currency translation differences (OCI) (1 087) (300) Total carrying amount of investments joint ventures and associates 31.12. 5 233 9 100 The following illustrates summarised financial information of the Group\u2019s investment in the associated companies and joint ventures:Note 27 \u2014 List of subsidiaries* For the above listed companies one share has one vote at the General Meeting. Owner share % *PrincipalCompany Countryactivity2022 2021 H\u00f6egh Autoliners ASA Norway Holding company H\u00f6egh Autoliners Management AS Norway Management company 100 100 H\u00f6egh Autoliners Shipping Pte. Ltd. Singapore Ship owning company 100 100 HFS China Ltd. China Crewing office 51 51 HFS Philippines Inc.** Philippines Crewing office 25 25 H\u00f6egh Autoliners Logistics AS Norway Holding company 100 100 S.A.S. Autotrans Logistics France Logistics operation 100 100 H\u00f6egh Autoliners B.V. The Netherlands Holding company 100 100 H\u00f6egh Autoliners Shipping AS Norway Ship owning company 100 100 Alliance Norfolk Trust USA Ship owning company 100 100 Alliance St. Louis Trust USA Ship owning company 100 100 Alliance Fairfax Trust USA Ship owning company 100 100 H\u00f6egh Autoliners Shipping II AS Norway SPV for entering into shipbuilding contracts 100 100 H\u00f6egh Autoliners Shipping 269-3 AS Norway SPV for entering into shipbuilding contracts 100 - H\u00f6egh Autoliners Shipping 269-4 AS Norway SPV for entering into shipbuilding contracts 100 - H\u00f6egh Autoliners Shipping 269-7 AS Norway SPV for entering into shipbuilding contracts 100 - H\u00f6egh Autoliners Shipping 269-8 AS Norway SPV for entering into shipbuilding contracts 100 - H\u00f6egh Autoliners AS Norway Commercial operation 100 100 Alliance Navigation LLC. USA Commercial operation 100 100 H\u00f6egh Autoliners Germany GmbH Germany Commercial operation 100 100 H\u00f6egh Autoliners Pty. Ltd. India Commercial operation 100 100 H\u00f6egh Autoliners K.K. Japan Commercial operation 100 100 H\u00f6egh Autoliners North America Inc. USA Commercial operation 100 100 H\u00f6egh Autoliners PTY Ltd. South Africa Commercial operation 100 100 H\u00f6egh Autoliners Spain S.L. Spain Commercial operation 100 100 H\u00f6egh Autoliners S.A.S. France Commercial operation 100 100 Leif H\u00f6egh & Co China Ltd.*** China Commercial operation 100 100 H\u00f6egh Autoliners Panama S. A.**** Panama Commercial operation 100 100 Note 28 \u2014 Events after the balance sheet date ** Although the maximum foreign ownership under Philippine law stands at 25 %, the terms of the agreement under which the entity was established, gives H\u00f6egh100 % control over HFS Philippines Inc. consequently, H\u00f6egh consolidates this entity. *** The operation in China takes place from this company in the name H\u00f6egh Autoliners **** The ownership of H\u00f6egh Autoliners Panama S.A. was in 2022 transferred from H\u00f6egh Holdings B.V. to H\u00f6egh Autoliners AS. H\u00f6egh Holdings B.V. has been liquidated in 2022.Settlement of class-actions in Canada On 30 January 2023, H\u00f6egh Autoliners reached an in-principle settle-ment agreement with plaintiffs in the anti-trust class actions pending in Canada. The settlement amount is CAD 2.5 million (approx. USD 2 million). The settlement agreement is subject to court approvals in B.C., Ontario and Quebec.Refund of withholding tax On 6 February 2023, H\u00f6egh Autoliners received a refund of with-holding tax amounting to NOK 28.8 million (USD 2.8 million) related tothe extraordinary dividend from Den Norske Krigsforsikring (DNK), paid out in December 2021. The refund of the withholding tax will be recorded against the corresponding receivable in the statement of financial position, see note 13.Dividend On 8 February 2023, the Board of Directors resolved to distribute a cash dividend of USD 0.231 per share. The dividend was paid out in February 2023.Fleet update The Company, through its subsidiary H\u00f6egh Autoliners Shipping AS, has agreed with the owner of the leased vessel H\u00f6egh Berlin to terminate the bareboat charter and purchase the vessel, for a purchase price of USD 34.25 million. The vessel was taken over on 1 March 2023. On the same date, the Company also took ownership of the vessel H\u00f6egh Tracer, following the exercise of a purchase option in August 2022. The purchase price for H\u00f6egh Tracer was USD 53.2 million.Owner share % *PrincipalCompany Countryactivity2022 2021 H\u00f6egh Technical Management Holding Pte. Ltd. Singapore Holding company 100 100 H\u00f6egh Technical Management Inc. Philippines Management company 100 100 H\u00f6egh Autoliners Technical Operations AS Norway Management company 100 - ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-14-2": {
"value": "BASIS OF PREPARATION Statement of compliance. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU). The consolidated financial statements were authorised for issue by the Board of Directors on 30 March 2023.Basis of measurement. The consolidated financial statements have been prepared on a historical cost basis with the exception of the following material accounting entries:Derivative financial instruments are measured at fair value.The Group\u2019s derivative financial instruments include interest rate swaps and bunker swaps.Shares not held for trading are measured at fair value.Currency. The consolidated financial statements are presented in US dollars (USD). All financial information presented in USD has been rounded to the nearest thousands, except when otherwise indicated.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-14-3": {
"value": "BASIS OF PREPARATION Statement of compliance. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU). The consolidated financial statements were authorised for issue by the Board of Directors on 30 March 2023.Basis of measurement. The consolidated financial statements have been prepared on a historical cost basis with the exception of the following material accounting entries:Derivative financial instruments are measured at fair value.The Group\u2019s derivative financial instruments include interest rate swaps and bunker swaps.Shares not held for trading are measured at fair value.Currency. The consolidated financial statements are presented in US dollars (USD). All financial information presented in USD has been rounded to the nearest thousands, except when otherwise indicated.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-35-2": {
"value": "CHANGES IN ACCOUNTING POLICIES AND DISCLOSURESNew and amended standards and interpretations.The accounting policies adopted are consistent with those of the previous financial year, except for the new standards and amend-ments to IFRS applicable as of 1 January 2022, which have been adopted by the Group during the current financial year. The adopted new standards and amendments had no material impact on the Group\u2019s consolidated financial statements. These include Covid 19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16), Annual Improvements to IFRS Standards 2018-2020, Onerous contracts- Cost of Fulfilling a Contract (Amendment to IAS 37), Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) and Reference to Conceptual Framework (Amendments to IFRS 3).The following new or amendments to standards and interpretations have been issued and become effective for annual reporting periods beginning on or after January 1, 2023, and earlier adoption is permitted. Insurance Contracts (IFRS 17) and Insurance Contracts (Amend-ment to IFRS 17)Presentation of Financial Statements (Classification of Liabilities as Current or Non-current (Amendment to IAS 1) Presentation of Financial Statements and Practice Statement 2 (Disclosure of Accounting Policies) (Amendment to IAS 1) Accounting Policies, Changes in Accounting Estimates and Errors (Definition of Accounting Estimates) (Amendment to IAS 8)Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendment to IAS 12)The Group has not early adopted any new or amended standards effective for 2023 in preparing these accounts, and they are not expected to have a significant impact on the Group\u2019s consolidated financial statements. The Group has not yet fully assessed the impact of changes which are effective for 2024 and beyond.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-72-2": {
"value": "ACCOUNTING ESTIMATES AND JUDGEMENTSPreparation of the financial statements in conformity with IFRS requires management to make judgements, estimates and assump-tions that affect the application of accounting principles and reportedamounts of assets and liabilities, revenues and expenses and accompanying disclosures. The estimates are based on manage-ment\u2019s best knowledge of available information at the time the financial statements are approved. Uncertainty about these assump-tions and estimates could result in outcomes that require a material adjustment to the carrying amounts of assets and liabilities, affected in future periods. Changes in accounting estimates are recognised in the period the changes occur. When changes to estimates also affect future periods, the effect is distributed between the current and future periods.Assumptions and estimation uncertainties that have a risk of resulting in adjustments within the next financial year are related to the following conditions:Residual value and remaining lifetime on assets. According to IAS 16, the Group is required to evaluate the estimate for residual value and useful remaining lifetime of its vessels on a yearly basis. For further disclosures, see Note 7.Critical judgements in applying accounting policiesThe following judgements have the most significant effect on the amounts recognised in the consolidated financial statements. Determining the lease term of contracts with renewal and termina-tion options \u2013 Group as a lessee. The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group has several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. Impairment of assets. The Group considers whether there are indicators of impairment. If indicators of impairment are present, the recoverable amount is estimated. The recoverable amount for the Group\u2019s main assets, vessels, is the higher of vessel-values provided by brokers and net present value of expected cash flows, based on the long-term forecasts discounted by the Group\u2019s WACC. For further disclosures, see Note 7. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-123-2": {
"value": "FOREIGN CURRENCY TRANSACTIONSFunctional and presentation currencyThe Group\u2019s presentation currency is USD. This is also the functional currency of the parent company and all significant companies in the Group.Transactions and balancesAll transactions in currencies other than USD are included in the accounts at the exchange rate on the date of the transaction. Monetary assets and liabilities in currencies other than USD are translated to USD according to the currency rates at the balance sheet date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income. Non-monetary items included at historical cost denominatedin currencies other than USD are translated at the exchange rate at the time of the original transaction.SubsidiariesSubsidiaries are all companies where the Group has a controlling interest. A controlling interest is where the Group has the power to govern the financial and operating policies. This is usually achieved when the Group owns, either directly or indirectly, more than 50% of the shares in the company, or through agreements, are able to exer-cise control over the company. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date on which control ceases. Subsidiaries\u2019accounting policies have been changed where necessary to ensure consistency with the policies adopted by the Group.Associated companies Associated companies are all entities in which the Group has signifi-cant influence but not control, generally companies owned between 20% and 50%. Interests in associated companies are reported according to the equity method. The consolidated accounts include the Group\u2019s share of profit from associated companies accounted for according to the equity methodfrom the date significant influence is achieved and until such influ-ence ceases. The Group\u2019s share of its associates\u2019 profits and losses is presented net as a separate line, as part of operations in the statement of comprehensive income and is added to the capitalised value of the investments together with its share of equity movement not recognised in the statement of comprehensive income. When theGroup\u2019s share of the loss exceeds the investment in an associated company, the Group reduces the carrying value to zero and further losses are not recorded unless the Group has an obligation or an intention to cover this loss.Unrealised gains arising from transactions with associates are eliminated according to the Group\u2019s share in the company. Unreal-ised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. For further disclosures, see Note 26.Non-current assets held for sale The Group classifies non-current assets as held for sale if their carrying amounts will be recovered principally through a sale trans-action rather than continuing use. Non-current assets classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset, excluding finance costs and income tax expense.The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and thesale expected to be completed within one year from the date of the classification.Property, plant and equipment and intangible assets are not depreci-ated or amortised once classified as held for sale.Assets and liabilities classified as held for sale are presented sepa-rately as current items in the statement of financial position.REVENUE RECOGNITIONH\u00f6egh Autoliners provides RoRo transportation on deep sea and short sea markets as well as terminal related services. The Group also hires out some of its vessels on a time charter (TC) basis when necessary. The Group has the following major revenue streams:Voyage revenueTime charter revenueTerminal related revenueRevenues from shipping activities are recognised when the control of goods or services agreed in the contract has been transferred to the customer (satisfaction of performance obligation). Revenues are measured at the fair value of the consideration to which the Group expects to be entitled in a contract with a customer and excludes amounts collected by third parties. A contract is defined as an agreement between two or more parties that creates enforceable rights and obligations. For the Group, a contract with a customer is defined as the Bill of Lading document. Most of the services the Group provides are invoiced upon the issuance of the Bill of Lading.Each customer contract could initiate recognition of contract assets and liabilities. Historically, the Group has applied terms as deferred (accrued) income and prepayments to capture the information included in the term contract liabilities. The same is the case with other receivables to capture the information included in the term contract assets. Disclosures with regards to contract balances are presented in Note 2. The main contract liability for the Group is deferred (accrued) income where the Group has yet to perform the freight service for future periods (remaining voyage) but has received payment (or the payment is due) from the customers in excess of revenue recognised.Transaction price is determined based on market prices. The freight services are priced as one complete transport service to the customer. Retrospective volume rebates provided to certain customers, which represent variable consideration, are based on the expected value method and allocated to the voyage revenue. Variable considerations are only included in the transaction price if it is highly probable that there will not be a significant reversal in cumulative revenue recognised, when the uncertainties related to the variability are resolved. Voyage revenue and expensesAll voyage revenue and expenses are recognised on a load-to-dis-charge basis for all spot voyages. Revenue and expenses related to voyages will to some extent be based on estimates as the actual figures are not available at year-end. All estimates are based on regular updates based on the progress of each voyage. The freight revenues measured at year-end give a faithful depiction of the transferof services.Performance obligations for voyage revenue are satisfied over time through the progress of the voyage, as the customer is receiving and consuming the benefits of the transport services as the Group performs. No revenue is recognised until the voyage starts and the performance obligation is partly satisfied. Voyage expenses include all expenses that are incurred as a direct and incremental consequence of a particular voyage, such as bunker fuel, port costs, cargo loading and unloading expenses, canal and agency fees, as well as administrative expenses in the various regions. Other operating expenses include running expenses and administrative expenses. Other operating expenses are recognised when incurred. All voyage expenses in relation to each voyage are considered costs to fulfil a contract and are capitalised and amortised through each specific voyage, based on the percentage of completion of the voyage (progress/days). For further disclosures, see Note 3, 4 and 5. Time charter revenue Time charter revenue is accounted for as operating lease under IFRS 16. The performance obligation for time charter revenue is satisfied over the period the vessel is available to the lessee, hence the revenue is recognised on a straight-lined basis over the term of the charter arrangement. Revenue from vessels on time charter is recognised as a time charter per day less days off hire as applicable.Terminal related revenueThe performance obligation for terminal related services is satisfied at the point in time when the service delivery is complete, and revenue is recognised at this time. CASH AND CASH EQUIVALENTSCash includes cash in hand and bank deposits, including restricted bank accounts for deposits in respect of employee taxes. For further disclosures, see Note 14.FINANCIAL INSTRUMENTSFinancial assetsFinancial assets are initially recognised at fair value when the Group becomes a party to the contractual provisions of the asset, unless the fair value differs from the transaction value. The subsequent measurement of the financial assets depends on what category they are classified into at inception. The Group classifies its financial assets into the following main categories for subsequent measure-ment; Debt instrument at amortised cost, debt instruments at fair value through other comprehensive income (with cumulative gains and losses reclassified to profit or loss upon derecognition) and equity instruments designated measured at fair value through other comprehensive income (with gains and losses remaining in other comprehensive income). The fair value of investments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date. For investments where there is no active market, fair value is determined applying commonly used valuation techniques. As of 31 December 2022, the Group holds financial instruments classified in level three in the valuation hierarchy.Amortised cost. This category includes assets that are held in order to collect contractual cash flows, and where the contractual terms give right to cash flows that are solely related to principal and interests on the principal amount outstanding. This includes mainly loans to associate companies and trade receivables. Loans and trade receivables are non-derivative financial assets with fixed or agreed payments that are not traded in an active market. Such assets are measured at amortised cost using the effective interest method. Gains and losses are recognised in the consolidated statement of comprehensive income when the loans and receivables are derecognised or impaired, as well as through the amortisation process. Trade and other receivables are carried at the original invoice amount, less an allowance made for doubtful receivables. Impairment is performed when there is objective evidence that the Group will be unable to recover balances in fullFinancial assets at fair value through other comprehensive income. Investments in shares not held for trade purposes, are classified as investments in fair value through other comprehensive income. Dividends from these companies are recognised through profit or loss unless they clearly represent a recovery of part of the investment, in which case they are recognised in other comprehen-sive income.Financial assets at fair value through profit or loss. This category includes financial assets that are held for trading and financial assetsthat on initial recognition are designated as fair value through profit or loss. Derivatives are also categorised as held for trading unless they are designated as effective hedging instruments as defined by IFRS 9. The Group uses derivative financial instruments such as interest rate swaps to manage its risks associated with interest rates.Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative. Changes in the fair value are recognised in the statement of comprehensive income as other financial items. The fair value of bunker caps is determined using themarket value at the balance sheet date. The Group has not desig-nated any derivatives as hedging instruments under IFRS 9.Financial liabilitiesFinancial liabilities are after initial recognition measured at amor-tised cost using the effective interest method, except for financial liabilities recognised through profit or loss, including derivatives. Financial liabilities at fair value through profit or loss is calculated by discounting future cash flows.Interest-bearing bank loans and other debt classified as financial liabilities are initially recognised at fair value when the Group becomes party to the contractual provisions of the instrument. After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. Amortised cost is calculated by taking into account any issue costs, and any discount or premium on settlement. A substantial modification of the terms of an existing financial liability is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. In the case of recognising a new liability, the fees are treated as part of the amortised cost. Financial liabilities are presented as current if the liabilities are due to be settled within 12 months after the balance sheet date, whereasliabilities with the legal right to be settled more than 12 months after the balance sheet date are classified as non-current liabilities.Impairment of financial assetsThe Group assesses at each balance sheet date whether a financial asset or group of financial assets may be impaired. Financial assets are impaired when there is objective evidence that the Group is not likely to recover all the amounts in connection with contractual termsrelated to loans and receivables. The amount of expected credit losses recognised as a loss allow-ance depends on the extent of credit deterioration since initial recognition:12-month expected credit losses, which applies to all items (from initial recognition) as long as there is no significant deterioration in credit quality, orFull lifetime expected credit losses, which applies when a significant increase in credit risk has occurred on an individual or collective basisThe Group evaluates trade receivables according to the full lifetime expected credit losses.Impairment reversals are recorded when the amount of impairment losses in future periods is reduced, and the reduction can be linked objectively to an event that occurs after the impairment was recognised. A reversal will only be recorded to the extent that the carrying value does not exceed what the amortised cost would have been if the impairment had not been made. Impairment reversals are presented as income or as a reduction of expenses.Derecognition of financial instrumentsA financial asset is derecognised when:The rights to receive cash flows from the asset have expiredThe Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; orThe Group has transferred its rights to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the asset, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset but has trans-ferred control of the asset.Financial liabilities are derecognised from the balance sheet when the contractual obligation expires, is discharged or cancelled. Gains and losses arising on the repurchase, settlement or cancellation of liabilities are recognised respectively in interest income and other financial items and interest and other finance expenses.Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in profit or loss. The terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability.INVENTORIESInventories consist mainly of bunkers and are recognised at cost. The consumption of bunkers is recognised in accordance with the first-in first-out principle (FIFO).VESSELS / NEWBUILDINGS / EQUIPMENTFixed assets are recorded at cost less accumulated depreciation and impairments. For newbuilding contracts, the cost price includes all the costs incurred in the development and construction process, including borrowing costs, construction supervision costs and technical costs. For vessels that have been purchased in the second-hand market, the cost price includes expenses directly related to the acquisition. When assets are sold or disposed of, the gross carrying amount and accumulated depreciation are reversed, and any gain or loss on the sale or disposal is included in the statement of comprehensive income. For further disclosures relating to vessels, newbuildings and equip-ment, see Note 7. VesselsThe depreciation is calculated on a straight-line basis and adjusted for impairment if applicable. The RoRo vessels have an expected useful life of 30 years. Vessels are depreciated to estimated scrap value. Expected economic life and estimated scrap values of the vessels are reviewed and evaluated at each balance sheet date. If new evaluations materially differ from earlier estimates the deprecia-tion is changed accordingly.Ordinary repairs and maintenance costs are expensed as incurred. Docking cost/classification costs are capitalised and amortised over the period until the next anticipated docking/inspection. Costs that do not meet the capitalisation criteria are expensed as repairs and maintenance costs.NewbuildingsInstalments on newbuilding contracts are capitalised as \u201cNewbuild-ings\u201d when they are paid. Upon delivery, newbuildings are reclassi-fied to vessels and are subject to depreciation. The acquisition cost includes direct investments, cost incurred during the construction period and borrowing cost. Borrowing costs are capitalised during the construction period. The newbuilding contracts are financed generally, hence the amount of interest capitalised during the construction period is based on the effective interest of the Group\u2019s loan facilities.Vessels held for saleVessels are held for sale when their carrying amount is to be recov-ered principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of carrying amount and their fair value less cost of sale.EquipmentDepreciation is calculated on a straight-line basis with the following estimated useful life: Vessel equipment: 10 yearsOffice equipment: 3 \u2013 5 yearsVehicles: 5 yearsIT-system: 10 \u2013 15 yearsImpairment of non-financial assetsThe carrying amount of tangible assets is tested for impairment wheneverthere are indications that the value of these assets may have been impaired. If the carrying amount of an asset is higher than the recov-erable amount, an impairment loss will be recognised in the statement of comprehensive income. The recoverable amount of an asset or a cash-generating unit is the higher of its fair value less cost to sell and its value-in-use. The recoverable amount is determined separately for all assets, but if not possible, this will be determined together with the cash-generating unit to which the asset belongs. All vessels participating in the Group\u2019s RoRo operations are considered part of a single cash-gen-erating unit as this is the smallest strategically identifiable group of assets. Vessels in lay-up, for which there are no concrete plans for when the vessel will be back in operation, are not considered \u201cin operation\u201d. Impairment losses recognised in prior periods are reversed when indications of impairment no longer exist or have decreased. A loss is only reversed to the extent that the asset\u2019s carrying amount does not exceed the carrying value recognised if no impairment charges had been recognised in prior periods and normal depreciation and amortisation policies had been applied.LEASESThe Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For all leases where the Group is a lessee, a right-of-use asset and lease liability is recognised in the balance sheet at the date at which the leased asset is available for use by the Group. The Group leases vessels, terminals, offices, equipment and vehicles. The lease term is defined as the non-cancellable period of the lease, which is the period where the lessee cannot exit the agreement. The lease term may include option periods which are included when the Group is reasonably certain to exercise as described below. When deciding on whether the Group is reasonablycertain to exercise options, all facts and circumstances are taken into consideration. See section on Extension and termination optionsbelow for further details.Only short-term leases (lease term of 12 months or less and do not include a purchase option) and leases of low value assets are exempted from recognition. Low value assets comprise smaller IT and office equipment. Lease payments on short-term leases and leases of low value assets are recognised as expense on a straight-line basis over the lease term.The lease term will be revised if there is a change in the non-cancel-lable period, or it is reasonably certain that an option period is to be exercised or contracted. A revision of lease term is also relevant if an option period previously was considered as part of the lease period but is no longer probable due to an event. A re-measurement due to change in lease period or purchase option, will entail a change in lease liability (and adjustment of the right-of-use asset) based on revised lease payments.Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. However, for non-lease components that are not specified in the lease contract, the Group has elected not to separate lease and non-lease components and instead accounts for these as a single lease component. This applies for time charter leases where the lease payment includes running expenses which are not specified. All other non-lease components are accounted for separately.MeasurementThe lease liability is measured as the present value of future lease payments, which include fixed payments, variable payments based on an index or a rate, expected payments under residual value guarantees, exercise price of purchase options reasonably certain to be exercised and termination penalties if applicable. Lease paymentsto be made under reasonably certain extension options are also included in the measurement of the liability.The right-of-use asset is measured at the amount of the lease liabilityadjusted for lease prepayments, lease incentives received, the lessee\u2019s initial direct costs (e.g., commissions) and an estimate of restoration, removal and dismantling costs. The right-of-use asset is generally depreciated on a straight-line basis over the shorter of the asset\u2019s estimated useful life and the lease term. The Group applies the impairment requirements in IAS 36 to the right-of-use assets. Refer to the accounting policies in section Impairment of non-financial assets. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset.For leases where the Group is a lessor, the distinction is made between two types of leases: operating and finance leases. In leases where the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset, are classified as operating leases. Rental income associated with operating leases arerecognised on a straight-line basis and according to the agreements. A sub-lease agreement is evaluated with reference to the right-of-useasset in the head lease.Extension and termination optionsExtension and termination options are included in a number of vessels, property and equipment leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of the options are held only by the Group and not by the lessor. The Group assesses at lease commencement date whether it is reasonably certain to exercise the extension options. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option or not to exercise a termination option. These considerations include penaltiesto terminate (or not exercise), value of any leasehold improvements, costs and business disruption required to replace the leased asset. The Group reassesses whether it is reasonably certain to exercise the options if there is a significant event or significant changes in circumstances within its control.The Group has estimated that the potential future lease payments, should it exercise the extension options, would result in an increase in lease liability of USD 44 million.Variable lease paymentsVariable lease payments that do not depend on an index or a rate arerecognised as expenses in the period in which the event or condition that triggers the payment occurs. Hence, variable lease payments based on performance or usage of the underlying asset, are not included as lease payments. E.g., fees in terminals based on number of items loaded will constitute variable payments and will not be included in the calculation of the lease liability.Discount rateThe lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generallythe case for all leases in the Group, the lessee\u2019s incremental borrowing rate is used. This rate is the rate that the individual lessee would have to pay to borrow the funds necessary to obtain a similar asset in a similar economic environment with similar terms, security and conditions. Sale and leaseback transactionsIFRS 16 requires seller-lessees and buyer-lessors to apply the requirements in IFRS 15 to determine whether a sale has occurred in a sale and leaseback transaction, meaning whether the transfer of the asset qualifies as a sale in accordance with IFRS 15. If control of an underlying asset passes to the buyer-lessor and a performance obligation is satisfied, the transaction is accounted for as a sale (or purchase) and a lease by both parties. The gain on disposal is limitedto only represent the gain on the portion of the asset sold recog-nising that the seller-lessee has retained an interest in the asset.PROVISIONSProvisions are recognised when the Group has a legal or construc-tive obligation as a result of past events. The recognition of the provision is that it is likely (more likely than not) that a future event will lead to a financial settlement as a result of this commitment, and that the size of the amount can be measured reliably. Provisions are evaluated at each balance sheet date and reflects the best estimate of the obligation. When the effect of time is significant, the provision will be the present value of future payments to cover the obligation. For further disclosures, see Note 21.EQUITYTransaction costs related to equity transactions are recognised directly in equity after the deduction of tax.EMPLOYEE BENEFITSDefined contribution plansThe contribution plans comprise plans whereby the companies make annual contributions to the employees\u2019 pension plan, which is the expense for the period. The Group has no legal or constructive obli-gations to pay further contributions if the fund does not hold enough assets to pay all employees the benefits relating to employee service in the current and prior period. For further disclosures, see Note 5 and Management Remuneration Report published on the Company\u2019s website.Defined benefit plansDefined benefit plans define an amount of pension benefit that an employee will receive on retirement, dependent on a set of assump-tions. The liability recognised in the balance sheet is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. Pension assets and obligations are calculated by an actuary each year. The Group has nosignificant defined benefit plans.Termination benefitsThe costs associated with termination benefits are provided for whenthe management has decided on a plan that will lead to reductions in the workforce and the work of restructuring has started, or a reduction in workforce has been communicated to the employees. Share bonus program The Group has a long-term incentive plan which is s share bonus program for key personnel. Under the program key personnel are granted award shares that will be converted to shares based on certain conditions being fulfilled. The costs related to the program will be expensed over the vesting period of 36 months and recog-nised as salary expense with a corresponding entry to equity. For more information about the share bonus program, see Note 6.INCOME TAXThe current tax charge is calculated on the basis of the tax laws enacted at the balance sheet date in the countries where the Group operates and generates taxable income. Taxes payable with long-term maturity are recognised at present value. The tax expense consists of taxes payable and changes in deferred tax. For further disclosures, see Note 11.Tax payableTax assets and liabilities for the current and prior periods are calcu-lated to the amount expected to be reimbursed from or paid to the tax authorities. Tax rates and tax laws used to compute the amount are those that are approved at the balance sheet dateDeferred taxDeferred tax is calculated on temporary differences between tax and accounting values of assets and liabilities that exist at the balance sheet date. Deferred taxes are recognised using the liability method in accordance with IAS 12. Deferred tax assets are recognised for all deductible temporary differences, unused tax credits carried forward and unused tax losses carried forward to the extent it is probable that future taxable profits may be used against deductible temporary differences and unused tax losses carried forward.Deferred tax assets and deferred tax liabilities are offset, if the entity has a legal enforceable right to offset against the carrying amounts, and the deferred tax is related to the same taxable unit and the sametax jurisdiction. Current tonnage tax schemeH\u00f6egh Autoliners Shipping AS, H\u00f6egh Autoliners Shipping II AS, H\u00f6egh Autoliners Shipping 769-3 AS, H\u00f6egh Autoliners Shipping 769-4 AS, H\u00f6egh Autoliners Shipping 769-7 AS and H\u00f6egh Auto-liners Shipping 769-8 AS are all subject to the Norwegian tonnage tax scheme. The scheme is approved by the ESA (EFTA Surveillance Authority). According to the system, net operating revenue derived from the shipping industry will not be taxed and can be distributed without taxation. Instead of paying tax on income derived from the shipping operations, companies within this system have to pay a tonnage fee based on the size of the vessels. The fee is recognised as an operating expense. H\u00f6egh Autoliners Shipping Pte Ltd is taxedunder a tonnage tax scheme in Singapore where shipping-related earnings are tax-free.Financial income is taxed according to the ordinary Norwegian tax scheme; however, it is only a portion of interest expenses and net currency gain/ loss that gives the right to tax deductions. Dividends and capital gains are taxed according to the Norwegian exemption model.CONTINGENT LIABILITIES AND ASSETSContingent liabilities comprise:A possible obligation arising as a result of past events where the obligation depends on some uncertain future event.A present obligation that is not recognised in the accounts since it is not probable that the obligation will result in a payment being made.Liabilities that cannot be measured reliably.Contingent liabilities are not recognised in the accounts except for contingent liabilities acquired as part of the purchase of a business. Contingent liabilities acquired as part of the purchase of a business arerecognised in the accounts at fair value even if the liability is not likely to materialise. Contingent liabilities are not recognised in the financial statement, but if material, disclosed in the accompanying notes.A contingent asset is defined as a possible asset, that arises from past events, and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events, not wholly within the control of the entity. Contingent assets are not included in the annual accounts, but information is provided if there is a reasonable certainty that the benefit in question will accrue to the Group.CASH FLOWThe cash flow is presented according to the indirect method. SEGMENT REPORTINGThe Group has two operating segments, Shipping services and Logis-tics services. The Logistics segment represents around 0.5% of the Group\u2019s total revenue, profit or loss and assets. The Group has decidedthat the segment is not material to the Group for the period ended 31 December 2022 and has reported information as one combined segment.EARNINGS PER SHARECalculation of basic earnings per share is based on the net profit or loss attributable to ordinary shareholders using the weighted averagenumber of shares outstanding during the year after deduction of the average number of treasury shares held over the period.The calculation of diluted earnings per share is consistent with the calculation of basic earnings per share, while giving effect to all dilutive potential ordinary shares that were outstanding during the period.EVENTS AFTER THE BALANCE SHEET DATENew information regarding the Group\u2019s situation on the balance sheet date is taken into account in the financial statements. Events occurring after the balance sheet date, that do not affect the Group on the balance sheet date, but that will affect the Group\u2019s situation inthe future, are disclosed if significant.CLASSIFICATION OF ITEMS IN THE BALANCE SHEETCurrent assets and liabilities include items that fall due within one year after the balance sheet date, such as cash or cash equivalents, and items expected to be sold or consumed in the normal operating cycle. The short-term portion of long-term debt is classified as current liabilities. Financial investments made for the purpose of short-term returns are classified as current assets, while long-term investments of strategic nature are classified as fixed assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-123-3": {
"value": "FOREIGN CURRENCY TRANSACTIONSFunctional and presentation currencyThe Group\u2019s presentation currency is USD. This is also the functional currency of the parent company and all significant companies in the Group.Transactions and balancesAll transactions in currencies other than USD are included in the accounts at the exchange rate on the date of the transaction. Monetary assets and liabilities in currencies other than USD are translated to USD according to the currency rates at the balance sheet date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income. Non-monetary items included at historical cost denominatedin currencies other than USD are translated at the exchange rate at the time of the original transaction.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-142-2": {
"value": "CONSOLIDATION POLICIESThe consolidated financial statements include H\u00f6egh Autoliners ASA and its subsidiaries. Intercompany transactions, balances and unrealised gains on transactions between group companies are elim-inated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-149-3": {
"value": "SubsidiariesSubsidiaries are all companies where the Group has a controlling interest. A controlling interest is where the Group has the power to govern the financial and operating policies. This is usually achieved when the Group owns, either directly or indirectly, more than 50% of the shares in the company, or through agreements, are able to exer-cise control over the company. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date on which control ceases. Subsidiaries\u2019accounting policies have been changed where necessary to ensure consistency with the policies adopted by the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-160-3": {
"value": "Associated companies Associated companies are all entities in which the Group has signifi-cant influence but not control, generally companies owned between 20% and 50%. Interests in associated companies are reported according to the equity method. The consolidated accounts include the Group\u2019s share of profit from associated companies accounted for according to the equity methodfrom the date significant influence is achieved and until such influ-ence ceases. The Group\u2019s share of its associates\u2019 profits and losses is presented net as a separate line, as part of operations in the statement of comprehensive income and is added to the capitalised value of the investments together with its share of equity movement not recognised in the statement of comprehensive income. When theGroup\u2019s share of the loss exceeds the investment in an associated company, the Group reduces the carrying value to zero and further losses are not recorded unless the Group has an obligation or an intention to cover this loss.Unrealised gains arising from transactions with associates are eliminated according to the Group\u2019s share in the company. Unreal-ised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. For further disclosures, see Note 26.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-184-3": {
"value": "Non-current assets held for sale The Group classifies non-current assets as held for sale if their carrying amounts will be recovered principally through a sale trans-action rather than continuing use. Non-current assets classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset, excluding finance costs and income tax expense.The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and thesale expected to be completed within one year from the date of the classification.Property, plant and equipment and intangible assets are not depreci-ated or amortised once classified as held for sale.Assets and liabilities classified as held for sale are presented sepa-rately as current items in the statement of financial position.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-207-3": {
"value": "REVENUE RECOGNITIONH\u00f6egh Autoliners provides RoRo transportation on deep sea and short sea markets as well as terminal related services. The Group also hires out some of its vessels on a time charter (TC) basis when necessary. The Group has the following major revenue streams:Voyage revenueTime charter revenueTerminal related revenueRevenues from shipping activities are recognised when the control of goods or services agreed in the contract has been transferred to the customer (satisfaction of performance obligation). Revenues are measured at the fair value of the consideration to which the Group expects to be entitled in a contract with a customer and excludes amounts collected by third parties. A contract is defined as an agreement between two or more parties that creates enforceable rights and obligations. For the Group, a contract with a customer is defined as the Bill of Lading document. Most of the services the Group provides are invoiced upon the issuance of the Bill of Lading.Each customer contract could initiate recognition of contract assets and liabilities. Historically, the Group has applied terms as deferred (accrued) income and prepayments to capture the information included in the term contract liabilities. The same is the case with other receivables to capture the information included in the term contract assets. Disclosures with regards to contract balances are presented in Note 2. The main contract liability for the Group is deferred (accrued) income where the Group has yet to perform the freight service for future periods (remaining voyage) but has received payment (or the payment is due) from the customers in excess of revenue recognised.Voyage revenue and expensesAll voyage revenue and expenses are recognised on a load-to-dis-charge basis for all spot voyages. Revenue and expenses related to voyages will to some extent be based on estimates as the actual figures are not available at year-end. All estimates are based on regular updates based on the progress of each voyage. The freight revenues measured at year-end give a faithful depiction of the transferof services.Performance obligations for voyage revenue are satisfied over time through the progress of the voyage, as the customer is receiving and consuming the benefits of the transport services as the Group performs. No revenue is recognised until the voyage starts and the performance obligation is partly satisfied. Voyage expenses include all expenses that are incurred as a direct and incremental consequence of a particular voyage, such as bunker fuel, port costs, cargo loading and unloading expenses, canal and agency fees, as well as administrative expenses in the various regions. Other operating expenses include running expenses and administrative expenses. Other operating expenses are recognised when incurred. All voyage expenses in relation to each voyage are considered costs to fulfil a contract and are capitalised and amortised through each specific voyage, based on the percentage of completion of the voyage (progress/days). For further disclosures, see Note 3, 4 and 5. Time charter revenue Time charter revenue is accounted for as operating lease under IFRS 16. The performance obligation for time charter revenue is satisfied over the period the vessel is available to the lessee, hence the revenue is recognised on a straight-lined basis over the term of the charter arrangement. Revenue from vessels on time charter is recognised as a time charter per day less days off hire as applicable.Terminal related revenueThe performance obligation for terminal related services is satisfied at the point in time when the service delivery is complete, and revenue is recognised at this time. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-241-3": {
"value": "Transaction price is determined based on market prices. The freight services are priced as one complete transport service to the customer. Retrospective volume rebates provided to certain customers, which represent variable consideration, are based on the expected value method and allocated to the voyage revenue. Variable considerations are only included in the transaction price if it is highly probable that there will not be a significant reversal in cumulative revenue recognised, when the uncertainties related to the variability are resolved. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-250-4": {
"value": "Voyage revenue and expensesAll voyage revenue and expenses are recognised on a load-to-dis-charge basis for all spot voyages. Revenue and expenses related to voyages will to some extent be based on estimates as the actual figures are not available at year-end. All estimates are based on regular updates based on the progress of each voyage. The freight revenues measured at year-end give a faithful depiction of the transferof services.Performance obligations for voyage revenue are satisfied over time through the progress of the voyage, as the customer is receiving and consuming the benefits of the transport services as the Group performs. No revenue is recognised until the voyage starts and the performance obligation is partly satisfied. Voyage expenses include all expenses that are incurred as a direct and incremental consequence of a particular voyage, such as bunker fuel, port costs, cargo loading and unloading expenses, canal and agency fees, as well as administrative expenses in the various regions. Other operating expenses include running expenses and administrative expenses. Other operating expenses are recognised when incurred. All voyage expenses in relation to each voyage are considered costs to fulfil a contract and are capitalised and amortised through each specific voyage, based on the percentage of completion of the voyage (progress/days). For further disclosures, see Note 3, 4 and 5. VESSELS / NEWBUILDINGS / EQUIPMENTFixed assets are recorded at cost less accumulated depreciation and impairments. For newbuilding contracts, the cost price includes all the costs incurred in the development and construction process, including borrowing costs, construction supervision costs and technical costs. For vessels that have been purchased in the second-hand market, the cost price includes expenses directly related to the acquisition. When assets are sold or disposed of, the gross carrying amount and accumulated depreciation are reversed, and any gain or loss on the sale or disposal is included in the statement of comprehensive income. For further disclosures relating to vessels, newbuildings and equip-ment, see Note 7. VesselsThe depreciation is calculated on a straight-line basis and adjusted for impairment if applicable. The RoRo vessels have an expected useful life of 30 years. Vessels are depreciated to estimated scrap value. Expected economic life and estimated scrap values of the vessels are reviewed and evaluated at each balance sheet date. If new evaluations materially differ from earlier estimates the deprecia-tion is changed accordingly.Ordinary repairs and maintenance costs are expensed as incurred. Docking cost/classification costs are capitalised and amortised over the period until the next anticipated docking/inspection. Costs that do not meet the capitalisation criteria are expensed as repairs and maintenance costs.NewbuildingsInstalments on newbuilding contracts are capitalised as \u201cNewbuild-ings\u201d when they are paid. Upon delivery, newbuildings are reclassi-fied to vessels and are subject to depreciation. The acquisition cost includes direct investments, cost incurred during the construction period and borrowing cost. Borrowing costs are capitalised during the construction period. The newbuilding contracts are financed generally, hence the amount of interest capitalised during the construction period is based on the effective interest of the Group\u2019s loan facilities.Vessels held for saleVessels are held for sale when their carrying amount is to be recov-ered principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of carrying amount and their fair value less cost of sale.EquipmentDepreciation is calculated on a straight-line basis with the following estimated useful life: Vessel equipment: 10 yearsOffice equipment: 3 \u2013 5 yearsVehicles: 5 yearsIT-system: 10 \u2013 15 yearsImpairment of non-financial assetsThe carrying amount of tangible assets is tested for impairment wheneverthere are indications that the value of these assets may have been impaired. If the carrying amount of an asset is higher than the recov-erable amount, an impairment loss will be recognised in the statement of comprehensive income. The recoverable amount of an asset or a cash-generating unit is the higher of its fair value less cost to sell and its value-in-use. The recoverable amount is determined separately for all assets, but if not possible, this will be determined together with the cash-generating unit to which the asset belongs. All vessels participating in the Group\u2019s RoRo operations are considered part of a single cash-gen-erating unit as this is the smallest strategically identifiable group of assets. Vessels in lay-up, for which there are no concrete plans for when the vessel will be back in operation, are not considered \u201cin operation\u201d. Impairment losses recognised in prior periods are reversed when indications of impairment no longer exist or have decreased. A loss is only reversed to the extent that the asset\u2019s carrying amount does not exceed the carrying value recognised if no impairment charges had been recognised in prior periods and normal depreciation and amortisation policies had been applied.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-291-3": {
"value": "CASH AND CASH EQUIVALENTSCash includes cash in hand and bank deposits, including restricted bank accounts for deposits in respect of employee taxes. For further disclosures, see Note 14.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-296-3": {
"value": "FINANCIAL INSTRUMENTSFinancial assetsFinancial assets are initially recognised at fair value when the Group becomes a party to the contractual provisions of the asset, unless the fair value differs from the transaction value. The subsequent measurement of the financial assets depends on what category they are classified into at inception. The Group classifies its financial assets into the following main categories for subsequent measure-ment; Debt instrument at amortised cost, debt instruments at fair value through other comprehensive income (with cumulative gains and losses reclassified to profit or loss upon derecognition) and equity instruments designated measured at fair value through other comprehensive income (with gains and losses remaining in other comprehensive income). The fair value of investments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date. For investments where there is no active market, fair value is determined applying commonly used valuation techniques. As of 31 December 2022, the Group holds financial instruments classified in level three in the valuation hierarchy.Amortised cost. This category includes assets that are held in order to collect contractual cash flows, and where the contractual terms give right to cash flows that are solely related to principal and interests on the principal amount outstanding. This includes mainly loans to associate companies and trade receivables. Loans and trade receivables are non-derivative financial assets with fixed or agreed payments that are not traded in an active market. Such assets are measured at amortised cost using the effective interest method. Gains and losses are recognised in the consolidated statement of comprehensive income when the loans and receivables are derecognised or impaired, as well as through the amortisation process. Trade and other receivables are carried at the original invoice amount, less an allowance made for doubtful receivables. Impairment is performed when there is objective evidence that the Group will be unable to recover balances in fullFinancial assets at fair value through other comprehensive income. Investments in shares not held for trade purposes, are classified as investments in fair value through other comprehensive income. Dividends from these companies are recognised through profit or loss unless they clearly represent a recovery of part of the investment, in which case they are recognised in other comprehen-sive income.Financial assets at fair value through profit or loss. This category includes financial assets that are held for trading and financial assetsthat on initial recognition are designated as fair value through profit or loss. Derivatives are also categorised as held for trading unless they are designated as effective hedging instruments as defined by IFRS 9. The Group uses derivative financial instruments such as interest rate swaps to manage its risks associated with interest rates.Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative. Changes in the fair value are recognised in the statement of comprehensive income as other financial items. The fair value of bunker caps is determined using themarket value at the balance sheet date. The Group has not desig-nated any derivatives as hedging instruments under IFRS 9.Financial liabilitiesFinancial liabilities are after initial recognition measured at amor-tised cost using the effective interest method, except for financial liabilities recognised through profit or loss, including derivatives. Financial liabilities at fair value through profit or loss is calculated by discounting future cash flows.Interest-bearing bank loans and other debt classified as financial liabilities are initially recognised at fair value when the Group becomes party to the contractual provisions of the instrument. After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. Amortised cost is calculated by taking into account any issue costs, and any discount or premium on settlement. A substantial modification of the terms of an existing financial liability is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. In the case of recognising a new liability, the fees are treated as part of the amortised cost. Financial liabilities are presented as current if the liabilities are due to be settled within 12 months after the balance sheet date, whereasliabilities with the legal right to be settled more than 12 months after the balance sheet date are classified as non-current liabilities.Impairment of financial assetsThe Group assesses at each balance sheet date whether a financial asset or group of financial assets may be impaired. Financial assets are impaired when there is objective evidence that the Group is not likely to recover all the amounts in connection with contractual termsrelated to loans and receivables. The amount of expected credit losses recognised as a loss allow-ance depends on the extent of credit deterioration since initial recognition:12-month expected credit losses, which applies to all items (from initial recognition) as long as there is no significant deterioration in credit quality, orFull lifetime expected credit losses, which applies when a significant increase in credit risk has occurred on an individual or collective basisThe Group evaluates trade receivables according to the full lifetime expected credit losses.Impairment reversals are recorded when the amount of impairment losses in future periods is reduced, and the reduction can be linked objectively to an event that occurs after the impairment was recognised. A reversal will only be recorded to the extent that the carrying value does not exceed what the amortised cost would have been if the impairment had not been made. Impairment reversals are presented as income or as a reduction of expenses.VESSELS / NEWBUILDINGS / EQUIPMENTFixed assets are recorded at cost less accumulated depreciation and impairments. For newbuilding contracts, the cost price includes all the costs incurred in the development and construction process, including borrowing costs, construction supervision costs and technical costs. For vessels that have been purchased in the second-hand market, the cost price includes expenses directly related to the acquisition. When assets are sold or disposed of, the gross carrying amount and accumulated depreciation are reversed, and any gain or loss on the sale or disposal is included in the statement of comprehensive income. For further disclosures relating to vessels, newbuildings and equip-ment, see Note 7. VesselsThe depreciation is calculated on a straight-line basis and adjusted for impairment if applicable. The RoRo vessels have an expected useful life of 30 years. Vessels are depreciated to estimated scrap value. Expected economic life and estimated scrap values of the vessels are reviewed and evaluated at each balance sheet date. If new evaluations materially differ from earlier estimates the deprecia-tion is changed accordingly.Ordinary repairs and maintenance costs are expensed as incurred. Docking cost/classification costs are capitalised and amortised over the period until the next anticipated docking/inspection. Costs that do not meet the capitalisation criteria are expensed as repairs and maintenance costs.NewbuildingsInstalments on newbuilding contracts are capitalised as \u201cNewbuild-ings\u201d when they are paid. Upon delivery, newbuildings are reclassi-fied to vessels and are subject to depreciation. The acquisition cost includes direct investments, cost incurred during the construction period and borrowing cost. Borrowing costs are capitalised during the construction period. The newbuilding contracts are financed generally, hence the amount of interest capitalised during the construction period is based on the effective interest of the Group\u2019s loan facilities.Vessels held for saleVessels are held for sale when their carrying amount is to be recov-ered principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of carrying amount and their fair value less cost of sale.EquipmentDepreciation is calculated on a straight-line basis with the following estimated useful life: Vessel equipment: 10 yearsOffice equipment: 3 \u2013 5 yearsVehicles: 5 yearsIT-system: 10 \u2013 15 yearsImpairment of non-financial assetsThe carrying amount of tangible assets is tested for impairment wheneverthere are indications that the value of these assets may have been impaired. If the carrying amount of an asset is higher than the recov-erable amount, an impairment loss will be recognised in the statement of comprehensive income. The recoverable amount of an asset or a cash-generating unit is the higher of its fair value less cost to sell and its value-in-use. The recoverable amount is determined separately for all assets, but if not possible, this will be determined together with the cash-generating unit to which the asset belongs. All vessels participating in the Group\u2019s RoRo operations are considered part of a single cash-gen-erating unit as this is the smallest strategically identifiable group of assets. Vessels in lay-up, for which there are no concrete plans for when the vessel will be back in operation, are not considered \u201cin operation\u201d. Impairment losses recognised in prior periods are reversed when indications of impairment no longer exist or have decreased. A loss is only reversed to the extent that the asset\u2019s carrying amount does not exceed the carrying value recognised if no impairment charges had been recognised in prior periods and normal depreciation and amortisation policies had been applied.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-296-4": {
"value": "FINANCIAL INSTRUMENTSFinancial assetsFinancial assets are initially recognised at fair value when the Group becomes a party to the contractual provisions of the asset, unless the fair value differs from the transaction value. The subsequent measurement of the financial assets depends on what category they are classified into at inception. The Group classifies its financial assets into the following main categories for subsequent measure-ment; Debt instrument at amortised cost, debt instruments at fair value through other comprehensive income (with cumulative gains and losses reclassified to profit or loss upon derecognition) and equity instruments designated measured at fair value through other comprehensive income (with gains and losses remaining in other comprehensive income). The fair value of investments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date. For investments where there is no active market, fair value is determined applying commonly used valuation techniques. As of 31 December 2022, the Group holds financial instruments classified in level three in the valuation hierarchy.Amortised cost. This category includes assets that are held in order to collect contractual cash flows, and where the contractual terms give right to cash flows that are solely related to principal and interests on the principal amount outstanding. This includes mainly loans to associate companies and trade receivables. Loans and trade receivables are non-derivative financial assets with fixed or agreed payments that are not traded in an active market. Such assets are measured at amortised cost using the effective interest method. Gains and losses are recognised in the consolidated statement of comprehensive income when the loans and receivables are derecognised or impaired, as well as through the amortisation process. Trade and other receivables are carried at the original invoice amount, less an allowance made for doubtful receivables. Impairment is performed when there is objective evidence that the Group will be unable to recover balances in fullFinancial assets at fair value through other comprehensive income. Investments in shares not held for trade purposes, are classified as investments in fair value through other comprehensive income. Dividends from these companies are recognised through profit or loss unless they clearly represent a recovery of part of the investment, in which case they are recognised in other comprehen-sive income.Financial assets at fair value through profit or loss. This category includes financial assets that are held for trading and financial assetsthat on initial recognition are designated as fair value through profit or loss. Derivatives are also categorised as held for trading unless they are designated as effective hedging instruments as defined by IFRS 9. The Group uses derivative financial instruments such as interest rate swaps to manage its risks associated with interest rates.Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative. Changes in the fair value are recognised in the statement of comprehensive income as other financial items. The fair value of bunker caps is determined using themarket value at the balance sheet date. The Group has not desig-nated any derivatives as hedging instruments under IFRS 9.Financial liabilitiesFinancial liabilities are after initial recognition measured at amor-tised cost using the effective interest method, except for financial liabilities recognised through profit or loss, including derivatives. Financial liabilities at fair value through profit or loss is calculated by discounting future cash flows.Interest-bearing bank loans and other debt classified as financial liabilities are initially recognised at fair value when the Group becomes party to the contractual provisions of the instrument. After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. Amortised cost is calculated by taking into account any issue costs, and any discount or premium on settlement. A substantial modification of the terms of an existing financial liability is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. In the case of recognising a new liability, the fees are treated as part of the amortised cost. Financial liabilities are presented as current if the liabilities are due to be settled within 12 months after the balance sheet date, whereasliabilities with the legal right to be settled more than 12 months after the balance sheet date are classified as non-current liabilities.Impairment of financial assetsThe Group assesses at each balance sheet date whether a financial asset or group of financial assets may be impaired. Financial assets are impaired when there is objective evidence that the Group is not likely to recover all the amounts in connection with contractual termsrelated to loans and receivables. The amount of expected credit losses recognised as a loss allow-ance depends on the extent of credit deterioration since initial recognition:12-month expected credit losses, which applies to all items (from initial recognition) as long as there is no significant deterioration in credit quality, orFull lifetime expected credit losses, which applies when a significant increase in credit risk has occurred on an individual or collective basisThe Group evaluates trade receivables according to the full lifetime expected credit losses.Impairment reversals are recorded when the amount of impairment losses in future periods is reduced, and the reduction can be linked objectively to an event that occurs after the impairment was recognised. A reversal will only be recorded to the extent that the carrying value does not exceed what the amortised cost would have been if the impairment had not been made. Impairment reversals are presented as income or as a reduction of expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-413-3": {
"value": "Derecognition of financial instrumentsA financial asset is derecognised when:The rights to receive cash flows from the asset have expiredThe Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; orThe Group has transferred its rights to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the asset, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset but has trans-ferred control of the asset.Financial liabilities are derecognised from the balance sheet when the contractual obligation expires, is discharged or cancelled. Gains and losses arising on the repurchase, settlement or cancellation of liabilities are recognised respectively in interest income and other financial items and interest and other finance expenses.Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in profit or loss. The terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-413-4": {
"value": "Derecognition of financial instrumentsA financial asset is derecognised when:The rights to receive cash flows from the asset have expiredThe Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; orThe Group has transferred its rights to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the asset, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset but has trans-ferred control of the asset.Financial liabilities are derecognised from the balance sheet when the contractual obligation expires, is discharged or cancelled. Gains and losses arising on the repurchase, settlement or cancellation of liabilities are recognised respectively in interest income and other financial items and interest and other finance expenses.Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in profit or loss. The terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-413-5": {
"value": "Derecognition of financial instrumentsA financial asset is derecognised when:The rights to receive cash flows from the asset have expiredThe Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; orThe Group has transferred its rights to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the asset, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset but has trans-ferred control of the asset.Financial liabilities are derecognised from the balance sheet when the contractual obligation expires, is discharged or cancelled. Gains and losses arising on the repurchase, settlement or cancellation of liabilities are recognised respectively in interest income and other financial items and interest and other finance expenses.Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in profit or loss. The terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-413-6": {
"value": "Derecognition of financial instrumentsA financial asset is derecognised when:The rights to receive cash flows from the asset have expiredThe Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; orThe Group has transferred its rights to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the asset, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset but has trans-ferred control of the asset.Financial liabilities are derecognised from the balance sheet when the contractual obligation expires, is discharged or cancelled. Gains and losses arising on the repurchase, settlement or cancellation of liabilities are recognised respectively in interest income and other financial items and interest and other finance expenses.Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in profit or loss. The terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-413-7": {
"value": "Derecognition of financial instrumentsA financial asset is derecognised when:The rights to receive cash flows from the asset have expiredThe Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; orThe Group has transferred its rights to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the asset, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset but has trans-ferred control of the asset.Financial liabilities are derecognised from the balance sheet when the contractual obligation expires, is discharged or cancelled. Gains and losses arising on the repurchase, settlement or cancellation of liabilities are recognised respectively in interest income and other financial items and interest and other finance expenses.Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in profit or loss. The terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-413-8": {
"value": "Derecognition of financial instrumentsA financial asset is derecognised when:The rights to receive cash flows from the asset have expiredThe Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; orThe Group has transferred its rights to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the asset, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset but has trans-ferred control of the asset.Financial liabilities are derecognised from the balance sheet when the contractual obligation expires, is discharged or cancelled. Gains and losses arising on the repurchase, settlement or cancellation of liabilities are recognised respectively in interest income and other financial items and interest and other finance expenses.Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in profit or loss. The terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-413-9": {
"value": "Derecognition of financial instrumentsA financial asset is derecognised when:The rights to receive cash flows from the asset have expiredThe Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; orThe Group has transferred its rights to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the asset, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset but has trans-ferred control of the asset.Financial liabilities are derecognised from the balance sheet when the contractual obligation expires, is discharged or cancelled. Gains and losses arising on the repurchase, settlement or cancellation of liabilities are recognised respectively in interest income and other financial items and interest and other finance expenses.Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in profit or loss. The terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-443-3": {
"value": "INVENTORIESInventories consist mainly of bunkers and are recognised at cost. The consumption of bunkers is recognised in accordance with the first-in first-out principle (FIFO).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-448-5": {
"value": "VESSELS / NEWBUILDINGS / EQUIPMENTFixed assets are recorded at cost less accumulated depreciation and impairments. For newbuilding contracts, the cost price includes all the costs incurred in the development and construction process, including borrowing costs, construction supervision costs and technical costs. For vessels that have been purchased in the second-hand market, the cost price includes expenses directly related to the acquisition. When assets are sold or disposed of, the gross carrying amount and accumulated depreciation are reversed, and any gain or loss on the sale or disposal is included in the statement of comprehensive income. For further disclosures relating to vessels, newbuildings and equip-ment, see Note 7. VesselsThe depreciation is calculated on a straight-line basis and adjusted for impairment if applicable. The RoRo vessels have an expected useful life of 30 years. Vessels are depreciated to estimated scrap value. Expected economic life and estimated scrap values of the vessels are reviewed and evaluated at each balance sheet date. If new evaluations materially differ from earlier estimates the deprecia-tion is changed accordingly.Ordinary repairs and maintenance costs are expensed as incurred. Docking cost/classification costs are capitalised and amortised over the period until the next anticipated docking/inspection. Costs that do not meet the capitalisation criteria are expensed as repairs and maintenance costs.NewbuildingsInstalments on newbuilding contracts are capitalised as \u201cNewbuild-ings\u201d when they are paid. Upon delivery, newbuildings are reclassi-fied to vessels and are subject to depreciation. The acquisition cost includes direct investments, cost incurred during the construction period and borrowing cost. Borrowing costs are capitalised during the construction period. The newbuilding contracts are financed generally, hence the amount of interest capitalised during the construction period is based on the effective interest of the Group\u2019s loan facilities.Vessels held for saleVessels are held for sale when their carrying amount is to be recov-ered principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of carrying amount and their fair value less cost of sale.EquipmentDepreciation is calculated on a straight-line basis with the following estimated useful life: Vessel equipment: 10 yearsOffice equipment: 3 \u2013 5 yearsVehicles: 5 yearsIT-system: 10 \u2013 15 yearsImpairment of non-financial assetsThe carrying amount of tangible assets is tested for impairment wheneverthere are indications that the value of these assets may have been impaired. If the carrying amount of an asset is higher than the recov-erable amount, an impairment loss will be recognised in the statement of comprehensive income. The recoverable amount of an asset or a cash-generating unit is the higher of its fair value less cost to sell and its value-in-use. The recoverable amount is determined separately for all assets, but if not possible, this will be determined together with the cash-generating unit to which the asset belongs. All vessels participating in the Group\u2019s RoRo operations are considered part of a single cash-gen-erating unit as this is the smallest strategically identifiable group of assets. Vessels in lay-up, for which there are no concrete plans for when the vessel will be back in operation, are not considered \u201cin operation\u201d. Impairment losses recognised in prior periods are reversed when indications of impairment no longer exist or have decreased. A loss is only reversed to the extent that the asset\u2019s carrying amount does not exceed the carrying value recognised if no impairment charges had been recognised in prior periods and normal depreciation and amortisation policies had been applied.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-448-6": {
"value": "VESSELS / NEWBUILDINGS / EQUIPMENTFixed assets are recorded at cost less accumulated depreciation and impairments. For newbuilding contracts, the cost price includes all the costs incurred in the development and construction process, including borrowing costs, construction supervision costs and technical costs. For vessels that have been purchased in the second-hand market, the cost price includes expenses directly related to the acquisition. When assets are sold or disposed of, the gross carrying amount and accumulated depreciation are reversed, and any gain or loss on the sale or disposal is included in the statement of comprehensive income. For further disclosures relating to vessels, newbuildings and equip-ment, see Note 7. VesselsThe depreciation is calculated on a straight-line basis and adjusted for impairment if applicable. The RoRo vessels have an expected useful life of 30 years. Vessels are depreciated to estimated scrap value. Expected economic life and estimated scrap values of the vessels are reviewed and evaluated at each balance sheet date. If new evaluations materially differ from earlier estimates the deprecia-tion is changed accordingly.Ordinary repairs and maintenance costs are expensed as incurred. Docking cost/classification costs are capitalised and amortised over the period until the next anticipated docking/inspection. Costs that do not meet the capitalisation criteria are expensed as repairs and maintenance costs.NewbuildingsInstalments on newbuilding contracts are capitalised as \u201cNewbuild-ings\u201d when they are paid. Upon delivery, newbuildings are reclassi-fied to vessels and are subject to depreciation. The acquisition cost includes direct investments, cost incurred during the construction period and borrowing cost. Borrowing costs are capitalised during the construction period. The newbuilding contracts are financed generally, hence the amount of interest capitalised during the construction period is based on the effective interest of the Group\u2019s loan facilities.Vessels held for saleVessels are held for sale when their carrying amount is to be recov-ered principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of carrying amount and their fair value less cost of sale.EquipmentDepreciation is calculated on a straight-line basis with the following estimated useful life: Vessel equipment: 10 yearsOffice equipment: 3 \u2013 5 yearsVehicles: 5 yearsIT-system: 10 \u2013 15 yearsImpairment of non-financial assetsThe carrying amount of tangible assets is tested for impairment wheneverthere are indications that the value of these assets may have been impaired. If the carrying amount of an asset is higher than the recov-erable amount, an impairment loss will be recognised in the statement of comprehensive income. The recoverable amount of an asset or a cash-generating unit is the higher of its fair value less cost to sell and its value-in-use. The recoverable amount is determined separately for all assets, but if not possible, this will be determined together with the cash-generating unit to which the asset belongs. All vessels participating in the Group\u2019s RoRo operations are considered part of a single cash-gen-erating unit as this is the smallest strategically identifiable group of assets. Vessels in lay-up, for which there are no concrete plans for when the vessel will be back in operation, are not considered \u201cin operation\u201d. Impairment losses recognised in prior periods are reversed when indications of impairment no longer exist or have decreased. A loss is only reversed to the extent that the asset\u2019s carrying amount does not exceed the carrying value recognised if no impairment charges had been recognised in prior periods and normal depreciation and amortisation policies had been applied.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-448-7": {
"value": "VESSELS / NEWBUILDINGS / EQUIPMENTFixed assets are recorded at cost less accumulated depreciation and impairments. For newbuilding contracts, the cost price includes all the costs incurred in the development and construction process, including borrowing costs, construction supervision costs and technical costs. For vessels that have been purchased in the second-hand market, the cost price includes expenses directly related to the acquisition. When assets are sold or disposed of, the gross carrying amount and accumulated depreciation are reversed, and any gain or loss on the sale or disposal is included in the statement of comprehensive income. For further disclosures relating to vessels, newbuildings and equip-ment, see Note 7. VesselsThe depreciation is calculated on a straight-line basis and adjusted for impairment if applicable. The RoRo vessels have an expected useful life of 30 years. Vessels are depreciated to estimated scrap value. Expected economic life and estimated scrap values of the vessels are reviewed and evaluated at each balance sheet date. If new evaluations materially differ from earlier estimates the deprecia-tion is changed accordingly.Ordinary repairs and maintenance costs are expensed as incurred. Docking cost/classification costs are capitalised and amortised over the period until the next anticipated docking/inspection. Costs that do not meet the capitalisation criteria are expensed as repairs and maintenance costs.NewbuildingsInstalments on newbuilding contracts are capitalised as \u201cNewbuild-ings\u201d when they are paid. Upon delivery, newbuildings are reclassi-fied to vessels and are subject to depreciation. The acquisition cost includes direct investments, cost incurred during the construction period and borrowing cost. Borrowing costs are capitalised during the construction period. The newbuilding contracts are financed generally, hence the amount of interest capitalised during the construction period is based on the effective interest of the Group\u2019s loan facilities.Vessels held for saleVessels are held for sale when their carrying amount is to be recov-ered principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of carrying amount and their fair value less cost of sale.EquipmentDepreciation is calculated on a straight-line basis with the following estimated useful life: Vessel equipment: 10 yearsOffice equipment: 3 \u2013 5 yearsVehicles: 5 yearsIT-system: 10 \u2013 15 yearsImpairment of non-financial assetsThe carrying amount of tangible assets is tested for impairment wheneverthere are indications that the value of these assets may have been impaired. If the carrying amount of an asset is higher than the recov-erable amount, an impairment loss will be recognised in the statement of comprehensive income. The recoverable amount of an asset or a cash-generating unit is the higher of its fair value less cost to sell and its value-in-use. The recoverable amount is determined separately for all assets, but if not possible, this will be determined together with the cash-generating unit to which the asset belongs. All vessels participating in the Group\u2019s RoRo operations are considered part of a single cash-gen-erating unit as this is the smallest strategically identifiable group of assets. Vessels in lay-up, for which there are no concrete plans for when the vessel will be back in operation, are not considered \u201cin operation\u201d. Impairment losses recognised in prior periods are reversed when indications of impairment no longer exist or have decreased. A loss is only reversed to the extent that the asset\u2019s carrying amount does not exceed the carrying value recognised if no impairment charges had been recognised in prior periods and normal depreciation and amortisation policies had been applied.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-527-3": {
"value": "LEASESThe Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For all leases where the Group is a lessee, a right-of-use asset and lease liability is recognised in the balance sheet at the date at which the leased asset is available for use by the Group. The Group leases vessels, terminals, offices, equipment and vehicles. The lease term is defined as the non-cancellable period of the lease, which is the period where the lessee cannot exit the agreement. The lease term may include option periods which are included when the Group is reasonably certain to exercise as described below. When deciding on whether the Group is reasonablycertain to exercise options, all facts and circumstances are taken into consideration. See section on Extension and termination optionsbelow for further details.Only short-term leases (lease term of 12 months or less and do not include a purchase option) and leases of low value assets are exempted from recognition. Low value assets comprise smaller IT and office equipment. Lease payments on short-term leases and leases of low value assets are recognised as expense on a straight-line basis over the lease term.The lease term will be revised if there is a change in the non-cancel-lable period, or it is reasonably certain that an option period is to be exercised or contracted. A revision of lease term is also relevant if an option period previously was considered as part of the lease period but is no longer probable due to an event. A re-measurement due to change in lease period or purchase option, will entail a change in lease liability (and adjustment of the right-of-use asset) based on revised lease payments.Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. However, for non-lease components that are not specified in the lease contract, the Group has elected not to separate lease and non-lease components and instead accounts for these as a single lease component. This applies for time charter leases where the lease payment includes running expenses which are not specified. All other non-lease components are accounted for separately.MeasurementThe lease liability is measured as the present value of future lease payments, which include fixed payments, variable payments based on an index or a rate, expected payments under residual value guarantees, exercise price of purchase options reasonably certain to be exercised and termination penalties if applicable. Lease paymentsto be made under reasonably certain extension options are also included in the measurement of the liability.The right-of-use asset is measured at the amount of the lease liabilityadjusted for lease prepayments, lease incentives received, the lessee\u2019s initial direct costs (e.g., commissions) and an estimate of restoration, removal and dismantling costs. The right-of-use asset is generally depreciated on a straight-line basis over the shorter of the asset\u2019s estimated useful life and the lease term. The Group applies the impairment requirements in IAS 36 to the right-of-use assets. Refer to the accounting policies in section Impairment of non-financial assets. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset.For leases where the Group is a lessor, the distinction is made between two types of leases: operating and finance leases. In leases where the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset, are classified as operating leases. Rental income associated with operating leases arerecognised on a straight-line basis and according to the agreements. A sub-lease agreement is evaluated with reference to the right-of-useasset in the head lease.Extension and termination optionsExtension and termination options are included in a number of vessels, property and equipment leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of the options are held only by the Group and not by the lessor. The Group assesses at lease commencement date whether it is reasonably certain to exercise the extension options. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option or not to exercise a termination option. These considerations include penaltiesto terminate (or not exercise), value of any leasehold improvements, costs and business disruption required to replace the leased asset. The Group reassesses whether it is reasonably certain to exercise the options if there is a significant event or significant changes in circumstances within its control.The Group has estimated that the potential future lease payments, should it exercise the extension options, would result in an increase in lease liability of USD 44 million.Variable lease paymentsVariable lease payments that do not depend on an index or a rate arerecognised as expenses in the period in which the event or condition that triggers the payment occurs. Hence, variable lease payments based on performance or usage of the underlying asset, are not included as lease payments. E.g., fees in terminals based on number of items loaded will constitute variable payments and will not be included in the calculation of the lease liability.Discount rateThe lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generallythe case for all leases in the Group, the lessee\u2019s incremental borrowing rate is used. This rate is the rate that the individual lessee would have to pay to borrow the funds necessary to obtain a similar asset in a similar economic environment with similar terms, security and conditions. Sale and leaseback transactionsIFRS 16 requires seller-lessees and buyer-lessors to apply the requirements in IFRS 15 to determine whether a sale has occurred in a sale and leaseback transaction, meaning whether the transfer of the asset qualifies as a sale in accordance with IFRS 15. If control of an underlying asset passes to the buyer-lessor and a performance obligation is satisfied, the transaction is accounted for as a sale (or purchase) and a lease by both parties. The gain on disposal is limitedto only represent the gain on the portion of the asset sold recog-nising that the seller-lessee has retained an interest in the asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-657-3": {
"value": "PROVISIONSProvisions are recognised when the Group has a legal or construc-tive obligation as a result of past events. The recognition of the provision is that it is likely (more likely than not) that a future event will lead to a financial settlement as a result of this commitment, and that the size of the amount can be measured reliably. Provisions are evaluated at each balance sheet date and reflects the best estimate of the obligation. When the effect of time is significant, the provision will be the present value of future payments to cover the obligation. For further disclosures, see Note 21.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-668-3": {
"value": "EQUITYTransaction costs related to equity transactions are recognised directly in equity after the deduction of tax.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-672-3": {
"value": "EMPLOYEE BENEFITSDefined contribution plansThe contribution plans comprise plans whereby the companies make annual contributions to the employees\u2019 pension plan, which is the expense for the period. The Group has no legal or constructive obli-gations to pay further contributions if the fund does not hold enough assets to pay all employees the benefits relating to employee service in the current and prior period. For further disclosures, see Note 5 and Management Remuneration Report published on the Company\u2019s website.Defined benefit plansDefined benefit plans define an amount of pension benefit that an employee will receive on retirement, dependent on a set of assump-tions. The liability recognised in the balance sheet is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. Pension assets and obligations are calculated by an actuary each year. The Group has nosignificant defined benefit plans.Termination benefitsThe costs associated with termination benefits are provided for whenthe management has decided on a plan that will lead to reductions in the workforce and the work of restructuring has started, or a reduction in workforce has been communicated to the employees. Share bonus program The Group has a long-term incentive plan which is s share bonus program for key personnel. Under the program key personnel are granted award shares that will be converted to shares based on certain conditions being fulfilled. The costs related to the program will be expensed over the vesting period of 36 months and recog-nised as salary expense with a corresponding entry to equity. For more information about the share bonus program, see Note 6.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-705-3": {
"value": "INCOME TAXThe current tax charge is calculated on the basis of the tax laws enacted at the balance sheet date in the countries where the Group operates and generates taxable income. Taxes payable with long-term maturity are recognised at present value. The tax expense consists of taxes payable and changes in deferred tax. For further disclosures, see Note 11.Tax payableTax assets and liabilities for the current and prior periods are calcu-lated to the amount expected to be reimbursed from or paid to the tax authorities. Tax rates and tax laws used to compute the amount are those that are approved at the balance sheet dateDeferred taxDeferred tax is calculated on temporary differences between tax and accounting values of assets and liabilities that exist at the balance sheet date. Deferred taxes are recognised using the liability method in accordance with IAS 12. Deferred tax assets are recognised for all deductible temporary differences, unused tax credits carried forward and unused tax losses carried forward to the extent it is probable that future taxable profits may be used against deductible temporary differences and unused tax losses carried forward.Deferred tax assets and deferred tax liabilities are offset, if the entity has a legal enforceable right to offset against the carrying amounts, and the deferred tax is related to the same taxable unit and the sametax jurisdiction. Current tonnage tax schemeH\u00f6egh Autoliners Shipping AS, H\u00f6egh Autoliners Shipping II AS, H\u00f6egh Autoliners Shipping 769-3 AS, H\u00f6egh Autoliners Shipping 769-4 AS, H\u00f6egh Autoliners Shipping 769-7 AS and H\u00f6egh Auto-liners Shipping 769-8 AS are all subject to the Norwegian tonnage tax scheme. The scheme is approved by the ESA (EFTA Surveillance Authority). According to the system, net operating revenue derived from the shipping industry will not be taxed and can be distributed without taxation. Instead of paying tax on income derived from the shipping operations, companies within this system have to pay a tonnage fee based on the size of the vessels. The fee is recognised as an operating expense. H\u00f6egh Autoliners Shipping Pte Ltd is taxedunder a tonnage tax scheme in Singapore where shipping-related earnings are tax-free.Financial income is taxed according to the ordinary Norwegian tax scheme; however, it is only a portion of interest expenses and net currency gain/ loss that gives the right to tax deductions. Dividends and capital gains are taxed according to the Norwegian exemption model.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-705-4": {
"value": "INCOME TAXThe current tax charge is calculated on the basis of the tax laws enacted at the balance sheet date in the countries where the Group operates and generates taxable income. Taxes payable with long-term maturity are recognised at present value. The tax expense consists of taxes payable and changes in deferred tax. For further disclosures, see Note 11.Tax payableTax assets and liabilities for the current and prior periods are calcu-lated to the amount expected to be reimbursed from or paid to the tax authorities. Tax rates and tax laws used to compute the amount are those that are approved at the balance sheet dateDeferred taxDeferred tax is calculated on temporary differences between tax and accounting values of assets and liabilities that exist at the balance sheet date. Deferred taxes are recognised using the liability method in accordance with IAS 12. Deferred tax assets are recognised for all deductible temporary differences, unused tax credits carried forward and unused tax losses carried forward to the extent it is probable that future taxable profits may be used against deductible temporary differences and unused tax losses carried forward.Deferred tax assets and deferred tax liabilities are offset, if the entity has a legal enforceable right to offset against the carrying amounts, and the deferred tax is related to the same taxable unit and the sametax jurisdiction. Current tonnage tax schemeH\u00f6egh Autoliners Shipping AS, H\u00f6egh Autoliners Shipping II AS, H\u00f6egh Autoliners Shipping 769-3 AS, H\u00f6egh Autoliners Shipping 769-4 AS, H\u00f6egh Autoliners Shipping 769-7 AS and H\u00f6egh Auto-liners Shipping 769-8 AS are all subject to the Norwegian tonnage tax scheme. The scheme is approved by the ESA (EFTA Surveillance Authority). According to the system, net operating revenue derived from the shipping industry will not be taxed and can be distributed without taxation. Instead of paying tax on income derived from the shipping operations, companies within this system have to pay a tonnage fee based on the size of the vessels. The fee is recognised as an operating expense. H\u00f6egh Autoliners Shipping Pte Ltd is taxedunder a tonnage tax scheme in Singapore where shipping-related earnings are tax-free.Financial income is taxed according to the ordinary Norwegian tax scheme; however, it is only a portion of interest expenses and net currency gain/ loss that gives the right to tax deductions. Dividends and capital gains are taxed according to the Norwegian exemption model.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-705-5": {
"value": "INCOME TAXThe current tax charge is calculated on the basis of the tax laws enacted at the balance sheet date in the countries where the Group operates and generates taxable income. Taxes payable with long-term maturity are recognised at present value. The tax expense consists of taxes payable and changes in deferred tax. For further disclosures, see Note 11.Tax payableTax assets and liabilities for the current and prior periods are calcu-lated to the amount expected to be reimbursed from or paid to the tax authorities. Tax rates and tax laws used to compute the amount are those that are approved at the balance sheet dateDeferred taxDeferred tax is calculated on temporary differences between tax and accounting values of assets and liabilities that exist at the balance sheet date. Deferred taxes are recognised using the liability method in accordance with IAS 12. Deferred tax assets are recognised for all deductible temporary differences, unused tax credits carried forward and unused tax losses carried forward to the extent it is probable that future taxable profits may be used against deductible temporary differences and unused tax losses carried forward.Deferred tax assets and deferred tax liabilities are offset, if the entity has a legal enforceable right to offset against the carrying amounts, and the deferred tax is related to the same taxable unit and the sametax jurisdiction. Current tonnage tax schemeH\u00f6egh Autoliners Shipping AS, H\u00f6egh Autoliners Shipping II AS, H\u00f6egh Autoliners Shipping 769-3 AS, H\u00f6egh Autoliners Shipping 769-4 AS, H\u00f6egh Autoliners Shipping 769-7 AS and H\u00f6egh Auto-liners Shipping 769-8 AS are all subject to the Norwegian tonnage tax scheme. The scheme is approved by the ESA (EFTA Surveillance Authority). According to the system, net operating revenue derived from the shipping industry will not be taxed and can be distributed without taxation. Instead of paying tax on income derived from the shipping operations, companies within this system have to pay a tonnage fee based on the size of the vessels. The fee is recognised as an operating expense. H\u00f6egh Autoliners Shipping Pte Ltd is taxedunder a tonnage tax scheme in Singapore where shipping-related earnings are tax-free.Financial income is taxed according to the ordinary Norwegian tax scheme; however, it is only a portion of interest expenses and net currency gain/ loss that gives the right to tax deductions. Dividends and capital gains are taxed according to the Norwegian exemption model.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-755-3": {
"value": "CONTINGENT LIABILITIES AND ASSETSContingent liabilities comprise:A possible obligation arising as a result of past events where the obligation depends on some uncertain future event.A present obligation that is not recognised in the accounts since it is not probable that the obligation will result in a payment being made.Liabilities that cannot be measured reliably.Contingent liabilities are not recognised in the accounts except for contingent liabilities acquired as part of the purchase of a business. Contingent liabilities acquired as part of the purchase of a business arerecognised in the accounts at fair value even if the liability is not likely to materialise. Contingent liabilities are not recognised in the financial statement, but if material, disclosed in the accompanying notes.A contingent asset is defined as a possible asset, that arises from past events, and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events, not wholly within the control of the entity. Contingent assets are not included in the annual accounts, but information is provided if there is a reasonable certainty that the benefit in question will accrue to the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-778-3": {
"value": "CASH FLOWThe cash flow is presented according to the indirect method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-781-3": {
"value": "SEGMENT REPORTINGThe Group has two operating segments, Shipping services and Logis-tics services. The Logistics segment represents around 0.5% of the Group\u2019s total revenue, profit or loss and assets. The Group has decidedthat the segment is not material to the Group for the period ended 31 December 2022 and has reported information as one combined segment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-789-3": {
"value": "EARNINGS PER SHARECalculation of basic earnings per share is based on the net profit or loss attributable to ordinary shareholders using the weighted averagenumber of shares outstanding during the year after deduction of the average number of treasury shares held over the period.The calculation of diluted earnings per share is consistent with the calculation of basic earnings per share, while giving effect to all dilutive potential ordinary shares that were outstanding during the period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-816-2": {
"value": "(USD 1 000)Notes 31/12/2022 31/12/2021Freight receivables in Ro/Ro operations 160 363 124 786 Unearned freight income 77 135 57 291 Net freight receivables in Ro/Ro operations 13 83 228 67 495 Freight receivables in Other operations 2 936 3 492 Net freight receivables in Other operations 13 2 936 3 492The Group receives payments from customers according to agreed payment terms. Freight receivables are non-interest bearing and are generally on terms of 30 to 90 days. Due to the nature of the Group\u2019s services, where the customers are invoiced at the beginning of the voyage, there are no material contract assets at year-end. Under the payment terms generally applicable to the Group\u2019s revenue gener-ating activities, prepayments are received only to a limited extent.Parts of deferred freight income at year-end represents a contract liability for those situations where the Group has yet to perform the freight service for future periods (remaining voyage), but has receivedpayment (or the amount is due) from the customers in excess of revenue recognised. Amounts included in the deferred income at year-end, are recognised as revenue when the Group performs under the contracts, normally within the next few months, as the average voyage is around 50 days. Revenue from contracts with customers are recognised upon satis-faction of the performance obligation by transferring the promised good or service to the customer. Performance obligations for Freight revenues are satisfied over time through the progress of the voyage. As the service is delivered, the customer is receiving and consuming the benefits of the transport services the Group performs. Other surcharges are primarily bunker surcharges, and surcharges related to handling of cargo. Performance obligation for TC revenue is satisfied over the period the vessel is available to the lessee. Logistics revenues are recognised at a point in time as the performance obligation is satisfied when the service delivery is complete.Income Income Category of services (USD 1 000)statement 2022 Cash flow 2022statement 2021 Cash flow 2021Net freight revenues 1 016 818 823 644 Other surcharges 249 615 116 476 Freight revenues 1 266 433 1 252 305 940 120 928 634 Time charter (TC) revenues - 2 658 2 314 619 Terminal related revenues 3 887 3 887 4 481 4 481 Total revenues 1 270 320 1 258 851 946 915 933 734 Other income - - - - Total income 1 270 320 1 258 851 946 915 933 734 Recognition principle (USD 1 000)Services transferred over time 1 266 433 942 434 Services transferred at point in time 3 887 4 481 Total revenues 1 270 320 946 915 Total revenues, cash flow and contract balances from contracts with customers have been disaggregated into category of services and presented in the tables below: Note 2 \u2014 Revenue from contracts with customers",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-816-3": {
"value": "(USD 1 000)Notes 31/12/2022 31/12/2021Freight receivables in Ro/Ro operations 160 363 124 786 Unearned freight income 77 135 57 291 Net freight receivables in Ro/Ro operations 13 83 228 67 495 Freight receivables in Other operations 2 936 3 492 Net freight receivables in Other operations 13 2 936 3 492The Group receives payments from customers according to agreed payment terms. Freight receivables are non-interest bearing and are generally on terms of 30 to 90 days. Due to the nature of the Group\u2019s services, where the customers are invoiced at the beginning of the voyage, there are no material contract assets at year-end. Under the payment terms generally applicable to the Group\u2019s revenue gener-ating activities, prepayments are received only to a limited extent.Parts of deferred freight income at year-end represents a contract liability for those situations where the Group has yet to perform the freight service for future periods (remaining voyage), but has receivedpayment (or the amount is due) from the customers in excess of revenue recognised. Amounts included in the deferred income at year-end, are recognised as revenue when the Group performs under the contracts, normally within the next few months, as the average voyage is around 50 days. Revenue from contracts with customers are recognised upon satis-faction of the performance obligation by transferring the promised good or service to the customer. Performance obligations for Freight revenues are satisfied over time through the progress of the voyage. As the service is delivered, the customer is receiving and consuming the benefits of the transport services the Group performs. Other surcharges are primarily bunker surcharges, and surcharges related to handling of cargo. Performance obligation for TC revenue is satisfied over the period the vessel is available to the lessee. Logistics revenues are recognised at a point in time as the performance obligation is satisfied when the service delivery is complete.Income Income Category of services (USD 1 000)statement 2022 Cash flow 2022statement 2021 Cash flow 2021Net freight revenues 1 016 818 823 644 Other surcharges 249 615 116 476 Freight revenues 1 266 433 1 252 305 940 120 928 634 Time charter (TC) revenues - 2 658 2 314 619 Terminal related revenues 3 887 3 887 4 481 4 481 Total revenues 1 270 320 1 258 851 946 915 933 734 Other income - - - - Total income 1 270 320 1 258 851 946 915 933 734 Recognition principle (USD 1 000)Services transferred over time 1 266 433 942 434 Services transferred at point in time 3 887 4 481 Total revenues 1 270 320 946 915 Total revenues, cash flow and contract balances from contracts with customers have been disaggregated into category of services and presented in the tables below: Note 2 \u2014 Revenue from contracts with customers",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-817-2": {
"value": " Bunker expenses (USD 1 000) 2022 2021 Total bunker consumption (1 000 mt) 375 419 Average price (USD/mt) 838 506 Total 314 361 212 076 Voyage expenses (USD 1 000) 2022 2021 Loading 69 664 68 293 Discharging 74 225 71 677 Port cost 69 063 83 509 Canal cost 51 243 51 186 Transhipment 36 134 45 598 Claims and insurance 2 159 1 443 Equipment 6 451 4 873 Commission* 43 492 42 761 Terminal 3 711 4 236 Other 14 214 20 283 Total 370 359 393 860 Charter hire expenses (USD 1 000) 2022 2021 Charter hire and space charter expenses on short-term time charter contracts 21 325 24 599 Total 21 325 24 599 Note 3 \u2014 Bunker, voyages and charter hire expensesVoyage expenses Voyage expenses are variable costs relating to vessel operation and transshipment. The activity in 2022 with less vessels in operation andfewer port calls have decreased total voyage expenses. There has been a reduction of transshipment expenses due to the regulations of cargo to Russia.Charter hire expenses The decrease in charter hire expenses is due to less short time vessels hired in and less use of space charters in 2022 compared to 2021. * Including administrative expenses related to regional and local offices. Administrative expenses (USD 1 000)2022 2021 Salaries 9 957 10 752 Payroll taxes 1 351 1 445 Pension expenses 362 383 Other administrative expenses 5 531 3 711 Total 17 201 16 292 Number of employees2022 2021 Office 390 376 Sea personnel * 1 172 1 251 Total 1 562 1 627 Auditor\u2019s fee (USD 1 000)2022 2021 Statutory audit 382 229 Assurance services and other audit related services 84 - Tax services 4 56 Other services 34 99 Total 504 385 Administrative expensesSalaries to office personnel and other office and administrative expenses related to Head office are presented as \u201cAdministrative expenses\u201d. Administrative expenses related to Regional and Local offices are presented as \u201cVoyage expenses\u201d. For details on remuneration to executive management and board of directors, see Remuneration report published on our website.* Salary to sea personnel is presented as \u201cRunning expenses\u201d. For further information see Note 4.Amounts excluded value added tax.Note 5 \u2014 Administrative expenses, pensions and other long-term employee benefits(USD 1 000) 2022 2021 Sea personnel expenses 46 007 43 152 Spares, Repair & Maintenance 12 112 11 719 Consumables 13 618 12 836 Insurance 11 694 11 375 Ship management other 16 930 18 246 Total 100 361 97 329 Note 4 \u2014 Running expensesRunning expenses are the costs of managing the vessel, including crew wages, management fees, insurance, spares, repairs and maintenance. The increase in expenses from 2021 to 2022 is due to higher crew costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-817-3": {
"value": " Bunker expenses (USD 1 000) 2022 2021 Total bunker consumption (1 000 mt) 375 419 Average price (USD/mt) 838 506 Total 314 361 212 076 Voyage expenses (USD 1 000) 2022 2021 Loading 69 664 68 293 Discharging 74 225 71 677 Port cost 69 063 83 509 Canal cost 51 243 51 186 Transhipment 36 134 45 598 Claims and insurance 2 159 1 443 Equipment 6 451 4 873 Commission* 43 492 42 761 Terminal 3 711 4 236 Other 14 214 20 283 Total 370 359 393 860 Charter hire expenses (USD 1 000) 2022 2021 Charter hire and space charter expenses on short-term time charter contracts 21 325 24 599 Total 21 325 24 599 Note 3 \u2014 Bunker, voyages and charter hire expensesVoyage expenses Voyage expenses are variable costs relating to vessel operation and transshipment. The activity in 2022 with less vessels in operation andfewer port calls have decreased total voyage expenses. There has been a reduction of transshipment expenses due to the regulations of cargo to Russia.Charter hire expenses The decrease in charter hire expenses is due to less short time vessels hired in and less use of space charters in 2022 compared to 2021. * Including administrative expenses related to regional and local offices. (USD 1 000) 2022 2021 Sea personnel expenses 46 007 43 152 Spares, Repair & Maintenance 12 112 11 719 Consumables 13 618 12 836 Insurance 11 694 11 375 Ship management other 16 930 18 246 Total 100 361 97 329 Note 4 \u2014 Running expensesRunning expenses are the costs of managing the vessel, including crew wages, management fees, insurance, spares, repairs and maintenance. The increase in expenses from 2021 to 2022 is due to higher crew costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-817-4": {
"value": " Bunker expenses (USD 1 000) 2022 2021 Total bunker consumption (1 000 mt) 375 419 Average price (USD/mt) 838 506 Total 314 361 212 076 Voyage expenses (USD 1 000) 2022 2021 Loading 69 664 68 293 Discharging 74 225 71 677 Port cost 69 063 83 509 Canal cost 51 243 51 186 Transhipment 36 134 45 598 Claims and insurance 2 159 1 443 Equipment 6 451 4 873 Commission* 43 492 42 761 Terminal 3 711 4 236 Other 14 214 20 283 Total 370 359 393 860 Charter hire expenses (USD 1 000) 2022 2021 Charter hire and space charter expenses on short-term time charter contracts 21 325 24 599 Total 21 325 24 599 Note 3 \u2014 Bunker, voyages and charter hire expensesVoyage expenses Voyage expenses are variable costs relating to vessel operation and transshipment. The activity in 2022 with less vessels in operation andfewer port calls have decreased total voyage expenses. There has been a reduction of transshipment expenses due to the regulations of cargo to Russia.Charter hire expenses The decrease in charter hire expenses is due to less short time vessels hired in and less use of space charters in 2022 compared to 2021. * Including administrative expenses related to regional and local offices. (USD 1 000) 2022 2021 Sea personnel expenses 46 007 43 152 Spares, Repair & Maintenance 12 112 11 719 Consumables 13 618 12 836 Insurance 11 694 11 375 Ship management other 16 930 18 246 Total 100 361 97 329 Note 4 \u2014 Running expensesRunning expenses are the costs of managing the vessel, including crew wages, management fees, insurance, spares, repairs and maintenance. The increase in expenses from 2021 to 2022 is due to higher crew costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-817-5": {
"value": " Bunker expenses (USD 1 000) 2022 2021 Total bunker consumption (1 000 mt) 375 419 Average price (USD/mt) 838 506 Total 314 361 212 076 Voyage expenses (USD 1 000) 2022 2021 Loading 69 664 68 293 Discharging 74 225 71 677 Port cost 69 063 83 509 Canal cost 51 243 51 186 Transhipment 36 134 45 598 Claims and insurance 2 159 1 443 Equipment 6 451 4 873 Commission* 43 492 42 761 Terminal 3 711 4 236 Other 14 214 20 283 Total 370 359 393 860 Charter hire expenses (USD 1 000) 2022 2021 Charter hire and space charter expenses on short-term time charter contracts 21 325 24 599 Total 21 325 24 599 Note 3 \u2014 Bunker, voyages and charter hire expensesVoyage expenses Voyage expenses are variable costs relating to vessel operation and transshipment. The activity in 2022 with less vessels in operation andfewer port calls have decreased total voyage expenses. There has been a reduction of transshipment expenses due to the regulations of cargo to Russia.Charter hire expenses The decrease in charter hire expenses is due to less short time vessels hired in and less use of space charters in 2022 compared to 2021. * Including administrative expenses related to regional and local offices. (USD 1 000) 2022 2021 Sea personnel expenses 46 007 43 152 Spares, Repair & Maintenance 12 112 11 719 Consumables 13 618 12 836 Insurance 11 694 11 375 Ship management other 16 930 18 246 Total 100 361 97 329 Note 4 \u2014 Running expensesRunning expenses are the costs of managing the vessel, including crew wages, management fees, insurance, spares, repairs and maintenance. The increase in expenses from 2021 to 2022 is due to higher crew costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-865-3": {
"value": " Administrative expenses (USD 1 000)2022 2021 Salaries 9 957 10 752 Payroll taxes 1 351 1 445 Pension expenses 362 383 Other administrative expenses 5 531 3 711 Total 17 201 16 292 Number of employees2022 2021 Office 390 376 Sea personnel * 1 172 1 251 Total 1 562 1 627 Auditor\u2019s fee (USD 1 000)2022 2021 Statutory audit 382 229 Assurance services and other audit related services 84 - Tax services 4 56 Other services 34 99 Total 504 385 Administrative expensesSalaries to office personnel and other office and administrative expenses related to Head office are presented as \u201cAdministrative expenses\u201d. Administrative expenses related to Regional and Local offices are presented as \u201cVoyage expenses\u201d. For details on remuneration to executive management and board of directors, see Remuneration report published on our website.* Salary to sea personnel is presented as \u201cRunning expenses\u201d. For further information see Note 4.Amounts excluded value added tax.Note 5 \u2014 Administrative expenses, pensions and other long-term employee benefits",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-865-4": {
"value": " Administrative expenses (USD 1 000)2022 2021 Salaries 9 957 10 752 Payroll taxes 1 351 1 445 Pension expenses 362 383 Other administrative expenses 5 531 3 711 Total 17 201 16 292 Number of employees2022 2021 Office 390 376 Sea personnel * 1 172 1 251 Total 1 562 1 627 Auditor\u2019s fee (USD 1 000)2022 2021 Statutory audit 382 229 Assurance services and other audit related services 84 - Tax services 4 56 Other services 34 99 Total 504 385 Administrative expensesSalaries to office personnel and other office and administrative expenses related to Head office are presented as \u201cAdministrative expenses\u201d. Administrative expenses related to Regional and Local offices are presented as \u201cVoyage expenses\u201d. For details on remuneration to executive management and board of directors, see Remuneration report published on our website.* Salary to sea personnel is presented as \u201cRunning expenses\u201d. For further information see Note 4.Amounts excluded value added tax.Note 5 \u2014 Administrative expenses, pensions and other long-term employee benefits",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-865-5": {
"value": " Administrative expenses (USD 1 000)2022 2021 Salaries 9 957 10 752 Payroll taxes 1 351 1 445 Pension expenses 362 383 Other administrative expenses 5 531 3 711 Total 17 201 16 292 Number of employees2022 2021 Office 390 376 Sea personnel * 1 172 1 251 Total 1 562 1 627 Auditor\u2019s fee (USD 1 000)2022 2021 Statutory audit 382 229 Assurance services and other audit related services 84 - Tax services 4 56 Other services 34 99 Total 504 385 Pension expenses (USD 1 000)2022 2021Norway Defined contribution plan 433 466 Total Norway 433 466 Other countries 925 1 008 Total pension expenses* 1 358 1 474 Net pension liabilities (USD 1 000)2022 2021Norway 93 93 Other countries 2 145 2 237 Total net pension pension liability 2 238 2 330 Administrative expensesSalaries to office personnel and other office and administrative expenses related to Head office are presented as \u201cAdministrative expenses\u201d. Administrative expenses related to Regional and Local offices are presented as \u201cVoyage expenses\u201d. For details on remuneration to executive management and board of directors, see Remuneration report published on our website.* Salary to sea personnel is presented as \u201cRunning expenses\u201d. For further information see Note 4.Amounts excluded value added tax.* Of the total pension expenses USD 0.4 million (2021: USD 0.4 million) is reported as administrative expenses, the remaining is reported as voyage expenses.Note 5 \u2014 Administrative expenses, pensions and other long-term employee benefitsPensions and other long-term employee benefitsThe Group provides defined contribution plans, defined benefit plans and other post-employment benefits.Contribution plans Contribution plans comprise plans whereby the companies make annual contributions to the employees\u2019 pension plan. The return on the plan assets of each employee will decide the ultimate pension benefit. Contributions to the plans are expensed as pension costs. Norwegian employers are obliged to have an occupational pension scheme for their employees under the Act on Mandatory occupationalpension. The Group is in compliance with these regulations.Defined benefit plans The Group has per year-end 2022 defined benefit plans for employees in China and the Philippines. The schemes in China and the Philippines are considered immaterial,hence no detailed disclosures are provided. The following tables summarise the components of expenses recog-nised in the statement of comprehensive income and the liabilities recognised in the statement of financial position for the significant plans in the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-913-2": {
"value": "A share bonus program was introduced for certain key employees in November 2021, to promote the long-term growth and profitability of the Company by providing an opportunity to acquire an ownership interest in the Company. The program is a share bonus scheme where award shares are assigned on certain terms and conditions, and after a vesting period of three years, will be converted to shares in the Company. Award shares are assigned annually at the Board\u2019s discretion. The share bonus program is subject to continued employment and the granted shares are subject to a lock-up period of two years following the end of the vesting period. The award share gives the employee no rights whatsoever and the award share has no value. The award share is used in the award calculation method for determining the amount of bonus shares whichshall be granted to the employee after the award shares have vested. The calculation of bonus shares is based on the difference between the share price at the award date and the share price at the vesting date, adjusted for any dividend payment in the period between award date and vesting date. The fair value of the award shares is estimated by using the Black Scholes option price model. For the award shares assigned in 2021, the expected volatility was based on three years historical volatility (50 %) at peer and no dividends were expected in the periods. The share price at the award date in November 2021 was NOK 21. The total fair value of the 2021 award shares was calculated to be USD 1.4 million at the award date, which is expensed over the vestingperiod of three years. For 2022, the share bonus program gave an income statement effect of USD 465 thousand related to the expense of the 2021 award shares. On 20 December 2022, a second award under the share bonus program was granted. In the calculation of the fair value of these awardshares, the closing share price at the award date was NOK 63.60 and the strike price was NOK 61.32, calculated as an average of the share price the last 5 trading days before the award date. The volatility was based on three years historical volatility (56%) at peer with a dividend yield of 7%. The total fair value of the 2022 award shares has been calculated to be USD 0.3 million at the award date, which will be expensed over the vesting period of three years, starting from January 2023.The following table shows the number of award shares issued under the Share bonus program, the number of award shares outstanding as at 31 December 2022 and the year in which the award shares will vest.Note 6 \u2014 Share bonus programShare bonus program (USD 1 000)2021 2022 TotalOutstanding at beginning of period - - - Awarded during the period 1 038 317 93 442 1 131 759 Exercised during the period - - - Outstanding at end of period 1 038 317 93 442 1 131 759 Vesting date29 November 2024 1 038 317 - 1 038 317 20 December 2025 - 93 442 93 442 Outstanding at end of period 1 038 317 93 442 1 131 759 Costs share bonus program (USD 1 000)2022 20212022 award - - 2021 award 465 39 Total cost 465 39 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-966-2": {
"value": "Note 7 \u2014 Vessels, newbuildings and equipment* Newbuildings & Projects mainly relate to Aurora newbuildings.** One vessel was classified as asset held for sale at 31 December 2021 and has been sold in January 2022. The leases for the vessels H\u00f6egh Caribia, H\u00f6egh Sydney and H\u00f6egh Brasilia have been extended by two and three years, resultingin a total increase in leased assets of USD 74 million. Two leased vessels, H\u00f6egh Beijing and H\u00f6egh St. Petersburg, were purchased in May 2022 and December 2022, reflected above as disposal of leased assets and addition to vessels. Further two purchase options have been declared in 2022, for the vessels H\u00f6egh Tracer and H\u00f6egh Trapper, which will be purchased in Q1 and Q2 2023, resulting in a combined increase to leased assets of USD 54 million.H\u00f6egh Maputo and H\u00f6egh Singapore were sold in Q1 2022 on behalf of the owner. A profit sharing agreement between H\u00f6egh Autoliners and the owner gave H\u00f6egh Autoliners a financial gain of approximately USD 20 million in aggregate when the sale was completed in Q3 2022.NewbuildingLeased2022 (USD 1 000)Vessels& Projects * EquipmentAssets Total Cost at 01.01 2 006 672 13 131 28 252 379 061 2 427 116 Additions 52 923 133 830 857 79 833 267 443 Transfer from newbuilding and projects 6 131 (9 345) 3 214 - - Newbuilding interest - 1 969 - - 1 969 Remeasured leases - - - 78 854 78 854 Reclassification to assets held for sale - (442) - - (442) Disposals (3 923) (417) (455) (70 908) (75 702) Cost at 31.12 2 061 803 138 725 31 869 466 840 2 669 237 Accumulated depreciation and impairment at 01.01 (990 084) - (13 854) (149 887) (1 153 825) Depreciation (87 014) - (2 772) (61 684) (151 470) Disposals 3 923 - 413 18 705 23 041 Accumulated depreciation and impairment at 31.12 (1 073 175) - (16 213) (192 866) (1 282 254) Net carrying amount at 31.12 988 629 138 725 15 656 273 974 1 416 984 Net carrying amount vessels held for sale at 01.01 12 084 - 12 084 Sold vessels (12 084) (442) (12 527) Reclassified - 442 442 Net carrying amount at 31.12 ** - - - Book value sold assets 12 084 859 41 12 985 Sales price 32 067 - 11 32 078 Gain / (loss) 19 983 (859) (30) 19 094 * Newbuildings & Projects mainly relate to investments in IT-projects. ** One vessel is reclassified as assets held for sale at 31.12, and has received reversal of write-downs to the expected sales value. Two vessels classified as held for sale at 31.12.20 have been sold in first half of 2021.NewbuildingLeased2021 (USD 1 000) Vessels& Projects * EquipmentAssets Total Cost at 01.01 1 984 932 12 294 32 237 354 367 2 383 830 Additions 1 366 21 239 1 057 43 295 66 956 Transfer from newbuilding and projects 20 374 (20 374) - - - Remeasured leases - - - 28 111 28 111 Disposals - (27 ) (5 042) (46 712) (51 781) Cost at 31.12 2 006 672 13 131 28 252 379 061 2 427 116 Accumulated depreciation and impairment at 01.01 (1 006 771) - (16 377) (136 446) (1 159 594) Depreciation (71 958) - (2 416) (60 087) (134 461) Reversal of impairment 88 235 - - - 88 235 Reclassification to assets held for sale 411 - - - 411 Disposals - - 4 939 46 647 51 585 Accumulated depreciation and impairment at 31.12 (990 084) - (13 854) (149 887) (1 153 825) Net carrying amount at 31.12 1 016 589 13 131 14 397 229 174 1 273 291 Net carrying amount vessels held for sale at 01.01 13 610 13 610 Sold vessels (9 110) (9 110) Reclassified (411) (411) Reversal of impairment 7 995 7 995 Net carrying amount at 31.12 ** 12 084 12 084 Book value sold assets 9 109 27 103 9 239 Sales price 8 949 - 85 9 034 Gain / (loss) (160) (27) (18) (205)Note 7 \u2014 Vessels, newbuildings and equipment cont.AdditionsOut of total additions to vessels of USD 59 million (USD 22 million in 2021), USD 7 million (USD 18 million in 2021) is related to capitalised drydocking costs. DisposalsOne vessel was disposed of in 2022 (two in 2021), H\u00f6egh Masan, owned by H\u00f6egh Autoliners Shipping Pte. Ltd.Assets held for saleManagement decided in 2020 that the three vessels Pusan, Inchon and Masan, owned by H\u00f6egh Autoliners Shipping Pte. Ltd, should be divested as they did not fit the future fleet strategy. Two of the vessels were sold and delivered to new owners in January and February 2021, and the third vessel was sold and delivered to new owners late January 2022. The vessels have been reclassified and are presented separately in the statement of financial position for 2021 and 2022.Depreciation The residual value and useful lifetime of the fleet is evaluated yearly. There is no change in the residual values in 2022.Charter OutPer year-end 2022 the Group has none of its vessels chartered out (none in 2021).The Group is expecting to receive no charter hire income in the years2023-2027.Charter InPer year-end 2022 the Group has 3 vessels chartered in on time charter contracts (3 in 2021). In addition, the Group has 6 vessels on bareboat charter (10 in 2021). The contract lengths are up to 6 years (7 years in 2021). Leased vessels are from 2019 recognised according to IFRS 16 Leases, see Note 8 for further information on leased assets.Impairment / Reversal of impairmentFleetAll Ro-Ro vessels in the Group operate in one cash generating unit with the purpose of maximising profit as a total. The impairment assessment is therefore based on the value in use principle for all the vessels in operation, and not vessel-by-vessel. The pool (cash generating unit) includes leased vessels and hence the impairment assessment also apply to these. See Note 8 for further details on leased assets.Continued improvement to market conditions, in combination with a tight capacity market were main drivers for rising market values for vessels. The market values for the vessels have increased with nearly 60% through 2022, and is over 69% higher than the carrying values at year-end 2022. Market values of the vessels higher than the vessels carrying values, is an indication that impairment loss recognised in prior periods may no longer exist or has been reduced.In 2021, the Group reversed USD 96.2 million of previously recog-nised impairment losses for the vessels in the fleet. The reversal resulted from a positive change in the estimates used to determine the vessels recoverable amounts since the impairment loss was initially recognised.The increase in the market values of the vessels in 2022, together with the expected positive development in freight rates and volumes the next few years, support the assessment that no impairment indicators exist at year-end 2022.A Weighted Average Cost of Capital (WACC) is applied as the Group\u2019s discount rate, calculated to 9.28% for 2022 (7.66% in 2021).Leased vesselsFor further information on leased vessels, see Note 8 Leases and Note 14 for liquidity analysis.NewbuildingsIn January 2022, the Group signed a contract with China Merchants Heavy Industry for four fixed and eight optional multi-fuel and zero carbon ready Aurora class vessels. In April 2022, a contract for further four vessels was signed, bringing the newbuilding programmeto eight vessels. The first two vessels are planned for delivery the second half of 2024, and the Company expects delivery of two vessels every six months after that. The contract for the first four vessels has a total value of USD 398 million. The contract for the additional four vessels has the same terms and specifications as the first four vessels. The Company retains its existing option for another four vessels (vessel 9-12) until end July 2023.EquipmentEquipment consists of vessel equipment, cars, office furniture and IT equipment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-966-3": {
"value": "Note 7 \u2014 Vessels, newbuildings and equipment* Newbuildings & Projects mainly relate to Aurora newbuildings.** One vessel was classified as asset held for sale at 31 December 2021 and has been sold in January 2022. The leases for the vessels H\u00f6egh Caribia, H\u00f6egh Sydney and H\u00f6egh Brasilia have been extended by two and three years, resultingin a total increase in leased assets of USD 74 million. Two leased vessels, H\u00f6egh Beijing and H\u00f6egh St. Petersburg, were purchased in May 2022 and December 2022, reflected above as disposal of leased assets and addition to vessels. Further two purchase options have been declared in 2022, for the vessels H\u00f6egh Tracer and H\u00f6egh Trapper, which will be purchased in Q1 and Q2 2023, resulting in a combined increase to leased assets of USD 54 million.H\u00f6egh Maputo and H\u00f6egh Singapore were sold in Q1 2022 on behalf of the owner. A profit sharing agreement between H\u00f6egh Autoliners and the owner gave H\u00f6egh Autoliners a financial gain of approximately USD 20 million in aggregate when the sale was completed in Q3 2022.NewbuildingLeased2022 (USD 1 000)Vessels& Projects * EquipmentAssets Total Cost at 01.01 2 006 672 13 131 28 252 379 061 2 427 116 Additions 52 923 133 830 857 79 833 267 443 Transfer from newbuilding and projects 6 131 (9 345) 3 214 - - Newbuilding interest - 1 969 - - 1 969 Remeasured leases - - - 78 854 78 854 Reclassification to assets held for sale - (442) - - (442) Disposals (3 923) (417) (455) (70 908) (75 702) Cost at 31.12 2 061 803 138 725 31 869 466 840 2 669 237 Accumulated depreciation and impairment at 01.01 (990 084) - (13 854) (149 887) (1 153 825) Depreciation (87 014) - (2 772) (61 684) (151 470) Disposals 3 923 - 413 18 705 23 041 Accumulated depreciation and impairment at 31.12 (1 073 175) - (16 213) (192 866) (1 282 254) Net carrying amount at 31.12 988 629 138 725 15 656 273 974 1 416 984 Net carrying amount vessels held for sale at 01.01 12 084 - 12 084 Sold vessels (12 084) (442) (12 527) Reclassified - 442 442 Net carrying amount at 31.12 ** - - - Book value sold assets 12 084 859 41 12 985 Sales price 32 067 - 11 32 078 Gain / (loss) 19 983 (859) (30) 19 094 * Newbuildings & Projects mainly relate to investments in IT-projects. ** One vessel is reclassified as assets held for sale at 31.12, and has received reversal of write-downs to the expected sales value. Two vessels classified as held for sale at 31.12.20 have been sold in first half of 2021.NewbuildingLeased2021 (USD 1 000) Vessels& Projects * EquipmentAssets Total Cost at 01.01 1 984 932 12 294 32 237 354 367 2 383 830 Additions 1 366 21 239 1 057 43 295 66 956 Transfer from newbuilding and projects 20 374 (20 374) - - - Remeasured leases - - - 28 111 28 111 Disposals - (27 ) (5 042) (46 712) (51 781) Cost at 31.12 2 006 672 13 131 28 252 379 061 2 427 116 Accumulated depreciation and impairment at 01.01 (1 006 771) - (16 377) (136 446) (1 159 594) Depreciation (71 958) - (2 416) (60 087) (134 461) Reversal of impairment 88 235 - - - 88 235 Reclassification to assets held for sale 411 - - - 411 Disposals - - 4 939 46 647 51 585 Accumulated depreciation and impairment at 31.12 (990 084) - (13 854) (149 887) (1 153 825) Net carrying amount at 31.12 1 016 589 13 131 14 397 229 174 1 273 291 Net carrying amount vessels held for sale at 01.01 13 610 13 610 Sold vessels (9 110) (9 110) Reclassified (411) (411) Reversal of impairment 7 995 7 995 Net carrying amount at 31.12 ** 12 084 12 084 Book value sold assets 9 109 27 103 9 239 Sales price 8 949 - 85 9 034 Gain / (loss) (160) (27) (18) (205)Note 7 \u2014 Vessels, newbuildings and equipment cont.AdditionsOut of total additions to vessels of USD 59 million (USD 22 million in 2021), USD 7 million (USD 18 million in 2021) is related to capitalised drydocking costs. DisposalsOne vessel was disposed of in 2022 (two in 2021), H\u00f6egh Masan, owned by H\u00f6egh Autoliners Shipping Pte. Ltd.Assets held for saleManagement decided in 2020 that the three vessels Pusan, Inchon and Masan, owned by H\u00f6egh Autoliners Shipping Pte. Ltd, should be divested as they did not fit the future fleet strategy. Two of the vessels were sold and delivered to new owners in January and February 2021, and the third vessel was sold and delivered to new owners late January 2022. The vessels have been reclassified and are presented separately in the statement of financial position for 2021 and 2022.Depreciation The residual value and useful lifetime of the fleet is evaluated yearly. There is no change in the residual values in 2022.Charter OutPer year-end 2022 the Group has none of its vessels chartered out (none in 2021).The Group is expecting to receive no charter hire income in the years2023-2027.Charter InPer year-end 2022 the Group has 3 vessels chartered in on time charter contracts (3 in 2021). In addition, the Group has 6 vessels on bareboat charter (10 in 2021). The contract lengths are up to 6 years (7 years in 2021). Leased vessels are from 2019 recognised according to IFRS 16 Leases, see Note 8 for further information on leased assets.Impairment / Reversal of impairmentFleetAll Ro-Ro vessels in the Group operate in one cash generating unit with the purpose of maximising profit as a total. The impairment assessment is therefore based on the value in use principle for all the vessels in operation, and not vessel-by-vessel. The pool (cash generating unit) includes leased vessels and hence the impairment assessment also apply to these. See Note 8 for further details on leased assets.Continued improvement to market conditions, in combination with a tight capacity market were main drivers for rising market values for vessels. The market values for the vessels have increased with nearly 60% through 2022, and is over 69% higher than the carrying values at year-end 2022. Market values of the vessels higher than the vessels carrying values, is an indication that impairment loss recognised in prior periods may no longer exist or has been reduced.In 2021, the Group reversed USD 96.2 million of previously recog-nised impairment losses for the vessels in the fleet. The reversal resulted from a positive change in the estimates used to determine the vessels recoverable amounts since the impairment loss was initially recognised.The increase in the market values of the vessels in 2022, together with the expected positive development in freight rates and volumes the next few years, support the assessment that no impairment indicators exist at year-end 2022.A Weighted Average Cost of Capital (WACC) is applied as the Group\u2019s discount rate, calculated to 9.28% for 2022 (7.66% in 2021).Leased vesselsFor further information on leased vessels, see Note 8 Leases and Note 14 for liquidity analysis.NewbuildingsIn January 2022, the Group signed a contract with China Merchants Heavy Industry for four fixed and eight optional multi-fuel and zero carbon ready Aurora class vessels. In April 2022, a contract for further four vessels was signed, bringing the newbuilding programmeto eight vessels. The first two vessels are planned for delivery the second half of 2024, and the Company expects delivery of two vessels every six months after that. The contract for the first four vessels has a total value of USD 398 million. The contract for the additional four vessels has the same terms and specifications as the first four vessels. The Company retains its existing option for another four vessels (vessel 9-12) until end July 2023.EquipmentEquipment consists of vessel equipment, cars, office furniture and IT equipment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-966-4": {
"value": "Note 7 \u2014 Vessels, newbuildings and equipment* Newbuildings & Projects mainly relate to Aurora newbuildings.** One vessel was classified as asset held for sale at 31 December 2021 and has been sold in January 2022. The leases for the vessels H\u00f6egh Caribia, H\u00f6egh Sydney and H\u00f6egh Brasilia have been extended by two and three years, resultingin a total increase in leased assets of USD 74 million. Two leased vessels, H\u00f6egh Beijing and H\u00f6egh St. Petersburg, were purchased in May 2022 and December 2022, reflected above as disposal of leased assets and addition to vessels. Further two purchase options have been declared in 2022, for the vessels H\u00f6egh Tracer and H\u00f6egh Trapper, which will be purchased in Q1 and Q2 2023, resulting in a combined increase to leased assets of USD 54 million.H\u00f6egh Maputo and H\u00f6egh Singapore were sold in Q1 2022 on behalf of the owner. A profit sharing agreement between H\u00f6egh Autoliners and the owner gave H\u00f6egh Autoliners a financial gain of approximately USD 20 million in aggregate when the sale was completed in Q3 2022.NewbuildingLeased2022 (USD 1 000)Vessels& Projects * EquipmentAssets Total Cost at 01.01 2 006 672 13 131 28 252 379 061 2 427 116 Additions 52 923 133 830 857 79 833 267 443 Transfer from newbuilding and projects 6 131 (9 345) 3 214 - - Newbuilding interest - 1 969 - - 1 969 Remeasured leases - - - 78 854 78 854 Reclassification to assets held for sale - (442) - - (442) Disposals (3 923) (417) (455) (70 908) (75 702) Cost at 31.12 2 061 803 138 725 31 869 466 840 2 669 237 Accumulated depreciation and impairment at 01.01 (990 084) - (13 854) (149 887) (1 153 825) Depreciation (87 014) - (2 772) (61 684) (151 470) Disposals 3 923 - 413 18 705 23 041 Accumulated depreciation and impairment at 31.12 (1 073 175) - (16 213) (192 866) (1 282 254) Net carrying amount at 31.12 988 629 138 725 15 656 273 974 1 416 984 Net carrying amount vessels held for sale at 01.01 12 084 - 12 084 Sold vessels (12 084) (442) (12 527) Reclassified - 442 442 Net carrying amount at 31.12 ** - - - Book value sold assets 12 084 859 41 12 985 Sales price 32 067 - 11 32 078 Gain / (loss) 19 983 (859) (30) 19 094 * Newbuildings & Projects mainly relate to investments in IT-projects. ** One vessel is reclassified as assets held for sale at 31.12, and has received reversal of write-downs to the expected sales value. Two vessels classified as held for sale at 31.12.20 have been sold in first half of 2021.NewbuildingLeased2021 (USD 1 000) Vessels& Projects * EquipmentAssets Total Cost at 01.01 1 984 932 12 294 32 237 354 367 2 383 830 Additions 1 366 21 239 1 057 43 295 66 956 Transfer from newbuilding and projects 20 374 (20 374) - - - Remeasured leases - - - 28 111 28 111 Disposals - (27 ) (5 042) (46 712) (51 781) Cost at 31.12 2 006 672 13 131 28 252 379 061 2 427 116 Accumulated depreciation and impairment at 01.01 (1 006 771) - (16 377) (136 446) (1 159 594) Depreciation (71 958) - (2 416) (60 087) (134 461) Reversal of impairment 88 235 - - - 88 235 Reclassification to assets held for sale 411 - - - 411 Disposals - - 4 939 46 647 51 585 Accumulated depreciation and impairment at 31.12 (990 084) - (13 854) (149 887) (1 153 825) Net carrying amount at 31.12 1 016 589 13 131 14 397 229 174 1 273 291 Net carrying amount vessels held for sale at 01.01 13 610 13 610 Sold vessels (9 110) (9 110) Reclassified (411) (411) Reversal of impairment 7 995 7 995 Net carrying amount at 31.12 ** 12 084 12 084 Book value sold assets 9 109 27 103 9 239 Sales price 8 949 - 85 9 034 Gain / (loss) (160) (27) (18) (205)Note 7 \u2014 Vessels, newbuildings and equipment cont.AdditionsOut of total additions to vessels of USD 59 million (USD 22 million in 2021), USD 7 million (USD 18 million in 2021) is related to capitalised drydocking costs. DisposalsOne vessel was disposed of in 2022 (two in 2021), H\u00f6egh Masan, owned by H\u00f6egh Autoliners Shipping Pte. Ltd.Assets held for saleManagement decided in 2020 that the three vessels Pusan, Inchon and Masan, owned by H\u00f6egh Autoliners Shipping Pte. Ltd, should be divested as they did not fit the future fleet strategy. Two of the vessels were sold and delivered to new owners in January and February 2021, and the third vessel was sold and delivered to new owners late January 2022. The vessels have been reclassified and are presented separately in the statement of financial position for 2021 and 2022.Depreciation The residual value and useful lifetime of the fleet is evaluated yearly. There is no change in the residual values in 2022.Charter OutPer year-end 2022 the Group has none of its vessels chartered out (none in 2021).The Group is expecting to receive no charter hire income in the years2023-2027.Charter InPer year-end 2022 the Group has 3 vessels chartered in on time charter contracts (3 in 2021). In addition, the Group has 6 vessels on bareboat charter (10 in 2021). The contract lengths are up to 6 years (7 years in 2021). Leased vessels are from 2019 recognised according to IFRS 16 Leases, see Note 8 for further information on leased assets.Impairment / Reversal of impairmentFleetAll Ro-Ro vessels in the Group operate in one cash generating unit with the purpose of maximising profit as a total. The impairment assessment is therefore based on the value in use principle for all the vessels in operation, and not vessel-by-vessel. The pool (cash generating unit) includes leased vessels and hence the impairment assessment also apply to these. See Note 8 for further details on leased assets.Continued improvement to market conditions, in combination with a tight capacity market were main drivers for rising market values for vessels. The market values for the vessels have increased with nearly 60% through 2022, and is over 69% higher than the carrying values at year-end 2022. Market values of the vessels higher than the vessels carrying values, is an indication that impairment loss recognised in prior periods may no longer exist or has been reduced.In 2021, the Group reversed USD 96.2 million of previously recog-nised impairment losses for the vessels in the fleet. The reversal resulted from a positive change in the estimates used to determine the vessels recoverable amounts since the impairment loss was initially recognised.The increase in the market values of the vessels in 2022, together with the expected positive development in freight rates and volumes the next few years, support the assessment that no impairment indicators exist at year-end 2022.A Weighted Average Cost of Capital (WACC) is applied as the Group\u2019s discount rate, calculated to 9.28% for 2022 (7.66% in 2021).Leased vesselsFor further information on leased vessels, see Note 8 Leases and Note 14 for liquidity analysis.NewbuildingsIn January 2022, the Group signed a contract with China Merchants Heavy Industry for four fixed and eight optional multi-fuel and zero carbon ready Aurora class vessels. In April 2022, a contract for further four vessels was signed, bringing the newbuilding programmeto eight vessels. The first two vessels are planned for delivery the second half of 2024, and the Company expects delivery of two vessels every six months after that. The contract for the first four vessels has a total value of USD 398 million. The contract for the additional four vessels has the same terms and specifications as the first four vessels. The Company retains its existing option for another four vessels (vessel 9-12) until end July 2023.EquipmentEquipment consists of vessel equipment, cars, office furniture and IT equipment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1088-2": {
"value": "The Group leases offices, terminals, vessels and different machinery. The office and terminal leases typically run for 5-10 years, most of them without any options to extend. Some leases are adjusted based on consumer price indexes annually. The vessel leases are in general for periods up to 12 years, most of them with options to extend. Leased machinery is roll trailers used for loading and discharging of cargo, and typically run for 5 years with no extension options. Included in Other is trucks and forklifts, with lease periods of 3-5 years. For information on leases where the Group is a lessor, see Charter out section in Note 7.The Group leases IT and office equipment with contract terms of one to three years. These leases are short-term and/or leases of low value items. The Group has elected not to recognise right-of-use assets and lease liabilities for these leases.Leased assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.Amounts recognised in the balance sheetThe balance sheet shows the following amounts related to leases:The total cash outflow for leases in 2022 was USD 133.3 million, including USD 18 million in interest (2021: USD 75.7 million, includingUSD 16 million in interest), and includes the purchase price for the two leased vessels purchased in 2022, H\u00f6egh Beijing and H\u00f6egh St. Petersburg.See Note 15 for reconciliation of liabilities arising from financial activities.The lease agreements do not impose any covenants. Leased assets may not be used as security for borrowing purposes.The Group can not draw any debt on leased assets. The Group has limited exposure to variable lease payments, other than change in LIBOR rate. The potential future lease payments should the Group exercise extension options, would increase the lease liabilities with USD 44 million (2021: USD 68 million). The Group has not provided any residual value guarantees related to its lease agreements.Note 8 \u2014 LeasesAmounts recognised in profit / (loss)2022 2021Depreciation charges for leased assets: - Premises 2 868 2 569 - Vessels 54 400 53 362 - Machinery 4 300 4 040 - Other 116 116 Total depreciation charges for leased assets 61 684 60 087 Interest on lease liabilities 17 889 20 887 Variable lease payments not included in the measurement of lease liabilities (LIBOR adjustment) - (4 856) Total interest on lease liabilities 17 889 16 030Expenses relating to short-term leases 16 289 16 597 Expenses relating to leases of low-value 110 123 Leased assets (USD 1 000)31.12.2022 31.12.2021Premises 9 184 8 887 Vessels 255 089 209 001 Machinery 9 537 11 006 Other 164 280 Total 273 974 229 174 Lease liabilities (USD 1 000)31.12.2022 31.12.2021Non-current 133 505 201 893 Current 165 287 72 940 Total 298 792 274 833 The additions to the leased assets in 2022 were USD 79.8 million (2021: USD 43.3 million), mainly related extending the leases for H\u00f6egh Brasilia, H\u00f6egh Sydney and H\u00f6egh Caribia. Further USD 79 million were added to leased assets from remeasurements of existingleases, of which USD 23 million relates to variable vessel leases, and USD 56 million are from the decisions to exercise purchase options for the vessels H\u00f6egh Tracer, H\u00f6egh Trapper and H\u00f6egh St. Petersburg. Two leased vessels, H\u00f6egh Beijing and H\u00f6egh St. Petersburg, were purchased in 2022. There were no other disposals of leased assets in 2022, apart from expired leases related to offices and machinery.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1135-2": {
"value": "Note 9 \u2014 Interest income and expenses * For further details on interest on lease liabilities, see Note 8.Interest income (USD 1 000) 2022 2021 Interest income from banks 759 - Other interest income 204 202 Total 963 202 Interest expenses (USD 1 000) 2022 2021 Interest mortgage debt 15 089 14 834 Capitalised interest on newbuildings (1 969) - Interest on lease liabilities* 17 889 16 030 Interest on interest rate swaps realised - 2 032 Other interest expenses 226 90 Total 31 235 32 986 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1135-3": {
"value": "Note 9 \u2014 Interest income and expenses Interest income (USD 1 000) 2022 2021 Interest income from banks 759 - Other interest income 204 202 Total 963 202 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1135-4": {
"value": "Note 9 \u2014 Interest income and expenses * For further details on interest on lease liabilities, see Note 8. Interest expenses (USD 1 000) 2022 2021 Interest mortgage debt 15 089 14 834 Capitalised interest on newbuildings (1 969) - Interest on lease liabilities* 17 889 16 030 Interest on interest rate swaps realised - 2 032 Other interest expenses 226 90 Total 31 235 32 986 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1150-2": {
"value": "Note 10 \u2014 Other financial items* Dividends for 2021 is related to a payment from Den Norske Krigsforsikring (DNK) where H\u00f6egh Autoliners Management AS, as member of DNK, received USD 12.7 million in dividend payment in December 2021. ** The debt modification gain is related to the refinancing in June 2022, where the modifications to the debt were accounted for as an adjustment to the existing liability. The liability was restated to the net present value of the revised cashflows discounted at the original effective interest rate. See Note 19. *** Expenses from other financial items for 2021 include amortisation of debt modification loss from 2021 and arrangement fee for the refinancing. Income from other financial items in 2022 mainly relate to remeasurement of lease liabilities, as well as amortisation of debt modification gain from 2022. Expenses from other financial items for 2022 include amortisation of debt modification from 2021 and arrangement fee for the refinancing concluded in June 2022. Dividends (USD 1 000) 2022 2021 Dividends* - 12 726 Total - 12 726 Income from other financial items (USD 1 000) 2022 2021 Gain on interest rate swaps - 2 022 Debt modification gain** 20 869 - Other financial items*** 17 655 150 Total 38 524 2 172 Expenses from other financial items (USD 1 000) 2022 2021 Loss on currency exchange 5 308 2 698 Loss on shares - 185 Debt modification loss - 10 307 Other financial items*** 5 244 5 759 Total 10 552 18 949 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1150-3": {
"value": "Note 10 \u2014 Other financial items* Dividends for 2021 is related to a payment from Den Norske Krigsforsikring (DNK) where H\u00f6egh Autoliners Management AS, as member of DNK, received USD 12.7 million in dividend payment in December 2021. ** The debt modification gain is related to the refinancing in June 2022, where the modifications to the debt were accounted for as an adjustment to the existing liability. The liability was restated to the net present value of the revised cashflows discounted at the original effective interest rate. See Note 19. *** Expenses from other financial items for 2021 include amortisation of debt modification loss from 2021 and arrangement fee for the refinancing. Income from other financial items in 2022 mainly relate to remeasurement of lease liabilities, as well as amortisation of debt modification gain from 2022. Expenses from other financial items for 2022 include amortisation of debt modification from 2021 and arrangement fee for the refinancing concluded in June 2022. Dividends (USD 1 000) 2022 2021 Dividends* - 12 726 Total - 12 726 Income from other financial items (USD 1 000) 2022 2021 Gain on interest rate swaps - 2 022 Debt modification gain** 20 869 - Other financial items*** 17 655 150 Total 38 524 2 172 Expenses from other financial items (USD 1 000) 2022 2021 Loss on currency exchange 5 308 2 698 Loss on shares - 185 Debt modification loss - 10 307 Other financial items*** 5 244 5 759 Total 10 552 18 949 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1150-4": {
"value": "Note 10 \u2014 Other financial items* Dividends for 2021 is related to a payment from Den Norske Krigsforsikring (DNK) where H\u00f6egh Autoliners Management AS, as member of DNK, received USD 12.7 million in dividend payment in December 2021. ** The debt modification gain is related to the refinancing in June 2022, where the modifications to the debt were accounted for as an adjustment to the existing liability. The liability was restated to the net present value of the revised cashflows discounted at the original effective interest rate. See Note 19. *** Expenses from other financial items for 2021 include amortisation of debt modification loss from 2021 and arrangement fee for the refinancing. Income from other financial items in 2022 mainly relate to remeasurement of lease liabilities, as well as amortisation of debt modification gain from 2022. Expenses from other financial items for 2022 include amortisation of debt modification from 2021 and arrangement fee for the refinancing concluded in June 2022. Dividends (USD 1 000) 2022 2021 Dividends* - 12 726 Total - 12 726 Income from other financial items (USD 1 000) 2022 2021 Gain on interest rate swaps - 2 022 Debt modification gain** 20 869 - Other financial items*** 17 655 150 Total 38 524 2 172 Expenses from other financial items (USD 1 000) 2022 2021 Loss on currency exchange 5 308 2 698 Loss on shares - 185 Debt modification loss - 10 307 Other financial items*** 5 244 5 759 Total 10 552 18 949 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1150-5": {
"value": "Note 10 \u2014 Other financial items* Dividends for 2021 is related to a payment from Den Norske Krigsforsikring (DNK) where H\u00f6egh Autoliners Management AS, as member of DNK, received USD 12.7 million in dividend payment in December 2021. ** The debt modification gain is related to the refinancing in June 2022, where the modifications to the debt were accounted for as an adjustment to the existing liability. The liability was restated to the net present value of the revised cashflows discounted at the original effective interest rate. See Note 19. *** Expenses from other financial items for 2021 include amortisation of debt modification loss from 2021 and arrangement fee for the refinancing. Income from other financial items in 2022 mainly relate to remeasurement of lease liabilities, as well as amortisation of debt modification gain from 2022. Expenses from other financial items for 2022 include amortisation of debt modification from 2021 and arrangement fee for the refinancing concluded in June 2022. Dividends (USD 1 000) 2022 2021 Dividends* - 12 726 Total - 12 726 Income from other financial items (USD 1 000) 2022 2021 Gain on interest rate swaps - 2 022 Debt modification gain** 20 869 - Other financial items*** 17 655 150 Total 38 524 2 172 Expenses from other financial items (USD 1 000) 2022 2021 Loss on currency exchange 5 308 2 698 Loss on shares - 185 Debt modification loss - 10 307 Other financial items*** 5 244 5 759 Total 10 552 18 949 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1171-2": {
"value": "Note 11 \u2014 TaxOrdinary taxation All the Norwegian companies within the Group, with the exception of H\u00f6egh Autoliners Shipping AS, are subject to 22 % Norwegian company tax. From 1 January 2023 the corporate tax rate remains at 22%.Tonnage tax payable Tonnage tax is assessed and paid according to net tonnage operatedduring the year. Current year\u2019s tonnage tax is assessed at USD 0.4 million (USD 0.5 million in 2021) and is classified under other operating expenses. Singapore tax scheme H\u00f6egh Autoliners Shipping Pte. Ltd is taxed under a tonnage tax scheme in Singapore where shipping related earnings are tax free, with exception of interest that are subject to 7% withholding tax. Income tax for the year (USD 1 000) 2022 2021 Current tax (4 783) (468) Tax in subsidiaries outside Norway (1 275) (269) Change in deferred tax (8 923) (3 366) Currency effect on deferred tax and adjustments previous periods (11) 180 Tax expense (14 991) (3 924) Income tax payable (USD 1 000) 2022 2021 Tonnage tax 429 531 Current tax for the year 4 678 (64) Tax payable (maturity within 1 year) 5 106 467 Reconciliation of actual tax expense against expected tax expense in accordance with the ordinary Norwegian income tax rate of 22% (USD 1 000) 2022 2021 Profit before tax 313 571 128 717 Estimated tax at 22% income tax rate (68 986) (28 318) Tax effect of non taxable income within the tonnage tax scheme in Norway and Singapore 64 137 32 215 Other tax payable (505) (317) Permanent differences / deferred tax assets not recognised (9 637) (7 504) Tax expense (14 991) (3 924) Effective tax rate for the Group 5% 3%Note 11 \u2014 Tax cont. Deferred tax assets (liabilities) (USD 1 000) 2022 2021 Fixed assets (11) (5) Non-current debt / receivables (36 572) (30 863) Pension liabilities * 91 119 Loss carried forward 55 3 067 Deferred tax liabilities (36 437) (27 681) Deferred tax assets subsidiaries outside Norway 774 977 Total (35 663) (26 705) Deferred tax assets / (tax) within the tonnage tax scheme (USD 1 000) 2022 2021 Current assets - (336) Non-current debt / receivables 6 445 4 520 Loss carried forward 65 134 66 427 Deferred tax assets not recognised (71 579) (70 611) Deferred tax assets / (liabilities) - - 2022 2021 Deferred tax liabilities at 01.01. (26 705) (23 322) Charged to the income statement (8 923) (3 366) Charged to other comprehensive income (35) (16) Deferred tax liabilities at 31.12. (35 663) (26 705)* For further information see Note 6.Loss carried forward within the tonnage tax scheme is not recognised because there are uncertainties related to the Company\u2019s ability to utilise these losses carried forward. There is no time restriction for the utilisation of the losses carried forward.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1171-3": {
"value": "Note 11 \u2014 TaxOrdinary taxation All the Norwegian companies within the Group, with the exception of H\u00f6egh Autoliners Shipping AS, are subject to 22 % Norwegian company tax. From 1 January 2023 the corporate tax rate remains at 22%.Tonnage tax payable Tonnage tax is assessed and paid according to net tonnage operatedduring the year. Current year\u2019s tonnage tax is assessed at USD 0.4 million (USD 0.5 million in 2021) and is classified under other operating expenses. Singapore tax scheme H\u00f6egh Autoliners Shipping Pte. Ltd is taxed under a tonnage tax scheme in Singapore where shipping related earnings are tax free, with exception of interest that are subject to 7% withholding tax. Income tax for the year (USD 1 000) 2022 2021 Current tax (4 783) (468) Tax in subsidiaries outside Norway (1 275) (269) Change in deferred tax (8 923) (3 366) Currency effect on deferred tax and adjustments previous periods (11) 180 Tax expense (14 991) (3 924) Income tax payable (USD 1 000) 2022 2021 Tonnage tax 429 531 Current tax for the year 4 678 (64) Tax payable (maturity within 1 year) 5 106 467 Reconciliation of actual tax expense against expected tax expense in accordance with the ordinary Norwegian income tax rate of 22% (USD 1 000) 2022 2021 Profit before tax 313 571 128 717 Estimated tax at 22% income tax rate (68 986) (28 318) Tax effect of non taxable income within the tonnage tax scheme in Norway and Singapore 64 137 32 215 Other tax payable (505) (317) Permanent differences / deferred tax assets not recognised (9 637) (7 504) Tax expense (14 991) (3 924) Effective tax rate for the Group 5% 3%Note 11 \u2014 Tax cont. Deferred tax assets (liabilities) (USD 1 000) 2022 2021 Fixed assets (11) (5) Non-current debt / receivables (36 572) (30 863) Pension liabilities * 91 119 Loss carried forward 55 3 067 Deferred tax liabilities (36 437) (27 681) Deferred tax assets subsidiaries outside Norway 774 977 Total (35 663) (26 705) Deferred tax assets / (tax) within the tonnage tax scheme (USD 1 000) 2022 2021 Current assets - (336) Non-current debt / receivables 6 445 4 520 Loss carried forward 65 134 66 427 Deferred tax assets not recognised (71 579) (70 611) Deferred tax assets / (liabilities) - - 2022 2021 Deferred tax liabilities at 01.01. (26 705) (23 322) Charged to the income statement (8 923) (3 366) Charged to other comprehensive income (35) (16) Deferred tax liabilities at 31.12. (35 663) (26 705)* For further information see Note 6.Loss carried forward within the tonnage tax scheme is not recognised because there are uncertainties related to the Company\u2019s ability to utilise these losses carried forward. There is no time restriction for the utilisation of the losses carried forward.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1171-4": {
"value": "Note 11 \u2014 TaxOrdinary taxation All the Norwegian companies within the Group, with the exception of H\u00f6egh Autoliners Shipping AS, are subject to 22 % Norwegian company tax. From 1 January 2023 the corporate tax rate remains at 22%.Tonnage tax payable Tonnage tax is assessed and paid according to net tonnage operatedduring the year. Current year\u2019s tonnage tax is assessed at USD 0.4 million (USD 0.5 million in 2021) and is classified under other operating expenses. Singapore tax scheme H\u00f6egh Autoliners Shipping Pte. Ltd is taxed under a tonnage tax scheme in Singapore where shipping related earnings are tax free, with exception of interest that are subject to 7% withholding tax. Income tax for the year (USD 1 000) 2022 2021 Current tax (4 783) (468) Tax in subsidiaries outside Norway (1 275) (269) Change in deferred tax (8 923) (3 366) Currency effect on deferred tax and adjustments previous periods (11) 180 Tax expense (14 991) (3 924) Income tax payable (USD 1 000) 2022 2021 Tonnage tax 429 531 Current tax for the year 4 678 (64) Tax payable (maturity within 1 year) 5 106 467 Reconciliation of actual tax expense against expected tax expense in accordance with the ordinary Norwegian income tax rate of 22% (USD 1 000) 2022 2021 Profit before tax 313 571 128 717 Estimated tax at 22% income tax rate (68 986) (28 318) Tax effect of non taxable income within the tonnage tax scheme in Norway and Singapore 64 137 32 215 Other tax payable (505) (317) Permanent differences / deferred tax assets not recognised (9 637) (7 504) Tax expense (14 991) (3 924) Effective tax rate for the Group 5% 3%Note 11 \u2014 Tax cont. Deferred tax assets (liabilities) (USD 1 000) 2022 2021 Fixed assets (11) (5) Non-current debt / receivables (36 572) (30 863) Pension liabilities * 91 119 Loss carried forward 55 3 067 Deferred tax liabilities (36 437) (27 681) Deferred tax assets subsidiaries outside Norway 774 977 Total (35 663) (26 705) Deferred tax assets / (tax) within the tonnage tax scheme (USD 1 000) 2022 2021 Current assets - (336) Non-current debt / receivables 6 445 4 520 Loss carried forward 65 134 66 427 Deferred tax assets not recognised (71 579) (70 611) Deferred tax assets / (liabilities) - - 2022 2021 Deferred tax liabilities at 01.01. (26 705) (23 322) Charged to the income statement (8 923) (3 366) Charged to other comprehensive income (35) (16) Deferred tax liabilities at 31.12. (35 663) (26 705)* For further information see Note 6.Loss carried forward within the tonnage tax scheme is not recognised because there are uncertainties related to the Company\u2019s ability to utilise these losses carried forward. There is no time restriction for the utilisation of the losses carried forward.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1191-2": {
"value": "Note 12 \u2014 Other non-current financial assets Other non-current financial assets (USD 1 000) 2022 2021 Pension plan assets 36 95 Investments in other companies 938 1 598 Other non-current financial assets 104 85 Total 1 078 1 779 Other non-current assets (USD 1 000) 2022 2021 Rental deposits 1 228 1 167 Other 3 3 Total 1 231 1 170 Pension plan assetsThe pension plan assets mainly relate to the defined benefit plans in China and Philippines. Investments in other companiesShares in other companies are measured at fair value through other comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1191-3": {
"value": "Note 12 \u2014 Other non-current financial assets Other non-current financial assets (USD 1 000) 2022 2021 Pension plan assets 36 95 Investments in other companies 938 1 598 Other non-current financial assets 104 85 Total 1 078 1 779 Other non-current assets (USD 1 000) 2022 2021 Rental deposits 1 228 1 167 Other 3 3 Total 1 231 1 170 Pension plan assetsThe pension plan assets mainly relate to the defined benefit plans in China and Philippines. Investments in other companiesShares in other companies are measured at fair value through other comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1206-2": {
"value": "Note 13 \u2014 Trade, other receivables and prepayments Trade and other receivables (USD 1 000)Note 2022 2021 Freight receivables 83 282 67 704 Provision for impairment on trade receivables (54) (209) Net freight receivables 2 83 228 67 495 Agents (147) (272) Other trade receivables 2 2 936 3 492 Tax and public duties 1 119 1 004 Unsettled claims - (33) Receivables related companies 990 1 142 Other receivables 4 798 8 626 Total 92 924 81 454 Total outstanding as of 31.12 (USD 1 000) 2022 2021 Not due 54 776 35 723 1 -15 10 279 13 507 16-30 1 664 3 866 31-60 4 376 4 169 61- 12 186 10 439 Total 83 282 67 704 Prepayments (USD 1 000) 2022 2021 Prepayments administration 1 405 1 173 Other prepayments 819 951 Total 2 224 2 124 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1206-3": {
"value": "Note 13 \u2014 Trade, other receivables and prepayments Trade and other receivables (USD 1 000)Note 2022 2021 Freight receivables 83 282 67 704 Provision for impairment on trade receivables (54) (209) Net freight receivables 2 83 228 67 495 Agents (147) (272) Other trade receivables 2 2 936 3 492 Tax and public duties 1 119 1 004 Unsettled claims - (33) Receivables related companies 990 1 142 Other receivables 4 798 8 626 Total 92 924 81 454 Total outstanding as of 31.12 (USD 1 000) 2022 2021 Not due 54 776 35 723 1 -15 10 279 13 507 16-30 1 664 3 866 31-60 4 376 4 169 61- 12 186 10 439 Total 83 282 67 704 Prepayments (USD 1 000) 2022 2021 Prepayments administration 1 405 1 173 Other prepayments 819 951 Total 2 224 2 124 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1207-2": {
"value": "Note 14 \u2014 Financial risk Of which: Have yet to transition to an alternative Non-derivative liabilities exposed to USD LIBOR Carrying value benchmark interest rate as at Measured at amortised cost (USD 1 000)31/12/202231.12.2022 Mortgage debt - -Lease liabilities 157 687 157 687 Total liabilities exposed to USD LIBOR 157 687 157 687 The Group is exposed to the following financial risks from its ordinary operations:Market riskCash flow interest rate riskFair value interest rate riskForeign exchange rate riskBunker price riskCredit riskLiquidity riskClimate riskThe Group\u2019s risk management guidelines are established to identify, analyse and monitor the various risks and to set the appropriate frameworks. The guidelines are reviewed regularly to consider changes in the market conditions and the Group\u2019s activities. The Board of Directors has the overall responsibility for the establishment and control of the Group\u2019s framework for financial risk management. The Group\u2019s Audit Committee controls that management follows the guidelines set by the Board. Market riskMarket risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprise four types of risk: cash flow interest raterisk, fair value interest rate risk, currency risk and other price risk, such as bunkers risk.The Group buys and sells financial derivatives in order to mitigate risks from movements in interest rates. Changes in the market value of financial derivatives are recognised through the income statement (Fair value accounting). The Group does not apply IFRS hedge accounting.Cash flow interest rate riskThe Group\u2019s interest rate risk arises from long-term borrowings at floating rate and the risk is therefore a cash flow interest rate risk.TheGroup manages its cash flow interest rate risk by using floating-to-fixed interest rate swaps. The interest rate swaps are measured at fair value and changes in fair value are recognised through the statement of comprehensive income. As of year-end 2022 the Group had no interest rate swaps. For 2022, a change in interest rate of 1 percentage point would have had an effect on the Group\u2019s profit before tax and equity, through the impact of net floating rate borrowings, of about USD 1.5 million (USD2.6 million in 2021). Fair value interest riskThe interest rate risk can be reduced through interest rate swaps. The Group currently evaluates the exposure to interest rate risk as limited, and at year-end 2022, the Group did not have any interest rate swaps.IBOR reform - phase 2The Group\u2019s loan facility and lease liabilities have been interest bearing with LIBOR as reference rate. The agreements reference 1-month, 2-months and 3-months USD LIBOR. USD LIBOR can be used until 30 June 2023. The loan facility was refinanced in June 2022, which included a switch from LIBOR to SOFR as reference rate. For the lease agreements which still have LIBOR as a reference rate, work will be initiated to ensure a rate-switch mechanism is in place before 30 June 2023. The Group does not expect any material costs to be incurred in connection with the change from LIBOR to another reference rate.Note 14 \u2014 Financial risk cont.Foreign exchange rate riskThe Group is exposed to currency fluctuations to a limited extent as a greater part of its income and expenses (including financial and capital expenses) are in USD. The largest non-USD cost is in NOK and relates to general administrative expenses, wages and pension cost. The Group\u2019s mortgage debt is denominated in USD. The Group has no active currency hedges as of 31.12.2022 (2021: no currency hedges). For further information see Note 15. * reduced/(increased) USD expenses for the next 12 months when USD/NOK forward is decreased by 10%. * reduced/(increased) USD expenses for the next 12 months when USD/NOK forward is decreased by 10%. * See Note 7 and 8 for further information. Of which: Have yet to transition to an alternative Non-derivative liabilities exposed to USD LIBOR Carrying value benchmark interest rate as at Measured at amortised cost (USD 1 000)31/12/202131.12.2021 Mortgage debt 444 984 444 984 Lease liabilities 274 833 274 833 Total liabilities exposed to USD LIBOR 719 817 719 817 FX sensitivity Year-end 2021 Max Last 12M Min Last 12M Sensitivity Cash effect Fwd12M Currency (USD / NOK) * 8.82 9.04 8.27 10% NOK appreciation vs USD -2.79 USDm FX sensitivity Year-end 2022 Max Last 12M Min Last 12M Sensitivity Cash effect Fwd12M Currency (USD / NOK) * 9.86 10.93 8.65 10% NOK appreciation vs USD -2.46 USDmThe equivalent of USD 0.5 million (USD 0.5 million in 2021) of these deposits was held in restricted accounts in respect of employee taxes. Cash and bank deposits (USD 1 000) 2022 2021 United States Dollar 161 793 200 035 Norwegian Kroner 7 693 5 266 Pound Sterling 1 270 1 472 Euro 5 379 13 741 Japanese Yen 878 2 794 Other currencies 6 926 5 108 Total 183 940 228 416 Per 31.12.2022 (USD 1 000)Note < 1 year 1 - 5 years > 5 years Total Mortgage debt (interest included) 19 58 525 195 288 85 962 339 774 Lease liabilities (interest included)* 8 180 071 121 855 52 346 354 272 Trade and other payables 20 31 095 - - 31 095 Total 269 691 317 142 138 308 725 141 Per 31.12.2021 (USD 1 000)Note < 1 year 1 - 5 years > 5 years Total Mortgage debt (interest included) 19 97 999 387 103 - 485 101 Lease liabilities (interest included)* 8 86 764 167 672 90 059 344 494 Trade and other payables 20 32 360 - - 32 360 Settlement US Department of Justice (cash payments) 18, 22 6 000 - - 6 000 Total 223 123 554 774 90 059 867 956 Applied currency rates Currency 31/12/2022 Average 31/12/2021 Pound Sterling USD/GBP 0.83 0.79 0.74 Japanese Yen USD/JPY 131.88 123.48 115.09 Norwegian Kroner USD/NOK 9.86 9.34 8.82 Euro USD/EUR 0.94 0.91 0.88 Bunker price riskThe Group has Bunker Adjustment Factor (BAF) clauses in most commercial contracts designed to adjust for changes in bunker prices. Due to time lag, the Group will not be fully compensated in periods of rapidly changing prices, but it will give reasonable compensation in most periods. The Group has no bunkers derivativesat year-end 2022 (2021: no bunkers derivatives).Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities,including deposits with banks and financial institutions, foreign exchange transaction and other financial instruments. The Group hasderivatives with sound financial institutions.Normal credit period for freights is from 25 to 30 days. For new largercustomers a credit analysis is conducted. The majority of the largest customers have had a long relationship with H\u00f6egh Autoliners. Bad debt has remained at a very low and stable level in recent years. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. The maximum exposure risk is represented by the carrying amounts that are carried in the balance sheets. For further information about receivables see Note 13.Liquidity riskLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to liquidity management is to ensure,to the extent possible, that the liquidity at any time can meet on-going obligations, both under normal and stressful conditions. The liquidity reserve shall be kept solid with targeted minimum cash holding relative to the size of the operation, cash flow development and capital commitments. The Group will seek to have the majority of its liquidity in bank deposits. The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments.For further information see Note 17 and 19.Fair value of the Group\u2019s credit facility approximates the facility\u2019s amortised cost, as the issuers borrowing costs are considered to be according to marked rates. No financial assets or liabilities are subject to offsetting, enforceable master netting agreements or similar agreements.Climate risk The future emission and environmental regulations are necessary for the maritime industry to reduce its footprint. Non-compliance with these regulations may lead to fines or even non-approval of documentation of compliance. There is also uncertainty around future environmental regulations. In case carbon taxes are imple-mented, operational cost for H\u00f6egh Autoliners will increase. In order to meet IMO\u2019s 2030 proposed target carbon intensity, improved The Group has bank deposits in the following currencies: Note 14 \u2014 Financial risk cont.fuel efficiency will be important. Fuel efficiency doesn\u2019t only mean complying with emission regulations, but is also important for reducing operational costs as a result of high fuel prices and proposed taxes. H\u00f6egh Autoliners can either choose to run on low carbon fuels, reduce operational speed, implement fuel saving measures or renew the fleet. Even if H\u00f6egh Autoliners\u2019 current fleet is among the most fuel efficient in the industry, further investments in fuel efficiency measures will be necessary if we would like to further improve fuel efficiency. The current fleet can comply with the proposed regulations by reducing speed or run on bio fuels. With the new Aurora class vessels, the H\u00f6egh fleet will be in a very good position to meet the IMO 2030 proposed target. The Aurora class vessels are designed to meet the proposed CII target in current operational speed. For more information on climate related risks and opportunities, see the chapter on Sustainability in this report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1211-3": {
"value": " Of which: Have yet to transition to an alternative Non-derivative liabilities exposed to USD LIBOR Carrying value benchmark interest rate as at Measured at amortised cost (USD 1 000)31/12/202231.12.2022 Mortgage debt - -Lease liabilities 157 687 157 687 Total liabilities exposed to USD LIBOR 157 687 157 687 Market riskMarket risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprise four types of risk: cash flow interest raterisk, fair value interest rate risk, currency risk and other price risk, such as bunkers risk.The Group buys and sells financial derivatives in order to mitigate risks from movements in interest rates. Changes in the market value of financial derivatives are recognised through the income statement (Fair value accounting). The Group does not apply IFRS hedge accounting.Cash flow interest rate riskThe Group\u2019s interest rate risk arises from long-term borrowings at floating rate and the risk is therefore a cash flow interest rate risk.TheGroup manages its cash flow interest rate risk by using floating-to-fixed interest rate swaps. The interest rate swaps are measured at fair value and changes in fair value are recognised through the statement of comprehensive income. As of year-end 2022 the Group had no interest rate swaps. For 2022, a change in interest rate of 1 percentage point would have had an effect on the Group\u2019s profit before tax and equity, through the impact of net floating rate borrowings, of about USD 1.5 million (USD2.6 million in 2021). Fair value interest riskThe interest rate risk can be reduced through interest rate swaps. The Group currently evaluates the exposure to interest rate risk as limited, and at year-end 2022, the Group did not have any interest rate swaps.IBOR reform - phase 2The Group\u2019s loan facility and lease liabilities have been interest bearing with LIBOR as reference rate. The agreements reference 1-month, 2-months and 3-months USD LIBOR. USD LIBOR can be used until 30 June 2023. The loan facility was refinanced in June 2022, which included a switch from LIBOR to SOFR as reference rate. For the lease agreements which still have LIBOR as a reference rate, work will be initiated to ensure a rate-switch mechanism is in place before 30 June 2023. The Group does not expect any material costs to be incurred in connection with the change from LIBOR to another reference rate.Note 14 \u2014 Financial risk cont.Foreign exchange rate riskThe Group is exposed to currency fluctuations to a limited extent as a greater part of its income and expenses (including financial and capital expenses) are in USD. The largest non-USD cost is in NOK and relates to general administrative expenses, wages and pension cost. The Group\u2019s mortgage debt is denominated in USD. The Group has no active currency hedges as of 31.12.2022 (2021: no currency hedges). For further information see Note 15. * reduced/(increased) USD expenses for the next 12 months when USD/NOK forward is decreased by 10%. * reduced/(increased) USD expenses for the next 12 months when USD/NOK forward is decreased by 10%. * See Note 7 and 8 for further information. Of which: Have yet to transition to an alternative Non-derivative liabilities exposed to USD LIBOR Carrying value benchmark interest rate as at Measured at amortised cost (USD 1 000)31/12/202131.12.2021 Mortgage debt 444 984 444 984 Lease liabilities 274 833 274 833 Total liabilities exposed to USD LIBOR 719 817 719 817 FX sensitivity Year-end 2021 Max Last 12M Min Last 12M Sensitivity Cash effect Fwd12M Currency (USD / NOK) * 8.82 9.04 8.27 10% NOK appreciation vs USD -2.79 USDm FX sensitivity Year-end 2022 Max Last 12M Min Last 12M Sensitivity Cash effect Fwd12M Currency (USD / NOK) * 9.86 10.93 8.65 10% NOK appreciation vs USD -2.46 USDmThe equivalent of USD 0.5 million (USD 0.5 million in 2021) of these deposits was held in restricted accounts in respect of employee taxes. Cash and bank deposits (USD 1 000) 2022 2021 United States Dollar 161 793 200 035 Norwegian Kroner 7 693 5 266 Pound Sterling 1 270 1 472 Euro 5 379 13 741 Japanese Yen 878 2 794 Other currencies 6 926 5 108 Total 183 940 228 416 Per 31.12.2022 (USD 1 000)Note < 1 year 1 - 5 years > 5 years Total Mortgage debt (interest included) 19 58 525 195 288 85 962 339 774 Lease liabilities (interest included)* 8 180 071 121 855 52 346 354 272 Trade and other payables 20 31 095 - - 31 095 Total 269 691 317 142 138 308 725 141 Per 31.12.2021 (USD 1 000)Note < 1 year 1 - 5 years > 5 years Total Mortgage debt (interest included) 19 97 999 387 103 - 485 101 Lease liabilities (interest included)* 8 86 764 167 672 90 059 344 494 Trade and other payables 20 32 360 - - 32 360 Settlement US Department of Justice (cash payments) 18, 22 6 000 - - 6 000 Total 223 123 554 774 90 059 867 956 Applied currency rates Currency 31/12/2022 Average 31/12/2021 Pound Sterling USD/GBP 0.83 0.79 0.74 Japanese Yen USD/JPY 131.88 123.48 115.09 Norwegian Kroner USD/NOK 9.86 9.34 8.82 Euro USD/EUR 0.94 0.91 0.88 Bunker price riskThe Group has Bunker Adjustment Factor (BAF) clauses in most commercial contracts designed to adjust for changes in bunker prices. Due to time lag, the Group will not be fully compensated in periods of rapidly changing prices, but it will give reasonable compensation in most periods. The Group has no bunkers derivativesat year-end 2022 (2021: no bunkers derivatives).Fair value of the Group\u2019s credit facility approximates the facility\u2019s amortised cost, as the issuers borrowing costs are considered to be according to marked rates. No financial assets or liabilities are subject to offsetting, enforceable master netting agreements or similar agreements. The Group has bank deposits in the following currencies: ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1296-3": {
"value": "Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities,including deposits with banks and financial institutions, foreign exchange transaction and other financial instruments. The Group hasderivatives with sound financial institutions.Normal credit period for freights is from 25 to 30 days. For new largercustomers a credit analysis is conducted. The majority of the largest customers have had a long relationship with H\u00f6egh Autoliners. Bad debt has remained at a very low and stable level in recent years. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. The maximum exposure risk is represented by the carrying amounts that are carried in the balance sheets. For further information about receivables see Note 13.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1315-3": {
"value": "Liquidity riskLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to liquidity management is to ensure,to the extent possible, that the liquidity at any time can meet on-going obligations, both under normal and stressful conditions. The liquidity reserve shall be kept solid with targeted minimum cash holding relative to the size of the operation, cash flow development and capital commitments. The Group will seek to have the majority of its liquidity in bank deposits. The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments.For further information see Note 17 and 19.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1343-2": {
"value": "Note 15 \u2014 Financial instruments Financial instruments by category 2022Financial instruments by category 2021 * Assets at fair value through OCI is without reclassification to the P&L. The investments in Other Companies correspond to shares in the company NSA U.K. Ltd.,where fair value changes of this investment are classified as Other Comprehensive Income (OCI). As the shares are not listed and there are no observable prices, the discounted cash flow model has been applied to estimate the equity value of NSA U.K. Ltd. * Assets at fair value through OCI is without reclassification to the P&L. The investments in Other Companies correspond to shares in the company NSA U.K. Ltd.,where fair value changes of this investment are classified as Other Comprehensive Income (OCI). As the shares are not listed and there are no observable prices, the discounted cash flow model has been applied to estimate the equity value of NSA U.K. Ltd. * The mortgage debt was refinanced in July 2021, see note 19 for further details.* The mortgage debt was refinanced in July 2022, see Note 19 for further details. Assets at fair Assets at Assets at fair value Assets (USD 1 000) Note amortised cost value through P&L through OCI * Other Total Investments in other companies 12 - - 938 - 938 Other non-current financial assets 12 36 - - 104 140 Trade and other receivables 13 92 924 - - - 92 924 Cash and cash equivalents14 183 940 - - - 183 940 Assets 31.12.2022 276 900 - 938 104 277 942 Assets at Assets at fair Assets at fair Assets (USD 1 000) Note amortised cost value through P&L value through OCI * Other Total Investments in other companies 12 - - 1 598 - 1 598 Other non-current financial assets 12 95 - - 85 180 Trade and other receivables 13 81 454 - - - 81 454 Cash and cash equivalents 14 228 416 - - - 228 416 Assets 31.12.2021 309 966 - 1 598 85 311 649 Financial Liabilities Financial liabilities at at fair value Liabilities at fair Liabilities (USD 1 000) Note amortised cost through P&L value through OCI Other Total Other non-current liabilities 18 - - - 90 90 Non-current interest bearing debt * 19 227 894 - - - 227 894 Current interest bearing debt * 19 36 626 - - - 36 626 Non-current lease liabilities 8 133 505 - - - 133 505 Trade and other payables (excl. non-fin. liab.) 20 31 095 - - - 31 095 Current lease liabilities 8 165 287 - - - 165 287 Liabilities 31.12.2022 594 407 - - 90 594 497 Other financial Liabilities Financial liabilities at at fair value Liabilities at fair Liabilities (USD 1 000) Note amortised cost through P&L value through OCI Other Total Other non-current liabilities 18 - - - 107 107 Non-current interest bearing debt * 19 359 704 - - - 359 704 Current interest bearing debt * 19 85 280 - - - 85 280 Non-current lease liabilities 8 201 893 - - - 201 893 Trade and other payables (excl. non-fin. liab.) 20 32 360 - - - 32 360 Current lease liabilities 8 72 940 - - - 72 940 Other current liabilities 22 5 918 - - - 5 918 Liabilities 31.12.2021 758 096 - - 107 758 203 Note 15 \u2014 Financial risk cont.* Other changes relate mainly to reclassifications of non-current and current portions of lease liabilities and interest bearing debt and remeasured lease liabilities due to changes in index, rates, extensions of leases and decisions to excercise purchase options.** Fair value changes relate to debt modification from the refinancing, see note 10.* Other changes relate mainly to reclassifications of non-current and current portions of lease liabilities and interest bearing debt, remeasured lease liabilities due to changes in index, rates and exercised purchase option. Financial instruments at fair value 31.12.2022 (USD 1 000) Level 1 Level 2 Level 3 Total Investment in other companies - - 938 938 Total assets - - 938 938 Financial instruments at fair value 31.12.2021 (USD 1 000) Level 1 Level 2 Level 3 Total Investment in other companies - - 1 598 1 598 Total assets - - 1 598 1 598 Reconciliation of liabilities arising from financial activities Non - cash changes Liabilities 2022 (USD 1 000) Note 31/12/2021 Cash flows Fair value changes Other changes* New liability 31/12/2022 Non-current interest bearing debt 19 359 704 (93 711) (15 629) (22 470) - 227 894 Current interest bearing debt 19 85 280 (59 500) (5 240) 16 086 - 36 626 Non-current lease liabilities 8 201 893 - - (123 061) 54 672 133 505 Current lease liabilities 8 72 940 (115 539) - 182 725 25 161 165 287 719 817 (268 750) (20 869) 53 280 79 833 563 312 Non - cash changes Liabilities 2021 (USD 1 000) Note 31/12/2020 Cash flows Fair value changes Other changes* New liability 31/12/2021 Other non-current liabilities 18 43 - (43) - - - Non-current interest bearing debt 19 - - - 353 711 5 992 359 704 Current interest bearing debt 19 520 751 (84 497) - (353 850) 2 876 85 280 Other current financial liabilities 22 2 508 - (2 508) - - - Non-current lease liabilities 8 207 561 - - (43 101) 37 434 201 893 Current lease liabilities 8 55 706 (59 954) - 71 428 5 760 72 940 786 569 (144 451) (2 551) 28 188 52 063 719 817 Fair value measurement The following tables presents the Group`s financial assets and liabilities measured at fair value, by valuation method. The different levels have been defined as follows:Level 1: Quoted prices in active markets for identical assets or liabilities.Level 2: Inputs other than quoted prices included within level one that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is derived from prices).Level 3: Inputs for the assets or liabilities that are not based on observable market data.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1374-3": {
"value": "Note 15 \u2014 Financial risk cont. Financial instruments at fair value 31.12.2022 (USD 1 000) Level 1 Level 2 Level 3 Total Investment in other companies - - 938 938 Total assets - - 938 938 Financial instruments at fair value 31.12.2021 (USD 1 000) Level 1 Level 2 Level 3 Total Investment in other companies - - 1 598 1 598 Total assets - - 1 598 1 598 Fair value measurement The following tables presents the Group`s financial assets and liabilities measured at fair value, by valuation method. The different levels have been defined as follows:Level 1: Quoted prices in active markets for identical assets or liabilities.Level 2: Inputs other than quoted prices included within level one that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is derived from prices).Level 3: Inputs for the assets or liabilities that are not based on observable market data.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1400-2": {
"value": "Note 16 \u2014 Share information and earnings per share Basic earnings per share is calculated by dividing net profit or loss attributable to equity holders of the Company after non-controlling interest, by the weighted average number of total outstanding shares (adjusted for average number of own shares) during the financial year. The Company has no own shares at 31 December 2022 (2021: no own shares).Diluted earnings per share is calculated by dividing the net profit or loss attributable to equity holders of the Company after non-con-trolling interest, by the weighted average number of total outstandingshares (adjusted for average number of own shares) during the financial year, after adjusting for all dilutive potential shares. The potential shares arising from the Company\u2019s equity-settled, share-based compensation plan are included in the calculation of diluted earnings per share. See Note 6 for more information on the share-based compensation plan.On 5 November 2021, the Board of Directors and AGM of the Company decided to increase the share capital by NOK 36 466 862 from NOK 2 755 587 342 to NOK 2 792 054 204 by transfer of funds from other equity. The share capital increase was done by issuance of 344 027 shares, each with a nominal value of NOK 106. Upon completion of the transaction the shares were delivered to Damg\u00e5rd Invest. On 10 November 2021, the Board of Directors and AGM of the Company decided to split the share in the ratio 1:5, where the nominal value was reduced from NOK 106 to NOK 21.20. The number of shares increased from 26 340 134 to 131 700 670 following the split.On 24 November 2021, the Board of Directors and AGM of the Company decided to reduce the share capital by NOK 842 884 288, from NOK 2 792 054 204 to NOK 1 949 169 916 by reducing the share\u2019s nominal value from NOK 21.20 to NOK 14.80. The reduction amount was transferred to other equity. Following the private place-ment in connection with the admission to trading of the Company\u2019s shares on Euronext Growth, a capital increase was decided on 24 November 2021. The share capital was increased by NOK 851 000 000 from NOK 1 949 169 916 to NOK 2 800 169 916 by issuance of 57 500 000 new shares, each with a nominal value of NOK 14.80. The shares were subscribed for a price of NOK 21, whereof the amount of NOK 356 500 000 was transferred to share premium. On 29 December 2021, the Board of Directors of the Company decided, according to an authority given by the AGM, to increase the Company\u2019s share capital by NOK 23 222 369.20 by issuance of 1 569 079 new shares, at the subscription price of NOK 21.00 per share, equal to the subscription price in the Offering. NOK 9 728 290 was transferred to share premium. The share capital increase was made following the partial exercise of the green shoe option.Transaction costs of USD 6.8 million related to the admission to tradein November 2021 were recorded net against equity. A stabilisation gain of TUSD 53 was also been recorded against equity.The Board of directors has proposed dividend to be paid for 2022 according to the dividend policy. The Company\u2019s number of shares is as follows: 2022 2021 Total shares at 31 December 190 769 749 190 769 749 Earnings per share 31 Dec 2022 31 Dec 2021 (USD)Weighted average number of ordinary shares for the purpose of basic earnings per share 190 769 749 135 743 593 Effect of dilutive potential ordinary shares:- Share options 761 791 397 004 Weighted average number of ordinary shares for the purpose of diluted earnings per share 191 531 540 136 140 597 Profit for the period attributable to the owners of the parent 298 585 388 124 768 299 Earnings per share basic 1.57 0.92 Earnings per share diluted 1.56 0.92 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1459-2": {
"value": "Note 17 \u2014 Management of Capital The Group\u2019s financial policies and guidelines are developed to Liquidity reserve secure sound financial flexibility for the Group to be able to support commercial activity and growth. Targets are set at levels which will The aim is to keep a solid liquidity reserve with minimum cash give the Group sufficient strength through business cycles. The holding relative to the size of the operation, cash flow development Group focus on a number of financial ratios, among others; and capital commitments. The Group is targeting a minimum liquidity reserve of 12 months of debt service and unfinanced capital commit-Book equity ratio ments, of which a part may consist of available credit facilities. The liquidity reserve year-end 2022 is above the set target. The Group\u2019s book equity ratio is targeted to be between 40-55%. The book equity at year-end 2022 is above the set target (2021: H\u00f6egh Autoliners ASA has covenants in the loan agreement within the set target).regarding minimum book equity ratio, working capital and minimum liquidity. The Group is in compliance with these ratios on a consoli-Working capital dated basis as per year-end 2022. The Group\u2019s working capital is targeted to be above zero excluding The Group aims to maximise shareholder return over time. To main-short-term lease liabilities. The ratio per year-end 2022 is above the tain or adjust the capital structure, the Group may adjust dividend set target. distribution or issue new shares. H\u00f6egh Autoliners targets to distribute dividends to shareholders of between 30-50% of annual net profit after tax, taking into consideration its outlook, investment opportunities and financial position. There are no restrictions on dividend payments in the loan agreement. Equity ratio (USD 1 000) 2022 2021 Total equity 1 062 973 800 549 Total assets 1 752 187 1 651 635 Equity ratio 61%48%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1460-2": {
"value": "Note 18 \u2014 Other non-current liabilities In relation with U.S. investigations into the car carrier industry and ocean shipping services to and from the U.S., H\u00f6egh Autoliners accepted a settlement with the U.S. Department of Justice in 2017 and agreed to pay USD 21 million in a plea agreement related toU.S. to Middle East exports. The liability has been settled over a period of five years, with the first downpayment made in December 2017.The following years a yearly payment was made. The last payment was made in 2022, see also note 22. Other non-current liabilities (USD 1 000) 2022 2021 Other 90 107 Total 90 107 Note 22 \u2014 Other current liabilities The last payment for the settlement with the US Department of Justice was made in 2022. See note 18 for more information. Other current liabilities (USD 1 000) 2022 2021 Settlement US Department of Justice - 5 918 Total other current liabilities - 5 918 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1460-3": {
"value": "Note 18 \u2014 Other non-current liabilities In relation with U.S. investigations into the car carrier industry and ocean shipping services to and from the U.S., H\u00f6egh Autoliners accepted a settlement with the U.S. Department of Justice in 2017 and agreed to pay USD 21 million in a plea agreement related toU.S. to Middle East exports. The liability has been settled over a period of five years, with the first downpayment made in December 2017.The following years a yearly payment was made. The last payment was made in 2022, see also note 22. Other non-current liabilities (USD 1 000) 2022 2021 Other 90 107 Total 90 107 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1474-2": {
"value": "Note 19 \u2014 Non-current and current interest bearing debtRefinancing of debtH\u00f6egh Autoliners refinanced its USD 1 000 million Facility maturing 30 January 2025, on 28 June 2022. The refinancing included extended maturity until January 2028, reduced annual amortisa-tions, reduced interest rate and a reduction of pledged vessels. The refinancing has been accounted for as a debt modification, as the discounted cash flows under the new terms (revised cash flows discounted with the original effective interest rate) showed a difference in net present value of USD 20.9 million (gain). The liability was therefore restated and an adjustment to the amortised cost calculation of the loan will be amortised as a catch-up in the profit or loss until the maturity in 2028 (debt modification accounting). In addition, arrangement fee of USD 4.4 million has been expensed.The refinanced facility consists of USD 300 million in term loan Facility A and a Revolving Credit Facility (RCF) of USD 100 million. In addition, a Facility B of USD 280 million in term loan for the purpose of financing delivery of Aurora Newbuilds has been signed. A down payment on the existing facility of USD 82 million was made in connection with the refinancing. In December 2022, a Facility C of USD 130 million was signed, for the purpose of financing the purchase of three vessels. As of 31 December 2022, the RCF and Facility B and C have not been drawn. H\u00f6egh Autoliners complies with all loan covenants at 31 December 2022.In addition to the financial covenants, the Group also has clauses in the loan agreement related to sustainability margin adjustments. The clauses will give an adjustment of the margin based on the fleet\u2019s sustainability score, being a verified AER score per vessel.SecurityThe USD 810 million (2021: USD 1 000 million) senior secured term loan and revolving credit facility is secured by mortgages in the majority of the Group\u2019s vessels, with a book value of USD 604 million (2021: USD 958 million). In addition, the debt is secured by anassignment of earnings and insurances. 2022 - Interest bearing debt (USD 1 000) Non-current Current Total Interest bearing debt 231 847 36 636 268 483 Arrangement fee mortgage debt (3 953) (167) (4 120) Accrued interest - 157 157 Total interest bearing debt 227 894 36 626 264 520 2021 - Interest bearing debt (USD 1 000) Non-current Current Total Interest bearing debt 359 704 82 876 442 580 Accrued interest - 2 404 2 404 Total interest bearing debt 359 704 85 280 444 984 Mortgage debt (USD 1 000) Maturity Outstanding amount USD 810 million senior secured January 2028 280 500 Total mortgage debt 280 500 Weighted average effective interest rates of total borrowings 2022 2021 Mortgage debt 4.24% 3.09%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1474-3": {
"value": "Note 19 \u2014 Non-current and current interest bearing debtRefinancing of debtH\u00f6egh Autoliners refinanced its USD 1 000 million Facility maturing 30 January 2025, on 28 June 2022. The refinancing included extended maturity until January 2028, reduced annual amortisa-tions, reduced interest rate and a reduction of pledged vessels. The refinancing has been accounted for as a debt modification, as the discounted cash flows under the new terms (revised cash flows discounted with the original effective interest rate) showed a difference in net present value of USD 20.9 million (gain). The liability was therefore restated and an adjustment to the amortised cost calculation of the loan will be amortised as a catch-up in the profit or loss until the maturity in 2028 (debt modification accounting). In addition, arrangement fee of USD 4.4 million has been expensed.The refinanced facility consists of USD 300 million in term loan Facility A and a Revolving Credit Facility (RCF) of USD 100 million. In addition, a Facility B of USD 280 million in term loan for the purpose of financing delivery of Aurora Newbuilds has been signed. A down payment on the existing facility of USD 82 million was made in connection with the refinancing. In December 2022, a Facility C of USD 130 million was signed, for the purpose of financing the purchase of three vessels. As of 31 December 2022, the RCF and Facility B and C have not been drawn. H\u00f6egh Autoliners complies with all loan covenants at 31 December 2022.In addition to the financial covenants, the Group also has clauses in the loan agreement related to sustainability margin adjustments. The clauses will give an adjustment of the margin based on the fleet\u2019s sustainability score, being a verified AER score per vessel.SecurityThe USD 810 million (2021: USD 1 000 million) senior secured term loan and revolving credit facility is secured by mortgages in the majority of the Group\u2019s vessels, with a book value of USD 604 million (2021: USD 958 million). In addition, the debt is secured by anassignment of earnings and insurances. 2022 - Interest bearing debt (USD 1 000) Non-current Current Total Interest bearing debt 231 847 36 636 268 483 Arrangement fee mortgage debt (3 953) (167) (4 120) Accrued interest - 157 157 Total interest bearing debt 227 894 36 626 264 520 2021 - Interest bearing debt (USD 1 000) Non-current Current Total Interest bearing debt 359 704 82 876 442 580 Accrued interest - 2 404 2 404 Total interest bearing debt 359 704 85 280 444 984 Mortgage debt (USD 1 000) Maturity Outstanding amount USD 810 million senior secured January 2028 280 500 Total mortgage debt 280 500 Weighted average effective interest rates of total borrowings 2022 2021 Mortgage debt 4.24% 3.09%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1514-2": {
"value": "Note 20 \u2014 Trade and other payables Trade and other payables (USD 1 000) 2022 2021 Suppliers 26 381 27 433 Prepaid TC on vessels chartered out 6 460 10 501 Public duties payable and holiday pay 4 714 4 927 Total 37 555 42 861 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1515-2": {
"value": "Note 21 \u2014 Current accruals and provisions Accruals All voyages are continuously estimated with regards to the expenses incurred at any given time during the voyage. The difference betweenactually invoiced expenses and the cost estimate is presented as accrued expenses at the balance sheet date. Current accruals and provisions (USD 1 000) 2022 2021 Accrued voyage expenses 32 806 40 422 Accrued crew expenses 1 928 1 787 Accrued running expenses 8 036 7 741 Other current provisions 1 705 1 954 Total 44 475 51 904 Other current provisions (USD 1 000) 2022 2021 Provision 01.01 1 954 2 323 Charged/(credited) to the income statement: Additional provisions 1 705 1 954 Unused amounts reversed (128) (676) Used during year (1 826) (1 647) Provision 31.12 1 705 1 954 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1524-3": {
"value": "Note 22 \u2014 Other current liabilities The last payment for the settlement with the US Department of Justice was made in 2022. See note 18 for more information. Other current liabilities (USD 1 000) 2022 2021 Settlement US Department of Justice - 5 918 Total other current liabilities - 5 918 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1527-2": {
"value": " All H\u00f6egh Autoliners commercial subsidiaries make cargo bookings on behalf of H\u00f6egh Autoliners AS. Most of the commercial companies are cost-plus-based where the company\u2019s income is based on a percentage of the expenses. Based on this transfer pricing principle H\u00f6egh Autoliners Shipping AS has from the various commercial subsidiaries expensed USD 17 million (USD 16 million in 2021) as voyage expenses. Main transactions with other related partiesH\u00f6egh Capital Partners Ltd delivered consultancy services amounting to TUSD 5 in 2022 (2021: USD 0.7 million). Outstanding payables to H\u00f6egh Capital Partners Ltd was TUSD 26 at the end of 2022 (2021: TUSD 45).A Co-investment agreement between the CEO, Andreas Enger, and H\u00f6egh Autoliners Management AS and Leif H\u00f6egh & Co Holdings AS, was entered into in June 2020, to govern the CEO\u2019s investment in the Company following a successful refinancing. On 10 August 2021, this agreement was executed by the CEO\u2019s wholly owned company Damg\u00e5rd Invest AS investing NOK 9 million, and Damg\u00e5rd Invest AS received a derivative giving Damg\u00e5rd Invest AS economic rights and risks as if it was a shareholder in the Company, owning 339 534 shares, but without shareholder rights. The Co-investment agreement anticipated the need for adjusting the number of shares in case of a capital raise or similar corporate reorganisation. In November 2021, the derivative was settled with a share capital increase where 344 027 shares were issued and subsequently delivered to Damg\u00e5rd Invest AS. The derivative was valued at fair market value when it was issued and a total of USD 3.3 million was expensed as finance costs in 2021. There are no outstanding balances as at 31 December 2022, between the Company and the CEO, relating to the investment.Note 23 \u2014 Transactions with related partiesSupplier Receiver Type of agreement 2022 2021 Maersk Lines Ltd. H\u00f6egh Autoliners Shipping AS Technical Management 18 881 15 368 H\u00f6egh Autoliners Shipping AS Maersk Lines Ltd. Shipping services 27 368 28 801 H\u00f6egh Technical Management Holding Pte Ltd. H\u00f6egh Autoliners Shipping Pte Ltd Technical Management 7 478 11 603 H\u00f6egh Technical Management Holding Pte Ltd. H\u00f6egh Autoliners Shipping AS Technical Management 89 159 91 865 ParCar Shipholding AS H\u00f6egh Autoliners Shipping AS Bareboat lease 7 075 7 154 Supplier Receiver 2022 2021 Maersk Lines Ltd. H\u00f6egh Autoliners Shipping AS 1 413 1 230 H\u00f6egh Technical Management Holding Pte Ltd. H\u00f6egh Autoliners Shipping Pte Ltd 1 200 64 H\u00f6egh Technical Management Holding Pte Ltd. H\u00f6egh Autoliners Shipping AS 5 639 5 418 H\u00f6egh Autoliners Shipping AS Maersk Lines Ltd. 20 543 19 985 H\u00f6egh Autoliners Management AS delivers operational, financial and administrative services to other companies in the Group. H\u00f6egh Technical Management Holding Pte. Ltd delivers technical and crewing services to H\u00f6egh Autoliners Shipping AS and H\u00f6egh Autoliners Shipping Pte. Ltd.The Group had three vessels under US flag with Maersk Lines Ltd during 2022 (2021: three vessels). All three vessels are owned as individual US Trusts. Each vessel is on bareboat charter to Maersk Lines from the Trusts and H\u00f6egh Autoliners Shipping AS have the vessels on time charter from Maersk Lines Ltd.H\u00f6egh Autoliners ASA holds a 36.45% interest (2021: 36.45%) in ParCar AS and has an outstanding receivable of USD 1 million as of 31.12.2022 (2021: USD 1.1 million). ParCar Shipholding AS, which is 100% owned by ParCar AS, leases H\u00f6egh Copenhagen on a bareboat lease to H\u00f6egh Autoliners Shipping AS. Year-end balances from sales/purchase of goods or services with related parties are as follows (USD 1 000):",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1581-2": {
"value": "Note 24 \u2014 Contingent liabilities Note 25 \u2014 Commitments and guarantees Regular claims are made against the Group as a result of its ordinary operations. These are usually cargo claims for damages to the cargo on board the vessels. The Group is of the opinion that none of the on-going cases will lead to significant commitments for the Group.Since 2012 the Group has been subject of the global cartel inves-tigation in the PCTC industry, and this is still ongoing. The Group accepted a settlement of USD 21 million in a plea agreement in the United States of America in 2017, and it cannot be excluded that more fines and damage claims may come from this investigation in the future. Any potential fines or damage claims could be material forthe Group.Alleged breaches of anti-trust regulations in BrazilOn 23 March 2022, The Administrative Council for Economic Defence (CADE) in Brazil issued a fine of approximately BRL 26 million (USD 4.9 million) to H\u00f6egh Autoliners for alleged breaches of anti-trust regulations dating back to 2000-2012. Since H\u00f6egh Auto-liners did not have any turnover in Brazil in the relevant period, the fine is calculated on a \u201cvirtual turnover\u201d principle, based on Brazil\u2019s relevance in the worldwide PCTC market. The decision (including the \u201cvirtual turnover\u201d calculation) may be challenged before the AppellateCourt in Brazil. H\u00f6egh Autoliners disagrees with CADE\u2019s decision and after reviewing its merits, the Company will proceed with an appeal. No provision has been made in the financial statements as of31 December 2022.Capital commitments At the end of 2022, the Group has capital commitments relating to a newbuilding contract with China Merchants Heavy Industry. A contract is for eight fixed and eight optional multi-fuel and zero carbon ready Aurora class vessels was signed in January 2022, and in April 2022 the Group signed a contract to build an additional four new Aurora class vessels on the same terms and specifications as the first four vessels. The contract for the eight fixed vessels has a total value of USD 796 million. The Group retains its existing option for another four vessels (vessel 9-12) until end July 2023. As of 31 December 2022 a total of USD 120 million has been paid in first instalments for the eight vessels. The Group expects delivery of two Aurora vessels every six months starting from the second half of 2024.GuaranteesBelow is a list of guarantees in addition to guarantees given for related parties:Guarantees for customs clearance have been provided for some ports in which the Group operates, as well as guarantees for rent for some of the offices. H\u00f6egh Autoliners ASA has provided performance guarantees in relation to sale-leasebacks of the vessels H\u00f6egh Berlin, H\u00f6egh Copenhagen, H\u00f6egh Jeddah, H\u00f6egh Jacksonville, H\u00f6egh Tracer and H\u00f6egh Trapper. Guarantees have also been provided for the shipbuilding contracts and the related lease financings.H\u00f6egh Autoliners ASA has provided a guarantee in relation to the payments for the rent for the office at Drammensveien 134.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1581-3": {
"value": "Note 24 \u2014 Contingent liabilities Regular claims are made against the Group as a result of its ordinary operations. These are usually cargo claims for damages to the cargo on board the vessels. The Group is of the opinion that none of the on-going cases will lead to significant commitments for the Group.Since 2012 the Group has been subject of the global cartel inves-tigation in the PCTC industry, and this is still ongoing. The Group accepted a settlement of USD 21 million in a plea agreement in the United States of America in 2017, and it cannot be excluded that more fines and damage claims may come from this investigation in the future. Any potential fines or damage claims could be material forthe Group.Alleged breaches of anti-trust regulations in BrazilOn 23 March 2022, The Administrative Council for Economic Defence (CADE) in Brazil issued a fine of approximately BRL 26 million (USD 4.9 million) to H\u00f6egh Autoliners for alleged breaches of anti-trust regulations dating back to 2000-2012. Since H\u00f6egh Auto-liners did not have any turnover in Brazil in the relevant period, the fine is calculated on a \u201cvirtual turnover\u201d principle, based on Brazil\u2019s relevance in the worldwide PCTC market. The decision (including the \u201cvirtual turnover\u201d calculation) may be challenged before the AppellateCourt in Brazil. H\u00f6egh Autoliners disagrees with CADE\u2019s decision and after reviewing its merits, the Company will proceed with an appeal. No provision has been made in the financial statements as of31 December 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1582-3": {
"value": "Note 25 \u2014 Commitments and guarantees Capital commitments At the end of 2022, the Group has capital commitments relating to a newbuilding contract with China Merchants Heavy Industry. A contract is for eight fixed and eight optional multi-fuel and zero carbon ready Aurora class vessels was signed in January 2022, and in April 2022 the Group signed a contract to build an additional four new Aurora class vessels on the same terms and specifications as the first four vessels. The contract for the eight fixed vessels has a total value of USD 796 million. The Group retains its existing option for another four vessels (vessel 9-12) until end July 2023. As of 31 December 2022 a total of USD 120 million has been paid in first instalments for the eight vessels. The Group expects delivery of two Aurora vessels every six months starting from the second half of 2024.GuaranteesBelow is a list of guarantees in addition to guarantees given for related parties:Guarantees for customs clearance have been provided for some ports in which the Group operates, as well as guarantees for rent for some of the offices. H\u00f6egh Autoliners ASA has provided performance guarantees in relation to sale-leasebacks of the vessels H\u00f6egh Berlin, H\u00f6egh Copenhagen, H\u00f6egh Jeddah, H\u00f6egh Jacksonville, H\u00f6egh Tracer and H\u00f6egh Trapper. Guarantees have also been provided for the shipbuilding contracts and the related lease financings.H\u00f6egh Autoliners ASA has provided a guarantee in relation to the payments for the rent for the office at Drammensveien 134.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1640-2": {
"value": "Note 26 \u2014 Investment in associates and joint ventures The Group has investments in the following associates and joint ventures accounted for using the equity method. Voting share/ Voting share/ Carrying Carrying ownership % ownership % Nature of amount 2022amount 2021Company31.12.202231.12.2021relationship Country(USD 1 000)(USD 1 000) H\u00f6egh Northern Terminal Ltd. 50 50 Joint venture UK - - ParCar AS 36.45 36.45 Associate Norway 5 233 9 100 Sum 5 233 9 100 Specified financial information - ParCar AS is a company investing in a shipowning company providing the vessel H\u00f6egh Copenhagen on a bareboat lease toH\u00f6egh Autoliners Shipping ASReconciliation to carrying amounts (USD 1 000): ParCar GroupNet assets 31.12.2020 24 581 Other adjustments* (1 243)Profit for the period 3 727 Repaid capital (2 100) Net assets 31.12.2021 24 966 Group share in % 36,5% Carrying amount 31.12.2021 9 100 Net assets 31.12.2021 24 966 Other adjustments* (2 981)Profit for the period 4 223 Dividends paid (2 506)Repaid capital (9 344) Net assets 31.12.2022 14 357 Group share in % 36,5%Group's share 5 233 Carrying amount 31.12.2022 5 233 * Mainly currency translation differences* Figures from unaudited financial statements 2022** Figures from audited financial statements 2022* Figures from unaudited financial statements 2021Profit/(loss) for 2022 Summarised financial information (USD 1 000) Assets Liabilities Equity Revenuesthe year H\u00f6egh Northern Terminal Ltd. * 65 112 (46) 268 (7) ParCar Group ** 47 254 32 896 14 358 - 4 223 Profit/(loss) for 2021 Summarised financial information* (USD 1 000) Assets Liabilities Equity Revenuesthe year H\u00f6egh Northern Terminal Ltd. 121 165 (44) 412 (8) ParCar Group 50,500 25,534 24,966 - 3,727 Investment in joint ventures (USD 1 000) 2022 2021 Carrying amount - - Profit/(loss) - - Investment in associates (USD 1 000) 2022 2021 Carrying amount 5 233 9 100 Profit 1 539 1 205 Currency translation differences (OCI) (1 087) (300) Total carrying amount of investments joint ventures and associates 31.12. 5 233 9 100 The following illustrates summarised financial information of the Group\u2019s investment in the associated companies and joint ventures:",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1640-3": {
"value": "Note 26 \u2014 Investment in associates and joint ventures The Group has investments in the following associates and joint ventures accounted for using the equity method. Voting share/ Voting share/ Carrying Carrying ownership % ownership % Nature of amount 2022amount 2021Company31.12.202231.12.2021relationship Country(USD 1 000)(USD 1 000) H\u00f6egh Northern Terminal Ltd. 50 50 Joint venture UK - - ParCar AS 36.45 36.45 Associate Norway 5 233 9 100 Sum 5 233 9 100 Specified financial information - ParCar AS is a company investing in a shipowning company providing the vessel H\u00f6egh Copenhagen on a bareboat lease toH\u00f6egh Autoliners Shipping ASReconciliation to carrying amounts (USD 1 000): ParCar GroupNet assets 31.12.2020 24 581 Other adjustments* (1 243)Profit for the period 3 727 Repaid capital (2 100) Net assets 31.12.2021 24 966 Group share in % 36,5% Carrying amount 31.12.2021 9 100 Net assets 31.12.2021 24 966 Other adjustments* (2 981)Profit for the period 4 223 Dividends paid (2 506)Repaid capital (9 344) Net assets 31.12.2022 14 357 Group share in % 36,5%Group's share 5 233 Carrying amount 31.12.2022 5 233 * Mainly currency translation differences* Figures from unaudited financial statements 2022** Figures from audited financial statements 2022* Figures from unaudited financial statements 2021Profit/(loss) for 2022 Summarised financial information (USD 1 000) Assets Liabilities Equity Revenuesthe year H\u00f6egh Northern Terminal Ltd. * 65 112 (46) 268 (7) ParCar Group ** 47 254 32 896 14 358 - 4 223 Profit/(loss) for 2021 Summarised financial information* (USD 1 000) Assets Liabilities Equity Revenuesthe year H\u00f6egh Northern Terminal Ltd. 121 165 (44) 412 (8) ParCar Group 50,500 25,534 24,966 - 3,727 Investment in joint ventures (USD 1 000) 2022 2021 Carrying amount - - Profit/(loss) - - Investment in associates (USD 1 000) 2022 2021 Carrying amount 5 233 9 100 Profit 1 539 1 205 Currency translation differences (OCI) (1 087) (300) Total carrying amount of investments joint ventures and associates 31.12. 5 233 9 100 The following illustrates summarised financial information of the Group\u2019s investment in the associated companies and joint ventures:",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1657-2": {
"value": "Note 27 \u2014 List of subsidiaries* For the above listed companies one share has one vote at the General Meeting. Owner share % *PrincipalCompany Countryactivity2022 2021 H\u00f6egh Autoliners ASA Norway Holding company H\u00f6egh Autoliners Management AS Norway Management company 100 100 H\u00f6egh Autoliners Shipping Pte. Ltd. Singapore Ship owning company 100 100 HFS China Ltd. China Crewing office 51 51 HFS Philippines Inc.** Philippines Crewing office 25 25 H\u00f6egh Autoliners Logistics AS Norway Holding company 100 100 S.A.S. Autotrans Logistics France Logistics operation 100 100 H\u00f6egh Autoliners B.V. The Netherlands Holding company 100 100 H\u00f6egh Autoliners Shipping AS Norway Ship owning company 100 100 Alliance Norfolk Trust USA Ship owning company 100 100 Alliance St. Louis Trust USA Ship owning company 100 100 Alliance Fairfax Trust USA Ship owning company 100 100 H\u00f6egh Autoliners Shipping II AS Norway SPV for entering into shipbuilding contracts 100 100 H\u00f6egh Autoliners Shipping 269-3 AS Norway SPV for entering into shipbuilding contracts 100 - H\u00f6egh Autoliners Shipping 269-4 AS Norway SPV for entering into shipbuilding contracts 100 - H\u00f6egh Autoliners Shipping 269-7 AS Norway SPV for entering into shipbuilding contracts 100 - H\u00f6egh Autoliners Shipping 269-8 AS Norway SPV for entering into shipbuilding contracts 100 - H\u00f6egh Autoliners AS Norway Commercial operation 100 100 Alliance Navigation LLC. USA Commercial operation 100 100 H\u00f6egh Autoliners Germany GmbH Germany Commercial operation 100 100 H\u00f6egh Autoliners Pty. Ltd. India Commercial operation 100 100 H\u00f6egh Autoliners K.K. Japan Commercial operation 100 100 H\u00f6egh Autoliners North America Inc. USA Commercial operation 100 100 H\u00f6egh Autoliners PTY Ltd. South Africa Commercial operation 100 100 H\u00f6egh Autoliners Spain S.L. Spain Commercial operation 100 100 H\u00f6egh Autoliners S.A.S. France Commercial operation 100 100 Leif H\u00f6egh & Co China Ltd.*** China Commercial operation 100 100 H\u00f6egh Autoliners Panama S. A.**** Panama Commercial operation 100 100 ** Although the maximum foreign ownership under Philippine law stands at 25 %, the terms of the agreement under which the entity was established, gives H\u00f6egh100 % control over HFS Philippines Inc. consequently, H\u00f6egh consolidates this entity. *** The operation in China takes place from this company in the name H\u00f6egh Autoliners **** The ownership of H\u00f6egh Autoliners Panama S.A. was in 2022 transferred from H\u00f6egh Holdings B.V. to H\u00f6egh Autoliners AS. H\u00f6egh Holdings B.V. has been liquidated in 2022.Owner share % *PrincipalCompany Countryactivity2022 2021 H\u00f6egh Technical Management Holding Pte. Ltd. Singapore Holding company 100 100 H\u00f6egh Technical Management Inc. Philippines Management company 100 100 H\u00f6egh Autoliners Technical Operations AS Norway Management company 100 - ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1660-2": {
"value": "Note 28 \u2014 Events after the balance sheet date Settlement of class-actions in Canada On 30 January 2023, H\u00f6egh Autoliners reached an in-principle settle-ment agreement with plaintiffs in the anti-trust class actions pending in Canada. The settlement amount is CAD 2.5 million (approx. USD 2 million). The settlement agreement is subject to court approvals in B.C., Ontario and Quebec.Refund of withholding tax On 6 February 2023, H\u00f6egh Autoliners received a refund of with-holding tax amounting to NOK 28.8 million (USD 2.8 million) related tothe extraordinary dividend from Den Norske Krigsforsikring (DNK), paid out in December 2021. The refund of the withholding tax will be recorded against the corresponding receivable in the statement of financial position, see note 13.Dividend On 8 February 2023, the Board of Directors resolved to distribute a cash dividend of USD 0.231 per share. The dividend was paid out in February 2023.Fleet update The Company, through its subsidiary H\u00f6egh Autoliners Shipping AS, has agreed with the owner of the leased vessel H\u00f6egh Berlin to terminate the bareboat charter and purchase the vessel, for a purchase price of USD 34.25 million. The vessel was taken over on 1 March 2023. On the same date, the Company also took ownership of the vessel H\u00f6egh Tracer, following the exercise of a purchase option in August 2022. The purchase price for H\u00f6egh Tracer was USD 53.2 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}