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"s7_notes__6__14": {
"value": "CORPORATE INFORMATIONH\u00f6egh Autoliners ASA (the \u201cCompany\u201d) is a public limited liability company domiciled in Norway. The Company is listed on the Oslo Stock Exchange. The address of the Company\u2019s registered office is Drammensveien 134, N-0277 Oslo, Norway. The consolidated financial statements of the Company for the year ended 31 December 2023 comprise the Company and its subsidiaries (together referred to as the \u201cGroup\u201d and individually as \u201cGroup entities\u201d) and can be obtained at this address. 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 trading systems from a worldwide network of offices.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__9": {
"value": "H\u00f6egh Autoliners ASA",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__8": {
"value": "H\u00f6egh Autoliners ASA",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__7": {
"value": "H\u00f6egh Autoliners ASA",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__12": {
"value": "public limited liability company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__11": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__10": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__13": {
"value": "Drammensveien 134, N-0277 Oslo, Norway",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__5": {
"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 trading systems from a worldwide network of offices.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__15": {
"value": "STATEMENT OF COMPLIANCEThe consolidated financial statements have been prepared in accor-dance with IFRS\u00ae Accounting Standards as adopted by the European Union (EU) (IFRS). H\u00f6egh Autoliners also provides additional disclosures in accordance with requirements in the Norwegian Accounting Act.The consolidated financial statements were authorised for issue by the Board of Directors on 23 April 2024.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__16": {
"value": "BASIS OF CONSOLIDATIONThe consolidated financial statements include H\u00f6egh Autoliners ASA and its subsidiaries. Subsidiaries 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 exercise 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\u2019 accounting policies have been changed where necessary to ensure consistency with the policies adopted by the Group.Intercompany transactions, balances and unrealised gains on trans-actions between group companies are eliminated. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__17": {
"value": "FUNCTIONAL 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. All financial information presented in USD has been rounded to the nearest thousands, except when otherwise indicated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__18-1": {
"value": "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 trans-lated 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 denominated in currencies other than USD are translated at the exchange rate at the time of the original transaction.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 liabili-ties. 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.NEW AND AMENDED STANDARDS AND INTERPRETATIONSThe 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 2023, 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. Insurance Contracts (IFRS 17) and Insurance Contracts (Amendment to IFRS 17)IFRS 17 is a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure.Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)The amendment requires entities to disclose their material rather thantheir significant accounting policies. Although the amendments did not result in any changes to the accounting policies themselves, they impacted the accounting policyinformation disclosed in the financial statements.Accounting Policies, Changes in Accounting Estimates and Errors(Definition of Accounting Estimates) (Amendment to IAS 8)The amendment clarifies how companies should distinguish changesin accounting policies from changes in accounting estimates. The distinction is important, because changes in accounting estimates are applied prospectively to future transactions and other future events, whereas changes in accounting policies are generally appliedretrospectively to past transactions and other past events as well as the current period.Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)The amendments to IAS 12 Income Taxes requires companies to recognise deferred tax on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences, and will require the recognition of additional deferred tax assets and liabilities associated with:\u2022\ue603Right-of-use assets and lease liabilities, and\u2022\ue603Decommissioning, restoration and similar liabilities, and the corresponding amounts recognised as part of the cost of the related assets.OECD Pillar II rules (Amendments to IAS 12)In December 2021, the Organisation for Economic Co-operation and Development (OECD) released the Pillar Two model rules (the Global AntiBase Erosion Proposal, or \u2018GloBE\u2019) to reform international corporate taxation. Large multinational enterprises within the scope of the rules are required to calculate their GloBE effective tax rate for each jurisdiction where they operate. They will be liable to pay a top-up tax for the difference between their GloBE effective tax rate per jurisdiction and the 15% minimum rate. In May 2023, the IASB made narrow-scope amendments to IAS 12 which provide a temporary relief from the requirement to recognise and disclose deferred taxes arising from enacted or substantively enacted tax law that implements the Pillar Two model rules. The Group is within the scope of the Pillar II rules, however inter-national shipping income is exempt, and based on preliminary assessment, the Group\u2019s financial statements will not be materially impacted by the rules, including the amendment to IAS 12 related to deferred taxes.ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVEThe following new or amendments to standards and interpreta-tions have been issued and become effective for annual reporting periods beginning on or after January 1, 2024, and earlier adoption is permitted. The Group has not early adopted any new or amended standards effective for 2024 in preparing these accounts, and they are not expected to have a significant impact on the Group\u2019s consoli-dated financial statements. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective.Amendments to IAS 1: Classification of Liabilities as Current or Non-current The amendments issued in 2020 and 2022, aim to clarify the require-ments on determining whether a liability is current or non-current, and require new disclosures for non-current liabilities that are subject to future covenants. The amendments are effective from annual reporting periods beginning on or after 1 January 2024 and must be applied retrospectively. The amendments are not expected to have a material impact on the Group\u2019s financial statements.Amendment to IAS 1: Non-current Liabilities with CovenantsThe amendment clarifies how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendment is effective for annual reporting periods beginning on or after 1 January 2024. Amendments to IFRS 16: Lease liability in a Sale and LeasebackThe amendments specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the right of use it retains. The amendments are effective from annual reporting periods begin-ning on or after 1 January 2024 and must be applied retrospectively. The amendments are not expected to have a material impact on the Group\u2019s financial statements.1.2 KEY SOURCES OF ESTIMATION UNCERTAINTIES AND ASSUMPTIONSResidual value and remaining lifetime on assetsAccording 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.",
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"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
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"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_notes__6__19": {
"value": "SEGMENT REPORTINGThe Group has two operating segments, Shipping services and Logistics services. The Logistics segment represents around 0.5% of the Group\u2019s total revenue, profit or loss and assets. The Group has decided that the segment is not material to the Group for the period ended 31 December 2023 and has reported information as one combined segment.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_notes__6__21-1": {
"value": "MATERIAL ACCOUNTING POLICIESAccounting policies according to the list below are included in the relevant notes to the Consolidated Financial Statements:Revenue recognition Note 2Voyage expenses Note 3Employee benefits Note 5Vessels, newbuildings and equipment Note 7Leases Note 8Taxes Note 11Financial instruments Note 15Share information and earnings per share Note 16Provisions Note 20Contingent liabilities Note 22Investments in associates Note 24ACCOUNTING POLICIESH\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: \u2022 Voyage revenue\u2022 Time charter revenue\u2022 Terminal 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 below. 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 revenues (Freight revenues)All voyage revenue is recognised in accordance with IFRS 15 by estimating the total income for a vessel on a voyage. All estimates are based on regular updates based on the progress of each voyage and the revenue is recognized over time on the basis of progress on fulfillment, as the customer is receiving and consuming the benefits of the transport services as the Group performs. The measure of progress is the number of days incurred compared to estimated total days for the applicable voyage. The voyage revenues measured at year-end give a faithful depiction of the transfer of services. Time charter revenuesTime 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 revenuesThe 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. Total revenues, cash flow and contract balances from contracts with customers have been disaggregated into category of services and presented in the tables below: Income Income Category of services (USD 1 000)statement 2023 Cash flow 2023statement 2022 Cash flow 2022Net freight revenues 1 242 701 1 016 818 Other surcharges 199 389 249 615 Freight revenues 1 442 090 1 447 723 1 266 433 1 252 305 Time charter (TC) revenues - - - 2 658 Terminal related revenues 3 985 3 985 3 887 3 887 Total revenues 1 446 075 1 451 708 1 270 320 1 258 851 Other income - - - - Total income 1 446 075 1 451 708 1 270 320 1 258 851 Recognition principle (USD 1 000)Services transferred over time 1 442 090 1 266 433 Services transferred at point in time 3 985 3 887 Total revenues 1 446 075 1 270 320 Other surcharges are primarily bunker surcharges, and surcharges related to handling of cargo. (USD 1 000)Notes 31.12.2023 31.12.2022Freight receivables in Ro/Ro operations 153 471 160 363 Unearned freight income 75 563 77 135 Net freight receivables in Ro/Ro operations 13 77 908 83 228 Freight receivables in Other operations 2 489 2 936 Net freight receivables in Other operations 13 2 489 2 936 The 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. 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 received payment (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. Under the payment terms generally applicable to the Group\u2019s revenue generating activities, prepayments are received only to a limited extent.Accounting policiesPensionsThe Group provides defined contribution plans, defined benefit plans and other post-employment benefits. The contribution plans comprise plans whereby the Group makes annual contributions to the employees\u2019 pension plan, which is the expense for the period. The Group has no legal or constructive obligations 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. Contributions to the plan are expensed as pension costs. Norwegian employers are obliged to have an occupational pension scheme for their employees under the Act on Mandatory occupational pension. The Group is in compliance with these regulations. Defined benefit plans define an amount of pension benefit that an employee will receive on retirement, dependent on a set of assumptions. The Group has no significant benefit plans or other post-employment benefits.Share bonus programThe Group has a long-term incentive plan which is a 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 6ACCOUNTING POLICIES Vessels, newbuildings and equipment Fixed 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.Vessels The 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 depreciation 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. Newbuildings Instalments on newbuilding contracts are capitalised as \u201cNewbuild-ings\u201d when they are paid. Upon delivery, newbuildings are reclassified 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. Assets held for sale Assets are held for sale when their carrying amount is to be recovered 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. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. Equipment Depreciation is calculated on a straight-line basis with the following estimated useful life: \u2022\ue603Vessel equipment 10 years \u2022\ue603Office equipment 3-5 years \u2022\ue603Vehicles 5 years \u2022\ue603IT-system 10-15 years Impairment of non-financial assets The carrying amount of tangible assets is tested for impairment whenever there are indications that the value of these assets may have been impaired. If the carrying amount of an asset is higher than the recoverable 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-generating unit as this is the smallest strategically identifiable group of assets. 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. NewbuildingRight-of-use2023 (USD 1 000)Vessels& Projects * EquipmentAssets Total Cost at 01.01 2 061 803 138 725 31 869 466 840 2 699 237 Additions 149 167 134 623 821 5 591 290 202 Transfer from newbuilding and projects 12 488 (12 488) - - - Newbuilding interest - 9 114 - - 9 114 Remeasured leases - - - 27 802 27 802 Reclassification to assets held for sale - - - - - Disposals (106 391) (122) (6 919) (187 314) (300 745) Cost at 31.12 2 117 067 269 853 25 771 312 919 2 725 610 Accumulated depreciation and impairment at 01.01 (1 073 175) - (16 213) (192 866) (1 282 254) Depreciation (91 259) - (2 563) (51 743) (145 565) Disposals 79 866 - 6 918 73 905 160 689 Accumulated depreciation and impairment at 31.12 (1 084 568) - (11 858) (170 703) (1 267 130) Net carrying amount at 31.12 1 032 499 269 853 13 913 142 216 1 458 480 Book value sold assets 26 525 122 1 26 648 Sales price 62 481 - 2 62 483 Gain / (loss) 35 955 (122) 1 35 835 * Newbuildings & Projects include installments related to the Aurora newbuilding program. Two leased vessels, H\u00f6egh Berlin and H\u00f6egh Tracer, were purchased in Q1 2023, and a third leased vessel, H\u00f6egh Trapper, was purchased in Q2 2023.These purchases are reflected above as disposals of right-of-use assets and additions to vessels. One more purchase option has been declared in 2023, for the vessel H\u00f6egh Jacksonville, which will be purchased in Q1 2024. H\u00f6egh Bangkok was delivered to new owners in Q4 2023. Note 7 \u2013 Vessels, newbuildings, equipment and right-of-use assets cont.NewbuildingRight-of-use2022 (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 2 699 237 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 Aurora newbuildings investments. ** One vessel was reclassified as asset held for sale at 31 December 2021 and has been sold in January 2022. Three vessel leases have been extended by two and three years, resulting in a total increase in leased assets of USD 74 million. Two leased vessels, H\u00f6egh Beijing and H\u00f6egh St. Petersburg, were purchased in 2022, reflected above as disposal of right-of-use 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.Additions Out of total additions to vessels of USD 162 million (USD 59 million in 2022), USD 15 million (USD 7 million in 2022) is related to capitalised drydocking costs.The purchases of the vessels H\u00f6egh Berlin, H\u00f6egh Tracer and H\u00f6egh Trapper amount s to USD 141 mill ion.Disposals One vessel was disposed of in 2023 (one in 2022), H\u00f6egh Bangkok, owned by H\u00f6egh Autoliners Shipping AS.Assets held for sale No vessel has been classified as held for sale at 31 December 2022 and 31 December 2023.Depreciation The residual value and useful lifetime of the fleet is evaluated yearly. There is no change in the residual values in 2023.Charter OutPer year-end 2023 the Group has none of its vessels chartered out (none in 2022).The Group is expecting to receive no charter hire income in the years 2024-2028.Charter In Per year-end 2023 the Group has three vessels chartered in on time charter contracts (three in 2022). In addition, the Group has 3 vessels on bareboat charter (6 in 2022). The contract lengths are up to 6 years. Leased vessels are from 2019 recognised according to IFRS 16 Leases, see note 8 for further information on right-of-use 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 right-of-use 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 by 14% through 2023, and are 107% higher than the carrying values at year-end 2023. 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 recognised 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 2023, 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 2023.A Weighted Average Cost of Capital (WACC) is applied as the Group\u2019s discount rate, calculated to 9.37% for 2023 (9.28% in 2022).Right-of-use assets For further information on right-of-use assets, see Note 8 Leases and Note 15 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. In July 2023, the Group exercised the option to build another four Aurora class vessels. This brings the number of total vessels under the newbuilding program to twelve (12) vessels. The Group has an option to build another four vessels (vessels 13-16), as well as slot reservations for additional four vessels (vessels 17-20). The contract for twelve fixed vessels has a total value of USD 1.2 billion, of which USD 943 million is financed by loans and leases and the remaining USD 284 million from equity. As of 31 December 2023 a total of USD 234 million has been paid of the equity part. The Group expects delivery of two Aurora vessels every six months starting from the second half of 2024.EquipmentEquipment consists of vessel equipment, cars, office furniture and IT equipment.Accounting policiesLeasesA lease is defined as a contract that 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 lease liability is measured as the present value of future lease payments, including extension options considered reasonably certain to be exercised. When deciding on whether the Group is reasonably certain to exercise options, all facts and circumstances are taken into consideration. Extension and termi-nation 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 lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for all leases in the Group, the Group\u2019s incremental borrowing rate is used. A corresponding right-of-use asset is recognised including lease payments and any direct costs incurred at the commencement date. Lease payments are reflected as interest expense and a reduction in lease liabilities. The right-of-use assets are depreciated over the shorter of each contract\u2019s term and the assets\u2019 useful life.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.Contracts may contain both lease and non-lease components. 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.A sub-lease agreement is evaluated with reference to the right-of-use asset in the head lease.Right-of-use assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.The Group leases offices, vessels and different machinery. The office 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. The Group leases IT and office equipment with contract terms of one to three years. Right-of-use assets (USD 1 000)31.12.2023 31.12.2022Premises 8 282 9 184 Vessels 125 531 255 089 Machinery 8 355 9 537 Other 48 164 Total 142 216 273 974 The additions to the right-of-use assets in 2023 were USD 5.6 million (2022: USD 79.8 million), mainly related to new office leases and extended machinery leases. Further USD 28 million (2022: 79 million) were added to right-of-use assets from remeasurements of existing leases, of which USD 1 million relates to variable vessel leases, and USD 26 million is from the decision to 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.For information on leases where the Group is a lessor, see Charter out section in Note 7.Amounts recognised in the balance sheetThe balance sheet shows the following amounts related to leases:Lease liabilities (USD 1 000)31.12.2023 31.12.2022Non-current 82 270 133 505 Current 81 790 165 287 Total 164 060 298 792 exercise purchase option for the vessel H\u00f6egh Jacksonville. Three leased vessels, H\u00f6egh Berlin, H\u00f6egh Tracer and H\u00f6egh Trapper, were purchased during 2023. There were no other disposals of right-of-use assets in 2023, apart from expired leases related to offices and machinery.Amounts recognised in profit / (loss) (USD 1 000)2023 2022Depreciation charges for right-of-use assets: - Premises 3 107 2 868 - Vessels 43 556 54 400 - Machinery 4 963 4 300 - Other 116 116 Total depreciation charges for right-of-use assets 51 743 61 684 Interest on lease liabilities 15 368 17 889 Expenses relating to short-term leases 9 733 16 289 Expenses relating to leases of low-value 75 110 The total cash outflow for leases in 2023 was USD 176.4 million, including USD 15 million in interest (2022: USD 133.3 million, including USD 18 million in interest), and includes the purchase price for the three leased vessels purchased in 2023 (two leased vessels purchased in 2022).See Note 15 for reconciliation of liabilities arising from financial activities.The lease agreements do not impose any covenants. Right-of-use assets may not be used as security for borrowing purposes.The Group can not draw any debt on right-of-use assets. The Group has limited exposure to variable lease payments, other than change in SOFR rate. The potential future lease payments should the Group exercise extension options, would increase the lease liabilities with USD 12 million (2022: USD 44 million). The Group has not provided any residual value guarantees related to its lease agreements.Accounting policies Income tax The 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. Tax 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 date. Deferred 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 same tax jurisdiction. Current tonnage tax scheme H\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 Autoliners 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 taxed under 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. Ordinary 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 2024 the corporate tax rate remains at 22%.Tonnage tax payable Tonnage tax is assessed and paid according to net tonnage operated during the year. Current year\u2019s tonnage tax is assessed at USD 0.4 million (USD 0.4 million in 2022) 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% witholding tax. Income tax for the year (USD 1 000)2023 2022 Current tax (5 426) (4 783) Tax in subsidiaries outside Norway (2 261) (1 275) Change in deferred tax (1 479) (8 923) Currency effect on deferred tax and adjustments previous periods 888 (11) Tax expense (8 278) (14 991) Reconciliation of actual tax expense against expected tax expense in accordance with the ordinary Norwegian income tax rate of 22% (USD 1 000) 2023 2022 Profit / (loss) before tax 597 864 313 577 Estimated tax at 22% income tax rate (131 530) (68 986) Tax effect of non taxable income within the tonnage tax scheme in Norway and Singapore 131 843 64 137 Other tax payable (2 418) (505) Permanent differences / deferred tax assets not recognised (6 173) (9 637) Tax expense (8 278) (14 991) Effective tax rate for the Group 1 % 5 % Income tax payable (USD 1 000)31.12.2023 31.12.2022 Tonnage tax 378 429 Current tax for the year 5 188 4 678 Tax payable (maturity within 1 year) 5 566 5 106 Note 11 \u2014 Tax cont. Deferred tax assets (liabilities) (USD 1 000)31.12.2023 31.12.2022 Fixed assets 105 (11) Non-current debt / receivables (37 290) (36 572) Pension liabilities * 132 91 Loss carried forward - 55 Deferred tax assets (liabilities) (37 053) (36 437) Deferred tax assets subsidiaries outside Norway 864 774 Total (36 189) (35 663)* For further information see Note 6.31.12.2023 31.12.2022 Deferred tax liabilities at 01.01. (35 663) (26 705) Charged to the income statement (591) (8 923) Charged to other comprehensive income 64 (35) Deferred tax liabilities at 31.12. (36 189) (35 663) Deferred tax assets / (tax) within the tonnage tax scheme (USD 1 000) 31.12.2023 31.12.2022 Current assets - - Non-current debt / receivables 13 476 6 445 Loss carried forward 67 432 65 134 Deferred tax assets not recognised (80 908) (71 579) Deferred tax assets / (liabilities) - - 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.Accounting policies Financial assets Financial 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 sub -sequent measurement; 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 2023, 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 full. Financial 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 invest-ment, in which case they are recognised in other comprehensive income. Financial assets at fair value through profit or loss This category includes financial assets that are held for trading and financial assets that 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 the market value at the balance sheet date. The Group has not designated any derivatives as hedging instruments under IFRS 9. Financial liabilities Financial liabilities are after initial recognition measured at amortised 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 effec-tive 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, whereas liabilities 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 assets The 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 terms related to loans and receivables. The amount of expected credit losses recognised as a loss allowance depends on the extent of credit deterioration since initial recognition: \u2022\ue60312-month expected credit losses, which applies to all items (from initial recognition) as long as there is no significant deterioration in credit quality, or \u2022\ue603Full lifetime expected credit losses, which applies when a significant increase in credit risk has occurred on an individual or collective basis 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 instruments A financial asset is derecognised when: \u2022\ue603The rights to receive cash flows from the asset have expired \u2022\ue603The Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without mate-rial delay to a third party under a \u2018pass-through\u2019 arrangement; or \u2022\ue603The 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 transferred 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 cancel-lation 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. Cash and cash equivalents Cash includes cash in hand and bank deposits, including restricted bank accounts for deposits in respect of employee taxes. For further disclosures, see Note 14. Note 15 \u2014 Financial instruments cont. Financial instruments by category 2023 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 - - 850 - 850 Other non-current financial assets 12 19 - - 108 127 Trade and other receivables 13 87 291 - - - 87 291 Cash and cash equivalents 14 458 333 - - - 458 333 Assets 31.12.2023 545 643 - 850 108 546 601 * 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. 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 Non-current interest bearing debt 18 296 198 - - - 296 198 Current interest bearing debt 18 49 589 - - - 49 589 Non-current lease liabilities 8 82 270 - - - 82 270 Trade and other payables (excl. non-fin. liab.) 19 40 238 - - - 40 238 Current lease liabilities 8 81 790 - - - 81 790 Liabilities 31.12.2023 550 084 - - - 550 084 Financial instruments by category 2022 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 - - 938 - 938 Other non-current financial assets 12 36 - - 104 140 Trade and other receivables 13 92 924 - - - 92 924 Cash (and cash equivalents) 14 183 940 - - - 183 940 Assets 31.12.2022 276 900 - 938 104 277 942 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 - - - 90 90 Non-current interest bearing debt * 18 227 894 - - - 227 894 Current interest bearing debt * 18 36 626 - - - 36 626 Non-current lease liabilities 8 133 505 - - - 133 505 Trade and other payables (excl. non-fin. liab.) 19 31 095 - - - 31 095 Current lease liabilities 8 165 287 - - - 165 287 Liabilities 31.12.2022 594 407 - - 90 594 497 * The mortgage debt was refinanced in July 2022, see Note 18 for further details.Note 15 \u2014 Financial instruments cont.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:\u2022\ue603Level 1: Quoted prices in active markets for identical assets or liabilities.\u2022\ue603Level 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).\u2022\ue603Level 3: Inputs for the assets or liabilities that are not based on observable market data. Financial instruments at fair value 31.12.2023 (USD 1 000) Level 1 Level 2 Level 3 Total Investment in other companies - - 850 850 Total assets - - 850 850 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 Reconciliation of liabilities arising from financial activities Non - cash changes Liabilities 2023 (USD 1 000) Note 31.12.2022 Cash flows Fair value changes Other changes* New liability 31.12.2023 Non-current interest bearing debt 18 227 894 - - (48 550) 116 853 296 198 Current interest bearing debt 18 36 626 (51 228) - 51 044 13 147 49 589 Non-current lease liabilities 8 133 505 - - (55 100) 3 865 82 270 Current lease liabilities 8 165 287 (161 022) - 75 798 1 726 81 790 563 312 (212 249) - 23 193 135 591 509 847 * 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. 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 18 359 704 (52 711) (15 629) (22 470) - 227 894 Current interest bearing debt 18 85 280 (100 500) (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 * 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.Accounting policy Transaction costs related to equity transactions are recognised directly in equity after the deduction of tax.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 during the financial year. Diluted earnings per share is calculated by dividing the 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, 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.Accounting policy commitment, and that the size of the amount can be measured Provisions are recognised when the Group has a legal or reliably. Provisions are evaluated at each balance sheet date and constructive obligation as a result of past events. The recognition reflects the best estimate of the obligation. When the effect of of the provision is that it is likely (more likely than not) that a time is significant, the provision will be the present value of future future event will lead to a financial settlement as a result of this payments to cover the obligation. Current accruals and provisions (USD 1 000) 31.12.2023 31.12.2022 Accrued voyage expenses 25 030 32 806 Accrued crew expenses 1 455 1 928 Accrued running expenses 16 279 8 036 Other current provisions 7 688 1 705 Total 50 452 44 475 Accruals All voyages are continuously estimated with regards to the expenses incurred at any given time during the voyage. The difference between actually invoiced expenses and the cost estimate is presented as accrued expenses at the balance sheet date.Other current provisions (USD 1 000) 31.12.2023 31.12.2022 Provision 01.01 1 705 1 954 Charged/(credited) to the income statement: Additional provisions 7 688 1 705 Unused amounts reversed (234) (128) Used during year (1 472) (1 826) Provision 31.12 7 688 1 705Accounting policiesContingent liabilities comprise:\u2022\ue603A possible obligation arising as a result of past events where the obligation depends on some uncertain future event\u2022\ue603 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\u2022\ue603Liabilities that cannot be measured reliablyContingent 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 are recognised 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.Accounting policiesAssociated companies are all entities in which the Group has significant 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 method from the date significant influence is achieved and until such influence 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 capi-talised value of the investments together with its share of equity movement not recognised in the statement of comprehensive income. When the Group\u2019s share of the loss exceeds the invest-ment 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.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 2023amount 2022Company31.12.202331.12.2022relationship 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 4 960 5 233 Sum 4 960 5 233 Specified financial information - ParCar AS is a company investing in a shipowning company providing the vessel H\u00f6egh Copenhagen on a bareboat lease to H\u00f6egh Autoliners Shipping ASReconciliation to carrying amounts (USD 1 000): ParCar GroupNet assets 31.12.2021 24 966 Other adjustments* (2 981)Profit/(loss) for the period 4 223 Dividends paid (2 506)Repaid capital (9 344) Net assets 31.12.2022 14 357 Group share in % 36.45 % Carrying amount 31.12.2022 5 233 Net assets 31.12.2022 14 357 Other adjustments* (468)Profit/(loss) for the period 2 017 Dividends paid (2 300)Repaid capital - Net assets 31.12.2023 13 607 Group share in % 36.45 %Group's share 4 960 Carrying amount 31.12.2023 4 960 * Mainly currency translation differencesProfit/(loss) 2023 Summarised financial information (USD 1 000) Assets Liabilities Equity Revenuesfor the year H\u00f6egh Northern Terminal Ltd.* 65 112 (46) 268 (7) ParCar Group ** 44 657 30 615 14 042 - 2 017 * Figures from unaudited financial statements 2023** Figures from audited financial statements 2023Profit/(loss) 2022 Summarised financial information* (USD 1 000) Assets Liabilities Equity Revenuesfor the year H\u00f6egh Northern Terminal Ltd.* 65 112 (46) 268 (7) ParCar Group ** 47 254 32 896 14 358 - 4 223 * Figures from unaudited financial statements 2022** Figures from audited financial statements 2022The following illustrates summarised financial information of the Group\u2019s investment in the associated companies and joint ventures:Investment in joint ventures (USD 1 000) 2023 2022 Carrying amount 31.12 - - Profit/(loss) - - Investment in associates (USD 1 000) 2023 2022 Carrying amount 31.12 4 960 5 233 Profit/(loss) 735 1 539 Currency translation differences (OCI) (171) (1 087) Total carrying amount of investments joint ventures and associates 31.12. 4 960 5 233",
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"value": "Basis of preparation CORPORATE INFORMATIONH\u00f6egh Autoliners ASA (the \u201cCompany\u201d) is a public limited liability company domiciled in Norway. The Company is listed on the Oslo Stock Exchange. The address of the Company\u2019s registered office is Drammensveien 134, N-0277 Oslo, Norway. The consolidated financial statements of the Company for the year ended 31 December 2023 comprise the Company and its subsidiaries (together referred to as the \u201cGroup\u201d and individually as \u201cGroup entities\u201d) and can be obtained at this address. 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 trading systems from a worldwide network of offices.STATEMENT OF COMPLIANCEThe consolidated financial statements have been prepared in accor-dance with IFRS\u00ae Accounting Standards as adopted by the European Union (EU) (IFRS). H\u00f6egh Autoliners also provides additional disclosures in accordance with requirements in the Norwegian Accounting Act.The consolidated financial statements were authorised for issue by the Board of Directors on 23 April 2024.BASIS OF CONSOLIDATIONThe consolidated financial statements include H\u00f6egh Autoliners ASA and its subsidiaries. Subsidiaries 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 exercise 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\u2019 accounting policies have been changed where necessary to ensure consistency with the policies adopted by the Group.Intercompany transactions, balances and unrealised gains on trans-actions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.FUNCTIONAL 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. All financial information presented in USD has been rounded to the nearest thousands, except when otherwise indicated.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 trans-lated 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 denominated in currencies other than USD are translated at the exchange rate at the time of the original transaction.SEGMENT REPORTINGThe Group has two operating segments, Shipping services and Logistics services. The Logistics segment represents around 0.5% of the Group\u2019s total revenue, profit or loss and assets. The Group has decided that the segment is not material to the Group for the period ended 31 December 2023 and has reported information as one combined segment.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 liabili-ties. 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. MATERIAL ACCOUNTING POLICIESAccounting policies according to the list below are included in the relevant notes to the Consolidated Financial Statements:Revenue recognition Note 2Voyage expenses Note 3Employee benefits Note 5Vessels, newbuildings and equipment Note 7Leases Note 8Taxes Note 11Financial instruments Note 15Share information and earnings per share Note 16Provisions Note 20Contingent liabilities Note 22Investments in associates Note 24NEW AND AMENDED STANDARDS AND INTERPRETATIONSThe 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 2023, 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. Insurance Contracts (IFRS 17) and Insurance Contracts (Amendment to IFRS 17)IFRS 17 is a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure.Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)The amendment requires entities to disclose their material rather thantheir significant accounting policies. Although the amendments did not result in any changes to the accounting policies themselves, they impacted the accounting policyinformation disclosed in the financial statements.Accounting Policies, Changes in Accounting Estimates and Errors(Definition of Accounting Estimates) (Amendment to IAS 8)The amendment clarifies how companies should distinguish changesin accounting policies from changes in accounting estimates. The distinction is important, because changes in accounting estimates are applied prospectively to future transactions and other future events, whereas changes in accounting policies are generally appliedretrospectively to past transactions and other past events as well as the current period.Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)The amendments to IAS 12 Income Taxes requires companies to recognise deferred tax on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences, and will require the recognition of additional deferred tax assets and liabilities associated with:\u2022\ue603Right-of-use assets and lease liabilities, and\u2022\ue603Decommissioning, restoration and similar liabilities, and the corresponding amounts recognised as part of the cost of the related assets.OECD Pillar II rules (Amendments to IAS 12)In December 2021, the Organisation for Economic Co-operation and Development (OECD) released the Pillar Two model rules (the Global AntiBase Erosion Proposal, or \u2018GloBE\u2019) to reform international corporate taxation. Large multinational enterprises within the scope of the rules are required to calculate their GloBE effective tax rate for each jurisdiction where they operate. They will be liable to pay a top-up tax for the difference between their GloBE effective tax rate per jurisdiction and the 15% minimum rate. In May 2023, the IASB made narrow-scope amendments to IAS 12 which provide a temporary relief from the requirement to recognise and disclose deferred taxes arising from enacted or substantively enacted tax law that implements the Pillar Two model rules. The Group is within the scope of the Pillar II rules, however inter-national shipping income is exempt, and based on preliminary assessment, the Group\u2019s financial statements will not be materially impacted by the rules, including the amendment to IAS 12 related to deferred taxes. ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVEThe following new or amendments to standards and interpreta-tions have been issued and become effective for annual reporting periods beginning on or after January 1, 2024, and earlier adoption is permitted. The Group has not early adopted any new or amended standards effective for 2024 in preparing these accounts, and they are not expected to have a significant impact on the Group\u2019s consoli-dated financial statements. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective.Amendments to IAS 1: Classification of Liabilities as Current or Non-current The amendments issued in 2020 and 2022, aim to clarify the require-ments on determining whether a liability is current or non-current, and require new disclosures for non-current liabilities that are subject to future covenants. The amendments are effective from annual reporting periods beginning on or after 1 January 2024 and must be applied retrospectively. The amendments are not expected to have a material impact on the Group\u2019s financial statements.Amendment to IAS 1: Non-current Liabilities with CovenantsThe amendment clarifies how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendment is effective for annual reporting periods beginning on or after 1 January 2024. Amendments to IFRS 16: Lease liability in a Sale and LeasebackThe amendments specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the right of use it retains. The amendments are effective from annual reporting periods begin-ning on or after 1 January 2024 and must be applied retrospectively. The amendments are not expected to have a material impact on the Group\u2019s financial statements.",
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"value": "1.3 CRITICAL JUDGEMENTS IN APPLYING ACCOUNTING POLICIES The 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 termination options \u2013 Group as a lesseeThe 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.",
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"value": "1.4 OTHER KEY FACTORSClimate change/riskClimate risk has evolved over the past decade to become an important consideration within the Group\u2019s overall financial risk management. We see climate-related risks over the short, medium and long-term that might be of material concern for both the Group and its stakeholders. Climate change interacts with the Group\u2019s business by physically changing the environment we operate in and creating transition risks that the Group must build resilience against. As for any sustainability topic considered to be material, the Group\u2019s approach is transparency through its reporting and communication.Aligned with the Task Force on Climate-Related Financial Disclo-sures (TCFD), the Group has, conducted a climate risk analysis informed by different temperature scenarios. H\u00f6egh Autoliners faces significant risks and opportunities linked to climate change and governmental actions to reduce greenhouse gas (GHG) emissions and create low-carbon and climate-resilient economies. These risks and opportunities are integrated in the Group\u2019s risk management and strategy processes and embedded in the governance structures. As a global shipping company, the Company is operating within a sector contributing significantly to global CO2 emissions. The Company has clear targets when it comes to the decarbonisation of our own operations, with a target of reducing our carbon intensity by more than 30 percent by 2030 from a 2019 level, and to be net zero by 2040. H\u00f6egh Autoliners acknowledge that climate change, including the actions and measures taken by regulatory institutions and industry participants may impose a significant financial impact on our business. The future emission and environmental regula-tions are necessary for the maritime industry to reduce its carbon footprint. Non-compliance with these regulations may lead to fines or even non-approval of documentation of compliance. While there are still uncertainties around future environmental regulations, carbon taxes for shipping within the EU have been implemented, as shipping was phased into the EU Emission Trading System (EU ETS) from 2024. This will increase operational cost for H\u00f6egh Autoliners if the Company fails to recoup the cost from its customers.In preparing these consolidated financial statements the Company has considered the impact of both physical and transitional risks related to climate change, as well as our plans to mitigate against those risks on the current valuation of our assets and liabilities. The impact of climate change to these consolidated financial statements is based on H\u00f6egh Autoliners\u2019 current understanding based on the status of the work done so far. Climate risk and impairment test and useful livesThe impairment test for vessels has included an analysis of which measures will be necessary to achieve GHG emissions reduction targets. It is expected that decarbonisation measures will contain activities that have a greater degree of uncertainty than a traditional maintenance and upgrade program for the vessels, and thereby the cash flow effects related to such activities. We are continuously working with our long-term efforts to improve our energy efficiency. Energy efficiency improvements won\u2019t decarbonise shipping operations alone but combined with a transition of our fleet and adaptation of alternative fuels, our decarbonisation targets are achievable.In order to meet IMO\u2019s 2030 carbon intensity target, its annual operational carbon intensity indicator (CII) targets and the coming FuelEU Maritime regulations, improved energy efficiency will be important. H\u00f6egh Autoliners can comply with these regulations by either running on low/zero-carbon fuels, reduce operational speed, implement fuel saving measures or renew its fleet. Reaching the Group\u2019s net-zero target by 2040 implies a significant transition of the current fleet, including additions of zero-carbon ready vessels, and disposal of legacy tonnage. With the delivery of the new Aurora class vessels, with its cutting edge design, H\u00f6egh\u2019s fleet will be in a very good position to meet the above mentioned regulations.From 1 January 2024, the EU\u2019s Emissions Trading System (EU ETS) was extended to cover CO2 emissions from all large ships (of 5 000 gross tonnage and above) entering EU ports, regardless of the flag they fly. This system is an emissions cap-and-trade system where the cap is a threshold which defines the total amount of greenhouse gases that can be emitted by an operator. It is reduced annually, at fixed intervals, in line with EU\u2019s climate target. The cap is expressed in emission allowances, where one allowance gives the right to emit one tonne of CO2eq (carbon dioxide equivalent). Operators are not allowed to generate more greenhouse gas emissions than their allowances can cover. If they do, heavy fines will be imposed. Shipping companies will have to purchase and surrender (use) EU ETS emissions allowances for each tonne of reported CO2 (or CO2 equivalent) emissions in the scope of the EU ETS system. Compa-nies covered by the EU ETS must surrender (use) their allowances corresponding to their emissions within 30 September the following year. Emission allowances are auctioned, and companies can buy and sell them through secondary markets.The Group has included costs related to EU ETS allowances and fuel efficiency measures in the impairment model. The transition to a low-carbon economy can also affect future revenue for the Group\u2019s vessels, however due to the limited knowledge available for the future cash flow effects on revenue, the impairment test has not included any potential effect on future income cash flow.The Group has reviewed that the growth rates and projected cash flows, used in assessing whether the vessels are impaired, are consistent with the climate-related risk assumptions and the actions the Group is taking to mitigate against those risks. The Group seeks to maximise each vessels value across its operational life. Given the climate change transition risks, the useful lives of property, plant and equipment, including vessels, are appropriate given the potential physical and obsolescence risks associated with climate change and the actions the Group is taking to mitigate against those risks and the targets that the Group set for 2040.As of year-end 2023, H\u00f6egh Autoliners has not identified any stranded assets or changes to useful lives for material assets, however external factors such as changes in demand from customers and other stakeholders, may impact this. Our disclosures on climate-related risks are based on various scenarios for the years 2025, 2030 and 2040. On the basis of these reviews, we have not identified any significant impact from climate-related risks on the Group\u2019s going concern assessment nor the viability of the Group for the next 12 months following the balance sheet date.Reference is made to note 7 Vessels, newbuildings, equipment and right-of-use assets for further information on assumptions used for impairment and useful lives. For more information on climate related risks and opportunities, see the chapter on Sustainability in this report.",
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"s7_notes__6__27": {
"value": "ACCOUNTING POLICIESH\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: \u2022 Voyage revenue\u2022 Time charter revenue\u2022 Terminal 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 below. 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 revenues (Freight revenues)All voyage revenue is recognised in accordance with IFRS 15 by estimating the total income for a vessel on a voyage. All estimates are based on regular updates based on the progress of each voyage and the revenue is recognized over time on the basis of progress on fulfillment, as the customer is receiving and consuming the benefits of the transport services as the Group performs. The measure of progress is the number of days incurred compared to estimated total days for the applicable voyage. The voyage revenues measured at year-end give a faithful depiction of the transfer of services. Time charter revenuesTime 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 revenuesThe 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.",
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"s7_notes__6__30": {
"value": "Note 2 \u2014 Total revenues ACCOUNTING POLICIESH\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: \u2022 Voyage revenue\u2022 Time charter revenue\u2022 Terminal 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 below. 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 revenues (Freight revenues)All voyage revenue is recognised in accordance with IFRS 15 by estimating the total income for a vessel on a voyage. All estimates are based on regular updates based on the progress of each voyage and the revenue is recognized over time on the basis of progress on fulfillment, as the customer is receiving and consuming the benefits of the transport services as the Group performs. The measure of progress is the number of days incurred compared to estimated total days for the applicable voyage. The voyage revenues measured at year-end give a faithful depiction of the transfer of services. Time charter revenuesTime 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 revenuesThe 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. Total revenues, cash flow and contract balances from contracts with customers have been disaggregated into category of services and presented in the tables below: Income Income Category of services (USD 1 000)statement 2023 Cash flow 2023statement 2022 Cash flow 2022Net freight revenues 1 242 701 1 016 818 Other surcharges 199 389 249 615 Freight revenues 1 442 090 1 447 723 1 266 433 1 252 305 Time charter (TC) revenues - - - 2 658 Terminal related revenues 3 985 3 985 3 887 3 887 Total revenues 1 446 075 1 451 708 1 270 320 1 258 851 Other income - - - - Total income 1 446 075 1 451 708 1 270 320 1 258 851 Recognition principle (USD 1 000)Services transferred over time 1 442 090 1 266 433 Services transferred at point in time 3 985 3 887 Total revenues 1 446 075 1 270 320 Other surcharges are primarily bunker surcharges, and surcharges related to handling of cargo. (USD 1 000)Notes 31.12.2023 31.12.2022Freight receivables in Ro/Ro operations 153 471 160 363 Unearned freight income 75 563 77 135 Net freight receivables in Ro/Ro operations 13 77 908 83 228 Freight receivables in Other operations 2 489 2 936 Net freight receivables in Other operations 13 2 489 2 936 The 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. 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 received payment (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. Under the payment terms generally applicable to the Group\u2019s revenue generating activities, prepayments are received only to a limited extent.",
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"s7_notes__6__29": {
"value": "Note 2 \u2014 Total revenues ACCOUNTING POLICIESH\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: \u2022 Voyage revenue\u2022 Time charter revenue\u2022 Terminal 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 below. 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 revenues (Freight revenues)All voyage revenue is recognised in accordance with IFRS 15 by estimating the total income for a vessel on a voyage. All estimates are based on regular updates based on the progress of each voyage and the revenue is recognized over time on the basis of progress on fulfillment, as the customer is receiving and consuming the benefits of the transport services as the Group performs. The measure of progress is the number of days incurred compared to estimated total days for the applicable voyage. The voyage revenues measured at year-end give a faithful depiction of the transfer of services. Time charter revenuesTime 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 revenuesThe 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. Total revenues, cash flow and contract balances from contracts with customers have been disaggregated into category of services and presented in the tables below: Income Income Category of services (USD 1 000)statement 2023 Cash flow 2023statement 2022 Cash flow 2022Net freight revenues 1 242 701 1 016 818 Other surcharges 199 389 249 615 Freight revenues 1 442 090 1 447 723 1 266 433 1 252 305 Time charter (TC) revenues - - - 2 658 Terminal related revenues 3 985 3 985 3 887 3 887 Total revenues 1 446 075 1 451 708 1 270 320 1 258 851 Other income - - - - Total income 1 446 075 1 451 708 1 270 320 1 258 851 Recognition principle (USD 1 000)Services transferred over time 1 442 090 1 266 433 Services transferred at point in time 3 985 3 887 Total revenues 1 446 075 1 270 320 Other surcharges are primarily bunker surcharges, and surcharges related to handling of cargo. (USD 1 000)Notes 31.12.2023 31.12.2022Freight receivables in Ro/Ro operations 153 471 160 363 Unearned freight income 75 563 77 135 Net freight receivables in Ro/Ro operations 13 77 908 83 228 Freight receivables in Other operations 2 489 2 936 Net freight receivables in Other operations 13 2 489 2 936 The 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. 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 received payment (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. Under the payment terms generally applicable to the Group\u2019s revenue generating activities, prepayments are received only to a limited extent.",
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"s7_notes__6__34-1": {
"value": "Note 3 \u2013 Bunker, voyage and charter hire expenses Voyage expenses Voyage expenses are variable costs relating to vessel operation and transshipment. The activity in 2023 with less vessels in operation and fewer 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 2023 compared to 2022. Bunker expenses (USD 1 000) 2023 2022 Total bunker consumption (1 000 mt) 354 375 Average price (USD/mt) 683 838 Total 241 937 314 361 Voyage expenses (USD 1 000) 2023 2022 Loading 62 566 69 664 Discharging 69 368 74 225 Port cost 61 068 69 063 Canal cost 57 168 51 243 Transhipment 21 571 36 134 Claims and insurance 2 458 2 159 Equipment 1 491 6 451 Commission* 44 863 43 492 Terminal 3 393 3 711 Other 16 091 14 214 Total 340 037 370 359 * Including administrative expenses related to regional and local offices. Charter hire expenses (USD 1 000) 2023 2022 Charter hire and space charter expenses on short-term time charter contracts 9 480 21 325 Total 9 480 21 325Note 4 \u2014 Running expensesRunning expenses are the costs of managing the vessel, including crew wages, management fees, insurance, spares, repairs and maintenance.(USD 1 000)2023 2022 Sea personnel expenses 42 583 46 007 Spares, Repair & Maintenance 12 422 12 112 Consumables 13 280 13 618 Insurance 12 393 11 694 Ship management other 19 399 16 930 Total 100 076 100 361",
"dimensions": {
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"s7_notes__6__33-1": {
"value": "Note 3 \u2013 Bunker, voyage and charter hire expenses Voyage expenses Voyage expenses are variable costs relating to vessel operation and transshipment. The activity in 2023 with less vessels in operation and fewer 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 2023 compared to 2022. Bunker expenses (USD 1 000) 2023 2022 Total bunker consumption (1 000 mt) 354 375 Average price (USD/mt) 683 838 Total 241 937 314 361 Voyage expenses (USD 1 000) 2023 2022 Loading 62 566 69 664 Discharging 69 368 74 225 Port cost 61 068 69 063 Canal cost 57 168 51 243 Transhipment 21 571 36 134 Claims and insurance 2 458 2 159 Equipment 1 491 6 451 Commission* 44 863 43 492 Terminal 3 393 3 711 Other 16 091 14 214 Total 340 037 370 359 * Including administrative expenses related to regional and local offices. Charter hire expenses (USD 1 000) 2023 2022 Charter hire and space charter expenses on short-term time charter contracts 9 480 21 325 Total 9 480 21 325Note 4 \u2014 Running expensesRunning expenses are the costs of managing the vessel, including crew wages, management fees, insurance, spares, repairs and maintenance.(USD 1 000)2023 2022 Sea personnel expenses 42 583 46 007 Spares, Repair & Maintenance 12 422 12 112 Consumables 13 280 13 618 Insurance 12 393 11 694 Ship management other 19 399 16 930 Total 100 076 100 361Note 5 \u2014 Administrative expenses, pensions and other long-term employee benefits Administrative expenses (USD 1 000) 2023 2022 Salaries 10 078 9 957 Payroll taxes 1 477 1 351 Pension expenses 331 362 Other administrative expenses 7 149 5 531 Total 19 035 17 201 Administrative expenses Salaries 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. Number of employees 2023 2022 Office 410 390 Sea personnel * 1 168 1 172 Total 1 578 1 562 * Salary to sea personnel is presented as \u201cRunning expenses\u201d. For further information see Note 4. Auditor\u2019s fee (USD 1 000) 2023 2022 Statutory audit 457 382 Assurance services and other audit related services 115 84 Tax services 7 4 Other services 186 34 Total 765 504 Amounts excluded value added tax.For details on remuneration to executive management and board of directors, see Remuneration report published on our website.Pensions and other long-term employee benefitsAccounting policiesPensionsThe Group provides defined contribution plans, defined benefit plans and other post-employment benefits. The contribution plans comprise plans whereby the Group makes annual contributions to the employees\u2019 pension plan, which is the expense for the period. The Group has no legal or constructive obligations 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. Contributions to the plan are expensed as pension costs. Norwegian employers are obliged to have an occupational pension scheme for their employees under the Act on Mandatory occupational pension. The Group is in compliance with these regulations. Defined benefit plans define an amount of pension benefit that an employee will receive on retirement, dependent on a set of assumptions. The Group has no significant benefit plans or other post-employment benefits.Share bonus programThe Group has a long-term incentive plan which is a 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.The following tables summarise the components of expenses recognised in the statement of comprehensive income and the liabilities recognised in the statement of financial position for the significant plans in the Group. Pension expenses (USD 1 000) 2023 2022Norway Defined contribution plan 400 433 Total Norway 400 433 Other countries 1 107 925 Total pension expenses* 1 507 1 358 * Of the total pension expenses USD 0.4 million (2022: USD 0.4 million) is reported as administrative expenses, the remaining is reported as voyage expenses. Net pension liabilities (USD 1 000) 31.12.2023 31.12.2022 Norway 93 93 Other countries 2 646 2 145 Total net pension pension liability 2 739 2 238",
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"s7_notes__6__32-1": {
"value": "Note 3 \u2013 Bunker, voyage and charter hire expenses Voyage expenses Voyage expenses are variable costs relating to vessel operation and transshipment. The activity in 2023 with less vessels in operation and fewer 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 2023 compared to 2022. Bunker expenses (USD 1 000) 2023 2022 Total bunker consumption (1 000 mt) 354 375 Average price (USD/mt) 683 838 Total 241 937 314 361 Voyage expenses (USD 1 000) 2023 2022 Loading 62 566 69 664 Discharging 69 368 74 225 Port cost 61 068 69 063 Canal cost 57 168 51 243 Transhipment 21 571 36 134 Claims and insurance 2 458 2 159 Equipment 1 491 6 451 Commission* 44 863 43 492 Terminal 3 393 3 711 Other 16 091 14 214 Total 340 037 370 359 * Including administrative expenses related to regional and local offices. Charter hire expenses (USD 1 000) 2023 2022 Charter hire and space charter expenses on short-term time charter contracts 9 480 21 325 Total 9 480 21 325Note 4 \u2014 Running expensesRunning expenses are the costs of managing the vessel, including crew wages, management fees, insurance, spares, repairs and maintenance.(USD 1 000)2023 2022 Sea personnel expenses 42 583 46 007 Spares, Repair & Maintenance 12 422 12 112 Consumables 13 280 13 618 Insurance 12 393 11 694 Ship management other 19 399 16 930 Total 100 076 100 361Note 5 \u2014 Administrative expenses, pensions and other long-term employee benefits Administrative expenses (USD 1 000) 2023 2022 Salaries 10 078 9 957 Payroll taxes 1 477 1 351 Pension expenses 331 362 Other administrative expenses 7 149 5 531 Total 19 035 17 201 Administrative expenses Salaries 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. Number of employees 2023 2022 Office 410 390 Sea personnel * 1 168 1 172 Total 1 578 1 562 * Salary to sea personnel is presented as \u201cRunning expenses\u201d. For further information see Note 4. Auditor\u2019s fee (USD 1 000) 2023 2022 Statutory audit 457 382 Assurance services and other audit related services 115 84 Tax services 7 4 Other services 186 34 Total 765 504 Amounts excluded value added tax.For details on remuneration to executive management and board of directors, see Remuneration report published on our website.Pensions and other long-term employee benefitsAccounting policiesPensionsThe Group provides defined contribution plans, defined benefit plans and other post-employment benefits. The contribution plans comprise plans whereby the Group makes annual contributions to the employees\u2019 pension plan, which is the expense for the period. The Group has no legal or constructive obligations 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. Contributions to the plan are expensed as pension costs. Norwegian employers are obliged to have an occupational pension scheme for their employees under the Act on Mandatory occupational pension. The Group is in compliance with these regulations. Defined benefit plans define an amount of pension benefit that an employee will receive on retirement, dependent on a set of assumptions. The Group has no significant benefit plans or other post-employment benefits.Share bonus programThe Group has a long-term incentive plan which is a 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.The following tables summarise the components of expenses recognised in the statement of comprehensive income and the liabilities recognised in the statement of financial position for the significant plans in the Group. Pension expenses (USD 1 000) 2023 2022Norway Defined contribution plan 400 433 Total Norway 400 433 Other countries 1 107 925 Total pension expenses* 1 507 1 358 * Of the total pension expenses USD 0.4 million (2022: USD 0.4 million) is reported as administrative expenses, the remaining is reported as voyage expenses. Net pension liabilities (USD 1 000) 31.12.2023 31.12.2022 Norway 93 93 Other countries 2 646 2 145 Total net pension pension liability 2 739 2 238",
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"s7_notes__6__42": {
"value": "Number of employees 2023 2022 Office 410 390 Sea personnel * 1 168 1 172 Total 1 578 1 562 * Salary to sea personnel is presented as \u201cRunning expenses\u201d. For further information see Note 4.",
"dimensions": {
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"s7_notes__6__41": {
"value": "Note 5 \u2014 Administrative expenses, pensions and other long-term employee benefits Administrative expenses (USD 1 000) 2023 2022 Salaries 10 078 9 957 Payroll taxes 1 477 1 351 Pension expenses 331 362 Other administrative expenses 7 149 5 531 Total 19 035 17 201 Administrative expenses Salaries 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. Number of employees 2023 2022 Office 410 390 Sea personnel * 1 168 1 172 Total 1 578 1 562 * Salary to sea personnel is presented as \u201cRunning expenses\u201d. For further information see Note 4. Auditor\u2019s fee (USD 1 000) 2023 2022 Statutory audit 457 382 Assurance services and other audit related services 115 84 Tax services 7 4 Other services 186 34 Total 765 504 Amounts excluded value added tax.For details on remuneration to executive management and board of directors, see Remuneration report published on our website.Pensions and other long-term employee benefitsAccounting policiesPensionsThe Group provides defined contribution plans, defined benefit plans and other post-employment benefits. The contribution plans comprise plans whereby the Group makes annual contributions to the employees\u2019 pension plan, which is the expense for the period. The Group has no legal or constructive obligations 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. Contributions to the plan are expensed as pension costs. Norwegian employers are obliged to have an occupational pension scheme for their employees under the Act on Mandatory occupational pension. The Group is in compliance with these regulations. Defined benefit plans define an amount of pension benefit that an employee will receive on retirement, dependent on a set of assumptions. The Group has no significant benefit plans or other post-employment benefits.Share bonus programThe Group has a long-term incentive plan which is a 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.The following tables summarise the components of expenses recognised in the statement of comprehensive income and the liabilities recognised in the statement of financial position for the significant plans in the Group. Pension expenses (USD 1 000) 2023 2022Norway Defined contribution plan 400 433 Total Norway 400 433 Other countries 1 107 925 Total pension expenses* 1 507 1 358 * Of the total pension expenses USD 0.4 million (2022: USD 0.4 million) is reported as administrative expenses, the remaining is reported as voyage expenses. Net pension liabilities (USD 1 000) 31.12.2023 31.12.2022 Norway 93 93 Other countries 2 646 2 145 Total net pension pension liability 2 739 2 238",
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"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__38": {
"value": "Note 5 \u2014 Administrative expenses, pensions and other long-term employee benefits Administrative expenses (USD 1 000) 2023 2022 Salaries 10 078 9 957 Payroll taxes 1 477 1 351 Pension expenses 331 362 Other administrative expenses 7 149 5 531 Total 19 035 17 201 Administrative expenses Salaries 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. Number of employees 2023 2022 Office 410 390 Sea personnel * 1 168 1 172 Total 1 578 1 562 * Salary to sea personnel is presented as \u201cRunning expenses\u201d. For further information see Note 4. Auditor\u2019s fee (USD 1 000) 2023 2022 Statutory audit 457 382 Assurance services and other audit related services 115 84 Tax services 7 4 Other services 186 34 Total 765 504 Amounts excluded value added tax.For details on remuneration to executive management and board of directors, see Remuneration report published on our website.Pensions and other long-term employee benefitsAccounting policiesPensionsThe Group provides defined contribution plans, defined benefit plans and other post-employment benefits. The contribution plans comprise plans whereby the Group makes annual contributions to the employees\u2019 pension plan, which is the expense for the period. The Group has no legal or constructive obligations 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. Contributions to the plan are expensed as pension costs. Norwegian employers are obliged to have an occupational pension scheme for their employees under the Act on Mandatory occupational pension. The Group is in compliance with these regulations. Defined benefit plans define an amount of pension benefit that an employee will receive on retirement, dependent on a set of assumptions. The Group has no significant benefit plans or other post-employment benefits.Share bonus programThe Group has a long-term incentive plan which is a 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.The following tables summarise the components of expenses recognised in the statement of comprehensive income and the liabilities recognised in the statement of financial position for the significant plans in the Group. Pension expenses (USD 1 000) 2023 2022Norway Defined contribution plan 400 433 Total Norway 400 433 Other countries 1 107 925 Total pension expenses* 1 507 1 358 * Of the total pension expenses USD 0.4 million (2022: USD 0.4 million) is reported as administrative expenses, the remaining is reported as voyage expenses. Net pension liabilities (USD 1 000) 31.12.2023 31.12.2022 Norway 93 93 Other countries 2 646 2 145 Total net pension pension liability 2 739 2 238",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__43": {
"value": "Auditor\u2019s fee (USD 1 000) 2023 2022 Statutory audit 457 382 Assurance services and other audit related services 115 84 Tax services 7 4 Other services 186 34 Total 765 504 Amounts excluded value added tax",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__45": {
"value": "Accounting policiesPensionsThe Group provides defined contribution plans, defined benefit plans and other post-employment benefits. The contribution plans comprise plans whereby the Group makes annual contributions to the employees\u2019 pension plan, which is the expense for the period. The Group has no legal or constructive obligations 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. Contributions to the plan are expensed as pension costs. Norwegian employers are obliged to have an occupational pension scheme for their employees under the Act on Mandatory occupational pension. The Group is in compliance with these regulations. Defined benefit plans define an amount of pension benefit that an employee will receive on retirement, dependent on a set of assumptions. The Group has no significant benefit plans or other post-employment benefits.Share bonus programThe Group has a long-term incentive plan which is a 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__46": {
"value": "Note 6 \u2014 Share bonus programA 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. The first award was granted in 2021. 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 vesting period 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 award shares, 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 was calcu-lated 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.On 13 December 2023, a third award under the share bonus program was granted. In the calculation of the fair value of these award shares, the closing share price at the award date was NOK 86.30 and the strike price was NOK 89.10, 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 (46%) at peer with a dividend yield of 19%. The total fair value of the 2023 award shares has been calculated to be USD 0.05 million at the award date, which will be expensed over the vesting period of three years, starting from January 2024.For 2023, the share bonus program gave an income statement effect of USD 465 thousand related to the expense of the 2021 award shares and USD 98 thousand related to the 2022 award shares, a total of USD 563 thousand.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 2023 and the year in which the award shares will vest.Share bonus program (USD 1 000)2021 2022 2023Outstanding at beginning of period - 1 038 317 1 131 759 Awarded during the period 1 038 317 93 442 82 069 Exercised during the period - - - Outstanding at end of period 1 038 317 1 131 759 1 213 828 Vesting date29 November 2024 1 038 317 - - 20 December 2025 - 93 442 - 13 December 2026 - - 82 069 Outstanding at end of period 1 038 317 93 442 82 069 Costs share bonus program (USD 1 000)2023 20222023 award - - 2022 award 98 - 2021 award 465 465 Total cost 563 465",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__52": {
"value": "ACCOUNTING POLICIES Vessels, newbuildings and equipment Fixed 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.Vessels The 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 depreciation 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. Newbuildings Instalments on newbuilding contracts are capitalised as \u201cNewbuild-ings\u201d when they are paid. Upon delivery, newbuildings are reclassified 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. Assets held for sale Assets are held for sale when their carrying amount is to be recovered 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. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. Equipment Depreciation is calculated on a straight-line basis with the following estimated useful life: \u2022\ue603Vessel equipment 10 years \u2022\ue603Office equipment 3-5 years \u2022\ue603Vehicles 5 years \u2022\ue603IT-system 10-15 years Impairment of non-financial assets The carrying amount of tangible assets is tested for impairment whenever there are indications that the value of these assets may have been impaired. If the carrying amount of an asset is higher than the recoverable 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-generating unit as this is the smallest strategically identifiable group of assets. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__53": {
"value": "Vessels, newbuildings and equipment Fixed 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.Vessels The 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 depreciation 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__49": {
"value": "Assets held for sale Assets are held for sale when their carrying amount is to be recovered 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. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__51": {
"value": "Impairment of non-financial assets The carrying amount of tangible assets is tested for impairment whenever there are indications that the value of these assets may have been impaired. If the carrying amount of an asset is higher than the recoverable 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-generating unit as this is the smallest strategically identifiable group of assets. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__50": {
"value": "Impairment of non-financial assets The carrying amount of tangible assets is tested for impairment whenever there are indications that the value of these assets may have been impaired. If the carrying amount of an asset is higher than the recoverable 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-generating unit as this is the smallest strategically identifiable group of assets. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__48": {
"value": "Note 7 \u2014 Vessels, newbuildings, equipment and right-of-use assetsACCOUNTING POLICIES Vessels, newbuildings and equipment Fixed 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.Vessels The 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 depreciation 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. Newbuildings Instalments on newbuilding contracts are capitalised as \u201cNewbuild-ings\u201d when they are paid. Upon delivery, newbuildings are reclassified 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. Assets held for sale Assets are held for sale when their carrying amount is to be recovered 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. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. Equipment Depreciation is calculated on a straight-line basis with the following estimated useful life: \u2022\ue603Vessel equipment 10 years \u2022\ue603Office equipment 3-5 years \u2022\ue603Vehicles 5 years \u2022\ue603IT-system 10-15 years Impairment of non-financial assets The carrying amount of tangible assets is tested for impairment whenever there are indications that the value of these assets may have been impaired. If the carrying amount of an asset is higher than the recoverable 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-generating unit as this is the smallest strategically identifiable group of assets. 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. NewbuildingRight-of-use2023 (USD 1 000)Vessels& Projects * EquipmentAssets Total Cost at 01.01 2 061 803 138 725 31 869 466 840 2 699 237 Additions 149 167 134 623 821 5 591 290 202 Transfer from newbuilding and projects 12 488 (12 488) - - - Newbuilding interest - 9 114 - - 9 114 Remeasured leases - - - 27 802 27 802 Reclassification to assets held for sale - - - - - Disposals (106 391) (122) (6 919) (187 314) (300 745) Cost at 31.12 2 117 067 269 853 25 771 312 919 2 725 610 Accumulated depreciation and impairment at 01.01 (1 073 175) - (16 213) (192 866) (1 282 254) Depreciation (91 259) - (2 563) (51 743) (145 565) Disposals 79 866 - 6 918 73 905 160 689 Accumulated depreciation and impairment at 31.12 (1 084 568) - (11 858) (170 703) (1 267 130) Net carrying amount at 31.12 1 032 499 269 853 13 913 142 216 1 458 480 Book value sold assets 26 525 122 1 26 648 Sales price 62 481 - 2 62 483 Gain / (loss) 35 955 (122) 1 35 835 * Newbuildings & Projects include installments related to the Aurora newbuilding program. Two leased vessels, H\u00f6egh Berlin and H\u00f6egh Tracer, were purchased in Q1 2023, and a third leased vessel, H\u00f6egh Trapper, was purchased in Q2 2023.These purchases are reflected above as disposals of right-of-use assets and additions to vessels. One more purchase option has been declared in 2023, for the vessel H\u00f6egh Jacksonville, which will be purchased in Q1 2024. H\u00f6egh Bangkok was delivered to new owners in Q4 2023. Note 7 \u2013 Vessels, newbuildings, equipment and right-of-use assets cont.NewbuildingRight-of-use2022 (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 2 699 237 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 Aurora newbuildings investments. ** One vessel was reclassified as asset held for sale at 31 December 2021 and has been sold in January 2022. Three vessel leases have been extended by two and three years, resulting in a total increase in leased assets of USD 74 million. Two leased vessels, H\u00f6egh Beijing and H\u00f6egh St. Petersburg, were purchased in 2022, reflected above as disposal of right-of-use 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.Additions Out of total additions to vessels of USD 162 million (USD 59 million in 2022), USD 15 million (USD 7 million in 2022) is related to capitalised drydocking costs.The purchases of the vessels H\u00f6egh Berlin, H\u00f6egh Tracer and H\u00f6egh Trapper amount s to USD 141 mill ion.Disposals One vessel was disposed of in 2023 (one in 2022), H\u00f6egh Bangkok, owned by H\u00f6egh Autoliners Shipping AS.Assets held for sale No vessel has been classified as held for sale at 31 December 2022 and 31 December 2023.Depreciation The residual value and useful lifetime of the fleet is evaluated yearly. There is no change in the residual values in 2023.Charter OutPer year-end 2023 the Group has none of its vessels chartered out (none in 2022).The Group is expecting to receive no charter hire income in the years 2024-2028.Charter In Per year-end 2023 the Group has three vessels chartered in on time charter contracts (three in 2022). In addition, the Group has 3 vessels on bareboat charter (6 in 2022). The contract lengths are up to 6 years. Leased vessels are from 2019 recognised according to IFRS 16 Leases, see note 8 for further information on right-of-use 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 right-of-use 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 by 14% through 2023, and are 107% higher than the carrying values at year-end 2023. 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 recognised 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 2023, 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 2023.A Weighted Average Cost of Capital (WACC) is applied as the Group\u2019s discount rate, calculated to 9.37% for 2023 (9.28% in 2022).Right-of-use assets For further information on right-of-use assets, see Note 8 Leases and Note 15 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. In July 2023, the Group exercised the option to build another four Aurora class vessels. This brings the number of total vessels under the newbuilding program to twelve (12) vessels. The Group has an option to build another four vessels (vessels 13-16), as well as slot reservations for additional four vessels (vessels 17-20). The contract for twelve fixed vessels has a total value of USD 1.2 billion, of which USD 943 million is financed by loans and leases and the remaining USD 284 million from equity. As of 31 December 2023 a total of USD 234 million has been paid of the equity part. The Group expects delivery of two Aurora vessels every six months starting from the second half of 2024.EquipmentEquipment consists of vessel equipment, cars, office furniture and IT equipment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__47": {
"value": "Note 7 \u2014 Vessels, newbuildings, equipment and right-of-use assetsACCOUNTING POLICIES Vessels, newbuildings and equipment Fixed 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.Vessels The 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 depreciation 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. Newbuildings Instalments on newbuilding contracts are capitalised as \u201cNewbuild-ings\u201d when they are paid. Upon delivery, newbuildings are reclassified 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. Assets held for sale Assets are held for sale when their carrying amount is to be recovered 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. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. Equipment Depreciation is calculated on a straight-line basis with the following estimated useful life: \u2022\ue603Vessel equipment 10 years \u2022\ue603Office equipment 3-5 years \u2022\ue603Vehicles 5 years \u2022\ue603IT-system 10-15 years Impairment of non-financial assets The carrying amount of tangible assets is tested for impairment whenever there are indications that the value of these assets may have been impaired. If the carrying amount of an asset is higher than the recoverable 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-generating unit as this is the smallest strategically identifiable group of assets. 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. NewbuildingRight-of-use2023 (USD 1 000)Vessels& Projects * EquipmentAssets Total Cost at 01.01 2 061 803 138 725 31 869 466 840 2 699 237 Additions 149 167 134 623 821 5 591 290 202 Transfer from newbuilding and projects 12 488 (12 488) - - - Newbuilding interest - 9 114 - - 9 114 Remeasured leases - - - 27 802 27 802 Reclassification to assets held for sale - - - - - Disposals (106 391) (122) (6 919) (187 314) (300 745) Cost at 31.12 2 117 067 269 853 25 771 312 919 2 725 610 Accumulated depreciation and impairment at 01.01 (1 073 175) - (16 213) (192 866) (1 282 254) Depreciation (91 259) - (2 563) (51 743) (145 565) Disposals 79 866 - 6 918 73 905 160 689 Accumulated depreciation and impairment at 31.12 (1 084 568) - (11 858) (170 703) (1 267 130) Net carrying amount at 31.12 1 032 499 269 853 13 913 142 216 1 458 480 Book value sold assets 26 525 122 1 26 648 Sales price 62 481 - 2 62 483 Gain / (loss) 35 955 (122) 1 35 835 * Newbuildings & Projects include installments related to the Aurora newbuilding program. Two leased vessels, H\u00f6egh Berlin and H\u00f6egh Tracer, were purchased in Q1 2023, and a third leased vessel, H\u00f6egh Trapper, was purchased in Q2 2023.These purchases are reflected above as disposals of right-of-use assets and additions to vessels. One more purchase option has been declared in 2023, for the vessel H\u00f6egh Jacksonville, which will be purchased in Q1 2024. H\u00f6egh Bangkok was delivered to new owners in Q4 2023. Note 7 \u2013 Vessels, newbuildings, equipment and right-of-use assets cont.NewbuildingRight-of-use2022 (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 2 699 237 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 Aurora newbuildings investments. ** One vessel was reclassified as asset held for sale at 31 December 2021 and has been sold in January 2022. Three vessel leases have been extended by two and three years, resulting in a total increase in leased assets of USD 74 million. Two leased vessels, H\u00f6egh Beijing and H\u00f6egh St. Petersburg, were purchased in 2022, reflected above as disposal of right-of-use 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.Additions Out of total additions to vessels of USD 162 million (USD 59 million in 2022), USD 15 million (USD 7 million in 2022) is related to capitalised drydocking costs.The purchases of the vessels H\u00f6egh Berlin, H\u00f6egh Tracer and H\u00f6egh Trapper amount s to USD 141 mill ion.Disposals One vessel was disposed of in 2023 (one in 2022), H\u00f6egh Bangkok, owned by H\u00f6egh Autoliners Shipping AS.Assets held for sale No vessel has been classified as held for sale at 31 December 2022 and 31 December 2023.Depreciation The residual value and useful lifetime of the fleet is evaluated yearly. There is no change in the residual values in 2023.Charter OutPer year-end 2023 the Group has none of its vessels chartered out (none in 2022).The Group is expecting to receive no charter hire income in the years 2024-2028.Charter In Per year-end 2023 the Group has three vessels chartered in on time charter contracts (three in 2022). In addition, the Group has 3 vessels on bareboat charter (6 in 2022). The contract lengths are up to 6 years. Leased vessels are from 2019 recognised according to IFRS 16 Leases, see note 8 for further information on right-of-use 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 right-of-use 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 by 14% through 2023, and are 107% higher than the carrying values at year-end 2023. 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 recognised 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 2023, 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 2023.A Weighted Average Cost of Capital (WACC) is applied as the Group\u2019s discount rate, calculated to 9.37% for 2023 (9.28% in 2022).Right-of-use assets For further information on right-of-use assets, see Note 8 Leases and Note 15 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. In July 2023, the Group exercised the option to build another four Aurora class vessels. This brings the number of total vessels under the newbuilding program to twelve (12) vessels. The Group has an option to build another four vessels (vessels 13-16), as well as slot reservations for additional four vessels (vessels 17-20). The contract for twelve fixed vessels has a total value of USD 1.2 billion, of which USD 943 million is financed by loans and leases and the remaining USD 284 million from equity. As of 31 December 2023 a total of USD 234 million has been paid of the equity part. The Group expects delivery of two Aurora vessels every six months starting from the second half of 2024.EquipmentEquipment consists of vessel equipment, cars, office furniture and IT equipment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__57": {
"value": "Accounting policiesLeasesA lease is defined as a contract that 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 lease liability is measured as the present value of future lease payments, including extension options considered reasonably certain to be exercised. When deciding on whether the Group is reasonably certain to exercise options, all facts and circumstances are taken into consideration. Extension and termi-nation 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 lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for all leases in the Group, the Group\u2019s incremental borrowing rate is used. A corresponding right-of-use asset is recognised including lease payments and any direct costs incurred at the commencement date. Lease payments are reflected as interest expense and a reduction in lease liabilities. The right-of-use assets are depreciated over the shorter of each contract\u2019s term and the assets\u2019 useful life.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.Contracts may contain both lease and non-lease components. 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.A sub-lease agreement is evaluated with reference to the right-of-use asset in the head lease.Right-of-use assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__55": {
"value": "Note 8 \u2014 LeasesAccounting policiesLeasesA lease is defined as a contract that 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 lease liability is measured as the present value of future lease payments, including extension options considered reasonably certain to be exercised. When deciding on whether the Group is reasonably certain to exercise options, all facts and circumstances are taken into consideration. Extension and termi-nation 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 lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for all leases in the Group, the Group\u2019s incremental borrowing rate is used. A corresponding right-of-use asset is recognised including lease payments and any direct costs incurred at the commencement date. Lease payments are reflected as interest expense and a reduction in lease liabilities. The right-of-use assets are depreciated over the shorter of each contract\u2019s term and the assets\u2019 useful life.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.Contracts may contain both lease and non-lease components. 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.A sub-lease agreement is evaluated with reference to the right-of-use asset in the head lease.Right-of-use assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.The Group leases offices, vessels and different machinery. The office 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. The Group leases IT and office equipment with contract terms of one to three years. Right-of-use assets (USD 1 000)31.12.2023 31.12.2022Premises 8 282 9 184 Vessels 125 531 255 089 Machinery 8 355 9 537 Other 48 164 Total 142 216 273 974 The additions to the right-of-use assets in 2023 were USD 5.6 million (2022: USD 79.8 million), mainly related to new office leases and extended machinery leases. Further USD 28 million (2022: 79 million) were added to right-of-use assets from remeasurements of existing leases, of which USD 1 million relates to variable vessel leases, and USD 26 million is from the decision to 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.For information on leases where the Group is a lessor, see Charter out section in Note 7.Amounts recognised in the balance sheetThe balance sheet shows the following amounts related to leases:Lease liabilities (USD 1 000)31.12.2023 31.12.2022Non-current 82 270 133 505 Current 81 790 165 287 Total 164 060 298 792 exercise purchase option for the vessel H\u00f6egh Jacksonville. Three leased vessels, H\u00f6egh Berlin, H\u00f6egh Tracer and H\u00f6egh Trapper, were purchased during 2023. There were no other disposals of right-of-use assets in 2023, apart from expired leases related to offices and machinery.Amounts recognised in profit / (loss) (USD 1 000)2023 2022Depreciation charges for right-of-use assets: - Premises 3 107 2 868 - Vessels 43 556 54 400 - Machinery 4 963 4 300 - Other 116 116 Total depreciation charges for right-of-use assets 51 743 61 684 Interest on lease liabilities 15 368 17 889 Expenses relating to short-term leases 9 733 16 289 Expenses relating to leases of low-value 75 110 The total cash outflow for leases in 2023 was USD 176.4 million, including USD 15 million in interest (2022: USD 133.3 million, including USD 18 million in interest), and includes the purchase price for the three leased vessels purchased in 2023 (two leased vessels purchased in 2022).See Note 15 for reconciliation of liabilities arising from financial activities.The lease agreements do not impose any covenants. Right-of-use assets may not be used as security for borrowing purposes.The Group can not draw any debt on right-of-use assets. The Group has limited exposure to variable lease payments, other than change in SOFR rate. The potential future lease payments should the Group exercise extension options, would increase the lease liabilities with USD 12 million (2022: USD 44 million). The Group has not provided any residual value guarantees related to its lease agreements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__58": {
"value": "Note 9 \u2014 Interest income and expenses Interest income (USD 1 000)2023 2022 Interest income from banks 11 666 759 Other interest income 552 204 Total 12 218 963 Interest expenses (USD 1 000)2023 2022 Interest mortgage debt 27 085 15 089 Capitalised interest on newbuildings (9 114) (1 969) Interest on lease liabilities* 15 368 17 889 Other interest expenses - 226 Total 33 338 31 235 * For further details on interest on lease liabilities, see Note 8.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__59": {
"value": "Interest income (USD 1 000)2023 2022 Interest income from banks 11 666 759 Other interest income 552 204 Total 12 218 963",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__60": {
"value": "Interest expenses (USD 1 000)2023 2022 Interest mortgage debt 27 085 15 089 Capitalised interest on newbuildings (9 114) (1 969) Interest on lease liabilities* 15 368 17 889 Other interest expenses - 226 Total 33 338 31 235",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__61": {
"value": "Note 10 \u2014 Other financial items Income from other financial items (USD 1 000)2023 2022 Debt modification gain* - 20 869 Other financial items** 196 17 655 Total 196 38 524 Expenses from other financial items (USD 1 000)2023 2022 Loss on currency exchange 1 665 5 308 Other financial items** 6 062 5 244 Total 7 727 10 552 * The debt modification gain is related to the refinancing in June 2022, where ** Income from other financial items in 2023 and 2022 mainly relate to remeas-the modifications to the debt were accounted for as an adjustment to the urement of lease liabilities. Expenses from other financial items for 2023 consist existing liability. The liability was restated to the net present value of the revised mainly of commitment fees and amortisation of debt modification gain from cashflows discounted at the original effective interest rate. 2022. Expenses from other financial items for 2022 include amortisation of debt See note 18. modification from 2021 and arrangement fee for the refinancing concluded in June 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__62": {
"value": "Income from other financial items (USD 1 000)2023 2022 Debt modification gain* - 20 869 Other financial items** 196 17 655 Total 196 38 524",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__63": {
"value": "Expenses from other financial items (USD 1 000)2023 2022 Loss on currency exchange 1 665 5 308 Other financial items** 6 062 5 244 Total 7 727 10 552",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__66": {
"value": "Note 11 \u2014 TaxAccounting policies Income tax The 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. Tax 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 date. Deferred 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 same tax jurisdiction. Current tonnage tax scheme H\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 Autoliners 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 taxed under 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. Ordinary 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 2024 the corporate tax rate remains at 22%.Tonnage tax payable Tonnage tax is assessed and paid according to net tonnage operated during the year. Current year\u2019s tonnage tax is assessed at USD 0.4 million (USD 0.4 million in 2022) 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% witholding tax. Income tax for the year (USD 1 000)2023 2022 Current tax (5 426) (4 783) Tax in subsidiaries outside Norway (2 261) (1 275) Change in deferred tax (1 479) (8 923) Currency effect on deferred tax and adjustments previous periods 888 (11) Tax expense (8 278) (14 991) Reconciliation of actual tax expense against expected tax expense in accordance with the ordinary Norwegian income tax rate of 22% (USD 1 000) 2023 2022 Profit / (loss) before tax 597 864 313 577 Estimated tax at 22% income tax rate (131 530) (68 986) Tax effect of non taxable income within the tonnage tax scheme in Norway and Singapore 131 843 64 137 Other tax payable (2 418) (505) Permanent differences / deferred tax assets not recognised (6 173) (9 637) Tax expense (8 278) (14 991) Effective tax rate for the Group 1 % 5 % Income tax payable (USD 1 000)31.12.2023 31.12.2022 Tonnage tax 378 429 Current tax for the year 5 188 4 678 Tax payable (maturity within 1 year) 5 566 5 106 Note 11 \u2014 Tax cont. Deferred tax assets (liabilities) (USD 1 000)31.12.2023 31.12.2022 Fixed assets 105 (11) Non-current debt / receivables (37 290) (36 572) Pension liabilities * 132 91 Loss carried forward - 55 Deferred tax assets (liabilities) (37 053) (36 437) Deferred tax assets subsidiaries outside Norway 864 774 Total (36 189) (35 663)* For further information see Note 6.31.12.2023 31.12.2022 Deferred tax liabilities at 01.01. (35 663) (26 705) Charged to the income statement (591) (8 923) Charged to other comprehensive income 64 (35) Deferred tax liabilities at 31.12. (36 189) (35 663) Deferred tax assets / (tax) within the tonnage tax scheme (USD 1 000) 31.12.2023 31.12.2022 Current assets - - Non-current debt / receivables 13 476 6 445 Loss carried forward 67 432 65 134 Deferred tax assets not recognised (80 908) (71 579) Deferred tax assets / (liabilities) - - 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__65": {
"value": "Note 11 \u2014 TaxAccounting policies Income tax The 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. Tax 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 date. Deferred 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 same tax jurisdiction. Current tonnage tax scheme H\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 Autoliners 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 taxed under 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. Ordinary 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 2024 the corporate tax rate remains at 22%.Tonnage tax payable Tonnage tax is assessed and paid according to net tonnage operated during the year. Current year\u2019s tonnage tax is assessed at USD 0.4 million (USD 0.4 million in 2022) 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% witholding tax. Income tax for the year (USD 1 000)2023 2022 Current tax (5 426) (4 783) Tax in subsidiaries outside Norway (2 261) (1 275) Change in deferred tax (1 479) (8 923) Currency effect on deferred tax and adjustments previous periods 888 (11) Tax expense (8 278) (14 991) Reconciliation of actual tax expense against expected tax expense in accordance with the ordinary Norwegian income tax rate of 22% (USD 1 000) 2023 2022 Profit / (loss) before tax 597 864 313 577 Estimated tax at 22% income tax rate (131 530) (68 986) Tax effect of non taxable income within the tonnage tax scheme in Norway and Singapore 131 843 64 137 Other tax payable (2 418) (505) Permanent differences / deferred tax assets not recognised (6 173) (9 637) Tax expense (8 278) (14 991) Effective tax rate for the Group 1 % 5 % Income tax payable (USD 1 000)31.12.2023 31.12.2022 Tonnage tax 378 429 Current tax for the year 5 188 4 678 Tax payable (maturity within 1 year) 5 566 5 106 Note 11 \u2014 Tax cont. Deferred tax assets (liabilities) (USD 1 000)31.12.2023 31.12.2022 Fixed assets 105 (11) Non-current debt / receivables (37 290) (36 572) Pension liabilities * 132 91 Loss carried forward - 55 Deferred tax assets (liabilities) (37 053) (36 437) Deferred tax assets subsidiaries outside Norway 864 774 Total (36 189) (35 663)* For further information see Note 6.31.12.2023 31.12.2022 Deferred tax liabilities at 01.01. (35 663) (26 705) Charged to the income statement (591) (8 923) Charged to other comprehensive income 64 (35) Deferred tax liabilities at 31.12. (36 189) (35 663) Deferred tax assets / (tax) within the tonnage tax scheme (USD 1 000) 31.12.2023 31.12.2022 Current assets - - Non-current debt / receivables 13 476 6 445 Loss carried forward 67 432 65 134 Deferred tax assets not recognised (80 908) (71 579) Deferred tax assets / (liabilities) - - 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__64": {
"value": "Note 11 \u2014 TaxAccounting policies Income tax The 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. Tax 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 date. Deferred 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 same tax jurisdiction. Current tonnage tax scheme H\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 Autoliners 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 taxed under 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. Ordinary 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 2024 the corporate tax rate remains at 22%.Tonnage tax payable Tonnage tax is assessed and paid according to net tonnage operated during the year. Current year\u2019s tonnage tax is assessed at USD 0.4 million (USD 0.4 million in 2022) 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% witholding tax. Income tax for the year (USD 1 000)2023 2022 Current tax (5 426) (4 783) Tax in subsidiaries outside Norway (2 261) (1 275) Change in deferred tax (1 479) (8 923) Currency effect on deferred tax and adjustments previous periods 888 (11) Tax expense (8 278) (14 991) Reconciliation of actual tax expense against expected tax expense in accordance with the ordinary Norwegian income tax rate of 22% (USD 1 000) 2023 2022 Profit / (loss) before tax 597 864 313 577 Estimated tax at 22% income tax rate (131 530) (68 986) Tax effect of non taxable income within the tonnage tax scheme in Norway and Singapore 131 843 64 137 Other tax payable (2 418) (505) Permanent differences / deferred tax assets not recognised (6 173) (9 637) Tax expense (8 278) (14 991) Effective tax rate for the Group 1 % 5 % Income tax payable (USD 1 000)31.12.2023 31.12.2022 Tonnage tax 378 429 Current tax for the year 5 188 4 678 Tax payable (maturity within 1 year) 5 566 5 106 Note 11 \u2014 Tax cont. Deferred tax assets (liabilities) (USD 1 000)31.12.2023 31.12.2022 Fixed assets 105 (11) Non-current debt / receivables (37 290) (36 572) Pension liabilities * 132 91 Loss carried forward - 55 Deferred tax assets (liabilities) (37 053) (36 437) Deferred tax assets subsidiaries outside Norway 864 774 Total (36 189) (35 663)* For further information see Note 6.31.12.2023 31.12.2022 Deferred tax liabilities at 01.01. (35 663) (26 705) Charged to the income statement (591) (8 923) Charged to other comprehensive income 64 (35) Deferred tax liabilities at 31.12. (36 189) (35 663) Deferred tax assets / (tax) within the tonnage tax scheme (USD 1 000) 31.12.2023 31.12.2022 Current assets - - Non-current debt / receivables 13 476 6 445 Loss carried forward 67 432 65 134 Deferred tax assets not recognised (80 908) (71 579) Deferred tax assets / (liabilities) - - 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__69": {
"value": "Accounting policies Income tax The 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. Tax 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 date. Deferred 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 same tax jurisdiction.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__68": {
"value": "Accounting policies Income tax The 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. Tax 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 date. Deferred 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 same tax jurisdiction.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__70": {
"value": "Current tonnage tax scheme H\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 Autoliners 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 taxed under 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__72": {
"value": "Note 12 \u2014 Other non-current financial assets Other non-current financial assets (USD 1 000)31.12.2023 31.12.2022 Pension plan assets 19 36 Investments in other companies 850 938 Other non-current financial assets 108 104 Total 977 1 078 Pension plan assetsInvestments in other companiesThe pension plan assets mainly relate to the defined benefit plans in Shares in other companies are measured at fair value through other China and Philippines. comprehensive income. Other non-current assets (USD 1 000)31.12.2023 31.12.2022 Rental deposits 856 1 228 Other 3 3 Total 859 1 231",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__71": {
"value": "Note 12 \u2014 Other non-current financial assets Other non-current financial assets (USD 1 000)31.12.2023 31.12.2022 Pension plan assets 19 36 Investments in other companies 850 938 Other non-current financial assets 108 104 Total 977 1 078 Pension plan assetsInvestments in other companiesThe pension plan assets mainly relate to the defined benefit plans in Shares in other companies are measured at fair value through other China and Philippines. comprehensive income. Other non-current assets (USD 1 000)31.12.2023 31.12.2022 Rental deposits 856 1 228 Other 3 3 Total 859 1 231",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__74": {
"value": "Note 13 \u2014 Trade, other receivables and prepayments Trade and other receivables (USD 1 000)Note 31.12.2023 31.12.2022 Freight receivables 78 142 83 282 Provision for impairment on trade receivables (234) (54) Net freight receivables 2 77 908 83 228 Agents (892) (147) Other trade receivables 2 489 2 936 Tax and public duties 1 392 1 119 Unsettled claims 5 136 - Receivables related companies - 990 Other receivables 1 258 4 798 Total 87 291 92 924 For accounting policy related to provision for impairment on trade receivables, see note 15. Total outstanding (USD 1 000)31.12.2023 31.12.2022 Not due 50 621 54 776 1 -15 17 570 10 279 16-30 7 092 1 664 31-60 1 962 4 376 61- 897 12 186 Total 78 142 83 282 Prepayments (USD 1 000)31.12.2023 31.12.2022 Prepayments administration 2 006 1 405 Other prepayments 2 157 819 Total 4 164 2 224",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__73": {
"value": "Note 13 \u2014 Trade, other receivables and prepayments Trade and other receivables (USD 1 000)Note 31.12.2023 31.12.2022 Freight receivables 78 142 83 282 Provision for impairment on trade receivables (234) (54) Net freight receivables 2 77 908 83 228 Agents (892) (147) Other trade receivables 2 489 2 936 Tax and public duties 1 392 1 119 Unsettled claims 5 136 - Receivables related companies - 990 Other receivables 1 258 4 798 Total 87 291 92 924 For accounting policy related to provision for impairment on trade receivables, see note 15. Total outstanding (USD 1 000)31.12.2023 31.12.2022 Not due 50 621 54 776 1 -15 17 570 10 279 16-30 7 092 1 664 31-60 1 962 4 376 61- 897 12 186 Total 78 142 83 282 Prepayments (USD 1 000)31.12.2023 31.12.2022 Prepayments administration 2 006 1 405 Other prepayments 2 157 819 Total 4 164 2 224",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__75": {
"value": "Note 14 \u2014 Financial riskThe Group is exposed to the following financial risks from its ordinary operations:\u2022\ue603Market risk\u2022\ue603 Cash flow interest rate risk\u2022\ue603 Fair value interest rate risk\u2022\ue603 Foreign exchange rate risk\u2022\ue603 Bunker price risk\u2022\ue603Credit risk\u2022\ue603Liquidity risk\u2022\ue603Climate 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 rate risk, 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. The Group 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 2023 the Group had no interest rate swaps. For 2023, a change in interest rate of 1 percentage point would have no effect on the Group\u2019s profit before tax and equity, through the impact of net floating rate borrowings, due to average net floating borrowings being approximately zero (2022: reduced profit of USD 1.5 million). 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 2023, the Group did not have any interest rate swaps.IBOR reform The Group\u2019s loan facility and lease liabilities were until 30 June 2023 interest bearing with LIBOR as reference rate, when LIBOR was replaced with SOFR. The switch from LIBOR to SOFR did not result in any material costs.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 EUR and relates to port and cargo operations. The Group\u2019s mortgage debt is denominated in USD. The Group has no active currency hedges as of 31.12.2023. For further information see Note 15. FX sensitivity Year-end 2023 Max Last 12M Min Last 12M Sensitivity Cash effect Fwd12M Currency (USD / NOK) * 10.17 11.25 9.83 10% NOK appreciation vs USD -2.61 USDm * reduced/(increased) USD expenses for the next 12 months when USD/NOK forward is decreased by 10%. 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 USDm * reduced/(increased) USD expenses for the next 12 months when USD/NOK forward is decreased by 10%. Note 14 \u2014 Financial risk cont. The Group has cash and bank deposits in the following currencies: Cash and bank deposits (USD 1 000)31.12.2023 31.12.2022 United States Dollar 428 110 161 793 Norwegian Kroner 11 879 7 693 Pound Sterling 434 1 270 Euro 9 532 5 379 Japanese Yen 887 878 Other currencies 7 491 6 926 Total 458 333 183 940 The equivalent of USD 1 million (USD 0.5 million in 2022) of these deposits was held in restricted accounts in respect of employee taxes. Applied currency rates Currency 31.12.2023 Average 31.12.2022 Pound Sterling USD/GBP 0.79 0.81 0.83 Japanese Yen USD/JPY 141.48 136.68 131.88 Norwegian Kroner USD/NOK 10.17 10.01 9.86 Euro USD/EUR 0.90 0.92 0.94 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 derivatives at year-end 2023. 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. When relevant, the Group will only have derivatives with sound financial institutions.Normal credit period for freights is from 25 to 30 days. For new larger customers 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. Total cash and bank deposits at 31 December 2023 amount to USD 458 million.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.Per 31.12.2023 (USD 1 000)Note < 1 year 1 - 5 years > 5 years Total Mortgage debt (interest included) 18 72 965 340 501 - 413 466 Lease liabilities (interest included)* 8 91 345 68 473 45 387 205 205 Trade and other payables 19 40 238 - - 40 238 Total 204 548 408 974 45 387 658 908 Per 31.12.2022 (USD 1 000)Note < 1 year 1 - 5 years > 5 years Total Mortgage debt (interest included) 18 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 19 31 095 - - 31 095 Total 269 691 317 142 138 308 725 141 * See Note 7 and 8 for further information.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 agree-ments. Climate risk Climate risk has evolved over the past decade to become an important consideration within overall financial risk management. There are several short, medium and long-term climate risks that are of material concerns for the Group and its stakeholders. Through these material topics related to climate change, they interact with the Group\u2019s business by physically changing the environment and creating transition risks that the Group must build resilience against. Aligned with the Task Force for Climate Change Disclosures (TFCD), the Group has, through a process of identifying, assessing and prioritising its climate risks and opportunities, performed a climate risk analysis using different climate scenarios. H\u00f6egh Autoliners faces significant risks and opportunities linked to climate change and governmental actions to reduce greenhouse gas (GHG) emissions and create low-carbon and climate-resilient econo-mies. These risks and opportunities are integrated in the Group\u2019s risk management and strategy processes and embedded in the governance structures. As a global shipping company, H\u00f6egh Autoliners acknowledge that the climate change, including the actions and measures taken by regulatory institutions and industry participants may impose a significant financial impact to our business. The future emission and environmental regula-tions 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 uncertainty around future environmental regulations, however, carbon taxes have been implemented in the EU from 2024 through the EU Emission Trading System (ETS). The EU ETS will increase operational cost for H\u00f6egh Autoliners. For more information on climate related risks and opportunities, see the section on Sustainability in this report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__76": {
"value": "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 rate risk, 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. The Group 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 2023 the Group had no interest rate swaps. For 2023, a change in interest rate of 1 percentage point would have no effect on the Group\u2019s profit before tax and equity, through the impact of net floating rate borrowings, due to average net floating borrowings being approximately zero (2022: reduced profit of USD 1.5 million). 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 2023, the Group did not have any interest rate swaps.IBOR reform The Group\u2019s loan facility and lease liabilities were until 30 June 2023 interest bearing with LIBOR as reference rate, when LIBOR was replaced with SOFR. The switch from LIBOR to SOFR did not result in any material costs.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 EUR and relates to port and cargo operations. The Group\u2019s mortgage debt is denominated in USD. The Group has no active currency hedges as of 31.12.2023. For further information see Note 15. FX sensitivity Year-end 2023 Max Last 12M Min Last 12M Sensitivity Cash effect Fwd12M Currency (USD / NOK) * 10.17 11.25 9.83 10% NOK appreciation vs USD -2.61 USDm * reduced/(increased) USD expenses for the next 12 months when USD/NOK forward is decreased by 10%. 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 USDm * reduced/(increased) USD expenses for the next 12 months when USD/NOK forward is decreased by 10%. Note 14 \u2014 Financial risk cont. The Group has cash and bank deposits in the following currencies: Cash and bank deposits (USD 1 000)31.12.2023 31.12.2022 United States Dollar 428 110 161 793 Norwegian Kroner 11 879 7 693 Pound Sterling 434 1 270 Euro 9 532 5 379 Japanese Yen 887 878 Other currencies 7 491 6 926 Total 458 333 183 940 The equivalent of USD 1 million (USD 0.5 million in 2022) of these deposits was held in restricted accounts in respect of employee taxes. Applied currency rates Currency 31.12.2023 Average 31.12.2022 Pound Sterling USD/GBP 0.79 0.81 0.83 Japanese Yen USD/JPY 141.48 136.68 131.88 Norwegian Kroner USD/NOK 10.17 10.01 9.86 Euro USD/EUR 0.90 0.92 0.94 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 derivatives at year-end 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__77": {
"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. When relevant, the Group will only have derivatives with sound financial institutions.Normal credit period for freights is from 25 to 30 days. For new larger customers 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__78": {
"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. Total cash and bank deposits at 31 December 2023 amount to USD 458 million.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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__83": {
"value": "Accounting policies Financial assets Financial 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 sub -sequent measurement; 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 2023, 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 full. Financial 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 invest-ment, in which case they are recognised in other comprehensive income. Financial assets at fair value through profit or loss This category includes financial assets that are held for trading and financial assets that 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 the market value at the balance sheet date. The Group has not designated any derivatives as hedging instruments under IFRS 9. Financial liabilities Financial liabilities are after initial recognition measured at amortised 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 effec-tive 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, whereas liabilities 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 assets The 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 terms related to loans and receivables. The amount of expected credit losses recognised as a loss allowance depends on the extent of credit deterioration since initial recognition: \u2022\ue60312-month expected credit losses, which applies to all items (from initial recognition) as long as there is no significant deterioration in credit quality, or \u2022\ue603Full lifetime expected credit losses, which applies when a significant increase in credit risk has occurred on an individual or collective basis 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 instruments A financial asset is derecognised when: \u2022\ue603The rights to receive cash flows from the asset have expired \u2022\ue603The Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without mate-rial delay to a third party under a \u2018pass-through\u2019 arrangement; or \u2022\ue603The 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 transferred 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 cancel-lation 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. Cash and cash equivalents Cash includes cash in hand and bank deposits, including restricted bank accounts for deposits in respect of employee taxes. For further disclosures, see Note 14. Note 15 \u2014 Financial instruments cont. Financial instruments by category 2023 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 - - 850 - 850 Other non-current financial assets 12 19 - - 108 127 Trade and other receivables 13 87 291 - - - 87 291 Cash and cash equivalents 14 458 333 - - - 458 333 Assets 31.12.2023 545 643 - 850 108 546 601 * 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. 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 Non-current interest bearing debt 18 296 198 - - - 296 198 Current interest bearing debt 18 49 589 - - - 49 589 Non-current lease liabilities 8 82 270 - - - 82 270 Trade and other payables (excl. non-fin. liab.) 19 40 238 - - - 40 238 Current lease liabilities 8 81 790 - - - 81 790 Liabilities 31.12.2023 550 084 - - - 550 084 Financial instruments by category 2022 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 - - 938 - 938 Other non-current financial assets 12 36 - - 104 140 Trade and other receivables 13 92 924 - - - 92 924 Cash (and cash equivalents) 14 183 940 - - - 183 940 Assets 31.12.2022 276 900 - 938 104 277 942 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 - - - 90 90 Non-current interest bearing debt * 18 227 894 - - - 227 894 Current interest bearing debt * 18 36 626 - - - 36 626 Non-current lease liabilities 8 133 505 - - - 133 505 Trade and other payables (excl. non-fin. liab.) 19 31 095 - - - 31 095 Current lease liabilities 8 165 287 - - - 165 287 Liabilities 31.12.2022 594 407 - - 90 594 497 * The mortgage debt was refinanced in July 2022, see Note 18 for further details.Note 15 \u2014 Financial instruments cont.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:\u2022\ue603Level 1: Quoted prices in active markets for identical assets or liabilities.\u2022\ue603Level 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).\u2022\ue603Level 3: Inputs for the assets or liabilities that are not based on observable market data. Financial instruments at fair value 31.12.2023 (USD 1 000) Level 1 Level 2 Level 3 Total Investment in other companies - - 850 850 Total assets - - 850 850 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 Reconciliation of liabilities arising from financial activities Non - cash changes Liabilities 2023 (USD 1 000) Note 31.12.2022 Cash flows Fair value changes Other changes* New liability 31.12.2023 Non-current interest bearing debt 18 227 894 - - (48 550) 116 853 296 198 Current interest bearing debt 18 36 626 (51 228) - 51 044 13 147 49 589 Non-current lease liabilities 8 133 505 - - (55 100) 3 865 82 270 Current lease liabilities 8 165 287 (161 022) - 75 798 1 726 81 790 563 312 (212 249) - 23 193 135 591 509 847 * 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. 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 18 359 704 (52 711) (15 629) (22 470) - 227 894 Current interest bearing debt 18 85 280 (100 500) (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 * 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__84": {
"value": "Financial assets Financial 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 sub -sequent measurement; 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 2023, the Group holds financial instruments classified in level three in the valuation hierarchy.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__88": {
"value": "Financial 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 invest-ment, in which case they are recognised in other comprehensive income. Financial assets at fair value through profit or loss This category includes financial assets that are held for trading and financial assets that 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 the market value at the balance sheet date. The Group has not designated any derivatives as hedging instruments under IFRS 9.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__85": {
"value": "Financial 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 invest-ment, in which case they are recognised in other comprehensive income. Financial assets at fair value through profit or loss This category includes financial assets that are held for trading and financial assets that 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 the market value at the balance sheet date. The Group has not designated any derivatives as hedging instruments under IFRS 9.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__86": {
"value": "Financial liabilities Financial liabilities are after initial recognition measured at amortised 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 effec-tive 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, whereas liabilities with the legal right to be settled more than 12 months after the balance sheet date are classified as non-current liabilities",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__82": {
"value": "Impairment of financial assets The 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 terms related to loans and receivables. The amount of expected credit losses recognised as a loss allowance depends on the extent of credit deterioration since initial recognition: \u2022\ue60312-month expected credit losses, which applies to all items (from initial recognition) as long as there is no significant deterioration in credit quality, or \u2022\ue603Full lifetime expected credit losses, which applies when a significant increase in credit risk has occurred on an individual or collective basis 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__79": {
"value": "Note 15 \u2014 Financial instruments Accounting policies Financial assets Financial 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 sub -sequent measurement; 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 2023, 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 full. Financial 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 invest-ment, in which case they are recognised in other comprehensive income. Financial assets at fair value through profit or loss This category includes financial assets that are held for trading and financial assets that 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 the market value at the balance sheet date. The Group has not designated any derivatives as hedging instruments under IFRS 9. Financial liabilities Financial liabilities are after initial recognition measured at amortised 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 effec-tive 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, whereas liabilities 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 assets The 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 terms related to loans and receivables. The amount of expected credit losses recognised as a loss allowance depends on the extent of credit deterioration since initial recognition: \u2022\ue60312-month expected credit losses, which applies to all items (from initial recognition) as long as there is no significant deterioration in credit quality, or \u2022\ue603Full lifetime expected credit losses, which applies when a significant increase in credit risk has occurred on an individual or collective basis 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 instruments A financial asset is derecognised when: \u2022\ue603The rights to receive cash flows from the asset have expired \u2022\ue603The Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without mate-rial delay to a third party under a \u2018pass-through\u2019 arrangement; or \u2022\ue603The 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 transferred 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 cancel-lation 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. Cash and cash equivalents Cash includes cash in hand and bank deposits, including restricted bank accounts for deposits in respect of employee taxes. For further disclosures, see Note 14. Note 15 \u2014 Financial instruments cont. Financial instruments by category 2023 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 - - 850 - 850 Other non-current financial assets 12 19 - - 108 127 Trade and other receivables 13 87 291 - - - 87 291 Cash and cash equivalents 14 458 333 - - - 458 333 Assets 31.12.2023 545 643 - 850 108 546 601 * 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. 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 Non-current interest bearing debt 18 296 198 - - - 296 198 Current interest bearing debt 18 49 589 - - - 49 589 Non-current lease liabilities 8 82 270 - - - 82 270 Trade and other payables (excl. non-fin. liab.) 19 40 238 - - - 40 238 Current lease liabilities 8 81 790 - - - 81 790 Liabilities 31.12.2023 550 084 - - - 550 084 Financial instruments by category 2022 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 - - 938 - 938 Other non-current financial assets 12 36 - - 104 140 Trade and other receivables 13 92 924 - - - 92 924 Cash (and cash equivalents) 14 183 940 - - - 183 940 Assets 31.12.2022 276 900 - 938 104 277 942 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 - - - 90 90 Non-current interest bearing debt * 18 227 894 - - - 227 894 Current interest bearing debt * 18 36 626 - - - 36 626 Non-current lease liabilities 8 133 505 - - - 133 505 Trade and other payables (excl. non-fin. liab.) 19 31 095 - - - 31 095 Current lease liabilities 8 165 287 - - - 165 287 Liabilities 31.12.2022 594 407 - - 90 594 497 * The mortgage debt was refinanced in July 2022, see Note 18 for further details.Note 15 \u2014 Financial instruments cont.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:\u2022\ue603Level 1: Quoted prices in active markets for identical assets or liabilities.\u2022\ue603Level 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).\u2022\ue603Level 3: Inputs for the assets or liabilities that are not based on observable market data. Financial instruments at fair value 31.12.2023 (USD 1 000) Level 1 Level 2 Level 3 Total Investment in other companies - - 850 850 Total assets - - 850 850 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 Reconciliation of liabilities arising from financial activities Non - cash changes Liabilities 2023 (USD 1 000) Note 31.12.2022 Cash flows Fair value changes Other changes* New liability 31.12.2023 Non-current interest bearing debt 18 227 894 - - (48 550) 116 853 296 198 Current interest bearing debt 18 36 626 (51 228) - 51 044 13 147 49 589 Non-current lease liabilities 8 133 505 - - (55 100) 3 865 82 270 Current lease liabilities 8 165 287 (161 022) - 75 798 1 726 81 790 563 312 (212 249) - 23 193 135 591 509 847 * 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. 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 18 359 704 (52 711) (15 629) (22 470) - 227 894 Current interest bearing debt 18 85 280 (100 500) (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 * 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__87": {
"value": "Derecognition of financial instruments A financial asset is derecognised when: \u2022\ue603The rights to receive cash flows from the asset have expired \u2022\ue603The Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without mate-rial delay to a third party under a \u2018pass-through\u2019 arrangement; or \u2022\ue603The 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 transferred 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 cancel-lation 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__81": {
"value": "Cash and cash equivalents Cash 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__80": {
"value": "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:\u2022\ue603Level 1: Quoted prices in active markets for identical assets or liabilities.\u2022\ue603Level 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).\u2022\ue603Level 3: Inputs for the assets or liabilities that are not based on observable market data. Financial instruments at fair value 31.12.2023 (USD 1 000) Level 1 Level 2 Level 3 Total Investment in other companies - - 850 850 Total assets - - 850 850 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",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__90": {
"value": "Note 16 \u2013 Share information and earnings per share Accounting policy Transaction costs related to equity transactions are recognised directly in equity after the deduction of tax.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 during the financial year. Diluted earnings per share is calculated by dividing the 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, 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. The Company\u2019s number of shares is as follows: 2023 2022 Total shares at 31 December 190 769 749 190 769 749 Own shares at 31 December - - Earnings per share USD 31.12.2023 31.12.2022 Weighted average number of ordinary shares for the purpose of basic earnings per share 190 769 749 190 769 749 Effect of dilutive potential ordinary shares:- Share options 1 578 090 761 791 Weighted average number of ordinary shares for the purpose of diluted earnings per share 192 347 839 191 531 540 Profit for the period attributable to the owners of the parent 589 585 444 298 585 388 Earnings per share basic 3.09 1.57 Earnings per share diluted 3.07 1.56 The Company has no own shares at 31 December 2023.The Board of directors has proposed dividend to be paid for 2023 according to the dividend policy.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__92": {
"value": "Accounting policy Transaction costs related to equity transactions are recognised directly in equity after the deduction of tax.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 during the financial year. Diluted earnings per share is calculated by dividing the 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, 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__93": {
"value": "Note 17 \u2014 Management of capital The Group\u2019s financial policies and guidelines are developed to secure sound financial flexibility for the Group to be able to support commercial activity and growth. Targets are set at levels which will give the Group sufficient strength through business cycles. The Group focus on a number of financial ratios, among others; Book equity ratio The Group\u2019s book equity ratio is targeted to be between 40-55%. The book equity at year-end 2023 is above the set target. Working capital The Group\u2019s working capital is targeted to be above zero excluding short-term lease liabilities. The ratio per year-end 2023 is above the set target (2022: above the set target). Liquidity reserve The aim is to keep a solid liquidity reserve with minimum cash holding relative to the size of the operation, cash flow development and capital commitments. The Group is targeting a minimum liquidity reserve of 12 months of debt service and unfinanced capital commit-ments, of which a part may consist of available credit facilities. The liquidity reserve year-end 2023 is above the set target. H\u00f6egh Autoliners ASA has covenants in the loan agreement regarding minimum book equity ratio, working capital and minimum liquidity. The Group is in compliance with these ratios on a consoli-dated basis as per year-end 2023. The Group aims to maximise shareholder return over time. To maintain or adjust the capital structure, the Group may adjust dividend distribution or issue new shares. According to the dividend policy, H\u00f6egh Autoliners targets to distribute quarterly dividends to shareholders of around 100% of cash generation after amortisa-tion of debt facilities, capital expenditure and payable taxes. Any declaration of dividends will be at the discretion of the Board of Directors considering also the outlook and the Company\u2019s financial position. There are no restrictions on dividend payments in the loan agreement. Equity ratio (USD 1 000) 31.12.2023 31.12.2022 Total equity 1 411 730 1 062 973 Total assets 2 059 344 1 752 187 Equity ratio 69 %61 %",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__97": {
"value": "Note 18 \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 amortisations, reduced interest rate and a reduction of pledged vessels. The refinancing was 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 differ-ence in net present value of USD 20.9 million (gain). The liability was therefore restated and an adjustment to the amortised cost calcula-tion 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 was 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, which has been utilised in 2023 to purchase three vessels. As of 31 December 2023, the RCF and Facility B have not been drawn. H\u00f6egh Autoliners complies with all loan covenants at 31 December 2023.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 cgDIST score per vessel. 2023 - Interest bearing debt (USD 1 000) Non-current Current Total Interest bearing debt 299 837 49 783 349 620 Arrangement fee mortgage debt (3 639) (423) (4 062) Accrued interest - 229 229 Total interest bearing debt 31.12 296 198 49 589 345 787 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 31.12 227 894 36 626 264 520 Mortgage debt (USD 1 000) Maturity Outstanding amount USD 810 million senior secured January 2028 359 272 Total mortgage debt 31.12.2023 359 272 SecurityThe USD 810 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 704 million (2022: USD 604 million). In addition, the debt is secured by an assignment of earnings and insurances. Weighted average effective interest rates of total borrowings 2023 2022 Mortgage debt 8.76 % 4.24 %",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__96": {
"value": "Note 18 \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 amortisations, reduced interest rate and a reduction of pledged vessels. The refinancing was 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 differ-ence in net present value of USD 20.9 million (gain). The liability was therefore restated and an adjustment to the amortised cost calcula-tion 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 was 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, which has been utilised in 2023 to purchase three vessels. As of 31 December 2023, the RCF and Facility B have not been drawn. H\u00f6egh Autoliners complies with all loan covenants at 31 December 2023.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 cgDIST score per vessel. 2023 - Interest bearing debt (USD 1 000) Non-current Current Total Interest bearing debt 299 837 49 783 349 620 Arrangement fee mortgage debt (3 639) (423) (4 062) Accrued interest - 229 229 Total interest bearing debt 31.12 296 198 49 589 345 787 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 31.12 227 894 36 626 264 520 Mortgage debt (USD 1 000) Maturity Outstanding amount USD 810 million senior secured January 2028 359 272 Total mortgage debt 31.12.2023 359 272 SecurityThe USD 810 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 704 million (2022: USD 604 million). In addition, the debt is secured by an assignment of earnings and insurances. Weighted average effective interest rates of total borrowings 2023 2022 Mortgage debt 8.76 % 4.24 %",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__95": {
"value": "Note 18 \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 amortisations, reduced interest rate and a reduction of pledged vessels. The refinancing was 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 differ-ence in net present value of USD 20.9 million (gain). The liability was therefore restated and an adjustment to the amortised cost calcula-tion 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 was 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, which has been utilised in 2023 to purchase three vessels. As of 31 December 2023, the RCF and Facility B have not been drawn. H\u00f6egh Autoliners complies with all loan covenants at 31 December 2023.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 cgDIST score per vessel. 2023 - Interest bearing debt (USD 1 000) Non-current Current Total Interest bearing debt 299 837 49 783 349 620 Arrangement fee mortgage debt (3 639) (423) (4 062) Accrued interest - 229 229 Total interest bearing debt 31.12 296 198 49 589 345 787 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 31.12 227 894 36 626 264 520 Mortgage debt (USD 1 000) Maturity Outstanding amount USD 810 million senior secured January 2028 359 272 Total mortgage debt 31.12.2023 359 272 SecurityThe USD 810 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 704 million (2022: USD 604 million). In addition, the debt is secured by an assignment of earnings and insurances. Weighted average effective interest rates of total borrowings 2023 2022 Mortgage debt 8.76 % 4.24 %",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__94": {
"value": "Note 18 \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 amortisations, reduced interest rate and a reduction of pledged vessels. The refinancing was 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 differ-ence in net present value of USD 20.9 million (gain). The liability was therefore restated and an adjustment to the amortised cost calcula-tion 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 was 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, which has been utilised in 2023 to purchase three vessels. As of 31 December 2023, the RCF and Facility B have not been drawn. H\u00f6egh Autoliners complies with all loan covenants at 31 December 2023.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 cgDIST score per vessel. 2023 - Interest bearing debt (USD 1 000) Non-current Current Total Interest bearing debt 299 837 49 783 349 620 Arrangement fee mortgage debt (3 639) (423) (4 062) Accrued interest - 229 229 Total interest bearing debt 31.12 296 198 49 589 345 787 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 31.12 227 894 36 626 264 520 Mortgage debt (USD 1 000) Maturity Outstanding amount USD 810 million senior secured January 2028 359 272 Total mortgage debt 31.12.2023 359 272 SecurityThe USD 810 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 704 million (2022: USD 604 million). In addition, the debt is secured by an assignment of earnings and insurances. Weighted average effective interest rates of total borrowings 2023 2022 Mortgage debt 8.76 % 4.24 %",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__98": {
"value": "Note 19 \u2014 Trade and other payables Trade and other payables (USD 1 000) 31.12.2023 31.12.2022 Suppliers 33 471 26 381 Prepaid TC on vessels chartered out 1 629 6 460 Public duties payable and holiday pay 6 767 4 714 Total 41 867 37 555",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__99": {
"value": "Note 20 \u2014 Current accruals and provisions Accounting policy commitment, and that the size of the amount can be measured Provisions are recognised when the Group has a legal or reliably. Provisions are evaluated at each balance sheet date and constructive obligation as a result of past events. The recognition reflects the best estimate of the obligation. When the effect of of the provision is that it is likely (more likely than not) that a time is significant, the provision will be the present value of future future event will lead to a financial settlement as a result of this payments to cover the obligation. Current accruals and provisions (USD 1 000) 31.12.2023 31.12.2022 Accrued voyage expenses 25 030 32 806 Accrued crew expenses 1 455 1 928 Accrued running expenses 16 279 8 036 Other current provisions 7 688 1 705 Total 50 452 44 475 Accruals All voyages are continuously estimated with regards to the expenses incurred at any given time during the voyage. The difference between actually invoiced expenses and the cost estimate is presented as accrued expenses at the balance sheet date.Other current provisions (USD 1 000) 31.12.2023 31.12.2022 Provision 01.01 1 705 1 954 Charged/(credited) to the income statement: Additional provisions 7 688 1 705 Unused amounts reversed (234) (128) Used during year (1 472) (1 826) Provision 31.12 7 688 1 705",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__101": {
"value": "Accounting policy commitment, and that the size of the amount can be measured Provisions are recognised when the Group has a legal or reliably. Provisions are evaluated at each balance sheet date and constructive obligation as a result of past events. The recognition reflects the best estimate of the obligation. When the effect of of the provision is that it is likely (more likely than not) that a time is significant, the provision will be the present value of future future event will lead to a financial settlement as a result of this payments to cover the obligation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__102": {
"value": "Note 21 \u2014 Transactions with related partiesThe Group had three vessels under US flag with Maersk Lines Ltd during 2023. 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. A.P. M\u00f8ller-Maersk A/S sold its shares in H\u00f6egh Autoliners on 27 November 2023 and was thereafter not considered a related party. Transactions in the table below between Maersk and H\u00f6egh Autoliners Shipping AS for 2023 are for the period 1 January to 27 November 2023.H\u00f6egh Autoliners ASA holds a 36.45% interest in ParCar AS and has no outstanding receivable as of 31.12.2023 (2022: USD 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. The main transactions are listed in the table below (USD 1 000):Supplier Receiver Type of agreement 2023 2022 Maersk Lines Ltd. H\u00f6egh Autoliners Shipping AS Technical Management 21 433 18 881 H\u00f6egh Autoliners Shipping AS Maersk Lines Ltd. Shipping services 47 248 27 368 ParCar Shipholding AS H\u00f6egh Autoliners Shipping AS Bareboat lease 6 917 7 075 Year-end balances from sales/purchase of goods or services with related parties are as follows (USD 1 000):Supplier Receiver 31.12.2023 31.12.2022 Maersk Lines Ltd. H\u00f6egh Autoliners Shipping AS - 1 413 H\u00f6egh Autoliners Shipping AS Maersk Lines Ltd. - 20 543 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 17 million in 2022) as voyage expenses. Main transactions with other related parties H\u00f6egh Capital Partners Ltd delivered consultancy services amounting to TUSD 5 in 2023 (2022: TUSD 5). Outstanding payables to H\u00f6egh Capital Partners Ltd was TUSD 0.7 at the end of 2023 (2022: TUSD 26).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__104": {
"value": "Note 22 \u2014 Contingent liabilities Accounting policiesContingent liabilities comprise:\u2022\ue603A possible obligation arising as a result of past events where the obligation depends on some uncertain future event\u2022\ue603 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\u2022\ue603Liabilities that cannot be measured reliablyContingent 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 are recognised 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.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 for the Group.Alleged breaches of anti-trust regulations in Brazil On 23 March 2022, The Administrative Council for Economic Defence (CADE) in Brazil issued a fine of approximately BRL 26 million (USD 5.5 million)to H\u00f6egh Autoliners for alleged breaches of anti-trust regulations dating back to 2000-2012. Since H\u00f6egh Autoliners 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 world-wide PCTC market. The decision (including the \u201cvirtual turnover\u201d calculation) may be challenged before the Appellate Court 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 of 31 December 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__103-1": {
"value": "Note 22 \u2014 Contingent liabilities Accounting policiesContingent liabilities comprise:\u2022\ue603A possible obligation arising as a result of past events where the obligation depends on some uncertain future event\u2022\ue603 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\u2022\ue603Liabilities that cannot be measured reliablyContingent 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 are recognised 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.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 for the Group.Alleged breaches of anti-trust regulations in Brazil On 23 March 2022, The Administrative Council for Economic Defence (CADE) in Brazil issued a fine of approximately BRL 26 million (USD 5.5 million)to H\u00f6egh Autoliners for alleged breaches of anti-trust regulations dating back to 2000-2012. Since H\u00f6egh Autoliners 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 world-wide PCTC market. The decision (including the \u201cvirtual turnover\u201d calculation) may be challenged before the Appellate Court 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 of 31 December 2023.Note 23 \u2014 Commitments and guarantees Capital commitments At the end of 2023, the Group has capital commitments relating to a newbuilding contract with China Merchants Heavy Industry. In 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. In July 2023, the Group exercised the option to build another four Aurora class vessels. This brings the number of total vessels under the newbuilding program to twelve (12) vessels. The Group has an option to build another four vessels (vessels 13-16),as well as slot reservations for additional four vessels (vessels 17-20). The contract for twelve fixed vessels has a total value of USD 1.2 billion, of which USD 943 million is financed by loans and leases and the remaining USD 284 million from equity As of 31 December 2023 a total of USD 234 million has been paid of the equity part.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 Copenhagen, H\u00f6egh Jeddah and H\u00f6egh Jacksonville. 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.For securities related to the loan facility, see note 18.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_notes__6__108": {
"value": "Note 23 \u2014 Commitments and guarantees Capital commitments At the end of 2023, the Group has capital commitments relating to a newbuilding contract with China Merchants Heavy Industry. In 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. In July 2023, the Group exercised the option to build another four Aurora class vessels. This brings the number of total vessels under the newbuilding program to twelve (12) vessels. The Group has an option to build another four vessels (vessels 13-16),as well as slot reservations for additional four vessels (vessels 17-20). The contract for twelve fixed vessels has a total value of USD 1.2 billion, of which USD 943 million is financed by loans and leases and the remaining USD 284 million from equity As of 31 December 2023 a total of USD 234 million has been paid of the equity part.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 Copenhagen, H\u00f6egh Jeddah and H\u00f6egh Jacksonville. 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.For securities related to the loan facility, see note 18.",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_notes__6__106": {
"value": "Accounting policiesContingent liabilities comprise:\u2022\ue603A possible obligation arising as a result of past events where the obligation depends on some uncertain future event\u2022\ue603 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\u2022\ue603Liabilities that cannot be measured reliablyContingent 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 are recognised 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": {
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_notes__6__110": {
"value": "Note 24 \u2014 Investment in associates and joint ventures Accounting policiesAssociated companies are all entities in which the Group has significant 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 method from the date significant influence is achieved and until such influence 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 capi-talised value of the investments together with its share of equity movement not recognised in the statement of comprehensive income. When the Group\u2019s share of the loss exceeds the invest-ment 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.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 2023amount 2022Company31.12.202331.12.2022relationship 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 4 960 5 233 Sum 4 960 5 233 Specified financial information - ParCar AS is a company investing in a shipowning company providing the vessel H\u00f6egh Copenhagen on a bareboat lease to H\u00f6egh Autoliners Shipping ASReconciliation to carrying amounts (USD 1 000): ParCar GroupNet assets 31.12.2021 24 966 Other adjustments* (2 981)Profit/(loss) for the period 4 223 Dividends paid (2 506)Repaid capital (9 344) Net assets 31.12.2022 14 357 Group share in % 36.45 % Carrying amount 31.12.2022 5 233 Net assets 31.12.2022 14 357 Other adjustments* (468)Profit/(loss) for the period 2 017 Dividends paid (2 300)Repaid capital - Net assets 31.12.2023 13 607 Group share in % 36.45 %Group's share 4 960 Carrying amount 31.12.2023 4 960 * Mainly currency translation differencesProfit/(loss) 2023 Summarised financial information (USD 1 000) Assets Liabilities Equity Revenuesfor the year H\u00f6egh Northern Terminal Ltd.* 65 112 (46) 268 (7) ParCar Group ** 44 657 30 615 14 042 - 2 017 * Figures from unaudited financial statements 2023** Figures from audited financial statements 2023Profit/(loss) 2022 Summarised financial information* (USD 1 000) Assets Liabilities Equity Revenuesfor the year H\u00f6egh Northern Terminal Ltd.* 65 112 (46) 268 (7) ParCar Group ** 47 254 32 896 14 358 - 4 223 * Figures from unaudited financial statements 2022** Figures from audited financial statements 2022The following illustrates summarised financial information of the Group\u2019s investment in the associated companies and joint ventures:Investment in joint ventures (USD 1 000) 2023 2022 Carrying amount 31.12 - - Profit/(loss) - - Investment in associates (USD 1 000) 2023 2022 Carrying amount 31.12 4 960 5 233 Profit/(loss) 735 1 539 Currency translation differences (OCI) (171) (1 087) Total carrying amount of investments joint ventures and associates 31.12. 4 960 5 233",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__109": {
"value": "Note 24 \u2014 Investment in associates and joint ventures Accounting policiesAssociated companies are all entities in which the Group has significant 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 method from the date significant influence is achieved and until such influence 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 capi-talised value of the investments together with its share of equity movement not recognised in the statement of comprehensive income. When the Group\u2019s share of the loss exceeds the invest-ment 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.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 2023amount 2022Company31.12.202331.12.2022relationship 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 4 960 5 233 Sum 4 960 5 233 Specified financial information - ParCar AS is a company investing in a shipowning company providing the vessel H\u00f6egh Copenhagen on a bareboat lease to H\u00f6egh Autoliners Shipping ASReconciliation to carrying amounts (USD 1 000): ParCar GroupNet assets 31.12.2021 24 966 Other adjustments* (2 981)Profit/(loss) for the period 4 223 Dividends paid (2 506)Repaid capital (9 344) Net assets 31.12.2022 14 357 Group share in % 36.45 % Carrying amount 31.12.2022 5 233 Net assets 31.12.2022 14 357 Other adjustments* (468)Profit/(loss) for the period 2 017 Dividends paid (2 300)Repaid capital - Net assets 31.12.2023 13 607 Group share in % 36.45 %Group's share 4 960 Carrying amount 31.12.2023 4 960 * Mainly currency translation differencesProfit/(loss) 2023 Summarised financial information (USD 1 000) Assets Liabilities Equity Revenuesfor the year H\u00f6egh Northern Terminal Ltd.* 65 112 (46) 268 (7) ParCar Group ** 44 657 30 615 14 042 - 2 017 * Figures from unaudited financial statements 2023** Figures from audited financial statements 2023Profit/(loss) 2022 Summarised financial information* (USD 1 000) Assets Liabilities Equity Revenuesfor the year H\u00f6egh Northern Terminal Ltd.* 65 112 (46) 268 (7) ParCar Group ** 47 254 32 896 14 358 - 4 223 * Figures from unaudited financial statements 2022** Figures from audited financial statements 2022The following illustrates summarised financial information of the Group\u2019s investment in the associated companies and joint ventures:Investment in joint ventures (USD 1 000) 2023 2022 Carrying amount 31.12 - - Profit/(loss) - - Investment in associates (USD 1 000) 2023 2022 Carrying amount 31.12 4 960 5 233 Profit/(loss) 735 1 539 Currency translation differences (OCI) (171) (1 087) Total carrying amount of investments joint ventures and associates 31.12. 4 960 5 233",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__111": {
"value": "Accounting policiesAssociated companies are all entities in which the Group has significant 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 method from the date significant influence is achieved and until such influence 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 capi-talised value of the investments together with its share of equity movement not recognised in the statement of comprehensive income. When the Group\u2019s share of the loss exceeds the invest-ment 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_notes__6__113": {
"value": "Note 25 \u2014 List of subsidiaries Owner share % *PrincipalCompany Countryactivity2023 2022 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 100 100 H\u00f6egh Autoliners Shipping 269-4 AS Norway SPV for entering into shipbuilding contracts 100 100 H\u00f6egh Autoliners Shipping 269-7 AS Norway SPV for entering into shipbuilding contracts 100 100 H\u00f6egh Autoliners Shipping 269-8 AS Norway SPV for entering into shipbuilding contracts 100 100 H\u00f6egh Autoliners Shipping 269-9 AS Norway SPV for entering into shipbuilding contracts 100 - H\u00f6egh Autoliners Shipping 269-10 AS Norway SPV for entering into shipbuilding contracts 100 - H\u00f6egh Autoliners Shipping 269-11 AS Norway SPV for entering into shipbuilding contracts 100 - H\u00f6egh Autoliners Shipping 269-12 AS Norway SPV for entering into shipbuilding contracts 100 - H\u00f6egh Autoliners Shipping III AS Norway Ship owning company 100 - H\u00f6egh Autoliners Shipping IV AS Norway Holding company 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 Owner share % *PrincipalCompany Countryactivity2023 2022 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 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 100 100 * For the above listed companies one share has one vote at the General Meeting. ** Although the maximum foreign ownership under Philippine law stands at 25 %, the terms of the agreement under which the entity was established, gives H\u00f6egh 100 % 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",
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"language": "en",
"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_notes__6__114": {
"value": "Note 26 \u2014 Events after the balance sheet date DividendOn 7 February 2024, the Board of Directors resolved to declare a dividend of USD 1.8871 per share. The dividend was paid out in March 2024. From Q1 2024, the Company\u2019s target is to distribute quarterly dividends to shareholders of around 100% of quarterly cash generation after amortization of debt facilities, capital expenditure and payable taxes. Any declaration of dividends will be at the discretion of the Board of Directors considering also the outlook and the Company\u2019s financial position. Dividends will be declared in USD and paid in NOK. Fleet update On 27 February 2024, the Company through its subsidiary H\u00f6egh Autoliners Shipping AS, announced an agreement for the sale of the owned vessel H\u00f6egh Chiba (IMO 9303558) for a price of USD 61 million. H\u00f6egh Chiba (6 000 CEU) was built at DSME shipyard in 2006. She is sailing under the NIS flag and is expected to be debt-free at the time of delivery. The vessel will be delivered to the new owner by August 2024. Expected financial gain from the sale is USD 28 million.On 27 February 2024, the Company, through its subsidiary H\u00f6egh Autoliners Shipping AS, also announced that it had declared an option to purchase the vessel H\u00f6egh Jeddah (IMO 9673381) from Ocean Yield for a purchase price of USD 43.2 million. The average market value of the vessel is USD 91 million (per 31 December 2023). H\u00f6egh Jeddah was built in 2014 with a capacity of 6 500 CEU. The transac-tion will be completed in September 2024, and the Company intends to finance the purchase price fully by mortgage debt through its fleet credit facility.On 2 April 2024, the Company, through its subsidiary H\u00f6egh Auto-liners Shipping Pte. Ltd, reached an agreement for the sale of the owned vessel H\u00f6egh Kobe (6 000 CEU) for a price of USD 59 million. The vessel will be delivered to the new owner by July 2024.",
"dimensions": {
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"entity": "scheme:549300D7GNMPKTA4HD46",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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}