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\nOperating activities
\nPro\ufb01t/ (Loss) before taxation
107,005
(90,742)
\nAdjustments to reconcile pro\ufb01t/(loss} before
\ntaxation to net cash provided by operating
\nactivities:
\nDepreciation, depletion and amortisation
12,13
97,451
\nImpairment loss on property, plant and
\nequipment
\n84
\n12,23
\u2013
\nLoss from the sale of property, plant and
\nequipment
12
36
\nImpairment loss on exploration and evaluation
\nassets
13
82,125
\nDe\ufb01ned bene\ufb01t (gain)
22
(4,062)
\nMovement in provisions
23
(4,465)
\nCompensation to gas buyers
6
(22,958)
\nChange in decommissioning provision estimates
23
(10,198)
\nFinance income
9
(2,950)
\nFinance costs
9
97,380
\nUnrealised loss on derivatives
21,477
\nECL on trade receivables
(1,853)
\nNon-cash revenues from Egypt
\n85
\n(39,100)
\nImpairment loss on inventory
\u2013
\nShare-based payment charge
25
5,732
\nNet foreign exchange loss
9
8,775
\nCash flow from operations before working
\ncapital adjustments
372,784
136,648
\n(Increase) in inventories
(16,484)
\n(Increase)/Decrease in trade and other
\nreceivables
46,351
\nIncrease/(Decrease) in trade and other payables
(34,726)
\nCash flow from operations
311,457
131,789
\nIncome tax (paid)/ received
715
\nNet cash inflow from operating activities
272,153
132,504
\n83,360
\n27,628
\n1,102
\n65,550
\n(351)
\n(4,742)
\n18,029
\n\u2013
\n(9,572)
\n107,315
\n5,203
\n565
\n(57,766)
\n1,207
\n6,044
\n22,207
\n(10,278)
\n(74,454)
\n23,405
\n(39,304)
\n84
\nThe impairment of property, plant and equipment is a result of changes in the decommissioning provision.
\n85
\nNon-cash revenues from Egypt arise due to taxes being deducted at source from invoices as such revenue and tax charges are
\ngrossed up to reflect this deduction but no cash inflow or outflow results.
($\u2019000)
Note
2022
2021
\nInvesting activities
\nPayment for purchase of property, plant and
\nequipment
12
(403,503)
\nPayment for exploration and evaluation, and other
\nintangible assets
13
(48,674)
\nAcquisition of a subsidiary, net of cash acquired
841
\nMovement in restricted cash
(199,729)
\nProceeds from disposal of property, plant and
\nequipment
\u2013
\nAmounts received from INGL related to the future
\ntransfer of property, plant & equipment
24
5,673
\nInterest received
2,609
\nNet cash outflow for investing activities
(307,941)
(642,783)
\nFinancing activities
\nDrawdown of borrowings
21
175,000
\nRepayment of borrowings
21
\u2013
(1,807,140)
\nSenior secured notes Issuance
21
\u2013
3,068,000
\nAcquisition of-non-controlling interests
21
(175,000)
\nTransaction costs related to acquisition of non-
\ncontrolling interest
\u2013
(1,677)
\nRepayment of obligations under leases
(10,852)
\nDebt arrangement fees paid
\u2013
(48,377)
\nFinance cost paid for deferred license payments
(3,494)
\nFinance costs paid
(136,695)
\nDividend Paid
\u2013
\nNet cash (outflow)/ inflow from \ufb01nancing
\nactivities
(267,479)
1,059,765
\nNet (decrease) / increase in cash and cash
\nequivalents
(303,267)
549,486
\nCash and cash equivalents at beginning of the
\nperiod
202,939
\nEffect of exchange rate fluctuations on cash held
(21,586)
\nCash and cash equivalents at end of the period
15
427,888
730,839
\n(395,753)
\n(64,414)
\n\u2013
\n124,953
\n227
\n17,371
\n9,675
\n63,463
\n(30,000)
\n(14,023
)
\n(1,501)
\n(178,914)
\n(106,504)
\n730,839
\n316
",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f13511": {
"value": "107005000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
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"decimals": -3,
"dimensions": {
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"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
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},
"f13520": {
"value": "97451000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13526": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13531": {
"value": "-36000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13536": {
"value": "82125000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossExplorationAndEvaluationAssets",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13540": {
"value": "-4062000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13544": {
"value": "-4465000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForProvisions",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13548": {
"value": "-22958000",
"decimals": -3,
"dimensions": {
"concept": "enog:CompensationToGasBuyers",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13552": {
"value": "-10198000",
"decimals": -3,
"dimensions": {
"concept": "enog:ChangeInDecommissioningProvisionEstimates",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13556": {
"value": "2950000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFinanceIncome",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13560": {
"value": "97380000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFinanceCosts",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13563": {
"value": "-21477000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
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},
"f13566": {
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"decimals": -3,
"dimensions": {
"concept": "enog:AdjustmentsForECLOnTradeReceivables",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13570": {
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"decimals": -3,
"dimensions": {
"concept": "enog:NonCashRevenuesFromEgypt",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
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},
"f13573": {
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"decimals": -3,
"dimensions": {
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"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13577": {
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"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForSharebasedPayments",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13581": {
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"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForUnrealisedForeignExchangeLossesGains",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13585": {
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"decimals": -3,
"dimensions": {
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"entity": "scheme:549300RVMKU0CYUZBB05",
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},
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"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13590": {
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"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
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"f13594": {
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"decimals": -3,
"dimensions": {
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"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
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"f13597": {
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"decimals": -3,
"dimensions": {
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"entity": "scheme:549300RVMKU0CYUZBB05",
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"f13600": {
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"decimals": -3,
"dimensions": {
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"entity": "scheme:549300RVMKU0CYUZBB05",
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"decimals": -3,
"dimensions": {
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"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
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"decimals": -3,
"dimensions": {
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"dimensions": {
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"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
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},
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"decimals": -3,
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
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},
"f13614": {
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"decimals": -3,
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
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},
"f13616": {
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"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment",
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"decimals": -3,
"dimensions": {
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"decimals": -3,
"dimensions": {
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"decimals": -3,
"dimensions": {
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"decimals": -3,
"dimensions": {
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"entity": "scheme:549300RVMKU0CYUZBB05",
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"decimals": -3,
"dimensions": {
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"decimals": -3,
"dimensions": {
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"decimals": -3,
"dimensions": {
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},
"f13632": {
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"decimals": -3,
"dimensions": {
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"f13634": {
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"decimals": -3,
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"decimals": -3,
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"f13638": {
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"decimals": -3,
"dimensions": {
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"f13640": {
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"decimals": -3,
"dimensions": {
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"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
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},
"f13642": {
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"decimals": -3,
"dimensions": {
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"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
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},
"f13644": {
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"decimals": -3,
"dimensions": {
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"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
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"decimals": -3,
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"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
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},
"f13650": {
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"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
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},
"f13677": {
"value": "403503000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
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}
},
"f13682": {
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"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f13685": {
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"decimals": -3,
"dimensions": {
"concept": "enog:AcquisitionOfASubsidiaryNetOfCashAcquired",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
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"f13819": {
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"value": "England & Wales",
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"value": "public company limited by shares",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
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"value": "44 Baker Street, London W1U 7AL, United Kingdom.",
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"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f13832": {
"value": "exploration, production and commercialisation of crude oil and natural gas in Greece, Israel, North Africa, UK and the wider Eastern Mediterranean.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "Greece, Israel, North Africa, UK and the wider Eastern Mediterranean.",
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"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f13837": {
"value": "2022-12-31",
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"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f13839": {
"value": "2 Significant accounting policies
\n2.1
Basis of preparation
\nThe consolidated financial statements have been prepared on the historical cost basis, except for the
\nrevaluation of certain financial instruments that are measured at revalued amounts or fair values at the
\nend of each reporting period, as explained in the accounting policies below.
\nThe consolidated financial statements have been prepared in accordance with UK-adopted International
\nAccounting Standards (UK-adopted IAS).
\nThe consolidated financial information is presented in US Dollars and all values are rounded to the nearest
\nthousand dollars except where otherwise indicated.
\nThe statement of financial position as at 31\u00a0December 2022 presents current tax liabilities separately
\nfrom the current portion of trade and other payables. Comparative amounts of $5,279,000 have been
\nreclassified accordingly.
\nThe consolidated financial statements have been prepared on a going concern basis. The principal
\naccounting policies adopted by the Group are set out below.
\nGoing concern
\nThe Group carefully manages the risk of a shortage of funds by closely monitoring its funding position and
\nits liquidity risk. The going concern assessment covers the period from the date of approval of the Group
\nFinancial Statements on 22\u00a0March 2023 to 30\u00a0June 2024 \u2018the Assessment Period\u2019. The Assessment
\nPeriod has been extended such that it includes the $625\u00a0million bond repayment due in\u00a0March 2024.
\nAs of 31\u00a0December 2022 the Group\u2019s available liquidity was approximately $720\u00a0million. This available
\nliquidity figure includes: (i) c. $43\u00a0million of undrawn facility under the \u20ac100\u00a0million loan backed by the
\nGreek State signed in\u00a0December 2021 for the development of the Prinos Area in Greece, including the
\nEpsilon development; and (ii) c. $174\u00a0million available under the $275\u00a0million Revolving Credit Facility
\n(\u2018RCF\u2019) signed by the Group in\u00a0September 2022 (with the remainder being utilized to issue Letters of Credit
\nfor the Group\u2019s operations). Subsequent to 31\u00a0December 2022, the Group signed a $350\u00a0million Term
\nLoan Facility. The Group has a $625\u00a0million bond, at the Energean Israel level, maturing in\u00a0March 2024.
\nManagement expects to refinance this bond during 2023; however, for the purposes of the Going Concern
\nassessment it has been assumed that the bond is repaid in full and not refinanced.
\nThe going concern assessment is founded on a cashflow forecast prepared by management, which is
\nbased on a number of assumptions, most notably the Group\u2019s latest life of field production forecasts,
\nbudgeted expenditure forecasts, estimated of future commodity prices (based on recent published
\nforward curves) and available headroom under the Group\u2019s debt facilities. The going concern assessment
\ncontains a \u2018Base Case\u2019 and a \u2018Reasonable Worst Case\u2019 (\u2018RWC\u2019) scenario.
\nThe Base Case scenario assumes Brent at $80/bbl in 2023 and $75/bbl in 2024
and PSV (Italian gas
\nprice) at \u20ac50/MWH in 2023 and \u20ac45/MWH in 2024. A reasonable ramp-up of production from the Karish
\nField is assumed throughout the going concern assessment period, with prices for gas sold assumed at
\n\ncontractually agreed prices. Under the Base Case, sufficient liquidity is maintained throughout the going
\nconcern period.
\nThe Group also routinely performs sensitivity tests of its liquidity position to evaluate adverse impacts
\nthat\u00a0may result from changes to the macro-economic environment, such as a reduction in commodity
\nprices. These downsides are considered in the RWC going concern assessment scenario. The Group is
\nnot materially exposed to floating interest rate risk since the majority of its borrowings are fixed-rate. The
\nGroup also looks at the impact of changes or deferral of key projects and downside scenarios to budgeted
\nproduction forecasts in the RWC.
\nThe two primary downside sensitivities considered in the RWC are: (i) reduced commodity prices; (ii)
\nreduced production \u2013 these downsides are applied to assess the robustness of the Group\u2019s liquidity
\nposition over the Assessment Period. In a RWC downside case, there are appropriate and timely mitigation
\nstrategies, within the Group\u2019s control, to manage the risk of funding shortfalls and to ensure the Group\u2019s
\nability to continue as a going concern. Mitigation strategies, within management\u2019s control, modelled in
\nthe RWC include deferral of capital expenditure on operated assets, deferral or cancellation of exploration
\nand/or discretionary spend and exercise of rights under contractual arrangements to improve liquidity.
\nUnder the RWC scenario, after considering mitigation strategies, liquidity is maintained throughout the
\ngoing concern period.
\nReverse stress testing was also performed to determine what commodity price or production shortfall
\nwould need to occur for liquidity headroom to be eliminated. The conditions necessary for liquidity
\nheadroom to be eliminated are judged to have a remote possibility of occurring, given the diversified
\nnature of the Group\u2019s portfolio and the \u2018natural hedge\u2019 provided by virtue of the Group\u2019s fixed-price gas
\ncontracts in Israel and Egypt. In the event a remote downside scenario occurred, prudent mitigating
\nstrategies, consistent with those described above, could also be executed in the necessary timeframe
\nto preserve liquidity. There is no material impact of climate change within the Assessment Period and
\ntherefore it does not form part of the reverse stress testing performed by management.
\nIn forming its assessment of the Group\u2019s ability to continue as a going concern, including its review of
\nthe forecasted cashflow of the Group over the Forecast Period, the Board has made judgements about:
\n\u2022
Reasonable sensitivities appropriate for the current status of the business and the wider macro
\nenvironment; and
\n\u2022
the Group\u2019s ability to implement the mitigating actions within the Group\u2019s control, in the event these
\nactions were required.
\nAfter careful consideration, the Directors are satisfied that the Group and Company has sufficient financial
\nresources to continue in operation for the foreseeable future, for the Assessment Period from the date
\nof approval of the Group Financial Statements on 22\u00a0March 2023 to 30\u00a0June 2024. For this reason, they
\ncontinue to adopt the going concern basis in preparing the consolidated financial statements.
\n2.2
New and amended accounting standards and interpretations
\nThe following amendments became effective as at 1\u00a0January 2022:
\n\u2022
Annual improvements to IFRS 2018-2020
\n\u2022
Reference to the Conceptual Framework \u2013 Amendments to IFRS 3
\n\u2022
Property, Plant and Equipment: Proceeds before Intended Use \u2013 Amendments to IAS 16
\n\u2022
Onerous Contracts \u2013 Costs of Fulfilling a Contract \u2013 Amendments to IAS 37
\nNone of the above amendments had a significant impact on the consolidated financial statements of the
\nGroup.
\nNew and amended standards and interpretations in issue but not yet effective for the 2022 year
\nend
\nNew standards and interpretations that are in issue but not yet effective are listed below:
\n\u2022
IFRS 17 Insurance Contracts \u2013 1\u00a0January 2023
\n\u2022
Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative
\nInformation \u2013 1\u00a0January 2023
\n\n\u2022
Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) \u2013
\n1\u00a0January 2023
\n\u2022
Definition of Accounting Estimates (Amendments to IAS 8) \u2013 1\u00a0January 2023
\n\u2022
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to
\nIAS 12) \u2013 1\u00a0January 2023
\n\u2022
Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current and Non-current
\nLiabilities with Covenants \u2013 1\u00a0January 2024
\n\u2022
Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) \u2013 1\u00a0January 2024
\nThe adoption of the above standard and interpretations is not expected to lead to any material changes to
\nthe Group\u2019s accounting policies or have any other material impact on the financial position or performance
\nof the Group.
\n2.3
Basis of consolidation
\nThe consolidated financial statements incorporate the financial statements of the Company and entities
\ncontrolled by the Company (its subsidiaries) as detailed in Note 30. Control is achieved when the Group
\nis exposed, or has rights, to variable returns from its involvement with the investee and has the ability to
\naffect those returns through its power over the investee.
\nThe results of subsidiaries acquired or disposed of during the year are included in the consolidated
\nfinancial statements from the effective date of acquisition or up to the effective date of disposal, as
\nappropriate.
\nProfit or loss and each component of other comprehensive income (OCI) are attributed to owners of the
\nGroup and to the non-controlling interests, even if this results in the non-controlling interests having a
\ndeficit balance. Where necessary, adjustments are made to the financial statements of subsidiaries to
\nbring their accounting policies into line with those used by other members of the Group. All intragroup
\ntransactions, balances, income and expenses are eliminated in full on consolidation.
\nNon-controlling interests in the net assets of consolidated subsidiaries are identified separately from the
\nGroup\u2019s equity therein. Non-controlling interests consist of the amount of those interests at the date of
\nthe original business combination and the non-controlling interests\u2019 share of changes in equity since the
\ndate of the combination.
\nTransactions with non-controlling interests that do not result in loss of control of a subsidiary, are
\naccounted for as transactions with the owners (i.e. as equity transactions). The difference between the
\nfair value of any consideration and the resulting change in the non-controlling interests\u2019 share of the net
\nassets of the subsidiary, is recorded in equity.
\n3
Summary of significant accounting policies
\nThe principal accounting policies and measurement bases used in the preparation of the consolidated
\nfinancial statements are set out below. These policies have been consistently applied to all periods
\npresented in the consolidated financial statements unless otherwise stated.
\n3.1
Functional and presentation currency and foreign currency translation
\nFunctional and presentation currency
\nItems included in the consolidated financial statements of the Company and its subsidiaries entities are
\nmeasured using the currency of the primary economic environment in which each entity operates (\u201dthe
\nfunctional currency\u201d).
\nThe functional currency of the Company is US Dollars (US$). The US Dollar is the currency that mainly
\ninfluences sales prices, revenue estimates and has a significant effect on its operations. The functional
\ncurrencies of the Group\u2019s main subsidiaries are Euro for Energean Italy Spa, Energean International E&P
\nSpa, Energean Oil & Gas S.A., and US$ for Energean Israel Limited, Energean Egypt Limited, Energean
\nInternational Limited and Energean Capital Limited.
\n\nTransactions and balances
\nForeign currency transactions are translated into the functional currency using the exchange rates
\nprevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the
\nretranslation of monetary assets and liabilities denominated in foreign currencies are recognised in profit
\nor loss. Such monetary assets and liabilities are translated at year end foreign exchange rates. Non-
\nmonetary items denominated in a foreign currency are translated at the exchange rates prevailing at the
\ndate of the transaction and are not subsequently remeasured.
\nTranslation to presentation currency
\nFor the purpose of presenting consolidated financial statements information, the assets and liabilities of
\nthe Group are expressed in US$. The Company and its subsidiaries\u2019 assets and liabilities are translated
\nusing exchange rates prevailing on the reporting date. Income and expense items are translated at the
\naverage exchange rates for the period, unless exchange rates have fluctuated significantly during that
\nperiod, in which case the exchange rates at the dates of the transactions are used. Exchange differences
\narising are recognised in other comprehensive income and accumulated in the Group\u2019s translation
\nreserve. Such translation differences are reclassified to profit or loss in the period in which the foreign
\noperation is disposed of.
\n3.2
Business combinations and goodwill
\nAcquisitions of subsidiaries and businesses are accounted for using the acquisition method. The
\nconsideration transferred in a business combination is measured at fair value, which is calculated as the
\nsum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the
\nGroup to the former owners of the acquiree and the equity interests issued by the Group in exchange for
\ncontrol of the acquiree. For each business combination the acquirer measures the non-controlling interest
\nin the acquiree either at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets.
\nAcquisition-related costs are recognised in the consolidated statement of profit or loss as incurred.
\nWhere appropriate, the cost of acquisition includes any asset or liability resulting from a contingent
\nconsideration arrangement, measured at its acquisition-date fair value. Subsequent changes in such fair
\nvalues are adjusted against the cost of acquisition where they qualify as measurement period adjustments.
\nAll other subsequent changes in the fair value of contingent consideration classified are accounted for in
\nprofit or loss. Contingent consideration classified as equity is not remeasured.
\nThe acquiree\u2019s identifiable assets, liabilities and contingent liabilities as at the date of acquisition
\nare recognised and measured at fair value in accordance with the requirements of
IFRS 3 Business
\nCombinations
\nIf the initial accounting for a business combination is incomplete by the end of the reporting year in which
\nthe combination occurs, the Group reports provisional amounts for the items for which the accounting
\nis incomplete. Those provisional amounts are adjusted during the measurement period (see below),
\nor additional assets or liabilities are recognised, to reflect new information obtained about facts and
\ncircumstances that existed as at the acquisition date that, if known, would have affected the amounts
\nrecognised as at that date.
\nGoodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-
\ncontrolling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in
\nthe acquiree (if any) over the net of the acquisition-date fair value of the identifiable assets acquired and
\nthe liabilities assumed. If, after reassessment, the net of the acquisition-date fair values of the identifiable
\nassets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of
\nany non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in
\nthe acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain.
\nFollowing initial recognition, goodwill is measured at cost less any accumulated impairment losses.
\n
\n3.3
Investments in Associates and Joint arrangements
\nA joint arrangement is one in which two or more parties have joint control. Joint control is the contractually
\nagreed sharing of control of an arrangement, which exists only when decisions about the relevant
\nactivities require the unanimous consent of the parties sharing control. A joint arrangement is either a
\njoint operation or a joint venture.
\nAn associate is an entity over which the Group has significant influence. Significant influence is the power
\nto participate in the financial and operating policy decisions of the investee but is not control or joint
\ncontrol over those policies.
\nInvestments in Associates and Joint Ventures
\nA joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement
\nhave rights to the net assets of the joint venture.
\nThe considerations made in determining significant influence or joint control are similar to those necessary
\nto determine control over subsidiaries. The Group\u2019s investments in associates and joint ventures are
\naccounted for using the equity method.
\nUnder the equity method, the investment in an associate or a joint venture is initially recognised at cost.
\nThe carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net
\nassets of the associate or joint venture since the acquisition date. Any goodwill relating to the associate
\nor joint venture is included in the carrying amount of the investment and is not tested for impairment
\nseparately.
\nAny change in OCI of those investees is presented as part of the Group\u2019s OCI. In addition, when there has
\nbeen a change recognised directly in the equity of the associate or joint venture, the Group recognises its
\nshare of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses
\nresulting from transactions between the Group and the associate or joint venture are eliminated to the
\nextent of the interest in the associate or joint venture.
\nThe aggregate of the Group\u2019s share of profit or loss of an associate and a joint venture is shown on the
\nface of the statement of profit or loss outside operating profit and represents profit or loss after tax and
\nnon-controlling interests in the subsidiaries of the associate or joint venture.
\nAfter application of the equity method, the Group determines whether it is necessary to recognise an
\nimpairment loss on its investment in its associate or joint venture. At each reporting date, the Group
\ndetermines whether there is objective evidence that the investment in the associate or joint venture is
\nimpaired. If there is such evidence, the Group calculates the amount of impairment as the difference
\nbetween the recoverable amount of the associate or joint venture and its carrying value, and then
\nrecognises the loss within \u2018Share of profit of an Associate and a Joint Venture\u2019 in the statement of profit
\nor loss.
\nUpon loss of significant influence over the associate or joint control over the joint venture, the Group
\nmeasures and recognises any retained investment at its fair value. Any difference between the carrying
\namount of the associate or joint venture upon loss of significant influence or joint control and the fair
\nvalue of the retained investment and proceeds from disposal is recognised in profit or loss.
\nJoint operations
\nA joint operation is a type of joint arrangement whereby the parties that have joint control of the
\narrangement have the right to the assets and obligations for the liabilities, relating to the arrangement. In
\nrelation to its interests in joint operations, the Group recognises its share of:
\n\u2022
Assets, including its share of any assets held jointly.
\n\u2022
Liabilities, including its share of any liabilities incurred jointly.
\n\u2022
Revenue from the sale of its share of the output arising from the joint operation.
\n\u2022
Share of the revenue from the sale of the output by the joint operation.
\n\u2022
Expenses, including its share of any expenses incurred jointly.
\nThe Group is engaged in oil and gas exploration, development and production through unincorporated
\njoint arrangements particularly in Italy and the UK. These are classified as joint operations in accordance
\nwith IFRS 11
Joint Arrangements
. The Group accounts for its share of the results and assets and liabilities
\nof these joint operations. In addition, where the Energean acts as operator to the joint operation, the gross
\n\nliabilities and receivables (including amounts due to or from non-operated partner) of the joint operation
\nare included in the Group\u2019s balance sheet. Where another party acts as operator, the Group\u2019s share of the
\nworking capital (inventory, receivables and payables) of those non-operated fields is recognised within
\ntrade and other payables/receivables. A list of the Group\u2019s joint operations and its working interest in each
\nis disclosed in note 31.
\n3.4
Exploration and evaluation expenditures
\nThe Group adopts the successful efforts method of accounting for exploration and evaluation costs.
\nPre-licence costs are expensed in the period in which they are incurred. All licence acquisition, exploration
\nand evaluation costs and directly attributable administration costs are initially capitalised as intangible
\nassets by field or exploration area, as appropriate. All such capitalised costs are subject to technical,
\ncommercial and management review, as well as review for indicators of impairment at least once a year.
\nThis is to confirm the continued intent to develop or otherwise extract value from the discovery. When this
\nis no longer the case, the costs are written off through the statement of profit or loss. When proved reserves
\nof oil and gas are identified and development is sanctioned by management, the relevant capitalised
\nexpenditure is first assessed for impairment and (if required) any impairment loss is recognised, then the
\nremaining balance is transferred to oil and gas properties.
\nFarm-outs \u2013 in the exploration and evaluation phase
\nThe Group does not record any expenditure made by the farmee on its account. It also does not recognise
\nany gain or loss on its exploration and evaluation farm-out arrangements, but redesignates any costs
\npreviously capitalised in relation to the whole interest as relating to the partial interest retained. Any cash
\nconsideration received directly from the farmee is credited against costs previously capitalised in relation
\nto the whole interest with any excess accounted for by the Group as a gain on disposal.
\n3.5
Oil and gas properties \u2013 assets in development
\nExpenditure is transferred from \u2019Exploration and evaluation assets\u2019 to \u2018Assets in development\u2019 which is a
\nsubcategory of \u2018Oil and gas properties\u2019 once the work completed to date supports the future development
\nof the asset and such development receives appropriate approvals. After transfer of the exploration
\nand evaluation assets, all subsequent expenditure on the construction, installation or completion of
\ninfrastructure facilities such as platforms, pipelines and the drilling of development wells, including
\nunsuccessful development or delineation wells, is capitalised within \u2018Assets in development\u2019. Proceeds
\nfrom any oil and gas produced while bringing an item of property, plant and equipment to the location and
\ncondition necessary for it to be capable of operating in the manner intended by management (such as
\nsamples produced when testing whether the asset is functioning properly) is recognised in profit or loss in
\naccordance with IFRS 15
Revenue Recognition
. The Group measures the cost of those items applying the
\nmeasurement requirements of IAS 2
Inventories
. When a development project moves into the production
\nstage, all assets included in \u2018Assets in development\u2019 are then transferred to \u2018Producing assets\u2019 which is
\nalso a sub-category of \u2018Oil and gas properties\u2019. The capitalisation of certain construction/development
\ncosts ceases, and costs are either regarded as part of the cost of inventory or expensed, except for costs
\nwhich qualify for capitalisation relating to \u2018Oil and gas properties\u2019 asset additions, improvements or new
\ndevelopments.
\n3.6
Commercial reserves
\nCommercial reserves are proven and probable oil and gas reserves, which are defined as the estimated
\nquantities of crude oil, natural gas and natural gas liquids which geological, geophysical and engineering
\ndata demonstrate with a specified degree of certainty to be recoverable in future years from known
\nreservoirs and which are considered commercially producible. Commercial reserves have a 50% statistical
\nprobability that the actual quantity of recoverable reserves will be more than the amount estimated as
\nproven and probable reserves and a 50% statistical probability that it will be less.
\n\n3.7
Depletion and amortisation
\nAll expenditure carried within each field is amortised from the commencement of production on a unit
\nof production basis, which is the ratio of oil and gas production in the period to the estimated quantities
\nof commercial reserves at the end of the period plus the production in the period, generally on a field-by-
\nfield basis or by a group of fields which are reliant on common infrastructure. Costs included in the unit
\nof production calculation comprise the net book value of capitalised costs plus the estimated future field
\ndevelopment costs required to recover the commercial reserves remaining. Changes in the estimates of
\ncommercial reserves or future field development costs are dealt with prospectively.
\n3.8
Impairments of oil & gas properties
\nThe group assesses assets or groups of assets, called cash-generating units (CGUs), for impairment
\nwhenever events or changes in circumstances indicate that the carrying amount of an asset or CGU\u00a0may
\nnot be recoverable; for example, changes in the group\u2019s assumptions about commodity prices, low
\nfield utilisation, significant downward revisions of estimated reserves or increases in estimated future
\ndevelopment expenditure or decommissioning costs. If any such indication of impairment exists, the
\ngroup makes an estimate of the asset\u2019s or CGU\u2019s recoverable amount.
\nWhere there is interdependency between fields due to shared infrastructure, the related cash inflows of
\neach field are not largely independent and therefore the relevant fields are grouped as a single CGU for
\nimpairment purposes. A CGU\u2019s recoverable amount is the higher of its fair value less costs of disposal
\nand its value in use. Where the carrying amount of a CGU exceeds its recoverable amount, the CGU is
\nconsidered impaired and is written down to its recoverable amount.
\nFair value less costs of disposal is the price that would be received to sell the asset in an orderly transaction
\nbetween market participants and does not reflect the effects of factors that\u00a0may be specific to the group
\nand not applicable to entities in general.
\nIn order to discount the future cash flows the Group calculates CGU-specific discount rates. The discount
\nrates are based on an assessment of a relevant peer group\u2019s Weighted Average Cost of Capital (WACC).
\nThe Group then adds any exploration risk premium which is implicit within a peer group\u2019s WACC and
\nsubsequently applies additional country risk premium for CGUs. Where conditions giving rise to
\nimpairment subsequently reverse, the effect of the impairment charge is also reversed as a credit to the
\nincome statement, net of any amortisation that would have been charged since the impairment.
\nThe reversal is limited such that the carrying amount of the asset exceeds neither its recoverable amount,
\nnor the carrying amount that would have been determined, net of depreciation, had no impairment loss
\nbeen recognised for the asset in prior years.
\n3.9
Other property, plant and equipment
\nOther property, plant and equipment comprise of plant machinery and installation, furniture and fixtures.
\nInitial recognition
\nThe initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable
\nto bringing the asset into operation and borrowing costs. The purchase price or construction cost is the
\naggregate amount paid and the fair value of any other consideration given to acquire the asset.
\n\nDepreciation
\nDepreciation of other property, plant and equipment is calculated on the straight-line method so as to
\nwrite-off the cost amount of each asset to its residual value, over its estimated useful life. The useful life
\nof each class is estimated as follows:
\nYears
\nProperty leases and leasehold improvements
3 \u2013 10
\nMotor vehicles and other equipment
2 \u2013 5
\nPlant and machinery
7 \u2013 15
\nFurniture, \ufb01xtures and equipment
5 \u2013 7
\nDepreciation of the assets in the course of construction commences when the assets are ready for their
\nintended use, on the same basis as other assets of the same class.
\nAn item of property, plant and equipment and any significant part initially recognised is derecognised
\nupon disposal or when no future economic benefits are expected from its use or disposal. Any gain or
\nloss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds
\nand the carrying amount of the asset) is included in the statement of profit or loss when the asset is
\nderecognised.
\nThe assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting
\ndate.
\nRepairs, maintenance, and renovations
\nExpenditure for routine repairs and maintenance of property, plant and equipment is charged to the profit
\nor loss in the year in which it is incurred. The cost of major improvements and renovations and other
\nsubsequent expenditure are included in the carrying amount of the asset when the recognition criteria
\nof IAS 16 \u2018Property, Plant and Equipment\u2019 are met. Major improvements and renovations capitalised are
\ndepreciated over the remaining useful life of the related asset.
\n3.10
Other intangible assets
\nComputer software
\nCosts that are directly associated with identifiable and unique computer software products controlled by
\nthe Group and that it is probable that these products will generate economic benefits exceeding costs
\nbeyond one year are recognised as intangible assets. Subsequently computer software is carried at cost
\nless any accumulated amortisation and any accumulated impairment losses.
\nCosts associated with maintenance of computer software programs (such as S4/HANA Cloud Services)
\nare recognised as an expense when incurred.
\nComputer software costs are amortised using the straight-line method over their useful live, of between
\nthree and five years, which commences when the computer software is available for use.
\n3.11
Impairment of non-financial assets
\nAt each reporting date, the Group reviews the carrying amounts of its depreciable property, plant and
\nequipment and intangible assets to determine whether there is any indication that those assets have
\nsuffered an impairment loss. Impairment is assessed at the level of cash-generating units (CGUs) which,
\nin accordance with IAS 36 \u2018Impairment of Assets\u2019, are identified as the smallest identifiable group of
\nassets that generates cash inflows, which are largely independent of the cash inflows from other assets.
\nThis is usually at the individual royalty, stream, oil and gas or working interest level for each property from
\nwhich cash inflows are generated.
\nAn impairment loss is recognised for the amount by which the asset\u2019s carrying value exceeds its
\nrecoverable amount, which is the higher of fair value less costs of disposal (FVLCD) and value-in-use
\n(VIU). The future cash flow expected is derived using estimates of proven and probable reserves and
\ninformation regarding the mineral, stream and oil & gas properties, respectively, that could affect the
\n\nfuture recoverability of the Company\u2019s interests. Discount factors are determined individually for each
\nasset and reflect their respective risk profiles.
\nAssets are subsequently reassessed for indications that an impairment loss previously recognised\u00a0may
\nno longer exist. An impairment charge is reversed if the conditions that gave rise to the recognition of
\nan impairment loss are subsequently reversed and the asset\u2019s recoverable amount exceeds its carrying
\namount. Impairment losses can be reversed only to the extent that the recoverable amount does not
\nexceed the carrying value that would have been determined had no impairment been recognised previously.
\nExploration and evaluation assets are tested for impairment when there is an indication that a particular
\nexploration and evaluation project\u00a0may be impaired. Examples of indicators of impairment include a
\nsignificant price decline over an extended period, the decision to delay or no longer pursue the exploration
\nand evaluation project, or an expiration of rights to explore an area. In addition, exploration and evaluation
\nassets are assessed for impairment upon their reclassification to producing assets (oil and gas interest
\nin property, plant and equipment). In assessing the impairment of exploration and evaluation assets, the
\ncarrying value of the asset would be compared to the estimated recoverable amount and any impairment
\nloss is recognised immediately in profit or loss.
\nGoodwill is tested for impairment annually as at 31\u00a0December and when circumstances indicate that the
\ncarrying value\u00a0may be impaired.
\nImpairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of
\nCGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying
\namount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in
\nfuture periods.
\n3.12
Convertible bonds
\nConvertible bonds are separated into liability and equity components based on the terms of the contract.
\nThe fair value of the liability component on initial recognition is calculated by discounting the contractual
\ncash flows using a market interest rate for an equivalent non-convertible instrument. The difference
\nbetween the fair value of the liability component and the proceeds received on issue is recorded as equity.
\nTransaction costs are apportioned between the liability and the equity components of the instrument
\nbased on the amounts initially recognised. The liability component is classified as a financial liability
\nmeasured at amortised cost (net of transaction costs) until it is extinguished on conversion or settlement.
\nThe equity component is not remeasured.
\n3.13
Leases
\nThe Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the
\ncontract conveys the right to control the use of an identified asset for a period of time in exchange for
\nconsideration.
\nThe determination of whether an arrangement is, or contains, a lease is based on the substance of the
\narrangement at the date of inception. The arrangement is assessed to determine whether fulfilment is
\ndependent on the use of a specific asset (or assets) and the arrangement conveys a right to use the asset
\n(or assets), even if that asset is (or those assets are) not explicitly specified in an arrangement. With the
\nexception of leases in joint operations (see below), the Group is not a lessor in any transactions, it is only
\na lessee.
\nGroup as a lessee
\nThe Group applies a single recognition and measurement approach for all leases, except for short-term
\nleases, leases of low-value assets and leases to explore for or use minerals, oil, natural gas and similar
\nnon-regenerative resources. The Group recognises lease liabilities to make lease payments and right-of-
\nuse assets representing the right to use the underlying assets.
\n
\ni) Right-of-use assets
\nThe Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the
\nunderlying asset is available for use).
\nThe right-of-use asset is measured at cost, less any accumulated depreciation and impairment losses,
\nand adjusted for any remeasurement of lease liabilities. Cost comprises the initial amount of the lease
\nliability and any lease payments made at or before the commencement date, plus any initial direct costs
\nincurred and an estimate of costs required to remove or restore the underlying asset, less any lease
\nincentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the
\nlease term and the estimated useful lives of the assets, as follows:
\n\u2022
Property leases 1 to 10 years
\n\u2022
Motor vehicles and other equipment 1 to 12 years
\nIf ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects
\nthe exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.
\nThe right-of-use assets are also subject to impairment.
\nii) Lease liabilities
\nAt the commencement date of the lease, the Group recognises lease liabilities measured at the present
\nvalue of lease payments to be made over the lease term. The lease payments include fixed payments
\n(including in substance fixed payments) less any lease incentives receivable, variable lease payments that
\ndepend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease
\npayments also include the exercise price of a purchase option reasonably certain to be exercised by the
\nGroup and payments of penalties for terminating the lease, if the lease term reflects the Group exercising
\nthe option to terminate.
\nIn calculating the present value of lease payments, the Group uses its incremental borrowing rate at the
\nlease commencement date if the interest rate implicit in the lease is not readily determinable. After the
\ncommencement date, the amount of lease liabilities is increased to reflect the accretion of interest and
\nreduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured
\nif there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to
\nfuture payments resulting from a change in an index or rate used to determine such lease payments) or a
\nchange in the assessment of an option to purchase the underlying asset.
\nThe Group\u2019s lease liabilities are included in Interest-bearing loans and borrowings (see Note 21).
\niii) Short-term leases and leases of low-value assets
\nThe Group applies the short-term lease recognition exemption to its short-term leases of machinery and
\nequipment (i.e., those leases that have a lease term of 12 months or less from the commencement date
\nand do not contain a purchase option). It also applies the lease of low-value assets recognition exemption
\nto leases of office equipment that are considered to be low value. Lease payments on short-term leases
\nand leases of low value assets are recognised as expense on a straight-line basis over the lease term.
\niv) Other leases outside the scope of IFRS 16
\nLeases to explore for or use minerals, oil, natural gas and similar non-regenerative resources are outside
\nthe scope of IFRS 16 and are recognised as exploration and evaluation costs or as oil and gas assets, as
\nappropriate. Please refer to notes 3.4 and 3.5.
\nAccounting for leases in joint operations
\nWhere the Group enters into lease agreements as operator of a joint operation and is sole signatory to a
\nlease contract, it recognises its obligations under the lease in full to reflect the legal position of the Group
\nas the contracting counterparty for such leases. Where the obligations of the non-operator parties under
\nthe joint operating agreement give rise to a sub-lease, the related proportion of the right-of-use asset
\nis derecognised and a finance lease receivable recorded to reflect the proportion of the lease liability
\nrecoverable from the non-operator parties to the joint operating agreement.
\n\n3.14
Financial instruments \u2013 initial recognition and subsequent measurement
\nA financial instrument is any contract that gives rise to a financial asset of one entity and a financial
\nliability or equity instrument of another entity.
\ni) Financial assets
\nInitial recognition and measurement
\nFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
\nvalue through other comprehensive income (OCI), or fair value through profit or loss.
\nThe classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
\ncash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade
\nreceivables that do not contain a significant financing component or for which the Group has applied
\nthe practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of
\na financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not
\ncontain a significant financing component or for which the Group has applied the practical expedient are
\nmeasured at the transaction price determined under IFRS 15.
\nIn order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
\nneeds to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal
\namount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument
\nlevel.
\nThe Group\u2019s business model for managing financial assets refers to how it manages its financial assets
\nin order to generate cash flows. The business model determines whether cash flows will result from
\ncollecting contractual cash flows, selling the financial assets, or both.
\nSubsequent measurement
\nFor purposes of subsequent measurement, financial assets are classified in two categories:
\n\u2022
Financial assets at amortised cost (debt instruments)
\n\u2022
Financial assets at fair value through profit or loss
\nFinancial assets at amortised cost
\nFinancial assets at amortised cost are subsequently measured using the effective interest (EIR) method
\nand are subject to impairment under the expected credit loss model. Gains and losses are recognised in
\nprofit or loss when the asset is derecognised, modified or impaired.
\nThe Group\u2019s financial assets at amortised cost include trade receivables.
\nFinancial assets at fair value through profit or loss
\nThe Group\u2019s financial assets at fair value through profit or loss include financial assets designated
\nupon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
\nmeasured at fair value.
\nFinancial assets at fair value through profit or loss are carried in the statement of financial position at fair
\nvalue with net changes in fair value recognised in the statement of profit or loss.
\nDerecognition
\nA financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
\nassets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
\nposition) when the rights to receive cash flows from the asset have expired or are transferred.
\nImpairment of financial assets
\nThe Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held
\nat fair value through profit or loss. ECLs are based on the difference between the contractual cash flows
\ndue in accordance with the contract and all the cash flows that the Group expects to receive, discounted
\nat an approximation of the original effective interest rate. The expected cash flows will include cash flows
\nfrom the sale of collateral held or other credit enhancements that are integral to the contractual terms.
\nECLs are recognised in two stages. For credit exposures for which there has not been a significant
\nincrease in credit risk since initial recognition, ECLs are provided for credit losses that result from default
\n\nevents that are possible within the next 12-months (a 12-month ECL). For those credit exposures for
\nwhich there has been a significant increase in credit risk since initial recognition, a loss allowance is
\nrequired for credit losses expected over the remaining life of the exposure, irrespective of the timing of
\nthe default (a lifetime ECL).
\nFor trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
\nTherefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
\non lifetime ECLs at each reporting date.
\nThe Group considers a financial asset in default when contractual payments are 90 days past due.
\nHowever, in certain cases, the Group\u00a0may also consider a financial asset to be in default when internal or
\nexternal information indicates that the Group is unlikely to receive the outstanding contractual amounts
\nin full before taking into account any credit enhancements held by the Group. A financial asset is written
\noff when there is no reasonable expectation of recovering the contractual cash flows.
\nii) Financial liabilities
\nInitial recognition and measurement
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
\nloss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
\nhedge, as appropriate.
\nAll financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
\npayables, net of directly attributable transaction costs.
\nThe Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
\nfinancial instruments.
\nSubsequent measurement
\nThe measurement of financial liabilities depends on their classification, as described below:
\nFinancial liabilities at fair value through profit or loss
\nFinancial liabilities at fair value through profit or loss include financial liabilities held for trading and
\nfinancial liabilities designated upon initial recognition as at fair value through profit or loss.
\nFinancial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
\nin the near term. This category also includes derivative financial instruments entered into by the Group
\nthat are not designated as hedging instruments in hedge relationships as defined by IFRS 9
Financial
\nInstruments
. Separated embedded derivatives are also classified as held for trading unless they are
\ndesignated as effective hedging instruments.
\nGains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
\nthe statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
\ncosts, from the mark to market gain or loss.
\nLoans and borrowings
\nThis is the category most relevant to the Group. After initial recognition, interest-bearing loans and
\nborrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
\nrecognised in profit or loss when the liabilities are derecognised, modified and through the EIR amortisation
\nprocess.
\nAmortised cost is calculated by taking into account any discount or premium on acquisition and fees
\nor costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
\nstatement of profit or loss.
\nThis category generally applies to interest-bearing loans and borrowings.
\nDerecognition
\nA financial liability is derecognised when the obligation under the liability is discharged or cancelled or
\nexpires. When an existing financial liability is replaced by another from the same lender on substantially
\ndifferent terms, or the terms of an existing liability are substantially modified, such an exchange or
\nmodification is treated as the derecognition of the original liability and the recognition of a new liability.
\nThe difference in the respective carrying amounts is recognised in the statement of profit or loss.
\n\niii) Offsetting of financial instruments
\nFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated
\nstatement of financial position if there is a currently enforceable legal right to offset the recognised
\namounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities
\nsimultaneously.
\nDerivative financial instruments and hedge accounting
\nInitial recognition and subsequent measurement
\nThe Group uses derivative financial instruments, such as interest rate swaps and forward commodity
\ncontracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative financial
\ninstruments are initially recognised at fair value on the date on which a derivative contract is entered into
\nand are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair
\nvalue is positive and as financial liabilities when the fair value is negative.
\nFor the purpose of hedge accounting, hedges are classified as:
\n\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or
\nliability or an unrecognised firm commitment
\n\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable
\nto a particular risk associated with a recognised asset or liability or a highly probable forecast
\ntransaction or the foreign currency risk in an unrecognised firm commitment
\n\u2022
Hedges of a net investment in a foreign operation
\nAt the inception of a hedge relationship, the Group formally designates and documents the hedging
\ninstrument and the hedged item to which it wishes to apply hedge accounting and the risk management
\nobjective and strategy for undertaking the hedge.
\nA hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness
\nrequirements:
\n\u2022
There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\n\u2022
The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
\nrelationship.
\n\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
\nhedged item that the Group actually hedges and the quantity of the hedging instrument that the
\nGroup actually uses to hedge that quantity of hedged item.
\nHedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below:
\nCash flow hedges
\nThe effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
\nhedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
\nThe cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
\ninstrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
\nFrom time to time, the Group\u00a0may use forward commodity contracts for its exposure to volatility in the
\ncommodity prices. The ineffective portion relating to forward commodity contracts is recognised in
\nrevenue or cost of sales.
\nThe Group designates only the spot element of forward contracts as a hedging instrument. The forward
\nelement is recognised in OCI and accumulated in a separate component of equity.
\nThe amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
\nsame period or periods during which the hedged cash flows affect profit or loss.
\nIf cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must remain
\nin accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the amount
\nwill be immediately reclassified to profit or loss as a reclassification adjustment. After discontinuation,
\nonce the hedged cash flow occurs, any amount remaining in accumulated OCI must be accounted for
\ndepending on the nature of the underlying transaction.
\n\nEquity instruments
\nEquity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
\nOrdinary shares
\nOrdinary shares are classified as equity and measured at their nominal value. Any premiums received on
\nissue of share capital above its nominal value, are recognised as share premium within equity. Associated
\nissue costs are deducted from share premium.
\n3.15
Share-based payment
\nEquity-settled transactions
\nAwards to non-employees:
\nThe fair value of the equity settled awards has been determined at the date the goods or services are
\nreceived with a corresponding increase in equity (share-based payment reserve).
\nAwards to employees:
\nEmployees (including senior executives) of the Group receive remuneration in the form of share-based
\npayments, whereby employees render services as consideration for equity instruments (equity-settled
\ntransactions).
\nThe fair value of the equity settled awards has been determined at the date of grant of the award allowing
\nfor the effect of any market-based performance conditions.
\nThat cost is recognised in employee benefits expense, together with a corresponding increase in equity
\n(share-based payment reserve), over the period in which the service and, where applicable, the performance
\nconditions are fulfilled (the vesting period). The cumulative expense recognised for equity-settled
\ntransactions at each reporting date until the vesting date reflects the extent to which the vesting period
\nhas expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest.
\nThe expense or credit in the statement of profit or loss for a period represents the movement in cumulative
\nexpense recognised as at the beginning and end of that period.
\nService and non-market performance conditions are not taken into account when determining the grant
\ndate fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s
\nbest estimate of the number of equity instruments that will ultimately vest. Market performance conditions
\nare reflected within the grant date fair value. Any other conditions attached to an award, but without an
\nassociated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are
\nreflected in the fair value of an award and lead to an immediate expensing of an award unless there are
\nalso service and/or performance conditions.
\nNo expense is recognised for awards that do not ultimately vest because non-market performance and/
\nor service conditions have not been met. Where awards include a market or non-vesting condition, the
\ntransactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied,
\nprovided that all other performance and/or service conditions are satisfied.
\n3.16
Fair value measurement
\nFair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
\ntransaction between market participants at the measurement date. The fair value measurement is based
\non the presumption that the transaction to sell the asset or transfer the liability takes place either: in the
\nprincipal market for the asset or liability or in the absence of a principal market, in the most advantageous
\nmarket for the asset or liability.
\nThe fair value of an asset or a liability is measured using the assumptions that market participants would
\nuse when pricing the asset or liability, assuming that market participants act in their economic best
\ninterest. A fair value measurement of a non-financial asset takes into account a market participant\u2019s
\nability to generate economic benefits by using the asset in its highest and best use or by selling it to
\nanother market participant that would use the asset in its highest and best use.
\n
\nThe Group uses valuation techniques that are appropriate in the circumstances and for which sufficient
\ndata are available to measure fair value, maximising the use of relevant observable inputs and minimising
\nthe use of unobservable inputs.
\nAll assets and liabilities, for which fair value is measured or disclosed in the consolidated financial
\nstatements, are categorised within the fair value hierarchy, described as follows, based on the lowest-level
\ninput that is significant to the fair value measurement as a whole:
\n\u2022
Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets or liabilities
\n\u2022
Level 2 \u2013 Valuation techniques for which the lowest-level input that is significant to the fair value
\nmeasurement is directly or indirectly observable
\n\u2022
Level 3 \u2013 Valuation techniques for which the lowest-level input that is significant to the fair value
\nmeasurement is unobservable
\nFor assets and liabilities that are recognised in the consolidated financial statements on a recurring basis,
\nthe Group determines whether transfers have occurred between levels in the hierarchy by reassessing
\ncategorisation (based on the lowest-level input that is significant to the fair value measurement as a
\nwhole) at the end of each reporting period.
\n3.17
Cash and cash equivalents
\nCash and cash equivalents comprise of cash at bank, demand deposits and also cash reserves retained
\nas a bank security pledge in respect of bank guarantees (Note 28), with a maturity of three months or less
\nthat are subject to an insignificant risk of changes in their fair value.
\nThe cash reserves retained as a bank security pledge in respect of bank guarantees are defined as
\ndeposits in escrow and held in designated bank deposits accounts to be released when the Group meet
\nthe specified expenditure milestones.
\nRestricted cash comprises balances retained in respect of the Group\u2019s Senior Secured Notes and cash
\ncollateral provided under a letter of credit facility for issuing bank guarantees for Group\u2019s activities in
\nIsrael (see Note 16). The nature of the restrictions on these balances mean that they do not qualify for
\nclassification as cash equivalents.
\n3.18
Over/underlift
\nLifting or offtake arrangements for oil and gas produced in certain of the Group\u2019s jointly owned operations
\nare such that each participant\u00a0may not receive and sell its precise share of the overall production in each
\nperiod. The resulting imbalance between cumulative entitlement and cumulative production less stock is
\nunderlift or overlift. Underlift and overlift are valued at market value and included within receivables and
\npayables respectively. Movements during an accounting period are adjusted through cost of sales such
\nthat gross profit is recognised on an entitlements basis.
\nIn respect of redeterminations, any adjustments to the Group\u2019s net entitlement of future production is
\naccounted for prospectively in the period in which the make-up oil is produced. Where the make-up period
\nextends beyond the expected life of a field an accrual is recognised for the expected shortfall.
\n3.19
Inventories
\nInventories comprise crude oil and by-product (sulphur), consumables and other spare parts. Inventories
\nare stated at the lower of cost and net realisable value. Cost is determined using the monthly weighted
\naverage cost method. The cost of finished goods and work in progress comprises raw materials, direct
\nlabour, other direct costs and related production overheads. It does not include borrowing costs. Net
\nrealisable value is the estimated selling price in the ordinary course of business, less estimated costs of
\ncompletion and estimated costs necessary to make the sale. Spare parts consumed within a year are
\ncarried as inventory and recognised in profit or loss when consumed.
\nThe Group assesses the net realisable value of the inventories at the end of each year and recognises in
\nthe consolidated statement of profit or loss the appropriate valuation adjustment if the inventories are
\noverstated. When the circumstances that previously caused impairment no longer exist or when there
\n\nis clear evidence of an increase in the inventories\u2019 net realisable value due to a change in the economic
\ncircumstances, the amount thereof is reversed.
\n3.20
Provisions
\nProvisions are recognised when the Group has a present legal or constructive obligation as a result of
\npast events, it is probable that an outflow of resources will be required to settle the obligation, and a
\nreliable estimate of the amount can be made. Where the Group expects a provision to be reimbursed,
\nfor example under an insurance contract, the reimbursement is recognised as a separate asset but only
\nwhen the reimbursement is virtually certain. The amount recognised as a provision is the best estimate
\nof the consideration required to settle the present obligation at the end of the reporting period, taking
\ninto account the risk and uncertainties surrounding the obligation. The expense relating to a provision is
\npresented in profit or loss net of any reimbursement. If the effect of the time value of money is material,
\nprovisions are discounted using a current pre-tax rate that reflects the risks specific to the liability. When
\ndiscounting is used, the increase in the provision due to the passage of time is recognised as a finance
\ncost.
\nDecommissioning costs
\nProvision for decommissioning is recognised in full when the related facilities are installed. A\u00a0corresponding
\namount equivalent to the provision is also recognised as part of the cost of the related property, plant and
\nequipment.
\nThe amount recognised is the estimated cost of decommissioning, discounted to its net present value at a
\nrisk-free discount rate, and is reassessed each year in accordance with local conditions and requirements.
\nChanges in the estimated timing of decommissioning or decommissioning cost estimates are dealt with
\nprospectively by recording an adjustment to the provision, and a corresponding adjustment to property,
\nplant and equipment. The unwinding of the discount on the decommissioning provision is included as a
\nfinance cost.
\n3.21
Revenue
\nRevenue from contracts with customers is recognised when control of the gas/crude oil/by-products
\nor rendering of services are transferred to the customer at an amount that reflects the consideration to
\nwhich the Group expects to be entitled in exchange for those goods or services.
\nThe Group has concluded that it is the principal in its revenue arrangements because it typically controls
\nthe goods or services before transferring them to the customer. In certain jurisdictions in which the Group
\noperates royalties are levied by the government. The government can request that these royalty payments
\nbe made in cash or in kind. In the current year and in prior years the government has requested cash
\npayments be made and therefore the Group has not made any royalty payments in kind. As such the
\nGroup obtains control of all the underlying reserves once extracted, sells the production to its customers
\nand then remits the proceeds to the royalty holder and is therefore considered to be acting as the principal.
\nSale of gas, crude oil and by-products
\nSales revenue represents the sales value, net of VAT, of actual sales volumes to customers in the year
\ntogether with the gain/loss on realisation of cash flow hedges.
\nThe Group\u2019s accounting policy under IFRS 15 is that revenue is recognised when the Group satisfies a
\nperformance obligation by transferring oil or gas to its customer. The title to oil and gas typically transfers
\nto a customer at the same time as the customer takes physical possession of the oil or gas. Typically, at
\nthis point in time, the performance obligations of the Group are fully satisfied. The revenue is recorded
\nwhen the oil or gas has been physically delivered to a vessel or pipeline.
\nRendering of services
\nThe Group recognises revenue from technical advisory services, using an input method to measure
\nprogress towards complete satisfaction of the service, because the customer simultaneously receives
\nand consumes the benefits provided by the Group. The Group recognises revenue from advisory services
\non the basis of the labour hours expended relative to the total expected labour hours to complete the
\nservice.
\n\n3.22
Retirement benefit costs
\nState managed retirement benefit scheme
\nPayments made to state managed retirement benefit schemes (e.g. government social insurance fund)
\nare dealt with as payments to defined contribution plans where the Group\u2019s obligations under the plans
\nare equivalent to those arising in a defined contribution plan. The Group\u2019s contributions are expensed as
\nincurred and are included in staff costs. The Group has no legal or constructive obligations to pay further
\ncontributions if the government scheme does not hold sufficient assets to pay all employees benefits
\nrelating to employee service in the current and prior periods.
\nDefined benefit plan
\nThe Group operates an unfunded defined benefit plan in which a lump sum amount is specified and is
\npayable at the termination of employees\u2019 services based on such factors as the length of the employees\u2019
\nservice and their salary. The liability recognised for the defined benefit plan is the present value of the
\ndefined benefit obligation at the reporting date.
\nThe cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial
\nvaluations being carried out at each reporting date. These assumptions used in the actuarial valuations
\nare developed by management with the assistance of independent actuaries.
\nService costs on the defined benefit plan are included in staff costs. Interest expense on the defined
\nbenefit liability is included in finance costs. Gains and losses resulting from other remeasurements of the
\ndefined benefit liability are included in other comprehensive income and are not reclassified to profit or
\nloss in subsequent periods.
\n3.23
Borrowing costs
\nBorrowing costs directly attributable to the acquisition, construction or production of qualifying assets,
\nwhich are assets that necessarily take a substantial period of time to get ready for their intended use or
\nsale, are added to the cost of those assets, until such time as the assets are substantially ready for their
\nintended use or sale. Investment income earned on the temporary investment of specific borrowings
\npending their expenditure on qualifying assets is deducted from the borrowing costs eligible for
\ncapitalisation.
\nExcluded from the above capitalisation policy are any qualifying assets that are inventories that are
\nproduced in large quantities on a repetitive basis and any Exploration and Evaluation assts which have
\nnot resulted in the classification of commercial reserves.
\nBorrowing costs consist of interest and other costs that the Group incurs in connection with the borrowing
\nof funds.
\n3.24
Tax
\nIncome tax expense represents the sum of current and deferred tax.
\nThe tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as
\nreported in the consolidated financial statements because it excludes items of income or expense that
\nare taxable or deductible in other years and it further excludes items that are never taxable or deductible.
\nThe Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively
\nenacted by the reporting date.
\nDeferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities
\nin the consolidated financial statements and the corresponding tax bases used in the computation of
\ntaxable profit, based on tax rates that have been enacted or substantively enacted by the reporting date.
\nDeferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax
\nassets are recognised to the extent that it is probable that taxable profits will be available against which
\ndeductible temporary differences can be utilised. No deferred tax is recognised if the temporary difference
\narises from goodwill or from the initial recognition (other than in a business combination) of assets and
\nliabilities in a transaction that affects neither the taxable profit nor the accounting profit.
\n\nCurrent and deferred tax assets and corresponding liabilities are offset when there is a legally enforceable
\nright to set off current tax assets against current tax liabilities and when they relate to income taxes levied
\nby the same taxation authority and the Group intends to settle its tax assets and liabilities on a net basis.
\n3.25
Equity, reserves and dividend payments
\nShare capital represents the nominal (par) value of shares that have been issued. Share premium includes
\nany premiums received on issue of share capital. Any transaction costs associated with the issuing of
\nshares are deducted from share premium, net of any related income tax benefits.
\nOther components of equity include the following:
\n\u2022
Remeasurement of net defined benefit liability \u2013 comprises the actuarial losses from changes in
\ndemographic and financial assumptions and the return on plan assets (see Note 3.22)
\n\u2022
Translation reserve \u2013 comprises foreign currency translation differences arising from the translation
\nof financial statements of the Group\u2019s foreign entities (see Note 3.1)
\n\u2022
Merger reserves \u2013 On 30\u00a0June 2017, the Company became the parent company of the Group
\nthrough the acquisition of the full share capital of Energean E&P Holdings Limited. From that
\npoint, in the consolidated financial statements, the share capital became that of Energean plc. The
\npreviously recognised share capital and share premium of Energean E&P Holdings Limited was
\neliminated with a corresponding positive merger reserve.
\nShare-based payment reserve: The share-based payments reserve is used to recognise the value of equity-
\nsettled share-based payments granted to parties including employees and key management personnel,
\nas part of their remuneration.
\nRetained earnings includes all current and prior period retained profits.
\nAll transactions with owners of the parent are recorded separately within equity.
\nDividend distributions payable to equity shareholders are included in other liabilities when the dividends
\nhave been approved in a general meeting prior to the balance sheet date.
\n 4
Critical accounting estimates and judgements
\nThe preparation of these consolidated financial statements in conformity with IFRS requires the use of
\naccounting estimates and assumptions, and also requires management to exercise its judgement, in the
\nprocess of applying the Group\u2019s accounting policies.
\nEstimates, assumptions and judgement applied are continually evaluated and are based on historical
\nexperience and other factors, including expectations of future events that are believed to be reasonable
\nunder the circumstances. Although these estimates, assumptions and judgement are based on
\nmanagement\u2019s best knowledge of current events and actions, actual results\u00a0may ultimately differ.
\n4.1
Critical judgements in applying the Group\u2019s accounting policies
\nThe following are management judgements in applying the accounting policies of the Group that have the
\nmost significant effect on the consolidated financial statements:
\nCarrying value of intangible exploration and evaluation assets (note 13)
\nAmounts carried under intangible exploration and evaluation assets represent active exploration projects.
\nCapitalised costs will be written off to the income statement as exploration costs unless commercial
\nreserves are established or the determination process is not completed and there are no indications
\nof impairment in accordance with the Group\u2019s accounting policy. The process of determining whether
\nthere is an indicator for impairment or impairment reversal and quantifying the amount requires critical
\njudgement. The key areas in which management has applied judgement as follows: the Group\u2019s intention
\nto proceed with a future work programme; the likelihood of license renewal or extension; the assessment
\nof whether sufficient data exists to indicate that, although a development in the specific area is likely to
\nproceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full
\nfrom successful development or by sale; and the success of a well result or geological or geophysical
\nsurvey.
\n\nIdentification of cash generating units
\nIn considering the carrying value of property, plant and equipment the Group has to make a critical
\njudgement in relation to the identification of the smallest cash generating units to which those assets are
\nallocated. In all countries except for Italy the cash generating unit is considered to be at the concession
\nlevel. In Italy the gas field concessions are connected via a shared pipeline with different points of
\nentry, which allows production to be changed from one concession to another. In view of this shared
\ninfrastructure that exists in Italy and the ability to move sales between assets as well as the management
\nof spare parts and the organisational structure of the Italian business the Group has determined that the
\nrelated cash inflows are interdependent and therefore identified five cash generating units in Italy being
\nItaly Gas and then the oil fields (Vega, Sarago Mare, Rospo and Other Oil fields) which is consistent with
\nhow the Group monitors the business.
\n4.2
Estimation uncertainty
\nThe estimates and assumptions that have a significant risk of causing a material adjustment to the
\ncarrying amounts of assets and liabilities within the next financial year, are discussed below:
\nImpairment of property, plant and equipment
\nThe Group assesses at each reporting date whether there is an indication that an asset (or CGU)\u00a0may be
\nimpaired. The Group assesses impairment at each reporting date by evaluating conditions specific to the
\nGroup that\u00a0may lead to impairment of assets. Where indicators of impairments or impairment reversals
\nare present and an impairment or impairment reversal test is required, the calculation of the recoverable
\namount requires estimation of future cash flows within complex impairment models. The recoverable
\namount (which is the higher of fair value less costs to sell and value in use) of the cash-generating unit
\nto which the assets belong is then estimated based on the present value of future discounted cash
\nflows. Key assumptions and estimates used in both the impairment models and in the calculation of the
\nrecoverable amount are: commodity price assumptions, production profiles, the future impact of risks
\nassociated with climate change, discount rates and commercial reserves and the related cost profiles.
\nCommercial (proven and probable) reserves are estimates of the amount of oil and gas that can be
\neconomically extracted from the Group\u2019s oil and gas assets. The Group\u2019s impairment assessment did
\nnot identify any cash generating units for which a reasonably possible change in a key assumption would
\nresult in impairment or impairment reversal, except for the Vega oil field in Italy. A 8% decrease in Brent
\nwould eliminate the current headroom of the Vega CGU.
\nManagement has considered how the Group\u2019s identified climate risks and climate related goals (as
\ndiscussed in the Strategic Report)\u00a0may impact the estimation of the recoverable amount of cash-generating
\nunits in the impairment assessments. The anticipated extent and nature of the future impact of climate on
\nthe Group\u2019s operations and future investment, and therefore estimation of recoverable value, is not uniform
\nacross all cash-generating units. There is a range of inherent uncertainties in the extent that responses
\nto climate change\u00a0may impact the recoverable value of the Group\u2019s cash-generating units, with many
\nof these being outside the Group\u2019s control. These include the impact of future changes in government
\npolicies, legislation and regulation, societal responses to climate change, the future availability of new
\ntechnologies and changes in supply and demand dynamics.
\nThe Group has incorporated carbon pricing when preparing discounted cash flow valuations. Carbon
\nprices are incorporated based on currently enacted legislation (where relevant). Carbon costs are based
\non the forecast carbon price per tonne/CO2e, multiplied by estimated Scope 1 and 2 emissions for the
\nrelevant operation. As part of the impairment assessment the Group has run sensitivity scenarios for the
\nIEA\u2019s 2022 WEO climate scenarios (Stated Policies Scenario (STEPS), Announced Pledges Scenario (APS)
\nand Net-Zero Emissions by 2050 Scenario (NZE)). Specific
scenarios are not used as an input to asset
\nvaluations for financial reporting purposes as no single scenario is representative of management\u2019s best
\nestimate of the likely assumptions that would be used by a market participant when valuing the Group\u2019s
\nassets. The Groups CGUs in Italy and Greece are most impacted by the scenarios, specifically the Vega
\nfield which as noted above is sensitive to changes in Brent prices.
\nFurther details about the carrying value of property, plant and equipment are shown in Note 12 of the
\nconsolidated financial statements.
\n
\nMeasurement of Contingent consideration (note 26.1)
\nThe acquisition of Edison Exploration & Production S.p.A completed in 2020 included a contingent
\nconsideration of up to $100.0\u00a0million for which the fair value has been estimated at $86.3\u00a0million at
\n31\u00a0December 2022, based on pricing simulations. The final consideration amount will be determined
\non the basis of future gas prices (PSV) recorded at the time of at the time of first gas production at
\nCassiopea, which is expected in 2024.
\nHydrocarbon reserve and resource estimates
\nThe Group\u2019s oil and gas development and production properties are depreciated on a unit of production
\nbasis at a rate calculated by reference to developed and undeveloped proved and probable commercial
\nreserves (2P developed and undeveloped) which are estimated to be recoverable with existing and future
\ndeveloped facilities using current operating methods, determined in accordance with the Petroleum
\nResources Management System published by the Society of Petroleum Engineers, the World Petroleum
\nCongress and the American Association of Petroleum Geologists.
\nCommercial reserves are determined using estimates of oil and gas in place, recovery factors and future
\nprices. The level of estimated commercial reserves is also a key determinant in assessing whether
\nthe carrying value of any of the Group\u2019s oil and gas properties has been impaired. As the economic
\nassumptions used, including the impact of climate change,\u00a0may change and as additional geological
\ninformation is produced during the operation of a field, estimates of recoverable reserves\u00a0may change.
\nSuch changes\u00a0may impact the Group\u2019s reported financial position and results which include:
\n\u2022
Depreciation and amortisation charges in profit or loss\u00a0may change where such charges are
\ndetermined using the units of production method, or where the useful life of the related assets
\nchange
\n\u2022
Impairment charges in profit or loss
\n\u2022
Provisions for decommissioning\u00a0may change where changes to the reserve estimates affect
\nexpectations about when such activities will occur and the associated cost of these activities
\n\u2022
The recognition and carrying value of deferred tax assets\u00a0may change due to changes in the
\njudgements regarding the existence of such assets and in estimates of the likely recovery of such
\nassets.
\nThe impact upon commercial reserves (if any) and the aggregate depletion charge for the year of a
\nfluctuation of the forward Brent oil price and PSV price assumption as well as the Group\u2019s carrying amount
\nof oil and gas properties for the current and prior period are presented in note 12. Management monitors
\nthe impact on the commercial reserves and the depletion charge on a Group level.
\nDecommissioning liabilities (note 23):
\nThere is uncertainty around the cost of decommissioning as cost estimates can vary in response to
\nmany factors, including from changes to market rates for goods and services, to the relevant legal
\nrequirements, the emergence of new technology or experience at other assets. The expected timing,
\nwork scope, amount of expenditure, discount and inflation rates\u00a0may also change. Therefore significant
\nestimates and assumptions are made in determining the provision for decommissioning.
\nThe estimated decommissioning costs are reviewed annually by an internal expert and the results of this
\nreview are then assessed alongside estimates from operators. Provision for environmental clean-up and
\nremediation costs is based on current legal and contractual requirements, technology and price levels.
\nThe Group considers the impact of climate change on environmental restoration and decommissioning
\nprovisions, specifically the timing of future cash flows, and has concluded that it does not currently
\nrepresent a key source of estimation uncertainty. Changes to legislation, including in relation to climate
\nchange, are factored into the provisions when the legislation becomes enacted.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f13843": {
"value": "2.1 Basis of preparation
\nThe consolidated financial statements have been prepared on the historical cost basis, except for the
\nrevaluation of certain financial instruments that are measured at revalued amounts or fair values at the
\nend of each reporting period, as explained in the accounting policies below.
\nThe consolidated financial statements have been prepared in accordance with UK-adopted International
\nAccounting Standards (UK-adopted IAS).
\nThe consolidated financial information is presented in US Dollars and all values are rounded to the nearest
\nthousand dollars except where otherwise indicated.
\nThe statement of financial position as at 31\u00a0December 2022 presents current tax liabilities separately
\nfrom the current portion of trade and other payables. Comparative amounts of $5,279,000 have been
\nreclassified accordingly.
\nThe consolidated financial statements have been prepared on a going concern basis. The principal
\naccounting policies adopted by the Group are set out below.
\nGoing concern
\nThe Group carefully manages the risk of a shortage of funds by closely monitoring its funding position and
\nits liquidity risk. The going concern assessment covers the period from the date of approval of the Group
\nFinancial Statements on 22\u00a0March 2023 to 30\u00a0June 2024 \u2018the Assessment Period\u2019. The Assessment
\nPeriod has been extended such that it includes the $625\u00a0million bond repayment due in\u00a0March 2024.
\nAs of 31\u00a0December 2022 the Group\u2019s available liquidity was approximately $720\u00a0million. This available
\nliquidity figure includes: (i) c. $43\u00a0million of undrawn facility under the \u20ac100\u00a0million loan backed by the
\nGreek State signed in\u00a0December 2021 for the development of the Prinos Area in Greece, including the
\nEpsilon development; and (ii) c. $174\u00a0million available under the $275\u00a0million Revolving Credit Facility
\n(\u2018RCF\u2019) signed by the Group in\u00a0September 2022 (with the remainder being utilized to issue Letters of Credit
\nfor the Group\u2019s operations). Subsequent to 31\u00a0December 2022, the Group signed a $350\u00a0million Term
\nLoan Facility. The Group has a $625\u00a0million bond, at the Energean Israel level, maturing in\u00a0March 2024.
\nManagement expects to refinance this bond during 2023; however, for the purposes of the Going Concern
\nassessment it has been assumed that the bond is repaid in full and not refinanced.
\nThe going concern assessment is founded on a cashflow forecast prepared by management, which is
\nbased on a number of assumptions, most notably the Group\u2019s latest life of field production forecasts,
\nbudgeted expenditure forecasts, estimated of future commodity prices (based on recent published
\nforward curves) and available headroom under the Group\u2019s debt facilities. The going concern assessment
\ncontains a \u2018Base Case\u2019 and a \u2018Reasonable Worst Case\u2019 (\u2018RWC\u2019) scenario.
\nThe Base Case scenario assumes Brent at $80/bbl in 2023 and $75/bbl in 2024
and PSV (Italian gas
\nprice) at \u20ac50/MWH in 2023 and \u20ac45/MWH in 2024. A reasonable ramp-up of production from the Karish
\nField is assumed throughout the going concern assessment period, with prices for gas sold assumed at
\n\ncontractually agreed prices. Under the Base Case, sufficient liquidity is maintained throughout the going
\nconcern period.
\nThe Group also routinely performs sensitivity tests of its liquidity position to evaluate adverse impacts
\nthat\u00a0may result from changes to the macro-economic environment, such as a reduction in commodity
\nprices. These downsides are considered in the RWC going concern assessment scenario. The Group is
\nnot materially exposed to floating interest rate risk since the majority of its borrowings are fixed-rate. The
\nGroup also looks at the impact of changes or deferral of key projects and downside scenarios to budgeted
\nproduction forecasts in the RWC.
\nThe two primary downside sensitivities considered in the RWC are: (i) reduced commodity prices; (ii)
\nreduced production \u2013 these downsides are applied to assess the robustness of the Group\u2019s liquidity
\nposition over the Assessment Period. In a RWC downside case, there are appropriate and timely mitigation
\nstrategies, within the Group\u2019s control, to manage the risk of funding shortfalls and to ensure the Group\u2019s
\nability to continue as a going concern. Mitigation strategies, within management\u2019s control, modelled in
\nthe RWC include deferral of capital expenditure on operated assets, deferral or cancellation of exploration
\nand/or discretionary spend and exercise of rights under contractual arrangements to improve liquidity.
\nUnder the RWC scenario, after considering mitigation strategies, liquidity is maintained throughout the
\ngoing concern period.
\nReverse stress testing was also performed to determine what commodity price or production shortfall
\nwould need to occur for liquidity headroom to be eliminated. The conditions necessary for liquidity
\nheadroom to be eliminated are judged to have a remote possibility of occurring, given the diversified
\nnature of the Group\u2019s portfolio and the \u2018natural hedge\u2019 provided by virtue of the Group\u2019s fixed-price gas
\ncontracts in Israel and Egypt. In the event a remote downside scenario occurred, prudent mitigating
\nstrategies, consistent with those described above, could also be executed in the necessary timeframe
\nto preserve liquidity. There is no material impact of climate change within the Assessment Period and
\ntherefore it does not form part of the reverse stress testing performed by management.
\nIn forming its assessment of the Group\u2019s ability to continue as a going concern, including its review of
\nthe forecasted cashflow of the Group over the Forecast Period, the Board has made judgements about:
\n\u2022
Reasonable sensitivities appropriate for the current status of the business and the wider macro
\nenvironment; and
\n\u2022
the Group\u2019s ability to implement the mitigating actions within the Group\u2019s control, in the event these
\nactions were required.
\nAfter careful consideration, the Directors are satisfied that the Group and Company has sufficient financial
\nresources to continue in operation for the foreseeable future, for the Assessment Period from the date
\nof approval of the Group Financial Statements on 22\u00a0March 2023 to 30\u00a0June 2024. For this reason, they
\ncontinue to adopt the going concern basis in preparing the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f13844": {
"value": "2.1 Basis of preparation
\nThe consolidated financial statements have been prepared on the historical cost basis, except for the
\nrevaluation of certain financial instruments that are measured at revalued amounts or fair values at the
\nend of each reporting period, as explained in the accounting policies below.
\nThe consolidated financial statements have been prepared in accordance with UK-adopted International
\nAccounting Standards (UK-adopted IAS).
\nThe consolidated financial information is presented in US Dollars and all values are rounded to the nearest
\nthousand dollars except where otherwise indicated.
\nThe statement of financial position as at 31\u00a0December 2022 presents current tax liabilities separately
\nfrom the current portion of trade and other payables. Comparative amounts of $5,279,000 have been
\nreclassified accordingly.
\nThe consolidated financial statements have been prepared on a going concern basis. The principal
\naccounting policies adopted by the Group are set out below.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f13852": {
"value": "The consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards (UK-adopted IAS).",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f13864": {
"value": "Going concern The Group carefully manages the risk of a shortage of funds by closely monitoring its funding position and
\nits liquidity risk. The going concern assessment covers the period from the date of approval of the Group
\nFinancial Statements on 22\u00a0March 2023 to 30\u00a0June 2024 \u2018the Assessment Period\u2019. The Assessment
\nPeriod has been extended such that it includes the $625\u00a0million bond repayment due in\u00a0March 2024.
\nAs of 31\u00a0December 2022 the Group\u2019s available liquidity was approximately $720\u00a0million. This available
\nliquidity figure includes: (i) c. $43\u00a0million of undrawn facility under the \u20ac100\u00a0million loan backed by the
\nGreek State signed in\u00a0December 2021 for the development of the Prinos Area in Greece, including the
\nEpsilon development; and (ii) c. $174\u00a0million available under the $275\u00a0million Revolving Credit Facility
\n(\u2018RCF\u2019) signed by the Group in\u00a0September 2022 (with the remainder being utilized to issue Letters of Credit
\nfor the Group\u2019s operations). Subsequent to 31\u00a0December 2022, the Group signed a $350\u00a0million Term
\nLoan Facility. The Group has a $625\u00a0million bond, at the Energean Israel level, maturing in\u00a0March 2024.
\nManagement expects to refinance this bond during 2023; however, for the purposes of the Going Concern
\nassessment it has been assumed that the bond is repaid in full and not refinanced.
\nThe going concern assessment is founded on a cashflow forecast prepared by management, which is
\nbased on a number of assumptions, most notably the Group\u2019s latest life of field production forecasts,
\nbudgeted expenditure forecasts, estimated of future commodity prices (based on recent published
\nforward curves) and available headroom under the Group\u2019s debt facilities. The going concern assessment
\ncontains a \u2018Base Case\u2019 and a \u2018Reasonable Worst Case\u2019 (\u2018RWC\u2019) scenario.
\nThe Base Case scenario assumes Brent at $80/bbl in 2023 and $75/bbl in 2024
and PSV (Italian gas
\nprice) at \u20ac50/MWH in 2023 and \u20ac45/MWH in 2024. A reasonable ramp-up of production from the Karish
\nField is assumed throughout the going concern assessment period, with prices for gas sold assumed at
\n\ncontractually agreed prices. Under the Base Case, sufficient liquidity is maintained throughout the going
\nconcern period.
\nThe Group also routinely performs sensitivity tests of its liquidity position to evaluate adverse impacts
\nthat\u00a0may result from changes to the macro-economic environment, such as a reduction in commodity
\nprices. These downsides are considered in the RWC going concern assessment scenario. The Group is
\nnot materially exposed to floating interest rate risk since the majority of its borrowings are fixed-rate. The
\nGroup also looks at the impact of changes or deferral of key projects and downside scenarios to budgeted
\nproduction forecasts in the RWC.
\nThe two primary downside sensitivities considered in the RWC are: (i) reduced commodity prices; (ii)
\nreduced production \u2013 these downsides are applied to assess the robustness of the Group\u2019s liquidity
\nposition over the Assessment Period. In a RWC downside case, there are appropriate and timely mitigation
\nstrategies, within the Group\u2019s control, to manage the risk of funding shortfalls and to ensure the Group\u2019s
\nability to continue as a going concern. Mitigation strategies, within management\u2019s control, modelled in
\nthe RWC include deferral of capital expenditure on operated assets, deferral or cancellation of exploration
\nand/or discretionary spend and exercise of rights under contractual arrangements to improve liquidity.
\nUnder the RWC scenario, after considering mitigation strategies, liquidity is maintained throughout the
\ngoing concern period.
\nReverse stress testing was also performed to determine what commodity price or production shortfall
\nwould need to occur for liquidity headroom to be eliminated. The conditions necessary for liquidity
\nheadroom to be eliminated are judged to have a remote possibility of occurring, given the diversified
\nnature of the Group\u2019s portfolio and the \u2018natural hedge\u2019 provided by virtue of the Group\u2019s fixed-price gas
\ncontracts in Israel and Egypt. In the event a remote downside scenario occurred, prudent mitigating
\nstrategies, consistent with those described above, could also be executed in the necessary timeframe
\nto preserve liquidity. There is no material impact of climate change within the Assessment Period and
\ntherefore it does not form part of the reverse stress testing performed by management.
\nIn forming its assessment of the Group\u2019s ability to continue as a going concern, including its review of
\nthe forecasted cashflow of the Group over the Forecast Period, the Board has made judgements about:
\n\u2022
Reasonable sensitivities appropriate for the current status of the business and the wider macro
\nenvironment; and
\n\u2022
the Group\u2019s ability to implement the mitigating actions within the Group\u2019s control, in the event these
\nactions were required.
\nAfter careful consideration, the Directors are satisfied that the Group and Company has sufficient financial
\nresources to continue in operation for the foreseeable future, for the Assessment Period from the date
\nof approval of the Group Financial Statements on 22\u00a0March 2023 to 30\u00a0June 2024. For this reason, they
\ncontinue to adopt the going concern basis in preparing the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f13995": {
"value": "2.3 Basis of consolidation
\nThe consolidated financial statements incorporate the financial statements of the Company and entities
\ncontrolled by the Company (its subsidiaries) as detailed in Note 30. Control is achieved when the Group
\nis exposed, or has rights, to variable returns from its involvement with the investee and has the ability to
\naffect those returns through its power over the investee.
\nThe results of subsidiaries acquired or disposed of during the year are included in the consolidated
\nfinancial statements from the effective date of acquisition or up to the effective date of disposal, as
\nappropriate.
\nProfit or loss and each component of other comprehensive income (OCI) are attributed to owners of the
\nGroup and to the non-controlling interests, even if this results in the non-controlling interests having a
\ndeficit balance. Where necessary, adjustments are made to the financial statements of subsidiaries to
\nbring their accounting policies into line with those used by other members of the Group. All intragroup
\ntransactions, balances, income and expenses are eliminated in full on consolidation.
\nNon-controlling interests in the net assets of consolidated subsidiaries are identified separately from the
\nGroup\u2019s equity therein. Non-controlling interests consist of the amount of those interests at the date of
\nthe original business combination and the non-controlling interests\u2019 share of changes in equity since the
\ndate of the combination.
\nTransactions with non-controlling interests that do not result in loss of control of a subsidiary, are
\naccounted for as transactions with the owners (i.e. as equity transactions). The difference between the
\nfair value of any consideration and the resulting change in the non-controlling interests\u2019 share of the net
\nassets of the subsidiary, is recorded in equity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14025": {
"value": "3.1 Functional and presentation currency and foreign currency translation
\nFunctional and presentation currency
\nItems included in the consolidated financial statements of the Company and its subsidiaries entities are
\nmeasured using the currency of the primary economic environment in which each entity operates (\u201dthe
\nfunctional currency\u201d).
\nThe functional currency of the Company is US Dollars (US$). The US Dollar is the currency that mainly
\ninfluences sales prices, revenue estimates and has a significant effect on its operations. The functional
\ncurrencies of the Group\u2019s main subsidiaries are Euro for Energean Italy Spa, Energean International E&P
\nSpa, Energean Oil & Gas S.A., and US$ for Energean Israel Limited, Energean Egypt Limited, Energean
\nInternational Limited and Energean Capital Limited.
\n\nTransactions and balances
\nForeign currency transactions are translated into the functional currency using the exchange rates
\nprevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the
\nretranslation of monetary assets and liabilities denominated in foreign currencies are recognised in profit
\nor loss. Such monetary assets and liabilities are translated at year end foreign exchange rates. Non-
\nmonetary items denominated in a foreign currency are translated at the exchange rates prevailing at the
\ndate of the transaction and are not subsequently remeasured.
\nTranslation to presentation currency
\nFor the purpose of presenting consolidated financial statements information, the assets and liabilities of
\nthe Group are expressed in US$. The Company and its subsidiaries\u2019 assets and liabilities are translated
\nusing exchange rates prevailing on the reporting date. Income and expense items are translated at the
\naverage exchange rates for the period, unless exchange rates have fluctuated significantly during that
\nperiod, in which case the exchange rates at the dates of the transactions are used. Exchange differences
\narising are recognised in other comprehensive income and accumulated in the Group\u2019s translation
\nreserve. Such translation differences are reclassified to profit or loss in the period in which the foreign
\noperation is disposed of.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14026": {
"value": "3.1 Functional and presentation currency and foreign currency translation
\nFunctional and presentation currency
\nItems included in the consolidated financial statements of the Company and its subsidiaries entities are
\nmeasured using the currency of the primary economic environment in which each entity operates (\u201dthe
\nfunctional currency\u201d).
\nThe functional currency of the Company is US Dollars (US$). The US Dollar is the currency that mainly
\ninfluences sales prices, revenue estimates and has a significant effect on its operations. The functional
\ncurrencies of the Group\u2019s main subsidiaries are Euro for Energean Italy Spa, Energean International E&P
\nSpa, Energean Oil & Gas S.A., and US$ for Energean Israel Limited, Energean Egypt Limited, Energean
\nInternational Limited and Energean Capital Limited.
\n\nTransactions and balances
\nForeign currency transactions are translated into the functional currency using the exchange rates
\nprevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the
\nretranslation of monetary assets and liabilities denominated in foreign currencies are recognised in profit
\nor loss. Such monetary assets and liabilities are translated at year end foreign exchange rates. Non-
\nmonetary items denominated in a foreign currency are translated at the exchange rates prevailing at the
\ndate of the transaction and are not subsequently remeasured.
\nTranslation to presentation currency
\nFor the purpose of presenting consolidated financial statements information, the assets and liabilities of
\nthe Group are expressed in US$. The Company and its subsidiaries\u2019 assets and liabilities are translated
\nusing exchange rates prevailing on the reporting date. Income and expense items are translated at the
\naverage exchange rates for the period, unless exchange rates have fluctuated significantly during that
\nperiod, in which case the exchange rates at the dates of the transactions are used. Exchange differences
\narising are recognised in other comprehensive income and accumulated in the Group\u2019s translation
\nreserve. Such translation differences are reclassified to profit or loss in the period in which the foreign
\noperation is disposed of.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14075": {
"value": "3.2 Business combinations and goodwill
\nAcquisitions of subsidiaries and businesses are accounted for using the acquisition method. The
\nconsideration transferred in a business combination is measured at fair value, which is calculated as the
\nsum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the
\nGroup to the former owners of the acquiree and the equity interests issued by the Group in exchange for
\ncontrol of the acquiree. For each business combination the acquirer measures the non-controlling interest
\nin the acquiree either at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets.
\nAcquisition-related costs are recognised in the consolidated statement of profit or loss as incurred.
\nWhere appropriate, the cost of acquisition includes any asset or liability resulting from a contingent
\nconsideration arrangement, measured at its acquisition-date fair value. Subsequent changes in such fair
\nvalues are adjusted against the cost of acquisition where they qualify as measurement period adjustments.
\nAll other subsequent changes in the fair value of contingent consideration classified are accounted for in
\nprofit or loss. Contingent consideration classified as equity is not remeasured.
\nThe acquiree\u2019s identifiable assets, liabilities and contingent liabilities as at the date of acquisition
\nare recognised and measured at fair value in accordance with the requirements of
IFRS 3 Business
\nCombinations
\nIf the initial accounting for a business combination is incomplete by the end of the reporting year in which
\nthe combination occurs, the Group reports provisional amounts for the items for which the accounting
\nis incomplete. Those provisional amounts are adjusted during the measurement period (see below),
\nor additional assets or liabilities are recognised, to reflect new information obtained about facts and
\ncircumstances that existed as at the acquisition date that, if known, would have affected the amounts
\nrecognised as at that date.
\nGoodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-
\ncontrolling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in
\nthe acquiree (if any) over the net of the acquisition-date fair value of the identifiable assets acquired and
\nthe liabilities assumed. If, after reassessment, the net of the acquisition-date fair values of the identifiable
\nassets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of
\nany non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in
\nthe acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain.
\nFollowing initial recognition, goodwill is measured at cost less any accumulated impairment losses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14076": {
"value": "3.2 Business combinations and goodwill
\nAcquisitions of subsidiaries and businesses are accounted for using the acquisition method. The
\nconsideration transferred in a business combination is measured at fair value, which is calculated as the
\nsum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the
\nGroup to the former owners of the acquiree and the equity interests issued by the Group in exchange for
\ncontrol of the acquiree. For each business combination the acquirer measures the non-controlling interest
\nin the acquiree either at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets.
\nAcquisition-related costs are recognised in the consolidated statement of profit or loss as incurred.
\nWhere appropriate, the cost of acquisition includes any asset or liability resulting from a contingent
\nconsideration arrangement, measured at its acquisition-date fair value. Subsequent changes in such fair
\nvalues are adjusted against the cost of acquisition where they qualify as measurement period adjustments.
\nAll other subsequent changes in the fair value of contingent consideration classified are accounted for in
\nprofit or loss. Contingent consideration classified as equity is not remeasured.
\nThe acquiree\u2019s identifiable assets, liabilities and contingent liabilities as at the date of acquisition
\nare recognised and measured at fair value in accordance with the requirements of
IFRS 3 Business
\nCombinations
\nIf the initial accounting for a business combination is incomplete by the end of the reporting year in which
\nthe combination occurs, the Group reports provisional amounts for the items for which the accounting
\nis incomplete. Those provisional amounts are adjusted during the measurement period (see below),
\nor additional assets or liabilities are recognised, to reflect new information obtained about facts and
\ncircumstances that existed as at the acquisition date that, if known, would have affected the amounts
\nrecognised as at that date.
\nGoodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-
\ncontrolling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in
\nthe acquiree (if any) over the net of the acquisition-date fair value of the identifiable assets acquired and
\nthe liabilities assumed. If, after reassessment, the net of the acquisition-date fair values of the identifiable
\nassets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of
\nany non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in
\nthe acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain.
\nFollowing initial recognition, goodwill is measured at cost less any accumulated impairment losses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14077": {
"value": "3.2 Business combinations and goodwill
\nAcquisitions of subsidiaries and businesses are accounted for using the acquisition method. The
\nconsideration transferred in a business combination is measured at fair value, which is calculated as the
\nsum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the
\nGroup to the former owners of the acquiree and the equity interests issued by the Group in exchange for
\ncontrol of the acquiree. For each business combination the acquirer measures the non-controlling interest
\nin the acquiree either at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets.
\nAcquisition-related costs are recognised in the consolidated statement of profit or loss as incurred.
\nWhere appropriate, the cost of acquisition includes any asset or liability resulting from a contingent
\nconsideration arrangement, measured at its acquisition-date fair value. Subsequent changes in such fair
\nvalues are adjusted against the cost of acquisition where they qualify as measurement period adjustments.
\nAll other subsequent changes in the fair value of contingent consideration classified are accounted for in
\nprofit or loss. Contingent consideration classified as equity is not remeasured.
\nThe acquiree\u2019s identifiable assets, liabilities and contingent liabilities as at the date of acquisition
\nare recognised and measured at fair value in accordance with the requirements of
IFRS 3 Business
\nCombinations
\nIf the initial accounting for a business combination is incomplete by the end of the reporting year in which
\nthe combination occurs, the Group reports provisional amounts for the items for which the accounting
\nis incomplete. Those provisional amounts are adjusted during the measurement period (see below),
\nor additional assets or liabilities are recognised, to reflect new information obtained about facts and
\ncircumstances that existed as at the acquisition date that, if known, would have affected the amounts
\nrecognised as at that date.
\nGoodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-
\ncontrolling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in
\nthe acquiree (if any) over the net of the acquisition-date fair value of the identifiable assets acquired and
\nthe liabilities assumed. If, after reassessment, the net of the acquisition-date fair values of the identifiable
\nassets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of
\nany non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in
\nthe acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain.
\nFollowing initial recognition, goodwill is measured at cost less any accumulated impairment losses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14078": {
"value": "3.2 Business combinations and goodwill
\nAcquisitions of subsidiaries and businesses are accounted for using the acquisition method. The
\nconsideration transferred in a business combination is measured at fair value, which is calculated as the
\nsum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the
\nGroup to the former owners of the acquiree and the equity interests issued by the Group in exchange for
\ncontrol of the acquiree. For each business combination the acquirer measures the non-controlling interest
\nin the acquiree either at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets.
\nAcquisition-related costs are recognised in the consolidated statement of profit or loss as incurred.
\nWhere appropriate, the cost of acquisition includes any asset or liability resulting from a contingent
\nconsideration arrangement, measured at its acquisition-date fair value. Subsequent changes in such fair
\nvalues are adjusted against the cost of acquisition where they qualify as measurement period adjustments.
\nAll other subsequent changes in the fair value of contingent consideration classified are accounted for in
\nprofit or loss. Contingent consideration classified as equity is not remeasured.
\nThe acquiree\u2019s identifiable assets, liabilities and contingent liabilities as at the date of acquisition
\nare recognised and measured at fair value in accordance with the requirements of
IFRS 3 Business
\nCombinations
\nIf the initial accounting for a business combination is incomplete by the end of the reporting year in which
\nthe combination occurs, the Group reports provisional amounts for the items for which the accounting
\nis incomplete. Those provisional amounts are adjusted during the measurement period (see below),
\nor additional assets or liabilities are recognised, to reflect new information obtained about facts and
\ncircumstances that existed as at the acquisition date that, if known, would have affected the amounts
\nrecognised as at that date.
\nGoodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-
\ncontrolling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in
\nthe acquiree (if any) over the net of the acquisition-date fair value of the identifiable assets acquired and
\nthe liabilities assumed. If, after reassessment, the net of the acquisition-date fair values of the identifiable
\nassets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of
\nany non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in
\nthe acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain.
\nFollowing initial recognition, goodwill is measured at cost less any accumulated impairment losses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14132": {
"value": "3.3 Investments in Associates and Joint arrangements
\nA joint arrangement is one in which two or more parties have joint control. Joint control is the contractually
\nagreed sharing of control of an arrangement, which exists only when decisions about the relevant
\nactivities require the unanimous consent of the parties sharing control. A joint arrangement is either a
\njoint operation or a joint venture.
\nAn associate is an entity over which the Group has significant influence. Significant influence is the power
\nto participate in the financial and operating policy decisions of the investee but is not control or joint
\ncontrol over those policies.
\nInvestments in Associates and Joint Ventures
\nA joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement
\nhave rights to the net assets of the joint venture.
\nThe considerations made in determining significant influence or joint control are similar to those necessary
\nto determine control over subsidiaries. The Group\u2019s investments in associates and joint ventures are
\naccounted for using the equity method.
\nUnder the equity method, the investment in an associate or a joint venture is initially recognised at cost.
\nThe carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net
\nassets of the associate or joint venture since the acquisition date. Any goodwill relating to the associate
\nor joint venture is included in the carrying amount of the investment and is not tested for impairment
\nseparately.
\nAny change in OCI of those investees is presented as part of the Group\u2019s OCI. In addition, when there has
\nbeen a change recognised directly in the equity of the associate or joint venture, the Group recognises its
\nshare of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses
\nresulting from transactions between the Group and the associate or joint venture are eliminated to the
\nextent of the interest in the associate or joint venture.
\nThe aggregate of the Group\u2019s share of profit or loss of an associate and a joint venture is shown on the
\nface of the statement of profit or loss outside operating profit and represents profit or loss after tax and
\nnon-controlling interests in the subsidiaries of the associate or joint venture.
\nAfter application of the equity method, the Group determines whether it is necessary to recognise an
\nimpairment loss on its investment in its associate or joint venture. At each reporting date, the Group
\ndetermines whether there is objective evidence that the investment in the associate or joint venture is
\nimpaired. If there is such evidence, the Group calculates the amount of impairment as the difference
\nbetween the recoverable amount of the associate or joint venture and its carrying value, and then
\nrecognises the loss within \u2018Share of profit of an Associate and a Joint Venture\u2019 in the statement of profit
\nor loss.
\nUpon loss of significant influence over the associate or joint control over the joint venture, the Group
\nmeasures and recognises any retained investment at its fair value. Any difference between the carrying
\namount of the associate or joint venture upon loss of significant influence or joint control and the fair
\nvalue of the retained investment and proceeds from disposal is recognised in profit or loss.
\nJoint operations
\nA joint operation is a type of joint arrangement whereby the parties that have joint control of the
\narrangement have the right to the assets and obligations for the liabilities, relating to the arrangement. In
\nrelation to its interests in joint operations, the Group recognises its share of:
\n\u2022
Assets, including its share of any assets held jointly.
\n\u2022
Liabilities, including its share of any liabilities incurred jointly.
\n\u2022
Revenue from the sale of its share of the output arising from the joint operation.
\n\u2022
Share of the revenue from the sale of the output by the joint operation.
\n\u2022
Expenses, including its share of any expenses incurred jointly.
\nThe Group is engaged in oil and gas exploration, development and production through unincorporated
\njoint arrangements particularly in Italy and the UK. These are classified as joint operations in accordance
\nwith IFRS 11
Joint Arrangements
. The Group accounts for its share of the results and assets and liabilities
\nof these joint operations. In addition, where the Energean acts as operator to the joint operation, the gross
\n\nliabilities and receivables (including amounts due to or from non-operated partner) of the joint operation
\nare included in the Group\u2019s balance sheet. Where another party acts as operator, the Group\u2019s share of the
\nworking capital (inventory, receivables and payables) of those non-operated fields is recognised within
\ntrade and other payables/receivables. A list of the Group\u2019s joint operations and its working interest in each
\nis disclosed in note 31.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14143": {
"value": "Investments in Associates and Joint Ventures A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement
\nhave rights to the net assets of the joint venture.
\nThe considerations made in determining significant influence or joint control are similar to those necessary
\nto determine control over subsidiaries. The Group\u2019s investments in associates and joint ventures are
\naccounted for using the equity method.
\nUnder the equity method, the investment in an associate or a joint venture is initially recognised at cost.
\nThe carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net
\nassets of the associate or joint venture since the acquisition date. Any goodwill relating to the associate
\nor joint venture is included in the carrying amount of the investment and is not tested for impairment
\nseparately.
\nAny change in OCI of those investees is presented as part of the Group\u2019s OCI. In addition, when there has
\nbeen a change recognised directly in the equity of the associate or joint venture, the Group recognises its
\nshare of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses
\nresulting from transactions between the Group and the associate or joint venture are eliminated to the
\nextent of the interest in the associate or joint venture.
\nThe aggregate of the Group\u2019s share of profit or loss of an associate and a joint venture is shown on the
\nface of the statement of profit or loss outside operating profit and represents profit or loss after tax and
\nnon-controlling interests in the subsidiaries of the associate or joint venture.
\nAfter application of the equity method, the Group determines whether it is necessary to recognise an
\nimpairment loss on its investment in its associate or joint venture. At each reporting date, the Group
\ndetermines whether there is objective evidence that the investment in the associate or joint venture is
\nimpaired. If there is such evidence, the Group calculates the amount of impairment as the difference
\nbetween the recoverable amount of the associate or joint venture and its carrying value, and then
\nrecognises the loss within \u2018Share of profit of an Associate and a Joint Venture\u2019 in the statement of profit
\nor loss.
\nUpon loss of significant influence over the associate or joint control over the joint venture, the Group
\nmeasures and recognises any retained investment at its fair value. Any difference between the carrying
\namount of the associate or joint venture upon loss of significant influence or joint control and the fair
\nvalue of the retained investment and proceeds from disposal is recognised in profit or loss.
\nJoint operations
\nA joint operation is a type of joint arrangement whereby the parties that have joint control of the
\narrangement have the right to the assets and obligations for the liabilities, relating to the arrangement. In
\nrelation to its interests in joint operations, the Group recognises its share of:
\n\u2022
Assets, including its share of any assets held jointly.
\n\u2022
Liabilities, including its share of any liabilities incurred jointly.
\n\u2022
Revenue from the sale of its share of the output arising from the joint operation.
\n\u2022
Share of the revenue from the sale of the output by the joint operation.
\n\u2022
Expenses, including its share of any expenses incurred jointly.
\nThe Group is engaged in oil and gas exploration, development and production through unincorporated
\njoint arrangements particularly in Italy and the UK. These are classified as joint operations in accordance
\nwith IFRS 11
Joint Arrangements
. The Group accounts for its share of the results and assets and liabilities
\nof these joint operations. In addition, where the Energean acts as operator to the joint operation, the gross
\n\nliabilities and receivables (including amounts due to or from non-operated partner) of the joint operation
\nare included in the Group\u2019s balance sheet. Where another party acts as operator, the Group\u2019s share of the
\nworking capital (inventory, receivables and payables) of those non-operated fields is recognised within
\ntrade and other payables/receivables. A list of the Group\u2019s joint operations and its working interest in each
\nis disclosed in note 31.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14144": {
"value": "Investments in Associates and Joint Ventures A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement
\nhave rights to the net assets of the joint venture.
\nThe considerations made in determining significant influence or joint control are similar to those necessary
\nto determine control over subsidiaries. The Group\u2019s investments in associates and joint ventures are
\naccounted for using the equity method.
\nUnder the equity method, the investment in an associate or a joint venture is initially recognised at cost.
\nThe carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net
\nassets of the associate or joint venture since the acquisition date. Any goodwill relating to the associate
\nor joint venture is included in the carrying amount of the investment and is not tested for impairment
\nseparately.
\nAny change in OCI of those investees is presented as part of the Group\u2019s OCI. In addition, when there has
\nbeen a change recognised directly in the equity of the associate or joint venture, the Group recognises its
\nshare of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses
\nresulting from transactions between the Group and the associate or joint venture are eliminated to the
\nextent of the interest in the associate or joint venture.
\nThe aggregate of the Group\u2019s share of profit or loss of an associate and a joint venture is shown on the
\nface of the statement of profit or loss outside operating profit and represents profit or loss after tax and
\nnon-controlling interests in the subsidiaries of the associate or joint venture.
\nAfter application of the equity method, the Group determines whether it is necessary to recognise an
\nimpairment loss on its investment in its associate or joint venture. At each reporting date, the Group
\ndetermines whether there is objective evidence that the investment in the associate or joint venture is
\nimpaired. If there is such evidence, the Group calculates the amount of impairment as the difference
\nbetween the recoverable amount of the associate or joint venture and its carrying value, and then
\nrecognises the loss within \u2018Share of profit of an Associate and a Joint Venture\u2019 in the statement of profit
\nor loss.
\nUpon loss of significant influence over the associate or joint control over the joint venture, the Group
\nmeasures and recognises any retained investment at its fair value. Any difference between the carrying
\namount of the associate or joint venture upon loss of significant influence or joint control and the fair
\nvalue of the retained investment and proceeds from disposal is recognised in profit or loss.
\nJoint operations
\nA joint operation is a type of joint arrangement whereby the parties that have joint control of the
\narrangement have the right to the assets and obligations for the liabilities, relating to the arrangement. In
\nrelation to its interests in joint operations, the Group recognises its share of:
\n\u2022
Assets, including its share of any assets held jointly.
\n\u2022
Liabilities, including its share of any liabilities incurred jointly.
\n\u2022
Revenue from the sale of its share of the output arising from the joint operation.
\n\u2022
Share of the revenue from the sale of the output by the joint operation.
\n\u2022
Expenses, including its share of any expenses incurred jointly.
\nThe Group is engaged in oil and gas exploration, development and production through unincorporated
\njoint arrangements particularly in Italy and the UK. These are classified as joint operations in accordance
\nwith IFRS 11
Joint Arrangements
. The Group accounts for its share of the results and assets and liabilities
\nof these joint operations. In addition, where the Energean acts as operator to the joint operation, the gross
\n\nliabilities and receivables (including amounts due to or from non-operated partner) of the joint operation
\nare included in the Group\u2019s balance sheet. Where another party acts as operator, the Group\u2019s share of the
\nworking capital (inventory, receivables and payables) of those non-operated fields is recognised within
\ntrade and other payables/receivables. A list of the Group\u2019s joint operations and its working interest in each
\nis disclosed in note 31.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14224": {
"value": "3.4 Exploration and evaluation expenditures
\nThe Group adopts the successful efforts method of accounting for exploration and evaluation costs.
\nPre-licence costs are expensed in the period in which they are incurred. All licence acquisition, exploration
\nand evaluation costs and directly attributable administration costs are initially capitalised as intangible
\nassets by field or exploration area, as appropriate. All such capitalised costs are subject to technical,
\ncommercial and management review, as well as review for indicators of impairment at least once a year.
\nThis is to confirm the continued intent to develop or otherwise extract value from the discovery. When this
\nis no longer the case, the costs are written off through the statement of profit or loss. When proved reserves
\nof oil and gas are identified and development is sanctioned by management, the relevant capitalised
\nexpenditure is first assessed for impairment and (if required) any impairment loss is recognised, then the
\nremaining balance is transferred to oil and gas properties.
\nFarm-outs \u2013 in the exploration and evaluation phase
\nThe Group does not record any expenditure made by the farmee on its account. It also does not recognise
\nany gain or loss on its exploration and evaluation farm-out arrangements, but redesignates any costs
\npreviously capitalised in relation to the whole interest as relating to the partial interest retained. Any cash
\nconsideration received directly from the farmee is credited against costs previously capitalised in relation
\nto the whole interest with any excess accounted for by the Group as a gain on disposal.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14245": {
"value": "3.5 Oil and gas properties \u2013 assets in development
\nExpenditure is transferred from \u2019Exploration and evaluation assets\u2019 to \u2018Assets in development\u2019 which is a
\nsubcategory of \u2018Oil and gas properties\u2019 once the work completed to date supports the future development
\nof the asset and such development receives appropriate approvals. After transfer of the exploration
\nand evaluation assets, all subsequent expenditure on the construction, installation or completion of
\ninfrastructure facilities such as platforms, pipelines and the drilling of development wells, including
\nunsuccessful development or delineation wells, is capitalised within \u2018Assets in development\u2019. Proceeds
\nfrom any oil and gas produced while bringing an item of property, plant and equipment to the location and
\ncondition necessary for it to be capable of operating in the manner intended by management (such as
\nsamples produced when testing whether the asset is functioning properly) is recognised in profit or loss in
\naccordance with IFRS 15
Revenue Recognition
. The Group measures the cost of those items applying the
\nmeasurement requirements of IAS 2
Inventories
. When a development project moves into the production
\nstage, all assets included in \u2018Assets in development\u2019 are then transferred to \u2018Producing assets\u2019 which is
\nalso a sub-category of \u2018Oil and gas properties\u2019. The capitalisation of certain construction/development
\ncosts ceases, and costs are either regarded as part of the cost of inventory or expensed, except for costs
\nwhich qualify for capitalisation relating to \u2018Oil and gas properties\u2019 asset additions, improvements or new
\ndevelopments.
\n3.6
Commercial reserves
\nCommercial reserves are proven and probable oil and gas reserves, which are defined as the estimated
\nquantities of crude oil, natural gas and natural gas liquids which geological, geophysical and engineering
\ndata demonstrate with a specified degree of certainty to be recoverable in future years from known
\nreservoirs and which are considered commercially producible. Commercial reserves have a 50% statistical
\nprobability that the actual quantity of recoverable reserves will be more than the amount estimated as
\nproven and probable reserves and a 50% statistical probability that it will be less.
\n\n3.7
Depletion and amortisation
\nAll expenditure carried within each field is amortised from the commencement of production on a unit
\nof production basis, which is the ratio of oil and gas production in the period to the estimated quantities
\nof commercial reserves at the end of the period plus the production in the period, generally on a field-by-
\nfield basis or by a group of fields which are reliant on common infrastructure. Costs included in the unit
\nof production calculation comprise the net book value of capitalised costs plus the estimated future field
\ndevelopment costs required to recover the commercial reserves remaining. Changes in the estimates of
\ncommercial reserves or future field development costs are dealt with prospectively.
\n3.8
Impairments of oil & gas properties
\nThe group assesses assets or groups of assets, called cash-generating units (CGUs), for impairment
\nwhenever events or changes in circumstances indicate that the carrying amount of an asset or CGU\u00a0may
\nnot be recoverable; for example, changes in the group\u2019s assumptions about commodity prices, low
\nfield utilisation, significant downward revisions of estimated reserves or increases in estimated future
\ndevelopment expenditure or decommissioning costs. If any such indication of impairment exists, the
\ngroup makes an estimate of the asset\u2019s or CGU\u2019s recoverable amount.
\nWhere there is interdependency between fields due to shared infrastructure, the related cash inflows of
\neach field are not largely independent and therefore the relevant fields are grouped as a single CGU for
\nimpairment purposes. A CGU\u2019s recoverable amount is the higher of its fair value less costs of disposal
\nand its value in use. Where the carrying amount of a CGU exceeds its recoverable amount, the CGU is
\nconsidered impaired and is written down to its recoverable amount.
\nFair value less costs of disposal is the price that would be received to sell the asset in an orderly transaction
\nbetween market participants and does not reflect the effects of factors that\u00a0may be specific to the group
\nand not applicable to entities in general.
\nIn order to discount the future cash flows the Group calculates CGU-specific discount rates. The discount
\nrates are based on an assessment of a relevant peer group\u2019s Weighted Average Cost of Capital (WACC).
\nThe Group then adds any exploration risk premium which is implicit within a peer group\u2019s WACC and
\nsubsequently applies additional country risk premium for CGUs. Where conditions giving rise to
\nimpairment subsequently reverse, the effect of the impairment charge is also reversed as a credit to the
\nincome statement, net of any amortisation that would have been charged since the impairment.
\nThe reversal is limited such that the carrying amount of the asset exceeds neither its recoverable amount,
\nnor the carrying amount that would have been determined, net of depreciation, had no impairment loss
\nbeen recognised for the asset in prior years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14291": {
"value": "3.7
Depletion and amortisation
\nAll expenditure carried within each field is amortised from the commencement of production on a unit
\nof production basis, which is the ratio of oil and gas production in the period to the estimated quantities
\nof commercial reserves at the end of the period plus the production in the period, generally on a field-by-
\nfield basis or by a group of fields which are reliant on common infrastructure. Costs included in the unit
\nof production calculation comprise the net book value of capitalised costs plus the estimated future field
\ndevelopment costs required to recover the commercial reserves remaining. Changes in the estimates of
\ncommercial reserves or future field development costs are dealt with prospectively.
Depreciation
\nDepreciation of other property, plant and equipment is calculated on the straight-line method so as to
\nwrite-off the cost amount of each asset to its residual value, over its estimated useful life. The useful life
\nof each class is estimated as follows:
\nYears
\nProperty leases and leasehold improvements
3 \u2013 10
\nMotor vehicles and other equipment
2 \u2013 5
\nPlant and machinery
7 \u2013 15
\nFurniture, \ufb01xtures and equipment
5 \u2013 7
\nDepreciation of the assets in the course of construction commences when the assets are ready for their
\nintended use, on the same basis as other assets of the same class.
\nAn item of property, plant and equipment and any significant part initially recognised is derecognised
\nupon disposal or when no future economic benefits are expected from its use or disposal. Any gain or
\nloss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds
\nand the carrying amount of the asset) is included in the statement of profit or loss when the asset is
\nderecognised.
\nThe assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting
\ndate.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14301": {
"value": "3.8
Impairments of oil & gas properties
\nThe group assesses assets or groups of assets, called cash-generating units (CGUs), for impairment
\nwhenever events or changes in circumstances indicate that the carrying amount of an asset or CGU\u00a0may
\nnot be recoverable; for example, changes in the group\u2019s assumptions about commodity prices, low
\nfield utilisation, significant downward revisions of estimated reserves or increases in estimated future
\ndevelopment expenditure or decommissioning costs. If any such indication of impairment exists, the
\ngroup makes an estimate of the asset\u2019s or CGU\u2019s recoverable amount.
\nWhere there is interdependency between fields due to shared infrastructure, the related cash inflows of
\neach field are not largely independent and therefore the relevant fields are grouped as a single CGU for
\nimpairment purposes. A CGU\u2019s recoverable amount is the higher of its fair value less costs of disposal
\nand its value in use. Where the carrying amount of a CGU exceeds its recoverable amount, the CGU is
\nconsidered impaired and is written down to its recoverable amount.
\nFair value less costs of disposal is the price that would be received to sell the asset in an orderly transaction
\nbetween market participants and does not reflect the effects of factors that\u00a0may be specific to the group
\nand not applicable to entities in general.
\nIn order to discount the future cash flows the Group calculates CGU-specific discount rates. The discount
\nrates are based on an assessment of a relevant peer group\u2019s Weighted Average Cost of Capital (WACC).
\nThe Group then adds any exploration risk premium which is implicit within a peer group\u2019s WACC and
\nsubsequently applies additional country risk premium for CGUs. Where conditions giving rise to
\nimpairment subsequently reverse, the effect of the impairment charge is also reversed as a credit to the
\nincome statement, net of any amortisation that would have been charged since the impairment.
\nThe reversal is limited such that the carrying amount of the asset exceeds neither its recoverable amount,
\nnor the carrying amount that would have been determined, net of depreciation, had no impairment loss
been recognised for the asset in prior years. 3.11 Impairment of non-financial assets
\nAt each reporting date, the Group reviews the carrying amounts of its depreciable property, plant and
\nequipment and intangible assets to determine whether there is any indication that those assets have
\nsuffered an impairment loss. Impairment is assessed at the level of cash-generating units (CGUs) which,
\nin accordance with IAS 36 \u2018Impairment of Assets\u2019, are identified as the smallest identifiable group of
\nassets that generates cash inflows, which are largely independent of the cash inflows from other assets.
\nThis is usually at the individual royalty, stream, oil and gas or working interest level for each property from
\nwhich cash inflows are generated.
\nAn impairment loss is recognised for the amount by which the asset\u2019s carrying value exceeds its
\nrecoverable amount, which is the higher of fair value less costs of disposal (FVLCD) and value-in-use
\n(VIU). The future cash flow expected is derived using estimates of proven and probable reserves and
\ninformation regarding the mineral, stream and oil & gas properties, respectively, that could affect the
future recoverability of the Company\u2019s interests. Discount factors are determined individually for each
\nasset and reflect their respective risk profiles.
\nAssets are subsequently reassessed for indications that an impairment loss previously recognised\u00a0may
\nno longer exist. An impairment charge is reversed if the conditions that gave rise to the recognition of
\nan impairment loss are subsequently reversed and the asset\u2019s recoverable amount exceeds its carrying
\namount. Impairment losses can be reversed only to the extent that the recoverable amount does not
\nexceed the carrying value that would have been determined had no impairment been recognised previously.
\nExploration and evaluation assets are tested for impairment when there is an indication that a particular
\nexploration and evaluation project\u00a0may be impaired. Examples of indicators of impairment include a
\nsignificant price decline over an extended period, the decision to delay or no longer pursue the exploration
\nand evaluation project, or an expiration of rights to explore an area. In addition, exploration and evaluation
\nassets are assessed for impairment upon their reclassification to producing assets (oil and gas interest
\nin property, plant and equipment). In assessing the impairment of exploration and evaluation assets, the
\ncarrying value of the asset would be compared to the estimated recoverable amount and any impairment
\nloss is recognised immediately in profit or loss.
\nGoodwill is tested for impairment annually as at 31\u00a0December and when circumstances indicate that the
\ncarrying value\u00a0may be impaired.
\nImpairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of
\nCGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying
\namount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in
future periods. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14330": {
"value": "3.9 Other property, plant and equipment
\nOther property, plant and equipment comprise of plant machinery and installation, furniture and fixtures.
\nInitial recognition
\nThe initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable
\nto bringing the asset into operation and borrowing costs. The purchase price or construction cost is the
\naggregate amount paid and the fair value of any other consideration given to acquire the asset.
\n\nDepreciation
\nDepreciation of other property, plant and equipment is calculated on the straight-line method so as to
\nwrite-off the cost amount of each asset to its residual value, over its estimated useful life. The useful life
\nof each class is estimated as follows:
\nYears
\nProperty leases and leasehold improvements
3 \u2013 10
\nMotor vehicles and other equipment
2 \u2013 5
\nPlant and machinery
7 \u2013 15
\nFurniture, \ufb01xtures and equipment
5 \u2013 7
\nDepreciation of the assets in the course of construction commences when the assets are ready for their
\nintended use, on the same basis as other assets of the same class.
\nAn item of property, plant and equipment and any significant part initially recognised is derecognised
\nupon disposal or when no future economic benefits are expected from its use or disposal. Any gain or
\nloss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds
\nand the carrying amount of the asset) is included in the statement of profit or loss when the asset is
\nderecognised.
\nThe assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting
\ndate.
\nRepairs, maintenance, and renovations
\nExpenditure for routine repairs and maintenance of property, plant and equipment is charged to the profit
\nor loss in the year in which it is incurred. The cost of major improvements and renovations and other
\nsubsequent expenditure are included in the carrying amount of the asset when the recognition criteria
\nof IAS 16 \u2018Property, Plant and Equipment\u2019 are met. Major improvements and renovations capitalised are
\ndepreciated over the remaining useful life of the related asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14331": {
"value": "3.9 Other property, plant and equipment
\nOther property, plant and equipment comprise of plant machinery and installation, furniture and fixtures.
\nInitial recognition
\nThe initial cost of an asset comprises its purchase price or construction cost, any costs directly attributable
\nto bringing the asset into operation and borrowing costs. The purchase price or construction cost is the
\naggregate amount paid and the fair value of any other consideration given to acquire the asset.
\n\nDepreciation
\nDepreciation of other property, plant and equipment is calculated on the straight-line method so as to
\nwrite-off the cost amount of each asset to its residual value, over its estimated useful life. The useful life
\nof each class is estimated as follows:
\nYears
\nProperty leases and leasehold improvements
3 \u2013 10
\nMotor vehicles and other equipment
2 \u2013 5
\nPlant and machinery
7 \u2013 15
\nFurniture, \ufb01xtures and equipment
5 \u2013 7
\nDepreciation of the assets in the course of construction commences when the assets are ready for their
\nintended use, on the same basis as other assets of the same class.
\nAn item of property, plant and equipment and any significant part initially recognised is derecognised
\nupon disposal or when no future economic benefits are expected from its use or disposal. Any gain or
\nloss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds
\nand the carrying amount of the asset) is included in the statement of profit or loss when the asset is
\nderecognised.
\nThe assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting
\ndate.
\nRepairs, maintenance, and renovations
\nExpenditure for routine repairs and maintenance of property, plant and equipment is charged to the profit
\nor loss in the year in which it is incurred. The cost of major improvements and renovations and other
\nsubsequent expenditure are included in the carrying amount of the asset when the recognition criteria
\nof IAS 16 \u2018Property, Plant and Equipment\u2019 are met. Major improvements and renovations capitalised are
\ndepreciated over the remaining useful life of the related asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14389": {
"value": "3.10 Other intangible assets
\nComputer software
\nCosts that are directly associated with identifiable and unique computer software products controlled by
\nthe Group and that it is probable that these products will generate economic benefits exceeding costs
\nbeyond one year are recognised as intangible assets. Subsequently computer software is carried at cost
\nless any accumulated amortisation and any accumulated impairment losses.
\nCosts associated with maintenance of computer software programs (such as S4/HANA Cloud Services)
\nare recognised as an expense when incurred.
\nComputer software costs are amortised using the straight-line method over their useful live, of between
\nthree and five years, which commences when the computer software is available for use.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14403": {
"value": "3.11 Impairment of non-financial assets
\nAt each reporting date, the Group reviews the carrying amounts of its depreciable property, plant and
\nequipment and intangible assets to determine whether there is any indication that those assets have
\nsuffered an impairment loss. Impairment is assessed at the level of cash-generating units (CGUs) which,
\nin accordance with IAS 36 \u2018Impairment of Assets\u2019, are identified as the smallest identifiable group of
\nassets that generates cash inflows, which are largely independent of the cash inflows from other assets.
\nThis is usually at the individual royalty, stream, oil and gas or working interest level for each property from
\nwhich cash inflows are generated.
\nAn impairment loss is recognised for the amount by which the asset\u2019s carrying value exceeds its
\nrecoverable amount, which is the higher of fair value less costs of disposal (FVLCD) and value-in-use
\n(VIU). The future cash flow expected is derived using estimates of proven and probable reserves and
\ninformation regarding the mineral, stream and oil & gas properties, respectively, that could affect the
\n\nfuture recoverability of the Company\u2019s interests. Discount factors are determined individually for each
\nasset and reflect their respective risk profiles.
\nAssets are subsequently reassessed for indications that an impairment loss previously recognised\u00a0may
\nno longer exist. An impairment charge is reversed if the conditions that gave rise to the recognition of
\nan impairment loss are subsequently reversed and the asset\u2019s recoverable amount exceeds its carrying
\namount. Impairment losses can be reversed only to the extent that the recoverable amount does not
\nexceed the carrying value that would have been determined had no impairment been recognised previously.
\nExploration and evaluation assets are tested for impairment when there is an indication that a particular
\nexploration and evaluation project\u00a0may be impaired. Examples of indicators of impairment include a
\nsignificant price decline over an extended period, the decision to delay or no longer pursue the exploration
\nand evaluation project, or an expiration of rights to explore an area. In addition, exploration and evaluation
\nassets are assessed for impairment upon their reclassification to producing assets (oil and gas interest
\nin property, plant and equipment). In assessing the impairment of exploration and evaluation assets, the
\ncarrying value of the asset would be compared to the estimated recoverable amount and any impairment
\nloss is recognised immediately in profit or loss.
\nGoodwill is tested for impairment annually as at 31\u00a0December and when circumstances indicate that the
\ncarrying value\u00a0may be impaired.
\nImpairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of
\nCGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying
\namount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in
\nfuture periods.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14458": {
"value": "3.12
Convertible bonds
\nConvertible bonds are separated into liability and equity components based on the terms of the contract.
\nThe fair value of the liability component on initial recognition is calculated by discounting the contractual
\ncash flows using a market interest rate for an equivalent non-convertible instrument. The difference
\nbetween the fair value of the liability component and the proceeds received on issue is recorded as equity.
\nTransaction costs are apportioned between the liability and the equity components of the instrument
\nbased on the amounts initially recognised. The liability component is classified as a financial liability
\nmeasured at amortised cost (net of transaction costs) until it is extinguished on conversion or settlement.
\nThe equity component is not remeasured.
Loans and borrowings
\nThis is the category most relevant to the Group. After initial recognition, interest-bearing loans and
\nborrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
\nrecognised in profit or loss when the liabilities are derecognised, modified and through the EIR amortisation
\nprocess.
\nAmortised cost is calculated by taking into account any discount or premium on acquisition and fees
\nor costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
\nstatement of profit or loss.
\nThis category generally applies to interest-bearing loans and borrowings.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14470": {
"value": "3.13 Leases
\nThe Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the
\ncontract conveys the right to control the use of an identified asset for a period of time in exchange for
\nconsideration.
\nThe determination of whether an arrangement is, or contains, a lease is based on the substance of the
\narrangement at the date of inception. The arrangement is assessed to determine whether fulfilment is
\ndependent on the use of a specific asset (or assets) and the arrangement conveys a right to use the asset
\n(or assets), even if that asset is (or those assets are) not explicitly specified in an arrangement. With the
\nexception of leases in joint operations (see below), the Group is not a lessor in any transactions, it is only
\na lessee.
\nGroup as a lessee
\nThe Group applies a single recognition and measurement approach for all leases, except for short-term
\nleases, leases of low-value assets and leases to explore for or use minerals, oil, natural gas and similar
\nnon-regenerative resources. The Group recognises lease liabilities to make lease payments and right-of-
\nuse assets representing the right to use the underlying assets.
\n
\ni) Right-of-use assets
\nThe Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the
\nunderlying asset is available for use).
\nThe right-of-use asset is measured at cost, less any accumulated depreciation and impairment losses,
\nand adjusted for any remeasurement of lease liabilities. Cost comprises the initial amount of the lease
\nliability and any lease payments made at or before the commencement date, plus any initial direct costs
\nincurred and an estimate of costs required to remove or restore the underlying asset, less any lease
\nincentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the
\nlease term and the estimated useful lives of the assets, as follows:
\n\u2022
Property leases 1 to 10 years
\n\u2022
Motor vehicles and other equipment 1 to 12 years
\nIf ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects
\nthe exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.
\nThe right-of-use assets are also subject to impairment.
\nii) Lease liabilities
\nAt the commencement date of the lease, the Group recognises lease liabilities measured at the present
\nvalue of lease payments to be made over the lease term. The lease payments include fixed payments
\n(including in substance fixed payments) less any lease incentives receivable, variable lease payments that
\ndepend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease
\npayments also include the exercise price of a purchase option reasonably certain to be exercised by the
\nGroup and payments of penalties for terminating the lease, if the lease term reflects the Group exercising
\nthe option to terminate.
\nIn calculating the present value of lease payments, the Group uses its incremental borrowing rate at the
\nlease commencement date if the interest rate implicit in the lease is not readily determinable. After the
\ncommencement date, the amount of lease liabilities is increased to reflect the accretion of interest and
\nreduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured
\nif there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to
\nfuture payments resulting from a change in an index or rate used to determine such lease payments) or a
\nchange in the assessment of an option to purchase the underlying asset.
\nThe Group\u2019s lease liabilities are included in Interest-bearing loans and borrowings (see Note 21).
\niii) Short-term leases and leases of low-value assets
\nThe Group applies the short-term lease recognition exemption to its short-term leases of machinery and
\nequipment (i.e., those leases that have a lease term of 12 months or less from the commencement date
\nand do not contain a purchase option). It also applies the lease of low-value assets recognition exemption
\nto leases of office equipment that are considered to be low value. Lease payments on short-term leases
\nand leases of low value assets are recognised as expense on a straight-line basis over the lease term.
\niv) Other leases outside the scope of IFRS 16
\nLeases to explore for or use minerals, oil, natural gas and similar non-regenerative resources are outside
\nthe scope of IFRS 16 and are recognised as exploration and evaluation costs or as oil and gas assets, as
\nappropriate. Please refer to notes 3.4 and 3.5.
\nAccounting for leases in joint operations
\nWhere the Group enters into lease agreements as operator of a joint operation and is sole signatory to a
\nlease contract, it recognises its obligations under the lease in full to reflect the legal position of the Group
\nas the contracting counterparty for such leases. Where the obligations of the non-operator parties under
\nthe joint operating agreement give rise to a sub-lease, the related proportion of the right-of-use asset
\nis derecognised and a finance lease receivable recorded to reflect the proportion of the lease liability
\nrecoverable from the non-operator parties to the joint operating agreement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14566": {
"value": "3.14 Financial instruments \u2013 initial recognition and subsequent measurement
\nA financial instrument is any contract that gives rise to a financial asset of one entity and a financial
\nliability or equity instrument of another entity.
\ni) Financial assets
\nInitial recognition and measurement
\nFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
\nvalue through other comprehensive income (OCI), or fair value through profit or loss.
\nThe classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
\ncash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade
\nreceivables that do not contain a significant financing component or for which the Group has applied
\nthe practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of
\na financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not
\ncontain a significant financing component or for which the Group has applied the practical expedient are
\nmeasured at the transaction price determined under IFRS 15.
\nIn order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
\nneeds to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal
\namount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument
\nlevel.
\nThe Group\u2019s business model for managing financial assets refers to how it manages its financial assets
\nin order to generate cash flows. The business model determines whether cash flows will result from
\ncollecting contractual cash flows, selling the financial assets, or both.
\nSubsequent measurement
\nFor purposes of subsequent measurement, financial assets are classified in two categories:
\n\u2022
Financial assets at amortised cost (debt instruments)
\n\u2022
Financial assets at fair value through profit or loss
\nFinancial assets at amortised cost
\nFinancial assets at amortised cost are subsequently measured using the effective interest (EIR) method
\nand are subject to impairment under the expected credit loss model. Gains and losses are recognised in
\nprofit or loss when the asset is derecognised, modified or impaired.
\nThe Group\u2019s financial assets at amortised cost include trade receivables.
\nFinancial assets at fair value through profit or loss
\nThe Group\u2019s financial assets at fair value through profit or loss include financial assets designated
\nupon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
\nmeasured at fair value.
\nFinancial assets at fair value through profit or loss are carried in the statement of financial position at fair
\nvalue with net changes in fair value recognised in the statement of profit or loss.
\nDerecognition
\nA financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
\nassets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
\nposition) when the rights to receive cash flows from the asset have expired or are transferred.
\nImpairment of financial assets
\nThe Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held
\nat fair value through profit or loss. ECLs are based on the difference between the contractual cash flows
\ndue in accordance with the contract and all the cash flows that the Group expects to receive, discounted
\nat an approximation of the original effective interest rate. The expected cash flows will include cash flows
\nfrom the sale of collateral held or other credit enhancements that are integral to the contractual terms.
\nECLs are recognised in two stages. For credit exposures for which there has not been a significant
\nincrease in credit risk since initial recognition, ECLs are provided for credit losses that result from default
\n\nevents that are possible within the next 12-months (a 12-month ECL). For those credit exposures for
\nwhich there has been a significant increase in credit risk since initial recognition, a loss allowance is
\nrequired for credit losses expected over the remaining life of the exposure, irrespective of the timing of
\nthe default (a lifetime ECL).
\nFor trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
\nTherefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
\non lifetime ECLs at each reporting date.
\nThe Group considers a financial asset in default when contractual payments are 90 days past due.
\nHowever, in certain cases, the Group\u00a0may also consider a financial asset to be in default when internal or
\nexternal information indicates that the Group is unlikely to receive the outstanding contractual amounts
\nin full before taking into account any credit enhancements held by the Group. A financial asset is written
\noff when there is no reasonable expectation of recovering the contractual cash flows.
\nii) Financial liabilities
\nInitial recognition and measurement
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
\nloss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
\nhedge, as appropriate.
\nAll financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
\npayables, net of directly attributable transaction costs.
\nThe Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
\nfinancial instruments.
\nSubsequent measurement
\nThe measurement of financial liabilities depends on their classification, as described below:
\nFinancial liabilities at fair value through profit or loss
\nFinancial liabilities at fair value through profit or loss include financial liabilities held for trading and
\nfinancial liabilities designated upon initial recognition as at fair value through profit or loss.
\nFinancial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
\nin the near term. This category also includes derivative financial instruments entered into by the Group
\nthat are not designated as hedging instruments in hedge relationships as defined by IFRS 9
Financial
\nInstruments
. Separated embedded derivatives are also classified as held for trading unless they are
\ndesignated as effective hedging instruments.
\nGains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
\nthe statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
\ncosts, from the mark to market gain or loss.
\nLoans and borrowings
\nThis is the category most relevant to the Group. After initial recognition, interest-bearing loans and
\nborrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
\nrecognised in profit or loss when the liabilities are derecognised, modified and through the EIR amortisation
\nprocess.
\nAmortised cost is calculated by taking into account any discount or premium on acquisition and fees
\nor costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
\nstatement of profit or loss.
\nThis category generally applies to interest-bearing loans and borrowings.
\nDerecognition
\nA financial liability is derecognised when the obligation under the liability is discharged or cancelled or
\nexpires. When an existing financial liability is replaced by another from the same lender on substantially
\ndifferent terms, or the terms of an existing liability are substantially modified, such an exchange or
\nmodification is treated as the derecognition of the original liability and the recognition of a new liability.
\nThe difference in the respective carrying amounts is recognised in the statement of profit or loss.
\n\niii) Offsetting of financial instruments
\nFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated
\nstatement of financial position if there is a currently enforceable legal right to offset the recognised
\namounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities
\nsimultaneously.
\nDerivative financial instruments and hedge accounting
\nInitial recognition and subsequent measurement
\nThe Group uses derivative financial instruments, such as interest rate swaps and forward commodity
\ncontracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative financial
\ninstruments are initially recognised at fair value on the date on which a derivative contract is entered into
\nand are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair
\nvalue is positive and as financial liabilities when the fair value is negative.
\nFor the purpose of hedge accounting, hedges are classified as:
\n\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or
\nliability or an unrecognised firm commitment
\n\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable
\nto a particular risk associated with a recognised asset or liability or a highly probable forecast
\ntransaction or the foreign currency risk in an unrecognised firm commitment
\n\u2022
Hedges of a net investment in a foreign operation
\nAt the inception of a hedge relationship, the Group formally designates and documents the hedging
\ninstrument and the hedged item to which it wishes to apply hedge accounting and the risk management
\nobjective and strategy for undertaking the hedge.
\nA hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness
\nrequirements:
\n\u2022
There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\n\u2022
The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
\nrelationship.
\n\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
\nhedged item that the Group actually hedges and the quantity of the hedging instrument that the
\nGroup actually uses to hedge that quantity of hedged item.
\nHedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below:
\nCash flow hedges
\nThe effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
\nhedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
\nThe cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
\ninstrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
\nFrom time to time, the Group\u00a0may use forward commodity contracts for its exposure to volatility in the
\ncommodity prices. The ineffective portion relating to forward commodity contracts is recognised in
\nrevenue or cost of sales.
\nThe Group designates only the spot element of forward contracts as a hedging instrument. The forward
\nelement is recognised in OCI and accumulated in a separate component of equity.
\nThe amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
\nsame period or periods during which the hedged cash flows affect profit or loss.
\nIf cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must remain
\nin accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the amount
\nwill be immediately reclassified to profit or loss as a reclassification adjustment. After discontinuation,
\nonce the hedged cash flow occurs, any amount remaining in accumulated OCI must be accounted for
\ndepending on the nature of the underlying transaction.
\n\nEquity instruments
\nEquity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
\nOrdinary shares
\nOrdinary shares are classified as equity and measured at their nominal value. Any premiums received on
\nissue of share capital above its nominal value, are recognised as share premium within equity. Associated
\nissue costs are deducted from share premium.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14567": {
"value": "3.14 Financial instruments \u2013 initial recognition and subsequent measurement
\nA financial instrument is any contract that gives rise to a financial asset of one entity and a financial
\nliability or equity instrument of another entity.
\ni) Financial assets
\nInitial recognition and measurement
\nFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
\nvalue through other comprehensive income (OCI), or fair value through profit or loss.
\nThe classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
\ncash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade
\nreceivables that do not contain a significant financing component or for which the Group has applied
\nthe practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of
\na financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not
\ncontain a significant financing component or for which the Group has applied the practical expedient are
\nmeasured at the transaction price determined under IFRS 15.
\nIn order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
\nneeds to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal
\namount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument
\nlevel.
\nThe Group\u2019s business model for managing financial assets refers to how it manages its financial assets
\nin order to generate cash flows. The business model determines whether cash flows will result from
\ncollecting contractual cash flows, selling the financial assets, or both.
\nSubsequent measurement
\nFor purposes of subsequent measurement, financial assets are classified in two categories:
\n\u2022
Financial assets at amortised cost (debt instruments)
\n\u2022
Financial assets at fair value through profit or loss
\nFinancial assets at amortised cost
\nFinancial assets at amortised cost are subsequently measured using the effective interest (EIR) method
\nand are subject to impairment under the expected credit loss model. Gains and losses are recognised in
\nprofit or loss when the asset is derecognised, modified or impaired.
\nThe Group\u2019s financial assets at amortised cost include trade receivables.
\nFinancial assets at fair value through profit or loss
\nThe Group\u2019s financial assets at fair value through profit or loss include financial assets designated
\nupon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
\nmeasured at fair value.
\nFinancial assets at fair value through profit or loss are carried in the statement of financial position at fair
\nvalue with net changes in fair value recognised in the statement of profit or loss.
\nDerecognition
\nA financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
\nassets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
\nposition) when the rights to receive cash flows from the asset have expired or are transferred.
\nImpairment of financial assets
\nThe Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held
\nat fair value through profit or loss. ECLs are based on the difference between the contractual cash flows
\ndue in accordance with the contract and all the cash flows that the Group expects to receive, discounted
\nat an approximation of the original effective interest rate. The expected cash flows will include cash flows
\nfrom the sale of collateral held or other credit enhancements that are integral to the contractual terms.
\nECLs are recognised in two stages. For credit exposures for which there has not been a significant
\nincrease in credit risk since initial recognition, ECLs are provided for credit losses that result from default
\n\nevents that are possible within the next 12-months (a 12-month ECL). For those credit exposures for
\nwhich there has been a significant increase in credit risk since initial recognition, a loss allowance is
\nrequired for credit losses expected over the remaining life of the exposure, irrespective of the timing of
\nthe default (a lifetime ECL).
\nFor trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
\nTherefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
\non lifetime ECLs at each reporting date.
\nThe Group considers a financial asset in default when contractual payments are 90 days past due.
\nHowever, in certain cases, the Group\u00a0may also consider a financial asset to be in default when internal or
\nexternal information indicates that the Group is unlikely to receive the outstanding contractual amounts
\nin full before taking into account any credit enhancements held by the Group. A financial asset is written
\noff when there is no reasonable expectation of recovering the contractual cash flows.
\nii) Financial liabilities
\nInitial recognition and measurement
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
\nloss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
\nhedge, as appropriate.
\nAll financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
\npayables, net of directly attributable transaction costs.
\nThe Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
\nfinancial instruments.
\nSubsequent measurement
\nThe measurement of financial liabilities depends on their classification, as described below:
\nFinancial liabilities at fair value through profit or loss
\nFinancial liabilities at fair value through profit or loss include financial liabilities held for trading and
\nfinancial liabilities designated upon initial recognition as at fair value through profit or loss.
\nFinancial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
\nin the near term. This category also includes derivative financial instruments entered into by the Group
\nthat are not designated as hedging instruments in hedge relationships as defined by IFRS 9
Financial
\nInstruments
. Separated embedded derivatives are also classified as held for trading unless they are
\ndesignated as effective hedging instruments.
\nGains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
\nthe statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
\ncosts, from the mark to market gain or loss.
\nLoans and borrowings
\nThis is the category most relevant to the Group. After initial recognition, interest-bearing loans and
\nborrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
\nrecognised in profit or loss when the liabilities are derecognised, modified and through the EIR amortisation
\nprocess.
\nAmortised cost is calculated by taking into account any discount or premium on acquisition and fees
\nor costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
\nstatement of profit or loss.
\nThis category generally applies to interest-bearing loans and borrowings.
\nDerecognition
\nA financial liability is derecognised when the obligation under the liability is discharged or cancelled or
\nexpires. When an existing financial liability is replaced by another from the same lender on substantially
\ndifferent terms, or the terms of an existing liability are substantially modified, such an exchange or
\nmodification is treated as the derecognition of the original liability and the recognition of a new liability.
\nThe difference in the respective carrying amounts is recognised in the statement of profit or loss.
\n\niii) Offsetting of financial instruments
\nFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated
\nstatement of financial position if there is a currently enforceable legal right to offset the recognised
\namounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities
\nsimultaneously.
\nDerivative financial instruments and hedge accounting
\nInitial recognition and subsequent measurement
\nThe Group uses derivative financial instruments, such as interest rate swaps and forward commodity
\ncontracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative financial
\ninstruments are initially recognised at fair value on the date on which a derivative contract is entered into
\nand are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair
\nvalue is positive and as financial liabilities when the fair value is negative.
\nFor the purpose of hedge accounting, hedges are classified as:
\n\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or
\nliability or an unrecognised firm commitment
\n\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable
\nto a particular risk associated with a recognised asset or liability or a highly probable forecast
\ntransaction or the foreign currency risk in an unrecognised firm commitment
\n\u2022
Hedges of a net investment in a foreign operation
\nAt the inception of a hedge relationship, the Group formally designates and documents the hedging
\ninstrument and the hedged item to which it wishes to apply hedge accounting and the risk management
\nobjective and strategy for undertaking the hedge.
\nA hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness
\nrequirements:
\n\u2022
There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\n\u2022
The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
\nrelationship.
\n\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
\nhedged item that the Group actually hedges and the quantity of the hedging instrument that the
\nGroup actually uses to hedge that quantity of hedged item.
\nHedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below:
\nCash flow hedges
\nThe effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
\nhedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
\nThe cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
\ninstrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
\nFrom time to time, the Group\u00a0may use forward commodity contracts for its exposure to volatility in the
\ncommodity prices. The ineffective portion relating to forward commodity contracts is recognised in
\nrevenue or cost of sales.
\nThe Group designates only the spot element of forward contracts as a hedging instrument. The forward
\nelement is recognised in OCI and accumulated in a separate component of equity.
\nThe amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
\nsame period or periods during which the hedged cash flows affect profit or loss.
\nIf cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must remain
\nin accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the amount
\nwill be immediately reclassified to profit or loss as a reclassification adjustment. After discontinuation,
\nonce the hedged cash flow occurs, any amount remaining in accumulated OCI must be accounted for
\ndepending on the nature of the underlying transaction.
\n\nEquity instruments
\nEquity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
\nOrdinary shares
\nOrdinary shares are classified as equity and measured at their nominal value. Any premiums received on
\nissue of share capital above its nominal value, are recognised as share premium within equity. Associated
\nissue costs are deducted from share premium.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14568": {
"value": "3.14 Financial instruments \u2013 initial recognition and subsequent measurement
\nA financial instrument is any contract that gives rise to a financial asset of one entity and a financial
\nliability or equity instrument of another entity.
\ni) Financial assets
\nInitial recognition and measurement
\nFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
\nvalue through other comprehensive income (OCI), or fair value through profit or loss.
\nThe classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
\ncash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade
\nreceivables that do not contain a significant financing component or for which the Group has applied
\nthe practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of
\na financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not
\ncontain a significant financing component or for which the Group has applied the practical expedient are
\nmeasured at the transaction price determined under IFRS 15.
\nIn order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
\nneeds to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal
\namount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument
\nlevel.
\nThe Group\u2019s business model for managing financial assets refers to how it manages its financial assets
\nin order to generate cash flows. The business model determines whether cash flows will result from
\ncollecting contractual cash flows, selling the financial assets, or both.
\nSubsequent measurement
\nFor purposes of subsequent measurement, financial assets are classified in two categories:
\n\u2022
Financial assets at amortised cost (debt instruments)
\n\u2022
Financial assets at fair value through profit or loss
\nFinancial assets at amortised cost
\nFinancial assets at amortised cost are subsequently measured using the effective interest (EIR) method
\nand are subject to impairment under the expected credit loss model. Gains and losses are recognised in
\nprofit or loss when the asset is derecognised, modified or impaired.
\nThe Group\u2019s financial assets at amortised cost include trade receivables.
\nFinancial assets at fair value through profit or loss
\nThe Group\u2019s financial assets at fair value through profit or loss include financial assets designated
\nupon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
\nmeasured at fair value.
\nFinancial assets at fair value through profit or loss are carried in the statement of financial position at fair
\nvalue with net changes in fair value recognised in the statement of profit or loss.
\nDerecognition
\nA financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
\nassets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
\nposition) when the rights to receive cash flows from the asset have expired or are transferred.
\nImpairment of financial assets
\nThe Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held
\nat fair value through profit or loss. ECLs are based on the difference between the contractual cash flows
\ndue in accordance with the contract and all the cash flows that the Group expects to receive, discounted
\nat an approximation of the original effective interest rate. The expected cash flows will include cash flows
\nfrom the sale of collateral held or other credit enhancements that are integral to the contractual terms.
\nECLs are recognised in two stages. For credit exposures for which there has not been a significant
\nincrease in credit risk since initial recognition, ECLs are provided for credit losses that result from default
\n\nevents that are possible within the next 12-months (a 12-month ECL). For those credit exposures for
\nwhich there has been a significant increase in credit risk since initial recognition, a loss allowance is
\nrequired for credit losses expected over the remaining life of the exposure, irrespective of the timing of
\nthe default (a lifetime ECL).
\nFor trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
\nTherefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
\non lifetime ECLs at each reporting date.
\nThe Group considers a financial asset in default when contractual payments are 90 days past due.
\nHowever, in certain cases, the Group\u00a0may also consider a financial asset to be in default when internal or
\nexternal information indicates that the Group is unlikely to receive the outstanding contractual amounts
\nin full before taking into account any credit enhancements held by the Group. A financial asset is written
\noff when there is no reasonable expectation of recovering the contractual cash flows.
\nii) Financial liabilities
\nInitial recognition and measurement
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
\nloss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
\nhedge, as appropriate.
\nAll financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
\npayables, net of directly attributable transaction costs.
\nThe Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
\nfinancial instruments.
\nSubsequent measurement
\nThe measurement of financial liabilities depends on their classification, as described below:
\nFinancial liabilities at fair value through profit or loss
\nFinancial liabilities at fair value through profit or loss include financial liabilities held for trading and
\nfinancial liabilities designated upon initial recognition as at fair value through profit or loss.
\nFinancial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
\nin the near term. This category also includes derivative financial instruments entered into by the Group
\nthat are not designated as hedging instruments in hedge relationships as defined by IFRS 9
Financial
\nInstruments
. Separated embedded derivatives are also classified as held for trading unless they are
\ndesignated as effective hedging instruments.
\nGains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
\nthe statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
\ncosts, from the mark to market gain or loss.
\nLoans and borrowings
\nThis is the category most relevant to the Group. After initial recognition, interest-bearing loans and
\nborrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
\nrecognised in profit or loss when the liabilities are derecognised, modified and through the EIR amortisation
\nprocess.
\nAmortised cost is calculated by taking into account any discount or premium on acquisition and fees
\nor costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
\nstatement of profit or loss.
\nThis category generally applies to interest-bearing loans and borrowings.
\nDerecognition
\nA financial liability is derecognised when the obligation under the liability is discharged or cancelled or
\nexpires. When an existing financial liability is replaced by another from the same lender on substantially
\ndifferent terms, or the terms of an existing liability are substantially modified, such an exchange or
\nmodification is treated as the derecognition of the original liability and the recognition of a new liability.
\nThe difference in the respective carrying amounts is recognised in the statement of profit or loss.
\n\niii) Offsetting of financial instruments
\nFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated
\nstatement of financial position if there is a currently enforceable legal right to offset the recognised
\namounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities
\nsimultaneously.
\nDerivative financial instruments and hedge accounting
\nInitial recognition and subsequent measurement
\nThe Group uses derivative financial instruments, such as interest rate swaps and forward commodity
\ncontracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative financial
\ninstruments are initially recognised at fair value on the date on which a derivative contract is entered into
\nand are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair
\nvalue is positive and as financial liabilities when the fair value is negative.
\nFor the purpose of hedge accounting, hedges are classified as:
\n\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or
\nliability or an unrecognised firm commitment
\n\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable
\nto a particular risk associated with a recognised asset or liability or a highly probable forecast
\ntransaction or the foreign currency risk in an unrecognised firm commitment
\n\u2022
Hedges of a net investment in a foreign operation
\nAt the inception of a hedge relationship, the Group formally designates and documents the hedging
\ninstrument and the hedged item to which it wishes to apply hedge accounting and the risk management
\nobjective and strategy for undertaking the hedge.
\nA hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness
\nrequirements:
\n\u2022
There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\n\u2022
The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
\nrelationship.
\n\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
\nhedged item that the Group actually hedges and the quantity of the hedging instrument that the
\nGroup actually uses to hedge that quantity of hedged item.
\nHedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below:
\nCash flow hedges
\nThe effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
\nhedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
\nThe cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
\ninstrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
\nFrom time to time, the Group\u00a0may use forward commodity contracts for its exposure to volatility in the
\ncommodity prices. The ineffective portion relating to forward commodity contracts is recognised in
\nrevenue or cost of sales.
\nThe Group designates only the spot element of forward contracts as a hedging instrument. The forward
\nelement is recognised in OCI and accumulated in a separate component of equity.
\nThe amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
\nsame period or periods during which the hedged cash flows affect profit or loss.
\nIf cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must remain
\nin accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the amount
\nwill be immediately reclassified to profit or loss as a reclassification adjustment. After discontinuation,
\nonce the hedged cash flow occurs, any amount remaining in accumulated OCI must be accounted for
\ndepending on the nature of the underlying transaction.
\n\nEquity instruments
\nEquity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
\nOrdinary shares
\nOrdinary shares are classified as equity and measured at their nominal value. Any premiums received on
\nissue of share capital above its nominal value, are recognised as share premium within equity. Associated
\nissue costs are deducted from share premium.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14569": {
"value": "3.14 Financial instruments \u2013 initial recognition and subsequent measurement
\nA financial instrument is any contract that gives rise to a financial asset of one entity and a financial
\nliability or equity instrument of another entity.
\ni) Financial assets
\nInitial recognition and measurement
\nFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
\nvalue through other comprehensive income (OCI), or fair value through profit or loss.
\nThe classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
\ncash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade
\nreceivables that do not contain a significant financing component or for which the Group has applied
\nthe practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of
\na financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not
\ncontain a significant financing component or for which the Group has applied the practical expedient are
\nmeasured at the transaction price determined under IFRS 15.
\nIn order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
\nneeds to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal
\namount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument
\nlevel.
\nThe Group\u2019s business model for managing financial assets refers to how it manages its financial assets
\nin order to generate cash flows. The business model determines whether cash flows will result from
\ncollecting contractual cash flows, selling the financial assets, or both.
\nSubsequent measurement
\nFor purposes of subsequent measurement, financial assets are classified in two categories:
\n\u2022
Financial assets at amortised cost (debt instruments)
\n\u2022
Financial assets at fair value through profit or loss
\nFinancial assets at amortised cost
\nFinancial assets at amortised cost are subsequently measured using the effective interest (EIR) method
\nand are subject to impairment under the expected credit loss model. Gains and losses are recognised in
\nprofit or loss when the asset is derecognised, modified or impaired.
\nThe Group\u2019s financial assets at amortised cost include trade receivables.
\nFinancial assets at fair value through profit or loss
\nThe Group\u2019s financial assets at fair value through profit or loss include financial assets designated
\nupon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
\nmeasured at fair value.
\nFinancial assets at fair value through profit or loss are carried in the statement of financial position at fair
\nvalue with net changes in fair value recognised in the statement of profit or loss.
\nDerecognition
\nA financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
\nassets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
\nposition) when the rights to receive cash flows from the asset have expired or are transferred.
\nImpairment of financial assets
\nThe Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held
\nat fair value through profit or loss. ECLs are based on the difference between the contractual cash flows
\ndue in accordance with the contract and all the cash flows that the Group expects to receive, discounted
\nat an approximation of the original effective interest rate. The expected cash flows will include cash flows
\nfrom the sale of collateral held or other credit enhancements that are integral to the contractual terms.
\nECLs are recognised in two stages. For credit exposures for which there has not been a significant
\nincrease in credit risk since initial recognition, ECLs are provided for credit losses that result from default
\n\nevents that are possible within the next 12-months (a 12-month ECL). For those credit exposures for
\nwhich there has been a significant increase in credit risk since initial recognition, a loss allowance is
\nrequired for credit losses expected over the remaining life of the exposure, irrespective of the timing of
\nthe default (a lifetime ECL).
\nFor trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
\nTherefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
\non lifetime ECLs at each reporting date.
\nThe Group considers a financial asset in default when contractual payments are 90 days past due.
\nHowever, in certain cases, the Group\u00a0may also consider a financial asset to be in default when internal or
\nexternal information indicates that the Group is unlikely to receive the outstanding contractual amounts
\nin full before taking into account any credit enhancements held by the Group. A financial asset is written
\noff when there is no reasonable expectation of recovering the contractual cash flows.
\nii) Financial liabilities
\nInitial recognition and measurement
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
\nloss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
\nhedge, as appropriate.
\nAll financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
\npayables, net of directly attributable transaction costs.
\nThe Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
\nfinancial instruments.
\nSubsequent measurement
\nThe measurement of financial liabilities depends on their classification, as described below:
\nFinancial liabilities at fair value through profit or loss
\nFinancial liabilities at fair value through profit or loss include financial liabilities held for trading and
\nfinancial liabilities designated upon initial recognition as at fair value through profit or loss.
\nFinancial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
\nin the near term. This category also includes derivative financial instruments entered into by the Group
\nthat are not designated as hedging instruments in hedge relationships as defined by IFRS 9
Financial
\nInstruments
. Separated embedded derivatives are also classified as held for trading unless they are
\ndesignated as effective hedging instruments.
\nGains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
\nthe statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
\ncosts, from the mark to market gain or loss.
\nLoans and borrowings
\nThis is the category most relevant to the Group. After initial recognition, interest-bearing loans and
\nborrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
\nrecognised in profit or loss when the liabilities are derecognised, modified and through the EIR amortisation
\nprocess.
\nAmortised cost is calculated by taking into account any discount or premium on acquisition and fees
\nor costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
\nstatement of profit or loss.
\nThis category generally applies to interest-bearing loans and borrowings.
\nDerecognition
\nA financial liability is derecognised when the obligation under the liability is discharged or cancelled or
\nexpires. When an existing financial liability is replaced by another from the same lender on substantially
\ndifferent terms, or the terms of an existing liability are substantially modified, such an exchange or
\nmodification is treated as the derecognition of the original liability and the recognition of a new liability.
\nThe difference in the respective carrying amounts is recognised in the statement of profit or loss.
\n\niii) Offsetting of financial instruments
\nFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated
\nstatement of financial position if there is a currently enforceable legal right to offset the recognised
\namounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities
\nsimultaneously.
\nDerivative financial instruments and hedge accounting
\nInitial recognition and subsequent measurement
\nThe Group uses derivative financial instruments, such as interest rate swaps and forward commodity
\ncontracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative financial
\ninstruments are initially recognised at fair value on the date on which a derivative contract is entered into
\nand are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair
\nvalue is positive and as financial liabilities when the fair value is negative.
\nFor the purpose of hedge accounting, hedges are classified as:
\n\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or
\nliability or an unrecognised firm commitment
\n\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable
\nto a particular risk associated with a recognised asset or liability or a highly probable forecast
\ntransaction or the foreign currency risk in an unrecognised firm commitment
\n\u2022
Hedges of a net investment in a foreign operation
\nAt the inception of a hedge relationship, the Group formally designates and documents the hedging
\ninstrument and the hedged item to which it wishes to apply hedge accounting and the risk management
\nobjective and strategy for undertaking the hedge.
\nA hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness
\nrequirements:
\n\u2022
There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\n\u2022
The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
\nrelationship.
\n\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
\nhedged item that the Group actually hedges and the quantity of the hedging instrument that the
\nGroup actually uses to hedge that quantity of hedged item.
\nHedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below:
\nCash flow hedges
\nThe effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
\nhedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
\nThe cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
\ninstrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
\nFrom time to time, the Group\u00a0may use forward commodity contracts for its exposure to volatility in the
\ncommodity prices. The ineffective portion relating to forward commodity contracts is recognised in
\nrevenue or cost of sales.
\nThe Group designates only the spot element of forward contracts as a hedging instrument. The forward
\nelement is recognised in OCI and accumulated in a separate component of equity.
\nThe amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
\nsame period or periods during which the hedged cash flows affect profit or loss.
\nIf cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must remain
\nin accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the amount
\nwill be immediately reclassified to profit or loss as a reclassification adjustment. After discontinuation,
\nonce the hedged cash flow occurs, any amount remaining in accumulated OCI must be accounted for
\ndepending on the nature of the underlying transaction.
\n\nEquity instruments
\nEquity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
\nOrdinary shares
\nOrdinary shares are classified as equity and measured at their nominal value. Any premiums received on
\nissue of share capital above its nominal value, are recognised as share premium within equity. Associated
\nissue costs are deducted from share premium.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14570": {
"value": "3.14 Financial instruments \u2013 initial recognition and subsequent measurement
\nA financial instrument is any contract that gives rise to a financial asset of one entity and a financial
\nliability or equity instrument of another entity.
\ni) Financial assets
\nInitial recognition and measurement
\nFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
\nvalue through other comprehensive income (OCI), or fair value through profit or loss.
\nThe classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
\ncash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade
\nreceivables that do not contain a significant financing component or for which the Group has applied
\nthe practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of
\na financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not
\ncontain a significant financing component or for which the Group has applied the practical expedient are
\nmeasured at the transaction price determined under IFRS 15.
\nIn order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
\nneeds to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal
\namount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument
\nlevel.
\nThe Group\u2019s business model for managing financial assets refers to how it manages its financial assets
\nin order to generate cash flows. The business model determines whether cash flows will result from
\ncollecting contractual cash flows, selling the financial assets, or both.
\nSubsequent measurement
\nFor purposes of subsequent measurement, financial assets are classified in two categories:
\n\u2022
Financial assets at amortised cost (debt instruments)
\n\u2022
Financial assets at fair value through profit or loss
\nFinancial assets at amortised cost
\nFinancial assets at amortised cost are subsequently measured using the effective interest (EIR) method
\nand are subject to impairment under the expected credit loss model. Gains and losses are recognised in
\nprofit or loss when the asset is derecognised, modified or impaired.
\nThe Group\u2019s financial assets at amortised cost include trade receivables.
\nFinancial assets at fair value through profit or loss
\nThe Group\u2019s financial assets at fair value through profit or loss include financial assets designated
\nupon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
\nmeasured at fair value.
\nFinancial assets at fair value through profit or loss are carried in the statement of financial position at fair
\nvalue with net changes in fair value recognised in the statement of profit or loss.
\nDerecognition
\nA financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
\nassets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
\nposition) when the rights to receive cash flows from the asset have expired or are transferred.
\nImpairment of financial assets
\nThe Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held
\nat fair value through profit or loss. ECLs are based on the difference between the contractual cash flows
\ndue in accordance with the contract and all the cash flows that the Group expects to receive, discounted
\nat an approximation of the original effective interest rate. The expected cash flows will include cash flows
\nfrom the sale of collateral held or other credit enhancements that are integral to the contractual terms.
\nECLs are recognised in two stages. For credit exposures for which there has not been a significant
\nincrease in credit risk since initial recognition, ECLs are provided for credit losses that result from default
\n\nevents that are possible within the next 12-months (a 12-month ECL). For those credit exposures for
\nwhich there has been a significant increase in credit risk since initial recognition, a loss allowance is
\nrequired for credit losses expected over the remaining life of the exposure, irrespective of the timing of
\nthe default (a lifetime ECL).
\nFor trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
\nTherefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
\non lifetime ECLs at each reporting date.
\nThe Group considers a financial asset in default when contractual payments are 90 days past due.
\nHowever, in certain cases, the Group\u00a0may also consider a financial asset to be in default when internal or
\nexternal information indicates that the Group is unlikely to receive the outstanding contractual amounts
\nin full before taking into account any credit enhancements held by the Group. A financial asset is written
\noff when there is no reasonable expectation of recovering the contractual cash flows.
\nii) Financial liabilities
\nInitial recognition and measurement
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
\nloss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
\nhedge, as appropriate.
\nAll financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
\npayables, net of directly attributable transaction costs.
\nThe Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
\nfinancial instruments.
\nSubsequent measurement
\nThe measurement of financial liabilities depends on their classification, as described below:
\nFinancial liabilities at fair value through profit or loss
\nFinancial liabilities at fair value through profit or loss include financial liabilities held for trading and
\nfinancial liabilities designated upon initial recognition as at fair value through profit or loss.
\nFinancial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
\nin the near term. This category also includes derivative financial instruments entered into by the Group
\nthat are not designated as hedging instruments in hedge relationships as defined by IFRS 9
Financial
\nInstruments
. Separated embedded derivatives are also classified as held for trading unless they are
\ndesignated as effective hedging instruments.
\nGains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
\nthe statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
\ncosts, from the mark to market gain or loss.
\nLoans and borrowings
\nThis is the category most relevant to the Group. After initial recognition, interest-bearing loans and
\nborrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
\nrecognised in profit or loss when the liabilities are derecognised, modified and through the EIR amortisation
\nprocess.
\nAmortised cost is calculated by taking into account any discount or premium on acquisition and fees
\nor costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
\nstatement of profit or loss.
\nThis category generally applies to interest-bearing loans and borrowings.
\nDerecognition
\nA financial liability is derecognised when the obligation under the liability is discharged or cancelled or
\nexpires. When an existing financial liability is replaced by another from the same lender on substantially
\ndifferent terms, or the terms of an existing liability are substantially modified, such an exchange or
\nmodification is treated as the derecognition of the original liability and the recognition of a new liability.
\nThe difference in the respective carrying amounts is recognised in the statement of profit or loss.
\n\niii) Offsetting of financial instruments
\nFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated
\nstatement of financial position if there is a currently enforceable legal right to offset the recognised
\namounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities
\nsimultaneously.
\nDerivative financial instruments and hedge accounting
\nInitial recognition and subsequent measurement
\nThe Group uses derivative financial instruments, such as interest rate swaps and forward commodity
\ncontracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative financial
\ninstruments are initially recognised at fair value on the date on which a derivative contract is entered into
\nand are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair
\nvalue is positive and as financial liabilities when the fair value is negative.
\nFor the purpose of hedge accounting, hedges are classified as:
\n\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or
\nliability or an unrecognised firm commitment
\n\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable
\nto a particular risk associated with a recognised asset or liability or a highly probable forecast
\ntransaction or the foreign currency risk in an unrecognised firm commitment
\n\u2022
Hedges of a net investment in a foreign operation
\nAt the inception of a hedge relationship, the Group formally designates and documents the hedging
\ninstrument and the hedged item to which it wishes to apply hedge accounting and the risk management
\nobjective and strategy for undertaking the hedge.
\nA hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness
\nrequirements:
\n\u2022
There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\n\u2022
The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
\nrelationship.
\n\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
\nhedged item that the Group actually hedges and the quantity of the hedging instrument that the
\nGroup actually uses to hedge that quantity of hedged item.
\nHedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below:
\nCash flow hedges
\nThe effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
\nhedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
\nThe cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
\ninstrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
\nFrom time to time, the Group\u00a0may use forward commodity contracts for its exposure to volatility in the
\ncommodity prices. The ineffective portion relating to forward commodity contracts is recognised in
\nrevenue or cost of sales.
\nThe Group designates only the spot element of forward contracts as a hedging instrument. The forward
\nelement is recognised in OCI and accumulated in a separate component of equity.
\nThe amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
\nsame period or periods during which the hedged cash flows affect profit or loss.
\nIf cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must remain
\nin accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the amount
\nwill be immediately reclassified to profit or loss as a reclassification adjustment. After discontinuation,
\nonce the hedged cash flow occurs, any amount remaining in accumulated OCI must be accounted for
\ndepending on the nature of the underlying transaction.
\n\nEquity instruments
\nEquity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
\nOrdinary shares
\nOrdinary shares are classified as equity and measured at their nominal value. Any premiums received on
\nissue of share capital above its nominal value, are recognised as share premium within equity. Associated
\nissue costs are deducted from share premium.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14571": {
"value": "3.14 Financial instruments \u2013 initial recognition and subsequent measurement
\nA financial instrument is any contract that gives rise to a financial asset of one entity and a financial
\nliability or equity instrument of another entity.
\ni) Financial assets
\nInitial recognition and measurement
\nFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
\nvalue through other comprehensive income (OCI), or fair value through profit or loss.
\nThe classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
\ncash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade
\nreceivables that do not contain a significant financing component or for which the Group has applied
\nthe practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of
\na financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not
\ncontain a significant financing component or for which the Group has applied the practical expedient are
\nmeasured at the transaction price determined under IFRS 15.
\nIn order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
\nneeds to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal
\namount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument
\nlevel.
\nThe Group\u2019s business model for managing financial assets refers to how it manages its financial assets
\nin order to generate cash flows. The business model determines whether cash flows will result from
\ncollecting contractual cash flows, selling the financial assets, or both.
\nSubsequent measurement
\nFor purposes of subsequent measurement, financial assets are classified in two categories:
\n\u2022
Financial assets at amortised cost (debt instruments)
\n\u2022
Financial assets at fair value through profit or loss
\nFinancial assets at amortised cost
\nFinancial assets at amortised cost are subsequently measured using the effective interest (EIR) method
\nand are subject to impairment under the expected credit loss model. Gains and losses are recognised in
\nprofit or loss when the asset is derecognised, modified or impaired.
\nThe Group\u2019s financial assets at amortised cost include trade receivables.
\nFinancial assets at fair value through profit or loss
\nThe Group\u2019s financial assets at fair value through profit or loss include financial assets designated
\nupon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
\nmeasured at fair value.
\nFinancial assets at fair value through profit or loss are carried in the statement of financial position at fair
\nvalue with net changes in fair value recognised in the statement of profit or loss.
\nDerecognition
\nA financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
\nassets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
\nposition) when the rights to receive cash flows from the asset have expired or are transferred.
\nImpairment of financial assets
\nThe Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held
\nat fair value through profit or loss. ECLs are based on the difference between the contractual cash flows
\ndue in accordance with the contract and all the cash flows that the Group expects to receive, discounted
\nat an approximation of the original effective interest rate. The expected cash flows will include cash flows
\nfrom the sale of collateral held or other credit enhancements that are integral to the contractual terms.
\nECLs are recognised in two stages. For credit exposures for which there has not been a significant
\nincrease in credit risk since initial recognition, ECLs are provided for credit losses that result from default
\n\nevents that are possible within the next 12-months (a 12-month ECL). For those credit exposures for
\nwhich there has been a significant increase in credit risk since initial recognition, a loss allowance is
\nrequired for credit losses expected over the remaining life of the exposure, irrespective of the timing of
\nthe default (a lifetime ECL).
\nFor trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
\nTherefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
\non lifetime ECLs at each reporting date.
\nThe Group considers a financial asset in default when contractual payments are 90 days past due.
\nHowever, in certain cases, the Group\u00a0may also consider a financial asset to be in default when internal or
\nexternal information indicates that the Group is unlikely to receive the outstanding contractual amounts
\nin full before taking into account any credit enhancements held by the Group. A financial asset is written
\noff when there is no reasonable expectation of recovering the contractual cash flows.
\nii) Financial liabilities
\nInitial recognition and measurement
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
\nloss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
\nhedge, as appropriate.
\nAll financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
\npayables, net of directly attributable transaction costs.
\nThe Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
\nfinancial instruments.
\nSubsequent measurement
\nThe measurement of financial liabilities depends on their classification, as described below:
\nFinancial liabilities at fair value through profit or loss
\nFinancial liabilities at fair value through profit or loss include financial liabilities held for trading and
\nfinancial liabilities designated upon initial recognition as at fair value through profit or loss.
\nFinancial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
\nin the near term. This category also includes derivative financial instruments entered into by the Group
\nthat are not designated as hedging instruments in hedge relationships as defined by IFRS 9
Financial
\nInstruments
. Separated embedded derivatives are also classified as held for trading unless they are
\ndesignated as effective hedging instruments.
\nGains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
\nthe statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
\ncosts, from the mark to market gain or loss.
\nLoans and borrowings
\nThis is the category most relevant to the Group. After initial recognition, interest-bearing loans and
\nborrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
\nrecognised in profit or loss when the liabilities are derecognised, modified and through the EIR amortisation
\nprocess.
\nAmortised cost is calculated by taking into account any discount or premium on acquisition and fees
\nor costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
\nstatement of profit or loss.
\nThis category generally applies to interest-bearing loans and borrowings.
\nDerecognition
\nA financial liability is derecognised when the obligation under the liability is discharged or cancelled or
\nexpires. When an existing financial liability is replaced by another from the same lender on substantially
\ndifferent terms, or the terms of an existing liability are substantially modified, such an exchange or
\nmodification is treated as the derecognition of the original liability and the recognition of a new liability.
\nThe difference in the respective carrying amounts is recognised in the statement of profit or loss.
\n\niii) Offsetting of financial instruments
\nFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated
\nstatement of financial position if there is a currently enforceable legal right to offset the recognised
\namounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities
\nsimultaneously.
\nDerivative financial instruments and hedge accounting
\nInitial recognition and subsequent measurement
\nThe Group uses derivative financial instruments, such as interest rate swaps and forward commodity
\ncontracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative financial
\ninstruments are initially recognised at fair value on the date on which a derivative contract is entered into
\nand are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair
\nvalue is positive and as financial liabilities when the fair value is negative.
\nFor the purpose of hedge accounting, hedges are classified as:
\n\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or
\nliability or an unrecognised firm commitment
\n\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable
\nto a particular risk associated with a recognised asset or liability or a highly probable forecast
\ntransaction or the foreign currency risk in an unrecognised firm commitment
\n\u2022
Hedges of a net investment in a foreign operation
\nAt the inception of a hedge relationship, the Group formally designates and documents the hedging
\ninstrument and the hedged item to which it wishes to apply hedge accounting and the risk management
\nobjective and strategy for undertaking the hedge.
\nA hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness
\nrequirements:
\n\u2022
There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\n\u2022
The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
\nrelationship.
\n\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
\nhedged item that the Group actually hedges and the quantity of the hedging instrument that the
\nGroup actually uses to hedge that quantity of hedged item.
\nHedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below:
\nCash flow hedges
\nThe effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
\nhedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
\nThe cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
\ninstrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
\nFrom time to time, the Group\u00a0may use forward commodity contracts for its exposure to volatility in the
\ncommodity prices. The ineffective portion relating to forward commodity contracts is recognised in
\nrevenue or cost of sales.
\nThe Group designates only the spot element of forward contracts as a hedging instrument. The forward
\nelement is recognised in OCI and accumulated in a separate component of equity.
\nThe amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
\nsame period or periods during which the hedged cash flows affect profit or loss.
\nIf cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must remain
\nin accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the amount
\nwill be immediately reclassified to profit or loss as a reclassification adjustment. After discontinuation,
\nonce the hedged cash flow occurs, any amount remaining in accumulated OCI must be accounted for
\ndepending on the nature of the underlying transaction.
\n\nEquity instruments
\nEquity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
\nOrdinary shares
\nOrdinary shares are classified as equity and measured at their nominal value. Any premiums received on
\nissue of share capital above its nominal value, are recognised as share premium within equity. Associated
\nissue costs are deducted from share premium.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14572": {
"value": "3.14 Financial instruments \u2013 initial recognition and subsequent measurement
\nA financial instrument is any contract that gives rise to a financial asset of one entity and a financial
\nliability or equity instrument of another entity.
\ni) Financial assets
\nInitial recognition and measurement
\nFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
\nvalue through other comprehensive income (OCI), or fair value through profit or loss.
\nThe classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
\ncash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade
\nreceivables that do not contain a significant financing component or for which the Group has applied
\nthe practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of
\na financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not
\ncontain a significant financing component or for which the Group has applied the practical expedient are
\nmeasured at the transaction price determined under IFRS 15.
\nIn order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
\nneeds to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal
\namount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument
\nlevel.
\nThe Group\u2019s business model for managing financial assets refers to how it manages its financial assets
\nin order to generate cash flows. The business model determines whether cash flows will result from
\ncollecting contractual cash flows, selling the financial assets, or both.
\nSubsequent measurement
\nFor purposes of subsequent measurement, financial assets are classified in two categories:
\n\u2022
Financial assets at amortised cost (debt instruments)
\n\u2022
Financial assets at fair value through profit or loss
\nFinancial assets at amortised cost
\nFinancial assets at amortised cost are subsequently measured using the effective interest (EIR) method
\nand are subject to impairment under the expected credit loss model. Gains and losses are recognised in
\nprofit or loss when the asset is derecognised, modified or impaired.
\nThe Group\u2019s financial assets at amortised cost include trade receivables.
\nFinancial assets at fair value through profit or loss
\nThe Group\u2019s financial assets at fair value through profit or loss include financial assets designated
\nupon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
\nmeasured at fair value.
\nFinancial assets at fair value through profit or loss are carried in the statement of financial position at fair
\nvalue with net changes in fair value recognised in the statement of profit or loss.
\nDerecognition
\nA financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
\nassets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
\nposition) when the rights to receive cash flows from the asset have expired or are transferred.
\nImpairment of financial assets
\nThe Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held
\nat fair value through profit or loss. ECLs are based on the difference between the contractual cash flows
\ndue in accordance with the contract and all the cash flows that the Group expects to receive, discounted
\nat an approximation of the original effective interest rate. The expected cash flows will include cash flows
\nfrom the sale of collateral held or other credit enhancements that are integral to the contractual terms.
\nECLs are recognised in two stages. For credit exposures for which there has not been a significant
\nincrease in credit risk since initial recognition, ECLs are provided for credit losses that result from default
\n\nevents that are possible within the next 12-months (a 12-month ECL). For those credit exposures for
\nwhich there has been a significant increase in credit risk since initial recognition, a loss allowance is
\nrequired for credit losses expected over the remaining life of the exposure, irrespective of the timing of
\nthe default (a lifetime ECL).
\nFor trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
\nTherefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
\non lifetime ECLs at each reporting date.
\nThe Group considers a financial asset in default when contractual payments are 90 days past due.
\nHowever, in certain cases, the Group\u00a0may also consider a financial asset to be in default when internal or
\nexternal information indicates that the Group is unlikely to receive the outstanding contractual amounts
\nin full before taking into account any credit enhancements held by the Group. A financial asset is written
\noff when there is no reasonable expectation of recovering the contractual cash flows.
\nii) Financial liabilities
\nInitial recognition and measurement
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
\nloss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
\nhedge, as appropriate.
\nAll financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
\npayables, net of directly attributable transaction costs.
\nThe Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
\nfinancial instruments.
\nSubsequent measurement
\nThe measurement of financial liabilities depends on their classification, as described below:
\nFinancial liabilities at fair value through profit or loss
\nFinancial liabilities at fair value through profit or loss include financial liabilities held for trading and
\nfinancial liabilities designated upon initial recognition as at fair value through profit or loss.
\nFinancial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
\nin the near term. This category also includes derivative financial instruments entered into by the Group
\nthat are not designated as hedging instruments in hedge relationships as defined by IFRS 9
Financial
\nInstruments
. Separated embedded derivatives are also classified as held for trading unless they are
\ndesignated as effective hedging instruments.
\nGains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
\nthe statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
\ncosts, from the mark to market gain or loss.
\nLoans and borrowings
\nThis is the category most relevant to the Group. After initial recognition, interest-bearing loans and
\nborrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
\nrecognised in profit or loss when the liabilities are derecognised, modified and through the EIR amortisation
\nprocess.
\nAmortised cost is calculated by taking into account any discount or premium on acquisition and fees
\nor costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
\nstatement of profit or loss.
\nThis category generally applies to interest-bearing loans and borrowings.
\nDerecognition
\nA financial liability is derecognised when the obligation under the liability is discharged or cancelled or
\nexpires. When an existing financial liability is replaced by another from the same lender on substantially
\ndifferent terms, or the terms of an existing liability are substantially modified, such an exchange or
\nmodification is treated as the derecognition of the original liability and the recognition of a new liability.
\nThe difference in the respective carrying amounts is recognised in the statement of profit or loss.
\n\niii) Offsetting of financial instruments
\nFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated
\nstatement of financial position if there is a currently enforceable legal right to offset the recognised
\namounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities
\nsimultaneously.
\nDerivative financial instruments and hedge accounting
\nInitial recognition and subsequent measurement
\nThe Group uses derivative financial instruments, such as interest rate swaps and forward commodity
\ncontracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative financial
\ninstruments are initially recognised at fair value on the date on which a derivative contract is entered into
\nand are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair
\nvalue is positive and as financial liabilities when the fair value is negative.
\nFor the purpose of hedge accounting, hedges are classified as:
\n\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or
\nliability or an unrecognised firm commitment
\n\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable
\nto a particular risk associated with a recognised asset or liability or a highly probable forecast
\ntransaction or the foreign currency risk in an unrecognised firm commitment
\n\u2022
Hedges of a net investment in a foreign operation
\nAt the inception of a hedge relationship, the Group formally designates and documents the hedging
\ninstrument and the hedged item to which it wishes to apply hedge accounting and the risk management
\nobjective and strategy for undertaking the hedge.
\nA hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness
\nrequirements:
\n\u2022
There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\n\u2022
The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
\nrelationship.
\n\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
\nhedged item that the Group actually hedges and the quantity of the hedging instrument that the
\nGroup actually uses to hedge that quantity of hedged item.
\nHedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below:
\nCash flow hedges
\nThe effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
\nhedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
\nThe cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
\ninstrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
\nFrom time to time, the Group\u00a0may use forward commodity contracts for its exposure to volatility in the
\ncommodity prices. The ineffective portion relating to forward commodity contracts is recognised in
\nrevenue or cost of sales.
\nThe Group designates only the spot element of forward contracts as a hedging instrument. The forward
\nelement is recognised in OCI and accumulated in a separate component of equity.
\nThe amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
\nsame period or periods during which the hedged cash flows affect profit or loss.
\nIf cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must remain
\nin accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the amount
\nwill be immediately reclassified to profit or loss as a reclassification adjustment. After discontinuation,
\nonce the hedged cash flow occurs, any amount remaining in accumulated OCI must be accounted for
\ndepending on the nature of the underlying transaction.
\n\nEquity instruments
\nEquity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
\nOrdinary shares
\nOrdinary shares are classified as equity and measured at their nominal value. Any premiums received on
\nissue of share capital above its nominal value, are recognised as share premium within equity. Associated
\nissue costs are deducted from share premium.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14573": {
"value": "3.14 Financial instruments \u2013 initial recognition and subsequent measurement
\nA financial instrument is any contract that gives rise to a financial asset of one entity and a financial
\nliability or equity instrument of another entity.
\ni) Financial assets
\nInitial recognition and measurement
\nFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
\nvalue through other comprehensive income (OCI), or fair value through profit or loss.
\nThe classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
\ncash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade
\nreceivables that do not contain a significant financing component or for which the Group has applied
\nthe practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of
\na financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not
\ncontain a significant financing component or for which the Group has applied the practical expedient are
\nmeasured at the transaction price determined under IFRS 15.
\nIn order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
\nneeds to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal
\namount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument
\nlevel.
\nThe Group\u2019s business model for managing financial assets refers to how it manages its financial assets
\nin order to generate cash flows. The business model determines whether cash flows will result from
\ncollecting contractual cash flows, selling the financial assets, or both.
\nSubsequent measurement
\nFor purposes of subsequent measurement, financial assets are classified in two categories:
\n\u2022
Financial assets at amortised cost (debt instruments)
\n\u2022
Financial assets at fair value through profit or loss
\nFinancial assets at amortised cost
\nFinancial assets at amortised cost are subsequently measured using the effective interest (EIR) method
\nand are subject to impairment under the expected credit loss model. Gains and losses are recognised in
\nprofit or loss when the asset is derecognised, modified or impaired.
\nThe Group\u2019s financial assets at amortised cost include trade receivables.
\nFinancial assets at fair value through profit or loss
\nThe Group\u2019s financial assets at fair value through profit or loss include financial assets designated
\nupon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
\nmeasured at fair value.
\nFinancial assets at fair value through profit or loss are carried in the statement of financial position at fair
\nvalue with net changes in fair value recognised in the statement of profit or loss.
\nDerecognition
\nA financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
\nassets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
\nposition) when the rights to receive cash flows from the asset have expired or are transferred.
\nImpairment of financial assets
\nThe Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held
\nat fair value through profit or loss. ECLs are based on the difference between the contractual cash flows
\ndue in accordance with the contract and all the cash flows that the Group expects to receive, discounted
\nat an approximation of the original effective interest rate. The expected cash flows will include cash flows
\nfrom the sale of collateral held or other credit enhancements that are integral to the contractual terms.
\nECLs are recognised in two stages. For credit exposures for which there has not been a significant
\nincrease in credit risk since initial recognition, ECLs are provided for credit losses that result from default
\n\nevents that are possible within the next 12-months (a 12-month ECL). For those credit exposures for
\nwhich there has been a significant increase in credit risk since initial recognition, a loss allowance is
\nrequired for credit losses expected over the remaining life of the exposure, irrespective of the timing of
\nthe default (a lifetime ECL).
\nFor trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
\nTherefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
\non lifetime ECLs at each reporting date.
\nThe Group considers a financial asset in default when contractual payments are 90 days past due.
\nHowever, in certain cases, the Group\u00a0may also consider a financial asset to be in default when internal or
\nexternal information indicates that the Group is unlikely to receive the outstanding contractual amounts
\nin full before taking into account any credit enhancements held by the Group. A financial asset is written
\noff when there is no reasonable expectation of recovering the contractual cash flows.
\nii) Financial liabilities
\nInitial recognition and measurement
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
\nloss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
\nhedge, as appropriate.
\nAll financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
\npayables, net of directly attributable transaction costs.
\nThe Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
\nfinancial instruments.
\nSubsequent measurement
\nThe measurement of financial liabilities depends on their classification, as described below:
\nFinancial liabilities at fair value through profit or loss
\nFinancial liabilities at fair value through profit or loss include financial liabilities held for trading and
\nfinancial liabilities designated upon initial recognition as at fair value through profit or loss.
\nFinancial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
\nin the near term. This category also includes derivative financial instruments entered into by the Group
\nthat are not designated as hedging instruments in hedge relationships as defined by IFRS 9
Financial
\nInstruments
. Separated embedded derivatives are also classified as held for trading unless they are
\ndesignated as effective hedging instruments.
\nGains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
\nthe statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
\ncosts, from the mark to market gain or loss.
\nLoans and borrowings
\nThis is the category most relevant to the Group. After initial recognition, interest-bearing loans and
\nborrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
\nrecognised in profit or loss when the liabilities are derecognised, modified and through the EIR amortisation
\nprocess.
\nAmortised cost is calculated by taking into account any discount or premium on acquisition and fees
\nor costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
\nstatement of profit or loss.
\nThis category generally applies to interest-bearing loans and borrowings.
\nDerecognition
\nA financial liability is derecognised when the obligation under the liability is discharged or cancelled or
\nexpires. When an existing financial liability is replaced by another from the same lender on substantially
\ndifferent terms, or the terms of an existing liability are substantially modified, such an exchange or
\nmodification is treated as the derecognition of the original liability and the recognition of a new liability.
\nThe difference in the respective carrying amounts is recognised in the statement of profit or loss.
\n\niii) Offsetting of financial instruments
\nFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated
\nstatement of financial position if there is a currently enforceable legal right to offset the recognised
\namounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities
\nsimultaneously.
\nDerivative financial instruments and hedge accounting
\nInitial recognition and subsequent measurement
\nThe Group uses derivative financial instruments, such as interest rate swaps and forward commodity
\ncontracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative financial
\ninstruments are initially recognised at fair value on the date on which a derivative contract is entered into
\nand are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair
\nvalue is positive and as financial liabilities when the fair value is negative.
\nFor the purpose of hedge accounting, hedges are classified as:
\n\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or
\nliability or an unrecognised firm commitment
\n\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable
\nto a particular risk associated with a recognised asset or liability or a highly probable forecast
\ntransaction or the foreign currency risk in an unrecognised firm commitment
\n\u2022
Hedges of a net investment in a foreign operation
\nAt the inception of a hedge relationship, the Group formally designates and documents the hedging
\ninstrument and the hedged item to which it wishes to apply hedge accounting and the risk management
\nobjective and strategy for undertaking the hedge.
\nA hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness
\nrequirements:
\n\u2022
There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\n\u2022
The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
\nrelationship.
\n\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
\nhedged item that the Group actually hedges and the quantity of the hedging instrument that the
\nGroup actually uses to hedge that quantity of hedged item.
\nHedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below:
\nCash flow hedges
\nThe effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
\nhedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
\nThe cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
\ninstrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
\nFrom time to time, the Group\u00a0may use forward commodity contracts for its exposure to volatility in the
\ncommodity prices. The ineffective portion relating to forward commodity contracts is recognised in
\nrevenue or cost of sales.
\nThe Group designates only the spot element of forward contracts as a hedging instrument. The forward
\nelement is recognised in OCI and accumulated in a separate component of equity.
\nThe amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
\nsame period or periods during which the hedged cash flows affect profit or loss.
\nIf cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must remain
\nin accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the amount
\nwill be immediately reclassified to profit or loss as a reclassification adjustment. After discontinuation,
\nonce the hedged cash flow occurs, any amount remaining in accumulated OCI must be accounted for
\ndepending on the nature of the underlying transaction.
\n\nEquity instruments
\nEquity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
\nOrdinary shares
\nOrdinary shares are classified as equity and measured at their nominal value. Any premiums received on
\nissue of share capital above its nominal value, are recognised as share premium within equity. Associated
\nissue costs are deducted from share premium.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14574": {
"value": "3.14 Financial instruments \u2013 initial recognition and subsequent measurement
\nA financial instrument is any contract that gives rise to a financial asset of one entity and a financial
\nliability or equity instrument of another entity.
\ni) Financial assets
\nInitial recognition and measurement
\nFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
\nvalue through other comprehensive income (OCI), or fair value through profit or loss.
\nThe classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
\ncash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade
\nreceivables that do not contain a significant financing component or for which the Group has applied
\nthe practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of
\na financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not
\ncontain a significant financing component or for which the Group has applied the practical expedient are
\nmeasured at the transaction price determined under IFRS 15.
\nIn order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
\nneeds to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal
\namount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument
\nlevel.
\nThe Group\u2019s business model for managing financial assets refers to how it manages its financial assets
\nin order to generate cash flows. The business model determines whether cash flows will result from
\ncollecting contractual cash flows, selling the financial assets, or both.
\nSubsequent measurement
\nFor purposes of subsequent measurement, financial assets are classified in two categories:
\n\u2022
Financial assets at amortised cost (debt instruments)
\n\u2022
Financial assets at fair value through profit or loss
\nFinancial assets at amortised cost
\nFinancial assets at amortised cost are subsequently measured using the effective interest (EIR) method
\nand are subject to impairment under the expected credit loss model. Gains and losses are recognised in
\nprofit or loss when the asset is derecognised, modified or impaired.
\nThe Group\u2019s financial assets at amortised cost include trade receivables.
\nFinancial assets at fair value through profit or loss
\nThe Group\u2019s financial assets at fair value through profit or loss include financial assets designated
\nupon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
\nmeasured at fair value.
\nFinancial assets at fair value through profit or loss are carried in the statement of financial position at fair
\nvalue with net changes in fair value recognised in the statement of profit or loss.
\nDerecognition
\nA financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
\nassets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
\nposition) when the rights to receive cash flows from the asset have expired or are transferred.
\nImpairment of financial assets
\nThe Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held
\nat fair value through profit or loss. ECLs are based on the difference between the contractual cash flows
\ndue in accordance with the contract and all the cash flows that the Group expects to receive, discounted
\nat an approximation of the original effective interest rate. The expected cash flows will include cash flows
\nfrom the sale of collateral held or other credit enhancements that are integral to the contractual terms.
\nECLs are recognised in two stages. For credit exposures for which there has not been a significant
\nincrease in credit risk since initial recognition, ECLs are provided for credit losses that result from default
\n\nevents that are possible within the next 12-months (a 12-month ECL). For those credit exposures for
\nwhich there has been a significant increase in credit risk since initial recognition, a loss allowance is
\nrequired for credit losses expected over the remaining life of the exposure, irrespective of the timing of
\nthe default (a lifetime ECL).
\nFor trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
\nTherefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
\non lifetime ECLs at each reporting date.
\nThe Group considers a financial asset in default when contractual payments are 90 days past due.
\nHowever, in certain cases, the Group\u00a0may also consider a financial asset to be in default when internal or
\nexternal information indicates that the Group is unlikely to receive the outstanding contractual amounts
\nin full before taking into account any credit enhancements held by the Group. A financial asset is written
\noff when there is no reasonable expectation of recovering the contractual cash flows.
\nii) Financial liabilities
\nInitial recognition and measurement
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
\nloss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
\nhedge, as appropriate.
\nAll financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
\npayables, net of directly attributable transaction costs.
\nThe Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
\nfinancial instruments.
\nSubsequent measurement
\nThe measurement of financial liabilities depends on their classification, as described below:
\nFinancial liabilities at fair value through profit or loss
\nFinancial liabilities at fair value through profit or loss include financial liabilities held for trading and
\nfinancial liabilities designated upon initial recognition as at fair value through profit or loss.
\nFinancial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
\nin the near term. This category also includes derivative financial instruments entered into by the Group
\nthat are not designated as hedging instruments in hedge relationships as defined by IFRS 9
Financial
\nInstruments
. Separated embedded derivatives are also classified as held for trading unless they are
\ndesignated as effective hedging instruments.
\nGains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
\nthe statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
\ncosts, from the mark to market gain or loss.
\nLoans and borrowings
\nThis is the category most relevant to the Group. After initial recognition, interest-bearing loans and
\nborrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
\nrecognised in profit or loss when the liabilities are derecognised, modified and through the EIR amortisation
\nprocess.
\nAmortised cost is calculated by taking into account any discount or premium on acquisition and fees
\nor costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
\nstatement of profit or loss.
\nThis category generally applies to interest-bearing loans and borrowings.
\nDerecognition
\nA financial liability is derecognised when the obligation under the liability is discharged or cancelled or
\nexpires. When an existing financial liability is replaced by another from the same lender on substantially
\ndifferent terms, or the terms of an existing liability are substantially modified, such an exchange or
\nmodification is treated as the derecognition of the original liability and the recognition of a new liability.
\nThe difference in the respective carrying amounts is recognised in the statement of profit or loss.
\n\niii) Offsetting of financial instruments
\nFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated
\nstatement of financial position if there is a currently enforceable legal right to offset the recognised
\namounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities
\nsimultaneously.
\nDerivative financial instruments and hedge accounting
\nInitial recognition and subsequent measurement
\nThe Group uses derivative financial instruments, such as interest rate swaps and forward commodity
\ncontracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative financial
\ninstruments are initially recognised at fair value on the date on which a derivative contract is entered into
\nand are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair
\nvalue is positive and as financial liabilities when the fair value is negative.
\nFor the purpose of hedge accounting, hedges are classified as:
\n\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or
\nliability or an unrecognised firm commitment
\n\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable
\nto a particular risk associated with a recognised asset or liability or a highly probable forecast
\ntransaction or the foreign currency risk in an unrecognised firm commitment
\n\u2022
Hedges of a net investment in a foreign operation
\nAt the inception of a hedge relationship, the Group formally designates and documents the hedging
\ninstrument and the hedged item to which it wishes to apply hedge accounting and the risk management
\nobjective and strategy for undertaking the hedge.
\nA hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness
\nrequirements:
\n\u2022
There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\n\u2022
The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
\nrelationship.
\n\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
\nhedged item that the Group actually hedges and the quantity of the hedging instrument that the
\nGroup actually uses to hedge that quantity of hedged item.
\nHedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below:
\nCash flow hedges
\nThe effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
\nhedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
\nThe cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
\ninstrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
\nFrom time to time, the Group\u00a0may use forward commodity contracts for its exposure to volatility in the
\ncommodity prices. The ineffective portion relating to forward commodity contracts is recognised in
\nrevenue or cost of sales.
\nThe Group designates only the spot element of forward contracts as a hedging instrument. The forward
\nelement is recognised in OCI and accumulated in a separate component of equity.
\nThe amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
\nsame period or periods during which the hedged cash flows affect profit or loss.
\nIf cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must remain
\nin accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the amount
\nwill be immediately reclassified to profit or loss as a reclassification adjustment. After discontinuation,
\nonce the hedged cash flow occurs, any amount remaining in accumulated OCI must be accounted for
\ndepending on the nature of the underlying transaction.
\n\nEquity instruments
\nEquity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
\nOrdinary shares
\nOrdinary shares are classified as equity and measured at their nominal value. Any premiums received on
\nissue of share capital above its nominal value, are recognised as share premium within equity. Associated
\nissue costs are deducted from share premium.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14575": {
"value": "3.14 Financial instruments \u2013 initial recognition and subsequent measurement
\nA financial instrument is any contract that gives rise to a financial asset of one entity and a financial
\nliability or equity instrument of another entity.
\ni) Financial assets
\nInitial recognition and measurement
\nFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
\nvalue through other comprehensive income (OCI), or fair value through profit or loss.
\nThe classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
\ncash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade
\nreceivables that do not contain a significant financing component or for which the Group has applied
\nthe practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of
\na financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not
\ncontain a significant financing component or for which the Group has applied the practical expedient are
\nmeasured at the transaction price determined under IFRS 15.
\nIn order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
\nneeds to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal
\namount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument
\nlevel.
\nThe Group\u2019s business model for managing financial assets refers to how it manages its financial assets
\nin order to generate cash flows. The business model determines whether cash flows will result from
\ncollecting contractual cash flows, selling the financial assets, or both.
\nSubsequent measurement
\nFor purposes of subsequent measurement, financial assets are classified in two categories:
\n\u2022
Financial assets at amortised cost (debt instruments)
\n\u2022
Financial assets at fair value through profit or loss
\nFinancial assets at amortised cost
\nFinancial assets at amortised cost are subsequently measured using the effective interest (EIR) method
\nand are subject to impairment under the expected credit loss model. Gains and losses are recognised in
\nprofit or loss when the asset is derecognised, modified or impaired.
\nThe Group\u2019s financial assets at amortised cost include trade receivables.
\nFinancial assets at fair value through profit or loss
\nThe Group\u2019s financial assets at fair value through profit or loss include financial assets designated
\nupon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
\nmeasured at fair value.
\nFinancial assets at fair value through profit or loss are carried in the statement of financial position at fair
\nvalue with net changes in fair value recognised in the statement of profit or loss.
\nDerecognition
\nA financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
\nassets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
\nposition) when the rights to receive cash flows from the asset have expired or are transferred.
\nImpairment of financial assets
\nThe Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held
\nat fair value through profit or loss. ECLs are based on the difference between the contractual cash flows
\ndue in accordance with the contract and all the cash flows that the Group expects to receive, discounted
\nat an approximation of the original effective interest rate. The expected cash flows will include cash flows
\nfrom the sale of collateral held or other credit enhancements that are integral to the contractual terms.
\nECLs are recognised in two stages. For credit exposures for which there has not been a significant
\nincrease in credit risk since initial recognition, ECLs are provided for credit losses that result from default
\n\nevents that are possible within the next 12-months (a 12-month ECL). For those credit exposures for
\nwhich there has been a significant increase in credit risk since initial recognition, a loss allowance is
\nrequired for credit losses expected over the remaining life of the exposure, irrespective of the timing of
\nthe default (a lifetime ECL).
\nFor trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
\nTherefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
\non lifetime ECLs at each reporting date.
\nThe Group considers a financial asset in default when contractual payments are 90 days past due.
\nHowever, in certain cases, the Group\u00a0may also consider a financial asset to be in default when internal or
\nexternal information indicates that the Group is unlikely to receive the outstanding contractual amounts
\nin full before taking into account any credit enhancements held by the Group. A financial asset is written
\noff when there is no reasonable expectation of recovering the contractual cash flows.
\nii) Financial liabilities
\nInitial recognition and measurement
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
\nloss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
\nhedge, as appropriate.
\nAll financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
\npayables, net of directly attributable transaction costs.
\nThe Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
\nfinancial instruments.
\nSubsequent measurement
\nThe measurement of financial liabilities depends on their classification, as described below:
\nFinancial liabilities at fair value through profit or loss
\nFinancial liabilities at fair value through profit or loss include financial liabilities held for trading and
\nfinancial liabilities designated upon initial recognition as at fair value through profit or loss.
\nFinancial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
\nin the near term. This category also includes derivative financial instruments entered into by the Group
\nthat are not designated as hedging instruments in hedge relationships as defined by IFRS 9
Financial
\nInstruments
. Separated embedded derivatives are also classified as held for trading unless they are
\ndesignated as effective hedging instruments.
\nGains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
\nthe statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
\ncosts, from the mark to market gain or loss.
\nLoans and borrowings
\nThis is the category most relevant to the Group. After initial recognition, interest-bearing loans and
\nborrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
\nrecognised in profit or loss when the liabilities are derecognised, modified and through the EIR amortisation
\nprocess.
\nAmortised cost is calculated by taking into account any discount or premium on acquisition and fees
\nor costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
\nstatement of profit or loss.
\nThis category generally applies to interest-bearing loans and borrowings.
\nDerecognition
\nA financial liability is derecognised when the obligation under the liability is discharged or cancelled or
\nexpires. When an existing financial liability is replaced by another from the same lender on substantially
\ndifferent terms, or the terms of an existing liability are substantially modified, such an exchange or
\nmodification is treated as the derecognition of the original liability and the recognition of a new liability.
\nThe difference in the respective carrying amounts is recognised in the statement of profit or loss.
\n\niii) Offsetting of financial instruments
\nFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated
\nstatement of financial position if there is a currently enforceable legal right to offset the recognised
\namounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities
\nsimultaneously.
\nDerivative financial instruments and hedge accounting
\nInitial recognition and subsequent measurement
\nThe Group uses derivative financial instruments, such as interest rate swaps and forward commodity
\ncontracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative financial
\ninstruments are initially recognised at fair value on the date on which a derivative contract is entered into
\nand are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair
\nvalue is positive and as financial liabilities when the fair value is negative.
\nFor the purpose of hedge accounting, hedges are classified as:
\n\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or
\nliability or an unrecognised firm commitment
\n\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable
\nto a particular risk associated with a recognised asset or liability or a highly probable forecast
\ntransaction or the foreign currency risk in an unrecognised firm commitment
\n\u2022
Hedges of a net investment in a foreign operation
\nAt the inception of a hedge relationship, the Group formally designates and documents the hedging
\ninstrument and the hedged item to which it wishes to apply hedge accounting and the risk management
\nobjective and strategy for undertaking the hedge.
\nA hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness
\nrequirements:
\n\u2022
There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\n\u2022
The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
\nrelationship.
\n\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
\nhedged item that the Group actually hedges and the quantity of the hedging instrument that the
\nGroup actually uses to hedge that quantity of hedged item.
\nHedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below:
\nCash flow hedges
\nThe effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
\nhedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
\nThe cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
\ninstrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
\nFrom time to time, the Group\u00a0may use forward commodity contracts for its exposure to volatility in the
\ncommodity prices. The ineffective portion relating to forward commodity contracts is recognised in
\nrevenue or cost of sales.
\nThe Group designates only the spot element of forward contracts as a hedging instrument. The forward
\nelement is recognised in OCI and accumulated in a separate component of equity.
\nThe amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
\nsame period or periods during which the hedged cash flows affect profit or loss.
\nIf cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must remain
\nin accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the amount
\nwill be immediately reclassified to profit or loss as a reclassification adjustment. After discontinuation,
\nonce the hedged cash flow occurs, any amount remaining in accumulated OCI must be accounted for
\ndepending on the nature of the underlying transaction.
\n\nEquity instruments
\nEquity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
\nOrdinary shares
\nOrdinary shares are classified as equity and measured at their nominal value. Any premiums received on
\nissue of share capital above its nominal value, are recognised as share premium within equity. Associated
\nissue costs are deducted from share premium.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14634": {
"value": "ECLs are recognised in two stages. For credit exposures for which there has not been a significant
\nincrease in credit risk since initial recognition, ECLs are provided for credit losses that result from default
events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for
\nwhich there has been a significant increase in credit risk since initial recognition, a loss allowance is
\nrequired for credit losses expected over the remaining life of the exposure, irrespective of the timing of
\nthe default (a lifetime ECL).
\nFor trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
\nTherefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
\non lifetime ECLs at each reporting date.
26.4
Credit risk
\nCredit risk arises when a failure by counterparties to discharge their obligations could reduce the amount
\nof future cash inflows from financial assets on hand at the reporting date. The Group has policies in place
\nto ensure that all of its transactions giving rise to credit risk are made with parties having an appropriate
\ncredit history and monitors on a continuous basis the ageing profile of its receivables.
\nAlso, the Group has policies to limit the amount of credit exposure to any banking institution, considering
\namong other factors the credit ratings of the banks with which deposits are held. Credit quality information
\nin relation to those banks is provided below.
\nWith regard to the risk of potential losses caused by the failure of any of the counterparties the Company
\ninteracts with to honour the commitments they have undertaken, the Group has implemented for some
\ntime procedures and tools to evaluate and select counterparties based on their credit rating, constantly
\nmonitoring its exposure to the various counterparties and implementing appropriate mitigating actions,
\nprimarily aimed at recovering or transferring receivables.
\nPresented below is a breakdown of trade receivables by past due bracket:
\n($\u2019000)
\n31\u00a0December
\n2022
\n31\u00a0December
\n2021
\nTrade receivables and receivables from partners under JOA
224,319
215,776
\nAllowance for impairment
(4,565)
(31,834)
\nTotal
219,754
183,942
\nTrade
receivables
include
balances
from
EGPC,
the
Egyptian
governmental
body
that
are
significantly
\naged.
\n31\u00a0December 2022
31\u00a0December 2021
\nTrade
\nreceivables
Allowance
\nTrade
\nreceivables
Allowance
($\u2019000)
\nNot yet due
75,573
(2,377)
44,602
(1,461)
\nPast due by less than
\none month
27,654
(870)
12,187
(399)
\nPast due by one to
\nthree months
\u2013
\u2013
12,212
(400)
\nPast due by three to six
\nmonths
11,032
(347)
12,959
(425)
\nPast due by more than
\nsix months
6,095
(192)
41,646
(25,786)
\nTotal
120,354
(3,786)
123,606
(28,471)
Trade Receivables by geography
\n($\u2019000)
\n31\u00a0December
\n2022
\n31\u00a0December
\n2021
\nItaly
57,000
41,757
\nUnited Kingdom
6,491
5,428
\nEgypt
120,361
123,850
\nGreece
2,976
2,893
\nCroatia
\u2013
212
\nIsrael
37,491
21,275
\nOther Countries
\u2013
2,215
\nTotal
224,319
197,630
\nCredit quality of bank deposits
\nThe credit quality of the banks in which the Group keeps its deposits is assessed by reference to the credit
\nrating of these banks. Moody\u2019s credit ratings of the corresponding banks in which the Group keeps its
\ndeposits is as follows:
\n($\u2019000)
2022
2021
\nA1
294,505
288,953
\nA2
96,599
549,494
\nA3
31,084
10,139
\nBBB
30,826
64,760
\nBB
48,403
16,590
\nB3
1,247
634
\n502,664
930,570
\nThe Company has assessed the recoverability of all cash balances and considers they are carried within
\nthe consolidated statement of financial position at amounts not materially different to their fair value.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14860": {
"value": "3.15 Share-based payment
\nEquity-settled transactions
\nAwards to non-employees:
\nThe fair value of the equity settled awards has been determined at the date the goods or services are
\nreceived with a corresponding increase in equity (share-based payment reserve).
\nAwards to employees:
\nEmployees (including senior executives) of the Group receive remuneration in the form of share-based
\npayments, whereby employees render services as consideration for equity instruments (equity-settled
\ntransactions).
\nThe fair value of the equity settled awards has been determined at the date of grant of the award allowing
\nfor the effect of any market-based performance conditions.
\nThat cost is recognised in employee benefits expense, together with a corresponding increase in equity
\n(share-based payment reserve), over the period in which the service and, where applicable, the performance
\nconditions are fulfilled (the vesting period). The cumulative expense recognised for equity-settled
\ntransactions at each reporting date until the vesting date reflects the extent to which the vesting period
\nhas expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest.
\nThe expense or credit in the statement of profit or loss for a period represents the movement in cumulative
\nexpense recognised as at the beginning and end of that period.
\nService and non-market performance conditions are not taken into account when determining the grant
\ndate fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s
\nbest estimate of the number of equity instruments that will ultimately vest. Market performance conditions
\nare reflected within the grant date fair value. Any other conditions attached to an award, but without an
\nassociated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are
\nreflected in the fair value of an award and lead to an immediate expensing of an award unless there are
\nalso service and/or performance conditions.
\nNo expense is recognised for awards that do not ultimately vest because non-market performance and/
\nor service conditions have not been met. Where awards include a market or non-vesting condition, the
\ntransactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied,
\nprovided that all other performance and/or service conditions are satisfied.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14893": {
"value": "3.16 Fair value measurement
\nFair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
\ntransaction between market participants at the measurement date. The fair value measurement is based
\non the presumption that the transaction to sell the asset or transfer the liability takes place either: in the
\nprincipal market for the asset or liability or in the absence of a principal market, in the most advantageous
\nmarket for the asset or liability.
\nThe fair value of an asset or a liability is measured using the assumptions that market participants would
\nuse when pricing the asset or liability, assuming that market participants act in their economic best
\ninterest. A fair value measurement of a non-financial asset takes into account a market participant\u2019s
\nability to generate economic benefits by using the asset in its highest and best use or by selling it to
\nanother market participant that would use the asset in its highest and best use.
\n
\nThe Group uses valuation techniques that are appropriate in the circumstances and for which sufficient
\ndata are available to measure fair value, maximising the use of relevant observable inputs and minimising
\nthe use of unobservable inputs.
\nAll assets and liabilities, for which fair value is measured or disclosed in the consolidated financial
\nstatements, are categorised within the fair value hierarchy, described as follows, based on the lowest-level
\ninput that is significant to the fair value measurement as a whole:
\n\u2022
Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets or liabilities
\n\u2022
Level 2 \u2013 Valuation techniques for which the lowest-level input that is significant to the fair value
\nmeasurement is directly or indirectly observable
\n\u2022
Level 3 \u2013 Valuation techniques for which the lowest-level input that is significant to the fair value
\nmeasurement is unobservable
\nFor assets and liabilities that are recognised in the consolidated financial statements on a recurring basis,
\nthe Group determines whether transfers have occurred between levels in the hierarchy by reassessing
\ncategorisation (based on the lowest-level input that is significant to the fair value measurement as a
\nwhole) at the end of each reporting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14941": {
"value": "3.17 Cash and cash equivalents
\nCash and cash equivalents comprise of cash at bank, demand deposits and also cash reserves retained
\nas a bank security pledge in respect of bank guarantees (Note 28), with a maturity of three months or less
\nthat are subject to an insignificant risk of changes in their fair value.
\nThe cash reserves retained as a bank security pledge in respect of bank guarantees are defined as
\ndeposits in escrow and held in designated bank deposits accounts to be released when the Group meet
\nthe specified expenditure milestones.
\nRestricted cash comprises balances retained in respect of the Group\u2019s Senior Secured Notes and cash
\ncollateral provided under a letter of credit facility for issuing bank guarantees for Group\u2019s activities in
\nIsrael (see Note 16). The nature of the restrictions on these balances mean that they do not qualify for
\nclassification as cash equivalents.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14942": {
"value": "3.17 Cash and cash equivalents
\nCash and cash equivalents comprise of cash at bank, demand deposits and also cash reserves retained
\nas a bank security pledge in respect of bank guarantees (Note 28), with a maturity of three months or less
\nthat are subject to an insignificant risk of changes in their fair value.
\nThe cash reserves retained as a bank security pledge in respect of bank guarantees are defined as
\ndeposits in escrow and held in designated bank deposits accounts to be released when the Group meet
\nthe specified expenditure milestones.
\nRestricted cash comprises balances retained in respect of the Group\u2019s Senior Secured Notes and cash
\ncollateral provided under a letter of credit facility for issuing bank guarantees for Group\u2019s activities in
\nIsrael (see Note 16). The nature of the restrictions on these balances mean that they do not qualify for
\nclassification as cash equivalents.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14970": {
"value": "3.19 Inventories
\nInventories comprise crude oil and by-product (sulphur), consumables and other spare parts. Inventories
\nare stated at the lower of cost and net realisable value. Cost is determined using the monthly weighted
\naverage cost method. The cost of finished goods and work in progress comprises raw materials, direct
\nlabour, other direct costs and related production overheads. It does not include borrowing costs. Net
\nrealisable value is the estimated selling price in the ordinary course of business, less estimated costs of
\ncompletion and estimated costs necessary to make the sale. Spare parts consumed within a year are
\ncarried as inventory and recognised in profit or loss when consumed.
\nThe Group assesses the net realisable value of the inventories at the end of each year and recognises in
\nthe consolidated statement of profit or loss the appropriate valuation adjustment if the inventories are
\noverstated. When the circumstances that previously caused impairment no longer exist or when there
\n\nis clear evidence of an increase in the inventories\u2019 net realisable value due to a change in the economic
\ncircumstances, the amount thereof is reversed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f15002": {
"value": "3.20 Provisions
\nProvisions are recognised when the Group has a present legal or constructive obligation as a result of
\npast events, it is probable that an outflow of resources will be required to settle the obligation, and a
\nreliable estimate of the amount can be made. Where the Group expects a provision to be reimbursed,
\nfor example under an insurance contract, the reimbursement is recognised as a separate asset but only
\nwhen the reimbursement is virtually certain. The amount recognised as a provision is the best estimate
\nof the consideration required to settle the present obligation at the end of the reporting period, taking
\ninto account the risk and uncertainties surrounding the obligation. The expense relating to a provision is
\npresented in profit or loss net of any reimbursement. If the effect of the time value of money is material,
\nprovisions are discounted using a current pre-tax rate that reflects the risks specific to the liability. When
\ndiscounting is used, the increase in the provision due to the passage of time is recognised as a finance
\ncost.
\nDecommissioning costs
\nProvision for decommissioning is recognised in full when the related facilities are installed. A\u00a0corresponding
\namount equivalent to the provision is also recognised as part of the cost of the related property, plant and
\nequipment.
\nThe amount recognised is the estimated cost of decommissioning, discounted to its net present value at a
\nrisk-free discount rate, and is reassessed each year in accordance with local conditions and requirements.
\nChanges in the estimated timing of decommissioning or decommissioning cost estimates are dealt with
\nprospectively by recording an adjustment to the provision, and a corresponding adjustment to property,
\nplant and equipment. The unwinding of the discount on the decommissioning provision is included as a
\nfinance cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f15003": {
"value": "3.20 Provisions
\nProvisions are recognised when the Group has a present legal or constructive obligation as a result of
\npast events, it is probable that an outflow of resources will be required to settle the obligation, and a
\nreliable estimate of the amount can be made. Where the Group expects a provision to be reimbursed,
\nfor example under an insurance contract, the reimbursement is recognised as a separate asset but only
\nwhen the reimbursement is virtually certain. The amount recognised as a provision is the best estimate
\nof the consideration required to settle the present obligation at the end of the reporting period, taking
\ninto account the risk and uncertainties surrounding the obligation. The expense relating to a provision is
\npresented in profit or loss net of any reimbursement. If the effect of the time value of money is material,
\nprovisions are discounted using a current pre-tax rate that reflects the risks specific to the liability. When
\ndiscounting is used, the increase in the provision due to the passage of time is recognised as a finance
\ncost.
\nDecommissioning costs
\nProvision for decommissioning is recognised in full when the related facilities are installed. A\u00a0corresponding
\namount equivalent to the provision is also recognised as part of the cost of the related property, plant and
\nequipment.
\nThe amount recognised is the estimated cost of decommissioning, discounted to its net present value at a
\nrisk-free discount rate, and is reassessed each year in accordance with local conditions and requirements.
\nChanges in the estimated timing of decommissioning or decommissioning cost estimates are dealt with
\nprospectively by recording an adjustment to the provision, and a corresponding adjustment to property,
\nplant and equipment. The unwinding of the discount on the decommissioning provision is included as a
\nfinance cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f15031": {
"value": "3.21 Revenue
\nRevenue from contracts with customers is recognised when control of the gas/crude oil/by-products
\nor rendering of services are transferred to the customer at an amount that reflects the consideration to
\nwhich the Group expects to be entitled in exchange for those goods or services.
\nThe Group has concluded that it is the principal in its revenue arrangements because it typically controls
\nthe goods or services before transferring them to the customer. In certain jurisdictions in which the Group
\noperates royalties are levied by the government. The government can request that these royalty payments
\nbe made in cash or in kind. In the current year and in prior years the government has requested cash
\npayments be made and therefore the Group has not made any royalty payments in kind. As such the
\nGroup obtains control of all the underlying reserves once extracted, sells the production to its customers
\nand then remits the proceeds to the royalty holder and is therefore considered to be acting as the principal.
\nSale of gas, crude oil and by-products
\nSales revenue represents the sales value, net of VAT, of actual sales volumes to customers in the year
\ntogether with the gain/loss on realisation of cash flow hedges.
\nThe Group\u2019s accounting policy under IFRS 15 is that revenue is recognised when the Group satisfies a
\nperformance obligation by transferring oil or gas to its customer. The title to oil and gas typically transfers
\nto a customer at the same time as the customer takes physical possession of the oil or gas. Typically, at
\nthis point in time, the performance obligations of the Group are fully satisfied. The revenue is recorded
\nwhen the oil or gas has been physically delivered to a vessel or pipeline.
\nRendering of services
\nThe Group recognises revenue from technical advisory services, using an input method to measure
\nprogress towards complete satisfaction of the service, because the customer simultaneously receives
\nand consumes the benefits provided by the Group. The Group recognises revenue from advisory services
\non the basis of the labour hours expended relative to the total expected labour hours to complete the
\nservice.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f15073": {
"value": "3.22 Retirement benefit costs
\nState managed retirement benefit scheme
\nPayments made to state managed retirement benefit schemes (e.g. government social insurance fund)
\nare dealt with as payments to defined contribution plans where the Group\u2019s obligations under the plans
\nare equivalent to those arising in a defined contribution plan. The Group\u2019s contributions are expensed as
\nincurred and are included in staff costs. The Group has no legal or constructive obligations to pay further
\ncontributions if the government scheme does not hold sufficient assets to pay all employees benefits
\nrelating to employee service in the current and prior periods.
\nDefined benefit plan
\nThe Group operates an unfunded defined benefit plan in which a lump sum amount is specified and is
\npayable at the termination of employees\u2019 services based on such factors as the length of the employees\u2019
\nservice and their salary. The liability recognised for the defined benefit plan is the present value of the
\ndefined benefit obligation at the reporting date.
\nThe cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial
\nvaluations being carried out at each reporting date. These assumptions used in the actuarial valuations
\nare developed by management with the assistance of independent actuaries.
\nService costs on the defined benefit plan are included in staff costs. Interest expense on the defined
\nbenefit liability is included in finance costs. Gains and losses resulting from other remeasurements of the
\ndefined benefit liability are included in other comprehensive income and are not reclassified to profit or
\nloss in subsequent periods.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f15097": {
"value": "3.23 Borrowing costs
\nBorrowing costs directly attributable to the acquisition, construction or production of qualifying assets,
\nwhich are assets that necessarily take a substantial period of time to get ready for their intended use or
\nsale, are added to the cost of those assets, until such time as the assets are substantially ready for their
\nintended use or sale. Investment income earned on the temporary investment of specific borrowings
\npending their expenditure on qualifying assets is deducted from the borrowing costs eligible for
\ncapitalisation.
\nExcluded from the above capitalisation policy are any qualifying assets that are inventories that are
\nproduced in large quantities on a repetitive basis and any Exploration and Evaluation assts which have
\nnot resulted in the classification of commercial reserves.
\nBorrowing costs consist of interest and other costs that the Group incurs in connection with the borrowing
\nof funds.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f15113": {
"value": "3.24 Tax
\nIncome tax expense represents the sum of current and deferred tax.
\nThe tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as
\nreported in the consolidated financial statements because it excludes items of income or expense that
\nare taxable or deductible in other years and it further excludes items that are never taxable or deductible.
\nThe Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively
\nenacted by the reporting date.
\nDeferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities
\nin the consolidated financial statements and the corresponding tax bases used in the computation of
\ntaxable profit, based on tax rates that have been enacted or substantively enacted by the reporting date.
\nDeferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax
\nassets are recognised to the extent that it is probable that taxable profits will be available against which
\ndeductible temporary differences can be utilised. No deferred tax is recognised if the temporary difference
\narises from goodwill or from the initial recognition (other than in a business combination) of assets and
\nliabilities in a transaction that affects neither the taxable profit nor the accounting profit.
\n\nCurrent and deferred tax assets and corresponding liabilities are offset when there is a legally enforceable
\nright to set off current tax assets against current tax liabilities and when they relate to income taxes levied
\nby the same taxation authority and the Group intends to settle its tax assets and liabilities on a net basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f15150": {
"value": "3.25 Equity, reserves and dividend payments
\nShare capital represents the nominal (par) value of shares that have been issued. Share premium includes
\nany premiums received on issue of share capital. Any transaction costs associated with the issuing of
\nshares are deducted from share premium, net of any related income tax benefits.
\nOther components of equity include the following:
\n\u2022
Remeasurement of net defined benefit liability \u2013 comprises the actuarial losses from changes in
\ndemographic and financial assumptions and the return on plan assets (see Note 3.22)
\n\u2022
Translation reserve \u2013 comprises foreign currency translation differences arising from the translation
\nof financial statements of the Group\u2019s foreign entities (see Note 3.1)
\n\u2022
Merger reserves \u2013 On 30\u00a0June 2017, the Company became the parent company of the Group
\nthrough the acquisition of the full share capital of Energean E&P Holdings Limited. From that
\npoint, in the consolidated financial statements, the share capital became that of Energean plc. The
\npreviously recognised share capital and share premium of Energean E&P Holdings Limited was
\neliminated with a corresponding positive merger reserve.
\nShare-based payment reserve: The share-based payments reserve is used to recognise the value of equity-
\nsettled share-based payments granted to parties including employees and key management personnel,
\nas part of their remuneration.
\nRetained earnings includes all current and prior period retained profits.
\nAll transactions with owners of the parent are recorded separately within equity.
\nDividend distributions payable to equity shareholders are included in other liabilities when the dividends
\nhave been approved in a general meeting prior to the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f15151": {
"value": "3.25 Equity, reserves and dividend payments
\nShare capital represents the nominal (par) value of shares that have been issued. Share premium includes
\nany premiums received on issue of share capital. Any transaction costs associated with the issuing of
\nshares are deducted from share premium, net of any related income tax benefits.
\nOther components of equity include the following:
\n\u2022
Remeasurement of net defined benefit liability \u2013 comprises the actuarial losses from changes in
\ndemographic and financial assumptions and the return on plan assets (see Note 3.22)
\n\u2022
Translation reserve \u2013 comprises foreign currency translation differences arising from the translation
\nof financial statements of the Group\u2019s foreign entities (see Note 3.1)
\n\u2022
Merger reserves \u2013 On 30\u00a0June 2017, the Company became the parent company of the Group
\nthrough the acquisition of the full share capital of Energean E&P Holdings Limited. From that
\npoint, in the consolidated financial statements, the share capital became that of Energean plc. The
\npreviously recognised share capital and share premium of Energean E&P Holdings Limited was
\neliminated with a corresponding positive merger reserve.
\nShare-based payment reserve: The share-based payments reserve is used to recognise the value of equity-
\nsettled share-based payments granted to parties including employees and key management personnel,
\nas part of their remuneration.
\nRetained earnings includes all current and prior period retained profits.
\nAll transactions with owners of the parent are recorded separately within equity.
\nDividend distributions payable to equity shareholders are included in other liabilities when the dividends
\nhave been approved in a general meeting prior to the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f15159": {
"value": "Other components of equity include the following: \u2022
Remeasurement of net defined benefit liability \u2013 comprises the actuarial losses from changes in
\ndemographic and financial assumptions and the return on plan assets (see Note 3.22)
\n\u2022
Translation reserve \u2013 comprises foreign currency translation differences arising from the translation
\nof financial statements of the Group\u2019s foreign entities (see Note 3.1)
\n\u2022
Merger reserves \u2013 On 30\u00a0June 2017, the Company became the parent company of the Group
\nthrough the acquisition of the full share capital of Energean E&P Holdings Limited. From that
\npoint, in the consolidated financial statements, the share capital became that of Energean plc. The
\npreviously recognised share capital and share premium of Energean E&P Holdings Limited was
\neliminated with a corresponding positive merger reserve.
\nShare-based payment reserve: The share-based payments reserve is used to recognise the value of equity-
\nsettled share-based payments granted to parties including employees and key management personnel,
\nas part of their remuneration.
\nRetained earnings includes all current and prior period retained profits.
\nAll transactions with owners of the parent are recorded separately within equity.
\nDividend distributions payable to equity shareholders are included in other liabilities when the dividends
have been approved in a general meeting prior to the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f15184": {
"value": "4Critical accounting estimates and judgements
\nThe preparation of these consolidated financial statements in conformity with IFRS requires the use of
\naccounting estimates and assumptions, and also requires management to exercise its judgement, in the
\nprocess of applying the Group\u2019s accounting policies.
\nEstimates, assumptions and judgement applied are continually evaluated and are based on historical
\nexperience and other factors, including expectations of future events that are believed to be reasonable
\nunder the circumstances. Although these estimates, assumptions and judgement are based on
\nmanagement\u2019s best knowledge of current events and actions, actual results\u00a0may ultimately differ.
\n4.1
Critical judgements in applying the Group\u2019s accounting policies
\nThe following are management judgements in applying the accounting policies of the Group that have the
\nmost significant effect on the consolidated financial statements:
\nCarrying value of intangible exploration and evaluation assets (note 13)
\nAmounts carried under intangible exploration and evaluation assets represent active exploration projects.
\nCapitalised costs will be written off to the income statement as exploration costs unless commercial
\nreserves are established or the determination process is not completed and there are no indications
\nof impairment in accordance with the Group\u2019s accounting policy. The process of determining whether
\nthere is an indicator for impairment or impairment reversal and quantifying the amount requires critical
\njudgement. The key areas in which management has applied judgement as follows: the Group\u2019s intention
\nto proceed with a future work programme; the likelihood of license renewal or extension; the assessment
\nof whether sufficient data exists to indicate that, although a development in the specific area is likely to
\nproceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full
\nfrom successful development or by sale; and the success of a well result or geological or geophysical
\nsurvey.
\n\nIdentification of cash generating units
\nIn considering the carrying value of property, plant and equipment the Group has to make a critical
\njudgement in relation to the identification of the smallest cash generating units to which those assets are
\nallocated. In all countries except for Italy the cash generating unit is considered to be at the concession
\nlevel. In Italy the gas field concessions are connected via a shared pipeline with different points of
\nentry, which allows production to be changed from one concession to another. In view of this shared
\ninfrastructure that exists in Italy and the ability to move sales between assets as well as the management
\nof spare parts and the organisational structure of the Italian business the Group has determined that the
\nrelated cash inflows are interdependent and therefore identified five cash generating units in Italy being
\nItaly Gas and then the oil fields (Vega, Sarago Mare, Rospo and Other Oil fields) which is consistent with
\nhow the Group monitors the business.
\n4.2
Estimation uncertainty
\nThe estimates and assumptions that have a significant risk of causing a material adjustment to the
\ncarrying amounts of assets and liabilities within the next financial year, are discussed below:
\nImpairment of property, plant and equipment
\nThe Group assesses at each reporting date whether there is an indication that an asset (or CGU)\u00a0may be
\nimpaired. The Group assesses impairment at each reporting date by evaluating conditions specific to the
\nGroup that\u00a0may lead to impairment of assets. Where indicators of impairments or impairment reversals
\nare present and an impairment or impairment reversal test is required, the calculation of the recoverable
\namount requires estimation of future cash flows within complex impairment models. The recoverable
\namount (which is the higher of fair value less costs to sell and value in use) of the cash-generating unit
\nto which the assets belong is then estimated based on the present value of future discounted cash
\nflows. Key assumptions and estimates used in both the impairment models and in the calculation of the
\nrecoverable amount are: commodity price assumptions, production profiles, the future impact of risks
\nassociated with climate change, discount rates and commercial reserves and the related cost profiles.
\nCommercial (proven and probable) reserves are estimates of the amount of oil and gas that can be
\neconomically extracted from the Group\u2019s oil and gas assets. The Group\u2019s impairment assessment did
\nnot identify any cash generating units for which a reasonably possible change in a key assumption would
\nresult in impairment or impairment reversal, except for the Vega oil field in Italy. A 8% decrease in Brent
\nwould eliminate the current headroom of the Vega CGU.
\nManagement has considered how the Group\u2019s identified climate risks and climate related goals (as
\ndiscussed in the Strategic Report)\u00a0may impact the estimation of the recoverable amount of cash-generating
\nunits in the impairment assessments. The anticipated extent and nature of the future impact of climate on
\nthe Group\u2019s operations and future investment, and therefore estimation of recoverable value, is not uniform
\nacross all cash-generating units. There is a range of inherent uncertainties in the extent that responses
\nto climate change\u00a0may impact the recoverable value of the Group\u2019s cash-generating units, with many
\nof these being outside the Group\u2019s control. These include the impact of future changes in government
\npolicies, legislation and regulation, societal responses to climate change, the future availability of new
\ntechnologies and changes in supply and demand dynamics.
\nThe Group has incorporated carbon pricing when preparing discounted cash flow valuations. Carbon
\nprices are incorporated based on currently enacted legislation (where relevant). Carbon costs are based
\non the forecast carbon price per tonne/CO2e, multiplied by estimated Scope 1 and 2 emissions for the
\nrelevant operation. As part of the impairment assessment the Group has run sensitivity scenarios for the
\nIEA\u2019s 2022 WEO climate scenarios (Stated Policies Scenario (STEPS), Announced Pledges Scenario (APS)
\nand Net-Zero Emissions by 2050 Scenario (NZE)). Specific
scenarios are not used as an input to asset
\nvaluations for financial reporting purposes as no single scenario is representative of management\u2019s best
\nestimate of the likely assumptions that would be used by a market participant when valuing the Group\u2019s
\nassets. The Groups CGUs in Italy and Greece are most impacted by the scenarios, specifically the Vega
\nfield which as noted above is sensitive to changes in Brent prices.
\nFurther details about the carrying value of property, plant and equipment are shown in Note 12 of the
\nconsolidated financial statements.
\n
\nMeasurement of Contingent consideration (note 26.1)
\nThe acquisition of Edison Exploration & Production S.p.A completed in 2020 included a contingent
\nconsideration of up to $100.0\u00a0million for which the fair value has been estimated at $86.3\u00a0million at
\n31\u00a0December 2022, based on pricing simulations. The final consideration amount will be determined
\non the basis of future gas prices (PSV) recorded at the time of at the time of first gas production at
\nCassiopea, which is expected in 2024.
\nHydrocarbon reserve and resource estimates
\nThe Group\u2019s oil and gas development and production properties are depreciated on a unit of production
\nbasis at a rate calculated by reference to developed and undeveloped proved and probable commercial
\nreserves (2P developed and undeveloped) which are estimated to be recoverable with existing and future
\ndeveloped facilities using current operating methods, determined in accordance with the Petroleum
\nResources Management System published by the Society of Petroleum Engineers, the World Petroleum
\nCongress and the American Association of Petroleum Geologists.
\nCommercial reserves are determined using estimates of oil and gas in place, recovery factors and future
\nprices. The level of estimated commercial reserves is also a key determinant in assessing whether
\nthe carrying value of any of the Group\u2019s oil and gas properties has been impaired. As the economic
\nassumptions used, including the impact of climate change,\u00a0may change and as additional geological
\ninformation is produced during the operation of a field, estimates of recoverable reserves\u00a0may change.
\nSuch changes\u00a0may impact the Group\u2019s reported financial position and results which include:
\n\u2022
Depreciation and amortisation charges in profit or loss\u00a0may change where such charges are
\ndetermined using the units of production method, or where the useful life of the related assets
\nchange
\n\u2022
Impairment charges in profit or loss
\n\u2022
Provisions for decommissioning\u00a0may change where changes to the reserve estimates affect
\nexpectations about when such activities will occur and the associated cost of these activities
\n\u2022
The recognition and carrying value of deferred tax assets\u00a0may change due to changes in the
\njudgements regarding the existence of such assets and in estimates of the likely recovery of such
\nassets.
\nThe impact upon commercial reserves (if any) and the aggregate depletion charge for the year of a
\nfluctuation of the forward Brent oil price and PSV price assumption as well as the Group\u2019s carrying amount
\nof oil and gas properties for the current and prior period are presented in note 12. Management monitors
\nthe impact on the commercial reserves and the depletion charge on a Group level.
\nDecommissioning liabilities (note 23):
\nThere is uncertainty around the cost of decommissioning as cost estimates can vary in response to
\nmany factors, including from changes to market rates for goods and services, to the relevant legal
\nrequirements, the emergence of new technology or experience at other assets. The expected timing,
\nwork scope, amount of expenditure, discount and inflation rates\u00a0may also change. Therefore significant
\nestimates and assumptions are made in determining the provision for decommissioning.
\nThe estimated decommissioning costs are reviewed annually by an internal expert and the results of this
\nreview are then assessed alongside estimates from operators. Provision for environmental clean-up and
\nremediation costs is based on current legal and contractual requirements, technology and price levels.
\nThe Group considers the impact of climate change on environmental restoration and decommissioning
\nprovisions, specifically the timing of future cash flows, and has concluded that it does not currently
\nrepresent a key source of estimation uncertainty. Changes to legislation, including in relation to climate
\nchange, are factored into the provisions when the legislation becomes enacted.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f15345": {
"value": "5Segmental reporting
\nThe information reported to the Group\u2019s Chief Executive Officer and Chief Financial Officer (together the
\nChief Operating Decision Makers) for the purposes of resource allocation and assessment of segment
\nperformance is focused on four operating segments: Europe, (including Greece, Italy, UK, Croatia), Israel,
\nEgypt and New Ventures (Montenegro and Malta).
\n\nThe Group\u2019s reportable segments under IFRS 8 Operating Segments are Europe, Israel and Egypt.
\nSegments that do not exceed the quantitative thresholds for reporting information about operating
\nsegments have been included in Other.
\nSegment revenues, results and reconciliation to profit before tax
\nThe following is an analysis of the Group\u2019s revenue, results and reconciliation to profit/(loss) before tax
\nby reportable segment:
\n($\u2019000)
Europe
Israel
Egypt
\nOther & inter-
\nsegment
\ntransactions
Total
\nYear ended 31\u00a0December 2022
\nRevenue from Oil
206,959
\u2013
\u2013
\u2013
206,959
\nRevenue from Gas
328,506
45,153
156,264
\u2013
529,923
\nOther
(31,298)
(18,031)
57,131
(7,603)
199
\nTotal revenue
504,167
27,122
213,395
(7,603)
737,081
\nAdjusted EBITDAX
\n86
\n262,655
(4,498)
164,581
(1,125)
421,613
\nReconciliation to pro\ufb01t before tax:
\nDepreciation and amortisation
\nexpenses
(27,199)
(12,112)
(43,266)
(783)
(83,360)
\nShare-based payment charge
(1,423)
(214)
(89)
(4,318)
(6,044)
\nExploration and evaluation
\nexpenses
(61,071)
(1,819)
\u2013
(8,505)
(71,395)
\nImpairment loss on property,
\nplant and equipment
(27,628)
\u2013
\u2013
\u2013
(27,628)
\nOther expense
(5,742)
(1,102)
\u2013
(8,317)
(15,161)
\nOther income
1,284
54
12,067
728
14,133
\nFinance income
3,777
6,379
1,705
(2,289)
9,572
\nFinance costs
(32,395)
(29,811)
(858)
(44,251)
(107,315)
\nUnrealised loss on derivatives
(5,203)
\u2013
\u2013
\u2013
(5,203)
\nNet foreign exchange gain/(loss)
4,065
(3,085)
(7,498)
(15,689)
(22,207)
\nPro\ufb01t/(loss) before income tax
111,120
(46,208)
126,642
(84,549)
107,005
\nTaxation income / (expense)
(42,283)
10,951
(57,766)
(636)
(89,734)
\nPro\ufb01t/(loss) from continuing
\noperations
68,837
(35,257)
68,876
(85,185)
17,271
\nYear ended 31\u00a0December 2021
\nRevenue from oil
165,496
\u2013
\u2013
144
165,640
\nRevenue from Gas
137,468
\u2013
133,503
(2)
270,969
\nOther
13,156
\u2013
55,446
(8,226)
60,376
\nTotal revenue
316,120
\u2013
188,949
(8,084)
496,985
\nAdjusted EBITDAX
\n6
\n88,288
(4,969)
130,634
(1,881)
212,072
\nReconciliation to pro\ufb01t before tax:
\nDepreciation and amortisation
\nexpenses
(55,001)
(93)
(41,626)
(731)
(97,451)
\nShare-based payment charge
(967)
(231)
\u2013
(4,523)
(5,721)
\n86
\nAdjusted EBITDAX is a non-IFRS measure used by the Group to measure business performance. It is calculated as profit
\nor loss for the period, adjusted for discontinued operations, taxation, depreciation and amortisation, share-based payment
\ncharge, impairment of property, plant and equipment, other income and expenses (including the impact of derivative financial
\ninstruments and foreign exchange), net finance costs and exploration and evaluation expenses.
\n\n($\u2019000)
Europe
Israel
Egypt
\nOther & inter-
\nsegment
\ntransactions
Total
\nExploration and evaluation
\nexpenses
(86,490)
(50)
\u2013
(1,138)
(87,678)
\nOther expense
(2,150)
(461)
(1,543)
(2,865)
(7,019)
\nOther income
16,065
19
1,851
(51)
17,884
\nFinance income
13,450
7,849
985
(19,334)
2,950
\nFinance costs
(28,318)
(18,526)
(9,059)
(41,477)
(97,380)
\nUnrealised loss on derivatives
(21,477)
\u2013
\u2013
\u2013
(21,477)
\nNet foreign exchange gain/(loss)
31,000
520
479
(38,921)
(6,922)
\nPro\ufb01t/(Loss) before income tax
(45,600)
(15,942)
81,721
(110,921)
(90,742)
\nTaxation income / (expense)
29,026
5,017
(39,100)
(355)
(5,412)
\nPro\ufb01t/(Loss) from continuing
\noperations
(16,574)
(10,925)
42,621
(111,276)
(96,154)
\nThe following table presents assets and liabilities information for the Group\u2019s operating segments as at
\n31\u00a0December 2022 and 31\u00a0December 2021, respectively:
\nYear ended 31\u00a0December 2022
\n($\u2019000)
Europe
Israel
Egypt
\nOther & inter-
\nsegment
\ntransactions
Total
\nOil & Gas properties
536,874
3,264,364
409,732
(14,440)
4,196,530
\nOther \ufb01xed assets
13,365
4,750
17,325
(65)
35,375
\nIntangible assets
48,249
219,354
20,639
8,136
296,378
\nTrade and other receivables
141,509
82,611
131,453
(17,609)
337,964
\nDeferred tax asset
244,394
\u2013
\u2013
(2,168)
242,226
\nOther assets
883,576
24,933
96,942
(382,497)
622,954
\nTotal assets
1,867,967
3,596,012
676,091
(408,643)
5,731,427
\nTrade and other payables
220,706
540,459
50,563
114,506
926,234
\nBorrowings
61,437
2,471,030
\u2013
488,429
3,020,896
\nDecommissioning provision
724,458
84,299
\u2013
\u2013
808,757
\nCurrent tax payable
109,468
\u2013
\u2013
41
109,509
\nOther liabilities
124,201
40,882
18,498
32,252
215,833
\nTotal liabilities
1,240,270
3,136,670
69,061
635,228
5,081,229
\nOther segment information
\nCapital Expenditure
\n87
\n:
\nProperty, plant and equipment
85,840
537,527
105,792
(368)
728,791
\nIntangible, exploration and
\nevaluation assets
12,143
124,718
193
3,970
141,024
\n87
\nCapital expenditure is defined as additions to property, plant and equipment and intangible exploration and evaluation assets
\nless decommissioning asset additions, right-of-use asset additions, capitalised share-based payment charge and capitalised
\nborrowing costs.
\n
\nYear ended 31\u00a0December 2022
\n($\u2019000)
Europe
Israel
Egypt
\nOther & inter-
\nsegment
\ntransactions
Total
\nOil & Gas properties
537,600
2,584,828
342,528
(9,694)
3,455,262
\nOther \ufb01xed assets
16,578
3,917
24,076
(360)
44,211
\nIntangible assets
74,868
95,941
20,484
36,848
228,141
\nTrade and other receivables
164,131
22,769
102,605
(979)
288,526
\nDeferred tax asset
154,798
\u2013
\u2013
\u2013
154,798
\nOther assets
674,157
379,248
98,720
(81,711)
1,070,414
\nTotal assets
1,622,132
3,086,703
588,413
(55,896)
5,241,352
\nTrade and other payables
197,865
74,115
25,511
152,216
449,706
\nCurrent tax payable
4,932
\u2013
\u2013
347
5,279
\nBorrowings
\u2013
2,463,524
\u2013
483,602
2,947,126
\nDecommissioning provision
766,573
35,525
\u2013
802,098
\nOther liabilities
113,808
180,689
24,663
858
320,018
\nTotal liabilities
1,083,178
2,753,853
50,174
637,024
4,524,229
\nOther segment information
\nCapital Expenditure:
\nProperty, plant and equipment
72,782
247,463
52,085
(14,330)
358,000
\nIntangible, exploration
\nand evaluation assets
40,523
6,342
215
3,329
50,409
\nSegment cash flows
\nYear ended 31\u00a0December 2022
\n($\u2019000)
Europe
Israel
Egypt
\nOther & inter-
\nsegment
\ntransactions
Total
\nNet cash from / (used in)
\noperating activities
225,780
(7,850)
66,946
(12,723)
272,153
\nCash outflow for investing
\nactivities
(287,490)
(180,040)
(54,229)
213,818
(307,941)
\nNet cash from \ufb01nancing activities
54,977
(133,953)
(2,528)
(185,975)
(267,479)
\nNet increase/(decrease) in cash
\nand cash equivalents
(6,733)
(321,843)
10,189
15,120
(303,267)
\nCash and cash equivalents at
\nbeginning of the period
71,312
349,827
19,254
290,446
730,839
\nEffect of exchange rate
\nfluctuations on cash held
(6,451)
(3,159)
(2,617)
12,543
316
\nCash and cash equivalents at
\nend of the period
58,128
24,825
26,826
318,109
427,888
\n\nYear ended 31\u00a0December 2021
\n($\u2019000)
\nNet cash from / (used in) operating
\nactivities
43,394
(28,764)
128,659
(10,785)
132,504
\nCash outflow from investing
\nactivities
(99,040)
(490,381)
(53,553)
191
(642,783)
\nNet cash from \ufb01nancing activities
120,446
831,677
(132,414)
240,056
1,059,765
\nNet increase/(decrease) in cash
\nand cash equivalents
64,800
312,532
(57,308)
229,462
549,486
\nCash and cash equivalents at
\nbeginning of the period
13,609
37,421
76,240
75,669
202,939
\nEffect of exchange rate fluctuations
\non cash held
(7,093)
(125)
322
(14,690)
(21,586)
\nCash and cash equivalents at end
\nof the period
71,316
349,828
19,254
290,441
730,839
\n 6
Revenue
\n($\u2019000)
2022
2021
\nRevenue from crude oil sales
206,959
165,924
\nRevenue from gas sales
529,923
270,969
\nRevenue from LPG sales
21,747
20,945
\nRevenue from condensate sales
35,384
34,126
\nCompensation to gas buyers
(18,031)
\u2013
\nGain/(Loss) on forward transactions
(55,189)
(285)
\nPetroleum product sales
2,697
4,618
\nRendering of services
1,001
688
\nRevenue from contracts with customers
724,491
496,985
\nOther operating income-lost production insurance proceeds
12,590
\u2013
\nTotal Revenue
737,081
496,985
\nDuring\u00a0August 2021 and in accordance with the GSPAs signed with a group of gas buyers, the Group
\nagreed to pay compensation to these counterparties due to the fact the gas supply date is taking place
\nbeyond a certain date as defined in the GSPAs (being 30\u00a0June 2021). The compensation is accounted as
\nvariable purchase consideration and deducted from revenue as gas is delivered to the offtakers.
\nProceeds related to lost production under the business interruption insurance policy of $12.6\u00a0
million
\n(2021: $0\u00a0million).
\n100% of the gas produced at Abu Qir (Egypt) is sold to EGPC under a Brent-linked gas price. The gas
\nprice is determined based on Brent prices trading within a certain range, as set out in the agreement, and
\ncontains both a floor price and a cap; limiting volatility and exposure to commodity price fluctuations
\n\nSales for the year ended 31\u00a0December (Kboe)
2022
2021
\nEgypt (net entitlement)
\nGas
3,698
6,351
\nLPG
244
394
\nCondensate
286
553
\nItaly
\nOil
2,440
2,083
\nGas
1,406
1,474
\nIsrael
\nGas
1,781
\nUK
\nGas
73
40
\nOil
245
271
\nCroatia
\nGas
38
57
\nGreece
\nOil
\u2013
403
\nTotal
10,211
11,626
\n 7
Operating profit/(loss)
\n($\u2019000)
2022
2021
\n(a)
Cost of sales
\nStaff costs (note 8)
52,904
64,564
\nEnergy cost
15,947
11,578
\nFlux Cost
36,970
11,561
\nRoyalty payable
45,770
24,759
\nOther operating costs
\n88
\n132,688
149,133
\nDepreciation and amortisation (note 12 and 13)
79,362
94,647
\nOil stock movement
(1,707)
(15,501)
\nStock (underlift)/overlift movement
(3,004)
4,371
\nTotal cost of sales
358,930
345,112
\n(b)
Administration expenses
\nStaff costs (note 8)
17,977
16,839
\nOther General & Administration expenses
15,960
15,667
\nShare-based payment charge included in administrative
\nexpenses
6,044
5,714
\nDepreciation and amortisation (note 12, 13)
3,889
2,480
\nAuditor fees (note 7f)
2,072
2,273
\n45,942
42,973
\n(c)
Exploration and evaluation expenses
\nStaff costs for Exploration and evaluation activities
\n(Note 8)
3,012
3,695
\n88
\nOther operating costs comprise of insurance costs, gas transportation and treatment fees concession fees and planned
\nmaintenance costs.
\n\n($\u2019000)
2022
2021
\nExploration costs written off (Note 13)
65,550
82,125
\nOther exploration and evaluation expenses
2,833
1,858
\n71,395
87,678
\n(d)
Other expenses
\nTransaction costs in relation to Edison E&P
\nacquisition
\n89
\n\u2013
2,052
\nIntra-group merger costs
3,212
605
\nLoss from disposal of Property plant & Equipment
1,102
36
\nWrite-down of inventory
1,207
581
\nExpected credit losses
3,043
\u2013
\nProvision for litigation and claims
1,198
520
\nWrite down of property, plant and equipment costs
\u2013
779
\nOther expenses
5,399
2,446
\n15,161
7,019
\n(e)
Other income
\nReversal of expected credit loss allowance
10,970
1,853
\nPro\ufb01t from sale of inventory
1,643
\u2013
\nChange in estimates of decommissioning provisions
\u2013
7,836
\nChange in estimate of de\ufb01ned bene\ufb01t obligation
\u2013
3,463
\nReversal of provision for litigation and claims
\u2013
4,494
\nOther income
1,520
238
\n14,133
17,884
\n(f)
Fees to the Company\u2019s auditor for:
\nThe audit of the Company\u2019s annual accounts
770
748
\nThe audit of the Company\u2019s subsidiaries pursuant to
\nlegislation
777
783
\nTotal audit services
1,547
1,531
\nAudit-related assurance services \u2013 half-year review
378
242
\nReporting accountant services
\u2013
1,008
\nOther services
147
75
\n2,072
2,856
\n89
\nDirect costs incurred in 2021 relating to the acquisition of Edison\u2019s E&P business.
\n\n8
Staff costs
\nThe average monthly number of employees (including Executive Directors) employed by the Group
\nworldwide was:
\nNumber
2022
2021
\nAdministration
187
167
\nTechnical
320
437
\n507
604
\nIn
addition,
the
Group
consolidates
the
personnel
costs
of
its
Operating
Company,
Abu
Qir
Petroleum
\nCompany (\u2018AQP\u2019), owned at 100%. The table below details the average number of employees related to
\nAQP employees:
\nNumber
2022
2021
\nAQP employee (excluding Energean employees)
626
640
\n626
640
\n($\u2019000)
2022
2021
\nSalaries
\n90
\n85,056
94,624
\nSocial security costs
8,706
11,995
\nShare-based payments (note 25)
6,243
5,933
\n100,005
112,552
\nPayroll cost capitalised in oil & gas assets and exploration &
\nevaluation costs
(16,694)
(20,218)
\nPayroll cost expensed
83,311
92,334
\nIncluded in:
\nCost of sales (note 7a)
52,904
64,564
\nAdministration expenses (note 7b)
24,021
22,553
\nExploration & evaluation expenses (note 7c)
3,012
3,695
\nIntra-group merger costs (note 7d)
3,212
605
\nOther
162
917
\n83,311
92,334
\nDetails of Directors\u2019 remuneration, Directors\u2019 transactions and Directors\u2019 interests are set out in the part
\nof the Directors\u2019 Remuneration Report described as having been audited, which forms part of these
\nConsolidated Financial Statements.
\n90
\nIncluding pension costs incurred.
\n\n9
Net finance cost
\n($\u2019000)
Notes
2022
2021
\nInterest on bank borrowings
21
1,527
96,678
\nInterest on Senior Secured Notes
21
167,372
106,993
\nInterest expense on long term payables
24
14,660
4,101
\nInterest expense on short term liabilities
54
55
\nLess amounts included in the cost of qualifying
\nassets
12,13
(123,635)
(174,153)
\n59,978
33,674
\nFinance and arrangement fees
11,334
12,420
\nCommission charges for bank guarantees
2,118
2,404
\nUnamortised \ufb01nancing costs related to Greek RBL
\nand Egypt RBL
\n91
\n\u2013
18,108
\nOther \ufb01nance costs and bank charges
2,136
2,972
\nLoss on interest rate hedges
\u2013
7,002
\nUnwinding of discount on right of use asset
2,159
1,316
\nUnwinding of discount on provision for
\ndecommissioning
21,495
8,722
\nUnwinding of discount on deferred consideration
7,098
12,854
\nUnwinding of discount on convertible loan
4,054
3,159
\nMark-to-market on contingent consideration
2,667
1,626
\nLess amounts included in the cost of qualifying
\nassets
(5,724)
(6,877)
\nTotal \ufb01nance costs
107,315
97,380
\nInterest income from time deposits
(9,572)
(2,950)
\nTotal \ufb01nance income
(9,572)
(2,950)
\nForeign exchange losses
22,207
6,922
\nNet \ufb01nancing costs
119,950
101,352
\n91
\nOn 18\u00a0November 2021 the Group fully repaid the Prinos Project Finance (Greek RBLs) before the maturity date of 31\u00a0December
\n2024 and, as such, the unamortised financing costs have been expensed in the period.
\n\n10
Taxation
\n(a) Taxation charge
\n($\u2019000)
2022
2021
\nCorporation tax \u2013 current year
(199,563)
(44,922)
\nCorporation tax \u2013 prior years
(583)
353
\nDeferred tax (Note 14)
110,412
39,157
\nTotal taxation (expense)
(89,734)
(5,412)
\n(b) Reconciliation of the total tax charge
\nThe Group calculates its income tax expense by applying a weighted average tax rate calculated based on
\nthe statutory tax rates of each country weighted according to the profit or loss before tax earned by the
\nGroup in each jurisdiction where deferred tax is recognised or material current tax charge arises.
\nThe effective tax rate for the period is 84% (31\u00a0December 2021: -6%).
\nThe tax (charge) for the period can be reconciled to the loss per the consolidated income statement as
\nfollows:
\n($\u2019000)
2022
2021
\nPro\ufb01t/(Loss) before tax
107,005
(90,742)
\nTax calculated at 27.5% weighted average rate (2021:
\n29.5%)
\n92
\n(29,453)
29,721
\nImpact of different tax rates
\n93
\n(9,960)
(5,176)
\nUtilisation of unrecognised deferred tax/ (Non recognition of
\ndeferred tax)
83,737
2,953
\nPermanent differences
\n94
\n(16,341)
(34,470)
\nForeign taxes
(54)
(244)
\nWindfall
tax
\n95
\n(119,425)
\u2013
\nTax effect of non-taxable income & allowances
2,217
1,348
\nOther adjustments
128
103
\nPrior year tax
(583)
353
\nTaxation (expense)
(89,734)
(5,412)
\n92
\nFor the reconciliation of the tax rate, the weighted average rate of the statutory tax rates in Greece (25%), Cyprus (12.5%) Israel
\n(23%), Italy (24%), United Kingdom (19%/40%/55.07%) and Egypt (40.55%) was used weighted according to the profit or loss
\nbefore tax earned by the Group in each jurisdiction, excluding fair value uplifts profits.
\n93
\n\u201cImpact of different tax rates\u201d mainly consisted of the Italian regional taxes (IRAP).
\n94
\nPermanent differences mainly consisted of non-deductible expenses (-$15.0m), consolidation differences ($2.8m) and foreign
\nexchange differences (-$4.1m).
\n95
\nDuring 2022, Italy introduced: 1) a windfall tax in the form of a law decree which imposed a 25% one-off tax on profit margins
\nthat rose by more than $5.26\u00a0million (\u20ac5.0\u00a0million) between\u00a0October 2021 and\u00a0April 2022 compared to the same period a year
\nearlier. The amount of the windfall tax paid by Energean Italy was $29.3mil and 2) In\u00a0November 2022, Italy introduced a new
\nwindfall tax that imposed a 50% one-off tax, calculated on 2022 taxable profits that are 10% higher than the average taxable
\nprofits between 2018-2021. This amount has a ceiling equal to 25% of the value of the net assets at end-2021. Based on this,
\nEnergean would be required to pay an additional one-off tax of $92.8\u00a0million ( \u20ac87.0\u00a0million) in\u00a0June 2023. In addition, the Energy
\n(Oil and Gas) Profits Levy (EPL) was announced by the UK Government on 26\u00a0May 2022 and legislated for in\u00a0July 2022. This
\nwas a new, temporary 25% (to be increased to 35% from 1st\u00a0January 2023) levy on ring fence profits of oil and gas companies.
\nThis was in addition to Ring Fence Corporation Tax which is charged at 30% and the Supplementary Charge which is charged
\nat 10%. The Group\u2019s exposure to the EPL is de minimis.
\n\n11
Earnings/(Loss) per share
\nBasic earnings per ordinary share amounts are calculated by dividing net income for the year attributable
\nto ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding
\nduring the year. Diluted income per ordinary share amounts are calculated by dividing net income for the
\nyear attributable to ordinary equity holders of the parent by the weighted average number of ordinary
\nshares outstanding during the year plus the weighted average number of ordinary shares that would be
\nissued if dilutive employee share options were converted into ordinary shares.
\n($\u2019000)
2022
2021
\nTotal pro\ufb01t/(loss) attributable to equity shareholders
17,271
(96,046)
\nEffect of dilutive potential ordinary shares
\n96
\n4,054
\u2013
\n21,325
(96,046)
\n2022
2021
\nBasic weighted average number of shares
177,931,019
177,278,840
\nDilutive potential ordinary shares
6,714,731
\u2013
\nDiluted weighted average number of shares
184,645,750
177,278,840
\nBasic earnings/(loss) per share
$0.10/share
$(0.54)/share
\nDiluted earnings/ (loss) per share
$0.12/share
$(0.54)/share
\n96
\nThe $4.1million is the unwinding of the discount on the convertible loan notes (as disclosed in note 9) that will no longer be
\nincurred on conversion to shares. For further details on the convertible loan notes refer to note 21
\n
\n12
Property, plant & equipment
\nProperty, Plant & Equipment
\nat Cost ($\u2019000)
\nOil and gas
\nasset
s
\n97
\nLeased
\nassets
\n98
\nOther property,
\nplant and
\nequipment
Total
\nAt 1\u00a0January 2021
3,430,329
50,841
60,237
3,541,407
\nAdditions
345,180
6,428
1,623
353,231
\nLease modi\ufb01cation
\u2013
2,261
\u2013
2,261
\nDisposal of assets
(23)
\u2013
(34)
(57)
\nCapitalised borrowing cost
178,891
\u2013
\u2013
178,891
\nCapitalised depreciation
227
\u2013
\u2013
227
\nChange in decommissioning
\nprovision
(13,174)
\u2013
\u2013
(13,174)
\nTransfer from Intangible
\nassets
14,317
\u2013
26
14,343
\nForeign exchange impact
(57,960)
(2,285)
(2,806)
(63,051)
\nAt 31\u00a0December 2021
3,897,787
57,245
59,046
4,014,078
\nAdditions
742,665
1,195
1,534
745,394
\nLease modi\ufb01cation
\u2013
831
\u2013
831
\nDisposal of assets
(900)
\u2013
(900)
\nCapitalised borrowing cost
109,184
\u2013
\u2013
109,184
\nCapitalised depreciation
632
\u2013
\u2013
632
\nChange in decommissioning
\nprovision
21,685
\u2013
\u2013
21,685
\nOther movements
(241)
37
(74)
(278)
\nForeign exchange impact
(31,388)
(596)
(388)
(32,372)
\nAt 31\u00a0December 2022
4,739,424
58,712
60,118
4,858,254
\nAccumulated Depreciation and Impairment
\nAt 1\u00a0January 2021
376,643
6,979
50,513
434,135
\nCharge for the period
\nExpensed
81,234
12,274
1,998
95,506
\nImpairments
774
774
\nDisposal of assets
\u2013
\u2013
21
21
\nForeign exchange impact
(16,129)
(151)
449
(15,831)
\nAt 31\u00a0December 2021
442,522
19,102
52,981
514,605
\nCharge for the period
\nExpensed
71,464
10,091
1,171
82,726
\nImpairment
27,878
\u2013
\u2013
27,878
\nDisposal of assets
\u2013
\u2013
\u2013
\nForeign exchange impact
1,030
105
6
1,141
\nAt 31\u00a0December 2022
542,894
29,298
54,158
626,350
\n97
\nIncluded within the carrying amount of Oil & Gas assets are development costs of the Karish field related to the Sub Sea and On-
\nshore construction. In line with the agreement with Israel Natural Gas Lines (\u201c
INGL
\u201d), the transfer of title (\u201c
hand over
\u201d) of these
\nassets to INGL is expected to occur in Q1 2023. For further details refer to note 24.
\n98
\nIncluded in the carrying amount of leased assets at 31\u00a0December 2022 are right of use assets related to Oil and gas properties
\nand Other property, plant and equipment of $21.3\u00a0million and $8.1\u00a0million respectively. The depreciation charged on these
\nclasses for the year ending 31\u00a0December 2022 was $7.9\u00a0million and $2.1\u00a0million respectively.
\n
\nProperty, Plant & Equipment
\nat Cost ($\u2019000)
\nOil and gas
\nasset
s
\n97
\nLeased
\nassets
\n98
\nOther property,
\nplant and
\nequipment
Total
\nNet carrying amount
\nAt 31\u00a0December 2021
3,455,265
38,143
6,065
3,499,473
\nAt 31\u00a0December 2022
4,196,530
29,414
5,960
4,231,904
\nBorrowing costs capitalised for qualifying assets during the year are calculated by applying a weighted
\naverage interest rate of 5.16% for the year ended 31\u00a0December 2022 (for the year ended 31\u00a0December
\n2021: 5.49%).
\nThe additions to Oil & Gas properties for the year ended 31\u00a0December 2022 are mainly due to development
\ncosts of Karish field related to the EPCIC contract (FPSO, Sub Sea and On-shore construction cost) at the
\namount of $534.5\u00a0million, development cost for Cassiopea project in Italy at the amount of $56.7\u00a0million
\nand NEA/NI project in Egypt at the amount of $107.9\u00a0million.
\nThe impairment recognised above of $27.9\u00a0million (2021: $0\u00a0million) was a result of a change to the
\ndecommissioning estimate on certain fields in Italy and the UK where the recoverable amount was
\nlower than the carrying value, subsequent to recognising the change in estimate. The remaining change
\nin decommissioning provision of $21.7\u00a0million was in relation to fields across the group whereby the
\nrecoverable amount exceeded the carrying value.
\nDepreciation and amortisation for the year has been recognised as follows:
\n($\u2019000)
2022
2021
\nCost of sales (note 7a)
79,362
94,647
\nAdministration expenses (note 7b)
3,889
2,480
\nOther operating (income)/expenses
109
97
\nCapitalised depreciation in oil & gas properties
632
227
\nTotal
83,992
97,451
\nCash flow statement reconciliations:
\nPayment for additions to property, plant and equipment
\n($\u2019000)
2022
2021
\nAdditions to property, plant and equipment
877,726
521,435
\nAssociated cash flows
\nPayment for additions to property, plant and equipment
(395,753)
(403,503)
\nNon-cash movements/presented in other cash flow lines
\nBorrowing cost capitalised
(109,184)
(178,891)
\nImpairment
(27,878)
\nRight-of-use asset additions/modi\ufb01cations
(2,027)
(8,689)
\nLease payments related to capital activities
12,669
10,852
\nCapitalised share-based payment charge
(199)
(200)
\nCapitalised depreciation
(632)
(227)
\nChange in decommissioning provision
(21,685)
13,174
\nMovement in working capital
(333,037)
46,049
\n
\n13
Intangible assets
\nExploration
\nand evaluation
\nassets
Goodwill
\nOther
\nIntangible
\nassets
Total
($\u2019000)
\nIntangibles at Cost
\nAt 1\u00a0January 2021
158,213
101,146
22,355
281,714
\nAdditions
47,995
\u2013
2,413
50,408
\nCapitalised borrowing costs
2,202
\u2013
\u2013
2,202
\nChange in decommissioning
\nprovision
2,141
2,141
\nTransfers to property, plant and
\nequipment
(265)
\u2013
(14,078)
(14,343)
\nExchange differences
(4,953)
\u2013
(983)
(5,936)
\n31\u00a0December 2021
205,333
101,146
9,707
316,186
\nAdditions
139,911
\u2013
1,113
141,024
\nOther movements
\u2013
\u2013
280
280
\nExchange differences
(6,890)
\u2013
(125)
(7,015)
\nAt 31\u00a0December 2022
338,354
101,146
10,975
450,475
\nAccumulated amortisation and impairments
\nAt 1\u00a0January 2021
3,004
\u2013
2,894
5,898
\nCharge for the period
\u2013
\u2013
1,946
1,946
\nImpairment
82,125
\u2013
\u2013
82,125
\nExchange differences
(1,850)
\u2013
(74)
(1,924)
\n31\u00a0December 2021
83,279
\u2013
4,766
88,045
\nCharge for the period
39
\u2013
595
634
\nImpairment
47,240
18,310
\u2013
65,550
\nExchange differences
(110)
\u2013
(22)
(132)
\n31\u00a0December 2022
130,448
18,310
5,339
154,097
\nNet carrying amount
\nAt 31\u00a0December 2021
122,054
101,146
4,941
228,141
\nAt 31\u00a0December 2022
207,906
82,836
5,636
296,378
\n
\nCash flow statement reconciliations:
\nPayment for additions to intangible assets ($\u2019000)
2022
2021
\nAdditions to intangible assets
141,024
54,750
\nAssociated cash flows
\nPayment for additions to intangible assets
(64,414)
(48,674)
\nNon-cash movements/presented in other cash flow lines
\nBorrowing cost capitalised
\u2013
(2,141)
\nChange in decommissioning provision
\u2013
(2,202)
\nMovement in working capital
(76,610)
(1,733)
\nGoodwill arises principally because of the requirement to recognise deferred tax assets and liabilities for
\nthe difference between the assigned values and the tax bases of assets acquired and liabilities assumed
\nin a business combination. Total impairment of $65.6\u00a0
million was recognised in the period for projects
\nthat will not progress to development, primarily Glengorm. Energean will exit the Glengorm licence
\nwithin 2023 and as a result the related exploration asset ($33.8\u00a0million) and goodwill ($18.3\u00a0million)
\nhave been impaired. The remaining goodwill balance is in relation to the Israel CGU ($76.0\u00a0million), and
\nUK ($7
.0\u00a0million). We have performed the annual goodwill impairment test and note that no reasonably
\npossible change would result in impairment.
\n
\n14
Net deferred tax (liability)/asset
\nDeferred tax
\n(liabilities)/assets
\n($\u2019000)
\nProperty,
\nplant and
\nequipment
\nRight of
\nuse asset
\nIFRS 16
\nDecom-
\nmissioning
\nPrepaid
\nexpenses
\nand other
\nreceivables
Inventory
Tax losses
\nDeferred
\nexpenses
\nfor tax
\nRetirement
\nbene\ufb01t
\nliability
\nAccrued
\nexpenses
\nand other
\nshort-term
\nliabilities
Total
\nAt 1\u00a0January 2021
(123,543)
(292)
8,877
(4,651)
695
165,841
\u2013
1,050
9,470
57,447
\nIncrease /
\n(decrease) for the
\nperiod through:
\nPro\ufb01t or loss (Note
\n10)
9,848
(718)
50,808
890
(254)
(32,501)
5,020
(932)
6,996
39,157
\nOther
\ncomprehensive
\nincome
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1,586
1,586
\nReclassi\ufb01cations in
\nthe current period
\n99
\n(28,442)
33,644
2,025
(233)
(4,903)
6, 010
200
(8,301)
\u2013
\nExchange difference
1,584
20
(3,889)
165
(25)
(8,257)
\u2013
(52)
(363)
(10,817)
\n31\u00a0December 2021
(140,553)
(990)
89,440
(1,571)
183
120,180
11,030
266
9,388
87,373
\nIncrease /
\n(decrease) for the
\nperiod through:
\nPro\ufb01t or loss (Note
\n10)
(11,836)
(103)
41,688
1,642
265
83,814
(4,822)
(22)
(214)
110,412
\nOther
\ncomprehensive
\nincome
(64)
(2,799)
(2,863)
\nExchange difference
3,466
15
(4,882)
115
(8)
(6,986)
(15)
(515)
(8,810)
\n31\u00a0December 2022
(148,923)
(1,078)
126,246
186
440
197,008
6,208
165
5,860
186,112
\n99
\nThese reclassifications primarily relate to the assets and liabilities acquired in the Edison E&P acquisition which completed in\u00a0December 2020 and reflect updated information on the allocation of the
\ndeferred taxes across the relevant categories.
\n
\n($\u2019000)
2022
2021
\nDeferred tax liabilities
(56,114)
(67,425)
\nDeferred tax assets
242,226
154,798
\n186,112
87,373
\n\u00a0
\nAt 31\u00a0December 2022 the Group had gross unused tax losses of $1,093.8\u00a0million (as of 31\u00a0December 2021:
\n$1,123.8\u00a0million) available to offset against future profits and other temporary differences. A deferred tax
\nasset of $197.0\u00a0million (2021: $120.2\u00a0million) has been recognised on tax losses of $799.2\u00a0million, based
\non the forecasted profits. The Group did not recognise deferred tax on tax losses and other differences
\nof total amount of $546.3\u00a0million.
\nIn Greece, Italy and the UK, the net DTA for carried forward losses recognised in excess of the other net
\ntaxable temporary differences was $69.2\u00a0million, $33.0\u00a0million and $16.7\u00a0million (2021: $59.3\u00a0million,
\n$0.19\u00a0million and $13.8\u00a0million) respectively. An additional DTA of $124.6\u00a0million (2021: $81.4\u00a0million)
\narose primarily in respect of deductible temporary differences related to property, plant and equipment,
\ndecommissioning provisions and accrued expenses, resulting in a total DTA of $242.3\u00a0million (2021:
\n$154.9\u00a0million). During the period, Italy recognised a DTA of $33.4 million on tax losses of $139.0million
\nin accordance with its latest tax losses utilisation forecast.
\nGreek tax losses (Prinos area) can be carried forward without limitation up until the relevant concession
\nagreement expires (by 2039), whereas the tax losses in Israel, Italy and the United Kingdom can be
\ncarried forward indefinitely. Based on the Prinos area forecasts (including the Epsilon development), the
\ndeferred tax asset is fully utilised by 2030. In Italy, deferred tax asset of $111.2\u00a0million recognised on
\ndecommissioning costs scheduled up to the year the Italian assets expect to enter into a declining phase
\nassuming available profits from Cassiopea and other long lived assets. In the UK, decommissioning
\nlosses are expected to benefit from tax relief up until 2027 in accordance with the latest taxable profits
\nforecasts.
\nOn 3\u00a0March 2021 it was announced in the UK budget that the UK non-ring fence corporation tax rate
\nwill increase from 19% to 25% with effect from\u00a0April 2023. The Group does not currently recognise any
\ndeferred tax assets in respect of UK non-ring fence tax losses and therefore this rate change did not
\nimpact the tax disclosures.
\nEnergean UK Limited with activities in the UKCS is subject to the newly introduced UK Energy Profits Levy
\n(EPL) with effect from the 26\u00a0May 2022. For the tax reconciliation of Energean UK the weighted average
\ntax rate of 55.07% (40% for the RFCT and 15.07% for the weighted average EPL rate) was used. The
\ncompany generated EPL losses during 2022.
\n15
Cash and cash equivalents
\n($\u2019000)
2022
2021
\nCash at bank
427,888
729,390
\nDeposits in escrow
\u2013
1,449
\n427,888
730,839
\nBank demand deposits comprise deposits and other short-term money market deposit accounts that are
\nreadily convertible into known amounts of cash. The effective interest rate on short-term bank deposits
\nwas 1.716% for the year ended 31\u00a0December 2022 (year ended 31\u00a0December 2021: 0.386%).
\nDeposits in escrow comprise mainly cash retained as a bank security pledge for the Group\u2019s performance
\nguarantees in its exploration blocks. These deposits can be used for funding the exploration activities of
\nthe respective blocks.
\n
\n16
Restricted cash
\nRestricted cash comprises cash retained under the Israel Senior Secured Notes and the Greek State Loan
\nrequirement as follows:
\nCurrent
\n\u00a0
\n\u00a0
\n\u00a0
\nTotal short-term restricted cash at 31\u00a0December 2022 was $71.8 million. $3 million for bank guarantees
\nand $68.8 million for the debt payment fund which will be used for the\u00a0March 2023 coupon payment of
\n$64.4 million.
\nNon-Current
\n\u00a0
\n\u00a0
\n$2.8 million: $2.2\u00a0million required to be restricted in Interest Service Reserve Account (\u2018ISRA\u2019) in relation to
\nthe Greek Loan Notes and $0.6 million for Prinos Guarantee.
\n 17
Inventories
\n($\u2019000)
2022
2021
\nCrude oil
38,048
32,832
\nGas
383
\u2013
\nRaw materials and supplies
54,916
54,371
\nTotal inventories
93,347
87,203
\nThe Group\u2019s raw materials and supplies consumption for the year ended 31\u00a0December 2022 was
\n$6.4\u00a0million (year ended 31\u00a0December 2021: $6.5\u00a0million).
\nThe Group recorded impairment and write-off charges on inventory of $1.2\u00a0million for the year ended
\n31\u00a0December 2022 (year ended 31\u00a0December 2021: $0.6\u00a0million) related to materials written off (note 7d).
\n
\n18
Trade and other receivables
\n($\u2019000)
2022
2021
\nTrade and other receivables \u2013 Current
\nFinancial items:
\nTrade receivables
215,215
178,804
\nReceivables from partners under JOA
4,539
5,138
\nOther receivables
2,344
38,683
\nGovernment
subsidies
\n100
\n3,025
3,212
\nRefundable VAT
89,400
42,376
\nReceivables from related parties (note 27)
\u2013
1
\n314,523
268,214
\nNon-\ufb01nancial items:
\nDeposits and
prepayments
\n101
\n15,084
17,139
\nDeferred insurance expenses
1,983
2,095
\nOther deferred expenses
\n102
\n4,929
\nAccrued interest income
1,445
1,078
\n23,441
20,312
\n337,964
288,526
\nTrade and other receivables \u2013 Non-Current
\nFinancial items:
\nOther tax recoverable
14,701
16,478
\n14,701
16,478
\nNon-\ufb01nancial items:
\nDeposits and
prepayments
\n101
\n11,726
12,337
\nOther deferred expenses
\n10
2
\n\u2013
22,958
\nOther non-current assets
513
866
\n12,239
36,161
\n26,940
52,639
\n100
\nGovernment subsidies relate to grants from Greek Public Body for Employment and Social Inclusion (OAED) to financially
\nsupport the Kavala Oil S.A. labour cost from manufacturing under the action plan for promoting sustainable employment in
\nunderdeveloped or deprived districts of Greece, such as the area of Kavala. In\u00a0September 2020, the Greek Government issued
\na law and a subsequent ministerial decision whereby any legal person who has launched legal proceedings in relation to the
\naforementioned employment costs,\u00a0may set off such receivables against tax liabilities provided the judicial proceedings already
\ncommenced are abandoned. Energean investigated the process and potential benefits of this approach decided to apply for the
\nset off which has been approved and the first offset was in\u00a0January 2023 of \u20ac587k ($626k).
\n101
\nIncluded in deposits and prepayments, are mainly prepayments for goods and services under the GSP Engineering, Procurement,
\nConstruction and Installation Contract (EPCIC) for Epsilon project.
\n102
\nIn accordance with the GSPAs signed with a group of gas buyers, the Company has agreed to pay compensation to these
\ncounterparties due to the fact the gas supply date is taking place beyond a certain date as defined in the GSPAs (being 30\u00a0June
\n2021). The compensation, amounting to $23\u00a0million) has been fully paid in 2021. The compensation presented as a non-current
\nasset (under the caption deferred expenses) and will be accounted for as variable consideration and deducted from revenue as
\ngas is delivered to the offtakers.
\n
\nThe table below summarises the maturity profile of the Group receivables:
\n31\u00a0December 2022
\n($\u2019000)
\nCarrying
\namounts
\nContractual
\ncash flows
\n3 months
\nor less
\n3-12
\nmonths
\n1-2
\nyears
\n2-5
\nyears
\nTrade receivables
215,214
218,709
198,665
13,949
6,095
\u2013
\nGovernment subsidies
3,025
3,025
\u2013
3,025
\u2013
\u2013
\nRefundable VAT
89,400
89,400
19,487
50,061
19,852
\u2013
\nReceivables from partners
\nunder JOA
4,539
4,539
4,539
\u2013
\u2013
\u2013
\nOther receivables
2,344
2,344
1,027
1,317
\u2013
\u2013
\nOther tax recoverable
14,701
14,701
\u2013
\u2013
14,701
\nTotal
329,223
332,718
223,718
68,352
40,648
\u2013
\n31\u00a0December 2021
\n($\u2019000)
\nCarrying
\namounts
\nContractual
\ncash flows
\n3 months
\nor less
\n3-12
\nmonths
\n1-2
\nyears
\n2-5
\nyears
\nTrade receivables
178,804
178,804
2,832
175,972
\u2013
\u2013
\nGovernment subsidies
3,212
3,212
3,212
\u2013
\u2013
\nRefundable VAT
42,376
42,376
1,774
40,602
\u2013
\u2013
\nReceivables from
\npartners under JOA
5,138
5,138
5,138
\u2013
\u2013
\u2013
\nOther receivables
38,683
38,683
36,105
2,578
\u2013
\u2013
\nOther tax recoverable
16,478
16,478
\u2013
\u2013
\u2013
16,478
\nTotal
284,691
284,691
45,849
222,364
\u2013
16,478
\n19
Share capital
\nOn 30\u00a0June 2017, the Company became the parent company of the Group through the acquisition of the
\nfull share capital of Energean E&P Holdings Limited, in exchange for 65,643,120 \u00a30.01 ($0.013) shares in
\nthe Company issued to the previous shareholders. As of this date, the Company\u2019s share capital increased
\nfrom \u00a350 thousand ($65k) to \u00a3706 thousand ($917k). From that point, in the consolidated financial
\nstatements, the share capital became that of Energean plc. The previously recognised share capital of
\n$14.9\u00a0million and share premium of $125.8\u00a0million was eliminated with a corresponding positive merger
\nreserve recognised of $139.9\u00a0million. The below tables outline the share capital of the Company.
\nThe share premium account represents the total net proceeds on issue of the Company\u2019s shares in excess
\nof their nominal value of \u00a30.01 per share less amounts transferred to any other reserves.
\nOn 14\u00a0June 2022, Energean plc by special resolution reduced its share premium account, as confirmed by
\nan Order of the High Court of Justice.
\nIssued and authorised
\nEquity share
\ncapital allotted
\nand fully paid
\nShare capital
\n($\u2019000)
\nShare premium
\n($\u2019000)
\nAt 1\u00a0January 2021 and at 31\u00a0December
\n2021
177,602,560
2,374
915,388
\nIssued during the year
\n\u2013 New shares
\u2013
\u2013
\u2013
\n\u2013
Share based payment
437,945
6
\u2013
\nShare Premium Reduction
\u2013
\u2013
(500,000)
\nAt 31\u00a0December 2022
178,040,505
2,380
415,388
\n
\n20
Dividends
\nIn\u00a0September 2022, Energean declared its maiden quarterly dividend. In total, Energean returned US$0.60/
\nshare to shareholders in 2022, representing two-quarters of dividend payments. No dividend was proposed
\nin respect of the year ended 31\u00a0December 2021.
\nUS$ cents per share
$\u2019 000
\n2022
2021
2022
2021
\nDividends announced
\nand paid in cash
\nOrdinary shares
\nSeptember
30
\u2013
53,252
\u2013
\nDecember
30
\u2013
53,252
\u2013
\n60
\u2013
106,504
\u2013
\n21
Borrowings
\n($\u2019000)
2022
2021
\nNon-current
\nBank borrowings \u2013 after one year but within \ufb01ve years
\n4.5% Senior Secured notes due 2024 ($625\u00a0million)
620,461
617,060
\n4.875% Senior Secured notes due 2026 ($625\u00a0million)
617,912
615,966
\nConvertible loan notes ($50\u00a0million)
\u2013
41,495
\nBank borrowings \u2013 more than \ufb01ve years
\n6.5% Senior Secured notes due 2027 ($450\u00a0million)
442,879
442,107
\n5.375% Senior Secured notes due 2028 ($625\u00a0million)
616,767
615,451
\n5.875% Senior Secured notes due 2031 ($625\u00a0million)
615,890
615,047
\nBSTDB Loan and Greek State Loan Notes
61,437
\u2013
\nCarrying value of non-current borrowings
2,975,346
2,947,126
\nCurrent
\nConvertible loan notes ($50\u00a0million)
45,550
\u2013
\nCarrying value of current borrowings
45,550
\u2013
\nCarrying value of total borrowings
3,020,896
2,947,126
\nThe Group has provided security in respect of certain borrowings in the form of share pledges, as well as
\nfixed and floating charges over certain assets of the Group.
\n$2,500,000,000 senior secured notes:
\nOn 24\u00a0March 2021, the Group completed the issuance of $2.5 billion aggregate principal amount of senior
\nsecured notes.
\nThe Notes have been issued in four series as follows:
\n\u2022
Notes in an aggregate principal amount of $625\u00a0million, maturing on 30\u00a0March 2024, with a fixed
\nannual interest rate of 4.500%.
\n\u2022
Notes in an aggregate principal amount of $625\u00a0million, maturing on 30\u00a0March 2026, with a fixed
\nannual interest rate of 4.875%.
\n\u2022
Notes in an aggregate principal amount of $625\u00a0million, maturing on 30\u00a0March 2028, with a fixed
\nannual interest rate of 5.375%.
\n\u2022
Notes in an aggregate principal amount of $625\u00a0million, maturing on 30\u00a0March 2031, with a fixed
\nannual interest rate of 5.875%.
\n
\nThe Notes are listed for trading on the TACT Institutional of the Tel Aviv Stock Exchange Ltd. (the \u201cTASE\u201d).
\nThe Company had undertaken to provide the following collateral in favour of the Trustee:
\n\u2022
First rank Fixed charges over the shares of Energean Israel Limited, Energean Israel Finance
\nLtd and Energean Israel Transmission Ltd, the Karish & Tanin Leases, the gas sales purchase
\nagreements (\u201c
GSPAs
\u201d), several bank accounts, Operating Permits (once issued), Insurance policies,
\nthe Company exploration licenses (Block 12, Block 21, Block 23, Block 31) and the INGL Agreement.
\n\u2022
Floating charge over all of the present and future assets of Energean Israel Limited and Energean
\nIsrael Finance Ltd.
\n\u2022
Energean Power FPSO (subject to using commercially reasonable efforts, including obtaining Israel
\nPetroleum Commissioner approval and any other applicable governmental authority).
\nKerogen Convertible Loan
\nOn 25\u00a0February 2021, the Group completed the acquisition of the remaining 30% minority interest in
\nEnergean Israel Limited from Kerogen Investments No.38 Limited, Energean now owns 100% of Energean
\nIsrael Limited. This resulted in a reduction of the Group\u2019s reported non-controlling interest balance to $nil
\nat 31\u00a0December 2021.
\nThe total consideration includes
\n\u2022
An up-front payment of $175\u00a0million paid at completion of the transaction
\n\u2022
Deferred cash consideration amounts totalling $180\u00a0million (out of which $30\u00a0million paid
\nin\u00a0December 2022). The deferred consideration is discounted at the selected unsecured liability
\nrate of 9.77%.(please refer to note 24)
\n\u2022
$50\u00a0million of convertible loan notes (the \u201cConvertible loan notes\u201d), which have a maturity date of
\n29\u00a0December 2023, a strike price of \u00a39.50, adjusted for dividend payment up to maturity date, and
\na zero-coupon rate.
\n$450,000,000 senior secured notes:
\nOn 18th\u00a0November 2021, the Group completed the issuance of $450\u00a0million of senior secured notes,
\nmaturing on 30\u00a0April 2027 and carrying a fixed annual interest rate of 6.5%.
\nThe interest on the notes is paid semi-annually on 30\u00a0April and 30\u00a0October of each year, beginning on
\n30\u00a0April 2022.
\nThe notes are listed for trading on the Official List of the International Stock Exchange (\u201c
TISE
\u201d).
\nThe issuer is Energean plc and the Guarantors are Energean E&P Holdings, Energean Capital Ltd and
\nEnergean Egypt Ltd
\nThe company undertook to provide the following collateral in favour of the Security Trustee:
\n\u2022
Share pledge of Energean Capital Ltd, Energean Egypt Ltd, Energean Italy Ltd
\n\u2022
Fixed charges over the material bank accounts of the Company and the Guarantors (other than
\nEnergean Egypt Services JSC)
\n\u2022
Floating charge over the assets of Energean plc (other than the shares of Energean E&P Holdings)
\nEnergean Oil and Gas SA (\u2018EOGSA\u2019) loan for Epsilon/ Prinos Development:
\nOn 27\u00a0December 2021 EOGSA entered into a loan agreement with Black Sea Trade and Development
\nBank for \u20ac90.5\u00a0million to fund the development of Epsilon Oil Field. The loan is subject to an interest
\nrate of EURIBOR plus a margin of 2% on 90% of the loan (guaranteed portion) and 4.9% margin on 10%
\nof the loan (unguaranteed portion). The loan has a final maturity date 7 years and 11 months after first
\ndisbursement.
\nOn 27\u00a0December 2021 EOGSA entered into an agreement with Greek State to issue \u20ac9.5\u00a0million of notes
\nmaturing in 8 years with fixed rate -0.31% plus margin. The margin commences at 3.0% in year 1 with
\nannual increases, reaching 6.5% in year 8.
\nAt 31\u00a0December 2022, $43\u00a0million (\u20ac40million) remains undrawn.
\n
\nRevolving Credit Facility (\u2018RCF\u2019)
\nOn 8\u00a0September 2022, Energean signed a three-year $275\u00a0million RCF with a consortium of four banks,
\nled by ING Bank N.V. The RCF provides additional liquidity for general corporate purposes, if required.
\nUnder its current business plan, Energean expects the RCF to remain undrawn, apart from $101\u00a0million
\n(as at 31\u00a0December 2022) of Letters of Credit (\u201c
LCs
\u201d), which replace the LCs that relate to certain assets
\nin the UK, Italy, Egypt and Greece that were issued under the previous facility with ING on a one-for-one
\nbasis. The interest rate, if drawn by way of loans, is 5% + SOFR.
\nCapital management
\nThe Group defines capital as the total equity and net debt of the Group. Capital is managed in order to
\nprovide returns for shareholders and benefits to stakeholders and to safeguard the Group\u2019s ability to
\ncontinue as a going concern.
\nEnergean is not subject to any externally imposed capital requirements. To maintain or adjust the capital
\nstructure, the Group\u00a0may put in place new debt facilities, issue new shares for cash, repay debt, engage
\nin active portfolio management, adjust the dividend payment to shareholders, or undertake other such
\nrestructuring activities as appropriate.
\n($\u2019000)
2022
2021
\nNet Debt
\nCurrent borrowings
45,550
\u2013
\nNon-current borrowings
2,975,346
2,947,126
\nTotal borrowings
3,020,896
2,947,126
\nLess: Cash and cash equivalents
(427,888)
(730,839)
\nRestricted cash
(74,776)
(199,729)
\nNet Debt (1)
2,518,232
2,016,558
\nTotal equity (2)
650,198
717,123
\nGearing Ratio (1)/(2):
387.3%
281.2%
\n
\nReconciliation of liabilities arising from financing activities
\n($\u2019000)
1\u00a0January
\nCash
\ninflows
\nCash
\noutflows
\nReclass-
\ni\ufb01cation
\nAcquisition of
\nsubsidiary
Additions
\nLease
\nmodi\ufb01cation
\nBorrowing
\ncosts including
\namortisation of
\narrangement
\nfees
\nDerivatives
\nde-
\ndesignated
\nas cash
\nflow hedges
\nduring the
\nperiod
\nForeign
\nexchange
\nimpact
\nFair value
\nchanges
31\u00a0December
\n2022
3,294,460
63,463
(213,068)
(122)
\u2013
949
(66)
194,984
\u2013
(4,954)
\u2013
3,335,646
\nSenior Secured Notes
2,905,631
\u2013
(156,694)
\u2013
\u2013
\u2013
\u2013
164,972
\u2013
\u2013
\u2013
2,913,909
\nConvertible loan notes
41,496
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4,054
\u2013
\u2013
\u2013
45,550
\nLong -term
\nborrowings
\u2013
63,463
\u2013
\u2013
\u2013
\u2013
\u2013
1,743
\u2013
(3,769)
\u2013
61,437
\nLease liabilities
44,425
\u2013
(14,023)
(122)
\u2013
949
(66)
2,294
\u2013
(1,185)
\u2013
32,272
\nDeferred licence
\npayments
57,230
\u2013
(12,351)
\u2013
\u2013
\u2013
\u2013
6,953
\u2013
\u2013
\u2013
51,832
\nContingent
\nConsideration
78,450
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
7,870
\u2013
\u2013
\u2013
86,320
\nDeferred
\nconsideration of
\nacquisition of minority
167,228
\u2013
(30,000)
\u2013
\u2013
\u2013
\u2013
7,098
\u2013
\u2013
\u2013
144,326
\n2021
1,622,354
3,243,000
(2,006,761)
(35,373)
\u2013
187,778
2,261
251,471
4,641
8,691
28,843
3,307,005
\nSenior Secured Notes
\u2013
2,950,000
(115,717)
(35,640)
\u2013
\u2013
\u2013
106,988
\u2013
\u2013
\u2013
2,905,631
\nConvertible loan notes
\u2013
\u2013
\u2013
\u2013
\u2013
38,337
\u2013
3,158
\u2013
41,495
\nLong -term
\nborrowings
330,092
175,000
(537,873)
(1,713)
\u2013
\u2013
\u2013
35,277
\u2013
(783)
\u2013
\u2013
\nCurrent borrowings
1,112,984
118,000
(1,320,989)
2,080
\u2013
\u2013
\u2013
87,460
\u2013
465
\u2013
\u2013
\nLease liabilities
47,623
\u2013
(10,852)
\u2013
\u2013
6,304
2,261
1,316
\u2013
(2,227)
44,425
\nDeferred licence
\npayments
69,518
\u2013
(14,344)
\u2013
\u2013
\u2013
\u2013
2,056
\u2013
\u2013
\u2013
57,230
\nContingent
\nconsideration
55,222
\u2013
23,228
78,450
\nDeferred
\nconsideration of
\nacquisition of minority
\u2013
\u2013
\u2013
\u2013
\u2013
143,137
\u2013
12,855
\u2013
11,236
\u2013
167,228
\nDerivatives not
\ndesignated as
\nhedging instruments
6,915
\u2013
(6,986)
\u2013
\u2013
\u2013
\u2013
2,361
4,641
\u2013
(6,931)
\u2013
\n
\n22
Retirement benefit liability
\nThe Group operates defined benefit pension plans in Greece and Italy.
\nUnder Italian law, Energean Italy Spa is required to operate a Target Retirement Fund \u201cTFR\u201d for its local
\nemployees. This is technically a defined benefit scheme, though has no pension assets, with the liability
\nmeasured by independent actuaries.
\nIn accordance with the provisions of Greek labour law, employees are entitled to compensation in case of
\ndismissal or retirement. The amount of compensation varies depending on salary, years of service and the
\nmanner of termination (dismissal or retirement). Employees who resign are not entitled to compensation.
\nThe compensation payable in case of retirement is equal to 40% of the compensation which would be
\npayable in case of unjustified dismissal.
\nThese plans are not funded and are defined benefit plans in accordance with IAS 19. The Group charges
\nthe accrued benefits in each period with a corresponding increase in the relative actuarial liability. The
\npayments made to retirees in every period are charged against this liability. The liabilities of the Group
\narising from the obligation to pay termination indemnities are determined through actuarial studies,
\nconducted by independent actuaries.
\n22.1
Provision for retirement benefits
\n($\u2019000)
2022
2021
\nDe\ufb01ned bene\ufb01t obligation
1,675
2,767
\nProvision for retirement bene\ufb01ts recognised
1,675
2,767
\nAllocated as:
\nNon-current portion
1,675
2,767
\n1,675
2,767
\n22.2
Defined benefit obligation
\n($\u2019000)
2022
2021
\nAt 1\u00a0January
2,766
7,839
\nChange in estimate
\n103
\n\u2013
(3,463)
\nCurrent service cost
163
191
\nInterest cost
52
13
\nExtra payments or expenses
3,233
775
\nActuarial losses \u2013 from changes in \ufb01nancial assumptions
(267)
162
\nBene\ufb01ts paid
(4,100)
(2,314)
\nTransfer in/(out)
\u2013
(34)
\nExchange differences
(172)
(402)
\nAt 31\u00a0December
1,675
2,767
\n103
\nDuring the year there was a change in the defined benefit estimate in Greece, specifically in relation to the periods of service to
\nwhich an entity attributes benefit.
\n
\n22.3
Actuarial assumptions and risks
\nThe most recent actuarial valuation was carried out as of 31\u00a0December 2022 and it was based on the
\nfollowing key assumptions:
\n2022
2021
\nGreece
\nDiscount rate
4.10%
2.00%
\nExpected rate of salary increases
3.54%
3.84%
\nAverage life expectancy over retirement age
19.7 years
19.4 years
\nInflation rate
2.20%
2.00%
\nItaly
\nDiscount rate
0.94%
0.94%
\nExpected rate of salary increases
n/a
N/A
\nAverage life expectancy over retirement age
20.9 years
20.9
\nInflation rate
2.00%
2.00%
\nSensitivity analysis
\nThe sensitivity analysis below shows the impact on the defined benefit obligation of changing each
\nassumption while not changing all other assumptions. This analysis\u00a0may not be representative of the
\nactual change in the defined benefit obligation as it is unlikely that the change in the assumptions would
\noccur in isolation of one another as some of the assumptions\u00a0may be correlated.
\n2022
2021
\nGreece
\nPercentage Effect on de\ufb01ned bene\ufb01t obligation
\nChange + 0.5% in Discount rate
-3%
-3%
\nChange \u2013 0.5% in Discount rate
3%
3%
\nChange +0.5% in Expected rate of salary increases
3%
3%
\nChange -0.5% in Expected rate of salary increases
-3%
-3%
\nItaly
\nPercentage Effect on de\ufb01ned bene\ufb01t obligation
\nChange + 0.5% in Discount rate
-1%
-1%
\nChange \u2013 0.5% in Discount rate
1%
1%
\n2022
2021
\nGreece
\nPercentage Effect on current service cost
\nChange + 0.5% in Discount rate
-4%
-4%
\nChange \u2013 0.5% in Discount rate
4%
4%
\nChange +0.5% in Expected rate of salary increases
5%
5%
\nChange -0.5% in Expected rate of salary increases
-5%
-5%
\nThe amounts presented reflect the impact from the percentage increase / (decrease) in the given
\nassumption by +/- 0.5% on the defined benefit obligation and current service cost, while holding all other
\nassumptions constant.
\nThe plan exposes the Group to actuarial risks such as interest rate risk, longevity changes and inflation
\nrisk.
\n
\nInterest rate risk
\nThe present value of the defined benefit liability is calculated using a discount rate determined by reference
\nto market yields of high-quality corporate bonds. The estimated term of the bonds is consistent with the
\nestimated term of the defined benefit obligation and it is denominated in Euro. A decrease in market yield
\non high quality corporate bonds will increase the Group\u2019s defined benefit liability.
\nLongevity of members
\nAny increase in the life expectancy of the members will increase the defined benefit liability.
\nInflation risk
\nA significant proportion of the defined benefit liability is linked to inflation. An increase in the inflation rate
\nwill increase the Group\u2019s defined benefit liability.
\n23
Provisions
\n($\u2019000)
Decommissioning
\nProvision for
\nlitigation and
\nother claims
Total
\nAt 1\u00a0January 2021
865,127
16,408
881,535
\nNew provisions
\u2013
520
520
\nChange in estimates
(18,808)
(4,494)
(23,302)
\nRecognised in property, plant and
\nequipment
(13,174)
(13,174)
\nRecognised in Intangible assets
2,202
2,202
\nRecognised in pro\ufb01t& loss
(7,836)
(7,836)
\nPayments
(2,653)
\u2013
(2,653)
\nUnwinding of discount
8,722
\u2013
8,722
\nCurrency translation adjustment
(50,290)
(1,140)
(51,430)
\nAt 31\u00a0December 2021
802,098
11,294
813,392
\nCurrent provisions
12,366
\u2013
12,366
\nNon-current provisions
789,732
11,294
801,026
\nAt 1\u00a0January 2022
\nNew provisions
\u2013
1,619
1,619
\nChange in estimates
49,313
(551)
48,762
\nRecognised in property, plant and
\nequipment
21,685
21,685
\nRecognised in pro\ufb01t& loss
27,628
27,628
\nPayments
(8,898)
(344)
(9,242)
\nReclassi\ufb01cation
\u2013
(1,568)
(1,568)
\nUnwinding of discount
21,495
\u2013
21,495
\nCurrency translation adjustment
(55,251)
(1,104)
(56,355)
\nAt 31\u00a0December 2022
808,757
9,346
818,103
\nCurrent provisions
8,376
\u2013
8,376
\nNon-current provisions
800,381
9,346
809,727
\n
\nDecommissioning provision
\nThe decommissioning provision represents the present value of decommissioning costs relating to oil and
\ngas properties, which are expected to be incurred up to 2042 when the producing oil and gas properties
\nare expected to cease operations. The future costs are based on a combination of estimates from an
\nexternal study completed in previous years and internal estimates. These estimates are reviewed annually
\nto take into account any material changes to the assumptions. However, actual decommissioning costs
\nwill ultimately depend upon future market prices for the necessary decommissioning works required that
\nwill reflect market conditions at the relevant time. Furthermore, the timing of decommissioning is likely to
\ndepend on when the fields cease to produce at economically viable rates. This, in turn, will depend upon
\nfuture oil and gas prices and the impact of energy transition and the pace at which it progresses which are
\ninherently uncertain. The decommissioning provision represents the present value of decommissioning
\ncosts relating to assets in Italy, Greece, UK, Israel and Croatia. No provision is recognised for Egypt as
\nthere is no legal or constructive obligation as at 31\u00a0December 2022.
\nInflation
\nassumption
\nDiscount
\nrate
\nassumption
\nCessation
\nof
\nproduction
\nassumption
\nSpend in
\n2022
\n2022
\n($\u2019000)
\n2021
\n($\u2019000)
\nGreece
1.6%- 2.2%
4.6%
2034
\u2013
13,036
17,058
\nItaly
5.2%- 2.0%
3.3%
2023-2042
7,616
519,749
527,801
\nUK
3.7%
4.1%
2023-2031
1,281
176,063
203,246
\nIsrael
2.3%-2.7%
4.1%
2042
\u2013
84,299
35,525
\nCroatia
5.2%- 2.0%
3.3%
2032
\u2013
15,610
18,467
\nTotal
8,897
808,757
802,097
\nLitigation and other claims provisions
\nLitigation and other claim provision relates to litigation actions currently open in Italy with the Termoli Port
\nAuthority in respect of the fees payable under the marine concession regarding FSO Alba Marina serving
\nthe Rospo Mare field in Italy. Energean Italy Spa has appealed these cases to the Campobasso Court of
\nAppeal. None of the other cases has yet had a decision on the substantive issue. The Group provided
\n\u20ac5.6\u00a0million (c$6.0\u00a0million) against an adverse outcome of these court cases.
\nEnergean Italy Spa has currently open litigations with three municipalities in Italy related to the imposition
\nof real estate municipality taxes (IMU/TASI), interest and related penalties concerning the periods 2016 to
\n2019. For the years before 2019, Edison SpA bears uncapped liability for any amount assessed according
\nto the sale and purchase agreement (SPA) signed between the companies while Energean is liable for
\nany tax liability related to tax year 2019. For all three cases, Energean Italy SpA (together with Edison SpA,
\nas appropriate) filed appeals presenting strong legal and technical arguments for reducing the assessed
\ntaxes to the lowest possible level as well as cancelling entirely the imposed penalties. The Group strongly
\nbelieves based on legal advice received that the outcome of the court decisions will be in its favour with
\nno material exposure expected in excess of the provision of $2.1\u00a0million recognised.
\nThe remaining balance in other provisions a potential claim in Egypt.
\nIt is not currently possible to accurately predict the timing of the settlement of these claims and therefore
\nthe expected timing of the cash flows.
\n
\n24
Trade and other payables
\n($\u2019000)
2022
2021
\nTrade and other payables-Current
\n104
\nFinancial items:
\nTrade accounts payable
298,091
109,525
\nPayables to partners under JOA
\n105
\n58,336
43,499
\nDeferred licence payments due within one year
13,345
\u2013
\nDeferred consideration for acquisition of minority
144,326
167,228
\nOther creditors
34,644
12,043
\nShort term lease liability
9,208
8,253
\n557,950
340,548
\nNon-\ufb01nancial items:
\nAccrued expenses
\n106
\n98,650
64,823
\nContract
Liability
\n107
\n56,230
\nOther \ufb01nance costs accrued (note 9)
39,672
36,693
\nSocial insurance and other taxes
4,372
7,643
\n198,924
109,159
\n756,874
449,707
\nTrade and other payables-Non-Current
\nFinancial items:
\nTrade and other
payables
\n108
\n169,360
\u2013
\nDeferred licence
payments
\n109
\n38,488
57,230
\nContingent consideration (note 26.1)
86,320
78,450
\nLong term lease liability
23,063
36,172
\n317,231
171,852
\nNon-\ufb01nancial items:
\nContract
Liability
\n107
\n\u2013
53,537
\nSocial insurance
827
598
\n827
54,135
\n318,058
225,987
\n104
\nThe statement of financial position as at 31\u00a0December 2022 presents current tax liabilities separately from the current portion
\nof trade and other payables. Comparative amounts of $5,279,000 have been reclassified accordingly.
\n105
\nPayables related to operated Joint operations primarily in Italy.
\n106
\nIncluded in trade payables and accrued expenses in 2022 and 2021, are mainly Karish field related development expenditures
\n(mainly FPSO and Sub Sea construction cost), development expenditure for Cassiopea project in Italy and NEA/NI project in
\nEgypt.
\n107
\nIn\u00a0June 2019, Energean signed a Detailed Agreement with Israel Natural Gas Lines (\u201c
INGL
\u201d) for the transfer of title (the \u201chand
\nover\u201d) of the nearshore and onshore part of the infrastructure that will deliver gas from the Karish and Tanin FPSO into the
\nIsraeli national gas transmission grid. As consideration, INGL will pay Energean 369\u00a0million Israeli New Shekels (ILS), which
\ntranslates to approximately $115\u00a0million, for the infrastructure being built by Energean in accordance with milestones detailed
\nin the agreement. The agreement covers the onshore section of the Karish and Tanin infrastructure and the near shore section
\nof pipeline extending to approximately 10km offshore. The amount included in the contract liability line above represents the
\namount received as at 31\u00a0December 2022 from INGL. The hand over to INGL is expected to become effective in Q1 2023.
\n108
\nThe amount represents an amount payable to Technip in respect of costs incurred starting 1\u00a0April 2022 until completion, in
\nterms of the EPCIC contract. The amount is payable in eight equal quarterly deferred payments due after practical completion
\ndate and therefore has been discounted at 5.831%. p.a. (being the yield rate of the senior secured loan notes, maturing in 2024,
\nat the date of entering into the settlement agreement)
\n109
\nIn\u00a0December 2016, Energean Israel acquired the Karish and Tanin offshore gas fields for $40.0\u00a0million closing payment with an
\nobligation to pay additional consideration of $108.5\u00a0million plus interest inflated at an annual rate of 4.6% in ten equal annual
\npayments. As at 31\u00a0December 2022 the total discounted deferred consideration was $51.8\u00a0million (as at 31\u00a0December 2021:
\n$57.23\u00a0million). The Sale and Purchase Agreement (\u201c
SPA
\u201d) includes provisions in the event of Force Majeure that prevents or
\ndelays the implementation of the development plan as approved under one lease for a period of more than ninety (90) days in
\nany year following the final investment decision (\u201c
FID
\u201d) date. In the event of Force Majeure the applicable annual payment of
\nthe remaining consideration will be postponed by an equivalent period of time, and no interest will be accrued in that period of
\ntime as well. Due to the effects of the COVID-19 pandemic which constitute a Force Majeure event, the deferred payment due
\nin\u00a0March 2022 would be postponed by the number of days that such Force Majeure event last. As of 31\u00a0December 2021 Force
\nMajeure event length has not been finalised as the COVID-19 pandemic continues to affect the progress of the project, and as
\nsuch the deferred payment due in\u00a0March 2022 was postponed accordingly.
\n
\n25
Employee share schemes
\nAnalysis of share-based payment charge
\n($\u2019000)
2022
2021
\nEnergean Deferred Share Bonus Plan (DSBP)
1,332
1,215
\nEnergean Long Term Incentive Plan (LTIP)
4,911
4,718
\nTotal share-based payment charge
6,243
5,933
\nCapitalised to intangible and tangible assets
199
200
\nExpensed as cost of sales
\u2013
5
\nExpensed as administration expenses
6,044
5,712
\nExpensed to exploration and evaluation expenses
\u2013
14
\nExpensed as other expenses
\u2013
2
\nTotal share-based payment charge
6,243
5,933
\nEnergean Long Term Incentive Plan (LTIP)
\nUnder the Energean plc\u2019s 2018 LTIP rules, senior executives\u00a0may be granted conditional awards of shares
\nor nil cost options. Nil cost options are normally exercisable from three to ten years following grant
\nprovided an individual remains in employment. Awards are subject to performance conditions (including
\nTotal Shareholder Return (TSR) normally measured over a period of three years. Vesting of awards or
\nexercise of nil cost options is generally subject to an individual remaining in employment except in certain
\ncircumstances such as good leaver and change of control. Awards\u00a0may be subject to a holding period
\nfollowing vesting. No dividends are paid over the vesting period; however, Energean\u2019s Board\u00a0may decide
\nat any time prior to the issue or transfer of the shares in respect of which an award is released that the
\nparticipant will receive an amount (in cash and/or additional Shares) equal in value to any dividends that
\nwould have been paid on those shares on such terms and over such period (ending no later than the
\nRelease Date) as the Board\u00a0may determine. This amount\u00a0may assume the reinvestment of dividends (on
\nsuch basis as the Board\u00a0may determine) and\u00a0may exclude or include special dividends.
\nThe weighted average remaining contractual life for LTIP awards outstanding at 31\u00a0December 2022 was
\n1.2 years (31\u00a0December 2021: 1.3 years), number of shares outstanding 2,112,973 and weighted average
\nprice at grant date \u00a35.66.
\nThere are further details of the LTIP in the Remuneration Report on pages 123-1
47.
\nDeferred Share Bonus Plan (DSBP)
\nUnder the DSBP, a portion of any annual bonus of a Senior Executive nominated by the Remuneration &
\nTalent Committee,
may be deferred into shares.
\nDeferred awards are usually granted in the form of conditional share awards or nil-cost options
\n(or, exceptionally, as cash-settled equivalents). Deferred awards usually vest two years after award
\nalthough\u00a0may vest early on leaving employment or on a change of control.
\nThe weighted average remaining contractual life for DSBP awards outstanding at 31\u00a0December 2022 was
\n0.8 years, number of shares outstanding 236,174 and weighted price at grant date \u00a310.05.
\n26
Financial instruments
\nThe Group is exposed to a variety of risks including commodity price risk, interest rate risk, credit risk,
\nforeign currency risk and liquidity risk. The use of derivative financial instruments is governed by the
\nGroup\u2019s policies approved by the Board of Directors. Compliance with policies and exposure limits are
\nmonitored and reviewed internally on a regular basis. The Group does not enter into or trade financial
\ninstruments, including derivatives, for speculative purposes.
\n
\n26.1
Fair values of financial assets and liabilities
\nThe information set out below provides information about how the Group determines the fair values of
\nvarious financial assets and liabilities.
\nThe fair values of the Group\u2019s non-current liabilities measured at amortised cost are considered to
\napproximate their carrying amounts at the reporting date.
\nThe carrying value less any estimated credit adjustments for financial assets and financial liabilities with
\na maturity of less than one year are assumed to approximate their fair values due to their short term-
\nnature. The fair value of the group\u2019s finance lease obligations is estimated using discounted cash flow
\nanalysis based on the group\u2019s current incremental borrowing rates for similar types and maturities of
\nborrowing and are consequently categorised in level 2 of the fair value hierarchy.
\nContingent consideration
\nThe share purchase agreement (the \u201cSPA\u201d) dated 4\u00a0July 2019 between Energean and Edison SpA provides
\nfor a contingent consideration of up to $100.0\u00a0million subject to the commissioning of the Cassiopea
\ndevelopment gas project in Italy. The consideration was determined to be contingent on the basis of
\nfuture gas prices (PSV) recorded at the time of the at the time of first gas production at the Cassiopea
\nfield, which is expected in 2024. No payment will be due if the arithmetic average of the year one (i.e., the
\nfirst year after first gas production) and year two (i.e., the second year after first gas production) Italian
\nPSV Natural Gas Futures prices is less than \u20ac10/Mwh when first gas production is delivered from the
\nfield. $100\u00a0million is payable if that average price exceeds \u20ac20/Mwh. The fair value of the Contingent
\nConsideration is estimated by reference to the terms of the SPA and the simulated PSV pricing by
\nreference to the forecasted PSV pricing, historical volatility and a log normal distribution, discounted at an
\nestimated cost of debt
\nThe contingent consideration to be payable in 2024 was estimated at acquisition date to amount to
\n$61.7\u00a0million, which discounted at the selected cost of debt resulted in a present value of $55.2\u00a0million as
\nat the acquisition date.
\nAs at 31\u00a0December 2022, the two-year future curve of PSV prices increased from the date of acquisition
\nand indicate an average price in excess of \u20ac20/Mwh (the threshold for payment of $100\u00a0million), we
\nestimate the fair value of the Contingent Consideration as at 31\u00a0December 2022 to be $86.3\u00a0million based
\non a Monte Carlo simulation (31\u00a0December 2021: $78.5\u00a0million).
\nThe fair value of the consideration payable has been recognised at level 3 in the fair value hierarchy.
\nContingent consideration reconciliation
\nContingent consideration
2022
\n1\u00a0January
78,450
\nFair value adjustment
7,870
\n31\u00a0December
86,320
\nFair values of derivative financial instruments
\nThe Group undertakes hedging activities as part of the ongoing financial risk management to protect
\nagainst commodity price volatility and to ensure the availability of cash flow for re-investment in capital
\nprogrammes that are driving business delivery. Commodity hedge contracts entered into in Italy aim to
\nmitigate the risk of changes to the cost of natural gas and that relating to the sale of natural gas.
\nThe entered into commodity hedges in 2021 however at 31\u00a0December 2022 there were no open hedges.
\nFair value is the amount for which the asset or liability could be exchanged in an arm\u2019s length transaction
\nat the relevant date. Where available, fair values are determined using quoted prices in active markets.
\nTo the extent that market prices are not available, fair values are estimated by reference to market-based
\ntransactions, or using standard valuation techniques for the applicable instruments and commodities
\ninvolved. Values recorded are as at the balance sheet date, and will not necessarily be realised.
\nThere were no transfers between fair value levels during the year.
\n
\nThe fair value hierarchy of financial assets and financial liabilities that are not measured at fair value (but
\nfair value disclosure is required) is as follows:
\nFair value hierarchy as at 31\u00a0December 2022
\nLevel 1
\n$\u2019000
\nLevel 2
\n$\u2019000
\nLevel 3
\n$\u2019000
\nTotal
\n$\u2019000
\nFinancial assets
\nTrade and other
\nreceivables (note 18)
\u2013
329,224
\u2013
329,224
\nCash and cash
\nequivalents (note 15)
427,888
\u2013
\u2013
427,888
\nRestricted Cash
74,776
\u2013
\u2013
74,776
\nTotal
502,664
329,224
\u2013
831,888
\nFinancial liabilities
\nFinancial liabilities held at amortised cost:
\nTrade and other
\npayables
\u2013
560,431
\u2013
560,431
\nSenior Secured Notes
\n(note 21)
2,716,625
\u2013
\u2013
2,716,625
\nBorrowings (note 21)
\u2013
106,986
\u2013
106,986
\nDeferred consideration
\nfor acquisition of
\nminority (note 24)
\u2013
144,326
\u2013
144,326
\nNet obligations under
\n\ufb01nance leases (note 24)
\u2013
32,271
\u2013
32,271
\nDeferred licence
\npayments (note 24)
\u2013
51,833
\u2013
51,833
\nFinancial liabilities at
\nFVTPL
\nContingent
\nConsideration
\u2013
\u2013
86,320
86,320
\nTotal
2,716,625
895,847
86,320
3,698,792
\n
\nFair value hierarchy as at 31\u00a0December 2021
\n($\u2019000)
Level 1
Level 2
Level 3
Total
\nFinancial assets
\nTrade and other
\nreceivables (note 18)
\u2013
284,692
\u2013
284,692
\nCash and cash
\nequivalents (note 15)
730,839
\u2013
\u2013
730,839
\nRestricted Cash
199,729
199,729
\nTotal
930,568
284,692
\u2013
1,215,260
\nFinancial liabilities
\nFinancial liabilities held at amortised cost:
\nTrade and other
\npayables \u2013 current
\u2013
173,319
\u2013
173,319
\nSenior Secured Notes
\n(note 20)
2,931,950
\u2013
\u2013
2,931,950
\nBorrowings (note 20)
\u2013
41,495
\u2013
41,495
\nDeferred consideration
\nfor acquisition of
\nminority (note 23)
\u2013
167,228
\u2013
167,228
\nNet obligations under
\n\ufb01nance leases (note 23)
\u2013
44,425
\u2013
44,425
\nDeferred licence
\npayments (note 23)
\u2013
57,230
\u2013
57,230
\nFinancial liabilities held at fair value through OCI:
\nDerivatives
\u2013
12,546
\u2013
12,546
\nFinancial liabilities at
\nFVTPL:
\nContingent
\nconsideration
\u2013
\u2013
78,450
78,450
\nTotal
2,931,950
496,243
78,450
3,506,643
\n26.2
Commodity price risk
\nThe Group considers hedging activities as part of the ongoing financial risk management to protect
\nagainst commodity price volatility and to ensure the availability of cash flow for re-investment in capital
\nprogrammes that are driving business delivery.
\nAt 31\u00a0December 2022 there are no open hedging contracts.
\n
\n26.3
Interest rate risk
\nThe Group\u2019s policy is to minimise interest rate cash flow risk exposures on long-term financing. Longer-
\nterm borrowings are therefore usually at fixed rates.
\nAt 31\u00a0December 2022, the Group\u2019s exposure to interest rate risk is only in relation to the Greek borrowings
\nas all other borrowings are at fixed interest rates (refer to Note 21 details). The exposure to interest rates
\nfor the Group\u2019s money market funds is considered immaterial.
\n($\u2019000)
2022
2021
\nImpact on \ufb01nance costs
\nInterest rates increase +0.5%
135
\u2013
\nInterest rates decrease -0.5%
(135)
\u2013
\n26.4
Credit risk
\nCredit risk arises when a failure by counterparties to discharge their obligations could reduce the amount
\nof future cash inflows from financial assets on hand at the reporting date. The Group has policies in place
\nto ensure that all of its transactions giving rise to credit risk are made with parties having an appropriate
\ncredit history and monitors on a continuous basis the ageing profile of its receivables.
\nAlso, the Group has policies to limit the amount of credit exposure to any banking institution, considering
\namong other factors the credit ratings of the banks with which deposits are held. Credit quality information
\nin relation to those banks is provided below.
\nWith regard to the risk of potential losses caused by the failure of any of the counterparties the Company
\ninteracts with to honour the commitments they have undertaken, the Group has implemented for some
\ntime procedures and tools to evaluate and select counterparties based on their credit rating, constantly
\nmonitoring its exposure to the various counterparties and implementing appropriate mitigating actions,
\nprimarily aimed at recovering or transferring receivables.
\nPresented below is a breakdown of trade receivables by past due bracket:
\n($\u2019000)
\n31\u00a0December
\n2022
\n31\u00a0December
\n2021
\nTrade receivables and receivables from partners under JOA
224,319
215,776
\nAllowance for impairment
(4,565)
(31,834)
\nTotal
219,754
183,942
\nTrade
receivables
include
balances
from
EGPC,
the
Egyptian
governmental
body
that
are
significantly
\naged.
\n31\u00a0December 2022
31\u00a0December 2021
\nTrade
\nreceivables
Allowance
\nTrade
\nreceivables
Allowance
($\u2019000)
\nNot yet due
75,573
(2,377)
44,602
(1,461)
\nPast due by less than
\none month
27,654
(870)
12,187
(399)
\nPast due by one to
\nthree months
\u2013
\u2013
12,212
(400)
\nPast due by three to six
\nmonths
11,032
(347)
12,959
(425)
\nPast due by more than
\nsix months
6,095
(192)
41,646
(25,786)
\nTotal
120,354
(3,786)
123,606
(28,471)
\n
\nTrade Receivables by geography
\n($\u2019000)
\n31\u00a0December
\n2022
\n31\u00a0December
\n2021
\nItaly
57,000
41,757
\nUnited Kingdom
6,491
5,428
\nEgypt
120,361
123,850
\nGreece
2,976
2,893
\nCroatia
\u2013
212
\nIsrael
37,491
21,275
\nOther Countries
\u2013
2,215
\nTotal
224,319
197,630
\nCredit quality of bank deposits
\nThe credit quality of the banks in which the Group keeps its deposits is assessed by reference to the credit
\nrating of these banks. Moody\u2019s credit ratings of the corresponding banks in which the Group keeps its
\ndeposits is as follows:
\n($\u2019000)
2022
2021
\nA1
294,505
288,953
\nA2
96,599
549,494
\nA3
31,084
10,139
\nBBB
30,826
64,760
\nBB
48,403
16,590
\nB3
1,247
634
\n502,664
930,570
\nThe Company has assessed the recoverability of all cash balances and considers they are carried within
\nthe consolidated statement of financial position at amounts not materially different to their fair value.
\n26.5
Foreign exchange risk
\nThe Group is exposed to foreign exchange risk as it undertakes operations in various foreign currencies.
\nThe key sources of the risk are attributed to the fact that the Group has certain subsidiaries with Euro
\nfunctional currencies in which a number of loan agreements denominated in US$ and sales of crude oil
\nare additionally denominated in US$.
\n
\nThe Group\u2019s exposure to foreign currency risk, as a result of financial instruments, at each reporting date
\nis shown in the table below. The amounts shown are the US$ equivalent of the foreign currency amounts.
\nLiabilities
Assets
\n($\u2019000)
2022
2021
2022
2021
\nDollars (US$)
759,232
898,804
265,166
480,931
\nUnited Kingdom
\nPounds (\u00a3)
236,115
16,750
107,336
34,971
\nEuro
588,952
656,602
724,116
11,323
\nCAD
\u2013
\u2013
\u2013
17
\nNOK
4,403
109
18
84
\nILS
1,501
1,783
22,442
35,905
\nSGD
276
19,383
238
9,354
\nEGP
\u2013
\u2013
\u2013
41
\nTotal
572,626
1,590,479
1,593,431
1,119,316
\nThe following table reflects the sensitivity analysis for profit and loss results for the year and equity, taking
\ninto consideration for the periods presented foreign exchange variation by +/- 10%.
\n
\n31\u00a0December 2022
\nUSD
\nVariation
\n\u00a3
\nVariation
\nEuro
\nVariation
\nILS
\nVariation
\nNOK
\nVariation
\nSGD
\nVariation
\nEGP
\nVariation
\n10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
\nPro\ufb01t or loss (before tax)
12,927
(3,634)
(2,415)
1,883
(6,394)
6,986
5
(4)
1,003
(912)
(793)
721
25
25
\nOther comprehensive income
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nEquity
12,927
(3,634)
(2,415)
1,883
(6,394)
6,986
5
(4)
1,003
(912)
(793)
721
25
25
\n31\u00a0December 2021
\nUSD
\nVariation
\n\u00a3
\nVariation
\nEuro
\nVariation
\nILS
\nVariation
\nNOK
\nVariation
\nSGD
\nVariation
\nEGP
\nVariation
\n10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
\nPro\ufb01t or loss (before tax)
(24,122)
29,629
(10,249)
12,275
5,324
(6,755)
\u2013
\u2013
2,094
(1,904)
(439)
399
(4)
5
\nOther comprehensive income
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nEquity
(24,122)
29,629
(10,249)
12,275
5,324
(6,755)
\u2013
\u2013
2,094
(1,904)
(439)
399
(4)
5
\nThe above calculations assume that interest rates remain the same as at the reporting date.
\n
\n26.6
Liquidity risk
\nLiquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another
\nfinancial asset.
\nThe Group monitors its risk to a shortage of funds by monitoring its debt rating and the maturity dates of existing debt and other payables. As at 31\u00a0December 2022,
\nthe Group had available $217\u00a0million (2021: $113\u00a0million) of undrawn committed borrowing facilities.
\nThe undrawn facilities are in relation to the Greek State-Backed Loan of $43million (\u20ac40million) and $174million in relation to the revolving credit facility (Refer to
\nnote 21 for details for further details).
\nThe following tables detail the Group\u2019s remaining contractual maturity for its financial liabilities. The tables have been drawn up based on the undiscounted cash
\nflows of financial liabilities based on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows.
\nThe Group manages its liquidity risk by ongoing monitoring of its cash flows. Group management prepares budgets and regular cash flow forecasts and takes
\nappropriate actions to ensure available cash deposits and credit lines with the banks are available to meet the Group\u2019s liabilities as they fall due.
\nThe table below summarises the maturity profile of the Group financial liabilities based on contractual undiscounted payments:
\n31\u00a0December 2022
Carrying amounts
Contractual cash flows
3 months
or less
3-12 months
1-2 years
2-5 years
More than
5 years
\n($\u2019000)
\nBank loans
2,975,345
3,869,648
64,453
98,480
910,680
1,291,207
1,504,828
\nLease liabilities
32,271
33,207
2,231
6,503
2,967
19,952
1,554
\nTrade and other
\npayables
936,120
984,802
311,602
337,634
238,692
96,874
\u2013
\nTotal
3,943,736
4,887,657
378,286
442,617
1,152,339
1,408,033
1,506,382
\n31\u00a0December 2021
Carrying amounts
Contractual cash flows
3 months
or less
3-12 months
1-2 years
2-5 years
More than
5 years
\n($\u2019000)
\nBank loans
2,950,701
3,936,296
64,095
93,004
208,562
1,640,222
1,930,412
\nLease liabilities
44,425
21,953
1,919
4,937
6,216
7,130
1,744
\nTrade and other
\npayables
467,986
552,689
139,467
208,120
26,704
137,047
11,350
\nTotal
3,463,112
4,510,938
205,481
306,061
241,482
1,784,399
1,943,506
\n
\n27
Related parties
\n27.1
Related party relationships
\nBalances and transactions between the Company and its subsidiaries, which are related parties, have
\nbeen eliminated on consolidation and are not disclosed in this note.
\nThe Directors of Energean Plc are considered to be the only key management personnel as defined by IAS
\n24. The following information is provided in relation to the related party transaction disclosures provided
\nin note 27.2 below:
\nAdobelero Holdings Co Ltd
. is a beneficially owned holding company controlled by Panos Benos, the CFO
\nof the Group.
\nGrowthy Holdings Co Ltd
is a beneficially owned holding company controlled by Matthaios Rigas, the
\nCEO of the Group.
\nOil Co Investments Limited
is beneficially owned and controlled by Efstathios Topouzoglou, a Non-
\nExecutive Director of the Group.
\nSeven Maritime Company (Seven Marine)
is a related party company controlled by one the Company\u2019s
\nshareholders Mr Efstathios Topouzoglou. Seven Marine owns the offshore supply ship Energean Wave
\nwhich support the Group\u2019s operation in northern Greece.
\nCapital Earth:
During the period ended 30\u00a0June 2022 the Group received consultancy services from Capital
\nEarth Limited, a consulting company controlled by the spouse of one of Energean\u2019s executive directors, for
\nthe provision of Group Corporate Social Responsibility Consultancy and Project Management Services.
\nPrime Marine Energy Inc:
During 2020 Energean Israel, purchased from Prime Marine Energy Inc a
\ncompany controlled by a non-executive director and shareholder of Energean plc, a Field Support Vessel
\n(\u201c
FSV
\u201d). The FSV will provide significant in-country capability to support the Karish project, including FPSO
\nre-supply, crew changes, holdback operations for tanker offloading, emergency subsea intervention, drilling
\nsupport and emergency response. The purchase of this multi-purpose vessel will enhance operational
\nefficiencies and economics when compared to the leasing of multiple different vessels for the various
\nactivities. The FSV is currently completing construction works at a Greek Shipyard. The agreement with
\nPrime Marine Energy Inc was terminated on 19\u00a0October 2022. In\u00a0December 2022 the FSV was towed to
\nGreece for completion of the works under Energean\u2019s supervision.
\n27.2
Related party transactions
\nPurchases of goods and services
\n($\u2019000)
Nature of transactions
2022
2021
\nOther related party \u201cSeven Marine\u201d
Vessel leasing and services
2,001
2,000
\nOther related party \u201cPrime Marine Energy Inc\u201d
Construction of \ufb01eld support vessel
8,060
10,273
\nOther related party \u201cCapital Earth Ltd\u201d
Consulting services
\u2013
35
\n10,061
12,308
\n27.3
Related party balances
\nPayables
\n($\u2019000)
Nature of balance
2022
2021
\nSeven Marine
Vessel leasing and services
702
417
\n702
417
\n
\n27.4
Key management compensation
\nThe Directors of Energean plc are considered to be the only key management personnel as defined by IAS
\n24 Related Party Disclosures.
\n31\u00a0December 2022 ($\u2019000)
Salary and fees
Bene\ufb01ts
Annual bonus paid in cash
Total
\nExecutive Directors
1,667
157
1,570
3,394
\nNon-Executive Directors
794
\u2013
\u2013
794
\nTotal
2,461
157
1,570
4,188
\n31\u00a0December 2021 ($\u2019000)
Salary and fees
Bene\ufb01ts
Annual bonus paid in cash
Total
\nExecutive Directors
1,650
100
1,664
3,414
\nNon-Executive Directors
703
\u2013
\u2013
703
\nTotal
2,353
100
1,664
4,117
\n28
Commitments and contingencies
\nIn acquiring its oil and gas interests, the Group has pledged that various work programmes will be
\nundertaken on each permit/interest. The exploration commitments in the following table are an estimate
\nof the net cost to the Group of performing these work programmes:
\n($\u2019000)
2022
2021
\nCapital Commitments
\nDue within one year
16,607
20,575
\nDue later than one year but within two years
57,639
51,180
\nDue later than two years but within \ufb01ve years
1,658
1,497
\n75,904
73,252
\nPerformance guarantees
\n110
\nGreece
4,170
1,176
\nIsrael
97,572
89,683
\nEgypt
2,000
\nUK
83,976
99,570
\nItaly
11,461
21,292
\nMontenegro
\u2013
566
\n199,179
212,287
\nIssued guarantees:
\nKarish and Tanin Leases ($25\u00a0million) \u2013 As part of the requirements of the Karish and Tanin Lease deeds,
\nthe Group provided the Ministry of National Infrastructures, Energy and Water with bank guarantees for
\neach lease. The bank guarantees expire 29\u00a0June 2023.
\nBlocks 12, 21, 22, 23 and 31 ($21\u00a0million) \u2013 As part of the requirements of the exploration and appraisal
\nlicences which granted to the Group during the Israeli offshore bid in\u00a0December 2017, the Group provided
\nthe Ministry of National Infrastructures, Energy and Water in\u00a0January 2018 with bank guarantees for all 5
\nblocks mentioned above. The bank guarantees are in force until 13\u00a0January 2024.
\nIsraeli Natural Gas Lines (\u201c
INGL
\u201d) ($47\u00a0million) \u2013 As part of the agreement signed with INGL on\u00a0June 2019
\nthe Group provided INGL bank guarantee in order to secure the milestone payments from INGL. These
\nbank guarantees are in force until\u00a0June 2023 ($5\u00a0million),\u00a0November 2023 ($42\u00a0million) and\u00a0January 2024
\n($3\u00a0million)
\n110
\nPerformance guarantees are in respect of abandonment obligations, committed work programmes and certain financial
\nobligations.
\n
\nIsrael Other ($5\u00a0million) \u2013 As part of ongoing operations in Israel, the Group has provided various bank
\nguarantees to third parties in Israel.
\nUnited Kingdom: Following the Edison E&P acquisition, the Group issued letters of credit amounting to
\n$84
million for United Kingdom decommissioning obligations and other obligations under the United
\nKingdom licenses
\nItaly: The Group issued letters of credit amounting to $11\u00a0million for decommissioning obligations and
\nother obligations under the Italian licenses
\nGreece and Egypt: The Group issued letters of credit amounting for obligations under the Block 2 and
\nBlock 8 licenses respectively.
\nLegal cases and contingent liabilities
\nThe Group had no material contingent liabilities as of 31\u00a0December 2022 and 31\u00a0December 2021.
\n29
Subsequent events
\nOn the 9\u00a0February 2023 Energean declared its 4Q dividend of US$30 cents per share, to be paid on
\n30\u00a0March 2023.
\nOn the 17\u00a0March 2023 Energean signed an unsecured $350\u00a0million two year term loan facility, which
\noffers additional financial flexibility for the Group. The loan is expected to remain undrawn.
\n
\n30
Subsidiary undertakings
\nAt 31\u00a0December 2022, the Group had investments in the following subsidiaries:
\nName of subsidiary
Country of incorporation / registered of\ufb01ce
\nPrincipal
\nactivities
\nShareholding
\nAt
\n31\u00a0December
\n2022 (%)
\nShareholding
\nAt
\n31\u00a0December
\n2021 (%)
\nEnergean E&P Holdings Ltd
22 Lefkonos Street, 2064 Nicosia, Cyprus
Holding Company
\nEnergean Capital Ltd
22 Lefkonos Street, 2064 Nicosia, Cyprus
Holding Company
\nEnergean Group Services Limited (former
\nEnergean Med Limited)
\n44 Baker Street, London W1U 7AL, United Kingdom
Oil and gas
\nexploration,
\ndevelopment and
\nproduction
\nEnergean Oil & Gas S.A.
32 Ki\ufb01ssias Ave. 151 25 Marousi Athens, Greece
Oil and gas
\nexploration,
\ndevelopment and
\nproduction
\nEnergean International Limited
22 Lefkonos Street, 2064 Nicosia, Cyprus
Oil and gas
\nexploration,
\ndevelopment and
\nproduction
\nEnergean Israel Limited
22 Lefkonos Street, 2064 Nicosia, Cyprus
Oil and gas
\nexploration,
\ndevelopment and
\nproduction
\nEnergean Montenegro Limited
22 Lefkonos Street, 2064 Nicosia, Cyprus
Oil and gas
\nexploration,
\ndevelopment and
\nproduction
\nEnergean Israel Transmission LTD
Andre Sakharov 9, Haifa, Israel
Gas transportation
\nlicense holder
\nEnergean Israel Finance LTD
Andre Sakharov 9, Haifa, Israel
Financing
\nactivities
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n
\nName of subsidiary
Country of incorporation / registered of\ufb01ce
\nPrincipal
\nactivities
\nShareholding
\nAt
\n31\u00a0December
\n2022 (%)
\nShareholding
\nAt
\n31\u00a0December
\n2021 (%)
\nEnergean Egypt Limited
22 Lefkonos Street, 2064 Nicosia, Cyprus
Oil and gas
\nexploration,
\ndevelopment and
\nproduction
\nEnergean Hellas Limited
22 Lefkonos Street, 2064 Nicosia, Cyprus
Oil and gas
\nexploration,
\ndevelopment and
\nproduction
\nEnergean Italy S.p.a.
31 Foro Buonaparte, 20121 Milano, Italy
Oil and gas
\nexploration,
\ndevelopment and
\nproduction
\nEnergean Sicilia Srl
Via Salvatore Quasimodo 2 \u2013 97100 Ragusa (Ragusa)
Oil and gas
\nexploration,
\ndevelopment and
\nproduction
\nEnergean Exploration Limited
44 Baker Street, London W1U 7AL, United Kingdom
Oil and gas
\nexploration,
\ndevelopment and
\nproduction
\nEnergean UK Ltd
44 Baker Street, London W1U 7AL, United Kingdom
Oil and gas
\nexploration,
\ndevelopment and
\nproduction
\nEnergean Egypt Energy Services JSC
Cairo, Egypt
Oil and gas
\nexploration,
\ndevelopment and
\nproduction
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n
\n31
Exploration, development and production interests
\nDevelopment and Production
\nCountry
\nLicence /Unit
\narea
Fields
\nFiscal
\nRegime
\nGroup\u2019s
\nworking
\ninterest
\nJoint
\nOperation
Operator
\nIsrael
\nKarish
Karish, Karish
\nMain
\nConcession
100%
No
NA
\nTanin
Tanin
Concession
100%
No
NA
\nEgypt
\nAbu Qir
Abu Qir, Abu
\nQir North, Abu
\nQir West, Yazzi
\n(32.75%)
\nPSC
100%
No
NA
\nNEA
Yazzi (67.25%)
PSC
100%
No
NA
\nPython
PSC
100%
No
NA
\nNI
Field A (NI-1X),
\nField B (NI-3X),
\nNI-2X, Viper
\n(NI-4X)
\nPSC
100%
No
NA
\nGreece
\nPrinos
Prinos, Epsilon
Concession
100%
No
NA
\nSouth Kavala
Concession
100%
No
NA
\nKatakolo
Katakolo
\n(undeveloped)
\nConcession
100%
No
NA
\nItaly
\nC.C6.EO
Vega A (Vega B,
\nundeveloped)
\nConcession
100%
\n111
\nYes
Energean
\nB.C8.LF
Rospo Mare
Concession
100%
\n112
\nYes
Energean
\nFiume tenna
Verdicchio
Concession
100%
No
NA
\nB.C7.LF
Sarago, cozza,
\nvongola
\nConcession
95%
Yes
Energean
\nB.C11.AS
\nGIANNA
\nGianna
\n(undeveloped)
\nConcession
49%
Yes
ENI
\nGaraguso
Accettura
Concession
50%
Yes
Energean
\nA.c14.AS
Rosanna and
\nGaia
\nConcession
50%
Yes
ENI
\nA.C15.AX
Valentina,
\nRaffaella,
\nEmanuela,
\nMelania
\nConcession
10%
Yes
ENI
\nA.c16.AG
Delia, Demetra,
\nSara, Dacia,
\nNicoletta
\nConcession
30%
Yes
ENI
\nA.C8.ME
Anemone and
\nAzelea
\n112
\nConcession
19%
Yes
ENI
\n111
\nEnergean has agreed with ENI to acquire the latter\u2019s WI and the request is pending approval from the Italian authorities. However
\nby means of an agreement between ENI and Energean Italy all the production and cost are retained by Energean from 1.1.2021
\nand, according to the JOA, the decommissioning costs will be borne by both parties according to their initial WI (Energean 60%,
\nENI 40%)
\n112
\nEnergean has requested from the operator to exit the licence.
\n
\nCountry
\nLicence /Unit
\narea
Fields
\nFiscal
\nRegime
\nGroup\u2019s
\nworking
\ninterest
\nJoint
\nOperation
Operator
\nMasseria
\nMonaco
\nAppia and
\nSalacaro
\n(undeveloped)
\nConcession
50%
Yes
Energean
\nG.C1.AG
Cassiopea ,
\nGemini, Centauro
\nConcession
40%
Yes
ENI
\nB.C14.AS
Calipso and Clara
\nWest
\nConcession
49%
Yes
ENI
\nB.C20.AS
Carlo, Clotilde
\ne Didone
\n(undeveloped)
\nConcession
49%
Yes
ENI
\nMontignano
Cassiano and
\nCastellaro
\nConcession
50%
Yes
Energean
\nB.C13.AS
Clara Est, Clara
\nNord, Clara
\nNW, (Cecilia
\nundeveloped)
\nConcession
49%
Yes
ENI
\nComiso (EIS)
Comiso
Concession
100%
No
NA
\nA.c13.AS
Daria, ( Manuela
\n,Arabella,
\nRamona
\nundeveloped)
\nConcession
49%
Yes
ENI
\nB.C10.AS
Emma West and
\nGiovanna
\nConcession
49%
Yes
ENI
\nA.C36.AG
Fauzia
Concession
40%
Yes
ENI
\nTorrente
\nmenocchia
\nGrottammare
\n(undeveloped)
\nConcession
88%
Yes
Petrorep
\nMontegranaro
Leoni
Concession
50%
Yes
Gas Plus
\nLucera
Lucera
Concession
4.8%
Yes
GPI
\nMonte Urano
San Lorenzo
Concession
40%
Yes
Energean
\nA.C21.AG
Naide
Concession
49%
Yes
ENI
\nColle di lauro
Portocannone
Concession
62%
Yes
Energean
\nPorto
\ncivitanova
\nPorto civitanova
Concession
40%
Yes
GPI
\nQuarto
Quarto
Concession
33%
Yes
Padana
\nEnergia
\nA.C17.AG
Regina
Concession
25%
Yes
ENI
\nS. Andrea
Concession
50%
Yes
Canoel
\nB.C2.LF
San Giorgio Mare
Concession
95%
Yes
Energean
\nSan Marco
San Marco
Concession
100%
No
NA
\nB.C1.LF
Santo Stefano
Concession
96%
Yes
Energean
\nMafalda
Sinarca
Concession
40%
Yes
Gas Plus
\nB.C9.AS
Squalo Centrale
Concession
33%
Yes
ENI
\nMassignano
Talamonti
Concession
50%
Yes
Energean
\nMasseria
\nGrottavecchia
\nTraetta
Concession
14%
Yes
Canoel
\nS. Anna (EIS)
Tresauro
Concession
25%
Yes
Enimed
\n
\nCountry
\nLicence /Unit
\narea
Fields
\nFiscal
\nRegime
\nGroup\u2019s
\nworking
\ninterest
\nJoint
\nOperation
Operator
\nTorrente
\nCelone
\nVigna Nocelli
\n(Masseria Conca
\nundeveloped)
\nConcession
50%
Yes
Rockhopper
\nItalia
\nUK
\nTors
Garrow, Kilmar
Concession
68%
Yes
Alpha
\nPetroleum
\nMarkham
Concession
3%
Yes
Spirit
\nEnergy
\nScott
Concession
10%
Yes
CNOOC
\nTelford
Concession
16%
Yes
CNOOC
\nWenlock
Concession
80%
Yes
Alpha
\nPetroleum
\nCroatia
\nIzabela
PSC
70%
No
NA
\nExploration
\nCountry
Concession
Fields
\nFiscal
\nRegime
\nGroup\u2019s
\nworking
\ninterest
\nJoint
\nOperation
Operator
\nIsrael
\nBlocks 12, 21,
\n23, 31
\nAthena, Zeus, Hera,
\nHermes and Hercules
\nConcession
100%
No
NA
\nEgypt
\nNorth East
\nHap\u2019y
\nPSC
3
0%
\n113
\n34
Yes
ENI
\nGreece
\nIoannina
Concession
100%
No
N/Al
\nBlock-2
Concession
75%
Yes
Energean
\nItaly
\nA.R.78.RC
Concession
10%
Yes
ENI
\nG.R13.AG
Lince prospect
Concession
40%
Yes
ENI
\nG.R.14.AG
Panda, Vela prospect
Concession
40%
Yes
ENI
\nUK
\nGlengorm
Concession
25%
Yes
CNOOC
\nIsabella
Concession
10%
Yes
Total
\nEnergies
\nE&P North
\nSea UK
\nLimited
\nMontenegro
\nBlock 26, 30
Concession
100%
No
NA
\nCroatia
\nIrena
PSC
70%
No
NA
\n113
\nFrom January 2023 Energean share in North East Hap\u2019y
was
18%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f15346": {
"value": "5Segmental reporting
\nThe information reported to the Group\u2019s Chief Executive Officer and Chief Financial Officer (together the
\nChief Operating Decision Makers) for the purposes of resource allocation and assessment of segment
\nperformance is focused on four operating segments: Europe, (including Greece, Italy, UK, Croatia), Israel,
\nEgypt and New Ventures (Montenegro and Malta).
\n\nThe Group\u2019s reportable segments under IFRS 8 Operating Segments are Europe, Israel and Egypt.
\nSegments that do not exceed the quantitative thresholds for reporting information about operating
\nsegments have been included in Other.
\nSegment revenues, results and reconciliation to profit before tax
\nThe following is an analysis of the Group\u2019s revenue, results and reconciliation to profit/(loss) before tax
\nby reportable segment:
\n($\u2019000)
Europe
Israel
Egypt
\nOther & inter-
\nsegment
\ntransactions
Total
\nYear ended 31\u00a0December 2022
\nRevenue from Oil
206,959
\u2013
\u2013
\u2013
206,959
\nRevenue from Gas
328,506
45,153
156,264
\u2013
529,923
\nOther
(31,298)
(18,031)
57,131
(7,603)
199
\nTotal revenue
504,167
27,122
213,395
(7,603)
737,081
\nAdjusted EBITDAX
\n86
\n262,655
(4,498)
164,581
(1,125)
421,613
\nReconciliation to pro\ufb01t before tax:
\nDepreciation and amortisation
\nexpenses
(27,199)
(12,112)
(43,266)
(783)
(83,360)
\nShare-based payment charge
(1,423)
(214)
(89)
(4,318)
(6,044)
\nExploration and evaluation
\nexpenses
(61,071)
(1,819)
\u2013
(8,505)
(71,395)
\nImpairment loss on property,
\nplant and equipment
(27,628)
\u2013
\u2013
\u2013
(27,628)
\nOther expense
(5,742)
(1,102)
\u2013
(8,317)
(15,161)
\nOther income
1,284
54
12,067
728
14,133
\nFinance income
3,777
6,379
1,705
(2,289)
9,572
\nFinance costs
(32,395)
(29,811)
(858)
(44,251)
(107,315)
\nUnrealised loss on derivatives
(5,203)
\u2013
\u2013
\u2013
(5,203)
\nNet foreign exchange gain/(loss)
4,065
(3,085)
(7,498)
(15,689)
(22,207)
\nPro\ufb01t/(loss) before income tax
111,120
(46,208)
126,642
(84,549)
107,005
\nTaxation income / (expense)
(42,283)
10,951
(57,766)
(636)
(89,734)
\nPro\ufb01t/(loss) from continuing
\noperations
68,837
(35,257)
68,876
(85,185)
17,271
\nYear ended 31\u00a0December 2021
\nRevenue from oil
165,496
\u2013
\u2013
144
165,640
\nRevenue from Gas
137,468
\u2013
133,503
(2)
270,969
\nOther
13,156
\u2013
55,446
(8,226)
60,376
\nTotal revenue
316,120
\u2013
188,949
(8,084)
496,985
\nAdjusted EBITDAX
\n6
\n88,288
(4,969)
130,634
(1,881)
212,072
\nReconciliation to pro\ufb01t before tax:
\nDepreciation and amortisation
\nexpenses
(55,001)
(93)
(41,626)
(731)
(97,451)
\nShare-based payment charge
(967)
(231)
\u2013
(4,523)
(5,721)
\n86
\nAdjusted EBITDAX is a non-IFRS measure used by the Group to measure business performance. It is calculated as profit
\nor loss for the period, adjusted for discontinued operations, taxation, depreciation and amortisation, share-based payment
\ncharge, impairment of property, plant and equipment, other income and expenses (including the impact of derivative financial
\ninstruments and foreign exchange), net finance costs and exploration and evaluation expenses.
\n\n($\u2019000)
Europe
Israel
Egypt
\nOther & inter-
\nsegment
\ntransactions
Total
\nExploration and evaluation
\nexpenses
(86,490)
(50)
\u2013
(1,138)
(87,678)
\nOther expense
(2,150)
(461)
(1,543)
(2,865)
(7,019)
\nOther income
16,065
19
1,851
(51)
17,884
\nFinance income
13,450
7,849
985
(19,334)
2,950
\nFinance costs
(28,318)
(18,526)
(9,059)
(41,477)
(97,380)
\nUnrealised loss on derivatives
(21,477)
\u2013
\u2013
\u2013
(21,477)
\nNet foreign exchange gain/(loss)
31,000
520
479
(38,921)
(6,922)
\nPro\ufb01t/(Loss) before income tax
(45,600)
(15,942)
81,721
(110,921)
(90,742)
\nTaxation income / (expense)
29,026
5,017
(39,100)
(355)
(5,412)
\nPro\ufb01t/(Loss) from continuing
\noperations
(16,574)
(10,925)
42,621
(111,276)
(96,154)
\nThe following table presents assets and liabilities information for the Group\u2019s operating segments as at
\n31\u00a0December 2022 and 31\u00a0December 2021, respectively:
\nYear ended 31\u00a0December 2022
\n($\u2019000)
Europe
Israel
Egypt
\nOther & inter-
\nsegment
\ntransactions
Total
\nOil & Gas properties
536,874
3,264,364
409,732
(14,440)
4,196,530
\nOther \ufb01xed assets
13,365
4,750
17,325
(65)
35,375
\nIntangible assets
48,249
219,354
20,639
8,136
296,378
\nTrade and other receivables
141,509
82,611
131,453
(17,609)
337,964
\nDeferred tax asset
244,394
\u2013
\u2013
(2,168)
242,226
\nOther assets
883,576
24,933
96,942
(382,497)
622,954
\nTotal assets
1,867,967
3,596,012
676,091
(408,643)
5,731,427
\nTrade and other payables
220,706
540,459
50,563
114,506
926,234
\nBorrowings
61,437
2,471,030
\u2013
488,429
3,020,896
\nDecommissioning provision
724,458
84,299
\u2013
\u2013
808,757
\nCurrent tax payable
109,468
\u2013
\u2013
41
109,509
\nOther liabilities
124,201
40,882
18,498
32,252
215,833
\nTotal liabilities
1,240,270
3,136,670
69,061
635,228
5,081,229
\nOther segment information
\nCapital Expenditure
\n87
\n:
\nProperty, plant and equipment
85,840
537,527
105,792
(368)
728,791
\nIntangible, exploration and
\nevaluation assets
12,143
124,718
193
3,970
141,024
\n87
\nCapital expenditure is defined as additions to property, plant and equipment and intangible exploration and evaluation assets
\nless decommissioning asset additions, right-of-use asset additions, capitalised share-based payment charge and capitalised
\nborrowing costs.
\n
\nYear ended 31\u00a0December 2022
\n($\u2019000)
Europe
Israel
Egypt
\nOther & inter-
\nsegment
\ntransactions
Total
\nOil & Gas properties
537,600
2,584,828
342,528
(9,694)
3,455,262
\nOther \ufb01xed assets
16,578
3,917
24,076
(360)
44,211
\nIntangible assets
74,868
95,941
20,484
36,848
228,141
\nTrade and other receivables
164,131
22,769
102,605
(979)
288,526
\nDeferred tax asset
154,798
\u2013
\u2013
\u2013
154,798
\nOther assets
674,157
379,248
98,720
(81,711)
1,070,414
\nTotal assets
1,622,132
3,086,703
588,413
(55,896)
5,241,352
\nTrade and other payables
197,865
74,115
25,511
152,216
449,706
\nCurrent tax payable
4,932
\u2013
\u2013
347
5,279
\nBorrowings
\u2013
2,463,524
\u2013
483,602
2,947,126
\nDecommissioning provision
766,573
35,525
\u2013
802,098
\nOther liabilities
113,808
180,689
24,663
858
320,018
\nTotal liabilities
1,083,178
2,753,853
50,174
637,024
4,524,229
\nOther segment information
\nCapital Expenditure:
\nProperty, plant and equipment
72,782
247,463
52,085
(14,330)
358,000
\nIntangible, exploration
\nand evaluation assets
40,523
6,342
215
3,329
50,409
\nSegment cash flows
\nYear ended 31\u00a0December 2022
\n($\u2019000)
Europe
Israel
Egypt
\nOther & inter-
\nsegment
\ntransactions
Total
\nNet cash from / (used in)
\noperating activities
225,780
(7,850)
66,946
(12,723)
272,153
\nCash outflow for investing
\nactivities
(287,490)
(180,040)
(54,229)
213,818
(307,941)
\nNet cash from \ufb01nancing activities
54,977
(133,953)
(2,528)
(185,975)
(267,479)
\nNet increase/(decrease) in cash
\nand cash equivalents
(6,733)
(321,843)
10,189
15,120
(303,267)
\nCash and cash equivalents at
\nbeginning of the period
71,312
349,827
19,254
290,446
730,839
\nEffect of exchange rate
\nfluctuations on cash held
(6,451)
(3,159)
(2,617)
12,543
316
\nCash and cash equivalents at
\nend of the period
58,128
24,825
26,826
318,109
427,888
\n\nYear ended 31\u00a0December 2021
\n($\u2019000)
\nNet cash from / (used in) operating
\nactivities
43,394
(28,764)
128,659
(10,785)
132,504
\nCash outflow from investing
\nactivities
(99,040)
(490,381)
(53,553)
191
(642,783)
\nNet cash from \ufb01nancing activities
120,446
831,677
(132,414)
240,056
1,059,765
\nNet increase/(decrease) in cash
\nand cash equivalents
64,800
312,532
(57,308)
229,462
549,486
\nCash and cash equivalents at
\nbeginning of the period
13,609
37,421
76,240
75,669
202,939
\nEffect of exchange rate fluctuations
\non cash held
(7,093)
(125)
322
(14,690)
(21,586)
\nCash and cash equivalents at end
\nof the period
71,316
349,828
19,254
290,441
730,839",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f15985": {
"value": "6Revenue
\n($\u2019000)
2022
2021
\nRevenue from crude oil sales
206,959
165,924
\nRevenue from gas sales
529,923
270,969
\nRevenue from LPG sales
21,747
20,945
\nRevenue from condensate sales
35,384
34,126
\nCompensation to gas buyers
(18,031)
\u2013
\nGain/(Loss) on forward transactions
(55,189)
(285)
\nPetroleum product sales
2,697
4,618
\nRendering of services
1,001
688
\nRevenue from contracts with customers
724,491
496,985
\nOther operating income-lost production insurance proceeds
12,590
\u2013
\nTotal Revenue
737,081
496,985
\nDuring\u00a0August 2021 and in accordance with the GSPAs signed with a group of gas buyers, the Group
\nagreed to pay compensation to these counterparties due to the fact the gas supply date is taking place
\nbeyond a certain date as defined in the GSPAs (being 30\u00a0June 2021). The compensation is accounted as
\nvariable purchase consideration and deducted from revenue as gas is delivered to the offtakers.
\nProceeds related to lost production under the business interruption insurance policy of $12.6\u00a0
million
\n(2021: $0\u00a0million).
\n100% of the gas produced at Abu Qir (Egypt) is sold to EGPC under a Brent-linked gas price. The gas
\nprice is determined based on Brent prices trading within a certain range, as set out in the agreement, and
\ncontains both a floor price and a cap; limiting volatility and exposure to commodity price fluctuations
\n\nSales for the year ended 31\u00a0December (Kboe)
2022
2021
\nEgypt (net entitlement)
\nGas
3,698
6,351
\nLPG
244
394
\nCondensate
286
553
\nItaly
\nOil
2,440
2,083
\nGas
1,406
1,474
\nIsrael
\nGas
1,781
\nUK
\nGas
73
40
\nOil
245
271
\nCroatia
\nGas
38
57
\nGreece
\nOil
\u2013
403
\nTotal
10,211
11,626",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16092": {
"value": " 7Operating profit/(loss)
\n($\u2019000)
2022
2021
\n(a)
Cost of sales
\nStaff costs (note 8)
52,904
64,564
\nEnergy cost
15,947
11,578
\nFlux Cost
36,970
11,561
\nRoyalty payable
45,770
24,759
\nOther operating costs
\n88
\n132,688
149,133
\nDepreciation and amortisation (note 12 and 13)
79,362
94,647
\nOil stock movement
(1,707)
(15,501)
\nStock (underlift)/overlift movement
(3,004)
4,371
\nTotal cost of sales
358,930
345,112
\n(b)
Administration expenses
\nStaff costs (note 8)
17,977
16,839
\nOther General & Administration expenses
15,960
15,667
\nShare-based payment charge included in administrative
\nexpenses
6,044
5,714
\nDepreciation and amortisation (note 12, 13)
3,889
2,480
\nAuditor fees (note 7f)
2,072
2,273
\n45,942
42,973
\n(c)
Exploration and evaluation expenses
\nStaff costs for Exploration and evaluation activities
\n(Note 8)
3,012
3,695
\n88
\nOther operating costs comprise of insurance costs, gas transportation and treatment fees concession fees and planned
\nmaintenance costs.
\n\n($\u2019000)
2022
2021
\nExploration costs written off (Note 13)
65,550
82,125
\nOther exploration and evaluation expenses
2,833
1,858
\n71,395
87,678
\n(d)
Other expenses
\nTransaction costs in relation to Edison E&P
\nacquisition
\n89
\n\u2013
2,052
\nIntra-group merger costs
3,212
605
\nLoss from disposal of Property plant & Equipment
1,102
36
\nWrite-down of inventory
1,207
581
\nExpected credit losses
3,043
\u2013
\nProvision for litigation and claims
1,198
520
\nWrite down of property, plant and equipment costs
\u2013
779
\nOther expenses
5,399
2,446
\n15,161
7,019
\n(e)
Other income
\nReversal of expected credit loss allowance
10,970
1,853
\nPro\ufb01t from sale of inventory
1,643
\u2013
\nChange in estimates of decommissioning provisions
\u2013
7,836
\nChange in estimate of de\ufb01ned bene\ufb01t obligation
\u2013
3,463
\nReversal of provision for litigation and claims
\u2013
4,494
\nOther income
1,520
238
\n14,133
17,884
\n(f)
Fees to the Company\u2019s auditor for:
\nThe audit of the Company\u2019s annual accounts
770
748
\nThe audit of the Company\u2019s subsidiaries pursuant to
\nlegislation
777
783
\nTotal audit services
1,547
1,531
\nAudit-related assurance services \u2013 half-year review
378
242
\nReporting accountant services
\u2013
1,008
\nOther services
147
75
\n2,072
2,856
\n89
\nDirect costs incurred in 2021 relating to the acquisition of Edison\u2019s E&P business.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16093": {
"value": "7Operating profit/(loss)
\n($\u2019000)
2022
2021
\n(a)
Cost of sales
\nStaff costs (note 8)
52,904
64,564
\nEnergy cost
15,947
11,578
\nFlux Cost
36,970
11,561
\nRoyalty payable
45,770
24,759
\nOther operating costs
\n88
\n132,688
149,133
\nDepreciation and amortisation (note 12 and 13)
79,362
94,647
\nOil stock movement
(1,707)
(15,501)
\nStock (underlift)/overlift movement
(3,004)
4,371
\nTotal cost of sales
358,930
345,112
\n(b)
Administration expenses
\nStaff costs (note 8)
17,977
16,839
\nOther General & Administration expenses
15,960
15,667
\nShare-based payment charge included in administrative
\nexpenses
6,044
5,714
\nDepreciation and amortisation (note 12, 13)
3,889
2,480
\nAuditor fees (note 7f)
2,072
2,273
\n45,942
42,973
\n(c)
Exploration and evaluation expenses
\nStaff costs for Exploration and evaluation activities
\n(Note 8)
3,012
3,695
\n88
\nOther operating costs comprise of insurance costs, gas transportation and treatment fees concession fees and planned
\nmaintenance costs.
\n\n($\u2019000)
2022
2021
\nExploration costs written off (Note 13)
65,550
82,125
\nOther exploration and evaluation expenses
2,833
1,858
\n71,395
87,678
\n(d)
Other expenses
\nTransaction costs in relation to Edison E&P
\nacquisition
\n89
\n\u2013
2,052
\nIntra-group merger costs
3,212
605
\nLoss from disposal of Property plant & Equipment
1,102
36
\nWrite-down of inventory
1,207
581
\nExpected credit losses
3,043
\u2013
\nProvision for litigation and claims
1,198
520
\nWrite down of property, plant and equipment costs
\u2013
779
\nOther expenses
5,399
2,446
\n15,161
7,019
\n(e)
Other income
\nReversal of expected credit loss allowance
10,970
1,853
\nPro\ufb01t from sale of inventory
1,643
\u2013
\nChange in estimates of decommissioning provisions
\u2013
7,836
\nChange in estimate of de\ufb01ned bene\ufb01t obligation
\u2013
3,463
\nReversal of provision for litigation and claims
\u2013
4,494
\nOther income
1,520
238
\n14,133
17,884
\n(f)
Fees to the Company\u2019s auditor for:
\nThe audit of the Company\u2019s annual accounts
770
748
\nThe audit of the Company\u2019s subsidiaries pursuant to
\nlegislation
777
783
\nTotal audit services
1,547
1,531
\nAudit-related assurance services \u2013 half-year review
378
242
\nReporting accountant services
\u2013
1,008
\nOther services
147
75
\n2,072
2,856
\n89
\nDirect costs incurred in 2021 relating to the acquisition of Edison\u2019s E&P business.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16094": {
"value": "7Operating profit/(loss)
\n($\u2019000)
2022
2021
\n(a)
Cost of sales
\nStaff costs (note 8)
52,904
64,564
\nEnergy cost
15,947
11,578
\nFlux Cost
36,970
11,561
\nRoyalty payable
45,770
24,759
\nOther operating costs
\n88
\n132,688
149,133
\nDepreciation and amortisation (note 12 and 13)
79,362
94,647
\nOil stock movement
(1,707)
(15,501)
\nStock (underlift)/overlift movement
(3,004)
4,371
\nTotal cost of sales
358,930
345,112
\n(b)
Administration expenses
\nStaff costs (note 8)
17,977
16,839
\nOther General & Administration expenses
15,960
15,667
\nShare-based payment charge included in administrative
\nexpenses
6,044
5,714
\nDepreciation and amortisation (note 12, 13)
3,889
2,480
\nAuditor fees (note 7f)
2,072
2,273
\n45,942
42,973
\n(c)
Exploration and evaluation expenses
\nStaff costs for Exploration and evaluation activities
\n(Note 8)
3,012
3,695
\n88
\nOther operating costs comprise of insurance costs, gas transportation and treatment fees concession fees and planned
\nmaintenance costs.
\n\n($\u2019000)
2022
2021
\nExploration costs written off (Note 13)
65,550
82,125
\nOther exploration and evaluation expenses
2,833
1,858
\n71,395
87,678
\n(d)
Other expenses
\nTransaction costs in relation to Edison E&P
\nacquisition
\n89
\n\u2013
2,052
\nIntra-group merger costs
3,212
605
\nLoss from disposal of Property plant & Equipment
1,102
36
\nWrite-down of inventory
1,207
581
\nExpected credit losses
3,043
\u2013
\nProvision for litigation and claims
1,198
520
\nWrite down of property, plant and equipment costs
\u2013
779
\nOther expenses
5,399
2,446
\n15,161
7,019
\n(e)
Other income
\nReversal of expected credit loss allowance
10,970
1,853
\nPro\ufb01t from sale of inventory
1,643
\u2013
\nChange in estimates of decommissioning provisions
\u2013
7,836
\nChange in estimate of de\ufb01ned bene\ufb01t obligation
\u2013
3,463
\nReversal of provision for litigation and claims
\u2013
4,494
\nOther income
1,520
238
\n14,133
17,884
\n(f)
Fees to the Company\u2019s auditor for:
\nThe audit of the Company\u2019s annual accounts
770
748
\nThe audit of the Company\u2019s subsidiaries pursuant to
\nlegislation
777
783
\nTotal audit services
1,547
1,531
\nAudit-related assurance services \u2013 half-year review
378
242
\nReporting accountant services
\u2013
1,008
\nOther services
147
75
\n2,072
2,856
\n89
\nDirect costs incurred in 2021 relating to the acquisition of Edison\u2019s E&P business. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16095": {
"value": "7Operating profit/(loss)
\n($\u2019000)
2022
2021
\n(a)
Cost of sales
\nStaff costs (note 8)
52,904
64,564
\nEnergy cost
15,947
11,578
\nFlux Cost
36,970
11,561
\nRoyalty payable
45,770
24,759
\nOther operating costs
\n88
\n132,688
149,133
\nDepreciation and amortisation (note 12 and 13)
79,362
94,647
\nOil stock movement
(1,707)
(15,501)
\nStock (underlift)/overlift movement
(3,004)
4,371
\nTotal cost of sales
358,930
345,112
\n(b)
Administration expenses
\nStaff costs (note 8)
17,977
16,839
\nOther General & Administration expenses
15,960
15,667
\nShare-based payment charge included in administrative
\nexpenses
6,044
5,714
\nDepreciation and amortisation (note 12, 13)
3,889
2,480
\nAuditor fees (note 7f)
2,072
2,273
\n45,942
42,973
\n(c)
Exploration and evaluation expenses
\nStaff costs for Exploration and evaluation activities
\n(Note 8)
3,012
3,695
\n88
\nOther operating costs comprise of insurance costs, gas transportation and treatment fees concession fees and planned
\nmaintenance costs.
\n\n($\u2019000)
2022
2021
\nExploration costs written off (Note 13)
65,550
82,125
\nOther exploration and evaluation expenses
2,833
1,858
\n71,395
87,678
\n(d)
Other expenses
\nTransaction costs in relation to Edison E&P
\nacquisition
\n89
\n\u2013
2,052
\nIntra-group merger costs
3,212
605
\nLoss from disposal of Property plant & Equipment
1,102
36
\nWrite-down of inventory
1,207
581
\nExpected credit losses
3,043
\u2013
\nProvision for litigation and claims
1,198
520
\nWrite down of property, plant and equipment costs
\u2013
779
\nOther expenses
5,399
2,446
\n15,161
7,019
\n(e)
Other income
\nReversal of expected credit loss allowance
10,970
1,853
\nPro\ufb01t from sale of inventory
1,643
\u2013
\nChange in estimates of decommissioning provisions
\u2013
7,836
\nChange in estimate of de\ufb01ned bene\ufb01t obligation
\u2013
3,463
\nReversal of provision for litigation and claims
\u2013
4,494
\nOther income
1,520
238
\n14,133
17,884
\n(f)
Fees to the Company\u2019s auditor for:
\nThe audit of the Company\u2019s annual accounts
770
748
\nThe audit of the Company\u2019s subsidiaries pursuant to
\nlegislation
777
783
\nTotal audit services
1,547
1,531
\nAudit-related assurance services \u2013 half-year review
378
242
\nReporting accountant services
\u2013
1,008
\nOther services
147
75
\n2,072
2,856
\n89
\nDirect costs incurred in 2021 relating to the acquisition of Edison\u2019s E&P business.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16096": {
"value": "7Operating profit/(loss)
\n($\u2019000)
2022
2021
\n(a)
Cost of sales
\nStaff costs (note 8)
52,904
64,564
\nEnergy cost
15,947
11,578
\nFlux Cost
36,970
11,561
\nRoyalty payable
45,770
24,759
\nOther operating costs
\n88
\n132,688
149,133
\nDepreciation and amortisation (note 12 and 13)
79,362
94,647
\nOil stock movement
(1,707)
(15,501)
\nStock (underlift)/overlift movement
(3,004)
4,371
\nTotal cost of sales
358,930
345,112
\n(b)
Administration expenses
\nStaff costs (note 8)
17,977
16,839
\nOther General & Administration expenses
15,960
15,667
\nShare-based payment charge included in administrative
\nexpenses
6,044
5,714
\nDepreciation and amortisation (note 12, 13)
3,889
2,480
\nAuditor fees (note 7f)
2,072
2,273
\n45,942
42,973
\n(c)
Exploration and evaluation expenses
\nStaff costs for Exploration and evaluation activities
\n(Note 8)
3,012
3,695
\n88
\nOther operating costs comprise of insurance costs, gas transportation and treatment fees concession fees and planned
\nmaintenance costs.
\n\n($\u2019000)
2022
2021
\nExploration costs written off (Note 13)
65,550
82,125
\nOther exploration and evaluation expenses
2,833
1,858
\n71,395
87,678
\n(d)
Other expenses
\nTransaction costs in relation to Edison E&P
\nacquisition
\n89
\n\u2013
2,052
\nIntra-group merger costs
3,212
605
\nLoss from disposal of Property plant & Equipment
1,102
36
\nWrite-down of inventory
1,207
581
\nExpected credit losses
3,043
\u2013
\nProvision for litigation and claims
1,198
520
\nWrite down of property, plant and equipment costs
\u2013
779
\nOther expenses
5,399
2,446
\n15,161
7,019
\n(e)
Other income
\nReversal of expected credit loss allowance
10,970
1,853
\nPro\ufb01t from sale of inventory
1,643
\u2013
\nChange in estimates of decommissioning provisions
\u2013
7,836
\nChange in estimate of de\ufb01ned bene\ufb01t obligation
\u2013
3,463
\nReversal of provision for litigation and claims
\u2013
4,494
\nOther income
1,520
238
\n14,133
17,884
\n(f)
Fees to the Company\u2019s auditor for:
\nThe audit of the Company\u2019s annual accounts
770
748
\nThe audit of the Company\u2019s subsidiaries pursuant to
\nlegislation
777
783
\nTotal audit services
1,547
1,531
\nAudit-related assurance services \u2013 half-year review
378
242
\nReporting accountant services
\u2013
1,008
\nOther services
147
75
\n2,072
2,856
\n89
\nDirect costs incurred in 2021 relating to the acquisition of Edison\u2019s E&P business.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16295": {
"value": "8 Staff costs
\nThe average monthly number of employees (including Executive Directors) employed by the Group
\nworldwide was:
\nNumber
2022
2021
\nAdministration
187
167
\nTechnical
320
437
\n507
604
\nIn
addition,
the
Group
consolidates
the
personnel
costs
of
its
Operating
Company,
Abu
Qir
Petroleum
\nCompany (\u2018AQP\u2019), owned at 100%. The table below details the average number of employees related to
\nAQP employees:
\nNumber
2022
2021
\nAQP employee (excluding Energean employees)
626
640
\n626
640
\n($\u2019000)
2022
2021
\nSalaries
\n90
\n85,056
94,624
\nSocial security costs
8,706
11,995
\nShare-based payments (note 25)
6,243
5,933
\n100,005
112,552
\nPayroll cost capitalised in oil & gas assets and exploration &
\nevaluation costs
(16,694)
(20,218)
\nPayroll cost expensed
83,311
92,334
\nIncluded in:
\nCost of sales (note 7a)
52,904
64,564
\nAdministration expenses (note 7b)
24,021
22,553
\nExploration & evaluation expenses (note 7c)
3,012
3,695
\nIntra-group merger costs (note 7d)
3,212
605
\nOther
162
917
\n83,311
92,334
\nDetails of Directors\u2019 remuneration, Directors\u2019 transactions and Directors\u2019 interests are set out in the part
\nof the Directors\u2019 Remuneration Report described as having been audited, which forms part of these
\nConsolidated Financial Statements.
\n90
\nIncluding pension costs incurred.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16396": {
"value": "9 Net finance cost
\n($\u2019000)
Notes
2022
2021
\nInterest on bank borrowings
21
1,527
96,678
\nInterest on Senior Secured Notes
21
167,372
106,993
\nInterest expense on long term payables
24
14,660
4,101
\nInterest expense on short term liabilities
54
55
\nLess amounts included in the cost of qualifying
\nassets
12,13
(123,635)
(174,153)
\n59,978
33,674
\nFinance and arrangement fees
11,334
12,420
\nCommission charges for bank guarantees
2,118
2,404
\nUnamortised \ufb01nancing costs related to Greek RBL
\nand Egypt RBL
\n91
\n\u2013
18,108
\nOther \ufb01nance costs and bank charges
2,136
2,972
\nLoss on interest rate hedges
\u2013
7,002
\nUnwinding of discount on right of use asset
2,159
1,316
\nUnwinding of discount on provision for
\ndecommissioning
21,495
8,722
\nUnwinding of discount on deferred consideration
7,098
12,854
\nUnwinding of discount on convertible loan
4,054
3,159
\nMark-to-market on contingent consideration
2,667
1,626
\nLess amounts included in the cost of qualifying
\nassets
(5,724)
(6,877)
\nTotal \ufb01nance costs
107,315
97,380
\nInterest income from time deposits
(9,572)
(2,950)
\nTotal \ufb01nance income
(9,572)
(2,950)
\nForeign exchange losses
22,207
6,922
\nNet \ufb01nancing costs
119,950
101,352
\n91
\nOn 18\u00a0November 2021 the Group fully repaid the Prinos Project Finance (Greek RBLs) before the maturity date of 31\u00a0December
\n2024 and, as such, the unamortised financing costs have been expensed in the period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16397": {
"value": "9 Net finance cost
\n($\u2019000)
Notes
2022
2021
\nInterest on bank borrowings
21
1,527
96,678
\nInterest on Senior Secured Notes
21
167,372
106,993
\nInterest expense on long term payables
24
14,660
4,101
\nInterest expense on short term liabilities
54
55
\nLess amounts included in the cost of qualifying
\nassets
12,13
(123,635)
(174,153)
\n59,978
33,674
\nFinance and arrangement fees
11,334
12,420
\nCommission charges for bank guarantees
2,118
2,404
\nUnamortised \ufb01nancing costs related to Greek RBL
\nand Egypt RBL
\n91
\n\u2013
18,108
\nOther \ufb01nance costs and bank charges
2,136
2,972
\nLoss on interest rate hedges
\u2013
7,002
\nUnwinding of discount on right of use asset
2,159
1,316
\nUnwinding of discount on provision for
\ndecommissioning
21,495
8,722
\nUnwinding of discount on deferred consideration
7,098
12,854
\nUnwinding of discount on convertible loan
4,054
3,159
\nMark-to-market on contingent consideration
2,667
1,626
\nLess amounts included in the cost of qualifying
\nassets
(5,724)
(6,877)
\nTotal \ufb01nance costs
107,315
97,380
\nInterest income from time deposits
(9,572)
(2,950)
\nTotal \ufb01nance income
(9,572)
(2,950)
\nForeign exchange losses
22,207
6,922
\nNet \ufb01nancing costs
119,950
101,352
\n91
\nOn 18\u00a0November 2021 the Group fully repaid the Prinos Project Finance (Greek RBLs) before the maturity date of 31\u00a0December
\n2024 and, as such, the unamortised financing costs have been expensed in the period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16398": {
"value": "9 Net finance cost
\n($\u2019000)
Notes
2022
2021
\nInterest on bank borrowings
21
1,527
96,678
\nInterest on Senior Secured Notes
21
167,372
106,993
\nInterest expense on long term payables
24
14,660
4,101
\nInterest expense on short term liabilities
54
55
\nLess amounts included in the cost of qualifying
\nassets
12,13
(123,635)
(174,153)
\n59,978
33,674
\nFinance and arrangement fees
11,334
12,420
\nCommission charges for bank guarantees
2,118
2,404
\nUnamortised \ufb01nancing costs related to Greek RBL
\nand Egypt RBL
\n91
\n\u2013
18,108
\nOther \ufb01nance costs and bank charges
2,136
2,972
\nLoss on interest rate hedges
\u2013
7,002
\nUnwinding of discount on right of use asset
2,159
1,316
\nUnwinding of discount on provision for
\ndecommissioning
21,495
8,722
\nUnwinding of discount on deferred consideration
7,098
12,854
\nUnwinding of discount on convertible loan
4,054
3,159
\nMark-to-market on contingent consideration
2,667
1,626
\nLess amounts included in the cost of qualifying
\nassets
(5,724)
(6,877)
\nTotal \ufb01nance costs
107,315
97,380
\nInterest income from time deposits
(9,572)
(2,950)
\nTotal \ufb01nance income
(9,572)
(2,950)
\nForeign exchange losses
22,207
6,922
\nNet \ufb01nancing costs
119,950
101,352
\n91
\nOn 18\u00a0November 2021 the Group fully repaid the Prinos Project Finance (Greek RBLs) before the maturity date of 31\u00a0December
\n2024 and, as such, the unamortised financing costs have been expensed in the period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16501": {
"value": "10 Taxation
\n(a) Taxation charge
\n($\u2019000)
2022
2021
\nCorporation tax \u2013 current year
(199,563)
(44,922)
\nCorporation tax \u2013 prior years
(583)
353
\nDeferred tax (Note 14)
110,412
39,157
\nTotal taxation (expense)
(89,734)
(5,412)
\n(b) Reconciliation of the total tax charge
\nThe Group calculates its income tax expense by applying a weighted average tax rate calculated based on
\nthe statutory tax rates of each country weighted according to the profit or loss before tax earned by the
\nGroup in each jurisdiction where deferred tax is recognised or material current tax charge arises.
\nThe effective tax rate for the period is 84% (31\u00a0December 2021: -6%).
\nThe tax (charge) for the period can be reconciled to the loss per the consolidated income statement as
\nfollows:
\n($\u2019000)
2022
2021
\nPro\ufb01t/(Loss) before tax
107,005
(90,742)
\nTax calculated at 27.5% weighted average rate (2021:
\n29.5%)
\n92
\n(29,453)
29,721
\nImpact of different tax rates
\n93
\n(9,960)
(5,176)
\nUtilisation of unrecognised deferred tax/ (Non recognition of
\ndeferred tax)
83,737
2,953
\nPermanent differences
\n94
\n(16,341)
(34,470)
\nForeign taxes
(54)
(244)
\nWindfall
tax
\n95
\n(119,425)
\u2013
\nTax effect of non-taxable income & allowances
2,217
1,348
\nOther adjustments
128
103
\nPrior year tax
(583)
353
\nTaxation (expense)
(89,734)
(5,412)
\n92
\nFor the reconciliation of the tax rate, the weighted average rate of the statutory tax rates in Greece (25%), Cyprus (12.5%) Israel
\n(23%), Italy (24%), United Kingdom (19%/40%/55.07%) and Egypt (40.55%) was used weighted according to the profit or loss
\nbefore tax earned by the Group in each jurisdiction, excluding fair value uplifts profits.
\n93
\n\u201cImpact of different tax rates\u201d mainly consisted of the Italian regional taxes (IRAP).
\n94
\nPermanent differences mainly consisted of non-deductible expenses (-$15.0m), consolidation differences ($2.8m) and foreign
\nexchange differences (-$4.1m).
\n95
\nDuring 2022, Italy introduced: 1) a windfall tax in the form of a law decree which imposed a 25% one-off tax on profit margins
\nthat rose by more than $5.26\u00a0million (\u20ac5.0\u00a0million) between\u00a0October 2021 and\u00a0April 2022 compared to the same period a year
\nearlier. The amount of the windfall tax paid by Energean Italy was $29.3mil and 2) In\u00a0November 2022, Italy introduced a new
\nwindfall tax that imposed a 50% one-off tax, calculated on 2022 taxable profits that are 10% higher than the average taxable
\nprofits between 2018-2021. This amount has a ceiling equal to 25% of the value of the net assets at end-2021. Based on this,
\nEnergean would be required to pay an additional one-off tax of $92.8\u00a0million ( \u20ac87.0\u00a0million) in\u00a0June 2023. In addition, the Energy
\n(Oil and Gas) Profits Levy (EPL) was announced by the UK Government on 26\u00a0May 2022 and legislated for in\u00a0July 2022. This
\nwas a new, temporary 25% (to be increased to 35% from 1st\u00a0January 2023) levy on ring fence profits of oil and gas companies.
\nThis was in addition to Ring Fence Corporation Tax which is charged at 30% and the Supplementary Charge which is charged
\nat 10%. The Group\u2019s exposure to the EPL is de minimis.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16605": {
"value": "11 Earnings/(Loss) per share
\nBasic earnings per ordinary share amounts are calculated by dividing net income for the year attributable
\nto ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding
\nduring the year. Diluted income per ordinary share amounts are calculated by dividing net income for the
\nyear attributable to ordinary equity holders of the parent by the weighted average number of ordinary
\nshares outstanding during the year plus the weighted average number of ordinary shares that would be
\nissued if dilutive employee share options were converted into ordinary shares.
\n($\u2019000)
2022
2021
\nTotal pro\ufb01t/(loss) attributable to equity shareholders
17,271
(96,046)
\nEffect of dilutive potential ordinary shares
\n96
\n4,054
\u2013
\n21,325
(96,046)
\n2022
2021
\nBasic weighted average number of shares
177,931,019
177,278,840
\nDilutive potential ordinary shares
6,714,731
\u2013
\nDiluted weighted average number of shares
184,645,750
177,278,840
\nBasic earnings/(loss) per share
$0.10/share
$(0.54)/share
\nDiluted earnings/ (loss) per share
$0.12/share
$(0.54)/share
\n96
\nThe $4.1million is the unwinding of the discount on the convertible loan notes (as disclosed in note 9) that will no longer be
\nincurred on conversion to shares. For further details on the convertible loan notes refer to note 21",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16661": {
"value": "12 Property, plant & equipment
\nProperty, Plant & Equipment
\nat Cost ($\u2019000)
\nOil and gas
\nasset
s
\n97
\nLeased
\nassets
\n98
\nOther property,
\nplant and
\nequipment
Total
\nAt 1\u00a0January 2021
3,430,329
50,841
60,237
3,541,407
\nAdditions
345,180
6,428
1,623
353,231
\nLease modi\ufb01cation
\u2013
2,261
\u2013
2,261
\nDisposal of assets
(23)
\u2013
(34)
(57)
\nCapitalised borrowing cost
178,891
\u2013
\u2013
178,891
\nCapitalised depreciation
227
\u2013
\u2013
227
\nChange in decommissioning
\nprovision
(13,174)
\u2013
\u2013
(13,174)
\nTransfer from Intangible
\nassets
14,317
\u2013
26
14,343
\nForeign exchange impact
(57,960)
(2,285)
(2,806)
(63,051)
\nAt 31\u00a0December 2021
3,897,787
57,245
59,046
4,014,078
\nAdditions
742,665
1,195
1,534
745,394
\nLease modi\ufb01cation
\u2013
831
\u2013
831
\nDisposal of assets
(900)
\u2013
(900)
\nCapitalised borrowing cost
109,184
\u2013
\u2013
109,184
\nCapitalised depreciation
632
\u2013
\u2013
632
\nChange in decommissioning
\nprovision
21,685
\u2013
\u2013
21,685
\nOther movements
(241)
37
(74)
(278)
\nForeign exchange impact
(31,388)
(596)
(388)
(32,372)
\nAt 31\u00a0December 2022
4,739,424
58,712
60,118
4,858,254
\nAccumulated Depreciation and Impairment
\nAt 1\u00a0January 2021
376,643
6,979
50,513
434,135
\nCharge for the period
\nExpensed
81,234
12,274
1,998
95,506
\nImpairments
774
774
\nDisposal of assets
\u2013
\u2013
21
21
\nForeign exchange impact
(16,129)
(151)
449
(15,831)
\nAt 31\u00a0December 2021
442,522
19,102
52,981
514,605
\nCharge for the period
\nExpensed
71,464
10,091
1,171
82,726
\nImpairment
27,878
\u2013
\u2013
27,878
\nDisposal of assets
\u2013
\u2013
\u2013
\nForeign exchange impact
1,030
105
6
1,141
\nAt 31\u00a0December 2022
542,894
29,298
54,158
626,350
\n97
\nIncluded within the carrying amount of Oil & Gas assets are development costs of the Karish field related to the Sub Sea and On-
\nshore construction. In line with the agreement with Israel Natural Gas Lines (\u201c
INGL
\u201d), the transfer of title (\u201c
hand over
\u201d) of these
\nassets to INGL is expected to occur in Q1 2023. For further details refer to note 24.
\n98
\nIncluded in the carrying amount of leased assets at 31\u00a0December 2022 are right of use assets related to Oil and gas properties
\nand Other property, plant and equipment of $21.3\u00a0million and $8.1\u00a0million respectively. The depreciation charged on these
\nclasses for the year ending 31\u00a0December 2022 was $7.9\u00a0million and $2.1\u00a0million respectively.
\n
\nProperty, Plant & Equipment
\nat Cost ($\u2019000)
\nOil and gas
\nasset
s
\n97
\nLeased
\nassets
\n98
\nOther property,
\nplant and
\nequipment
Total
\nNet carrying amount
\nAt 31\u00a0December 2021
3,455,265
38,143
6,065
3,499,473
\nAt 31\u00a0December 2022
4,196,530
29,414
5,960
4,231,904
\nBorrowing costs capitalised for qualifying assets during the year are calculated by applying a weighted
\naverage interest rate of 5.16% for the year ended 31\u00a0December 2022 (for the year ended 31\u00a0December
\n2021: 5.49%).
\nThe additions to Oil & Gas properties for the year ended 31\u00a0December 2022 are mainly due to development
\ncosts of Karish field related to the EPCIC contract (FPSO, Sub Sea and On-shore construction cost) at the
\namount of $534.5\u00a0million, development cost for Cassiopea project in Italy at the amount of $56.7\u00a0million
\nand NEA/NI project in Egypt at the amount of $107.9\u00a0million.
\nThe impairment recognised above of $27.9\u00a0million (2021: $0\u00a0million) was a result of a change to the
\ndecommissioning estimate on certain fields in Italy and the UK where the recoverable amount was
\nlower than the carrying value, subsequent to recognising the change in estimate. The remaining change
\nin decommissioning provision of $21.7\u00a0million was in relation to fields across the group whereby the
\nrecoverable amount exceeded the carrying value.
\nDepreciation and amortisation for the year has been recognised as follows:
\n($\u2019000)
2022
2021
\nCost of sales (note 7a)
79,362
94,647
\nAdministration expenses (note 7b)
3,889
2,480
\nOther operating (income)/expenses
109
97
\nCapitalised depreciation in oil & gas properties
632
227
\nTotal
83,992
97,451
\nCash flow statement reconciliations:
\nPayment for additions to property, plant and equipment
\n($\u2019000)
2022
2021
\nAdditions to property, plant and equipment
877,726
521,435
\nAssociated cash flows
\nPayment for additions to property, plant and equipment
(395,753)
(403,503)
\nNon-cash movements/presented in other cash flow lines
\nBorrowing cost capitalised
(109,184)
(178,891)
\nImpairment
(27,878)
\nRight-of-use asset additions/modi\ufb01cations
(2,027)
(8,689)
\nLease payments related to capital activities
12,669
10,852
\nCapitalised share-based payment charge
(199)
(200)
\nCapitalised depreciation
(632)
(227)
\nChange in decommissioning provision
(21,685)
13,174
\nMovement in working capital
(333,037)
46,049
\n
\n13
Intangible assets
\nExploration
\nand evaluation
\nassets
Goodwill
\nOther
\nIntangible
\nassets
Total
($\u2019000)
\nIntangibles at Cost
\nAt 1\u00a0January 2021
158,213
101,146
22,355
281,714
\nAdditions
47,995
\u2013
2,413
50,408
\nCapitalised borrowing costs
2,202
\u2013
\u2013
2,202
\nChange in decommissioning
\nprovision
2,141
2,141
\nTransfers to property, plant and
\nequipment
(265)
\u2013
(14,078)
(14,343)
\nExchange differences
(4,953)
\u2013
(983)
(5,936)
\n31\u00a0December 2021
205,333
101,146
9,707
316,186
\nAdditions
139,911
\u2013
1,113
141,024
\nOther movements
\u2013
\u2013
280
280
\nExchange differences
(6,890)
\u2013
(125)
(7,015)
\nAt 31\u00a0December 2022
338,354
101,146
10,975
450,475
\nAccumulated amortisation and impairments
\nAt 1\u00a0January 2021
3,004
\u2013
2,894
5,898
\nCharge for the period
\u2013
\u2013
1,946
1,946
\nImpairment
82,125
\u2013
\u2013
82,125
\nExchange differences
(1,850)
\u2013
(74)
(1,924)
\n31\u00a0December 2021
83,279
\u2013
4,766
88,045
\nCharge for the period
39
\u2013
595
634
\nImpairment
47,240
18,310
\u2013
65,550
\nExchange differences
(110)
\u2013
(22)
(132)
\n31\u00a0December 2022
130,448
18,310
5,339
154,097
\nNet carrying amount
\nAt 31\u00a0December 2021
122,054
101,146
4,941
228,141
\nAt 31\u00a0December 2022
207,906
82,836
5,636
296,378
\n
\nCash flow statement reconciliations:
\nPayment for additions to intangible assets ($\u2019000)
2022
2021
\nAdditions to intangible assets
141,024
54,750
\nAssociated cash flows
\nPayment for additions to intangible assets
(64,414)
(48,674)
\nNon-cash movements/presented in other cash flow lines
\nBorrowing cost capitalised
\u2013
(2,141)
\nChange in decommissioning provision
\u2013
(2,202)
\nMovement in working capital
(76,610)
(1,733)
\nGoodwill arises principally because of the requirement to recognise deferred tax assets and liabilities for
\nthe difference between the assigned values and the tax bases of assets acquired and liabilities assumed
\nin a business combination. Total impairment of $65.6\u00a0
million was recognised in the period for projects
\nthat will not progress to development, primarily Glengorm. Energean will exit the Glengorm licence
\nwithin 2023 and as a result the related exploration asset ($33.8\u00a0million) and goodwill ($18.3\u00a0million)
\nhave been impaired. The remaining goodwill balance is in relation to the Israel CGU ($76.0\u00a0million), and
\nUK ($7
.0\u00a0million). We have performed the annual goodwill impairment test and note that no reasonably
\npossible change would result in impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16662": {
"value": "12 Property, plant & equipment
\nProperty, Plant & Equipment
\nat Cost ($\u2019000)
\nOil and gas
\nasset
s
\n97
\nLeased
\nassets
\n98
\nOther property,
\nplant and
\nequipment
Total
\nAt 1\u00a0January 2021
3,430,329
50,841
60,237
3,541,407
\nAdditions
345,180
6,428
1,623
353,231
\nLease modi\ufb01cation
\u2013
2,261
\u2013
2,261
\nDisposal of assets
(23)
\u2013
(34)
(57)
\nCapitalised borrowing cost
178,891
\u2013
\u2013
178,891
\nCapitalised depreciation
227
\u2013
\u2013
227
\nChange in decommissioning
\nprovision
(13,174)
\u2013
\u2013
(13,174)
\nTransfer from Intangible
\nassets
14,317
\u2013
26
14,343
\nForeign exchange impact
(57,960)
(2,285)
(2,806)
(63,051)
\nAt 31\u00a0December 2021
3,897,787
57,245
59,046
4,014,078
\nAdditions
742,665
1,195
1,534
745,394
\nLease modi\ufb01cation
\u2013
831
\u2013
831
\nDisposal of assets
(900)
\u2013
(900)
\nCapitalised borrowing cost
109,184
\u2013
\u2013
109,184
\nCapitalised depreciation
632
\u2013
\u2013
632
\nChange in decommissioning
\nprovision
21,685
\u2013
\u2013
21,685
\nOther movements
(241)
37
(74)
(278)
\nForeign exchange impact
(31,388)
(596)
(388)
(32,372)
\nAt 31\u00a0December 2022
4,739,424
58,712
60,118
4,858,254
\nAccumulated Depreciation and Impairment
\nAt 1\u00a0January 2021
376,643
6,979
50,513
434,135
\nCharge for the period
\nExpensed
81,234
12,274
1,998
95,506
\nImpairments
774
774
\nDisposal of assets
\u2013
\u2013
21
21
\nForeign exchange impact
(16,129)
(151)
449
(15,831)
\nAt 31\u00a0December 2021
442,522
19,102
52,981
514,605
\nCharge for the period
\nExpensed
71,464
10,091
1,171
82,726
\nImpairment
27,878
\u2013
\u2013
27,878
\nDisposal of assets
\u2013
\u2013
\u2013
\nForeign exchange impact
1,030
105
6
1,141
\nAt 31\u00a0December 2022
542,894
29,298
54,158
626,350
\n97
\nIncluded within the carrying amount of Oil & Gas assets are development costs of the Karish field related to the Sub Sea and On-
\nshore construction. In line with the agreement with Israel Natural Gas Lines (\u201c
INGL
\u201d), the transfer of title (\u201c
hand over
\u201d) of these
\nassets to INGL is expected to occur in Q1 2023. For further details refer to note 24.
\n98
\nIncluded in the carrying amount of leased assets at 31\u00a0December 2022 are right of use assets related to Oil and gas properties
\nand Other property, plant and equipment of $21.3\u00a0million and $8.1\u00a0million respectively. The depreciation charged on these
\nclasses for the year ending 31\u00a0December 2022 was $7.9\u00a0million and $2.1\u00a0million respectively.
\n
\nProperty, Plant & Equipment
\nat Cost ($\u2019000)
\nOil and gas
\nasset
s
\n97
\nLeased
\nassets
\n98
\nOther property,
\nplant and
\nequipment
Total
\nNet carrying amount
\nAt 31\u00a0December 2021
3,455,265
38,143
6,065
3,499,473
\nAt 31\u00a0December 2022
4,196,530
29,414
5,960
4,231,904
\nBorrowing costs capitalised for qualifying assets during the year are calculated by applying a weighted
\naverage interest rate of 5.16% for the year ended 31\u00a0December 2022 (for the year ended 31\u00a0December
\n2021: 5.49%).
\nThe additions to Oil & Gas properties for the year ended 31\u00a0December 2022 are mainly due to development
\ncosts of Karish field related to the EPCIC contract (FPSO, Sub Sea and On-shore construction cost) at the
\namount of $534.5\u00a0million, development cost for Cassiopea project in Italy at the amount of $56.7\u00a0million
\nand NEA/NI project in Egypt at the amount of $107.9\u00a0million.
\nThe impairment recognised above of $27.9\u00a0million (2021: $0\u00a0million) was a result of a change to the
\ndecommissioning estimate on certain fields in Italy and the UK where the recoverable amount was
\nlower than the carrying value, subsequent to recognising the change in estimate. The remaining change
\nin decommissioning provision of $21.7\u00a0million was in relation to fields across the group whereby the
\nrecoverable amount exceeded the carrying value.
\nDepreciation and amortisation for the year has been recognised as follows:
\n($\u2019000)
2022
2021
\nCost of sales (note 7a)
79,362
94,647
\nAdministration expenses (note 7b)
3,889
2,480
\nOther operating (income)/expenses
109
97
\nCapitalised depreciation in oil & gas properties
632
227
\nTotal
83,992
97,451
\nCash flow statement reconciliations:
\nPayment for additions to property, plant and equipment
\n($\u2019000)
2022
2021
\nAdditions to property, plant and equipment
877,726
521,435
\nAssociated cash flows
\nPayment for additions to property, plant and equipment
(395,753)
(403,503)
\nNon-cash movements/presented in other cash flow lines
\nBorrowing cost capitalised
(109,184)
(178,891)
\nImpairment
(27,878)
\nRight-of-use asset additions/modi\ufb01cations
(2,027)
(8,689)
\nLease payments related to capital activities
12,669
10,852
\nCapitalised share-based payment charge
(199)
(200)
\nCapitalised depreciation
(632)
(227)
\nChange in decommissioning provision
(21,685)
13,174
\nMovement in working capital
(333,037)
46,049",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16897": {
"value": "Depreciation and amortisation for the year has been recognised as follows: ($\u2019000)
2022
2021
\nCost of sales (note 7a)
79,362
94,647
\nAdministration expenses (note 7b)
3,889
2,480
\nOther operating (income)/expenses
109
97
\nCapitalised depreciation in oil & gas properties
632
227
\nTotal
83,992
97,451",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16971": {
"value": "13 Intangible assets
\nExploration
\nand evaluation
\nassets
Goodwill
\nOther
\nIntangible
\nassets
Total
($\u2019000)
\nIntangibles at Cost
\nAt 1\u00a0January 2021
158,213
101,146
22,355
281,714
\nAdditions
47,995
\u2013
2,413
50,408
\nCapitalised borrowing costs
2,202
\u2013
\u2013
2,202
\nChange in decommissioning
\nprovision
2,141
2,141
\nTransfers to property, plant and
\nequipment
(265)
\u2013
(14,078)
(14,343)
\nExchange differences
(4,953)
\u2013
(983)
(5,936)
\n31\u00a0December 2021
205,333
101,146
9,707
316,186
\nAdditions
139,911
\u2013
1,113
141,024
\nOther movements
\u2013
\u2013
280
280
\nExchange differences
(6,890)
\u2013
(125)
(7,015)
\nAt 31\u00a0December 2022
338,354
101,146
10,975
450,475
\nAccumulated amortisation and impairments
\nAt 1\u00a0January 2021
3,004
\u2013
2,894
5,898
\nCharge for the period
\u2013
\u2013
1,946
1,946
\nImpairment
82,125
\u2013
\u2013
82,125
\nExchange differences
(1,850)
\u2013
(74)
(1,924)
\n31\u00a0December 2021
83,279
\u2013
4,766
88,045
\nCharge for the period
39
\u2013
595
634
\nImpairment
47,240
18,310
\u2013
65,550
\nExchange differences
(110)
\u2013
(22)
(132)
\n31\u00a0December 2022
130,448
18,310
5,339
154,097
\nNet carrying amount
\nAt 31\u00a0December 2021
122,054
101,146
4,941
228,141
\nAt 31\u00a0December 2022
207,906
82,836
5,636
296,378
\n
\nCash flow statement reconciliations:
\nPayment for additions to intangible assets ($\u2019000)
2022
2021
\nAdditions to intangible assets
141,024
54,750
\nAssociated cash flows
\nPayment for additions to intangible assets
(64,414)
(48,674)
\nNon-cash movements/presented in other cash flow lines
\nBorrowing cost capitalised
\u2013
(2,141)
\nChange in decommissioning provision
\u2013
(2,202)
\nMovement in working capital
(76,610)
(1,733)
\nGoodwill arises principally because of the requirement to recognise deferred tax assets and liabilities for
\nthe difference between the assigned values and the tax bases of assets acquired and liabilities assumed
\nin a business combination. Total impairment of $65.6\u00a0
million was recognised in the period for projects
\nthat will not progress to development, primarily Glengorm. Energean will exit the Glengorm licence
\nwithin 2023 and as a result the related exploration asset ($33.8\u00a0million) and goodwill ($18.3\u00a0million)
\nhave been impaired. The remaining goodwill balance is in relation to the Israel CGU ($76.0\u00a0million), and
\nUK ($7
.0\u00a0million). We have performed the annual goodwill impairment test and note that no reasonably
\npossible change would result in impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16972": {
"value": "13 Intangible assets
\nExploration
\nand evaluation
\nassets
Goodwill
\nOther
\nIntangible
\nassets
Total
($\u2019000)
\nIntangibles at Cost
\nAt 1\u00a0January 2021
158,213
101,146
22,355
281,714
\nAdditions
47,995
\u2013
2,413
50,408
\nCapitalised borrowing costs
2,202
\u2013
\u2013
2,202
\nChange in decommissioning
\nprovision
2,141
2,141
\nTransfers to property, plant and
\nequipment
(265)
\u2013
(14,078)
(14,343)
\nExchange differences
(4,953)
\u2013
(983)
(5,936)
\n31\u00a0December 2021
205,333
101,146
9,707
316,186
\nAdditions
139,911
\u2013
1,113
141,024
\nOther movements
\u2013
\u2013
280
280
\nExchange differences
(6,890)
\u2013
(125)
(7,015)
\nAt 31\u00a0December 2022
338,354
101,146
10,975
450,475
\nAccumulated amortisation and impairments
\nAt 1\u00a0January 2021
3,004
\u2013
2,894
5,898
\nCharge for the period
\u2013
\u2013
1,946
1,946
\nImpairment
82,125
\u2013
\u2013
82,125
\nExchange differences
(1,850)
\u2013
(74)
(1,924)
\n31\u00a0December 2021
83,279
\u2013
4,766
88,045
\nCharge for the period
39
\u2013
595
634
\nImpairment
47,240
18,310
\u2013
65,550
\nExchange differences
(110)
\u2013
(22)
(132)
\n31\u00a0December 2022
130,448
18,310
5,339
154,097
\nNet carrying amount
\nAt 31\u00a0December 2021
122,054
101,146
4,941
228,141
\nAt 31\u00a0December 2022
207,906
82,836
5,636
296,378
\n
\nCash flow statement reconciliations:
\nPayment for additions to intangible assets ($\u2019000)
2022
2021
\nAdditions to intangible assets
141,024
54,750
\nAssociated cash flows
\nPayment for additions to intangible assets
(64,414)
(48,674)
\nNon-cash movements/presented in other cash flow lines
\nBorrowing cost capitalised
\u2013
(2,141)
\nChange in decommissioning provision
\u2013
(2,202)
\nMovement in working capital
(76,610)
(1,733)
\nGoodwill arises principally because of the requirement to recognise deferred tax assets and liabilities for
\nthe difference between the assigned values and the tax bases of assets acquired and liabilities assumed
\nin a business combination. Total impairment of $65.6\u00a0
million was recognised in the period for projects
\nthat will not progress to development, primarily Glengorm. Energean will exit the Glengorm licence
\nwithin 2023 and as a result the related exploration asset ($33.8\u00a0million) and goodwill ($18.3\u00a0million)
\nhave been impaired. The remaining goodwill balance is in relation to the Israel CGU ($76.0\u00a0million), and
\nUK ($7
.0\u00a0million). We have performed the annual goodwill impairment test and note that no reasonably
\npossible change would result in impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16973": {
"value": "13 Intangible assets
\nExploration
\nand evaluation
\nassets
Goodwill
\nOther
\nIntangible
\nassets
Total
($\u2019000)
\nIntangibles at Cost
\nAt 1\u00a0January 2021
158,213
101,146
22,355
281,714
\nAdditions
47,995
\u2013
2,413
50,408
\nCapitalised borrowing costs
2,202
\u2013
\u2013
2,202
\nChange in decommissioning
\nprovision
2,141
2,141
\nTransfers to property, plant and
\nequipment
(265)
\u2013
(14,078)
(14,343)
\nExchange differences
(4,953)
\u2013
(983)
(5,936)
\n31\u00a0December 2021
205,333
101,146
9,707
316,186
\nAdditions
139,911
\u2013
1,113
141,024
\nOther movements
\u2013
\u2013
280
280
\nExchange differences
(6,890)
\u2013
(125)
(7,015)
\nAt 31\u00a0December 2022
338,354
101,146
10,975
450,475
\nAccumulated amortisation and impairments
\nAt 1\u00a0January 2021
3,004
\u2013
2,894
5,898
\nCharge for the period
\u2013
\u2013
1,946
1,946
\nImpairment
82,125
\u2013
\u2013
82,125
\nExchange differences
(1,850)
\u2013
(74)
(1,924)
\n31\u00a0December 2021
83,279
\u2013
4,766
88,045
\nCharge for the period
39
\u2013
595
634
\nImpairment
47,240
18,310
\u2013
65,550
\nExchange differences
(110)
\u2013
(22)
(132)
\n31\u00a0December 2022
130,448
18,310
5,339
154,097
\nNet carrying amount
\nAt 31\u00a0December 2021
122,054
101,146
4,941
228,141
\nAt 31\u00a0December 2022
207,906
82,836
5,636
296,378
\n
\nCash flow statement reconciliations:
\nPayment for additions to intangible assets ($\u2019000)
2022
2021
\nAdditions to intangible assets
141,024
54,750
\nAssociated cash flows
\nPayment for additions to intangible assets
(64,414)
(48,674)
\nNon-cash movements/presented in other cash flow lines
\nBorrowing cost capitalised
\u2013
(2,141)
\nChange in decommissioning provision
\u2013
(2,202)
\nMovement in working capital
(76,610)
(1,733)
\nGoodwill arises principally because of the requirement to recognise deferred tax assets and liabilities for
\nthe difference between the assigned values and the tax bases of assets acquired and liabilities assumed
\nin a business combination. Total impairment of $65.6\u00a0
million was recognised in the period for projects
\nthat will not progress to development, primarily Glengorm. Energean will exit the Glengorm licence
\nwithin 2023 and as a result the related exploration asset ($33.8\u00a0million) and goodwill ($18.3\u00a0million)
\nhave been impaired. The remaining goodwill balance is in relation to the Israel CGU ($76.0\u00a0million), and
\nUK ($7
.0\u00a0million). We have performed the annual goodwill impairment test and note that no reasonably
\npossible change would result in impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16974": {
"value": "13 Intangible assets
\nExploration
\nand evaluation
\nassets
Goodwill
\nOther
\nIntangible
\nassets
Total
($\u2019000)
\nIntangibles at Cost
\nAt 1\u00a0January 2021
158,213
101,146
22,355
281,714
\nAdditions
47,995
\u2013
2,413
50,408
\nCapitalised borrowing costs
2,202
\u2013
\u2013
2,202
\nChange in decommissioning
\nprovision
2,141
2,141
\nTransfers to property, plant and
\nequipment
(265)
\u2013
(14,078)
(14,343)
\nExchange differences
(4,953)
\u2013
(983)
(5,936)
\n31\u00a0December 2021
205,333
101,146
9,707
316,186
\nAdditions
139,911
\u2013
1,113
141,024
\nOther movements
\u2013
\u2013
280
280
\nExchange differences
(6,890)
\u2013
(125)
(7,015)
\nAt 31\u00a0December 2022
338,354
101,146
10,975
450,475
\nAccumulated amortisation and impairments
\nAt 1\u00a0January 2021
3,004
\u2013
2,894
5,898
\nCharge for the period
\u2013
\u2013
1,946
1,946
\nImpairment
82,125
\u2013
\u2013
82,125
\nExchange differences
(1,850)
\u2013
(74)
(1,924)
\n31\u00a0December 2021
83,279
\u2013
4,766
88,045
\nCharge for the period
39
\u2013
595
634
\nImpairment
47,240
18,310
\u2013
65,550
\nExchange differences
(110)
\u2013
(22)
(132)
\n31\u00a0December 2022
130,448
18,310
5,339
154,097
\nNet carrying amount
\nAt 31\u00a0December 2021
122,054
101,146
4,941
228,141
\nAt 31\u00a0December 2022
207,906
82,836
5,636
296,378
\n
\nCash flow statement reconciliations:
\nPayment for additions to intangible assets ($\u2019000)
2022
2021
\nAdditions to intangible assets
141,024
54,750
\nAssociated cash flows
\nPayment for additions to intangible assets
(64,414)
(48,674)
\nNon-cash movements/presented in other cash flow lines
\nBorrowing cost capitalised
\u2013
(2,141)
\nChange in decommissioning provision
\u2013
(2,202)
\nMovement in working capital
(76,610)
(1,733)
\nGoodwill arises principally because of the requirement to recognise deferred tax assets and liabilities for
\nthe difference between the assigned values and the tax bases of assets acquired and liabilities assumed
\nin a business combination. Total impairment of $65.6\u00a0
million was recognised in the period for projects
\nthat will not progress to development, primarily Glengorm. Energean will exit the Glengorm licence
\nwithin 2023 and as a result the related exploration asset ($33.8\u00a0million) and goodwill ($18.3\u00a0million)
\nhave been impaired. The remaining goodwill balance is in relation to the Israel CGU ($76.0\u00a0million), and
\nUK ($7
.0\u00a0million). We have performed the annual goodwill impairment test and note that no reasonably
\npossible change would result in impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17175": {
"value": "14 Net deferred tax (liability)/asset
\nDeferred tax
\n(liabilities)/assets
\n($\u2019000)
\nProperty,
\nplant and
\nequipment
\nRight of
\nuse asset
\nIFRS 16
\nDecom-
\nmissioning
\nPrepaid
\nexpenses
\nand other
\nreceivables
Inventory
Tax losses
\nDeferred
\nexpenses
\nfor tax
\nRetirement
\nbene\ufb01t
\nliability
\nAccrued
\nexpenses
\nand other
\nshort-term
\nliabilities
Total
\nAt 1\u00a0January 2021
(123,543)
(292)
8,877
(4,651)
695
165,841
\u2013
1,050
9,470
57,447
\nIncrease /
\n(decrease) for the
\nperiod through:
\nPro\ufb01t or loss (Note
\n10)
9,848
(718)
50,808
890
(254)
(32,501)
5,020
(932)
6,996
39,157
\nOther
\ncomprehensive
\nincome
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1,586
1,586
\nReclassi\ufb01cations in
\nthe current period
\n99
\n(28,442)
33,644
2,025
(233)
(4,903)
6, 010
200
(8,301)
\u2013
\nExchange difference
1,584
20
(3,889)
165
(25)
(8,257)
\u2013
(52)
(363)
(10,817)
\n31\u00a0December 2021
(140,553)
(990)
89,440
(1,571)
183
120,180
11,030
266
9,388
87,373
\nIncrease /
\n(decrease) for the
\nperiod through:
\nPro\ufb01t or loss (Note
\n10)
(11,836)
(103)
41,688
1,642
265
83,814
(4,822)
(22)
(214)
110,412
\nOther
\ncomprehensive
\nincome
(64)
(2,799)
(2,863)
\nExchange difference
3,466
15
(4,882)
115
(8)
(6,986)
(15)
(515)
(8,810)
\n31\u00a0December 2022
(148,923)
(1,078)
126,246
186
440
197,008
6,208
165
5,860
186,112
\n99
\nThese reclassifications primarily relate to the assets and liabilities acquired in the Edison E&P acquisition which completed in\u00a0December 2020 and reflect updated information on the allocation of the
\ndeferred taxes across the relevant categories.
\n
\n($\u2019000)
2022
2021
\nDeferred tax liabilities
(56,114)
(67,425)
\nDeferred tax assets
242,226
154,798
\n186,112
87,373
\n\u00a0
\nAt 31\u00a0December 2022 the Group had gross unused tax losses of $1,093.8\u00a0million (as of 31\u00a0December 2021:
\n$1,123.8\u00a0million) available to offset against future profits and other temporary differences. A deferred tax
\nasset of $197.0\u00a0million (2021: $120.2\u00a0million) has been recognised on tax losses of $799.2\u00a0million, based
\non the forecasted profits. The Group did not recognise deferred tax on tax losses and other differences
\nof total amount of $546.3\u00a0million.
\nIn Greece, Italy and the UK, the net DTA for carried forward losses recognised in excess of the other net
\ntaxable temporary differences was $69.2\u00a0million, $33.0\u00a0million and $16.7\u00a0million (2021: $59.3\u00a0million,
\n$0.19\u00a0million and $13.8\u00a0million) respectively. An additional DTA of $124.6\u00a0million (2021: $81.4\u00a0million)
\narose primarily in respect of deductible temporary differences related to property, plant and equipment,
\ndecommissioning provisions and accrued expenses, resulting in a total DTA of $242.3\u00a0million (2021:
\n$154.9\u00a0million). During the period, Italy recognised a DTA of $33.4 million on tax losses of $139.0million
\nin accordance with its latest tax losses utilisation forecast.
\nGreek tax losses (Prinos area) can be carried forward without limitation up until the relevant concession
\nagreement expires (by 2039), whereas the tax losses in Israel, Italy and the United Kingdom can be
\ncarried forward indefinitely. Based on the Prinos area forecasts (including the Epsilon development), the
\ndeferred tax asset is fully utilised by 2030. In Italy, deferred tax asset of $111.2\u00a0million recognised on
\ndecommissioning costs scheduled up to the year the Italian assets expect to enter into a declining phase
\nassuming available profits from Cassiopea and other long lived assets. In the UK, decommissioning
\nlosses are expected to benefit from tax relief up until 2027 in accordance with the latest taxable profits
\nforecasts.
\nOn 3\u00a0March 2021 it was announced in the UK budget that the UK non-ring fence corporation tax rate
\nwill increase from 19% to 25% with effect from\u00a0April 2023. The Group does not currently recognise any
\ndeferred tax assets in respect of UK non-ring fence tax losses and therefore this rate change did not
\nimpact the tax disclosures.
\nEnergean UK Limited with activities in the UKCS is subject to the newly introduced UK Energy Profits Levy
\n(EPL) with effect from the 26\u00a0May 2022. For the tax reconciliation of Energean UK the weighted average
\ntax rate of 55.07% (40% for the RFCT and 15.07% for the weighted average EPL rate) was used. The
\ncompany generated EPL losses during 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17382": {
"value": "15 Cash and cash equivalents
\n($\u2019000)
2022
2021
\nCash at bank
427,888
729,390
\nDeposits in escrow
\u2013
1,449
\n427,888
730,839
\nBank demand deposits comprise deposits and other short-term money market deposit accounts that are
\nreadily convertible into known amounts of cash. The effective interest rate on short-term bank deposits
\nwas 1.716% for the year ended 31\u00a0December 2022 (year ended 31\u00a0December 2021: 0.386%).
\nDeposits in escrow comprise mainly cash retained as a bank security pledge for the Group\u2019s performance
\nguarantees in its exploration blocks. These deposits can be used for funding the exploration activities of
\nthe respective blocks. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17417": {
"value": "16 Restricted cash
\nRestricted cash comprises cash retained under the Israel Senior Secured Notes and the Greek State Loan
\nrequirement as follows:
\nCurrent
\n\u00a0
\n\u00a0
\n\u00a0
\nTotal short-term restricted cash at 31\u00a0December 2022 was $71.8 million. $3 million for bank guarantees
\nand $68.8 million for the debt payment fund which will be used for the\u00a0March 2023 coupon payment of
\n$64.4 million.
\nNon-Current
\n\u00a0
\n\u00a0
\n$2.8 million: $2.2\u00a0million required to be restricted in Interest Service Reserve Account (\u2018ISRA\u2019) in relation to
\nthe Greek Loan Notes and $0.6 million for Prinos Guarantee.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17436": {
"value": "17Inventories
\n($\u2019000)
2022
2021
\nCrude oil
38,048
32,832
\nGas
383
\u2013
\nRaw materials and supplies
54,916
54,371
\nTotal inventories
93,347
87,203
\nThe Group\u2019s raw materials and supplies consumption for the year ended 31\u00a0December 2022 was
\n$6.4\u00a0million (year ended 31\u00a0December 2021: $6.5\u00a0million).
\nThe Group recorded impairment and write-off charges on inventory of $1.2\u00a0million for the year ended
\n31\u00a0December 2022 (year ended 31\u00a0December 2021: $0.6\u00a0million) related to materials written off (note 7d). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17473": {
"value": "18 Trade and other receivables
\n($\u2019000)
2022
2021
\nTrade and other receivables \u2013 Current
\nFinancial items:
\nTrade receivables
215,215
178,804
\nReceivables from partners under JOA
4,539
5,138
\nOther receivables
2,344
38,683
\nGovernment
subsidies
\n100
\n3,025
3,212
\nRefundable VAT
89,400
42,376
\nReceivables from related parties (note 27)
\u2013
1
\n314,523
268,214
\nNon-\ufb01nancial items:
\nDeposits and
prepayments
\n101
\n15,084
17,139
\nDeferred insurance expenses
1,983
2,095
\nOther deferred expenses
\n102
\n4,929
\nAccrued interest income
1,445
1,078
\n23,441
20,312
\n337,964
288,526
\nTrade and other receivables \u2013 Non-Current
\nFinancial items:
\nOther tax recoverable
14,701
16,478
\n14,701
16,478
\nNon-\ufb01nancial items:
\nDeposits and
prepayments
\n101
\n11,726
12,337
\nOther deferred expenses
\n10
2
\n\u2013
22,958
\nOther non-current assets
513
866
\n12,239
36,161
\n26,940
52,639
\n100
\nGovernment subsidies relate to grants from Greek Public Body for Employment and Social Inclusion (OAED) to financially
\nsupport the Kavala Oil S.A. labour cost from manufacturing under the action plan for promoting sustainable employment in
\nunderdeveloped or deprived districts of Greece, such as the area of Kavala. In\u00a0September 2020, the Greek Government issued
\na law and a subsequent ministerial decision whereby any legal person who has launched legal proceedings in relation to the
\naforementioned employment costs,\u00a0may set off such receivables against tax liabilities provided the judicial proceedings already
\ncommenced are abandoned. Energean investigated the process and potential benefits of this approach decided to apply for the
\nset off which has been approved and the first offset was in\u00a0January 2023 of \u20ac587k ($626k).
\n101
\nIncluded in deposits and prepayments, are mainly prepayments for goods and services under the GSP Engineering, Procurement,
\nConstruction and Installation Contract (EPCIC) for Epsilon project.
\n102
\nIn accordance with the GSPAs signed with a group of gas buyers, the Company has agreed to pay compensation to these
\ncounterparties due to the fact the gas supply date is taking place beyond a certain date as defined in the GSPAs (being 30\u00a0June
\n2021). The compensation, amounting to $23\u00a0million) has been fully paid in 2021. The compensation presented as a non-current
\nasset (under the caption deferred expenses) and will be accounted for as variable consideration and deducted from revenue as
\ngas is delivered to the offtakers.
\n
\nThe table below summarises the maturity profile of the Group receivables:
\n31\u00a0December 2022
\n($\u2019000)
\nCarrying
\namounts
\nContractual
\ncash flows
\n3 months
\nor less
\n3-12
\nmonths
\n1-2
\nyears
\n2-5
\nyears
\nTrade receivables
215,214
218,709
198,665
13,949
6,095
\u2013
\nGovernment subsidies
3,025
3,025
\u2013
3,025
\u2013
\u2013
\nRefundable VAT
89,400
89,400
19,487
50,061
19,852
\u2013
\nReceivables from partners
\nunder JOA
4,539
4,539
4,539
\u2013
\u2013
\u2013
\nOther receivables
2,344
2,344
1,027
1,317
\u2013
\u2013
\nOther tax recoverable
14,701
14,701
\u2013
\u2013
14,701
\nTotal
329,223
332,718
223,718
68,352
40,648
\u2013
\n31\u00a0December 2021
\n($\u2019000)
\nCarrying
\namounts
\nContractual
\ncash flows
\n3 months
\nor less
\n3-12
\nmonths
\n1-2
\nyears
\n2-5
\nyears
\nTrade receivables
178,804
178,804
2,832
175,972
\u2013
\u2013
\nGovernment subsidies
3,212
3,212
3,212
\u2013
\u2013
\nRefundable VAT
42,376
42,376
1,774
40,602
\u2013
\u2013
\nReceivables from
\npartners under JOA
5,138
5,138
5,138
\u2013
\u2013
\u2013
\nOther receivables
38,683
38,683
36,105
2,578
\u2013
\u2013
\nOther tax recoverable
16,478
16,478
\u2013
\u2013
\u2013
16,478
\nTotal
284,691
284,691
45,849
222,364
\u2013
16,478",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17708": {
"value": "19 Share capital
\nOn 30\u00a0June 2017, the Company became the parent company of the Group through the acquisition of the
\nfull share capital of Energean E&P Holdings Limited, in exchange for 65,643,120 \u00a30.01 ($0.013) shares in
\nthe Company issued to the previous shareholders. As of this date, the Company\u2019s share capital increased
\nfrom \u00a350 thousand ($65k) to \u00a3706 thousand ($917k). From that point, in the consolidated financial
\nstatements, the share capital became that of Energean plc. The previously recognised share capital of
\n$14.9\u00a0million and share premium of $125.8\u00a0million was eliminated with a corresponding positive merger
\nreserve recognised of $139.9\u00a0million. The below tables outline the share capital of the Company.
\nThe share premium account represents the total net proceeds on issue of the Company\u2019s shares in excess
\nof their nominal value of \u00a30.01 per share less amounts transferred to any other reserves.
\nOn 14\u00a0June 2022, Energean plc by special resolution reduced its share premium account, as confirmed by
\nan Order of the High Court of Justice.
\nIssued and authorised
\nEquity share
\ncapital allotted
\nand fully paid
\nShare capital
\n($\u2019000)
\nShare premium
\n($\u2019000)
\nAt 1\u00a0January 2021 and at 31\u00a0December
\n2021
177,602,560
2,374
915,388
\nIssued during the year
\n\u2013 New shares
\u2013
\u2013
\u2013
\n\u2013
Share based payment
437,945
6
\u2013
\nShare Premium Reduction
\u2013
\u2013
(500,000)
\nAt 31\u00a0December 2022
178,040,505
2,380
415,388",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17709": {
"value": "19 Share capital
\nOn 30\u00a0June 2017, the Company became the parent company of the Group through the acquisition of the
\nfull share capital of Energean E&P Holdings Limited, in exchange for 65,643,120 \u00a30.01 ($0.013) shares in
\nthe Company issued to the previous shareholders. As of this date, the Company\u2019s share capital increased
\nfrom \u00a350 thousand ($65k) to \u00a3706 thousand ($917k). From that point, in the consolidated financial
\nstatements, the share capital became that of Energean plc. The previously recognised share capital of
\n$14.9\u00a0million and share premium of $125.8\u00a0million was eliminated with a corresponding positive merger
\nreserve recognised of $139.9\u00a0million. The below tables outline the share capital of the Company.
\nThe share premium account represents the total net proceeds on issue of the Company\u2019s shares in excess
\nof their nominal value of \u00a30.01 per share less amounts transferred to any other reserves.
\nOn 14\u00a0June 2022, Energean plc by special resolution reduced its share premium account, as confirmed by
\nan Order of the High Court of Justice.
\nIssued and authorised
\nEquity share
\ncapital allotted
\nand fully paid
\nShare capital
\n($\u2019000)
\nShare premium
\n($\u2019000)
\nAt 1\u00a0January 2021 and at 31\u00a0December
\n2021
177,602,560
2,374
915,388
\nIssued during the year
\n\u2013 New shares
\u2013
\u2013
\u2013
\n\u2013
Share based payment
437,945
6
\u2013
\nShare Premium Reduction
\u2013
\u2013
(500,000)
\nAt 31\u00a0December 2022
178,040,505
2,380
415,388",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17799": {
"value": "21 Borrowings
\n($\u2019000)
2022
2021
\nNon-current
\nBank borrowings \u2013 after one year but within \ufb01ve years
\n4.5% Senior Secured notes due 2024 ($625\u00a0million)
620,461
617,060
\n4.875% Senior Secured notes due 2026 ($625\u00a0million)
617,912
615,966
\nConvertible loan notes ($50\u00a0million)
\u2013
41,495
\nBank borrowings \u2013 more than \ufb01ve years
\n6.5% Senior Secured notes due 2027 ($450\u00a0million)
442,879
442,107
\n5.375% Senior Secured notes due 2028 ($625\u00a0million)
616,767
615,451
\n5.875% Senior Secured notes due 2031 ($625\u00a0million)
615,890
615,047
\nBSTDB Loan and Greek State Loan Notes
61,437
\u2013
\nCarrying value of non-current borrowings
2,975,346
2,947,126
\nCurrent
\nConvertible loan notes ($50\u00a0million)
45,550
\u2013
\nCarrying value of current borrowings
45,550
\u2013
\nCarrying value of total borrowings
3,020,896
2,947,126
\nThe Group has provided security in respect of certain borrowings in the form of share pledges, as well as
\nfixed and floating charges over certain assets of the Group.
\n$2,500,000,000 senior secured notes:
\nOn 24\u00a0March 2021, the Group completed the issuance of $2.5 billion aggregate principal amount of senior
\nsecured notes.
\nThe Notes have been issued in four series as follows:
\n\u2022
Notes in an aggregate principal amount of $625\u00a0million, maturing on 30\u00a0March 2024, with a fixed
\nannual interest rate of 4.500%.
\n\u2022
Notes in an aggregate principal amount of $625\u00a0million, maturing on 30\u00a0March 2026, with a fixed
\nannual interest rate of 4.875%.
\n\u2022
Notes in an aggregate principal amount of $625\u00a0million, maturing on 30\u00a0March 2028, with a fixed
\nannual interest rate of 5.375%.
\n\u2022
Notes in an aggregate principal amount of $625\u00a0million, maturing on 30\u00a0March 2031, with a fixed
\nannual interest rate of 5.875%.
\n
\nThe Notes are listed for trading on the TACT Institutional of the Tel Aviv Stock Exchange Ltd. (the \u201cTASE\u201d).
\nThe Company had undertaken to provide the following collateral in favour of the Trustee:
\n\u2022
First rank Fixed charges over the shares of Energean Israel Limited, Energean Israel Finance
\nLtd and Energean Israel Transmission Ltd, the Karish & Tanin Leases, the gas sales purchase
\nagreements (\u201c
GSPAs
\u201d), several bank accounts, Operating Permits (once issued), Insurance policies,
\nthe Company exploration licenses (Block 12, Block 21, Block 23, Block 31) and the INGL Agreement.
\n\u2022
Floating charge over all of the present and future assets of Energean Israel Limited and Energean
\nIsrael Finance Ltd.
\n\u2022
Energean Power FPSO (subject to using commercially reasonable efforts, including obtaining Israel
\nPetroleum Commissioner approval and any other applicable governmental authority).
\nKerogen Convertible Loan
\nOn 25\u00a0February 2021, the Group completed the acquisition of the remaining 30% minority interest in
\nEnergean Israel Limited from Kerogen Investments No.38 Limited, Energean now owns 100% of Energean
\nIsrael Limited. This resulted in a reduction of the Group\u2019s reported non-controlling interest balance to $nil
\nat 31\u00a0December 2021.
\nThe total consideration includes
\n\u2022
An up-front payment of $175\u00a0million paid at completion of the transaction
\n\u2022
Deferred cash consideration amounts totalling $180\u00a0million (out of which $30\u00a0million paid
\nin\u00a0December 2022). The deferred consideration is discounted at the selected unsecured liability
\nrate of 9.77%.(please refer to note 24)
\n\u2022
$50\u00a0million of convertible loan notes (the \u201cConvertible loan notes\u201d), which have a maturity date of
\n29\u00a0December 2023, a strike price of \u00a39.50, adjusted for dividend payment up to maturity date, and
\na zero-coupon rate.
\n$450,000,000 senior secured notes:
\nOn 18th\u00a0November 2021, the Group completed the issuance of $450\u00a0million of senior secured notes,
\nmaturing on 30\u00a0April 2027 and carrying a fixed annual interest rate of 6.5%.
\nThe interest on the notes is paid semi-annually on 30\u00a0April and 30\u00a0October of each year, beginning on
\n30\u00a0April 2022.
\nThe notes are listed for trading on the Official List of the International Stock Exchange (\u201c
TISE
\u201d).
\nThe issuer is Energean plc and the Guarantors are Energean E&P Holdings, Energean Capital Ltd and
\nEnergean Egypt Ltd
\nThe company undertook to provide the following collateral in favour of the Security Trustee:
\n\u2022
Share pledge of Energean Capital Ltd, Energean Egypt Ltd, Energean Italy Ltd
\n\u2022
Fixed charges over the material bank accounts of the Company and the Guarantors (other than
\nEnergean Egypt Services JSC)
\n\u2022
Floating charge over the assets of Energean plc (other than the shares of Energean E&P Holdings)
\nEnergean Oil and Gas SA (\u2018EOGSA\u2019) loan for Epsilon/ Prinos Development:
\nOn 27\u00a0December 2021 EOGSA entered into a loan agreement with Black Sea Trade and Development
\nBank for \u20ac90.5\u00a0million to fund the development of Epsilon Oil Field. The loan is subject to an interest
\nrate of EURIBOR plus a margin of 2% on 90% of the loan (guaranteed portion) and 4.9% margin on 10%
\nof the loan (unguaranteed portion). The loan has a final maturity date 7 years and 11 months after first
\ndisbursement.
\nOn 27\u00a0December 2021 EOGSA entered into an agreement with Greek State to issue \u20ac9.5\u00a0million of notes
\nmaturing in 8 years with fixed rate -0.31% plus margin. The margin commences at 3.0% in year 1 with
\nannual increases, reaching 6.5% in year 8.
\nAt 31\u00a0December 2022, $43\u00a0million (\u20ac40million) remains undrawn.
\n
\nRevolving Credit Facility (\u2018RCF\u2019)
\nOn 8\u00a0September 2022, Energean signed a three-year $275\u00a0million RCF with a consortium of four banks,
\nled by ING Bank N.V. The RCF provides additional liquidity for general corporate purposes, if required.
\nUnder its current business plan, Energean expects the RCF to remain undrawn, apart from $101\u00a0million
\n(as at 31\u00a0December 2022) of Letters of Credit (\u201c
LCs
\u201d), which replace the LCs that relate to certain assets
\nin the UK, Italy, Egypt and Greece that were issued under the previous facility with ING on a one-for-one
\nbasis. The interest rate, if drawn by way of loans, is 5% + SOFR.
\nCapital management
\nThe Group defines capital as the total equity and net debt of the Group. Capital is managed in order to
\nprovide returns for shareholders and benefits to stakeholders and to safeguard the Group\u2019s ability to
\ncontinue as a going concern.
\nEnergean is not subject to any externally imposed capital requirements. To maintain or adjust the capital
\nstructure, the Group\u00a0may put in place new debt facilities, issue new shares for cash, repay debt, engage
\nin active portfolio management, adjust the dividend payment to shareholders, or undertake other such
\nrestructuring activities as appropriate.
\n($\u2019000)
2022
2021
\nNet Debt
\nCurrent borrowings
45,550
\u2013
\nNon-current borrowings
2,975,346
2,947,126
\nTotal borrowings
3,020,896
2,947,126
\nLess: Cash and cash equivalents
(427,888)
(730,839)
\nRestricted cash
(74,776)
(199,729)
\nNet Debt (1)
2,518,232
2,016,558
\nTotal equity (2)
650,198
717,123
\nGearing Ratio (1)/(2):
387.3%
281.2%
\n
\nReconciliation of liabilities arising from financing activities
\n($\u2019000)
1\u00a0January
\nCash
\ninflows
\nCash
\noutflows
\nReclass-
\ni\ufb01cation
\nAcquisition of
\nsubsidiary
Additions
\nLease
\nmodi\ufb01cation
\nBorrowing
\ncosts including
\namortisation of
\narrangement
\nfees
\nDerivatives
\nde-
\ndesignated
\nas cash
\nflow hedges
\nduring the
\nperiod
\nForeign
\nexchange
\nimpact
\nFair value
\nchanges
31\u00a0December
\n2022
3,294,460
63,463
(213,068)
(122)
\u2013
949
(66)
194,984
\u2013
(4,954)
\u2013
3,335,646
\nSenior Secured Notes
2,905,631
\u2013
(156,694)
\u2013
\u2013
\u2013
\u2013
164,972
\u2013
\u2013
\u2013
2,913,909
\nConvertible loan notes
41,496
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4,054
\u2013
\u2013
\u2013
45,550
\nLong -term
\nborrowings
\u2013
63,463
\u2013
\u2013
\u2013
\u2013
\u2013
1,743
\u2013
(3,769)
\u2013
61,437
\nLease liabilities
44,425
\u2013
(14,023)
(122)
\u2013
949
(66)
2,294
\u2013
(1,185)
\u2013
32,272
\nDeferred licence
\npayments
57,230
\u2013
(12,351)
\u2013
\u2013
\u2013
\u2013
6,953
\u2013
\u2013
\u2013
51,832
\nContingent
\nConsideration
78,450
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
7,870
\u2013
\u2013
\u2013
86,320
\nDeferred
\nconsideration of
\nacquisition of minority
167,228
\u2013
(30,000)
\u2013
\u2013
\u2013
\u2013
7,098
\u2013
\u2013
\u2013
144,326
\n2021
1,622,354
3,243,000
(2,006,761)
(35,373)
\u2013
187,778
2,261
251,471
4,641
8,691
28,843
3,307,005
\nSenior Secured Notes
\u2013
2,950,000
(115,717)
(35,640)
\u2013
\u2013
\u2013
106,988
\u2013
\u2013
\u2013
2,905,631
\nConvertible loan notes
\u2013
\u2013
\u2013
\u2013
\u2013
38,337
\u2013
3,158
\u2013
41,495
\nLong -term
\nborrowings
330,092
175,000
(537,873)
(1,713)
\u2013
\u2013
\u2013
35,277
\u2013
(783)
\u2013
\u2013
\nCurrent borrowings
1,112,984
118,000
(1,320,989)
2,080
\u2013
\u2013
\u2013
87,460
\u2013
465
\u2013
\u2013
\nLease liabilities
47,623
\u2013
(10,852)
\u2013
\u2013
6,304
2,261
1,316
\u2013
(2,227)
44,425
\nDeferred licence
\npayments
69,518
\u2013
(14,344)
\u2013
\u2013
\u2013
\u2013
2,056
\u2013
\u2013
\u2013
57,230
\nContingent
\nconsideration
55,222
\u2013
23,228
78,450
\nDeferred
\nconsideration of
\nacquisition of minority
\u2013
\u2013
\u2013
\u2013
\u2013
143,137
\u2013
12,855
\u2013
11,236
\u2013
167,228
\nDerivatives not
\ndesignated as
\nhedging instruments
6,915
\u2013
(6,986)
\u2013
\u2013
\u2013
\u2013
2,361
4,641
\u2013
(6,931)
\u2013",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17800": {
"value": "21 Borrowings
\n($\u2019000)
2022
2021
\nNon-current
\nBank borrowings \u2013 after one year but within \ufb01ve years
\n4.5% Senior Secured notes due 2024 ($625\u00a0million)
620,461
617,060
\n4.875% Senior Secured notes due 2026 ($625\u00a0million)
617,912
615,966
\nConvertible loan notes ($50\u00a0million)
\u2013
41,495
\nBank borrowings \u2013 more than \ufb01ve years
\n6.5% Senior Secured notes due 2027 ($450\u00a0million)
442,879
442,107
\n5.375% Senior Secured notes due 2028 ($625\u00a0million)
616,767
615,451
\n5.875% Senior Secured notes due 2031 ($625\u00a0million)
615,890
615,047
\nBSTDB Loan and Greek State Loan Notes
61,437
\u2013
\nCarrying value of non-current borrowings
2,975,346
2,947,126
\nCurrent
\nConvertible loan notes ($50\u00a0million)
45,550
\u2013
\nCarrying value of current borrowings
45,550
\u2013
\nCarrying value of total borrowings
3,020,896
2,947,126
\nThe Group has provided security in respect of certain borrowings in the form of share pledges, as well as
\nfixed and floating charges over certain assets of the Group.
\n$2,500,000,000 senior secured notes:
\nOn 24\u00a0March 2021, the Group completed the issuance of $2.5 billion aggregate principal amount of senior
\nsecured notes.
\nThe Notes have been issued in four series as follows:
\n\u2022
Notes in an aggregate principal amount of $625\u00a0million, maturing on 30\u00a0March 2024, with a fixed
\nannual interest rate of 4.500%.
\n\u2022
Notes in an aggregate principal amount of $625\u00a0million, maturing on 30\u00a0March 2026, with a fixed
\nannual interest rate of 4.875%.
\n\u2022
Notes in an aggregate principal amount of $625\u00a0million, maturing on 30\u00a0March 2028, with a fixed
\nannual interest rate of 5.375%.
\n\u2022
Notes in an aggregate principal amount of $625\u00a0million, maturing on 30\u00a0March 2031, with a fixed
\nannual interest rate of 5.875%.
\n
\nThe Notes are listed for trading on the TACT Institutional of the Tel Aviv Stock Exchange Ltd. (the \u201cTASE\u201d).
\nThe Company had undertaken to provide the following collateral in favour of the Trustee:
\n\u2022
First rank Fixed charges over the shares of Energean Israel Limited, Energean Israel Finance
\nLtd and Energean Israel Transmission Ltd, the Karish & Tanin Leases, the gas sales purchase
\nagreements (\u201c
GSPAs
\u201d), several bank accounts, Operating Permits (once issued), Insurance policies,
\nthe Company exploration licenses (Block 12, Block 21, Block 23, Block 31) and the INGL Agreement.
\n\u2022
Floating charge over all of the present and future assets of Energean Israel Limited and Energean
\nIsrael Finance Ltd.
\n\u2022
Energean Power FPSO (subject to using commercially reasonable efforts, including obtaining Israel
\nPetroleum Commissioner approval and any other applicable governmental authority).
\nKerogen Convertible Loan
\nOn 25\u00a0February 2021, the Group completed the acquisition of the remaining 30% minority interest in
\nEnergean Israel Limited from Kerogen Investments No.38 Limited, Energean now owns 100% of Energean
\nIsrael Limited. This resulted in a reduction of the Group\u2019s reported non-controlling interest balance to $nil
\nat 31\u00a0December 2021.
\nThe total consideration includes
\n\u2022
An up-front payment of $175\u00a0million paid at completion of the transaction
\n\u2022
Deferred cash consideration amounts totalling $180\u00a0million (out of which $30\u00a0million paid
\nin\u00a0December 2022). The deferred consideration is discounted at the selected unsecured liability
\nrate of 9.77%.(please refer to note 24)
\n\u2022
$50\u00a0million of convertible loan notes (the \u201cConvertible loan notes\u201d), which have a maturity date of
\n29\u00a0December 2023, a strike price of \u00a39.50, adjusted for dividend payment up to maturity date, and
\na zero-coupon rate.
\n$450,000,000 senior secured notes:
\nOn 18th\u00a0November 2021, the Group completed the issuance of $450\u00a0million of senior secured notes,
\nmaturing on 30\u00a0April 2027 and carrying a fixed annual interest rate of 6.5%.
\nThe interest on the notes is paid semi-annually on 30\u00a0April and 30\u00a0October of each year, beginning on
\n30\u00a0April 2022.
\nThe notes are listed for trading on the Official List of the International Stock Exchange (\u201c
TISE
\u201d).
\nThe issuer is Energean plc and the Guarantors are Energean E&P Holdings, Energean Capital Ltd and
\nEnergean Egypt Ltd
\nThe company undertook to provide the following collateral in favour of the Security Trustee:
\n\u2022
Share pledge of Energean Capital Ltd, Energean Egypt Ltd, Energean Italy Ltd
\n\u2022
Fixed charges over the material bank accounts of the Company and the Guarantors (other than
\nEnergean Egypt Services JSC)
\n\u2022
Floating charge over the assets of Energean plc (other than the shares of Energean E&P Holdings)
\nEnergean Oil and Gas SA (\u2018EOGSA\u2019) loan for Epsilon/ Prinos Development:
\nOn 27\u00a0December 2021 EOGSA entered into a loan agreement with Black Sea Trade and Development
\nBank for \u20ac90.5\u00a0million to fund the development of Epsilon Oil Field. The loan is subject to an interest
\nrate of EURIBOR plus a margin of 2% on 90% of the loan (guaranteed portion) and 4.9% margin on 10%
\nof the loan (unguaranteed portion). The loan has a final maturity date 7 years and 11 months after first
\ndisbursement.
\nOn 27\u00a0December 2021 EOGSA entered into an agreement with Greek State to issue \u20ac9.5\u00a0million of notes
\nmaturing in 8 years with fixed rate -0.31% plus margin. The margin commences at 3.0% in year 1 with
\nannual increases, reaching 6.5% in year 8.
\nAt 31\u00a0December 2022, $43\u00a0million (\u20ac40million) remains undrawn.
\n
\nRevolving Credit Facility (\u2018RCF\u2019)
\nOn 8\u00a0September 2022, Energean signed a three-year $275\u00a0million RCF with a consortium of four banks,
\nled by ING Bank N.V. The RCF provides additional liquidity for general corporate purposes, if required.
\nUnder its current business plan, Energean expects the RCF to remain undrawn, apart from $101\u00a0million
\n(as at 31\u00a0December 2022) of Letters of Credit (\u201c
LCs
\u201d), which replace the LCs that relate to certain assets
\nin the UK, Italy, Egypt and Greece that were issued under the previous facility with ING on a one-for-one
\nbasis. The interest rate, if drawn by way of loans, is 5% + SOFR.
\nCapital management
\nThe Group defines capital as the total equity and net debt of the Group. Capital is managed in order to
\nprovide returns for shareholders and benefits to stakeholders and to safeguard the Group\u2019s ability to
\ncontinue as a going concern.
\nEnergean is not subject to any externally imposed capital requirements. To maintain or adjust the capital
\nstructure, the Group\u00a0may put in place new debt facilities, issue new shares for cash, repay debt, engage
\nin active portfolio management, adjust the dividend payment to shareholders, or undertake other such
\nrestructuring activities as appropriate.
\n($\u2019000)
2022
2021
\nNet Debt
\nCurrent borrowings
45,550
\u2013
\nNon-current borrowings
2,975,346
2,947,126
\nTotal borrowings
3,020,896
2,947,126
\nLess: Cash and cash equivalents
(427,888)
(730,839)
\nRestricted cash
(74,776)
(199,729)
\nNet Debt (1)
2,518,232
2,016,558
\nTotal equity (2)
650,198
717,123
\nGearing Ratio (1)/(2):
387.3%
281.2%
\n
\nReconciliation of liabilities arising from financing activities
\n($\u2019000)
1\u00a0January
\nCash
\ninflows
\nCash
\noutflows
\nReclass-
\ni\ufb01cation
\nAcquisition of
\nsubsidiary
Additions
\nLease
\nmodi\ufb01cation
\nBorrowing
\ncosts including
\namortisation of
\narrangement
\nfees
\nDerivatives
\nde-
\ndesignated
\nas cash
\nflow hedges
\nduring the
\nperiod
\nForeign
\nexchange
\nimpact
\nFair value
\nchanges
31\u00a0December
\n2022
3,294,460
63,463
(213,068)
(122)
\u2013
949
(66)
194,984
\u2013
(4,954)
\u2013
3,335,646
\nSenior Secured Notes
2,905,631
\u2013
(156,694)
\u2013
\u2013
\u2013
\u2013
164,972
\u2013
\u2013
\u2013
2,913,909
\nConvertible loan notes
41,496
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4,054
\u2013
\u2013
\u2013
45,550
\nLong -term
\nborrowings
\u2013
63,463
\u2013
\u2013
\u2013
\u2013
\u2013
1,743
\u2013
(3,769)
\u2013
61,437
\nLease liabilities
44,425
\u2013
(14,023)
(122)
\u2013
949
(66)
2,294
\u2013
(1,185)
\u2013
32,272
\nDeferred licence
\npayments
57,230
\u2013
(12,351)
\u2013
\u2013
\u2013
\u2013
6,953
\u2013
\u2013
\u2013
51,832
\nContingent
\nConsideration
78,450
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
7,870
\u2013
\u2013
\u2013
86,320
\nDeferred
\nconsideration of
\nacquisition of minority
167,228
\u2013
(30,000)
\u2013
\u2013
\u2013
\u2013
7,098
\u2013
\u2013
\u2013
144,326
\n2021
1,622,354
3,243,000
(2,006,761)
(35,373)
\u2013
187,778
2,261
251,471
4,641
8,691
28,843
3,307,005
\nSenior Secured Notes
\u2013
2,950,000
(115,717)
(35,640)
\u2013
\u2013
\u2013
106,988
\u2013
\u2013
\u2013
2,905,631
\nConvertible loan notes
\u2013
\u2013
\u2013
\u2013
\u2013
38,337
\u2013
3,158
\u2013
41,495
\nLong -term
\nborrowings
330,092
175,000
(537,873)
(1,713)
\u2013
\u2013
\u2013
35,277
\u2013
(783)
\u2013
\u2013
\nCurrent borrowings
1,112,984
118,000
(1,320,989)
2,080
\u2013
\u2013
\u2013
87,460
\u2013
465
\u2013
\u2013
\nLease liabilities
47,623
\u2013
(10,852)
\u2013
\u2013
6,304
2,261
1,316
\u2013
(2,227)
44,425
\nDeferred licence
\npayments
69,518
\u2013
(14,344)
\u2013
\u2013
\u2013
\u2013
2,056
\u2013
\u2013
\u2013
57,230
\nContingent
\nconsideration
55,222
\u2013
23,228
78,450
\nDeferred
\nconsideration of
\nacquisition of minority
\u2013
\u2013
\u2013
\u2013
\u2013
143,137
\u2013
12,855
\u2013
11,236
\u2013
167,228
\nDerivatives not
\ndesignated as
\nhedging instruments
6,915
\u2013
(6,986)
\u2013
\u2013
\u2013
\u2013
2,361
4,641
\u2013
(6,931)
\u2013",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17965": {
"value": "Capital management The Group defines capital as the total equity and net debt of the Group. Capital is managed in order to
\nprovide returns for shareholders and benefits to stakeholders and to safeguard the Group\u2019s ability to
\ncontinue as a going concern.
\nEnergean is not subject to any externally imposed capital requirements. To maintain or adjust the capital
\nstructure, the Group\u00a0may put in place new debt facilities, issue new shares for cash, repay debt, engage
\nin active portfolio management, adjust the dividend payment to shareholders, or undertake other such
\nrestructuring activities as appropriate.
\n($\u2019000)
2022
2021
\nNet Debt
\nCurrent borrowings
45,550
\u2013
\nNon-current borrowings
2,975,346
2,947,126
\nTotal borrowings
3,020,896
2,947,126
\nLess: Cash and cash equivalents
(427,888)
(730,839)
\nRestricted cash
(74,776)
(199,729)
\nNet Debt (1)
2,518,232
2,016,558
\nTotal equity (2)
650,198
717,123
\nGearing Ratio (1)/(2):
387.3%
281.2%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18303": {
"value": "22 Retirement benefit liability
\nThe Group operates defined benefit pension plans in Greece and Italy.
\nUnder Italian law, Energean Italy Spa is required to operate a Target Retirement Fund \u201cTFR\u201d for its local
\nemployees. This is technically a defined benefit scheme, though has no pension assets, with the liability
\nmeasured by independent actuaries.
\nIn accordance with the provisions of Greek labour law, employees are entitled to compensation in case of
\ndismissal or retirement. The amount of compensation varies depending on salary, years of service and the
\nmanner of termination (dismissal or retirement). Employees who resign are not entitled to compensation.
\nThe compensation payable in case of retirement is equal to 40% of the compensation which would be
\npayable in case of unjustified dismissal.
\nThese plans are not funded and are defined benefit plans in accordance with IAS 19. The Group charges
\nthe accrued benefits in each period with a corresponding increase in the relative actuarial liability. The
\npayments made to retirees in every period are charged against this liability. The liabilities of the Group
\narising from the obligation to pay termination indemnities are determined through actuarial studies,
\nconducted by independent actuaries.
\n22.1
Provision for retirement benefits
\n($\u2019000)
2022
2021
\nDe\ufb01ned bene\ufb01t obligation
1,675
2,767
\nProvision for retirement bene\ufb01ts recognised
1,675
2,767
\nAllocated as:
\nNon-current portion
1,675
2,767
\n1,675
2,767
\n22.2
Defined benefit obligation
\n($\u2019000)
2022
2021
\nAt 1\u00a0January
2,766
7,839
\nChange in estimate
\n103
\n\u2013
(3,463)
\nCurrent service cost
163
191
\nInterest cost
52
13
\nExtra payments or expenses
3,233
775
\nActuarial losses \u2013 from changes in \ufb01nancial assumptions
(267)
162
\nBene\ufb01ts paid
(4,100)
(2,314)
\nTransfer in/(out)
\u2013
(34)
\nExchange differences
(172)
(402)
\nAt 31\u00a0December
1,675
2,767
\n103
\nDuring the year there was a change in the defined benefit estimate in Greece, specifically in relation to the periods of service to
\nwhich an entity attributes benefit.
\n
\n22.3
Actuarial assumptions and risks
\nThe most recent actuarial valuation was carried out as of 31\u00a0December 2022 and it was based on the
\nfollowing key assumptions:
\n2022
2021
\nGreece
\nDiscount rate
4.10%
2.00%
\nExpected rate of salary increases
3.54%
3.84%
\nAverage life expectancy over retirement age
19.7 years
19.4 years
\nInflation rate
2.20%
2.00%
\nItaly
\nDiscount rate
0.94%
0.94%
\nExpected rate of salary increases
n/a
N/A
\nAverage life expectancy over retirement age
20.9 years
20.9
\nInflation rate
2.00%
2.00%
\nSensitivity analysis
\nThe sensitivity analysis below shows the impact on the defined benefit obligation of changing each
\nassumption while not changing all other assumptions. This analysis\u00a0may not be representative of the
\nactual change in the defined benefit obligation as it is unlikely that the change in the assumptions would
\noccur in isolation of one another as some of the assumptions\u00a0may be correlated.
\n2022
2021
\nGreece
\nPercentage Effect on de\ufb01ned bene\ufb01t obligation
\nChange + 0.5% in Discount rate
-3%
-3%
\nChange \u2013 0.5% in Discount rate
3%
3%
\nChange +0.5% in Expected rate of salary increases
3%
3%
\nChange -0.5% in Expected rate of salary increases
-3%
-3%
\nItaly
\nPercentage Effect on de\ufb01ned bene\ufb01t obligation
\nChange + 0.5% in Discount rate
-1%
-1%
\nChange \u2013 0.5% in Discount rate
1%
1%
\n2022
2021
\nGreece
\nPercentage Effect on current service cost
\nChange + 0.5% in Discount rate
-4%
-4%
\nChange \u2013 0.5% in Discount rate
4%
4%
\nChange +0.5% in Expected rate of salary increases
5%
5%
\nChange -0.5% in Expected rate of salary increases
-5%
-5%
\nThe amounts presented reflect the impact from the percentage increase / (decrease) in the given
\nassumption by +/- 0.5% on the defined benefit obligation and current service cost, while holding all other
\nassumptions constant.
\nThe plan exposes the Group to actuarial risks such as interest rate risk, longevity changes and inflation
\nrisk.
\n
\nInterest rate risk
\nThe present value of the defined benefit liability is calculated using a discount rate determined by reference
\nto market yields of high-quality corporate bonds. The estimated term of the bonds is consistent with the
\nestimated term of the defined benefit obligation and it is denominated in Euro. A decrease in market yield
\non high quality corporate bonds will increase the Group\u2019s defined benefit liability.
\nLongevity of members
\nAny increase in the life expectancy of the members will increase the defined benefit liability.
\nInflation risk
\nA significant proportion of the defined benefit liability is linked to inflation. An increase in the inflation rate
\nwill increase the Group\u2019s defined benefit liability.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18500": {
"value": "23 Provisions
\n($\u2019000)
Decommissioning
\nProvision for
\nlitigation and
\nother claims
Total
\nAt 1\u00a0January 2021
865,127
16,408
881,535
\nNew provisions
\u2013
520
520
\nChange in estimates
(18,808)
(4,494)
(23,302)
\nRecognised in property, plant and
\nequipment
(13,174)
(13,174)
\nRecognised in Intangible assets
2,202
2,202
\nRecognised in pro\ufb01t& loss
(7,836)
(7,836)
\nPayments
(2,653)
\u2013
(2,653)
\nUnwinding of discount
8,722
\u2013
8,722
\nCurrency translation adjustment
(50,290)
(1,140)
(51,430)
\nAt 31\u00a0December 2021
802,098
11,294
813,392
\nCurrent provisions
12,366
\u2013
12,366
\nNon-current provisions
789,732
11,294
801,026
\nAt 1\u00a0January 2022
\nNew provisions
\u2013
1,619
1,619
\nChange in estimates
49,313
(551)
48,762
\nRecognised in property, plant and
\nequipment
21,685
21,685
\nRecognised in pro\ufb01t& loss
27,628
27,628
\nPayments
(8,898)
(344)
(9,242)
\nReclassi\ufb01cation
\u2013
(1,568)
(1,568)
\nUnwinding of discount
21,495
\u2013
21,495
\nCurrency translation adjustment
(55,251)
(1,104)
(56,355)
\nAt 31\u00a0December 2022
808,757
9,346
818,103
\nCurrent provisions
8,376
\u2013
8,376
\nNon-current provisions
800,381
9,346
809,727
\n
\nDecommissioning provision
\nThe decommissioning provision represents the present value of decommissioning costs relating to oil and
\ngas properties, which are expected to be incurred up to 2042 when the producing oil and gas properties
\nare expected to cease operations. The future costs are based on a combination of estimates from an
\nexternal study completed in previous years and internal estimates. These estimates are reviewed annually
\nto take into account any material changes to the assumptions. However, actual decommissioning costs
\nwill ultimately depend upon future market prices for the necessary decommissioning works required that
\nwill reflect market conditions at the relevant time. Furthermore, the timing of decommissioning is likely to
\ndepend on when the fields cease to produce at economically viable rates. This, in turn, will depend upon
\nfuture oil and gas prices and the impact of energy transition and the pace at which it progresses which are
\ninherently uncertain. The decommissioning provision represents the present value of decommissioning
\ncosts relating to assets in Italy, Greece, UK, Israel and Croatia. No provision is recognised for Egypt as
\nthere is no legal or constructive obligation as at 31\u00a0December 2022.
\nInflation
\nassumption
\nDiscount
\nrate
\nassumption
\nCessation
\nof
\nproduction
\nassumption
\nSpend in
\n2022
\n2022
\n($\u2019000)
\n2021
\n($\u2019000)
\nGreece
1.6%- 2.2%
4.6%
2034
\u2013
13,036
17,058
\nItaly
5.2%- 2.0%
3.3%
2023-2042
7,616
519,749
527,801
\nUK
3.7%
4.1%
2023-2031
1,281
176,063
203,246
\nIsrael
2.3%-2.7%
4.1%
2042
\u2013
84,299
35,525
\nCroatia
5.2%- 2.0%
3.3%
2032
\u2013
15,610
18,467
\nTotal
8,897
808,757
802,097
\nLitigation and other claims provisions
\nLitigation and other claim provision relates to litigation actions currently open in Italy with the Termoli Port
\nAuthority in respect of the fees payable under the marine concession regarding FSO Alba Marina serving
\nthe Rospo Mare field in Italy. Energean Italy Spa has appealed these cases to the Campobasso Court of
\nAppeal. None of the other cases has yet had a decision on the substantive issue. The Group provided
\n\u20ac5.6\u00a0million (c$6.0\u00a0million) against an adverse outcome of these court cases.
\nEnergean Italy Spa has currently open litigations with three municipalities in Italy related to the imposition
\nof real estate municipality taxes (IMU/TASI), interest and related penalties concerning the periods 2016 to
\n2019. For the years before 2019, Edison SpA bears uncapped liability for any amount assessed according
\nto the sale and purchase agreement (SPA) signed between the companies while Energean is liable for
\nany tax liability related to tax year 2019. For all three cases, Energean Italy SpA (together with Edison SpA,
\nas appropriate) filed appeals presenting strong legal and technical arguments for reducing the assessed
\ntaxes to the lowest possible level as well as cancelling entirely the imposed penalties. The Group strongly
\nbelieves based on legal advice received that the outcome of the court decisions will be in its favour with
\nno material exposure expected in excess of the provision of $2.1\u00a0million recognised.
\nThe remaining balance in other provisions a potential claim in Egypt.
\nIt is not currently possible to accurately predict the timing of the settlement of these claims and therefore
\nthe expected timing of the cash flows.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18714": {
"value": "24 Trade and other payables
\n($\u2019000)
2022
2021
\nTrade and other payables-Current
\n104
\nFinancial items:
\nTrade accounts payable
298,091
109,525
\nPayables to partners under JOA
\n105
\n58,336
43,499
\nDeferred licence payments due within one year
13,345
\u2013
\nDeferred consideration for acquisition of minority
144,326
167,228
\nOther creditors
34,644
12,043
\nShort term lease liability
9,208
8,253
\n557,950
340,548
\nNon-\ufb01nancial items:
\nAccrued expenses
\n106
\n98,650
64,823
\nContract
Liability
\n107
\n56,230
\nOther \ufb01nance costs accrued (note 9)
39,672
36,693
\nSocial insurance and other taxes
4,372
7,643
\n198,924
109,159
\n756,874
449,707
\nTrade and other payables-Non-Current
\nFinancial items:
\nTrade and other
payables
\n108
\n169,360
\u2013
\nDeferred licence
payments
\n109
\n38,488
57,230
\nContingent consideration (note 26.1)
86,320
78,450
\nLong term lease liability
23,063
36,172
\n317,231
171,852
\nNon-\ufb01nancial items:
\nContract
Liability
\n107
\n\u2013
53,537
\nSocial insurance
827
598
\n827
54,135
\n318,058
225,987
\n104
\nThe statement of financial position as at 31\u00a0December 2022 presents current tax liabilities separately from the current portion
\nof trade and other payables. Comparative amounts of $5,279,000 have been reclassified accordingly.
\n105
\nPayables related to operated Joint operations primarily in Italy.
\n106
\nIncluded in trade payables and accrued expenses in 2022 and 2021, are mainly Karish field related development expenditures
\n(mainly FPSO and Sub Sea construction cost), development expenditure for Cassiopea project in Italy and NEA/NI project in
\nEgypt.
\n107
\nIn\u00a0June 2019, Energean signed a Detailed Agreement with Israel Natural Gas Lines (\u201c
INGL
\u201d) for the transfer of title (the \u201chand
\nover\u201d) of the nearshore and onshore part of the infrastructure that will deliver gas from the Karish and Tanin FPSO into the
\nIsraeli national gas transmission grid. As consideration, INGL will pay Energean 369\u00a0million Israeli New Shekels (ILS), which
\ntranslates to approximately $115\u00a0million, for the infrastructure being built by Energean in accordance with milestones detailed
\nin the agreement. The agreement covers the onshore section of the Karish and Tanin infrastructure and the near shore section
\nof pipeline extending to approximately 10km offshore. The amount included in the contract liability line above represents the
\namount received as at 31\u00a0December 2022 from INGL. The hand over to INGL is expected to become effective in Q1 2023.
\n108
\nThe amount represents an amount payable to Technip in respect of costs incurred starting 1\u00a0April 2022 until completion, in
\nterms of the EPCIC contract. The amount is payable in eight equal quarterly deferred payments due after practical completion
\ndate and therefore has been discounted at 5.831%. p.a. (being the yield rate of the senior secured loan notes, maturing in 2024,
\nat the date of entering into the settlement agreement)
\n109
\nIn\u00a0December 2016, Energean Israel acquired the Karish and Tanin offshore gas fields for $40.0\u00a0million closing payment with an
\nobligation to pay additional consideration of $108.5\u00a0million plus interest inflated at an annual rate of 4.6% in ten equal annual
\npayments. As at 31\u00a0December 2022 the total discounted deferred consideration was $51.8\u00a0million (as at 31\u00a0December 2021:
\n$57.23\u00a0million). The Sale and Purchase Agreement (\u201c
SPA
\u201d) includes provisions in the event of Force Majeure that prevents or
\ndelays the implementation of the development plan as approved under one lease for a period of more than ninety (90) days in
\nany year following the final investment decision (\u201c
FID
\u201d) date. In the event of Force Majeure the applicable annual payment of
\nthe remaining consideration will be postponed by an equivalent period of time, and no interest will be accrued in that period of
\ntime as well. Due to the effects of the COVID-19 pandemic which constitute a Force Majeure event, the deferred payment due
\nin\u00a0March 2022 would be postponed by the number of days that such Force Majeure event last. As of 31\u00a0December 2021 Force
\nMajeure event length has not been finalised as the COVID-19 pandemic continues to affect the progress of the project, and as
\nsuch the deferred payment due in\u00a0March 2022 was postponed accordingly. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18851": {
"value": "25 Employee share schemes
\nAnalysis of share-based payment charge
\n($\u2019000)
2022
2021
\nEnergean Deferred Share Bonus Plan (DSBP)
1,332
1,215
\nEnergean Long Term Incentive Plan (LTIP)
4,911
4,718
\nTotal share-based payment charge
6,243
5,933
\nCapitalised to intangible and tangible assets
199
200
\nExpensed as cost of sales
\u2013
5
\nExpensed as administration expenses
6,044
5,712
\nExpensed to exploration and evaluation expenses
\u2013
14
\nExpensed as other expenses
\u2013
2
\nTotal share-based payment charge
6,243
5,933
\nEnergean Long Term Incentive Plan (LTIP)
\nUnder the Energean plc\u2019s 2018 LTIP rules, senior executives\u00a0may be granted conditional awards of shares
\nor nil cost options. Nil cost options are normally exercisable from three to ten years following grant
\nprovided an individual remains in employment. Awards are subject to performance conditions (including
\nTotal Shareholder Return (TSR) normally measured over a period of three years. Vesting of awards or
\nexercise of nil cost options is generally subject to an individual remaining in employment except in certain
\ncircumstances such as good leaver and change of control. Awards\u00a0may be subject to a holding period
\nfollowing vesting. No dividends are paid over the vesting period; however, Energean\u2019s Board\u00a0may decide
\nat any time prior to the issue or transfer of the shares in respect of which an award is released that the
\nparticipant will receive an amount (in cash and/or additional Shares) equal in value to any dividends that
\nwould have been paid on those shares on such terms and over such period (ending no later than the
\nRelease Date) as the Board\u00a0may determine. This amount\u00a0may assume the reinvestment of dividends (on
\nsuch basis as the Board\u00a0may determine) and\u00a0may exclude or include special dividends.
\nThe weighted average remaining contractual life for LTIP awards outstanding at 31\u00a0December 2022 was
\n1.2 years (31\u00a0December 2021: 1.3 years), number of shares outstanding 2,112,973 and weighted average
\nprice at grant date \u00a35.66.
\nThere are further details of the LTIP in the Remuneration Report on pages 123-1
47.
\nDeferred Share Bonus Plan (DSBP)
\nUnder the DSBP, a portion of any annual bonus of a Senior Executive nominated by the Remuneration &
\nTalent Committee,
may be deferred into shares.
\nDeferred awards are usually granted in the form of conditional share awards or nil-cost options
\n(or, exceptionally, as cash-settled equivalents). Deferred awards usually vest two years after award
\nalthough\u00a0may vest early on leaving employment or on a change of control.
\nThe weighted average remaining contractual life for DSBP awards outstanding at 31\u00a0December 2022 was
\n0.8 years, number of shares outstanding 236,174 and weighted price at grant date \u00a310.05.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18914": {
"value": "26 Financial instruments
\nThe Group is exposed to a variety of risks including commodity price risk, interest rate risk, credit risk,
\nforeign currency risk and liquidity risk. The use of derivative financial instruments is governed by the
\nGroup\u2019s policies approved by the Board of Directors. Compliance with policies and exposure limits are
\nmonitored and reviewed internally on a regular basis. The Group does not enter into or trade financial
\ninstruments, including derivatives, for speculative purposes.
\n
\n26.1
Fair values of financial assets and liabilities
\nThe information set out below provides information about how the Group determines the fair values of
\nvarious financial assets and liabilities.
\nThe fair values of the Group\u2019s non-current liabilities measured at amortised cost are considered to
\napproximate their carrying amounts at the reporting date.
\nThe carrying value less any estimated credit adjustments for financial assets and financial liabilities with
\na maturity of less than one year are assumed to approximate their fair values due to their short term-
\nnature. The fair value of the group\u2019s finance lease obligations is estimated using discounted cash flow
\nanalysis based on the group\u2019s current incremental borrowing rates for similar types and maturities of
\nborrowing and are consequently categorised in level 2 of the fair value hierarchy.
\nContingent consideration
\nThe share purchase agreement (the \u201cSPA\u201d) dated 4\u00a0July 2019 between Energean and Edison SpA provides
\nfor a contingent consideration of up to $100.0\u00a0million subject to the commissioning of the Cassiopea
\ndevelopment gas project in Italy. The consideration was determined to be contingent on the basis of
\nfuture gas prices (PSV) recorded at the time of the at the time of first gas production at the Cassiopea
\nfield, which is expected in 2024. No payment will be due if the arithmetic average of the year one (i.e., the
\nfirst year after first gas production) and year two (i.e., the second year after first gas production) Italian
\nPSV Natural Gas Futures prices is less than \u20ac10/Mwh when first gas production is delivered from the
\nfield. $100\u00a0million is payable if that average price exceeds \u20ac20/Mwh. The fair value of the Contingent
\nConsideration is estimated by reference to the terms of the SPA and the simulated PSV pricing by
\nreference to the forecasted PSV pricing, historical volatility and a log normal distribution, discounted at an
\nestimated cost of debt
\nThe contingent consideration to be payable in 2024 was estimated at acquisition date to amount to
\n$61.7\u00a0million, which discounted at the selected cost of debt resulted in a present value of $55.2\u00a0million as
\nat the acquisition date.
\nAs at 31\u00a0December 2022, the two-year future curve of PSV prices increased from the date of acquisition
\nand indicate an average price in excess of \u20ac20/Mwh (the threshold for payment of $100\u00a0million), we
\nestimate the fair value of the Contingent Consideration as at 31\u00a0December 2022 to be $86.3\u00a0million based
\non a Monte Carlo simulation (31\u00a0December 2021: $78.5\u00a0million).
\nThe fair value of the consideration payable has been recognised at level 3 in the fair value hierarchy.
\nContingent consideration reconciliation
\nContingent consideration
2022
\n1\u00a0January
78,450
\nFair value adjustment
7,870
\n31\u00a0December
86,320
\nFair values of derivative financial instruments
\nThe Group undertakes hedging activities as part of the ongoing financial risk management to protect
\nagainst commodity price volatility and to ensure the availability of cash flow for re-investment in capital
\nprogrammes that are driving business delivery. Commodity hedge contracts entered into in Italy aim to
\nmitigate the risk of changes to the cost of natural gas and that relating to the sale of natural gas.
\nThe entered into commodity hedges in 2021 however at 31\u00a0December 2022 there were no open hedges.
\nFair value is the amount for which the asset or liability could be exchanged in an arm\u2019s length transaction
\nat the relevant date. Where available, fair values are determined using quoted prices in active markets.
\nTo the extent that market prices are not available, fair values are estimated by reference to market-based
\ntransactions, or using standard valuation techniques for the applicable instruments and commodities
\ninvolved. Values recorded are as at the balance sheet date, and will not necessarily be realised.
\nThere were no transfers between fair value levels during the year.
\n
\nThe fair value hierarchy of financial assets and financial liabilities that are not measured at fair value (but
\nfair value disclosure is required) is as follows:
\nFair value hierarchy as at 31\u00a0December 2022
\nLevel 1
\n$\u2019000
\nLevel 2
\n$\u2019000
\nLevel 3
\n$\u2019000
\nTotal
\n$\u2019000
\nFinancial assets
\nTrade and other
\nreceivables (note 18)
\u2013
329,224
\u2013
329,224
\nCash and cash
\nequivalents (note 15)
427,888
\u2013
\u2013
427,888
\nRestricted Cash
74,776
\u2013
\u2013
74,776
\nTotal
502,664
329,224
\u2013
831,888
\nFinancial liabilities
\nFinancial liabilities held at amortised cost:
\nTrade and other
\npayables
\u2013
560,431
\u2013
560,431
\nSenior Secured Notes
\n(note 21)
2,716,625
\u2013
\u2013
2,716,625
\nBorrowings (note 21)
\u2013
106,986
\u2013
106,986
\nDeferred consideration
\nfor acquisition of
\nminority (note 24)
\u2013
144,326
\u2013
144,326
\nNet obligations under
\n\ufb01nance leases (note 24)
\u2013
32,271
\u2013
32,271
\nDeferred licence
\npayments (note 24)
\u2013
51,833
\u2013
51,833
\nFinancial liabilities at
\nFVTPL
\nContingent
\nConsideration
\u2013
\u2013
86,320
86,320
\nTotal
2,716,625
895,847
86,320
3,698,792
\n
\nFair value hierarchy as at 31\u00a0December 2021
\n($\u2019000)
Level 1
Level 2
Level 3
Total
\nFinancial assets
\nTrade and other
\nreceivables (note 18)
\u2013
284,692
\u2013
284,692
\nCash and cash
\nequivalents (note 15)
730,839
\u2013
\u2013
730,839
\nRestricted Cash
199,729
199,729
\nTotal
930,568
284,692
\u2013
1,215,260
\nFinancial liabilities
\nFinancial liabilities held at amortised cost:
\nTrade and other
\npayables \u2013 current
\u2013
173,319
\u2013
173,319
\nSenior Secured Notes
\n(note 20)
2,931,950
\u2013
\u2013
2,931,950
\nBorrowings (note 20)
\u2013
41,495
\u2013
41,495
\nDeferred consideration
\nfor acquisition of
\nminority (note 23)
\u2013
167,228
\u2013
167,228
\nNet obligations under
\n\ufb01nance leases (note 23)
\u2013
44,425
\u2013
44,425
\nDeferred licence
\npayments (note 23)
\u2013
57,230
\u2013
57,230
\nFinancial liabilities held at fair value through OCI:
\nDerivatives
\u2013
12,546
\u2013
12,546
\nFinancial liabilities at
\nFVTPL:
\nContingent
\nconsideration
\u2013
\u2013
78,450
78,450
\nTotal
2,931,950
496,243
78,450
3,506,643
\n26.2
Commodity price risk
\nThe Group considers hedging activities as part of the ongoing financial risk management to protect
\nagainst commodity price volatility and to ensure the availability of cash flow for re-investment in capital
\nprogrammes that are driving business delivery.
\nAt 31\u00a0December 2022 there are no open hedging contracts.
\n
\n26.3
Interest rate risk
\nThe Group\u2019s policy is to minimise interest rate cash flow risk exposures on long-term financing. Longer-
\nterm borrowings are therefore usually at fixed rates.
\nAt 31\u00a0December 2022, the Group\u2019s exposure to interest rate risk is only in relation to the Greek borrowings
\nas all other borrowings are at fixed interest rates (refer to Note 21 details). The exposure to interest rates
\nfor the Group\u2019s money market funds is considered immaterial.
\n($\u2019000)
2022
2021
\nImpact on \ufb01nance costs
\nInterest rates increase +0.5%
135
\u2013
\nInterest rates decrease -0.5%
(135)
\u2013
\n26.4
Credit risk
\nCredit risk arises when a failure by counterparties to discharge their obligations could reduce the amount
\nof future cash inflows from financial assets on hand at the reporting date. The Group has policies in place
\nto ensure that all of its transactions giving rise to credit risk are made with parties having an appropriate
\ncredit history and monitors on a continuous basis the ageing profile of its receivables.
\nAlso, the Group has policies to limit the amount of credit exposure to any banking institution, considering
\namong other factors the credit ratings of the banks with which deposits are held. Credit quality information
\nin relation to those banks is provided below.
\nWith regard to the risk of potential losses caused by the failure of any of the counterparties the Company
\ninteracts with to honour the commitments they have undertaken, the Group has implemented for some
\ntime procedures and tools to evaluate and select counterparties based on their credit rating, constantly
\nmonitoring its exposure to the various counterparties and implementing appropriate mitigating actions,
\nprimarily aimed at recovering or transferring receivables.
\nPresented below is a breakdown of trade receivables by past due bracket:
\n($\u2019000)
\n31\u00a0December
\n2022
\n31\u00a0December
\n2021
\nTrade receivables and receivables from partners under JOA
224,319
215,776
\nAllowance for impairment
(4,565)
(31,834)
\nTotal
219,754
183,942
\nTrade
receivables
include
balances
from
EGPC,
the
Egyptian
governmental
body
that
are
significantly
\naged.
\n31\u00a0December 2022
31\u00a0December 2021
\nTrade
\nreceivables
Allowance
\nTrade
\nreceivables
Allowance
($\u2019000)
\nNot yet due
75,573
(2,377)
44,602
(1,461)
\nPast due by less than
\none month
27,654
(870)
12,187
(399)
\nPast due by one to
\nthree months
\u2013
\u2013
12,212
(400)
\nPast due by three to six
\nmonths
11,032
(347)
12,959
(425)
\nPast due by more than
\nsix months
6,095
(192)
41,646
(25,786)
\nTotal
120,354
(3,786)
123,606
(28,471)
\n
\nTrade Receivables by geography
\n($\u2019000)
\n31\u00a0December
\n2022
\n31\u00a0December
\n2021
\nItaly
57,000
41,757
\nUnited Kingdom
6,491
5,428
\nEgypt
120,361
123,850
\nGreece
2,976
2,893
\nCroatia
\u2013
212
\nIsrael
37,491
21,275
\nOther Countries
\u2013
2,215
\nTotal
224,319
197,630
\nCredit quality of bank deposits
\nThe credit quality of the banks in which the Group keeps its deposits is assessed by reference to the credit
\nrating of these banks. Moody\u2019s credit ratings of the corresponding banks in which the Group keeps its
\ndeposits is as follows:
\n($\u2019000)
2022
2021
\nA1
294,505
288,953
\nA2
96,599
549,494
\nA3
31,084
10,139
\nBBB
30,826
64,760
\nBB
48,403
16,590
\nB3
1,247
634
\n502,664
930,570
\nThe Company has assessed the recoverability of all cash balances and considers they are carried within
\nthe consolidated statement of financial position at amounts not materially different to their fair value.
\n26.5
Foreign exchange risk
\nThe Group is exposed to foreign exchange risk as it undertakes operations in various foreign currencies.
\nThe key sources of the risk are attributed to the fact that the Group has certain subsidiaries with Euro
\nfunctional currencies in which a number of loan agreements denominated in US$ and sales of crude oil
\nare additionally denominated in US$.
\n
\nThe Group\u2019s exposure to foreign currency risk, as a result of financial instruments, at each reporting date
\nis shown in the table below. The amounts shown are the US$ equivalent of the foreign currency amounts.
\nLiabilities
Assets
\n($\u2019000)
2022
2021
2022
2021
\nDollars (US$)
759,232
898,804
265,166
480,931
\nUnited Kingdom
\nPounds (\u00a3)
236,115
16,750
107,336
34,971
\nEuro
588,952
656,602
724,116
11,323
\nCAD
\u2013
\u2013
\u2013
17
\nNOK
4,403
109
18
84
\nILS
1,501
1,783
22,442
35,905
\nSGD
276
19,383
238
9,354
\nEGP
\u2013
\u2013
\u2013
41
\nTotal
572,626
1,590,479
1,593,431
1,119,316
\nThe following table reflects the sensitivity analysis for profit and loss results for the year and equity, taking
\ninto consideration for the periods presented foreign exchange variation by +/- 10%.
\n
\n31\u00a0December 2022
\nUSD
\nVariation
\n\u00a3
\nVariation
\nEuro
\nVariation
\nILS
\nVariation
\nNOK
\nVariation
\nSGD
\nVariation
\nEGP
\nVariation
\n10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
\nPro\ufb01t or loss (before tax)
12,927
(3,634)
(2,415)
1,883
(6,394)
6,986
5
(4)
1,003
(912)
(793)
721
25
25
\nOther comprehensive income
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nEquity
12,927
(3,634)
(2,415)
1,883
(6,394)
6,986
5
(4)
1,003
(912)
(793)
721
25
25
\n31\u00a0December 2021
\nUSD
\nVariation
\n\u00a3
\nVariation
\nEuro
\nVariation
\nILS
\nVariation
\nNOK
\nVariation
\nSGD
\nVariation
\nEGP
\nVariation
\n10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
\nPro\ufb01t or loss (before tax)
(24,122)
29,629
(10,249)
12,275
5,324
(6,755)
\u2013
\u2013
2,094
(1,904)
(439)
399
(4)
5
\nOther comprehensive income
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nEquity
(24,122)
29,629
(10,249)
12,275
5,324
(6,755)
\u2013
\u2013
2,094
(1,904)
(439)
399
(4)
5
\nThe above calculations assume that interest rates remain the same as at the reporting date.
\n
\n26.6
Liquidity risk
\nLiquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another
\nfinancial asset.
\nThe Group monitors its risk to a shortage of funds by monitoring its debt rating and the maturity dates of existing debt and other payables. As at 31\u00a0December 2022,
\nthe Group had available $217\u00a0million (2021: $113\u00a0million) of undrawn committed borrowing facilities.
\nThe undrawn facilities are in relation to the Greek State-Backed Loan of $43million (\u20ac40million) and $174million in relation to the revolving credit facility (Refer to
\nnote 21 for details for further details).
\nThe following tables detail the Group\u2019s remaining contractual maturity for its financial liabilities. The tables have been drawn up based on the undiscounted cash
\nflows of financial liabilities based on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows.
\nThe Group manages its liquidity risk by ongoing monitoring of its cash flows. Group management prepares budgets and regular cash flow forecasts and takes
\nappropriate actions to ensure available cash deposits and credit lines with the banks are available to meet the Group\u2019s liabilities as they fall due.
\nThe table below summarises the maturity profile of the Group financial liabilities based on contractual undiscounted payments:
\n31\u00a0December 2022
Carrying amounts
Contractual cash flows
3 months
or less
3-12 months
1-2 years
2-5 years
More than
5 years
\n($\u2019000)
\nBank loans
2,975,345
3,869,648
64,453
98,480
910,680
1,291,207
1,504,828
\nLease liabilities
32,271
33,207
2,231
6,503
2,967
19,952
1,554
\nTrade and other
\npayables
936,120
984,802
311,602
337,634
238,692
96,874
\u2013
\nTotal
3,943,736
4,887,657
378,286
442,617
1,152,339
1,408,033
1,506,382
\n31\u00a0December 2021
Carrying amounts
Contractual cash flows
3 months
or less
3-12 months
1-2 years
2-5 years
More than
5 years
\n($\u2019000)
\nBank loans
2,950,701
3,936,296
64,095
93,004
208,562
1,640,222
1,930,412
\nLease liabilities
44,425
21,953
1,919
4,937
6,216
7,130
1,744
\nTrade and other
\npayables
467,986
552,689
139,467
208,120
26,704
137,047
11,350
\nTotal
3,463,112
4,510,938
205,481
306,061
241,482
1,784,399
1,943,506",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18938": {
"value": "26.1 Fair values of financial assets and liabilities
\nThe information set out below provides information about how the Group determines the fair values of
\nvarious financial assets and liabilities.
\nThe fair values of the Group\u2019s non-current liabilities measured at amortised cost are considered to
\napproximate their carrying amounts at the reporting date.
\nThe carrying value less any estimated credit adjustments for financial assets and financial liabilities with
\na maturity of less than one year are assumed to approximate their fair values due to their short term-
\nnature. The fair value of the group\u2019s finance lease obligations is estimated using discounted cash flow
\nanalysis based on the group\u2019s current incremental borrowing rates for similar types and maturities of
\nborrowing and are consequently categorised in level 2 of the fair value hierarchy.
\nContingent consideration
\nThe share purchase agreement (the \u201cSPA\u201d) dated 4\u00a0July 2019 between Energean and Edison SpA provides
\nfor a contingent consideration of up to $100.0\u00a0million subject to the commissioning of the Cassiopea
\ndevelopment gas project in Italy. The consideration was determined to be contingent on the basis of
\nfuture gas prices (PSV) recorded at the time of the at the time of first gas production at the Cassiopea
\nfield, which is expected in 2024. No payment will be due if the arithmetic average of the year one (i.e., the
\nfirst year after first gas production) and year two (i.e., the second year after first gas production) Italian
\nPSV Natural Gas Futures prices is less than \u20ac10/Mwh when first gas production is delivered from the
\nfield. $100\u00a0million is payable if that average price exceeds \u20ac20/Mwh. The fair value of the Contingent
\nConsideration is estimated by reference to the terms of the SPA and the simulated PSV pricing by
\nreference to the forecasted PSV pricing, historical volatility and a log normal distribution, discounted at an
\nestimated cost of debt
\nThe contingent consideration to be payable in 2024 was estimated at acquisition date to amount to
\n$61.7\u00a0million, which discounted at the selected cost of debt resulted in a present value of $55.2\u00a0million as
\nat the acquisition date.
\nAs at 31\u00a0December 2022, the two-year future curve of PSV prices increased from the date of acquisition
\nand indicate an average price in excess of \u20ac20/Mwh (the threshold for payment of $100\u00a0million), we
\nestimate the fair value of the Contingent Consideration as at 31\u00a0December 2022 to be $86.3\u00a0million based
\non a Monte Carlo simulation (31\u00a0December 2021: $78.5\u00a0million).
\nThe fair value of the consideration payable has been recognised at level 3 in the fair value hierarchy.
\nContingent consideration reconciliation
\nContingent consideration
2022
\n1\u00a0January
78,450
\nFair value adjustment
7,870
\n31\u00a0December
86,320
\nFair values of derivative financial instruments
\nThe Group undertakes hedging activities as part of the ongoing financial risk management to protect
\nagainst commodity price volatility and to ensure the availability of cash flow for re-investment in capital
\nprogrammes that are driving business delivery. Commodity hedge contracts entered into in Italy aim to
\nmitigate the risk of changes to the cost of natural gas and that relating to the sale of natural gas.
\nThe entered into commodity hedges in 2021 however at 31\u00a0December 2022 there were no open hedges.
\nFair value is the amount for which the asset or liability could be exchanged in an arm\u2019s length transaction
\nat the relevant date. Where available, fair values are determined using quoted prices in active markets.
\nTo the extent that market prices are not available, fair values are estimated by reference to market-based
\ntransactions, or using standard valuation techniques for the applicable instruments and commodities
\ninvolved. Values recorded are as at the balance sheet date, and will not necessarily be realised.
\nThere were no transfers between fair value levels during the year.
\n
\nThe fair value hierarchy of financial assets and financial liabilities that are not measured at fair value (but
\nfair value disclosure is required) is as follows:
\nFair value hierarchy as at 31\u00a0December 2022
\nLevel 1
\n$\u2019000
\nLevel 2
\n$\u2019000
\nLevel 3
\n$\u2019000
\nTotal
\n$\u2019000
\nFinancial assets
\nTrade and other
\nreceivables (note 18)
\u2013
329,224
\u2013
329,224
\nCash and cash
\nequivalents (note 15)
427,888
\u2013
\u2013
427,888
\nRestricted Cash
74,776
\u2013
\u2013
74,776
\nTotal
502,664
329,224
\u2013
831,888
\nFinancial liabilities
\nFinancial liabilities held at amortised cost:
\nTrade and other
\npayables
\u2013
560,431
\u2013
560,431
\nSenior Secured Notes
\n(note 21)
2,716,625
\u2013
\u2013
2,716,625
\nBorrowings (note 21)
\u2013
106,986
\u2013
106,986
\nDeferred consideration
\nfor acquisition of
\nminority (note 24)
\u2013
144,326
\u2013
144,326
\nNet obligations under
\n\ufb01nance leases (note 24)
\u2013
32,271
\u2013
32,271
\nDeferred licence
\npayments (note 24)
\u2013
51,833
\u2013
51,833
\nFinancial liabilities at
\nFVTPL
\nContingent
\nConsideration
\u2013
\u2013
86,320
86,320
\nTotal
2,716,625
895,847
86,320
3,698,792
\n
\nFair value hierarchy as at 31\u00a0December 2021
\n($\u2019000)
Level 1
Level 2
Level 3
Total
\nFinancial assets
\nTrade and other
\nreceivables (note 18)
\u2013
284,692
\u2013
284,692
\nCash and cash
\nequivalents (note 15)
730,839
\u2013
\u2013
730,839
\nRestricted Cash
199,729
199,729
\nTotal
930,568
284,692
\u2013
1,215,260
\nFinancial liabilities
\nFinancial liabilities held at amortised cost:
\nTrade and other
\npayables \u2013 current
\u2013
173,319
\u2013
173,319
\nSenior Secured Notes
\n(note 20)
2,931,950
\u2013
\u2013
2,931,950
\nBorrowings (note 20)
\u2013
41,495
\u2013
41,495
\nDeferred consideration
\nfor acquisition of
\nminority (note 23)
\u2013
167,228
\u2013
167,228
\nNet obligations under
\n\ufb01nance leases (note 23)
\u2013
44,425
\u2013
44,425
\nDeferred licence
\npayments (note 23)
\u2013
57,230
\u2013
57,230
\nFinancial liabilities held at fair value through OCI:
\nDerivatives
\u2013
12,546
\u2013
12,546
\nFinancial liabilities at
\nFVTPL:
\nContingent
\nconsideration
\u2013
\u2013
78,450
78,450
\nTotal
2,931,950
496,243
78,450
3,506,643",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19196": {
"value": "26.2 Commodity price risk
\nThe Group considers hedging activities as part of the ongoing financial risk management to protect
\nagainst commodity price volatility and to ensure the availability of cash flow for re-investment in capital
\nprogrammes that are driving business delivery.
\nAt 31\u00a0December 2022 there are no open hedging contracts.
\n
\n26.3
Interest rate risk
\nThe Group\u2019s policy is to minimise interest rate cash flow risk exposures on long-term financing. Longer-
\nterm borrowings are therefore usually at fixed rates.
\nAt 31\u00a0December 2022, the Group\u2019s exposure to interest rate risk is only in relation to the Greek borrowings
\nas all other borrowings are at fixed interest rates (refer to Note 21 details). The exposure to interest rates
\nfor the Group\u2019s money market funds is considered immaterial.
\n($\u2019000)
2022
2021
\nImpact on \ufb01nance costs
\nInterest rates increase +0.5%
135
\u2013
\nInterest rates decrease -0.5%
(135)
\u2013
\n26.4
Credit risk
\nCredit risk arises when a failure by counterparties to discharge their obligations could reduce the amount
\nof future cash inflows from financial assets on hand at the reporting date. The Group has policies in place
\nto ensure that all of its transactions giving rise to credit risk are made with parties having an appropriate
\ncredit history and monitors on a continuous basis the ageing profile of its receivables.
\nAlso, the Group has policies to limit the amount of credit exposure to any banking institution, considering
\namong other factors the credit ratings of the banks with which deposits are held. Credit quality information
\nin relation to those banks is provided below.
\nWith regard to the risk of potential losses caused by the failure of any of the counterparties the Company
\ninteracts with to honour the commitments they have undertaken, the Group has implemented for some
\ntime procedures and tools to evaluate and select counterparties based on their credit rating, constantly
\nmonitoring its exposure to the various counterparties and implementing appropriate mitigating actions,
\nprimarily aimed at recovering or transferring receivables.
\nPresented below is a breakdown of trade receivables by past due bracket:
\n($\u2019000)
\n31\u00a0December
\n2022
\n31\u00a0December
\n2021
\nTrade receivables and receivables from partners under JOA
224,319
215,776
\nAllowance for impairment
(4,565)
(31,834)
\nTotal
219,754
183,942
\nTrade
receivables
include
balances
from
EGPC,
the
Egyptian
governmental
body
that
are
significantly
\naged.
\n31\u00a0December 2022
31\u00a0December 2021
\nTrade
\nreceivables
Allowance
\nTrade
\nreceivables
Allowance
($\u2019000)
\nNot yet due
75,573
(2,377)
44,602
(1,461)
\nPast due by less than
\none month
27,654
(870)
12,187
(399)
\nPast due by one to
\nthree months
\u2013
\u2013
12,212
(400)
\nPast due by three to six
\nmonths
11,032
(347)
12,959
(425)
\nPast due by more than
\nsix months
6,095
(192)
41,646
(25,786)
\nTotal
120,354
(3,786)
123,606
(28,471)
\n
\nTrade Receivables by geography
\n($\u2019000)
\n31\u00a0December
\n2022
\n31\u00a0December
\n2021
\nItaly
57,000
41,757
\nUnited Kingdom
6,491
5,428
\nEgypt
120,361
123,850
\nGreece
2,976
2,893
\nCroatia
\u2013
212
\nIsrael
37,491
21,275
\nOther Countries
\u2013
2,215
\nTotal
224,319
197,630
\nCredit quality of bank deposits
\nThe credit quality of the banks in which the Group keeps its deposits is assessed by reference to the credit
\nrating of these banks. Moody\u2019s credit ratings of the corresponding banks in which the Group keeps its
\ndeposits is as follows:
\n($\u2019000)
2022
2021
\nA1
294,505
288,953
\nA2
96,599
549,494
\nA3
31,084
10,139
\nBBB
30,826
64,760
\nBB
48,403
16,590
\nB3
1,247
634
\n502,664
930,570
\nThe Company has assessed the recoverability of all cash balances and considers they are carried within
\nthe consolidated statement of financial position at amounts not materially different to their fair value.
\n26.5
Foreign exchange risk
\nThe Group is exposed to foreign exchange risk as it undertakes operations in various foreign currencies.
\nThe key sources of the risk are attributed to the fact that the Group has certain subsidiaries with Euro
\nfunctional currencies in which a number of loan agreements denominated in US$ and sales of crude oil
\nare additionally denominated in US$.
\n
\nThe Group\u2019s exposure to foreign currency risk, as a result of financial instruments, at each reporting date
\nis shown in the table below. The amounts shown are the US$ equivalent of the foreign currency amounts.
\nLiabilities
Assets
\n($\u2019000)
2022
2021
2022
2021
\nDollars (US$)
759,232
898,804
265,166
480,931
\nUnited Kingdom
\nPounds (\u00a3)
236,115
16,750
107,336
34,971
\nEuro
588,952
656,602
724,116
11,323
\nCAD
\u2013
\u2013
\u2013
17
\nNOK
4,403
109
18
84
\nILS
1,501
1,783
22,442
35,905
\nSGD
276
19,383
238
9,354
\nEGP
\u2013
\u2013
\u2013
41
\nTotal
572,626
1,590,479
1,593,431
1,119,316
\nThe following table reflects the sensitivity analysis for profit and loss results for the year and equity, taking
\ninto consideration for the periods presented foreign exchange variation by +/- 10%.
\n
\n31\u00a0December 2022
\nUSD
\nVariation
\n\u00a3
\nVariation
\nEuro
\nVariation
\nILS
\nVariation
\nNOK
\nVariation
\nSGD
\nVariation
\nEGP
\nVariation
\n10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
\nPro\ufb01t or loss (before tax)
12,927
(3,634)
(2,415)
1,883
(6,394)
6,986
5
(4)
1,003
(912)
(793)
721
25
25
\nOther comprehensive income
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nEquity
12,927
(3,634)
(2,415)
1,883
(6,394)
6,986
5
(4)
1,003
(912)
(793)
721
25
25
\n31\u00a0December 2021
\nUSD
\nVariation
\n\u00a3
\nVariation
\nEuro
\nVariation
\nILS
\nVariation
\nNOK
\nVariation
\nSGD
\nVariation
\nEGP
\nVariation
\n10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
\nPro\ufb01t or loss (before tax)
(24,122)
29,629
(10,249)
12,275
5,324
(6,755)
\u2013
\u2013
2,094
(1,904)
(439)
399
(4)
5
\nOther comprehensive income
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nEquity
(24,122)
29,629
(10,249)
12,275
5,324
(6,755)
\u2013
\u2013
2,094
(1,904)
(439)
399
(4)
5
\nThe above calculations assume that interest rates remain the same as at the reporting date.
\n
\n26.6
Liquidity risk
\nLiquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another
\nfinancial asset.
\nThe Group monitors its risk to a shortage of funds by monitoring its debt rating and the maturity dates of existing debt and other payables. As at 31\u00a0December 2022,
\nthe Group had available $217\u00a0million (2021: $113\u00a0million) of undrawn committed borrowing facilities.
\nThe undrawn facilities are in relation to the Greek State-Backed Loan of $43million (\u20ac40million) and $174million in relation to the revolving credit facility (Refer to
\nnote 21 for details for further details).
\nThe following tables detail the Group\u2019s remaining contractual maturity for its financial liabilities. The tables have been drawn up based on the undiscounted cash
\nflows of financial liabilities based on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows.
\nThe Group manages its liquidity risk by ongoing monitoring of its cash flows. Group management prepares budgets and regular cash flow forecasts and takes
\nappropriate actions to ensure available cash deposits and credit lines with the banks are available to meet the Group\u2019s liabilities as they fall due.
\nThe table below summarises the maturity profile of the Group financial liabilities based on contractual undiscounted payments:
\n31\u00a0December 2022
Carrying amounts
Contractual cash flows
3 months
or less
3-12 months
1-2 years
2-5 years
More than
5 years
\n($\u2019000)
\nBank loans
2,975,345
3,869,648
64,453
98,480
910,680
1,291,207
1,504,828
\nLease liabilities
32,271
33,207
2,231
6,503
2,967
19,952
1,554
\nTrade and other
\npayables
936,120
984,802
311,602
337,634
238,692
96,874
\u2013
\nTotal
3,943,736
4,887,657
378,286
442,617
1,152,339
1,408,033
1,506,382
\n31\u00a0December 2021
Carrying amounts
Contractual cash flows
3 months
or less
3-12 months
1-2 years
2-5 years
More than
5 years
\n($\u2019000)
\nBank loans
2,950,701
3,936,296
64,095
93,004
208,562
1,640,222
1,930,412
\nLease liabilities
44,425
21,953
1,919
4,937
6,216
7,130
1,744
\nTrade and other
\npayables
467,986
552,689
139,467
208,120
26,704
137,047
11,350
\nTotal
3,463,112
4,510,938
205,481
306,061
241,482
1,784,399
1,943,506",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19239": {
"value": "26.4 Credit risk
\nCredit risk arises when a failure by counterparties to discharge their obligations could reduce the amount
\nof future cash inflows from financial assets on hand at the reporting date. The Group has policies in place
\nto ensure that all of its transactions giving rise to credit risk are made with parties having an appropriate
\ncredit history and monitors on a continuous basis the ageing profile of its receivables.
\nAlso, the Group has policies to limit the amount of credit exposure to any banking institution, considering
\namong other factors the credit ratings of the banks with which deposits are held. Credit quality information
\nin relation to those banks is provided below.
\nWith regard to the risk of potential losses caused by the failure of any of the counterparties the Company
\ninteracts with to honour the commitments they have undertaken, the Group has implemented for some
\ntime procedures and tools to evaluate and select counterparties based on their credit rating, constantly
\nmonitoring its exposure to the various counterparties and implementing appropriate mitigating actions,
\nprimarily aimed at recovering or transferring receivables.
\nPresented below is a breakdown of trade receivables by past due bracket:
\n($\u2019000)
\n31\u00a0December
\n2022
\n31\u00a0December
\n2021
\nTrade receivables and receivables from partners under JOA
224,319
215,776
\nAllowance for impairment
(4,565)
(31,834)
\nTotal
219,754
183,942
\nTrade
receivables
include
balances
from
EGPC,
the
Egyptian
governmental
body
that
are
significantly
\naged.
\n31\u00a0December 2022
31\u00a0December 2021
\nTrade
\nreceivables
Allowance
\nTrade
\nreceivables
Allowance
($\u2019000)
\nNot yet due
75,573
(2,377)
44,602
(1,461)
\nPast due by less than
\none month
27,654
(870)
12,187
(399)
\nPast due by one to
\nthree months
\u2013
\u2013
12,212
(400)
\nPast due by three to six
\nmonths
11,032
(347)
12,959
(425)
\nPast due by more than
\nsix months
6,095
(192)
41,646
(25,786)
\nTotal
120,354
(3,786)
123,606
(28,471)
\nTrade Receivables by geography
\n($\u2019000)
\n31\u00a0December
\n2022
\n31\u00a0December
\n2021
\nItaly
57,000
41,757
\nUnited Kingdom
6,491
5,428
\nEgypt
120,361
123,850
\nGreece
2,976
2,893
\nCroatia
\u2013
212
\nIsrael
37,491
21,275
\nOther Countries
\u2013
2,215
\nTotal
224,319
197,630
\nCredit quality of bank deposits
\nThe credit quality of the banks in which the Group keeps its deposits is assessed by reference to the credit
\nrating of these banks. Moody\u2019s credit ratings of the corresponding banks in which the Group keeps its
\ndeposits is as follows:
\n($\u2019000)
2022
2021
\nA1
294,505
288,953
\nA2
96,599
549,494
\nA3
31,084
10,139
\nBBB
30,826
64,760
\nBB
48,403
16,590
\nB3
1,247
634
\n502,664
930,570
\nThe Company has assessed the recoverability of all cash balances and considers they are carried within
\nthe consolidated statement of financial position at amounts not materially different to their fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19409": {
"value": "26.5 Foreign exchange risk
\nThe Group is exposed to foreign exchange risk as it undertakes operations in various foreign currencies.
\nThe key sources of the risk are attributed to the fact that the Group has certain subsidiaries with Euro
\nfunctional currencies in which a number of loan agreements denominated in US$ and sales of crude oil
\nare additionally denominated in US$.
\n
\nThe Group\u2019s exposure to foreign currency risk, as a result of financial instruments, at each reporting date
\nis shown in the table below. The amounts shown are the US$ equivalent of the foreign currency amounts.
\nLiabilities
Assets
\n($\u2019000)
2022
2021
2022
2021
\nDollars (US$)
759,232
898,804
265,166
480,931
\nUnited Kingdom
\nPounds (\u00a3)
236,115
16,750
107,336
34,971
\nEuro
588,952
656,602
724,116
11,323
\nCAD
\u2013
\u2013
\u2013
17
\nNOK
4,403
109
18
84
\nILS
1,501
1,783
22,442
35,905
\nSGD
276
19,383
238
9,354
\nEGP
\u2013
\u2013
\u2013
41
\nTotal
572,626
1,590,479
1,593,431
1,119,316
\nThe following table reflects the sensitivity analysis for profit and loss results for the year and equity, taking
\ninto consideration for the periods presented foreign exchange variation by +/- 10%.
\n
\n31\u00a0December 2022
\nUSD
\nVariation
\n\u00a3
\nVariation
\nEuro
\nVariation
\nILS
\nVariation
\nNOK
\nVariation
\nSGD
\nVariation
\nEGP
\nVariation
\n10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
\nPro\ufb01t or loss (before tax)
12,927
(3,634)
(2,415)
1,883
(6,394)
6,986
5
(4)
1,003
(912)
(793)
721
25
25
\nOther comprehensive income
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nEquity
12,927
(3,634)
(2,415)
1,883
(6,394)
6,986
5
(4)
1,003
(912)
(793)
721
25
25
\n31\u00a0December 2021
\nUSD
\nVariation
\n\u00a3
\nVariation
\nEuro
\nVariation
\nILS
\nVariation
\nNOK
\nVariation
\nSGD
\nVariation
\nEGP
\nVariation
\n10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
\nPro\ufb01t or loss (before tax)
(24,122)
29,629
(10,249)
12,275
5,324
(6,755)
\u2013
\u2013
2,094
(1,904)
(439)
399
(4)
5
\nOther comprehensive income
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nEquity
(24,122)
29,629
(10,249)
12,275
5,324
(6,755)
\u2013
\u2013
2,094
(1,904)
(439)
399
(4)
5
\nThe above calculations assume that interest rates remain the same as at the reporting date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19675": {
"value": "26.6 Liquidity risk
\nLiquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another
\nfinancial asset.
\nThe Group monitors its risk to a shortage of funds by monitoring its debt rating and the maturity dates of existing debt and other payables. As at 31\u00a0December 2022,
\nthe Group had available $217\u00a0million (2021: $113\u00a0million) of undrawn committed borrowing facilities.
\nThe undrawn facilities are in relation to the Greek State-Backed Loan of $43million (\u20ac40million) and $174million in relation to the revolving credit facility (Refer to
\nnote 21 for details for further details).
\nThe following tables detail the Group\u2019s remaining contractual maturity for its financial liabilities. The tables have been drawn up based on the undiscounted cash
\nflows of financial liabilities based on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows.
\nThe Group manages its liquidity risk by ongoing monitoring of its cash flows. Group management prepares budgets and regular cash flow forecasts and takes
\nappropriate actions to ensure available cash deposits and credit lines with the banks are available to meet the Group\u2019s liabilities as they fall due.
\nThe table below summarises the maturity profile of the Group financial liabilities based on contractual undiscounted payments:
\n31\u00a0December 2022
Carrying amounts
Contractual cash flows
3 months
or less
3-12 months
1-2 years
2-5 years
More than
5 years
\n($\u2019000)
\nBank loans
2,975,345
3,869,648
64,453
98,480
910,680
1,291,207
1,504,828
\nLease liabilities
32,271
33,207
2,231
6,503
2,967
19,952
1,554
\nTrade and other
\npayables
936,120
984,802
311,602
337,634
238,692
96,874
\u2013
\nTotal
3,943,736
4,887,657
378,286
442,617
1,152,339
1,408,033
1,506,382
\n31\u00a0December 2021
Carrying amounts
Contractual cash flows
3 months
or less
3-12 months
1-2 years
2-5 years
More than
5 years
\n($\u2019000)
\nBank loans
2,950,701
3,936,296
64,095
93,004
208,562
1,640,222
1,930,412
\nLease liabilities
44,425
21,953
1,919
4,937
6,216
7,130
1,744
\nTrade and other
\npayables
467,986
552,689
139,467
208,120
26,704
137,047
11,350
\nTotal
3,463,112
4,510,938
205,481
306,061
241,482
1,784,399
1,943,506 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19794": {
"value": "27 Related parties
\n27.1
Related party relationships
\nBalances and transactions between the Company and its subsidiaries, which are related parties, have
\nbeen eliminated on consolidation and are not disclosed in this note.
\nThe Directors of Energean Plc are considered to be the only key management personnel as defined by IAS
\n24. The following information is provided in relation to the related party transaction disclosures provided
\nin note 27.2 below:
\nAdobelero Holdings Co Ltd
. is a beneficially owned holding company controlled by Panos Benos, the CFO
\nof the Group.
\nGrowthy Holdings Co Ltd
is a beneficially owned holding company controlled by Matthaios Rigas, the
\nCEO of the Group.
\nOil Co Investments Limited
is beneficially owned and controlled by Efstathios Topouzoglou, a Non-
\nExecutive Director of the Group.
\nSeven Maritime Company (Seven Marine)
is a related party company controlled by one the Company\u2019s
\nshareholders Mr Efstathios Topouzoglou. Seven Marine owns the offshore supply ship Energean Wave
\nwhich support the Group\u2019s operation in northern Greece.
\nCapital Earth:
During the period ended 30\u00a0June 2022 the Group received consultancy services from Capital
\nEarth Limited, a consulting company controlled by the spouse of one of Energean\u2019s executive directors, for
\nthe provision of Group Corporate Social Responsibility Consultancy and Project Management Services.
\nPrime Marine Energy Inc:
During 2020 Energean Israel, purchased from Prime Marine Energy Inc a
\ncompany controlled by a non-executive director and shareholder of Energean plc, a Field Support Vessel
\n(\u201c
FSV
\u201d). The FSV will provide significant in-country capability to support the Karish project, including FPSO
\nre-supply, crew changes, holdback operations for tanker offloading, emergency subsea intervention, drilling
\nsupport and emergency response. The purchase of this multi-purpose vessel will enhance operational
\nefficiencies and economics when compared to the leasing of multiple different vessels for the various
\nactivities. The FSV is currently completing construction works at a Greek Shipyard. The agreement with
\nPrime Marine Energy Inc was terminated on 19\u00a0October 2022. In\u00a0December 2022 the FSV was towed to
\nGreece for completion of the works under Energean\u2019s supervision.
\n27.2
Related party transactions
\nPurchases of goods and services
\n($\u2019000)
Nature of transactions
2022
2021
\nOther related party \u201cSeven Marine\u201d
Vessel leasing and services
2,001
2,000
\nOther related party \u201cPrime Marine Energy Inc\u201d
Construction of \ufb01eld support vessel
8,060
10,273
\nOther related party \u201cCapital Earth Ltd\u201d
Consulting services
\u2013
35
\n10,061
12,308
\n27.3
Related party balances
\nPayables
\n($\u2019000)
Nature of balance
2022
2021
\nSeven Marine
Vessel leasing and services
702
417
\n702
417
\n
\n27.4
Key management compensation
\nThe Directors of Energean plc are considered to be the only key management personnel as defined by IAS
\n24 Related Party Disclosures.
\n31\u00a0December 2022 ($\u2019000)
Salary and fees
Bene\ufb01ts
Annual bonus paid in cash
Total
\nExecutive Directors
1,667
157
1,570
3,394
\nNon-Executive Directors
794
\u2013
\u2013
794
\nTotal
2,461
157
1,570
4,188
\n31\u00a0December 2021 ($\u2019000)
Salary and fees
Bene\ufb01ts
Annual bonus paid in cash
Total
\nExecutive Directors
1,650
100
1,664
3,414
\nNon-Executive Directors
703
\u2013
\u2013
703
\nTotal
2,353
100
1,664
4,117",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19883": {
"value": "27.4 Key management compensation
\nThe Directors of Energean plc are considered to be the only key management personnel as defined by IAS
\n24 Related Party Disclosures.
\n31\u00a0December 2022 ($\u2019000)
Salary and fees
Bene\ufb01ts
Annual bonus paid in cash
Total
\nExecutive Directors
1,667
157
1,570
3,394
\nNon-Executive Directors
794
\u2013
\u2013
794
\nTotal
2,461
157
1,570
4,188
\n31\u00a0December 2021 ($\u2019000)
Salary and fees
Bene\ufb01ts
Annual bonus paid in cash
Total
\nExecutive Directors
1,650
100
1,664
3,414
\nNon-Executive Directors
703
\u2013
\u2013
703
\nTotal
2,353
100
1,664
4,117",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19931": {
"value": "28 Commitments and contingencies
\nIn acquiring its oil and gas interests, the Group has pledged that various work programmes will be
\nundertaken on each permit/interest. The exploration commitments in the following table are an estimate
\nof the net cost to the Group of performing these work programmes:
\n($\u2019000)
2022
2021
\nCapital Commitments
\nDue within one year
16,607
20,575
\nDue later than one year but within two years
57,639
51,180
\nDue later than two years but within \ufb01ve years
1,658
1,497
\n75,904
73,252
\nPerformance guarantees
\n110
\nGreece
4,170
1,176
\nIsrael
97,572
89,683
\nEgypt
2,000
\nUK
83,976
99,570
\nItaly
11,461
21,292
\nMontenegro
\u2013
566
\n199,179
212,287
\nIssued guarantees:
\nKarish and Tanin Leases ($25\u00a0million) \u2013 As part of the requirements of the Karish and Tanin Lease deeds,
\nthe Group provided the Ministry of National Infrastructures, Energy and Water with bank guarantees for
\neach lease. The bank guarantees expire 29\u00a0June 2023.
\nBlocks 12, 21, 22, 23 and 31 ($21\u00a0million) \u2013 As part of the requirements of the exploration and appraisal
\nlicences which granted to the Group during the Israeli offshore bid in\u00a0December 2017, the Group provided
\nthe Ministry of National Infrastructures, Energy and Water in\u00a0January 2018 with bank guarantees for all 5
\nblocks mentioned above. The bank guarantees are in force until 13\u00a0January 2024.
\nIsraeli Natural Gas Lines (\u201c
INGL
\u201d) ($47\u00a0million) \u2013 As part of the agreement signed with INGL on\u00a0June 2019
\nthe Group provided INGL bank guarantee in order to secure the milestone payments from INGL. These
\nbank guarantees are in force until\u00a0June 2023 ($5\u00a0million),\u00a0November 2023 ($42\u00a0million) and\u00a0January 2024
\n($3\u00a0million)
\n110
\nPerformance guarantees are in respect of abandonment obligations, committed work programmes and certain financial
\nobligations.
\n
\nIsrael Other ($5\u00a0million) \u2013 As part of ongoing operations in Israel, the Group has provided various bank
\nguarantees to third parties in Israel.
\nUnited Kingdom: Following the Edison E&P acquisition, the Group issued letters of credit amounting to
\n$84
million for United Kingdom decommissioning obligations and other obligations under the United
\nKingdom licenses
\nItaly: The Group issued letters of credit amounting to $11\u00a0million for decommissioning obligations and
\nother obligations under the Italian licenses
\nGreece and Egypt: The Group issued letters of credit amounting for obligations under the Block 2 and
\nBlock 8 licenses respectively.
\nLegal cases and contingent liabilities
\nThe Group had no material contingent liabilities as of 31\u00a0December 2022 and 31\u00a0December 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19932": {
"value": "28 Commitments and contingencies
\nIn acquiring its oil and gas interests, the Group has pledged that various work programmes will be
\nundertaken on each permit/interest. The exploration commitments in the following table are an estimate
\nof the net cost to the Group of performing these work programmes:
\n($\u2019000)
2022
2021
\nCapital Commitments
\nDue within one year
16,607
20,575
\nDue later than one year but within two years
57,639
51,180
\nDue later than two years but within \ufb01ve years
1,658
1,497
\n75,904
73,252
\nPerformance guarantees
\n110
\nGreece
4,170
1,176
\nIsrael
97,572
89,683
\nEgypt
2,000
\nUK
83,976
99,570
\nItaly
11,461
21,292
\nMontenegro
\u2013
566
\n199,179
212,287
\nIssued guarantees:
\nKarish and Tanin Leases ($25\u00a0million) \u2013 As part of the requirements of the Karish and Tanin Lease deeds,
\nthe Group provided the Ministry of National Infrastructures, Energy and Water with bank guarantees for
\neach lease. The bank guarantees expire 29\u00a0June 2023.
\nBlocks 12, 21, 22, 23 and 31 ($21\u00a0million) \u2013 As part of the requirements of the exploration and appraisal
\nlicences which granted to the Group during the Israeli offshore bid in\u00a0December 2017, the Group provided
\nthe Ministry of National Infrastructures, Energy and Water in\u00a0January 2018 with bank guarantees for all 5
\nblocks mentioned above. The bank guarantees are in force until 13\u00a0January 2024.
\nIsraeli Natural Gas Lines (\u201c
INGL
\u201d) ($47\u00a0million) \u2013 As part of the agreement signed with INGL on\u00a0June 2019
\nthe Group provided INGL bank guarantee in order to secure the milestone payments from INGL. These
\nbank guarantees are in force until\u00a0June 2023 ($5\u00a0million),\u00a0November 2023 ($42\u00a0million) and\u00a0January 2024
\n($3\u00a0million)
\n110
\nPerformance guarantees are in respect of abandonment obligations, committed work programmes and certain financial
\nobligations.
\n
\nIsrael Other ($5\u00a0million) \u2013 As part of ongoing operations in Israel, the Group has provided various bank
\nguarantees to third parties in Israel.
\nUnited Kingdom: Following the Edison E&P acquisition, the Group issued letters of credit amounting to
\n$84
million for United Kingdom decommissioning obligations and other obligations under the United
\nKingdom licenses
\nItaly: The Group issued letters of credit amounting to $11\u00a0million for decommissioning obligations and
\nother obligations under the Italian licenses
\nGreece and Egypt: The Group issued letters of credit amounting for obligations under the Block 2 and
\nBlock 8 licenses respectively.
\nLegal cases and contingent liabilities
\nThe Group had no material contingent liabilities as of 31\u00a0December 2022 and 31\u00a0December 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19933": {
"value": "28 Commitments and contingencies
\nIn acquiring its oil and gas interests, the Group has pledged that various work programmes will be
\nundertaken on each permit/interest. The exploration commitments in the following table are an estimate
\nof the net cost to the Group of performing these work programmes:
\n($\u2019000)
2022
2021
\nCapital Commitments
\nDue within one year
16,607
20,575
\nDue later than one year but within two years
57,639
51,180
\nDue later than two years but within \ufb01ve years
1,658
1,497
\n75,904
73,252
\nPerformance guarantees
\n110
\nGreece
4,170
1,176
\nIsrael
97,572
89,683
\nEgypt
2,000
\nUK
83,976
99,570
\nItaly
11,461
21,292
\nMontenegro
\u2013
566
\n199,179
212,287
\nIssued guarantees:
\nKarish and Tanin Leases ($25\u00a0million) \u2013 As part of the requirements of the Karish and Tanin Lease deeds,
\nthe Group provided the Ministry of National Infrastructures, Energy and Water with bank guarantees for
\neach lease. The bank guarantees expire 29\u00a0June 2023.
\nBlocks 12, 21, 22, 23 and 31 ($21\u00a0million) \u2013 As part of the requirements of the exploration and appraisal
\nlicences which granted to the Group during the Israeli offshore bid in\u00a0December 2017, the Group provided
\nthe Ministry of National Infrastructures, Energy and Water in\u00a0January 2018 with bank guarantees for all 5
\nblocks mentioned above. The bank guarantees are in force until 13\u00a0January 2024.
\nIsraeli Natural Gas Lines (\u201c
INGL
\u201d) ($47\u00a0million) \u2013 As part of the agreement signed with INGL on\u00a0June 2019
\nthe Group provided INGL bank guarantee in order to secure the milestone payments from INGL. These
\nbank guarantees are in force until\u00a0June 2023 ($5\u00a0million),\u00a0November 2023 ($42\u00a0million) and\u00a0January 2024
\n($3\u00a0million)
\n110
\nPerformance guarantees are in respect of abandonment obligations, committed work programmes and certain financial
\nobligations.
\n
\nIsrael Other ($5\u00a0million) \u2013 As part of ongoing operations in Israel, the Group has provided various bank
\nguarantees to third parties in Israel.
\nUnited Kingdom: Following the Edison E&P acquisition, the Group issued letters of credit amounting to
\n$84
million for United Kingdom decommissioning obligations and other obligations under the United
\nKingdom licenses
\nItaly: The Group issued letters of credit amounting to $11\u00a0million for decommissioning obligations and
\nother obligations under the Italian licenses
\nGreece and Egypt: The Group issued letters of credit amounting for obligations under the Block 2 and
\nBlock 8 licenses respectively.
\nLegal cases and contingent liabilities
\nThe Group had no material contingent liabilities as of 31\u00a0December 2022 and 31\u00a0December 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19978": {
"value": "Issued guarantees: Karish and Tanin Leases ($25\u00a0million) \u2013 As part of the requirements of the Karish and Tanin Lease deeds,
\nthe Group provided the Ministry of National Infrastructures, Energy and Water with bank guarantees for
\neach lease. The bank guarantees expire 29\u00a0June 2023.
\nBlocks 12, 21, 22, 23 and 31 ($21\u00a0million) \u2013 As part of the requirements of the exploration and appraisal
\nlicences which granted to the Group during the Israeli offshore bid in\u00a0December 2017, the Group provided
\nthe Ministry of National Infrastructures, Energy and Water in\u00a0January 2018 with bank guarantees for all 5
\nblocks mentioned above. The bank guarantees are in force until 13\u00a0January 2024.
\nIsraeli Natural Gas Lines (\u201c
INGL
\u201d) ($47\u00a0million) \u2013 As part of the agreement signed with INGL on\u00a0June 2019
\nthe Group provided INGL bank guarantee in order to secure the milestone payments from INGL. These
\nbank guarantees are in force until\u00a0June 2023 ($5\u00a0million),\u00a0November 2023 ($42\u00a0million) and\u00a0January 2024
\n($3\u00a0million)
\n110
\nPerformance guarantees are in respect of abandonment obligations, committed work programmes and certain financial
\nobligations.
\n
\nIsrael Other ($5\u00a0million) \u2013 As part of ongoing operations in Israel, the Group has provided various bank
\nguarantees to third parties in Israel.
\nUnited Kingdom: Following the Edison E&P acquisition, the Group issued letters of credit amounting to
\n$84
million for United Kingdom decommissioning obligations and other obligations under the United
\nKingdom licenses
\nItaly: The Group issued letters of credit amounting to $11\u00a0million for decommissioning obligations and
\nother obligations under the Italian licenses
\nGreece and Egypt: The Group issued letters of credit amounting for obligations under the Block 2 and
\nBlock 8 licenses respectively.
\nLegal cases and contingent liabilities
\nThe Group had no material contingent liabilities as of 31\u00a0December 2022 and 31\u00a0December 2021.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20034": {
"value": "29 Subsequent events
\nOn the 9\u00a0February 2023 Energean declared its 4Q dividend of US$30 cents per share, to be paid on
\n30\u00a0March 2023.
\nOn the 17\u00a0March 2023 Energean signed an unsecured $350\u00a0million two year term loan facility, which
\noffers additional financial flexibility for the Group. The loan is expected to remain undrawn.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20056": {
"value": "30 Subsidiary undertakings
\nAt 31\u00a0December 2022, the Group had investments in the following subsidiaries:
\nName of subsidiary
Country of incorporation / registered of\ufb01ce
\nPrincipal
\nactivities
\nShareholding
\nAt
\n31\u00a0December
\n2022 (%)
\nShareholding
\nAt
\n31\u00a0December
\n2021 (%)
\nEnergean E&P Holdings Ltd
22 Lefkonos Street, 2064 Nicosia, Cyprus
Holding Company
\nEnergean Capital Ltd
22 Lefkonos Street, 2064 Nicosia, Cyprus
Holding Company
\nEnergean Group Services Limited (former
\nEnergean Med Limited)
\n44 Baker Street, London W1U 7AL, United Kingdom
Oil and gas
\nexploration,
\ndevelopment and
\nproduction
\nEnergean Oil & Gas S.A.
32 Ki\ufb01ssias Ave. 151 25 Marousi Athens, Greece
Oil and gas
\nexploration,
\ndevelopment and
\nproduction
\nEnergean International Limited
22 Lefkonos Street, 2064 Nicosia, Cyprus
Oil and gas
\nexploration,
\ndevelopment and
\nproduction
\nEnergean Israel Limited
22 Lefkonos Street, 2064 Nicosia, Cyprus
Oil and gas
\nexploration,
\ndevelopment and
\nproduction
\nEnergean Montenegro Limited
22 Lefkonos Street, 2064 Nicosia, Cyprus
Oil and gas
\nexploration,
\ndevelopment and
\nproduction
\nEnergean Israel Transmission LTD
Andre Sakharov 9, Haifa, Israel
Gas transportation
\nlicense holder
\nEnergean Israel Finance LTD
Andre Sakharov 9, Haifa, Israel
Financing
\nactivities
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n
\nName of subsidiary
Country of incorporation / registered of\ufb01ce
\nPrincipal
\nactivities
\nShareholding
\nAt
\n31\u00a0December
\n2022 (%)
\nShareholding
\nAt
\n31\u00a0December
\n2021 (%)
\nEnergean Egypt Limited
22 Lefkonos Street, 2064 Nicosia, Cyprus
Oil and gas
\nexploration,
\ndevelopment and
\nproduction
\nEnergean Hellas Limited
22 Lefkonos Street, 2064 Nicosia, Cyprus
Oil and gas
\nexploration,
\ndevelopment and
\nproduction
\nEnergean Italy S.p.a.
31 Foro Buonaparte, 20121 Milano, Italy
Oil and gas
\nexploration,
\ndevelopment and
\nproduction
\nEnergean Sicilia Srl
Via Salvatore Quasimodo 2 \u2013 97100 Ragusa (Ragusa)
Oil and gas
\nexploration,
\ndevelopment and
\nproduction
\nEnergean Exploration Limited
44 Baker Street, London W1U 7AL, United Kingdom
Oil and gas
\nexploration,
\ndevelopment and
\nproduction
\nEnergean UK Ltd
44 Baker Street, London W1U 7AL, United Kingdom
Oil and gas
\nexploration,
\ndevelopment and
\nproduction
\nEnergean Egypt Energy Services JSC
Cairo, Egypt
Oil and gas
\nexploration,
\ndevelopment and
\nproduction
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100
\n100 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20776": {
"value": "Company Statement of Financial Position
\n31\u00a0December 2022
\nNotes
\n2022
\n$\u2019000
\n2021
\n$\u2019000
\nASSETS
\nNon-current assets
\nInvestment in subsidiaries
3
1,163,565
1,154,387
\nProperty plant and equipment
46
59
\nOther intangible assets
55
\u2013
\nLoans and other intercompany receivables
4
334,116
336,150
\n1,497,782
1,490,596
\nCurrent assets
\nTrade and other receivables
6
74,909
131,677
\nCash and cash equivalents
336
18,910
\n75,245
150,587
\nTotal assets
1,573,027
1,641,183
\nEQUITY AND LIABILITIES
\nShareholders\u2019 Equity
\nShare capital
9
2,380
2,374
\nShare premium
9
415,388
915,388
\nOther reserves
10,459
10,459
\nShare based payment reserve
25,611
19,374
\nRetained earnings
615,200
197,491
\n1,069,038
1,145,086
\nNon-current liabilities
\nOther payables
786
551
\nBorrowings
8
442,879
483,441
\n443,665
483,992
\nCurrent Liabilities
\nTrade and other Payables
7
14,774
12,105
\nBorrowings
8
45,550
\u2013
\nTotal Current Liabilities
60,324
12,105
\nTotal Liabilities
503,989
496,097
\nTotal equity and liabilities
1,573,027
1,641,183
\nDuring the year the Company made a profit of $24.2\u00a0million (31\u00a0December 2021: $12.2\u00a0million).
\nApproved by the Board and authorised for issuance on 22\u00a0March 2023.
\nMatthaios Rigas
\nChief Executive Of\ufb01cer
\nPanagiotis Benos
\nChief Financial Of\ufb01cer
Company Statement of Changes in Equity
\nFor the year ended 31\u00a0December 2022
\nShare
\nCapital
\n$\u2019000
\nShare
\nPremium
\n$\u2019000
\nShare
\nbased
\npayment
\nreserve
\n$\u2019000
\nEquity
\ncomponent
\nof\u00a0convertible
\nbonds
\n$\u2019000
\nRetained
\nearnings
\n$\u2019000
\nTotal
\nequity
\n$\u2019000
\nAt 1\u00a0January 2021
2,367
915,388
13,419
\u2013
185,318
1,116,492
\nPro\ufb01t for the year
\u2013
\u2013
\u2013
\u2013
12,173
12,173
\nTransactions with
\nowners of the company
\nShare based payment
\ncharges
\u2013
\u2013
5,962
\u2013
\u2013
5,962
\nExercise of Employee
\nShare options
7
\u2013
(7)
\u2013
\u2013
\u2013
\nConvertible bond issue
\n(note 5)
\u2013
\u2013
\u2013
10,459
\u2013
10,459
\nAt 31\u00a0December 2021
2,374
915,388
19,374
10,459
197,491
1,145,086
\nPro\ufb01t for the year
\u2013
\u2013
\u2013
\u2013
24,213
24,212
\nTransactions with
\nowners of the company
\nExercise of Share
\nOptions
6
\u2013
(6)
\u2013
\u2013
\u2013
\nShare Premium
\nReduction (note 9)
\u2013
(500,000)
\u2013
\u2013
500,000
\u2013
\nShare based payment
\ncharges
\u2013
\u2013
6,243
\u2013
\u2013
6,243
\nDividend Paid
\u2013
\u2013
\u2013
\u2013
(106,504)
(106,504)
\nAt 31\u00a0December 2022
2,380
415,388
25,611
10,459
615,200
1,069,038
Company accounting policies
\nFor the year ended 31\u00a0December 2022
\n1.
General information
\nEnergean plc (\u2018the Company\u2019) was incorporated in England & Wales on 8\u00a0May 2017 as a public company
\nwith limited liability, under the Companies Act 2006. Its registered office is at 44 Baker Street, London W1U
\n7AL, United Kingdom. The Financial Statements are presented in US dollars and all values are rounded to
\nthe nearest US$ thousands ($\u2018000), except where otherwise stated. Energean plc is the ultimate Parent
\nof the Energean Group.
\n2.
Basis of preparation
\nThe Company meets the definition of a qualifying entity under Financial Reporting Standard 100 (FRS
\n100) issued by the Financial Reporting Council. The parent company Financial Statements have therefore
\nbeen prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United
\nKingdom Accounting Standards and applicable law), including Financial Reporting Standard 101 (FRS
\n101) \u201cReduced Disclosure Framework\u201d as issued by the Financial Reporting Council. As permitted by FRS
\n101, the Company has taken advantage of the following disclosure exemptions under FRS 101:
\na)
the requirements of IFRS 7 Financial Instruments: Disclosures;
\nb)
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement;
\nc)
the requirement in paragraph 38 of IAS 1 \u2018Presentation of Financial Statements\u2019 to present comparative
\ninformation in respect of: (i) paragraph 79(a) (iv) of IAS 1 and (ii) paragraph 73(e) of IAS 16 Property
\nPlant and Equipment;
\nd)
the requirements of paragraphs 10(d), 16, 38A to 38D, 111 and 134 to 136 of IAS 1 Presentation of
\nFinancial Statements;
\ne)
the requirements of IAS 7 Statement of Cash Flows;
\nf)
the requirements of paragraphs 45(b) and 46-52 of IFRS 2 share-based payments
\ng)
the requirements of paragraph 17 of IAS 24 Related Party Disclosures;
\nh)
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered
\ninto between two or more members of a group, provided that any subsidiary which is a party to the
\ntransaction is wholly owned by such a member; and
\ni)
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting
\nEstimates and Errors
\nWhere relevant, equivalent disclosures have been given in the Group financial statements, included in the
\nAnnual Report.
\nThe Company has applied the exemption from the requirement to publish a separate income statement
\nfor the parent company set out in section 408 of the Companies Act 2006.
\n2.1
Going concern
\nThe Directors have performed an assessment and concluded that the preparation of the financial
\nstatements on a going concern basis is appropriate. In making this assessment a number of factors
\nwere considered, refer to note 2.1. of the Group financial statements. Accordingly, the Directors have a
\nreasonable expectation that the Company has adequate resources to continue in operational existence
\nfor the foreseeable future and consider it appropriate to adopt the going concern basis in preparing the
\nfinancial statements
2.2
Foreign currencies
\nThe US dollar is the functional currency of the Company. Transactions in foreign currencies are translated
\nat the rates of exchange ruling at the transaction date. Monetary assets and liabilities denominated in
\nforeign currencies are translated into US dollars at the rates of exchange ruling at the balance sheet date,
\nwith a corresponding charge or credit to the income statement.
\n2.3
Investments
\nFixed asset investments, representing investments in subsidiaries, are stated at cost and reviewed for
\nimpairment if there are indications that the carrying value\u00a0may not be recoverable.
\n2.4
Trade and other receivables
\nReceivables represent the Company\u2019s right to an amount of consideration that is unconditional (i.e. only
\nthe passage of time is required before payment of the consideration is due). The Company is required
\nto assess the carrying values of each of the amounts due from subsidiary undertakings, considering
\nthe requirements established by IFRS 9 Financial Instruments. The IFRS 9 impairment model requires
\nthe recognition of \u2018expected credit losses\u2019. If the subsidiary has sufficient liquid assets to repay the loan
\nif demanded at the reporting date, the expected credit loss is likely to be immaterial. However, if the
\nsubsidiary could not demonstrate the ability to repay the loan, if demanded at the reporting date, the
\nCompany calculated an expected credit loss.
\n2.5
Trade and other payables
\nTrade and other payables are carried at amortised cost. They represent liabilities for goods and services
\nprovided to the Company prior to the end of the financial year that are unpaid and arise when the Company
\nbecomes obligated to make future payments in respect of the purchase of those goods and services.
\n2.6
Loans and borrowings
\nAfter initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised
\ncost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are
\nderecognised, modified and through the EIR amortisation process. Amortised cost is calculated by taking
\ninto account any discount or premium on acquisition and fees or costs that are an integral part of the EIR.
\nThe EIR amortisation is included as finance costs in the statement of profit or loss.
\n2.7
Convertible bonds
\nConvertible bonds are separated into liability and equity components based on the terms of the contract.
\nThe fair value of the liability component on initial recognition is calculated by discounting the contractual
\ncash flows using a market interest rate for an equivalent non-convertible instrument. The difference
\nbetween the fair value of the liability component and the proceeds received on issue is recorded as equity.
\nTransaction costs are apportioned between the liability and the equity components of the instrument
\nbased on the amounts initially recognised. The liability component is classified as a financial liability
\nmeasured at amortised cost (net of transaction costs) until it is extinguished on conversion or settlement.
\nThe equity component is not remeasured.
\n2.8
Cash and cash equivalents
\nCash and cash equivalents comprise cash at bank, demand and time deposits and other short-term highly
\nliquid investments with a maturity of less than 3 months that are readily convertible to a known amount
\nof cash and are subject to an insignificant risk of changes in value.
2.9
Share issue expenses
\nCosts of share issues are written off against share premium arising upon the issuance of share capital.
\n2.10
Capital managemen
t
\nThe Company defines capital as the total equity of the Company. Capital is managed in order to provide
\nreturns for shareholders and benefits to stakeholders and to safeguard the Company\u2019s ability to continue
\nas a going concern. The Company is not subject to any externally imposed capital requirements. To
\nmaintain or adjust the capital structure, the Company\u00a0may adjust the dividend payment to shareholders,
\nreturn capital, issue new shares for cash, repay debt, and put in place new debt facilities.
\n2.11
Share-based payments
\nThe Company has share-based awards that are equity settled as defined by IFRS 2. The cost of
\nequity-settled transactions is determined by the fair value at the date when the grant is made using an
\nappropriate valuation model.That cost is recognised in employee remuneration expense together with a
\ncorresponding increase in equity (share based payment reserve), over the period in which the service and,
\nwhere applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense
\nrecognised for equity-settled transactions at each reporting date until the vesting date reflects the extent
\nto which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments
\nthat will ultimately vest. The expense or credit in the statement of profit or loss for a period represents the
\nmovement in cumulative expense recognised as at the beginning and end of that period.
\nService and non-market performance conditions are not taken into account when determining the grant
\ndate fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s
\nbest estimate of the number of equity instruments that will ultimately vest. Market performance conditions
\nare reflected within the grant date fair value. Any other conditions attached to an award, but without an
\nassociated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are
\nreflected in the fair value of an award and lead to an immediate expensing of an award unless there are
\nalso service and/or performance conditions.
\nNo expense is recognised for awards that do not ultimately vest because non-market performance and/
\nor service conditions have not been met. Where awards include a market or non-vesting condition, the
\ntransactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied,
\nprovided that all other performance and/or service conditions are satisfied.
\nWhen the terms of an equity-settled award are modified, the minimum expense recognised is the grant
\ndate fair value of the unmodified award, provided the original vesting terms of the award are met. An
\nadditional expense, measured as at the date of modification, is recognised for any modification that
\nincreases the total fair value of the share-based payment transaction, or is otherwise beneficial to the
\nemployee. Where an award is cancelled by the entity or by the counterparty, any remaining element of the
\nfair value of the award is expensed immediately through profit or loss.
\n2.12
Critical accounting judgements and key sources of estimation uncertainty
\nThere are no critical accounting judgements and key sources of estimation uncertainty in the current year.
Notes to the Financial Statements
\nFor the year ended 31\u00a0December 2022
\n3.
Investments in subsidiaries
\nThe following table shows the movement in the investment in subsidiaries during the year
\n$\u2019000
\nAt 31\u00a0December 2021
1,154,387
\nAdditions
9,178
\nAt 31\u00a0December 2022
1,163,565
\nThe additions relate to further injections of cash, for the issuance of shares, in existing subsidiaries.
\nThe principal activity of the majority of these companies relates to oil and gas exploration, development
\nand production.
\nA complete list of Energean plc Group companies at 31\u00a0December 2022, and the Company\u2019s percentage
\nof share capital are set out in the note 30 of the Group financial statements.
\n4.
Loans and other intercompany receivables, non-current
\n2022
\n$\u2019000
\n2021
\n$\u2019000
\nLoans to subsidiaries
332,050
334,073
\nReceivables from share-based awards to subsidiary undertakings
2,066
2,077
\nTotal
334,116
336,150
\n\u00a0
\nThe loans to subsidiaries consist of two loans. The Energean Capital Limited (ECL) ($221.2\u00a0million) loan
\nincurs a fixed rate of interest at 5.5% per annum and matures on 18\u00a0May 2027. The Energean Oil & Gas SA
\n(EOGSA) ($110.9 million) loan incurs a fixed rate of interest at 6.7% and matures on 18\u00a0November 2029.
\nAt 31\u00a0December 2022 no expected credit loss allowances (2021: $0\u00a0million) were held in respect of the
\nrecoverability of amounts due from subsidiary undertakings.
\n5.
Equity
\nDividends
\nA dividend of 30 US$ cents per ordinary share was declared on the 8\u00a0September 2022 and paid on
\nthe 30\u00a0September 2022. A further dividend of 30 US$ cents per ordinary share was declared on the
\n17\u00a0November 2022 and paid on the 30\u00a0December 2022. No dividend was proposed in respect of the year
\nended 31\u00a0December 2021.
\nUS$ cents per share
$\u2019000
\n2022
2021
2022
2021
\nDividends announced and paid in
\ncash
\nSeptember
30
\u2013
53,252
\u2013
\nDecember
30
\u2013
53,252
\u2013
\nTotal
60
\u2013
106,504
\u2013
Distributable Reserves
\n31\u00a0December
\n2022
\n$\u2019000
\n31\u00a0December
\n2021
\n$\u2019000
\nTotal Equity
1,069,038
1,145,086
\nNon-Distributable
\nShare Capital
(2,380)
(2,374)
\nShare Premium (note 9)
(415,388)
(915,388)
\nEquity component of convertible bonds
\n1
\n(10,459)
(10,459)
\nUnrealised pro\ufb01ts included in retained earnings reserve
(232,788)
(186,842)
\nUnrealised share based payment reserve
\n2
\n(13,340)
(10,950)
\nTotal Distributable Reserves
394,683
19,073
\n1
\nEquity component of $50\u00a0million of convertible loan notes (discussed in note 8), which were issued in\u00a0February 2021 and have
\na maturity date of 29\u00a0December 2023.
\n2
\nUnrealised portion of the share based payment reserve included in total equity.
\n6.
Trade and other receivables
\n2022
\n$\u2019000
\n2021
\n$\u2019000
\nFinancial items
\nDue from subsidiary undertakings
74,004
129,840
\nRefundable VAT
374
768
\n74,378
130,608
\nNon-\ufb01nancial items
\nDeposits and prepayments
531
1,069
\n531
1,069
\nTotal trade and other receivables
74,909
131,677
\nAt 31\u00a0December 2022 no expected credit loss allowances (2021: $0\u00a0million) were held in respect of the
\nrecoverability of amounts due from subsidiary undertakings.
\nThe amounts due from subsidiary undertakings includes $50\u00a0million receivable from Energean E&P
\nHoldings in relation to dividends received in the current year. Additionally the amount include $12\u00a0
million
\nof interest receivable on the intercompnay loans. The remaining amounts due from subsidiaries accrue
\nno interest and relate to intragroup recharges for subsidiaries\u2019 employees share-based payments and
\nmanagement services provided by the Company to its subsidiaries under a Master Intercompany Services
\nAgreement.
\nTrade and other payables
7
.
\n2022
\n$\u2019000
\n2021
\n$\u2019000
\nStaff costs accrued
1,906
2,291
\nTrade payables
3,219
2,790
\nDue to subsidiary undertakings
1,515
1,097
\nFinance costs accrued
6,161
3,575
\nAccrued expenses
1,718
2,040
\nIncome taxes
36
120
\nSocial insurance and other taxes
170
141
\nOther creditors
49
51
\nTotal trade and other payables
14,774
12,105
\nThe amounts are unsecured and are usually paid within 30 days of recognition.
\n8.
Borrowings
\nOn 25\u00a0February 2021, $50\u00a0million of convertible loan notes (the \u201c
Convertible Loan Notes
\u201d) were issued.
\nThe convertible loan notes have a maturity date of 29\u00a0December 2023, a strike price of \u00a39.5, adjusted for
\ndividend payment up to maturity date, and a zero-coupon rate.
\nOn 18\u00a0November 2021, the Company completed the issuance of $450\u00a0million aggregate principal amount
\nof senior secured notes maturing in 2027 at a fixed interest rate of 6.5%.
\n2022
\n$\u2019000
\n2021
\n$\u2019000
\nNon-current
\nConvertible loan notes
\u2013
41,496
\n6.5% Senior Secured notes
442,879
441,945
\nCarrying value of non-current borrowings
442,879
483,441
\nCurrent
\nConvertible loan notes
45,550
\u2013
\nCarrying value of current borrowings
45,550
\u2013
9
.
Share capital
\nEquity share
\ncapital
\nallotted and
\nfully paid
\nNumber
\nShare capital
\n$\u2019000
\nShare
\npremium
\n$\u2019000
\nAuthorised
\nAt 31\u00a0December 2021
177,602,560
2,374
915,388
\nShare Premium Reduction
\u2013
\u2013
(500,000)
\nIssued during the period
\u2013
\u2013
\u2013
\n- New Shares
\u2013
\u2013
\u2013
\n- Employee share schemes
437,945
6
\u2013
\nAt 31\u00a0December 2022
178,040,505
2,380
415,388
\nAs at 31\u00a0December 2022, the Company\u2019s issued share capital consisted of 178,040,505 ordinary shares of
\n\u00a30.01 each. The Company has only one class of share, which carries no right to fixed income. Each share
\ncarries the right to one vote at General Meetings of the Company.
\nEnergean plc by special resolution reduced its share premium account, as confirmed by an Order of the
\nHigh Court of Justice on the 14\u00a0June 2022.
\n10.
Staff costs
\n2022
\n$\u2019000
\n2021
\n$\u2019000
\nSalaries
\n114
\n5,892
5,253
\nSocial insurance costs and other funds
785
1,913
\nShare-based payments
3,847
3,933
\nPension contribution & insurance
305
458
\nTotal Staff Cost
10,829
11,557
\n114
\nIncluding directors remuneration
11.
Share-based payment
\nEnergean Long Term Incentive Plan (LTIP)
\nUnder the LTIP, Senior Management can be granted nil exercise price options, normally exercisable Under
\nthe LTIP, Senior Management can be granted nil exercise price options, normally at the end of a period
\nof at least three years following grant and normally have a holding period taking the time horizon to no
\nearlier than five years following grant. The size of awards depends on both annual performance measures
\nand Total Shareholder Return (TSR) over a period of up to three years. There are no other post-grant
\nperformance conditions.
\nNo dividends are paid over the vesting period; however, Energean\u2019s Board\u00a0may decide at any time prior
\nto the issue or transfer of the shares in respect of which an award is released that the participant will
\nreceive an amount (in cash and/or additional Shares) equal in value to any dividends that would have
\nbeen paid on those shares on such terms and over such period (ending no later than the Release Date) as
\nthe Board\u00a0may determine. This amount\u00a0may assume the reinvestment of dividends (on such basis as the
\nBoard\u00a0may determine) and\u00a0may exclude or include special dividends.
\nThe average remaining contractual life for LTIP awards outstanding at 31\u00a0December 2022 was 1.2 years
\n(31\u00a0December 2021: 1.3 years), number of shares outstanding 2,112,973 and weighted average price at
\ngrant date \u00a35.66
\nThere are further details of the LTIP in the Remuneration & Talent Committee Report section of the Annual
\nReport and note 25 in the Group financial statements.
\nDeferred Share Bonus Plan (DSBP)
\nUnder the DSBP, the portion of any annual bonus above 30% of the base salary of a Senior Executive
\nnominated by the Remuneration & Talent Committee is deferred into shares.
\nDeferred awards are usually granted in the form of conditional share awards or nil-cost options
\n(or, exceptionally, as cash-settled equivalents). Deferred awards usually vest two years after award
\nalthough\u00a0may vest early on leaving employment or on a change of control.
\nThe average remaining contractual life for DSBP awards outstanding at 31\u00a0December 2022 was 0.8 years
\n(31\u00a0December 2021: 0.8 years), number of shares outstanding 236,174 and weighted average price at
\ngrant date \u00a310.05.
\nThere are further details refer to note 25 in the Group financial statements.
12.
Related party transactions
\nThe Company\u2019s subsidiaries at 31\u00a0December 2022 and the Group\u2019s percentage of share capital are set out
\nare in note 30 of the Group financial statements. The following table provides the Company\u2019s balances
\nwhich are outstanding with subsidiary companies at the balance sheet date:
\n2022
\n$\u2019000
\n2021
\n$\u2019000
\nLoans to subsidiaries
332,050
334,073
\nReceivables from share-based awards to subsidiary undertakings
2,066
2,077
\nTrade and other receivables
74,004
129,840
\nTotal amounts receivable from subsidiary undertakings
408,120
465,990
\nAmounts payable to subsidiary undertakings
1,515
1,097
\n406,605
464,893
\nThe amounts outstanding are unsecured and will be settled in cash.
\nThe following table provides the Company\u2019s transactions with partially owned subsidiary companies
\n(minority interest exists) recorded in the income statement:
\n2022
\n$\u2019000
\n2021
\n$\u2019000
\nAmounts invoiced to partially owned subsidiaries under a Master
\nIntercompany Services Agreement
\u2013
786
\n\u2013
786
\nThe amounts invoiced in 2021 relate to the period prior to 25\u00a0February 2021, before Energean Israel
\nbecame a wholly-owned subsidiary. As at 31\u00a0December 2021 and 31\u00a0December 2022 there are no partially
\nowned subsidiaries.
\nTransaction with other related party
\n2022
\n$\u2019000
\n2021
\n$\u2019000
\nConsulting services by Capital Earth Limited
\u2013
35
\n\u2013
35
\nCapital Earth Limited is a consulting company controlled by the spouse of one of Energean\u2019s executive
\ndirectors. Refer to note 27 in the Group financial statements for further details.
\n13.
Directors\u2019 Remuneration
\nDirectors\u2019 remuneration has been provided in the remuneration report within the Annual Report. Please
\nrefer to pages 123-147 of the Annual Report.
\n14.
Auditor\u2019s Remuneration
\nAuditors\u2019 remuneration has been provided in the Group financial statements. Please refer to note 7 of
\nthe Group financial statements, included in the Annual Report, for details of the remuneration of the
\ncompany\u2019s auditor on a group basis.
\n15.
Subsequent Events
\nPlease refer to note 29 of the Group financial statements.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300RVMKU0CYUZBB05",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}