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"f15677": { "value": "139903000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "f15679": { "value": "686115000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f15690": { "value": "Group Statement of Cash Flows \n \n
Year ended 31 December 2023
($\u2019000)
Notes
2023
2022
Operating activities
Profit before taxation
344,165
107,005
Adjustments to reconcile profit before taxation
to net cash provided by operating activities:
Depreciation, depletion and amortisation
12,13
306,144
83,360
Impairment loss on property, plant and
12
342
-
equipment
Loss from the sale of property, plant and
7e
190
1,102
equipment
Impairment loss on exploration and evaluation
13
28,758
65,550
assets
Defined benefit (gain)/loss
45
(351)
Movement in provisions
23
(11,098)
(4,742)
Compensation to gas buyers
6
4,929
18,029
Change in decommissioning provision
23
(16,996)
27,628
estimates
Finance income
9
(19,501)
(9,572)
Finance costs
9
250,395
107,315
Unrealised loss on derivatives
26
6,610
5,203
ECL on trade receivables
7d
4,375
565
Non-cash revenues from Egypt
105
(48,254)
(57,766)
Impairment loss on inventory
7e
-
1,207
Share-based payment charge
25
7,340
6,044
Net foreign exchange loss
9
16,584
22,207
Cash flow from operations before working
874,028
372,784
capital adjustments
Increase in inventories
(14,923)
(10,278)
Increase in trade and other receivables
(45,178)
(74,454)
Increase/(Decrease) in trade and other
(44,913)
23,405
payables
Cash flow from operations
769,014
311,457
Income tax paid
(112,827)
(39,304)
Net cash inflow from operating activities
656,187
272,153
105
Non-cash revenues from Egypt arise due to taxes being deducted at source from invoices as such revenue and tax charges are
grossed up to reflect this deduction but no cash inflow or outflow results.
\n \n
($\u2019000)
Notes
2023
2022
Investing activities
Payment for purchase of property, plant and
12
(436,043)
(395,753)
equipment
Payment for exploration and evaluation, and
13
(105,024)
(64,414)
other intangible assets
Movement in restricted cash
16
49,226
124,953
Proceeds from disposal of property, plant and
2
227
equipment
Amounts received from INGL related to the
24
56,906
17,371
transfer of property, plant & equipment
Other investing activities
(522)
-
Interest received
18,997
9,675
Net cash outflow for investing activities
(416,458)
(307,941)
Financing activities
Drawdown of borrowings
21
905,038
63,463
Repayment of borrowings
21
(655,000)
-
Repayment of deferred consideration liability
21
(150,000)
(30,000)
Debt issue costs
21
(17,633)
-
Repayment of obligations under leases
21
(18,732)
(14,023)
Finance cost paid for deferred license
(2,496)
(1,501)
payments
Finance costs paid
(174,833)
(178,914)
Dividend Paid
(213,698)
(106,504)
Net cash outflow from financing activities
(327,354)
(267,479)
Net decrease in cash and cash equivalents
(87,625)
(303,267)
Cash and cash equivalents at beginning of the
427,888
730,839
period
Effect of exchange rate fluctuations on cash
6,509
316
held
Cash and cash equivalents at the end of
15
346,772
427,888
the period
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f15720": { "value": "344165000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f15723": { "value": "107005000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f15743": { "value": "306144000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f15746": { "value": "83360000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f15754": { "value": "342000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f15757": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f15771": { "value": "-190000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment", "entity": "scheme:549300RVMKU0CYUZBB05", "period": 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Company
\u201d)", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16336": { "value": "Energean plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16337": { "value": "Energean plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16342": { "value": "England & Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16343": { "value": "England & Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16344": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16347": { "value": "44 Baker Street, London, W1U 7AL, United Kingdom.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16354": { "value": "exploration, production and commercialisation of
crude oil, hydrocarbon liquids and natural gas in Greece, Israel, North Africa, United Kingdom (\u201c
UK
\u201d) and
the wider Eastern Mediterranean.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16357": { "value": "Greece, Israel, North Africa, United Kingdom (\u201c
UK
\u201d) and
the wider Eastern Mediterranean.", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16366": { "value": "2
Significant accounting policies
2.1
Basis of preparation
The consolidated financial statements have been prepared on the historical cost basis, except for the
revaluation of certain financial instruments that are measured at revalued amounts or fair values at the
end of each reporting period, as explained in the accounting policies below.
The consolidated financial statements have been prepared in accordance with UK-adopted International
Accounting Standards (\u201c
UK-adopted IAS
\u201d).
The consolidated financial information is presented in US Dollars and all values are rounded to the
nearest thousand dollars except where otherwise indicated.
The consolidated financial statements have been prepared on a going concern basis. The principal
accounting policies adopted by the Group are set out below.
Going concern
The Group carefully manages the risk of a shortage of funds by closely monitoring its funding position
and its liquidity risk. The going concern assessment covers the period from the date of approval of the
Group Financial Statements on 20 March 2024 to 30 June 2025 \u201cthe Assessment Period\u201d.
As of 31 December 2023, the Group\u2019s available liquidity was approximately $607 million. This available
liquidity figure includes: (i) c. $115 million available under the $300 million Revolving Credit Facility (\u201c
RCF
\u201d)
signed by the Group in September 2022 and as amended in May 2023 (with the remainder being utilised
to issue Letters of Credit for the Group\u2019s operations) and (ii) c. $120 million under the $120 million
Revolving Credit Facility signed up by the Group in October 2023.
The going concern assessment is founded on a cashflow forecast prepared by management, which is
based on a number of assumptions, most notably the Group\u2019s latest life of field production forecasts,
budgeted expenditure forecasts, estimated of future commodity prices (based on recent published
forward curves) and available headroom under the Group\u2019s debt facilities. The going concern assessment
contains a \u201cBase Case\u201d and a \u201cReasonable Worst Case\u201d (\u201c
RWC
\u201d) scenario.
The Base Case scenario assumes Brent at $80/bbl in 2024 and $75/bbl in 2025 and PSV (Italian gas
price) at \u20ac30/MWH in 2024 and 2025 assumed throughout the going concern assessment period, with
prices for gas sold assumed at contractually agreed prices for Egypt and Israel. Under the Base Case,
sufficient liquidity is maintained throughout the going concern period.
The Group also routinely performs sensitivity tests of its liquidity position to evaluate adverse impacts
that may result from changes to the macro-economic environment, such as a reduction in commodity
prices. These downsides are considered in the RWC going concern assessment scenario. The Group is
not materially exposed to floating interest rate risk since the majority of its borrowings are fixed-rate. The
Group also looks at the impact of changes or deferral of key projects and downside scenarios to budgeted
production forecasts in the RWC.
The two primary downside sensitivities considered in the RWC are: (i) reduced commodity prices; (ii)
reduced production \u2013 these downsides are applied to assess the robustness of the Group\u2019s liquidity
position over the Assessment Period. In a RWC downside case, there are appropriate and timely
mitigation strategies, within the Group\u2019s control, to manage the risk of funding shortfalls and to ensure
the Group\u2019s ability to continue as a going concern. Mitigation strategies, within management\u2019s control,
modelled in the RWC include deferral of capital expenditure on operated assets and/or management of
operating expenses to improve the liquidity.
Under the RWC scenario, after considering mitigation strategies, liquidity is maintained throughout the
going concern period.
Reverse stress testing was also performed to determine what commodity price or production shortfall
would need to occur for liquidity headroom to be eliminated. The conditions necessary for liquidity
headroom to be eliminated are judged to have a remote possibility of occurring, given the diversified
nature of the Group\u2019s portfolio and the \u201cnatural hedge\u201d provided by virtue of the Group\u2019s fixed-price gas
contracts in Israel and Egypt. In the event a remote downside scenario occurred, prudent mitigating
strategies, consistent with those described above, could also be executed in the necessary timeframe to
preserve liquidity. There is no material impact of climate change within the Assessment Period and
therefore it does not form part of the reverse stress testing performed by management.
In forming its assessment of the Group\u2019s ability to continue as a going concern, including its review of
the forecasted cashflow of the Group over the Forecast Period, the Board has made judgements about:
\u2022
Reasonable sensitivities appropriate for the current status of the business and the wider macro
environment; and
\u2022
the Group\u2019s ability to implement the mitigating actions within the Group\u2019s control, in the event
these actions were required.
After careful consideration, the Directors are satisfied that the Group has sufficient financial resources
to continue in operation for the foreseeable future, for the Assessment Period from the date of approval
of the Group Financial Statements on 20 March 2024 to 30 June 2025. For this reason, they continue to
adopt the going concern basis in preparing the group financial statements.
2.2
New and amended accounting standards and interpretations
The following amendments became effective as at 1 January 2023:
\u2022
IFRS 17 \u201cInsurance Contracts\u201d
\u2022
Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS \u201cPractice Statement\u201d 2)
\u2022
Definition of Accounting Estimates (Amendments to IAS 8)
\u2022
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to
IAS 12)
\u2022
International Tax Reform \u2013 Pillar Two Model Rules (Amendments to IAS 12)
None of the above amendments had a significant impact on the Group\u2019s consolidated financial
statements. The amendments on International Tax Reform \u2013 Pillar Two Model Rules introduce a
mandatory exception in IAS 12 \u201cIncome Taxes\u201d to recognising and disclosing information about deferred
tax assets and liabilities related to Pillar Two income taxes.
New and amended standards and interpretations in issue but not yet effective for the 2023 year-end
\u2022
Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current and Non-current
Liabilities with Covenants \u2013 1 January 2024
\u2022
Lease Liability in a Sale and Leaseback (Amendments to IFRS 16) \u2013 1 January 2024
\u2022
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of
Exchangeability \u2013 1 January 2025
\u2022
Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures:
Supplier Finance Arrangements \u2013 1 January 2024
The adoption of the above standard and interpretations is not expected to lead to any material changes
to the Group\u2019s accounting policies or have any other material impact on the financial position or
performance of the Group.
2.3
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities
controlled by the Company (its subsidiaries) as detailed in Note 30. Control is achieved when the Group
is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to
affect those returns through its power over the investee.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated
financial statements from the effective date of acquisition or up to the effective date of disposal, as
appropriate.
3
Summary of material accounting policies
The principal accounting policies and measurement bases used in the preparation of the consolidated
financial statements are set out below. These policies have been consistently applied to all periods
presented in the consolidated financial statements unless otherwise stated.
3.1
Functional and presentation currency and foreign currency translation
Functional and presentation currency
Items included in the consolidated financial statements of the Company and its subsidiaries entities are
measured using the currency of the primary economic environment in which each entity operates (\u201c
the
functional currency
\u201d).
The functional currency of the Company is US Dollars ($). The US Dollar is the currency that mainly
influences sales prices, revenue estimates and has a significant effect on its operations. The functional
currencies of the Group's main subsidiaries are Euro for Energean Italy S.p.a., Energean Sicilia S.r.l.,
Energean Oil & Gas S.A., $ for Energean Group Services Ltd., Energean Israel Ltd., Energean Egypt Ltd.,
Energean E&P Holdings Ltd. and Energean Capital Ltd., and GBP for Energean UK Ltd. and Energean
Exploration Ltd.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the
retranslation of monetary assets and liabilities denominated in foreign currencies are recognised in profit
or loss. Such monetary assets and liabilities are translated at year end foreign exchange rates. Non-
monetary items denominated in a foreign currency are translated at the exchange rates prevailing at the
date of the transaction and are not subsequently remeasured.
Translation to presentation currency
For the purpose of presenting consolidated financial statements information, the assets and liabilities of
the Group are expressed in $. The Company and its subsidiaries\u2019 assets and liabilities are translated using
exchange rates prevailing on the reporting date. Income and expense items are translated at the average
exchange rates for the period, unless exchange rates have fluctuated significantly during that period, in
which case the exchange rates at the dates of the transactions are used. Exchange differences arising
are recognised in other comprehensive income and accumulated in the Group's translation reserve. Such
translation differences are reclassified to profit or loss in the period in which the foreign operation is
disposed of.
3.2
Investments in associates and joint arrangements
A joint arrangement is one in which two or more parties have joint control. Joint control is the
contractually agreed sharing of control of an arrangement, which exists only when decisions about the
relevant activities require the unanimous consent of the parties sharing control.
A joint arrangement is
either a joint operation or a joint venture.
An associate is an entity over which the Group has significant influence. Significant influence is the power
to participate in the financial and operating policy decisions of the investee but is not control or joint
control over those policies.
Investments in joint ventures
A joint venture is a type of joint arrangement whereby the parties that have joint control of the
arrangement have rights to the net assets of the joint venture.
The considerations made in determining significant influence or joint control are similar to those
necessary to determine control over subsidiaries. The Group\u2019s investments in joint ventures are
accounted for using the equity method.
Under the equity method, the investment in a joint venture is initially recognised at cost. The carrying
amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the joint
venture since the acquisition date. Any goodwill relating to the joint venture is included in the carrying
amount of the investment and is not tested for impairment separately.
Joint operations
A joint operation is a type of joint arrangement whereby the parties that have joint control of the
arrangement have the right to the assets and obligations for the liabilities, relating to the arrangement. In
relation to its interests in joint operations, the Group recognises its share of:
\u2022
Assets, including its share of any assets held jointly.
\u2022
Liabilities, including its share of any liabilities incurred jointly.
\u2022
Revenue from the sale of its share of the output arising from the joint operation.
\u2022
Share of the revenue from the sale of the output by the joint operation.
\u2022
Expenses, including its share of any expenses incurred jointly.
The Group is engaged in oil and gas exploration, development and production through unincorporated
joint arrangements particularly in Italy and the UK. These are classified as joint operations in accordance
with IFRS 11 \u201cJoint Arrangements\u201d. The Group accounts for its share of the results and assets and
liabilities of these joint operations. In addition, where the Energean acts as operator to the joint operation,
the gross liabilities and receivables (including amounts due to or from non-operated partner) of the joint
operation are included in the Group\u2019s balance sheet. Where another party acts as operator, the Group\u2019s
share of the working capital (inventory, receivables and payables) of those non-operated fields is
recognised within trade and other payables/receivables. A list of the Group\u2019s joint operations and its
working interest in each is disclosed in note 31.
3.3
Exploration and evaluation expenditures
The Group adopts the successful efforts method of accounting for exploration and evaluation costs. Pre-
licence costs are expensed in the period in which they are incurred. All licence acquisition, exploration
and evaluation costs and directly attributable administration costs are initially capitalised as intangible
assets by field or exploration area, as appropriate. All such capitalised costs are subject to technical,
commercial and management review, as well as review for indicators of impairment at least once a year.
This is to confirm the continued intent to develop or otherwise extract value from the discovery. When
this is no longer the case, the costs are written off through the statement of profit or loss. When proved
reserves of oil and gas are identified and development is sanctioned by management, the relevant
capitalised expenditure is first assessed for impairment and (if required) any impairment loss is
recognised, then the remaining balance is transferred to oil and gas properties.
Farm-outs \u2014 in the exploration and evaluation phase
The Group does not record any expenditure made by the farmee on its account. It also does not recognise
any gain or loss on its exploration and evaluation farm-out arrangements but redesignates any costs
previously capitalised in relation to the whole interest as relating to the partial interest retained. Any cash
consideration received directly from the farmee is credited against costs previously capitalised in relation
to the whole interest with any excess accounted for by the Group as a gain on disposal.
3.4
Oil and gas properties \u2013 assets in development
Expenditure is transferred from \u201cExploration and evaluation assets\u201d to \u201cAssets in development\u201d which is
a subcategory of \u201cOil and gas properties\u201d once the work completed to date supports the future
development of the asset and such development receives appropriate approvals. After transfer of the
exploration and evaluation assets, all subsequent expenditure on the construction, installation or
completion of infrastructure facilities such as platforms, pipelines and the drilling of development wells,
including unsuccessful development or delineation wells, is capitalised within \u201cAssets in development\u201d.
Proceeds from any oil and gas produced while bringing an item of property, plant and equipment to the
location and condition necessary for it to be capable of operating in the manner intended by management
(such as samples produced when testing whether the asset is functioning properly) is recognised in profit
or loss in accordance with IFRS 15 \u201cRevenue Recognition\u201d. The Group measures the cost of those items
applying the measurement requirements of IAS 2 Inventories. When a development project moves into
the production stage, all assets included in \u201cAssets in development\u201d are then transferred to \u201cProducing
assets\u201d which is also a sub-category of \u201cOil and gas properties\u201d. The capitalisation of certain
construction/development costs ceases, and costs are either regarded as part of the cost of inventory or
expensed, except for costs which qualify for capitalisation relating to \u201cOil and gas properties\u201d asset
additions, improvements or new developments.
3.5
Commercial reserves
Commercial reserves are proven and probable oil and gas reserves, which are defined as the estimated
quantities of crude oil, natural gas and natural gas liquids which geological, geophysical and engineering
data demonstrate with a specified degree of certainty to be recoverable in future years from known
reservoirs and which are considered commercially producible. Commercial reserves have a 50%
statistical probability that the actual quantity of recoverable reserves will be more than the amount
estimated as proven and probable reserves and a 50% statistical probability that it will be less.
3.6
Depletion and amortisation
All expenditure carried within each field is amortised from the commencement of production on a unit of
production basis, which is the ratio of oil and gas production in the period to the estimated quantities of
commercial reserves at the end of the period plus the production in the period, generally on a field-by-
field basis or by a group of fields which are reliant on common infrastructure. Costs included in the unit
of production calculation comprise the net book value of capitalised costs plus the estimated future field
development costs required to recover the commercial reserves remaining. Changes in the estimates of
commercial reserves or future field development costs are dealt with prospectively.
3.7
Impairment assessment of oil & gas properties
The group assesses assets or groups of assets, called cash-generating units (\u201c
CGUs
\u201d), for impairment
whenever events or changes in circumstances indicate that the carrying amount of an asset or CGU may
not be recoverable; for example, changes in the group\u2019s assumptions about commodity prices, low field
utilisation, significant downward revisions of estimated reserves or increases in estimated future
development expenditure or decommissioning costs. If any such indication of impairment exists, the
group makes an estimate of the asset\u2019s or CGU\u2019s recoverable amount.
Where there is interdependency between fields due to shared infrastructure, the related cash inflows of
each field are not largely independent and therefore the relevant fields are grouped as a single CGU for
impairment purposes. A CGU\u2019s recoverable amount is the higher of its fair value less costs of disposal
and its value in use. Where the carrying amount of a CGU exceeds its recoverable amount, the CGU is
considered impaired and is written down to its recoverable amount.
Fair value less costs of disposal is the price that would be received to sell the asset in an orderly
transaction between market participants and does not reflect the effects of factors that may be specific
to the group and not applicable to entities in general.
In order to discount the future cash flows the Group calculates CGU-specific discount rates. The discount
rates are based on an assessment of a relevant peer group\u2019s Weighted Average Cost of Capital (\u201c
WACC
\u201d).
The Group then adds any exploration risk premium which is implicit within a peer group\u2019s WACC and
subsequently applies additional country risk premium for CGUs to make it CGU-specific. Where
conditions giving rise to impairment subsequently reverse, the effect of the impairment charge is also
reversed as a credit to the income statement, net of any amortisation that would have been charged since
the impairment.
The reversal is limited such that the carrying amount of the asset exceeds neither its recoverable amount,
nor the carrying amount that would have been determined, net of depreciation, had no impairment loss
been recognised for the asset in prior years.
3.8
Other property, plant and equipment
Other property, plant and equipment comprise of plant machinery and installation, furniture and fixtures.
Initial recognition
The initial cost of an asset comprises its purchase price or construction cost, any costs directly
attributable to bringing the asset into operation and borrowing costs. The purchase price or construction
cost is the aggregate amount paid and the fair value of any other consideration given to acquire the asset.
Depreciation
Depreciation of other property, plant and equipment is calculated on the straight-line method so as to
write off the cost amount of each asset to its residual value, over its estimated useful life. The useful life
of each class is estimated as follows:
\n \n
Years
Property leases and leasehold improvements
3\u201310
Motor vehicles and other equipment
2\u20135
Plant and machinery
7\u201315
Furniture, fixtures and equipment
5\u20137
Depreciation of the assets in the course of construction commences when the assets are ready for their
intended use, on the same basis as other assets of the same class.
An item of property, plant and equipment and any significant part initially recognised is derecognised
upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or
loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds
and the carrying amount of the asset) is included in the statement of profit or loss when the asset is
derecognised.
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting
date.
Repairs, maintenance, and renovations
Expenditure for routine repairs and maintenance of property, plant and equipment is charged to the profit
or loss in the year in which it is incurred. The cost of major improvements and renovations and other
subsequent expenditure are included in the carrying amount of the asset when the recognition criteria of
IAS 16 \u201cProperty, Plant and Equipment\u201d are met. Major improvements and renovations capitalised are
depreciated over the remaining useful life of the related asset.
3.9
Impairment of non-financial assets
At each reporting date, the Group reviews the carrying amounts of its depreciable property, plant and
equipment and intangible assets to determine whether there is any indication that those assets have
suffered an impairment loss. Impairment is assessed at the level of cash-generating units (\u201c
CGUs
\u201d)
which, in accordance with IAS 36 \u201cImpairment of Assets\u201d, are identified as the smallest identifiable group
of assets that generates cash inflows, which are largely independent of the cash inflows from other
assets. This is usually at the individual royalty, stream, oil and gas or working interest level for each
property from which cash inflows are generated.
An impairment loss is recognised for the amount by which the asset\u2019s carrying value exceeds its
recoverable amount, which is the higher of fair value less costs of disposal (\u201c
FVLCD
\u201d) and value-in-use
(\u201c
VIU
\u201d). The future cash flow expected is derived using estimates of proven and probable reserves and
information 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
asset and reflect their respective risk profiles.
Assets are subsequently reassessed for indications that an impairment loss previously recognised may
no longer exist. An impairment charge is reversed if the conditions that gave rise to the recognition of an
impairment loss are subsequently reversed and the asset\u2019s recoverable amount exceeds its carrying
amount. Impairment losses can be reversed only to the extent that the recoverable amount does not
exceed the carrying value that would have been determined had no impairment been recognised
previously.
Exploration and evaluation assets are tested for impairment when there is an indication that a particular
exploration and evaluation project may be impaired. Examples of indicators of impairment include a
significant price decline over an extended period, the decision to delay or no longer pursue the exploration
and evaluation project, or an expiration of rights to explore an area. In addition, exploration and evaluation
assets are assessed for impairment upon their reclassification to producing assets (oil and gas interest
in property, plant and equipment). In assessing the impairment of exploration and evaluation assets, the
carrying value of the asset would be compared to the estimated recoverable amount and any impairment
loss is recognised immediately in profit or loss.
Goodwill is tested for impairment annually on 31 December and when circumstances indicate that the
carrying value may be impaired.
Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of
CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying
amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in
future periods.
3.10
Convertible bonds
Convertible bonds are separated into liability and equity components based on the terms of the contract.
The fair value of the liability component on initial recognition is calculated by discounting the contractual
cash flows using a market interest rate for an equivalent non-convertible instrument. The difference
between the fair value of the liability component and the proceeds received on issue is recorded as equity.
Transaction costs are apportioned between the liability and the equity components of the instrument
based on the amounts initially recognised. The liability component is classified as a financial liability
measured at amortised cost (net of transaction costs) until it is extinguished on conversion or settlement.
The equity component is not remeasured.
3.11
Leases
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the
contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration.
The determination of whether an arrangement is, or contains, a lease is based on the substance of the
arrangement at the date of inception. The arrangement is assessed to determine whether fulfilment is
dependent on the use of a specific asset (or assets) and the arrangement conveys a right to use the asset
(or assets), even if that asset is (or those assets are) not explicitly specified in an arrangement. Other
than in lease arrangements within joint operations (see below), the Group is not a lessor in any
transactions, it is only a lessee.
Group as a lessee
The Group applies a single recognition and measurement approach for all leases, except for short-term
leases, leases of low-value assets and leases to explore for or use minerals, oil, natural gas and similar
non-regenerative resources. The Group recognises lease liabilities to make lease payments and right-of-
use assets representing the right to use the underlying assets.
i)
Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the
underlying asset is available for use).
The right-of-use asset is measured at cost, less any accumulated depreciation and impairment losses,
and adjusted for any remeasurement of lease liabilities. Cost comprises the initial amount of the lease
liability and any lease payments made at or before the commencement date, plus any initial direct costs
incurred and an estimate of costs required to remove or restore the underlying asset, less any lease
incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the
lease term and the estimated useful lives of the assets, as follows:
\u2022
Property leases 1 to 10 years
\u2022
Motor vehicles and other equipment 1 to 7 years
\u2022
Fibre optic 14 years
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects
the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.
The right-of-use assets are also subject to impairment assessment.
ii)
Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present
value of lease payments to be made over the lease term. The lease payments include fixed payments
(including in substance fixed payments) less any lease incentives receivable, variable lease payments
that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The
lease payments also include the exercise price of a purchase option reasonably certain to be exercised
by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group
exercising the option to terminate.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the
lease commencement date if the interest rate implicit in the lease is not readily determinable. After the
commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and
reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured
if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to
future payments resulting from a change in an index or rate used to determine such lease payments) or
a change in the assessment of an option to purchase the underlying asset.
The Group\u2019s lease liabilities are included in Interest-bearing loans and borrowings (see Note 21).
iii)
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases of machinery and
equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date
and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption
to leases of office equipment that are considered to be low value. Lease payments on short-term leases
and leases of low value assets are recognised as expense on a straight-line basis over the lease term.
iv)
Other leases outside the scope of IFRS 16
Leases to explore for or use minerals, oil, natural gas and similar non-regenerative resources are outside
the scope of IFRS 16 and are recognised as exploration and evaluation costs or as oil and gas assets, as
appropriate. Please refer to notes 3.4 and 3.5.
Accounting for leases in joint operations
Where the Group enters into lease agreements as operator of a joint operation and is sole signatory to a
lease contract, it recognises its obligations under the lease in full to reflect the legal position of the Group
as the contracting counterparty for such leases. Where the obligations of the non-operator parties under
the joint operating agreement give rise to a sub-lease, the related proportion of the right-of-use asset is
derecognised and a finance lease receivable recorded to reflect the proportion of the lease liability
recoverable from the non-operator parties to the joint operating agreement.
3.12
Financial instruments \u2013 initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
i)
Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (\u201c
OCI
\u201d), or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that
do not contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
needs to give rise to cash flows that are \u201csolely payments of principal and interest (\u201c
SPPI
\u201d)\u201d on the
principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets
in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
\u2022
Financial assets at amortised cost (debt instruments)
\u2022
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment under the expected credit loss model. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Financial assets at fair value through profit or loss
The Group\u2019s financial assets at fair value through profit or loss include financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value.
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair
value with net changes in fair value recognised in the statement of profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
position) when the rights to receive cash flows from the asset have expired or are transferred.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (\u201c
ECLs
\u201d) for all debt instruments not held
at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows
due in accordance with the contract and all the cash flows that the Group expects to receive, discounted
at an approximation of the original effective interest rate. The expected cash flows will include cash flows
from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase 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
which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
on lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal or
external information indicates that the Group is unlikely to receive the outstanding contractual amounts
in full before taking into account any credit enhancements held by the Group. A financial asset is written
off when there is no reasonable expectation of recovering the contractual cash flows.
ii)
Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. This category also includes derivative financial instruments entered into by the Group
that are not designated as hedging instruments in hedge relationships as defined by IFRS 9 \u201cFinancial
Instruments\u201d. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
the statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
costs, from the mark to market gain or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as interest rate swaps and forward commodity
contracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset
or liability or an unrecognised firm, and commitment.
\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm, and commitment.
\u2022
Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedging
instrument and the hedged item to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness
requirements.
\u2022
There is \u201can economic relationship\u201d between the hedged item and the hedging instrument.
\u2022
The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic
relationship.
\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below.
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
From time to time, the Group may use forward commodity contracts for its exposure to volatility in the
commodity prices. The ineffective portion relating to forward commodity contracts is recognised in
revenue or cost of sales.
The Group designates only the spot element of forward contracts as a hedging instrument. The forward
element is recognised in OCI and accumulated in a separate component of equity.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
same period or periods during which the hedged cash flows affect profit or loss.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be
accounted for depending on the nature of the underlying transaction.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Ordinary shares
Ordinary shares are classified as equity and measured at their nominal value. Any premiums received on
issue of share capital above its nominal value, are recognised as share premium within equity. Associated
issue costs are deducted from share premium.
3.13
Share-based payment
Equity-settled transactions
Awards to non-employees:
The fair value of the equity settled awards has been determined at the date the goods or services are
received with a corresponding increase in equity (share-based payment reserve).
Awards to employees:
Employees (including Senior Executives) of the Group receive remuneration in the form of share-based
payments, whereby employees render services as consideration for equity instruments (equity-settled
transactions).
The fair value of the equity settled awards has been determined at the date of grant of the award allowing
for the effect of any market-based performance conditions.
That cost is recognised in employee benefits expense, together with a corresponding increase in equity
(share-based payment reserve), over the period in which the service and, where applicable, the
performance conditions are fulfilled (the vesting period). The cumulative expense recognised for equity-
settled transactions at each reporting date until the vesting date reflects the extent to which the vesting
period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately
vest. The expense or credit in the statement of profit or loss for a period represents the movement in
cumulative expense recognised as at the beginning and end of that period.
Service and non-market performance conditions are not taken into account when determining the grant
date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s
best estimate of the number of equity instruments that will ultimately vest. Market performance
conditions are reflected within the grant date fair value. Any other conditions attached to an award, but
without an associated service requirement, are considered to be non-vesting conditions. Non-vesting
conditions are reflected in the fair value of an award and lead to an immediate expensing of an award
unless there are also service and/or performance conditions.
No expense is recognised for awards that do not ultimately vest because non-market performance
and/or service conditions have not been met. Where awards include a market or non-vesting condition,
the transactions are treated as vested irrespective of whether the market or non-vesting condition is
satisfied, provided that all other performance and/or service conditions are satisfied.
3.14
Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The fair value measurement is based
on the presumption that the transaction to sell the asset or transfer the liability takes place either: in the
principal market for the asset or liability or in the absence of a principal market, in the most advantageous
market for the asset or liability.
The fair value of an asset or a liability is measured using the assumptions that market participants would
use when pricing the asset or liability, assuming that market participants act in their economic best
interest. A fair value measurement of a non-financial asset takes into account a market participant's
ability to generate economic benefits by using the asset in its highest and best use or by selling it to
another market participant that would use the asset in its highest and best use.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient
data are available to measure fair value, maximising the use of relevant observable inputs and minimising
the use of unobservable inputs.
All assets and liabilities, for which fair value is measured or disclosed in the consolidated financial
statements, are categorised within the fair value hierarchy, described as follows, based on the lowest-
level input that is significant to the fair value measurement as a whole:
\u2022
Level 1
\u2014 Quoted (unadjusted) market prices in active markets for identical assets or liabilities
\u2022
Level 2
\u2014 Valuation techniques for which the lowest-level input that is significant to the fair value
measurement is directly or indirectly observable
\u2022
Level 3
\u2014 Valuation techniques for which the lowest-level input that is significant to the fair value
measurement is unobservable
For assets and liabilities that are recognised in the consolidated financial statements on a recurring basis,
the Group determines whether transfers have occurred between levels in the hierarchy by reassessing
categorisation (based on the lowest-level input that is significant to the fair value measurement as a
whole) at the end of each reporting period.
3.15
Cash and cash equivalents
Cash and cash equivalents comprise of cash at bank, demand deposits and also cash reserves retained
as a bank security pledge in respect of bank guarantees (Note 28), with a maturity of three months or
less that are subject to an insignificant risk of changes in their fair value.
The cash reserves retained as a bank security pledge in respect of bank guarantees are defined as
deposits in escrow and held in designated bank deposits accounts to be released when the Group meet
the specified expenditure milestones.
Restricted cash comprises balances retained in respect of the Group\u2019s Senior Secured Notes and cash
collateral provided under a letter of credit facility for issuing bank guarantees for Group's activities in
Israel (see Note 16). The nature of the restrictions on these balances mean that they do not qualify for
classification as cash equivalents.
3.16
Over/underlift
Lifting or offtake arrangements for oil and gas produced in certain of the Group\u2019s jointly owned operations
are such that each participant may not receive and sell its precise share of the overall production in each
period. The resulting imbalance between cumulative entitlement and cumulative production less stock is
underlift or overlift. Underlift and overlift are valued at market value and included within receivables and
payables respectively. Movements during an accounting period are adjusted through cost of sales such
that gross profit is recognised on an entitlement basis.
In respect of redeterminations, any adjustments to the Group\u2019s net entitlement of future production are
accounted for prospectively in the period in which the make-up oil is produced. Where the make-up period
extends beyond the expected life of a field an accrual is recognised for the expected shortfall.
3.17
Inventories
Inventories comprise hydrocarbon liquids, crude oil and by-product (sulphur), consumables and other
spare parts. Inventories are stated at the lower of cost and net realisable value. Cost is determined using
the weighted average cost method. The cost of finished goods and work in progress comprises raw
materials, direct labour, other direct costs and related production overheads. It does not include
borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business,
less estimated costs of completion and estimated costs necessary to make the sale. Spare parts
consumed within a year are carried as inventory and recognised in profit or loss when consumed.
The Group assesses the net realisable value of the inventories at the end of each year and recognises in
the consolidated statement of profit or loss the appropriate valuation adjustment if the inventories are
overstated. When the circumstances that previously caused impairment no longer exist or when there is
clear evidence of an increase in the inventories\u2019 net realisable value due to a change in the economic
circumstances, the amount thereof is reversed.
3.18
Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of
past events, it is probable that an outflow of resources will be required to settle the obligation, and a
reliable estimate of the amount can be made. Where the Group expects a provision to be reimbursed, for
example under an insurance contract, the reimbursement is recognised as a separate asset but only
when the reimbursement is virtually certain. The amount recognised as a provision is the best estimate
of the consideration required to settle the present obligation at the end of the reporting period, taking into
account the risk and uncertainties surrounding the obligation. The expense relating to a provision is
presented in profit or loss net of any reimbursement. If the effect of the time value of money is material,
provisions are discounted using a current pre-tax rate that reflects the risks specific to the liability. When
discounting is used, the increase in the provision due to the passage of time is recognised as a finance
cost.
Decommissioning costs
Provision for decommissioning is recognised in full when the related facilities are installed. A
corresponding amount equivalent to the provision is also recognised as part of the cost of the related
property, plant and equipment.
The amount recognised is the estimated cost of decommissioning, discounted to its net present value at
a risk-free discount rate, and is reassessed each year in accordance with local conditions and
requirements. Changes in the estimated timing of decommissioning or decommissioning cost estimates
are dealt with prospectively by recording an adjustment to the provision, and a corresponding adjustment
to property, plant and equipment or in the income statement. The unwinding of the discount on the
decommissioning provision is included as a finance cost.
3.19
Revenue
Revenue from contracts with customers is recognised when control of the gas/hydrocarbon
liquids/crude oil/by-products or rendering of services are transferred to the customer at an amount that
reflects the consideration to which the Group expects to be entitled in exchange for those goods or
services.
The Group has concluded that it is the principal in its revenue arrangements because it typically controls
the goods or services before transferring them to the customer. In certain jurisdictions in which the Group
operates royalties are levied by the government. The government can request that these royalty
payments be made in cash or in kind. In the current year and in prior years the government has requested
cash payments be made and therefore the Group has not made any royalty payments in kind. As such
the Group obtains control of all the underlying reserves once extracted, sells the production to its
customers and then remits the proceeds to the royalty holder and is therefore considered to be acting as
the principal.
Sale of gas, hydrocarbon liquids, crude oil and by-products
Sales revenue represents the sales value, net of VAT, of actual sales volumes to customers in the year
together with the gain/loss on realisation of cash flow hedges.
The Group\u2019s accounting policy under IFRS 15 is that revenue is recognised when the Group satisfies a
performance obligation by transferring oil or gas to its customer. The title to oil and gas typically transfers
to a customer at the same time as the customer takes physical possession of the oil or gas. Typically, at
this point in time, the performance obligations of the Group are fully satisfied. The revenue is recorded
when the oil or gas has been physically delivered to a vessel or pipeline.
3.20
Retirement benefit costs
State managed retirement benefit scheme
Payments made to state managed retirement benefit schemes (e.g. government social insurance fund)
are dealt with as payments to defined contribution plans where the Group's obligations under the plans
are equivalent to those arising in a defined contribution plan. The Group's contributions are expensed as
incurred and are included in staff costs. The Group has no legal or constructive obligations to pay further
contributions if the government scheme does not hold sufficient assets to pay all employees benefits
relating to employee service in the current and prior periods.
Defined benefit plan
The Group operates an unfunded defined benefit plan in which a lump sum amount is specified and is
payable at the termination of employees\u2019 services based on such factors as the length of the employees\u2019
service and their salary. The liability recognised for the defined benefit plan is the present value of the
defined benefit obligation at the reporting date.
The cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial
valuations being carried out at each reporting date. These assumptions used in the actuarial valuations
are developed by management with the assistance of independent actuaries.
Service costs on the defined benefit plan are included in staff costs. Interest expense on the defined
benefit liability is included in finance costs. Gains and losses resulting from other remeasurements of the
defined benefit liability are included in other comprehensive income and are not reclassified to profit or
loss in subsequent periods.
3.21
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets,
which are assets that necessarily take a substantial period of time to get ready for their intended use or
sale, are added to the cost of those assets, until such time as the assets are substantially ready for their
intended use or sale. Investment income earned on the temporary investment of specific borrowings
pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for
capitalisation.
Excluded from the above capitalisation policy are any qualifying assets that are inventories that are
produced in large quantities on a repetitive basis and any Exploration and Evaluation assets which have
not resulted in the classification of commercial reserves.
Borrowing costs consist of interest and other costs that the Group incurs in connection with the
borrowing of funds.
3.22
Tax
Income tax expense represents the sum of current and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as
reported in the consolidated financial statements because it excludes items of income or expense that
are taxable or deductible in other years and it further excludes items that are never taxable or deductible.
The Group's liability for current tax is calculated using tax rates that have been enacted or substantively
enacted by the reporting date.
Deferred tax is recognised on temporary differences between the carrying amounts of assets and
liabilities in the consolidated financial statements and the corresponding tax bases used in the
computation of taxable profit, based on tax rates that have been enacted or substantively enacted by the
reporting date. Deferred tax liabilities are generally recognised for all taxable temporary differences and
deferred tax assets are recognised to the extent that it is probable that taxable profits will be available
against which deductible temporary differences can be utilised. No deferred tax is recognised if the
temporary difference arises from goodwill or from the initial recognition (other than in a business
combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the
accounting profit.
Current and deferred tax assets and corresponding liabilities are offset when there is a legally enforceable
right to set off current tax assets against current tax liabilities and when they relate to income taxes levied
by the same taxation authority and the Group intends to settle its tax assets and liabilities on a net basis.
3.23
Equity, reserves and dividend payments
Share capital represents the nominal (par) value of shares that have been issued. Share premium
includes any premiums received on issue of share capital. Any transaction costs associated with the
issuing of shares are deducted from share premium, net of any related income tax benefits.
Other components of equity include the following:
\u2022
Remeasurement of net defined benefit liability \u2013 comprises the actuarial losses from changes in
demographic and financial assumptions and the return on plan assets (see Note 3.22).
\u2022
Translation reserve \u2013 comprises foreign currency translation differences arising from the
translation of financial statements of the Group\u2019s foreign entities (see Note 3.1).
\u2022
Merger reserves \u2013 On 30 June 2017, the Company became the parent company of the Group
through the acquisition of the full share capital of Energean E&P Holdings Ltd. From that point,
in the consolidated financial statements, the share capital became that of Energean plc. The
previously recognised share capital and share premium of Energean E&P Holdings Ltd. was
eliminated with a corresponding positive merger reserve.
Share-based payment reserve: The share-based payments reserve is used to recognise the value of
equity-settled share-based payments granted to parties including employees and key management
personnel, as part of their remuneration.
Retained earnings includes all current and prior period retained profits.
All transactions with owners of the parent are recorded separately within equity.
Dividend 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.
4
Critical accounting estimates and judgements
The preparation of these consolidated financial statements in conformity with IFRS requires the use of
accounting estimates and assumptions, and also requires management to exercise its judgement, in the
process of applying the Group's accounting policies.
Estimates, assumptions and judgement applied are continually evaluated and are based on historical
experience and other factors, including expectations of future events that are believed to be reasonable
under the circumstances. Although these estimates, assumptions and judgement are based on
management's best knowledge of current events and actions, actual results may ultimately differ.
4.1
Critical judgements in applying the Group\u2019s accounting policies
The following are management judgements in applying the accounting policies of the Group that have
the most significant effect on the consolidated financial statements:
Carrying value of intangible exploration and evaluation assets (note 13)
Amounts carried under intangible exploration and evaluation assets represent active exploration projects.
Capitalised costs will be written off to the income statement as exploration costs unless commercial
reserves are established or the determination process is not completed and there are no indications of
impairment in accordance with the Group\u2019s accounting policy. The process of determining whether there
is an indicator for impairment or impairment reversal and quantifying the amount requires critical
judgement. The key areas in which management has applied judgement as follows: the Group\u2019s intention
to proceed with a future work programme; the likelihood of license renewal or extension; the assessment
of whether sufficient data exists to indicate that, although a development in the specific area is likely to
proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full
from successful development or by sale; and the success of a well result or geological or geophysical
\n
survey.
\n
Identification of cash generating units (note 12)
\n
In considering the carrying value of property, plant and equipment the Group has to make a critical
\n
judgement in relation to the identification of the smallest cash generating units to which those assets are
\n
allocated. In all countries except for Italy the cash generating unit is considered to be at the concession
\n
level. In Italy we have identified nine cash generating units (\u201c
CGUs
\u201d). The Italy Gas CGUs are as follows:
\n
Cassiopea, Clara E&NW, Calipso, Accetura, Gas Other and the Italy Oil CGUs comprise of: Vega, Sarago
\n
Mare, Rospo and Oil Other. The identification of CGUs across the group is consistent with how the Group
\n
monitors the business.
\n
4.2
Estimation uncertainty
\n
The estimates and assumptions that have a significant risk of causing a material adjustment to the
\n
carrying amounts of assets and liabilities within the next financial year, are discussed below:
\n
Impairment of property, plant and equipment (note 12):
\n
The Group assesses at each reporting date whether there is an indication that an asset (or \u201c
CGU
\u201d) may
\n
be impaired. The Group assesses impairment at each reporting date by evaluating conditions specific to
\n
the Group that may lead to impairment of assets. Where indicators of impairments or impairment
\n
reversals are present and an impairment or impairment reversal test is required, the calculation of the
\n
recoverable amount requires estimation of future cash flows within complex impairment models. The
\n
recoverable amount (which is the higher of fair value less costs to sell and value in use) of the cash-
\n
generating unit to which the assets belong is then estimated based on the present value of future
\n
discounted cash flows. Key assumptions and estimates used in both the impairment models and in the
\n
calculation of the recoverable amount are: commodity price assumptions, production profiles, the future
\n
impact of risks associated with climate change, discount rates and commercial reserves and the related
\n
cost profiles. Commercial (proven and probable) reserves are estimates of the amount of oil and gas that
\n
can be economically extracted from the Group\u2019s oil and gas assets as certified by the external qualified
\n
professionals.
\n
The Group\u2019s impairment assessment did not identify any cash generating units for which a reasonably
\n
possible change in a key assumption would result in impairment or impairment reversal.
\n
Management has considered how the Group\u2019s identified climate risks and opportunities (as discussed in
\n
the Strategic Report) may impact the estimation of the recoverable amount of cash-generating units in
\n
the impairment assessments. The anticipated extent and nature of the future impact of climate on the
\n
Group\u2019s operations and future investment, and therefore estimation of recoverable value, is not uniform
\n
across all cash-generating units. There is a range of inherent uncertainties in the extent that responses
\n
to climate change may impact the recoverable value of the Group\u2019s cash-generating units. These include
\n
the impact of future changes in government policies, legislation and regulation, societal responses to
\n
climate change, the future availability of new technologies and changes in supply and demand dynamics.
\n
The Group has incorporated carbon pricing when preparing discounted cash flow valuations. Carbon
\n
prices are incorporated based on currently enacted legislation (where relevant). Carbon costs are based
\n
on the forecast carbon price per tonne/CO2e, multiplied by estimated Scope 1 and 2 emissions for the
\n
relevant operation(s).
\n
As part of the impairment assessment the Group has run sensitivity scenarios based on the International
\n
Energy Agency\u2019s (\u201c
IEA
\u201d) 2023 World Energy Outlook climate projections including Stated Policies Scenario
\n
(\u201c
STEPS
\u201d), Announced Pledges Scenario (\u201c
APS
\u201d) and Net-Zero Emissions by 2050 Scenario (\u201c
NZE
\u201d).
\n
These specific scenarios were not directly applied in the assets valuation for financial reporting purposes.
\n
This is because no single scenario fully aligns with the management consensus on the assumptions
\n
market participants may use in appraising the Group\u2019s assets. The assessment revealed that the Group's
\n
CGUs in Italy and Greece, particularly the Vega field, are significantly affected by these scenarios due to
\n
their sensitivity to fluctuations in Brent oil prices. Conversely, the Group's assets in Israel and Egypt are
\n
less influenced by these scenarios, attributed to the localised approach to price definition.
\n
Further details about the carrying value of property, plant and equipment are shown in note 12 to these
\n
financial statements.
Hydrocarbon reserve and resource estimates (notes 12, 13, 14, 23):
\n
The Group\u2019s oil and gas development and production properties are depreciated on a unit of production
\n
basis at a rate calculated by reference to developed and undeveloped proved and probable commercial
\n
reserves (2P developed and undeveloped) which are estimated to be recoverable with existing and future
\n
developed facilities using current operating methods, determined in accordance with the Petroleum
\n
Resources Management System published by the Society of Petroleum Engineers, the World Petroleum
\n
Congress and the American Association of Petroleum Geologists.
\n
Commercial reserves are determined using estimates of oil and gas in place, recovery factors and future
\n
prices. The level of estimated commercial reserves is also a key determinant in assessing whether the
\n
carrying value of any of the Group\u2019s oil and gas properties has been impaired. Reserves are subject to
\n
regular revision, both upward or downward, based on changes in economic assumptions used, including
\n
the impact of climate change, additional geological information, updates of development plans and
\n
changes in economic factors, including product prices, contract terms, legislation or development plans.
\n
Such changes may impact the Group\u2019s reported financial position and results which include:
\n
\u2022
Depreciation and amortisation charges in profit or loss may change where such charges are
\n
determined using the units of production method, or where the useful life of the related assets
\n
change;
\n
\u2022
Impairment charges in the income statement;
\n
\u2022
Provisions for decommissioning may change where changes to the reserve estimates affect
\n
expectations about when such activities will occur and the associated cost of these activities;
\n
and
\n
\u2022
The recognition and carrying value of deferred tax assets may change due to changes in the
\n
judgements regarding the existence of such assets and in estimates of the likely recovery of
\n
such assets.
\n
The impact upon commercial reserves (if any) and the aggregate depletion charge for the year of a
\n
fluctuation of the forward Brent oil price and PSV price assumption as well as the Group\u2019s carrying
\n
amount of oil and gas properties for the current and prior period are presented in note 12. Management
\n
monitors the impact on the commercial reserves and the depletion charge on a Group level.
\n
Decommissioning liabilities (note 23):
\n
There is uncertainty around the cost of decommissioning as cost estimates can vary in response to many
\n
factors, including from changes to market rates for goods and services, to the relevant legal
\n
requirements, the emergence of new technology or experience at other assets. The expected timing, work
\n
scope, amount of expenditure, discount and inflation rates require estimation. The discount rate applied
\n
to determine the carrying amount of provisions provides a source of estimation uncertainty as referred
\n
to in IAS 1.125.
\n
The estimated decommissioning costs are reviewed annually by an internal expert and the results of this
\n
review are then assessed alongside estimates from operators. Provision for environmental clean-up and
\n
remediation costs is based on current legal and contractual requirements, technology and price levels.
\n
Discount rate applied is reviewed regularly and adjusted following the changes in market rates.
\n
The Group considers the impact of climate change on environmental restoration and decommissioning
\n
provisions, specifically the timing of future cash flows, and has concluded that it does not currently
\n
represent a key source of estimation uncertainty. Changes to legislation, including in relation to climate
\n
change, are factored into the provisions when the legislation becomes enacted.
\n
Deferred tax assets valuation (note 14):
\n
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be
\n
available, allowing for the utilisation of deductible temporary differences, as well as unused tax losses
\n
and credits that are carried forward. This determination involves evaluating the timing of the reversal of
\n
those assets and estimating the availability of sufficient taxable profits to utilise the assets at the point
\n
of reversal. Such assessments necessitate assumptions about future profitability, introducing a degree
\n
of inherent uncertainty. In assessing the likelihood of generating sufficient taxable profits in future
\n
periods for the recovery of losses, the Group considered approved budgets, forecasts, and business plans
\n
to inform its evaluation.
Measurement of contingent consideration (note 26.1)
The acquisition of Edison Exploration & Production S.p.A completed in 2020 included a contingent
consideration of up to $100.0 million for which the fair value has been estimated at $92.9 million at 31
December 2023, based on pricing simulations. The final consideration amount will be determined on the
basis of future gas prices (\u201c
PSV
\u201d) recorded at the time of at the time of first gas production at Cassiopea,
which is expected in 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16370": { "value": "2.1
Basis of preparation
The consolidated financial statements have been prepared on the historical cost basis, except for the
revaluation of certain financial instruments that are measured at revalued amounts or fair values at the
end of each reporting period, as explained in the accounting policies below.
The consolidated financial statements have been prepared in accordance with UK-adopted International
Accounting Standards (\u201c
UK-adopted IAS
\u201d).
The consolidated financial information is presented in US Dollars and all values are rounded to the
nearest thousand dollars except where otherwise indicated.
The consolidated financial statements have been prepared on a going concern basis. The principal
accounting policies adopted by the Group are set out below.
Going concern
The Group carefully manages the risk of a shortage of funds by closely monitoring its funding position
and its liquidity risk. The going concern assessment covers the period from the date of approval of the
Group Financial Statements on 20 March 2024 to 30 June 2025 \u201cthe Assessment Period\u201d.
As of 31 December 2023, the Group\u2019s available liquidity was approximately $607 million. This available
liquidity figure includes: (i) c. $115 million available under the $300 million Revolving Credit Facility (\u201c
RCF
\u201d)
signed by the Group in September 2022 and as amended in May 2023 (with the remainder being utilised
to issue Letters of Credit for the Group\u2019s operations) and (ii) c. $120 million under the $120 million
Revolving Credit Facility signed up by the Group in October 2023.
The going concern assessment is founded on a cashflow forecast prepared by management, which is
based on a number of assumptions, most notably the Group\u2019s latest life of field production forecasts,
budgeted expenditure forecasts, estimated of future commodity prices (based on recent published
forward curves) and available headroom under the Group\u2019s debt facilities. The going concern assessment
contains a \u201cBase Case\u201d and a \u201cReasonable Worst Case\u201d (\u201c
RWC
\u201d) scenario.
The Base Case scenario assumes Brent at $80/bbl in 2024 and $75/bbl in 2025 and PSV (Italian gas
price) at \u20ac30/MWH in 2024 and 2025 assumed throughout the going concern assessment period, with
prices for gas sold assumed at contractually agreed prices for Egypt and Israel. Under the Base Case,
sufficient liquidity is maintained throughout the going concern period.
The Group also routinely performs sensitivity tests of its liquidity position to evaluate adverse impacts
that may result from changes to the macro-economic environment, such as a reduction in commodity
prices. These downsides are considered in the RWC going concern assessment scenario. The Group is
not materially exposed to floating interest rate risk since the majority of its borrowings are fixed-rate. The
Group also looks at the impact of changes or deferral of key projects and downside scenarios to budgeted
production forecasts in the RWC.
The two primary downside sensitivities considered in the RWC are: (i) reduced commodity prices; (ii)
reduced production \u2013 these downsides are applied to assess the robustness of the Group\u2019s liquidity
position over the Assessment Period. In a RWC downside case, there are appropriate and timely
mitigation strategies, within the Group\u2019s control, to manage the risk of funding shortfalls and to ensure
the Group\u2019s ability to continue as a going concern. Mitigation strategies, within management\u2019s control,
modelled in the RWC include deferral of capital expenditure on operated assets and/or management of
operating expenses to improve the liquidity.
Under the RWC scenario, after considering mitigation strategies, liquidity is maintained throughout the
going concern period.
Reverse stress testing was also performed to determine what commodity price or production shortfall
would need to occur for liquidity headroom to be eliminated. The conditions necessary for liquidity
headroom to be eliminated are judged to have a remote possibility of occurring, given the diversified
nature of the Group\u2019s portfolio and the \u201cnatural hedge\u201d provided by virtue of the Group\u2019s fixed-price gas
contracts in Israel and Egypt. In the event a remote downside scenario occurred, prudent mitigating
strategies, consistent with those described above, could also be executed in the necessary timeframe to
preserve liquidity. There is no material impact of climate change within the Assessment Period and
therefore it does not form part of the reverse stress testing performed by management.
In forming its assessment of the Group\u2019s ability to continue as a going concern, including its review of
the forecasted cashflow of the Group over the Forecast Period, the Board has made judgements about:
\u2022
Reasonable sensitivities appropriate for the current status of the business and the wider macro
environment; and
\u2022
the Group\u2019s ability to implement the mitigating actions within the Group\u2019s control, in the event
these actions were required.
After careful consideration, the Directors are satisfied that the Group has sufficient financial resources
to continue in operation for the foreseeable future, for the Assessment Period from the date of approval
of the Group Financial Statements on 20 March 2024 to 30 June 2025. For this reason, they continue to
adopt the going concern basis in preparing the group financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16371": { "value": "2.1
Basis of preparation
The consolidated financial statements have been prepared on the historical cost basis, except for the
revaluation of certain financial instruments that are measured at revalued amounts or fair values at the
end of each reporting period, as explained in the accounting policies below.
The consolidated financial statements have been prepared in accordance with UK-adopted International
Accounting Standards (\u201c
UK-adopted IAS
\u201d).
The consolidated financial information is presented in US Dollars and all values are rounded to the
nearest thousand dollars except where otherwise indicated.
The consolidated financial statements have been prepared on a going concern basis. The principal
accounting policies adopted by the Group are set out below.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16379": { "value": "The consolidated financial statements have been prepared in accordance with UK-adopted International
Accounting Standards (\u201c
UK-adopted IAS
\u201d).", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16391": { "value": "Going concern
The Group carefully manages the risk of a shortage of funds by closely monitoring its funding position
and its liquidity risk. The going concern assessment covers the period from the date of approval of the
Group Financial Statements on 20 March 2024 to 30 June 2025 \u201cthe Assessment Period\u201d.
As of 31 December 2023, the Group\u2019s available liquidity was approximately $607 million. This available
liquidity figure includes: (i) c. $115 million available under the $300 million Revolving Credit Facility (\u201c
RCF
\u201d)
signed by the Group in September 2022 and as amended in May 2023 (with the remainder being utilised
to issue Letters of Credit for the Group\u2019s operations) and (ii) c. $120 million under the $120 million
Revolving Credit Facility signed up by the Group in October 2023.
The going concern assessment is founded on a cashflow forecast prepared by management, which is
based on a number of assumptions, most notably the Group\u2019s latest life of field production forecasts,
budgeted expenditure forecasts, estimated of future commodity prices (based on recent published
forward curves) and available headroom under the Group\u2019s debt facilities. The going concern assessment
contains a \u201cBase Case\u201d and a \u201cReasonable Worst Case\u201d (\u201c
RWC
\u201d) scenario.
The Base Case scenario assumes Brent at $80/bbl in 2024 and $75/bbl in 2025 and PSV (Italian gas
price) at \u20ac30/MWH in 2024 and 2025 assumed throughout the going concern assessment period, with
prices for gas sold assumed at contractually agreed prices for Egypt and Israel. Under the Base Case,
sufficient liquidity is maintained throughout the going concern period.
The Group also routinely performs sensitivity tests of its liquidity position to evaluate adverse impacts
that may result from changes to the macro-economic environment, such as a reduction in commodity
prices. These downsides are considered in the RWC going concern assessment scenario. The Group is
not materially exposed to floating interest rate risk since the majority of its borrowings are fixed-rate. The
Group also looks at the impact of changes or deferral of key projects and downside scenarios to budgeted
production forecasts in the RWC.
The two primary downside sensitivities considered in the RWC are: (i) reduced commodity prices; (ii)
reduced production \u2013 these downsides are applied to assess the robustness of the Group\u2019s liquidity
position over the Assessment Period. In a RWC downside case, there are appropriate and timely
mitigation strategies, within the Group\u2019s control, to manage the risk of funding shortfalls and to ensure
the Group\u2019s ability to continue as a going concern. Mitigation strategies, within management\u2019s control,
modelled in the RWC include deferral of capital expenditure on operated assets and/or management of
operating expenses to improve the liquidity.
Under the RWC scenario, after considering mitigation strategies, liquidity is maintained throughout the
going concern period.
Reverse stress testing was also performed to determine what commodity price or production shortfall
would need to occur for liquidity headroom to be eliminated. The conditions necessary for liquidity
headroom to be eliminated are judged to have a remote possibility of occurring, given the diversified
nature of the Group\u2019s portfolio and the \u201cnatural hedge\u201d provided by virtue of the Group\u2019s fixed-price gas
contracts in Israel and Egypt. In the event a remote downside scenario occurred, prudent mitigating
strategies, consistent with those described above, could also be executed in the necessary timeframe to
preserve liquidity. There is no material impact of climate change within the Assessment Period and
therefore it does not form part of the reverse stress testing performed by management.
In forming its assessment of the Group\u2019s ability to continue as a going concern, including its review of
the forecasted cashflow of the Group over the Forecast Period, the Board has made judgements about:
\u2022
Reasonable sensitivities appropriate for the current status of the business and the wider macro
environment; and
\u2022
the Group\u2019s ability to implement the mitigating actions within the Group\u2019s control, in the event
these actions were required.
After careful consideration, the Directors are satisfied that the Group has sufficient financial resources
to continue in operation for the foreseeable future, for the Assessment Period from the date of approval
of the Group Financial Statements on 20 March 2024 to 30 June 2025. For this reason, they continue to
adopt the going concern basis in preparing the group financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16521": { "value": "2.3
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities
controlled by the Company (its subsidiaries) as detailed in Note 30. Control is achieved when the Group
is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to
affect those returns through its power over the investee.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated
financial statements from the effective date of acquisition or up to the effective date of disposal, as
appropriate.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16538": { "value": "3.1
Functional and presentation currency and foreign currency translation
Functional and presentation currency
Items included in the consolidated financial statements of the Company and its subsidiaries entities are
measured using the currency of the primary economic environment in which each entity operates (\u201c
the
functional currency
\u201d).
The functional currency of the Company is US Dollars ($). The US Dollar is the currency that mainly
influences sales prices, revenue estimates and has a significant effect on its operations. The functional
currencies of the Group's main subsidiaries are Euro for Energean Italy S.p.a., Energean Sicilia S.r.l.,
Energean Oil & Gas S.A., $ for Energean Group Services Ltd., Energean Israel Ltd., Energean Egypt Ltd.,
Energean E&P Holdings Ltd. and Energean Capital Ltd., and GBP for Energean UK Ltd. and Energean
Exploration Ltd.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the
retranslation of monetary assets and liabilities denominated in foreign currencies are recognised in profit
or loss. Such monetary assets and liabilities are translated at year end foreign exchange rates. Non-
monetary items denominated in a foreign currency are translated at the exchange rates prevailing at the
date of the transaction and are not subsequently remeasured.
Translation to presentation currency
For the purpose of presenting consolidated financial statements information, the assets and liabilities of
the Group are expressed in $. The Company and its subsidiaries\u2019 assets and liabilities are translated using
exchange rates prevailing on the reporting date. Income and expense items are translated at the average
exchange rates for the period, unless exchange rates have fluctuated significantly during that period, in
which case the exchange rates at the dates of the transactions are used. Exchange differences arising
are recognised in other comprehensive income and accumulated in the Group's translation reserve. Such
translation differences are reclassified to profit or loss in the period in which the foreign operation is
disposed of.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16539": { "value": "3.1
Functional and presentation currency and foreign currency translation
Functional and presentation currency
Items included in the consolidated financial statements of the Company and its subsidiaries entities are
measured using the currency of the primary economic environment in which each entity operates (\u201c
the
functional currency
\u201d).
The functional currency of the Company is US Dollars ($). The US Dollar is the currency that mainly
influences sales prices, revenue estimates and has a significant effect on its operations. The functional
currencies of the Group's main subsidiaries are Euro for Energean Italy S.p.a., Energean Sicilia S.r.l.,
Energean Oil & Gas S.A., $ for Energean Group Services Ltd., Energean Israel Ltd., Energean Egypt Ltd.,
Energean E&P Holdings Ltd. and Energean Capital Ltd., and GBP for Energean UK Ltd. and Energean
Exploration Ltd.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the
retranslation of monetary assets and liabilities denominated in foreign currencies are recognised in profit
or loss. Such monetary assets and liabilities are translated at year end foreign exchange rates. Non-
monetary items denominated in a foreign currency are translated at the exchange rates prevailing at the
date of the transaction and are not subsequently remeasured.
Translation to presentation currency
For the purpose of presenting consolidated financial statements information, the assets and liabilities of
the Group are expressed in $. The Company and its subsidiaries\u2019 assets and liabilities are translated using
exchange rates prevailing on the reporting date. Income and expense items are translated at the average
exchange rates for the period, unless exchange rates have fluctuated significantly during that period, in
which case the exchange rates at the dates of the transactions are used. Exchange differences arising
are recognised in other comprehensive income and accumulated in the Group's translation reserve. Such
translation differences are reclassified to profit or loss in the period in which the foreign operation is
disposed of.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16574": { "value": "3.2
Investments in associates and joint arrangements
A joint arrangement is one in which two or more parties have joint control. Joint control is the
contractually agreed sharing of control of an arrangement, which exists only when decisions about the
relevant activities require the unanimous consent of the parties sharing control.
A joint arrangement is
either a joint operation or a joint venture.
An associate is an entity over which the Group has significant influence. Significant influence is the power
to participate in the financial and operating policy decisions of the investee but is not control or joint
control over those policies.
Investments in joint ventures
A joint venture is a type of joint arrangement whereby the parties that have joint control of the
arrangement have rights to the net assets of the joint venture.
The considerations made in determining significant influence or joint control are similar to those
necessary to determine control over subsidiaries. The Group\u2019s investments in joint ventures are
accounted for using the equity method.
Under the equity method, the investment in a joint venture is initially recognised at cost. The carrying
amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the joint
venture since the acquisition date. Any goodwill relating to the joint venture is included in the carrying
amount of the investment and is not tested for impairment separately.
Joint operations
A joint operation is a type of joint arrangement whereby the parties that have joint control of the
arrangement have the right to the assets and obligations for the liabilities, relating to the arrangement. In
relation to its interests in joint operations, the Group recognises its share of:
\u2022
Assets, including its share of any assets held jointly.
\u2022
Liabilities, including its share of any liabilities incurred jointly.
\u2022
Revenue from the sale of its share of the output arising from the joint operation.
\u2022
Share of the revenue from the sale of the output by the joint operation.
\u2022
Expenses, including its share of any expenses incurred jointly.
The Group is engaged in oil and gas exploration, development and production through unincorporated
joint arrangements particularly in Italy and the UK. These are classified as joint operations in accordance
with IFRS 11 \u201cJoint Arrangements\u201d. The Group accounts for its share of the results and assets and
liabilities of these joint operations. In addition, where the Energean acts as operator to the joint operation,
the gross liabilities and receivables (including amounts due to or from non-operated partner) of the joint
operation are included in the Group\u2019s balance sheet. Where another party acts as operator, the Group\u2019s
share of the working capital (inventory, receivables and payables) of those non-operated fields is
recognised within trade and other payables/receivables. A list of the Group\u2019s joint operations and its
working interest in each is disclosed in note 31.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16604": { "value": "Investments in joint ventures
A joint venture is a type of joint arrangement whereby the parties that have joint control of the
arrangement have rights to the net assets of the joint venture.
The considerations made in determining significant influence or joint control are similar to those
necessary to determine control over subsidiaries. The Group\u2019s investments in joint ventures are
accounted for using the equity method.
Under the equity method, the investment in a joint venture is initially recognised at cost. The carrying
amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the joint
venture since the acquisition date. Any goodwill relating to the joint venture is included in the carrying
amount of the investment and is not tested for impairment separately.
Joint operations
A joint operation is a type of joint arrangement whereby the parties that have joint control of the
arrangement have the right to the assets and obligations for the liabilities, relating to the arrangement. In
relation to its interests in joint operations, the Group recognises its share of:
\u2022
Assets, including its share of any assets held jointly.
\u2022
Liabilities, including its share of any liabilities incurred jointly.
\u2022
Revenue from the sale of its share of the output arising from the joint operation.
\u2022
Share of the revenue from the sale of the output by the joint operation.
\u2022
Expenses, including its share of any expenses incurred jointly.
The Group is engaged in oil and gas exploration, development and production through unincorporated
joint arrangements particularly in Italy and the UK. These are classified as joint operations in accordance
with IFRS 11 \u201cJoint Arrangements\u201d. The Group accounts for its share of the results and assets and
liabilities of these joint operations. In addition, where the Energean acts as operator to the joint operation,
the gross liabilities and receivables (including amounts due to or from non-operated partner) of the joint
operation are included in the Group\u2019s balance sheet. Where another party acts as operator, the Group\u2019s
share of the working capital (inventory, receivables and payables) of those non-operated fields is
recognised within trade and other payables/receivables. A list of the Group\u2019s joint operations and its
working interest in each is disclosed in note 31.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16605": { "value": "Investments in joint ventures
A joint venture is a type of joint arrangement whereby the parties that have joint control of the
arrangement have rights to the net assets of the joint venture.
The considerations made in determining significant influence or joint control are similar to those
necessary to determine control over subsidiaries. The Group\u2019s investments in joint ventures are
accounted for using the equity method.
Under the equity method, the investment in a joint venture is initially recognised at cost. The carrying
amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the joint
venture since the acquisition date. Any goodwill relating to the joint venture is included in the carrying
amount of the investment and is not tested for impairment separately.
Joint operations
A joint operation is a type of joint arrangement whereby the parties that have joint control of the
arrangement have the right to the assets and obligations for the liabilities, relating to the arrangement. In
relation to its interests in joint operations, the Group recognises its share of:
\u2022
Assets, including its share of any assets held jointly.
\u2022
Liabilities, including its share of any liabilities incurred jointly.
\u2022
Revenue from the sale of its share of the output arising from the joint operation.
\u2022
Share of the revenue from the sale of the output by the joint operation.
\u2022
Expenses, including its share of any expenses incurred jointly.
The Group is engaged in oil and gas exploration, development and production through unincorporated
joint arrangements particularly in Italy and the UK. These are classified as joint operations in accordance
with IFRS 11 \u201cJoint Arrangements\u201d. The Group accounts for its share of the results and assets and
liabilities of these joint operations. In addition, where the Energean acts as operator to the joint operation,
the gross liabilities and receivables (including amounts due to or from non-operated partner) of the joint
operation are included in the Group\u2019s balance sheet. Where another party acts as operator, the Group\u2019s
share of the working capital (inventory, receivables and payables) of those non-operated fields is
recognised within trade and other payables/receivables. A list of the Group\u2019s joint operations and its
working interest in each is disclosed in note 31.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16644": { "value": "3.3
Exploration and evaluation expenditures
The Group adopts the successful efforts method of accounting for exploration and evaluation costs. Pre-
licence costs are expensed in the period in which they are incurred. All licence acquisition, exploration
and evaluation costs and directly attributable administration costs are initially capitalised as intangible
assets by field or exploration area, as appropriate. All such capitalised costs are subject to technical,
commercial and management review, as well as review for indicators of impairment at least once a year.
This is to confirm the continued intent to develop or otherwise extract value from the discovery. When
this is no longer the case, the costs are written off through the statement of profit or loss. When proved
reserves of oil and gas are identified and development is sanctioned by management, the relevant
capitalised expenditure is first assessed for impairment and (if required) any impairment loss is
recognised, then the remaining balance is transferred to oil and gas properties.
Farm-outs \u2014 in the exploration and evaluation phase
The Group does not record any expenditure made by the farmee on its account. It also does not recognise
any gain or loss on its exploration and evaluation farm-out arrangements but redesignates any costs
previously capitalised in relation to the whole interest as relating to the partial interest retained. Any cash
consideration received directly from the farmee is credited against costs previously capitalised in relation
to 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16680": { "value": "3.4
Oil and gas properties \u2013 assets in development
Expenditure is transferred from \u201cExploration and evaluation assets\u201d to \u201cAssets in development\u201d which is
a subcategory of \u201cOil and gas properties\u201d once the work completed to date supports the future
development of the asset and such development receives appropriate approvals. After transfer of the
exploration and evaluation assets, all subsequent expenditure on the construction, installation or
completion of infrastructure facilities such as platforms, pipelines and the drilling of development wells,
including unsuccessful development or delineation wells, is capitalised within \u201cAssets in development\u201d.
Proceeds from any oil and gas produced while bringing an item of property, plant and equipment to the
location and condition necessary for it to be capable of operating in the manner intended by management
(such as samples produced when testing whether the asset is functioning properly) is recognised in profit
or loss in accordance with IFRS 15 \u201cRevenue Recognition\u201d. The Group measures the cost of those items
applying the measurement requirements of IAS 2 Inventories. When a development project moves into
the production stage, all assets included in \u201cAssets in development\u201d are then transferred to \u201cProducing
assets\u201d which is also a sub-category of \u201cOil and gas properties\u201d. The capitalisation of certain
construction/development costs ceases, and costs are either regarded as part of the cost of inventory or
expensed, except for costs which qualify for capitalisation relating to \u201cOil and gas properties\u201d asset
additions, improvements or new developments.
3.5
Commercial reserves
Commercial reserves are proven and probable oil and gas reserves, which are defined as the estimated
quantities of crude oil, natural gas and natural gas liquids which geological, geophysical and engineering
data demonstrate with a specified degree of certainty to be recoverable in future years from known
reservoirs and which are considered commercially producible. Commercial reserves have a 50%
statistical probability that the actual quantity of recoverable reserves will be more than the amount
estimated as proven and probable reserves and a 50% statistical probability that it will be less.
3.6
Depletion and amortisation
All expenditure carried within each field is amortised from the commencement of production on a unit of
production basis, which is the ratio of oil and gas production in the period to the estimated quantities of
commercial reserves at the end of the period plus the production in the period, generally on a field-by-
field basis or by a group of fields which are reliant on common infrastructure. Costs included in the unit
of production calculation comprise the net book value of capitalised costs plus the estimated future field
development costs required to recover the commercial reserves remaining. Changes in the estimates of
commercial reserves or future field development costs are dealt with prospectively.
3.7
Impairment assessment of oil & gas properties
The group assesses assets or groups of assets, called cash-generating units (\u201c
CGUs
\u201d), for impairment
whenever events or changes in circumstances indicate that the carrying amount of an asset or CGU may
not be recoverable; for example, changes in the group\u2019s assumptions about commodity prices, low field
utilisation, significant downward revisions of estimated reserves or increases in estimated future
development expenditure or decommissioning costs. If any such indication of impairment exists, the
group makes an estimate of the asset\u2019s or CGU\u2019s recoverable amount.
Where there is interdependency between fields due to shared infrastructure, the related cash inflows of
each field are not largely independent and therefore the relevant fields are grouped as a single CGU for
impairment purposes. A CGU\u2019s recoverable amount is the higher of its fair value less costs of disposal
and its value in use. Where the carrying amount of a CGU exceeds its recoverable amount, the CGU is
considered impaired and is written down to its recoverable amount.
Fair value less costs of disposal is the price that would be received to sell the asset in an orderly
transaction between market participants and does not reflect the effects of factors that may be specific
to the group and not applicable to entities in general.
In order to discount the future cash flows the Group calculates CGU-specific discount rates. The discount
rates are based on an assessment of a relevant peer group\u2019s Weighted Average Cost of Capital (\u201c
WACC
\u201d).
The Group then adds any exploration risk premium which is implicit within a peer group\u2019s WACC and
subsequently applies additional country risk premium for CGUs to make it CGU-specific. Where
conditions giving rise to impairment subsequently reverse, the effect of the impairment charge is also
reversed as a credit to the income statement, net of any amortisation that would have been charged since
the impairment.
The reversal is limited such that the carrying amount of the asset exceeds neither its recoverable amount,
nor the carrying amount that would have been determined, net of depreciation, had no impairment loss
been recognised for the asset in prior years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16708": { "value": "3.6
Depletion and amortisation
All expenditure carried within each field is amortised from the commencement of production on a unit of
production basis, which is the ratio of oil and gas production in the period to the estimated quantities of
commercial reserves at the end of the period plus the production in the period, generally on a field-by-
field basis or by a group of fields which are reliant on common infrastructure. Costs included in the unit
of production calculation comprise the net book value of capitalised costs plus the estimated future field
development costs required to recover the commercial reserves remaining. Changes in the estimates of
commercial reserves or future field development costs are dealt with prospectively.Depreciation
Depreciation of other property, plant and equipment is calculated on the straight-line method so as to
write off the cost amount of each asset to its residual value, over its estimated useful life. The useful life
of each class is estimated as follows:
\n \n
Years
Property leases and leasehold improvements
3\u201310
Motor vehicles and other equipment
2\u20135
Plant and machinery
7\u201315
Furniture, fixtures and equipment
5\u20137
Depreciation of the assets in the course of construction commences when the assets are ready for their
intended use, on the same basis as other assets of the same class.
An item of property, plant and equipment and any significant part initially recognised is derecognised
upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or
loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds
and the carrying amount of the asset) is included in the statement of profit or loss when the asset is
derecognised.
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting
date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16720": { "value": "3.7
Impairment assessment of oil & gas properties
The group assesses assets or groups of assets, called cash-generating units (\u201c
CGUs
\u201d), for impairment
whenever events or changes in circumstances indicate that the carrying amount of an asset or CGU may
not be recoverable; for example, changes in the group\u2019s assumptions about commodity prices, low field
utilisation, significant downward revisions of estimated reserves or increases in estimated future
development expenditure or decommissioning costs. If any such indication of impairment exists, the
group makes an estimate of the asset\u2019s or CGU\u2019s recoverable amount.
Where there is interdependency between fields due to shared infrastructure, the related cash inflows of
each field are not largely independent and therefore the relevant fields are grouped as a single CGU for
impairment purposes. A CGU\u2019s recoverable amount is the higher of its fair value less costs of disposal
and its value in use. Where the carrying amount of a CGU exceeds its recoverable amount, the CGU is
considered impaired and is written down to its recoverable amount.
Fair value less costs of disposal is the price that would be received to sell the asset in an orderly
transaction between market participants and does not reflect the effects of factors that may be specific
to the group and not applicable to entities in general.
In order to discount the future cash flows the Group calculates CGU-specific discount rates. The discount
rates are based on an assessment of a relevant peer group\u2019s Weighted Average Cost of Capital (\u201c
WACC
\u201d).
The Group then adds any exploration risk premium which is implicit within a peer group\u2019s WACC and
subsequently applies additional country risk premium for CGUs to make it CGU-specific. Where
conditions giving rise to impairment subsequently reverse, the effect of the impairment charge is also
reversed as a credit to the income statement, net of any amortisation that would have been charged since
the impairment.
The reversal is limited such that the carrying amount of the asset exceeds neither its recoverable amount,
nor the carrying amount that would have been determined, net of depreciation, had no impairment loss
been recognised for the asset in prior years.3.9
Impairment of non-financial assets
At each reporting date, the Group reviews the carrying amounts of its depreciable property, plant and
equipment and intangible assets to determine whether there is any indication that those assets have
suffered an impairment loss. Impairment is assessed at the level of cash-generating units (\u201c
CGUs
\u201d)
which, in accordance with IAS 36 \u201cImpairment of Assets\u201d, are identified as the smallest identifiable group
of assets that generates cash inflows, which are largely independent of the cash inflows from other
assets. This is usually at the individual royalty, stream, oil and gas or working interest level for each
property from which cash inflows are generated.
An impairment loss is recognised for the amount by which the asset\u2019s carrying value exceeds its
recoverable amount, which is the higher of fair value less costs of disposal (\u201c
FVLCD
\u201d) and value-in-use
(\u201c
VIU
\u201d). The future cash flow expected is derived using estimates of proven and probable reserves and
information 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
asset and reflect their respective risk profiles.
Assets are subsequently reassessed for indications that an impairment loss previously recognised may
no longer exist. An impairment charge is reversed if the conditions that gave rise to the recognition of an
impairment loss are subsequently reversed and the asset\u2019s recoverable amount exceeds its carrying
amount. Impairment losses can be reversed only to the extent that the recoverable amount does not
exceed the carrying value that would have been determined had no impairment been recognised
previously.
Exploration and evaluation assets are tested for impairment when there is an indication that a particular
exploration and evaluation project may be impaired. Examples of indicators of impairment include a
significant price decline over an extended period, the decision to delay or no longer pursue the exploration
and evaluation project, or an expiration of rights to explore an area. In addition, exploration and evaluation
assets are assessed for impairment upon their reclassification to producing assets (oil and gas interest
in property, plant and equipment). In assessing the impairment of exploration and evaluation assets, the
carrying value of the asset would be compared to the estimated recoverable amount and any impairment
loss is recognised immediately in profit or loss.
Goodwill is tested for impairment annually on 31 December and when circumstances indicate that the
carrying value may be impaired.
Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of
CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying
amount, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16775": { "value": "3.8
Other property, plant and equipment
Other property, plant and equipment comprise of plant machinery and installation, furniture and fixtures.
Initial recognition
The initial cost of an asset comprises its purchase price or construction cost, any costs directly
attributable to bringing the asset into operation and borrowing costs. The purchase price or construction
cost is the aggregate amount paid and the fair value of any other consideration given to acquire the asset.
Depreciation
Depreciation of other property, plant and equipment is calculated on the straight-line method so as to
write off the cost amount of each asset to its residual value, over its estimated useful life. The useful life
of each class is estimated as follows:
\n \n
Years
Property leases and leasehold improvements
3\u201310
Motor vehicles and other equipment
2\u20135
Plant and machinery
7\u201315
Furniture, fixtures and equipment
5\u20137
Depreciation of the assets in the course of construction commences when the assets are ready for their
intended use, on the same basis as other assets of the same class.
An item of property, plant and equipment and any significant part initially recognised is derecognised
upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or
loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds
and the carrying amount of the asset) is included in the statement of profit or loss when the asset is
derecognised.
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting
date.
Repairs, maintenance, and renovations
Expenditure for routine repairs and maintenance of property, plant and equipment is charged to the profit
or loss in the year in which it is incurred. The cost of major improvements and renovations and other
subsequent expenditure are included in the carrying amount of the asset when the recognition criteria of
IAS 16 \u201cProperty, Plant and Equipment\u201d are met. Major improvements and renovations capitalised are
depreciated over the remaining useful life of the related asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16776": { "value": "3.8
Other property, plant and equipment
Other property, plant and equipment comprise of plant machinery and installation, furniture and fixtures.
Initial recognition
The initial cost of an asset comprises its purchase price or construction cost, any costs directly
attributable to bringing the asset into operation and borrowing costs. The purchase price or construction
cost is the aggregate amount paid and the fair value of any other consideration given to acquire the asset.
Depreciation
Depreciation of other property, plant and equipment is calculated on the straight-line method so as to
write off the cost amount of each asset to its residual value, over its estimated useful life. The useful life
of each class is estimated as follows:
\n \n
Years
Property leases and leasehold improvements
3\u201310
Motor vehicles and other equipment
2\u20135
Plant and machinery
7\u201315
Furniture, fixtures and equipment
5\u20137
Depreciation of the assets in the course of construction commences when the assets are ready for their
intended use, on the same basis as other assets of the same class.
An item of property, plant and equipment and any significant part initially recognised is derecognised
upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or
loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds
and the carrying amount of the asset) is included in the statement of profit or loss when the asset is
derecognised.
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting
date.
Repairs, maintenance, and renovations
Expenditure for routine repairs and maintenance of property, plant and equipment is charged to the profit
or loss in the year in which it is incurred. The cost of major improvements and renovations and other
subsequent expenditure are included in the carrying amount of the asset when the recognition criteria of
IAS 16 \u201cProperty, Plant and Equipment\u201d are met. Major improvements and renovations capitalised are
depreciated over the remaining useful life of the related asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16836": { "value": "3.9
Impairment of non-financial assets
At each reporting date, the Group reviews the carrying amounts of its depreciable property, plant and
equipment and intangible assets to determine whether there is any indication that those assets have
suffered an impairment loss. Impairment is assessed at the level of cash-generating units (\u201c
CGUs
\u201d)
which, in accordance with IAS 36 \u201cImpairment of Assets\u201d, are identified as the smallest identifiable group
of assets that generates cash inflows, which are largely independent of the cash inflows from other
assets. This is usually at the individual royalty, stream, oil and gas or working interest level for each
property from which cash inflows are generated.
An impairment loss is recognised for the amount by which the asset\u2019s carrying value exceeds its
recoverable amount, which is the higher of fair value less costs of disposal (\u201c
FVLCD
\u201d) and value-in-use
(\u201c
VIU
\u201d). The future cash flow expected is derived using estimates of proven and probable reserves and
information 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
asset and reflect their respective risk profiles.
Assets are subsequently reassessed for indications that an impairment loss previously recognised may
no longer exist. An impairment charge is reversed if the conditions that gave rise to the recognition of an
impairment loss are subsequently reversed and the asset\u2019s recoverable amount exceeds its carrying
amount. Impairment losses can be reversed only to the extent that the recoverable amount does not
exceed the carrying value that would have been determined had no impairment been recognised
previously.
Exploration and evaluation assets are tested for impairment when there is an indication that a particular
exploration and evaluation project may be impaired. Examples of indicators of impairment include a
significant price decline over an extended period, the decision to delay or no longer pursue the exploration
and evaluation project, or an expiration of rights to explore an area. In addition, exploration and evaluation
assets are assessed for impairment upon their reclassification to producing assets (oil and gas interest
in property, plant and equipment). In assessing the impairment of exploration and evaluation assets, the
carrying value of the asset would be compared to the estimated recoverable amount and any impairment
loss is recognised immediately in profit or loss.
Goodwill is tested for impairment annually on 31 December and when circumstances indicate that the
carrying value may be impaired.
Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of
CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying
amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in
future periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16903": { "value": "3.10
Convertible bonds
Convertible bonds are separated into liability and equity components based on the terms of the contract.
The fair value of the liability component on initial recognition is calculated by discounting the contractual
cash flows using a market interest rate for an equivalent non-convertible instrument. The difference
between the fair value of the liability component and the proceeds received on issue is recorded as equity.
Transaction costs are apportioned between the liability and the equity components of the instrument
based on the amounts initially recognised. The liability component is classified as a financial liability
measured at amortised cost (net of transaction costs) until it is extinguished on conversion or settlement.
The equity component is not remeasured.Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16916": { "value": "3.11
Leases
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the
contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration.
The determination of whether an arrangement is, or contains, a lease is based on the substance of the
arrangement at the date of inception. The arrangement is assessed to determine whether fulfilment is
dependent on the use of a specific asset (or assets) and the arrangement conveys a right to use the asset
(or assets), even if that asset is (or those assets are) not explicitly specified in an arrangement. Other
than in lease arrangements within joint operations (see below), the Group is not a lessor in any
transactions, it is only a lessee.
Group as a lessee
The Group applies a single recognition and measurement approach for all leases, except for short-term
leases, leases of low-value assets and leases to explore for or use minerals, oil, natural gas and similar
non-regenerative resources. The Group recognises lease liabilities to make lease payments and right-of-
use assets representing the right to use the underlying assets.
i)
Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the
underlying asset is available for use).
The right-of-use asset is measured at cost, less any accumulated depreciation and impairment losses,
and adjusted for any remeasurement of lease liabilities. Cost comprises the initial amount of the lease
liability and any lease payments made at or before the commencement date, plus any initial direct costs
incurred and an estimate of costs required to remove or restore the underlying asset, less any lease
incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the
lease term and the estimated useful lives of the assets, as follows:
\u2022
Property leases 1 to 10 years
\u2022
Motor vehicles and other equipment 1 to 7 years
\u2022
Fibre optic 14 years
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects
the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.
The right-of-use assets are also subject to impairment assessment.
ii)
Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present
value of lease payments to be made over the lease term. The lease payments include fixed payments
(including in substance fixed payments) less any lease incentives receivable, variable lease payments
that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The
lease payments also include the exercise price of a purchase option reasonably certain to be exercised
by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group
exercising the option to terminate.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the
lease commencement date if the interest rate implicit in the lease is not readily determinable. After the
commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and
reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured
if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to
future payments resulting from a change in an index or rate used to determine such lease payments) or
a change in the assessment of an option to purchase the underlying asset.
The Group\u2019s lease liabilities are included in Interest-bearing loans and borrowings (see Note 21).
iii)
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases of machinery and
equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date
and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption
to leases of office equipment that are considered to be low value. Lease payments on short-term leases
and leases of low value assets are recognised as expense on a straight-line basis over the lease term.
iv)
Other leases outside the scope of IFRS 16
Leases to explore for or use minerals, oil, natural gas and similar non-regenerative resources are outside
the scope of IFRS 16 and are recognised as exploration and evaluation costs or as oil and gas assets, as
appropriate. Please refer to notes 3.4 and 3.5.
Accounting for leases in joint operations
Where the Group enters into lease agreements as operator of a joint operation and is sole signatory to a
lease contract, it recognises its obligations under the lease in full to reflect the legal position of the Group
as the contracting counterparty for such leases. Where the obligations of the non-operator parties under
the joint operating agreement give rise to a sub-lease, the related proportion of the right-of-use asset is
derecognised and a finance lease receivable recorded to reflect the proportion of the lease liability
recoverable from the non-operator parties to the joint operating agreement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17025": { "value": "3.12
Financial instruments \u2013 initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
i)
Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (\u201c
OCI
\u201d), or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that
do not contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
needs to give rise to cash flows that are \u201csolely payments of principal and interest (\u201c
SPPI
\u201d)\u201d on the
principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets
in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
\u2022
Financial assets at amortised cost (debt instruments)
\u2022
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment under the expected credit loss model. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Financial assets at fair value through profit or loss
The Group\u2019s financial assets at fair value through profit or loss include financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value.
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair
value with net changes in fair value recognised in the statement of profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
position) when the rights to receive cash flows from the asset have expired or are transferred.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (\u201c
ECLs
\u201d) for all debt instruments not held
at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows
due in accordance with the contract and all the cash flows that the Group expects to receive, discounted
at an approximation of the original effective interest rate. The expected cash flows will include cash flows
from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase 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
which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
on lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal or
external information indicates that the Group is unlikely to receive the outstanding contractual amounts
in full before taking into account any credit enhancements held by the Group. A financial asset is written
off when there is no reasonable expectation of recovering the contractual cash flows.
ii)
Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. This category also includes derivative financial instruments entered into by the Group
that are not designated as hedging instruments in hedge relationships as defined by IFRS 9 \u201cFinancial
Instruments\u201d. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
the statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
costs, from the mark to market gain or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as interest rate swaps and forward commodity
contracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset
or liability or an unrecognised firm, and commitment.
\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm, and commitment.
\u2022
Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedging
instrument and the hedged item to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness
requirements.
\u2022
There is \u201can economic relationship\u201d between the hedged item and the hedging instrument.
\u2022
The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic
relationship.
\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below.
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
From time to time, the Group may use forward commodity contracts for its exposure to volatility in the
commodity prices. The ineffective portion relating to forward commodity contracts is recognised in
revenue or cost of sales.
The Group designates only the spot element of forward contracts as a hedging instrument. The forward
element is recognised in OCI and accumulated in a separate component of equity.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
same period or periods during which the hedged cash flows affect profit or loss.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be
accounted for depending on the nature of the underlying transaction.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Ordinary shares
Ordinary shares are classified as equity and measured at their nominal value. Any premiums received on
issue of share capital above its nominal value, are recognised as share premium within equity. Associated
issue costs are deducted from share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17026": { "value": "3.12
Financial instruments \u2013 initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
i)
Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (\u201c
OCI
\u201d), or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that
do not contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
needs to give rise to cash flows that are \u201csolely payments of principal and interest (\u201c
SPPI
\u201d)\u201d on the
principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets
in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
\u2022
Financial assets at amortised cost (debt instruments)
\u2022
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment under the expected credit loss model. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Financial assets at fair value through profit or loss
The Group\u2019s financial assets at fair value through profit or loss include financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value.
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair
value with net changes in fair value recognised in the statement of profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
position) when the rights to receive cash flows from the asset have expired or are transferred.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (\u201c
ECLs
\u201d) for all debt instruments not held
at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows
due in accordance with the contract and all the cash flows that the Group expects to receive, discounted
at an approximation of the original effective interest rate. The expected cash flows will include cash flows
from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase 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
which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
on lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal or
external information indicates that the Group is unlikely to receive the outstanding contractual amounts
in full before taking into account any credit enhancements held by the Group. A financial asset is written
off when there is no reasonable expectation of recovering the contractual cash flows.
ii)
Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. This category also includes derivative financial instruments entered into by the Group
that are not designated as hedging instruments in hedge relationships as defined by IFRS 9 \u201cFinancial
Instruments\u201d. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
the statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
costs, from the mark to market gain or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as interest rate swaps and forward commodity
contracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset
or liability or an unrecognised firm, and commitment.
\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm, and commitment.
\u2022
Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedging
instrument and the hedged item to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness
requirements.
\u2022
There is \u201can economic relationship\u201d between the hedged item and the hedging instrument.
\u2022
The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic
relationship.
\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below.
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
From time to time, the Group may use forward commodity contracts for its exposure to volatility in the
commodity prices. The ineffective portion relating to forward commodity contracts is recognised in
revenue or cost of sales.
The Group designates only the spot element of forward contracts as a hedging instrument. The forward
element is recognised in OCI and accumulated in a separate component of equity.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
same period or periods during which the hedged cash flows affect profit or loss.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be
accounted for depending on the nature of the underlying transaction.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Ordinary shares
Ordinary shares are classified as equity and measured at their nominal value. Any premiums received on
issue of share capital above its nominal value, are recognised as share premium within equity. Associated
issue costs are deducted from share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17027": { "value": "3.12
Financial instruments \u2013 initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
i)
Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (\u201c
OCI
\u201d), or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that
do not contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
needs to give rise to cash flows that are \u201csolely payments of principal and interest (\u201c
SPPI
\u201d)\u201d on the
principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets
in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
\u2022
Financial assets at amortised cost (debt instruments)
\u2022
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment under the expected credit loss model. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Financial assets at fair value through profit or loss
The Group\u2019s financial assets at fair value through profit or loss include financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value.
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair
value with net changes in fair value recognised in the statement of profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
position) when the rights to receive cash flows from the asset have expired or are transferred.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (\u201c
ECLs
\u201d) for all debt instruments not held
at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows
due in accordance with the contract and all the cash flows that the Group expects to receive, discounted
at an approximation of the original effective interest rate. The expected cash flows will include cash flows
from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase 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
which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
on lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal or
external information indicates that the Group is unlikely to receive the outstanding contractual amounts
in full before taking into account any credit enhancements held by the Group. A financial asset is written
off when there is no reasonable expectation of recovering the contractual cash flows.
ii)
Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. This category also includes derivative financial instruments entered into by the Group
that are not designated as hedging instruments in hedge relationships as defined by IFRS 9 \u201cFinancial
Instruments\u201d. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
the statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
costs, from the mark to market gain or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as interest rate swaps and forward commodity
contracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset
or liability or an unrecognised firm, and commitment.
\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm, and commitment.
\u2022
Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedging
instrument and the hedged item to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness
requirements.
\u2022
There is \u201can economic relationship\u201d between the hedged item and the hedging instrument.
\u2022
The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic
relationship.
\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below.
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
From time to time, the Group may use forward commodity contracts for its exposure to volatility in the
commodity prices. The ineffective portion relating to forward commodity contracts is recognised in
revenue or cost of sales.
The Group designates only the spot element of forward contracts as a hedging instrument. The forward
element is recognised in OCI and accumulated in a separate component of equity.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
same period or periods during which the hedged cash flows affect profit or loss.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be
accounted for depending on the nature of the underlying transaction.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Ordinary shares
Ordinary shares are classified as equity and measured at their nominal value. Any premiums received on
issue of share capital above its nominal value, are recognised as share premium within equity. Associated
issue costs are deducted from share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17028": { "value": "3.12
Financial instruments \u2013 initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
i)
Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (\u201c
OCI
\u201d), or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that
do not contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
needs to give rise to cash flows that are \u201csolely payments of principal and interest (\u201c
SPPI
\u201d)\u201d on the
principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets
in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
\u2022
Financial assets at amortised cost (debt instruments)
\u2022
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment under the expected credit loss model. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Financial assets at fair value through profit or loss
The Group\u2019s financial assets at fair value through profit or loss include financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value.
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair
value with net changes in fair value recognised in the statement of profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
position) when the rights to receive cash flows from the asset have expired or are transferred.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (\u201c
ECLs
\u201d) for all debt instruments not held
at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows
due in accordance with the contract and all the cash flows that the Group expects to receive, discounted
at an approximation of the original effective interest rate. The expected cash flows will include cash flows
from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase 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
which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
on lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal or
external information indicates that the Group is unlikely to receive the outstanding contractual amounts
in full before taking into account any credit enhancements held by the Group. A financial asset is written
off when there is no reasonable expectation of recovering the contractual cash flows.
ii)
Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. This category also includes derivative financial instruments entered into by the Group
that are not designated as hedging instruments in hedge relationships as defined by IFRS 9 \u201cFinancial
Instruments\u201d. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
the statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
costs, from the mark to market gain or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as interest rate swaps and forward commodity
contracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset
or liability or an unrecognised firm, and commitment.
\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm, and commitment.
\u2022
Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedging
instrument and the hedged item to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness
requirements.
\u2022
There is \u201can economic relationship\u201d between the hedged item and the hedging instrument.
\u2022
The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic
relationship.
\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below.
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
From time to time, the Group may use forward commodity contracts for its exposure to volatility in the
commodity prices. The ineffective portion relating to forward commodity contracts is recognised in
revenue or cost of sales.
The Group designates only the spot element of forward contracts as a hedging instrument. The forward
element is recognised in OCI and accumulated in a separate component of equity.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
same period or periods during which the hedged cash flows affect profit or loss.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be
accounted for depending on the nature of the underlying transaction.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Ordinary shares
Ordinary shares are classified as equity and measured at their nominal value. Any premiums received on
issue of share capital above its nominal value, are recognised as share premium within equity. Associated
issue costs are deducted from share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17029": { "value": "3.12
Financial instruments \u2013 initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
i)
Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (\u201c
OCI
\u201d), or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that
do not contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
needs to give rise to cash flows that are \u201csolely payments of principal and interest (\u201c
SPPI
\u201d)\u201d on the
principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets
in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
\u2022
Financial assets at amortised cost (debt instruments)
\u2022
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment under the expected credit loss model. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Financial assets at fair value through profit or loss
The Group\u2019s financial assets at fair value through profit or loss include financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value.
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair
value with net changes in fair value recognised in the statement of profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
position) when the rights to receive cash flows from the asset have expired or are transferred.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (\u201c
ECLs
\u201d) for all debt instruments not held
at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows
due in accordance with the contract and all the cash flows that the Group expects to receive, discounted
at an approximation of the original effective interest rate. The expected cash flows will include cash flows
from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase 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
which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
on lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal or
external information indicates that the Group is unlikely to receive the outstanding contractual amounts
in full before taking into account any credit enhancements held by the Group. A financial asset is written
off when there is no reasonable expectation of recovering the contractual cash flows.
ii)
Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. This category also includes derivative financial instruments entered into by the Group
that are not designated as hedging instruments in hedge relationships as defined by IFRS 9 \u201cFinancial
Instruments\u201d. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
the statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
costs, from the mark to market gain or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as interest rate swaps and forward commodity
contracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset
or liability or an unrecognised firm, and commitment.
\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm, and commitment.
\u2022
Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedging
instrument and the hedged item to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness
requirements.
\u2022
There is \u201can economic relationship\u201d between the hedged item and the hedging instrument.
\u2022
The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic
relationship.
\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below.
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
From time to time, the Group may use forward commodity contracts for its exposure to volatility in the
commodity prices. The ineffective portion relating to forward commodity contracts is recognised in
revenue or cost of sales.
The Group designates only the spot element of forward contracts as a hedging instrument. The forward
element is recognised in OCI and accumulated in a separate component of equity.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
same period or periods during which the hedged cash flows affect profit or loss.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be
accounted for depending on the nature of the underlying transaction.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Ordinary shares
Ordinary shares are classified as equity and measured at their nominal value. Any premiums received on
issue of share capital above its nominal value, are recognised as share premium within equity. Associated
issue costs are deducted from share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17030": { "value": "3.12
Financial instruments \u2013 initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
i)
Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (\u201c
OCI
\u201d), or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that
do not contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
needs to give rise to cash flows that are \u201csolely payments of principal and interest (\u201c
SPPI
\u201d)\u201d on the
principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets
in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
\u2022
Financial assets at amortised cost (debt instruments)
\u2022
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment under the expected credit loss model. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Financial assets at fair value through profit or loss
The Group\u2019s financial assets at fair value through profit or loss include financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value.
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair
value with net changes in fair value recognised in the statement of profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
position) when the rights to receive cash flows from the asset have expired or are transferred.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (\u201c
ECLs
\u201d) for all debt instruments not held
at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows
due in accordance with the contract and all the cash flows that the Group expects to receive, discounted
at an approximation of the original effective interest rate. The expected cash flows will include cash flows
from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase 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
which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
on lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal or
external information indicates that the Group is unlikely to receive the outstanding contractual amounts
in full before taking into account any credit enhancements held by the Group. A financial asset is written
off when there is no reasonable expectation of recovering the contractual cash flows.
ii)
Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. This category also includes derivative financial instruments entered into by the Group
that are not designated as hedging instruments in hedge relationships as defined by IFRS 9 \u201cFinancial
Instruments\u201d. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
the statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
costs, from the mark to market gain or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as interest rate swaps and forward commodity
contracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset
or liability or an unrecognised firm, and commitment.
\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm, and commitment.
\u2022
Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedging
instrument and the hedged item to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness
requirements.
\u2022
There is \u201can economic relationship\u201d between the hedged item and the hedging instrument.
\u2022
The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic
relationship.
\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below.
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
From time to time, the Group may use forward commodity contracts for its exposure to volatility in the
commodity prices. The ineffective portion relating to forward commodity contracts is recognised in
revenue or cost of sales.
The Group designates only the spot element of forward contracts as a hedging instrument. The forward
element is recognised in OCI and accumulated in a separate component of equity.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
same period or periods during which the hedged cash flows affect profit or loss.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be
accounted for depending on the nature of the underlying transaction.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Ordinary shares
Ordinary shares are classified as equity and measured at their nominal value. Any premiums received on
issue of share capital above its nominal value, are recognised as share premium within equity. Associated
issue costs are deducted from share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17031": { "value": "3.12
Financial instruments \u2013 initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
i)
Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (\u201c
OCI
\u201d), or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that
do not contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
needs to give rise to cash flows that are \u201csolely payments of principal and interest (\u201c
SPPI
\u201d)\u201d on the
principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets
in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
\u2022
Financial assets at amortised cost (debt instruments)
\u2022
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment under the expected credit loss model. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Financial assets at fair value through profit or loss
The Group\u2019s financial assets at fair value through profit or loss include financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value.
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair
value with net changes in fair value recognised in the statement of profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
position) when the rights to receive cash flows from the asset have expired or are transferred.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (\u201c
ECLs
\u201d) for all debt instruments not held
at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows
due in accordance with the contract and all the cash flows that the Group expects to receive, discounted
at an approximation of the original effective interest rate. The expected cash flows will include cash flows
from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase 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
which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
on lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal or
external information indicates that the Group is unlikely to receive the outstanding contractual amounts
in full before taking into account any credit enhancements held by the Group. A financial asset is written
off when there is no reasonable expectation of recovering the contractual cash flows.
ii)
Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. This category also includes derivative financial instruments entered into by the Group
that are not designated as hedging instruments in hedge relationships as defined by IFRS 9 \u201cFinancial
Instruments\u201d. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
the statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
costs, from the mark to market gain or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as interest rate swaps and forward commodity
contracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset
or liability or an unrecognised firm, and commitment.
\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm, and commitment.
\u2022
Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedging
instrument and the hedged item to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness
requirements.
\u2022
There is \u201can economic relationship\u201d between the hedged item and the hedging instrument.
\u2022
The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic
relationship.
\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below.
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
From time to time, the Group may use forward commodity contracts for its exposure to volatility in the
commodity prices. The ineffective portion relating to forward commodity contracts is recognised in
revenue or cost of sales.
The Group designates only the spot element of forward contracts as a hedging instrument. The forward
element is recognised in OCI and accumulated in a separate component of equity.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
same period or periods during which the hedged cash flows affect profit or loss.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be
accounted for depending on the nature of the underlying transaction.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Ordinary shares
Ordinary shares are classified as equity and measured at their nominal value. Any premiums received on
issue of share capital above its nominal value, are recognised as share premium within equity. Associated
issue costs are deducted from share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17032": { "value": "3.12
Financial instruments \u2013 initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
i)
Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (\u201c
OCI
\u201d), or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that
do not contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
needs to give rise to cash flows that are \u201csolely payments of principal and interest (\u201c
SPPI
\u201d)\u201d on the
principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets
in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
\u2022
Financial assets at amortised cost (debt instruments)
\u2022
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment under the expected credit loss model. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Financial assets at fair value through profit or loss
The Group\u2019s financial assets at fair value through profit or loss include financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value.
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair
value with net changes in fair value recognised in the statement of profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
position) when the rights to receive cash flows from the asset have expired or are transferred.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (\u201c
ECLs
\u201d) for all debt instruments not held
at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows
due in accordance with the contract and all the cash flows that the Group expects to receive, discounted
at an approximation of the original effective interest rate. The expected cash flows will include cash flows
from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase 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
which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
on lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal or
external information indicates that the Group is unlikely to receive the outstanding contractual amounts
in full before taking into account any credit enhancements held by the Group. A financial asset is written
off when there is no reasonable expectation of recovering the contractual cash flows.
ii)
Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. This category also includes derivative financial instruments entered into by the Group
that are not designated as hedging instruments in hedge relationships as defined by IFRS 9 \u201cFinancial
Instruments\u201d. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
the statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
costs, from the mark to market gain or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as interest rate swaps and forward commodity
contracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset
or liability or an unrecognised firm, and commitment.
\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm, and commitment.
\u2022
Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedging
instrument and the hedged item to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness
requirements.
\u2022
There is \u201can economic relationship\u201d between the hedged item and the hedging instrument.
\u2022
The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic
relationship.
\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below.
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
From time to time, the Group may use forward commodity contracts for its exposure to volatility in the
commodity prices. The ineffective portion relating to forward commodity contracts is recognised in
revenue or cost of sales.
The Group designates only the spot element of forward contracts as a hedging instrument. The forward
element is recognised in OCI and accumulated in a separate component of equity.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
same period or periods during which the hedged cash flows affect profit or loss.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be
accounted for depending on the nature of the underlying transaction.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Ordinary shares
Ordinary shares are classified as equity and measured at their nominal value. Any premiums received on
issue of share capital above its nominal value, are recognised as share premium within equity. Associated
issue costs are deducted from share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17033": { "value": "3.12
Financial instruments \u2013 initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
i)
Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (\u201c
OCI
\u201d), or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that
do not contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
needs to give rise to cash flows that are \u201csolely payments of principal and interest (\u201c
SPPI
\u201d)\u201d on the
principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets
in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
\u2022
Financial assets at amortised cost (debt instruments)
\u2022
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment under the expected credit loss model. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Financial assets at fair value through profit or loss
The Group\u2019s financial assets at fair value through profit or loss include financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value.
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair
value with net changes in fair value recognised in the statement of profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
position) when the rights to receive cash flows from the asset have expired or are transferred.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (\u201c
ECLs
\u201d) for all debt instruments not held
at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows
due in accordance with the contract and all the cash flows that the Group expects to receive, discounted
at an approximation of the original effective interest rate. The expected cash flows will include cash flows
from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase 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
which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
on lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal or
external information indicates that the Group is unlikely to receive the outstanding contractual amounts
in full before taking into account any credit enhancements held by the Group. A financial asset is written
off when there is no reasonable expectation of recovering the contractual cash flows.
ii)
Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. This category also includes derivative financial instruments entered into by the Group
that are not designated as hedging instruments in hedge relationships as defined by IFRS 9 \u201cFinancial
Instruments\u201d. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
the statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
costs, from the mark to market gain or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as interest rate swaps and forward commodity
contracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset
or liability or an unrecognised firm, and commitment.
\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm, and commitment.
\u2022
Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedging
instrument and the hedged item to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness
requirements.
\u2022
There is \u201can economic relationship\u201d between the hedged item and the hedging instrument.
\u2022
The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic
relationship.
\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below.
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
From time to time, the Group may use forward commodity contracts for its exposure to volatility in the
commodity prices. The ineffective portion relating to forward commodity contracts is recognised in
revenue or cost of sales.
The Group designates only the spot element of forward contracts as a hedging instrument. The forward
element is recognised in OCI and accumulated in a separate component of equity.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
same period or periods during which the hedged cash flows affect profit or loss.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be
accounted for depending on the nature of the underlying transaction.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Ordinary shares
Ordinary shares are classified as equity and measured at their nominal value. Any premiums received on
issue of share capital above its nominal value, are recognised as share premium within equity. Associated
issue costs are deducted from share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17034": { "value": "3.12
Financial instruments \u2013 initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
i)
Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (\u201c
OCI
\u201d), or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that
do not contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it
needs to give rise to cash flows that are \u201csolely payments of principal and interest (\u201c
SPPI
\u201d)\u201d on the
principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets
in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
\u2022
Financial assets at amortised cost (debt instruments)
\u2022
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment under the expected credit loss model. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Financial assets at fair value through profit or loss
The Group\u2019s financial assets at fair value through profit or loss include financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value.
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair
value with net changes in fair value recognised in the statement of profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
position) when the rights to receive cash flows from the asset have expired or are transferred.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (\u201c
ECLs
\u201d) for all debt instruments not held
at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows
due in accordance with the contract and all the cash flows that the Group expects to receive, discounted
at an approximation of the original effective interest rate. The expected cash flows will include cash flows
from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase 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
which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
on lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal or
external information indicates that the Group is unlikely to receive the outstanding contractual amounts
in full before taking into account any credit enhancements held by the Group. A financial asset is written
off when there is no reasonable expectation of recovering the contractual cash flows.
ii)
Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective
hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. This category also includes derivative financial instruments entered into by the Group
that are not designated as hedging instruments in hedge relationships as defined by IFRS 9 \u201cFinancial
Instruments\u201d. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
the statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
costs, from the mark to market gain or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as interest rate swaps and forward commodity
contracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset
or liability or an unrecognised firm, and commitment.
\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm, and commitment.
\u2022
Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedging
instrument and the hedged item to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness
requirements.
\u2022
There is \u201can economic relationship\u201d between the hedged item and the hedging instrument.
\u2022
The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic
relationship.
\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below.
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
From time to time, the Group may use forward commodity contracts for its exposure to volatility in the
commodity prices. The ineffective portion relating to forward commodity contracts is recognised in
revenue or cost of sales.
The Group designates only the spot element of forward contracts as a hedging instrument. The forward
element is recognised in OCI and accumulated in a separate component of equity.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
same period or periods during which the hedged cash flows affect profit or loss.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be
accounted for depending on the nature of the underlying transaction.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Ordinary shares
Ordinary shares are classified as equity and measured at their nominal value. Any premiums received on
issue of share capital above its nominal value, are recognised as share premium within equity. Associated
issue costs are deducted from share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17136": { "value": "ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase 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
which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
on lifetime ECLs at each reporting date.26.4
Credit risk
Credit risk arises when a failure by counterparties to discharge their obligations could reduce the amount
of future cash inflows from financial assets on hand at the reporting date. The Group has policies in place
to ensure that all of its transactions giving rise to credit risk are made with parties having an appropriate
credit history and monitors on a continuous basis the ageing profile of its receivables.
Also, the Group has policies to limit the amount of credit exposure to any banking institution, considering
among other factors the credit ratings of the banks with which deposits are held. Credit quality
information in relation to those banks is provided below.
With regard to the risk of potential losses caused by the failure of any of the counterparties the Company
interacts with to honour the commitments they have undertaken, the Group has implemented for some
time procedures and tools to evaluate and select counterparties based on their credit rating, constantly
monitoring its exposure to the various counterparties and implementing appropriate mitigating actions,
primarily aimed at recovering or transferring receivables.
Presented below is a breakdown of trade receivables by past due bracket:
\n \n
31 December
31 December
($\u2019000)
2023
2022
Trade receivables and receivables from partners under JOA
308,078
224,319
Allowance for impairment
(8,777)
(4,565)
Total
299,301
219,754
Trade receivables include balances from EGPC, the Egyptian governmental body that are significantly
aged.
\n \n
31 December 2023
31 December 2022
Trade
Trade
($\u2019000)
receivables
Allowance
receivables
Allowance
Not yet due
38,309
(2,022)
75,573
(2,377)
Past due by less than one month
14,200
(750)
27,654
(870)
Past due by one to three months
34,411
(1,816)
-
-
Past due by three to six months
33,684
(1,778)
11,032
(347)
Past due by more than six months
34,004
(1,795)
6,095
(192)
Total
154,608
(8,161)
120,354
(3,786)
Trade receivables by geography
\n \n
31 December
31 December
($\u2019000)
2023
2022
Italy
36,854
57,000
United Kingdom
2,260
6,491
Egypt
154,638
120,361
Greece
189
2,976
Israel
114,139
37,491
Total
308,080
224,319
Credit quality of bank deposits
The credit quality of the banks in which the Group keeps its deposits is assessed by reference to the
credit rating of these banks. Moody\u2019s credit ratings of the corresponding banks in which the Group keeps
its deposits is as follows:
\n \n
($'000)
2023
2022
Aa2
895
-
A1
30,769
294,505
A2
313,040
96,599
A3
75
31,084
BBB
21,098
30,826
BB
-
48,403
B
3
-
B3
6,488
1,247
372,368
502,664
The Company has assessed the recoverability of all cash balances and considers they are carried within
the 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17339": { "value": "3.13
Share-based payment
Equity-settled transactions
Awards to non-employees:
The fair value of the equity settled awards has been determined at the date the goods or services are
received with a corresponding increase in equity (share-based payment reserve).
Awards to employees:
Employees (including Senior Executives) of the Group receive remuneration in the form of share-based
payments, whereby employees render services as consideration for equity instruments (equity-settled
transactions).
The fair value of the equity settled awards has been determined at the date of grant of the award allowing
for the effect of any market-based performance conditions.
That cost is recognised in employee benefits expense, together with a corresponding increase in equity
(share-based payment reserve), over the period in which the service and, where applicable, the
performance conditions are fulfilled (the vesting period). The cumulative expense recognised for equity-
settled transactions at each reporting date until the vesting date reflects the extent to which the vesting
period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately
vest. The expense or credit in the statement of profit or loss for a period represents the movement in
cumulative expense recognised as at the beginning and end of that period.
Service and non-market performance conditions are not taken into account when determining the grant
date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s
best estimate of the number of equity instruments that will ultimately vest. Market performance
conditions are reflected within the grant date fair value. Any other conditions attached to an award, but
without an associated service requirement, are considered to be non-vesting conditions. Non-vesting
conditions are reflected in the fair value of an award and lead to an immediate expensing of an award
unless there are also service and/or performance conditions.
No expense is recognised for awards that do not ultimately vest because non-market performance
and/or service conditions have not been met. Where awards include a market or non-vesting condition,
the transactions are treated as vested irrespective of whether the market or non-vesting condition is
satisfied, provided that all other performance and/or service conditions are satisfied.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17372": { "value": "3.14
Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The fair value measurement is based
on the presumption that the transaction to sell the asset or transfer the liability takes place either: in the
principal market for the asset or liability or in the absence of a principal market, in the most advantageous
market for the asset or liability.
The fair value of an asset or a liability is measured using the assumptions that market participants would
use when pricing the asset or liability, assuming that market participants act in their economic best
interest. A fair value measurement of a non-financial asset takes into account a market participant's
ability to generate economic benefits by using the asset in its highest and best use or by selling it to
another market participant that would use the asset in its highest and best use.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient
data are available to measure fair value, maximising the use of relevant observable inputs and minimising
the use of unobservable inputs.
All assets and liabilities, for which fair value is measured or disclosed in the consolidated financial
statements, are categorised within the fair value hierarchy, described as follows, based on the lowest-
level input that is significant to the fair value measurement as a whole:
\u2022
Level 1
\u2014 Quoted (unadjusted) market prices in active markets for identical assets or liabilities
\u2022
Level 2
\u2014 Valuation techniques for which the lowest-level input that is significant to the fair value
measurement is directly or indirectly observable
\u2022
Level 3
\u2014 Valuation techniques for which the lowest-level input that is significant to the fair value
measurement is unobservable
For assets and liabilities that are recognised in the consolidated financial statements on a recurring basis,
the Group determines whether transfers have occurred between levels in the hierarchy by reassessing
categorisation (based on the lowest-level input that is significant to the fair value measurement as a
whole) at the end of each reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17426": { "value": "3.15
Cash and cash equivalents
Cash and cash equivalents comprise of cash at bank, demand deposits and also cash reserves retained
as a bank security pledge in respect of bank guarantees (Note 28), with a maturity of three months or
less that are subject to an insignificant risk of changes in their fair value.
The cash reserves retained as a bank security pledge in respect of bank guarantees are defined as
deposits in escrow and held in designated bank deposits accounts to be released when the Group meet
the specified expenditure milestones.
Restricted cash comprises balances retained in respect of the Group\u2019s Senior Secured Notes and cash
collateral provided under a letter of credit facility for issuing bank guarantees for Group's activities in
Israel (see Note 16). The nature of the restrictions on these balances mean that they do not qualify for
classification as cash equivalents.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17427": { "value": "3.15
Cash and cash equivalents
Cash and cash equivalents comprise of cash at bank, demand deposits and also cash reserves retained
as a bank security pledge in respect of bank guarantees (Note 28), with a maturity of three months or
less that are subject to an insignificant risk of changes in their fair value.
The cash reserves retained as a bank security pledge in respect of bank guarantees are defined as
deposits in escrow and held in designated bank deposits accounts to be released when the Group meet
the specified expenditure milestones.
Restricted cash comprises balances retained in respect of the Group\u2019s Senior Secured Notes and cash
collateral provided under a letter of credit facility for issuing bank guarantees for Group's activities in
Israel (see Note 16). The nature of the restrictions on these balances mean that they do not qualify for
classification as cash equivalents.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17455": { "value": "3.17
Inventories
Inventories comprise hydrocarbon liquids, crude oil and by-product (sulphur), consumables and other
spare parts. Inventories are stated at the lower of cost and net realisable value. Cost is determined using
the weighted average cost method. The cost of finished goods and work in progress comprises raw
materials, direct labour, other direct costs and related production overheads. It does not include
borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business,
less estimated costs of completion and estimated costs necessary to make the sale. Spare parts
consumed within a year are carried as inventory and recognised in profit or loss when consumed.
The Group assesses the net realisable value of the inventories at the end of each year and recognises in
the consolidated statement of profit or loss the appropriate valuation adjustment if the inventories are
overstated. When the circumstances that previously caused impairment no longer exist or when there is
clear evidence of an increase in the inventories\u2019 net realisable value due to a change in the economic
circumstances, the amount thereof is reversed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17490": { "value": "3.18
Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of
past events, it is probable that an outflow of resources will be required to settle the obligation, and a
reliable estimate of the amount can be made. Where the Group expects a provision to be reimbursed, for
example under an insurance contract, the reimbursement is recognised as a separate asset but only
when the reimbursement is virtually certain. The amount recognised as a provision is the best estimate
of the consideration required to settle the present obligation at the end of the reporting period, taking into
account the risk and uncertainties surrounding the obligation. The expense relating to a provision is
presented in profit or loss net of any reimbursement. If the effect of the time value of money is material,
provisions are discounted using a current pre-tax rate that reflects the risks specific to the liability. When
discounting is used, the increase in the provision due to the passage of time is recognised as a finance
cost.
Decommissioning costs
Provision for decommissioning is recognised in full when the related facilities are installed. A
corresponding amount equivalent to the provision is also recognised as part of the cost of the related
property, plant and equipment.
The amount recognised is the estimated cost of decommissioning, discounted to its net present value at
a risk-free discount rate, and is reassessed each year in accordance with local conditions and
requirements. Changes in the estimated timing of decommissioning or decommissioning cost estimates
are dealt with prospectively by recording an adjustment to the provision, and a corresponding adjustment
to property, plant and equipment or in the income statement. The unwinding of the discount on the
decommissioning provision is included as a finance cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17491": { "value": "3.18
Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of
past events, it is probable that an outflow of resources will be required to settle the obligation, and a
reliable estimate of the amount can be made. Where the Group expects a provision to be reimbursed, for
example under an insurance contract, the reimbursement is recognised as a separate asset but only
when the reimbursement is virtually certain. The amount recognised as a provision is the best estimate
of the consideration required to settle the present obligation at the end of the reporting period, taking into
account the risk and uncertainties surrounding the obligation. The expense relating to a provision is
presented in profit or loss net of any reimbursement. If the effect of the time value of money is material,
provisions are discounted using a current pre-tax rate that reflects the risks specific to the liability. When
discounting is used, the increase in the provision due to the passage of time is recognised as a finance
cost.
Decommissioning costs
Provision for decommissioning is recognised in full when the related facilities are installed. A
corresponding amount equivalent to the provision is also recognised as part of the cost of the related
property, plant and equipment.
The amount recognised is the estimated cost of decommissioning, discounted to its net present value at
a risk-free discount rate, and is reassessed each year in accordance with local conditions and
requirements. Changes in the estimated timing of decommissioning or decommissioning cost estimates
are dealt with prospectively by recording an adjustment to the provision, and a corresponding adjustment
to property, plant and equipment or in the income statement. The unwinding of the discount on the
decommissioning provision is included as a finance cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17519": { "value": "3.19
Revenue
Revenue from contracts with customers is recognised when control of the gas/hydrocarbon
liquids/crude oil/by-products or rendering of services are transferred to the customer at an amount that
reflects the consideration to which the Group expects to be entitled in exchange for those goods or
services.
The Group has concluded that it is the principal in its revenue arrangements because it typically controls
the goods or services before transferring them to the customer. In certain jurisdictions in which the Group
operates royalties are levied by the government. The government can request that these royalty
payments be made in cash or in kind. In the current year and in prior years the government has requested
cash payments be made and therefore the Group has not made any royalty payments in kind. As such
the Group obtains control of all the underlying reserves once extracted, sells the production to its
customers and then remits the proceeds to the royalty holder and is therefore considered to be acting as
the principal.
Sale of gas, hydrocarbon liquids, crude oil and by-products
Sales revenue represents the sales value, net of VAT, of actual sales volumes to customers in the year
together with the gain/loss on realisation of cash flow hedges.
The Group\u2019s accounting policy under IFRS 15 is that revenue is recognised when the Group satisfies a
performance obligation by transferring oil or gas to its customer. The title to oil and gas typically transfers
to a customer at the same time as the customer takes physical possession of the oil or gas. Typically, at
this point in time, the performance obligations of the Group are fully satisfied. The revenue is recorded
when the oil or gas has been physically delivered to a vessel or pipeline.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17559": { "value": "3.20
Retirement benefit costs
State managed retirement benefit scheme
Payments made to state managed retirement benefit schemes (e.g. government social insurance fund)
are dealt with as payments to defined contribution plans where the Group's obligations under the plans
are equivalent to those arising in a defined contribution plan. The Group's contributions are expensed as
incurred and are included in staff costs. The Group has no legal or constructive obligations to pay further
contributions if the government scheme does not hold sufficient assets to pay all employees benefits
relating to employee service in the current and prior periods.
Defined benefit plan
The Group operates an unfunded defined benefit plan in which a lump sum amount is specified and is
payable at the termination of employees\u2019 services based on such factors as the length of the employees\u2019
service and their salary. The liability recognised for the defined benefit plan is the present value of the
defined benefit obligation at the reporting date.
The cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial
valuations being carried out at each reporting date. These assumptions used in the actuarial valuations
are developed by management with the assistance of independent actuaries.
Service costs on the defined benefit plan are included in staff costs. Interest expense on the defined
benefit liability is included in finance costs. Gains and losses resulting from other remeasurements of the
defined benefit liability are included in other comprehensive income and are not reclassified to profit or
loss in subsequent periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17583": { "value": "3.21
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets,
which are assets that necessarily take a substantial period of time to get ready for their intended use or
sale, are added to the cost of those assets, until such time as the assets are substantially ready for their
intended use or sale. Investment income earned on the temporary investment of specific borrowings
pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for
capitalisation.
Excluded from the above capitalisation policy are any qualifying assets that are inventories that are
produced in large quantities on a repetitive basis and any Exploration and Evaluation assets which have
not resulted in the classification of commercial reserves.
Borrowing costs consist of interest and other costs that the Group incurs in connection with the
borrowing of funds.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17599": { "value": "3.22
Tax
Income tax expense represents the sum of current and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as
reported in the consolidated financial statements because it excludes items of income or expense that
are taxable or deductible in other years and it further excludes items that are never taxable or deductible.
The Group's liability for current tax is calculated using tax rates that have been enacted or substantively
enacted by the reporting date.
Deferred tax is recognised on temporary differences between the carrying amounts of assets and
liabilities in the consolidated financial statements and the corresponding tax bases used in the
computation of taxable profit, based on tax rates that have been enacted or substantively enacted by the
reporting date. Deferred tax liabilities are generally recognised for all taxable temporary differences and
deferred tax assets are recognised to the extent that it is probable that taxable profits will be available
against which deductible temporary differences can be utilised. No deferred tax is recognised if the
temporary difference arises from goodwill or from the initial recognition (other than in a business
combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the
accounting profit.
Current and deferred tax assets and corresponding liabilities are offset when there is a legally enforceable
right to set off current tax assets against current tax liabilities and when they relate to income taxes levied
by 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17640": { "value": "3.23
Equity, reserves and dividend payments
Share capital represents the nominal (par) value of shares that have been issued. Share premium
includes any premiums received on issue of share capital. Any transaction costs associated with the
issuing of shares are deducted from share premium, net of any related income tax benefits.
Other components of equity include the following:
\u2022
Remeasurement of net defined benefit liability \u2013 comprises the actuarial losses from changes in
demographic and financial assumptions and the return on plan assets (see Note 3.22).
\u2022
Translation reserve \u2013 comprises foreign currency translation differences arising from the
translation of financial statements of the Group\u2019s foreign entities (see Note 3.1).
\u2022
Merger reserves \u2013 On 30 June 2017, the Company became the parent company of the Group
through the acquisition of the full share capital of Energean E&P Holdings Ltd. From that point,
in the consolidated financial statements, the share capital became that of Energean plc. The
previously recognised share capital and share premium of Energean E&P Holdings Ltd. was
eliminated with a corresponding positive merger reserve.
Share-based payment reserve: The share-based payments reserve is used to recognise the value of
equity-settled share-based payments granted to parties including employees and key management
personnel, as part of their remuneration.
Retained earnings includes all current and prior period retained profits.
All transactions with owners of the parent are recorded separately within equity.
Dividend 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:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17641": { "value": "3.23
Equity, reserves and dividend payments
Share capital represents the nominal (par) value of shares that have been issued. Share premium
includes any premiums received on issue of share capital. Any transaction costs associated with the
issuing of shares are deducted from share premium, net of any related income tax benefits.
Other components of equity include the following:
\u2022
Remeasurement of net defined benefit liability \u2013 comprises the actuarial losses from changes in
demographic and financial assumptions and the return on plan assets (see Note 3.22).
\u2022
Translation reserve \u2013 comprises foreign currency translation differences arising from the
translation of financial statements of the Group\u2019s foreign entities (see Note 3.1).
\u2022
Merger reserves \u2013 On 30 June 2017, the Company became the parent company of the Group
through the acquisition of the full share capital of Energean E&P Holdings Ltd. From that point,
in the consolidated financial statements, the share capital became that of Energean plc. The
previously recognised share capital and share premium of Energean E&P Holdings Ltd. was
eliminated with a corresponding positive merger reserve.
Share-based payment reserve: The share-based payments reserve is used to recognise the value of
equity-settled share-based payments granted to parties including employees and key management
personnel, as part of their remuneration.
Retained earnings includes all current and prior period retained profits.
All transactions with owners of the parent are recorded separately within equity.
Dividend 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:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17649": { "value": "Other components of equity include the following:
\u2022
Remeasurement of net defined benefit liability \u2013 comprises the actuarial losses from changes in
demographic and financial assumptions and the return on plan assets (see Note 3.22).
\u2022
Translation reserve \u2013 comprises foreign currency translation differences arising from the
translation of financial statements of the Group\u2019s foreign entities (see Note 3.1).
\u2022
Merger reserves \u2013 On 30 June 2017, the Company became the parent company of the Group
through the acquisition of the full share capital of Energean E&P Holdings Ltd. From that point,
in the consolidated financial statements, the share capital became that of Energean plc. The
previously recognised share capital and share premium of Energean E&P Holdings Ltd. was
eliminated with a corresponding positive merger reserve.
Share-based payment reserve: The share-based payments reserve is used to recognise the value of
equity-settled share-based payments granted to parties including employees and key management
personnel, as part of their remuneration.
Retained earnings includes all current and prior period retained profits.
All transactions with owners of the parent are recorded separately within equity.
Dividend 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17674": { "value": "4
Critical accounting estimates and judgements
The preparation of these consolidated financial statements in conformity with IFRS requires the use of
accounting estimates and assumptions, and also requires management to exercise its judgement, in the
process of applying the Group's accounting policies.
Estimates, assumptions and judgement applied are continually evaluated and are based on historical
experience and other factors, including expectations of future events that are believed to be reasonable
under the circumstances. Although these estimates, assumptions and judgement are based on
management's best knowledge of current events and actions, actual results may ultimately differ.
4.1
Critical judgements in applying the Group\u2019s accounting policies
The following are management judgements in applying the accounting policies of the Group that have
the most significant effect on the consolidated financial statements:
Carrying value of intangible exploration and evaluation assets (note 13)
Amounts carried under intangible exploration and evaluation assets represent active exploration projects.
Capitalised costs will be written off to the income statement as exploration costs unless commercial
reserves are established or the determination process is not completed and there are no indications of
impairment in accordance with the Group\u2019s accounting policy. The process of determining whether there
is an indicator for impairment or impairment reversal and quantifying the amount requires critical
judgement. The key areas in which management has applied judgement as follows: the Group\u2019s intention
to proceed with a future work programme; the likelihood of license renewal or extension; the assessment
of whether sufficient data exists to indicate that, although a development in the specific area is likely to
proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full
\n\n
from successful development or by sale; and the success of a well result or geological or geophysical
\n
survey.
\n
Identification of cash generating units (note 12)
\n
In considering the carrying value of property, plant and equipment the Group has to make a critical
\n
judgement in relation to the identification of the smallest cash generating units to which those assets are
\n
allocated. In all countries except for Italy the cash generating unit is considered to be at the concession
\n
level. In Italy we have identified nine cash generating units (\u201c
CGUs
\u201d). The Italy Gas CGUs are as follows:
\n
Cassiopea, Clara E&NW, Calipso, Accetura, Gas Other and the Italy Oil CGUs comprise of: Vega, Sarago
\n
Mare, Rospo and Oil Other. The identification of CGUs across the group is consistent with how the Group
\n
monitors the business.
\n
4.2
Estimation uncertainty
\n
The estimates and assumptions that have a significant risk of causing a material adjustment to the
\n
carrying amounts of assets and liabilities within the next financial year, are discussed below:
\n
Impairment of property, plant and equipment (note 12):
\n
The Group assesses at each reporting date whether there is an indication that an asset (or \u201c
CGU
\u201d) may
\n
be impaired. The Group assesses impairment at each reporting date by evaluating conditions specific to
\n
the Group that may lead to impairment of assets. Where indicators of impairments or impairment
\n
reversals are present and an impairment or impairment reversal test is required, the calculation of the
\n
recoverable amount requires estimation of future cash flows within complex impairment models. The
\n
recoverable amount (which is the higher of fair value less costs to sell and value in use) of the cash-
\n
generating unit to which the assets belong is then estimated based on the present value of future
\n
discounted cash flows. Key assumptions and estimates used in both the impairment models and in the
\n
calculation of the recoverable amount are: commodity price assumptions, production profiles, the future
\n
impact of risks associated with climate change, discount rates and commercial reserves and the related
\n
cost profiles. Commercial (proven and probable) reserves are estimates of the amount of oil and gas that
\n
can be economically extracted from the Group\u2019s oil and gas assets as certified by the external qualified
\n
professionals.
\n
The Group\u2019s impairment assessment did not identify any cash generating units for which a reasonably
\n
possible change in a key assumption would result in impairment or impairment reversal.
\n
Management has considered how the Group\u2019s identified climate risks and opportunities (as discussed in
\n
the Strategic Report) may impact the estimation of the recoverable amount of cash-generating units in
\n
the impairment assessments. The anticipated extent and nature of the future impact of climate on the
\n
Group\u2019s operations and future investment, and therefore estimation of recoverable value, is not uniform
\n
across all cash-generating units. There is a range of inherent uncertainties in the extent that responses
\n
to climate change may impact the recoverable value of the Group\u2019s cash-generating units. These include
\n
the impact of future changes in government policies, legislation and regulation, societal responses to
\n
climate change, the future availability of new technologies and changes in supply and demand dynamics.
\n
The Group has incorporated carbon pricing when preparing discounted cash flow valuations. Carbon
\n
prices are incorporated based on currently enacted legislation (where relevant). Carbon costs are based
\n
on the forecast carbon price per tonne/CO2e, multiplied by estimated Scope 1 and 2 emissions for the
\n
relevant operation(s).
\n
As part of the impairment assessment the Group has run sensitivity scenarios based on the International
\n
Energy Agency\u2019s (\u201c
IEA
\u201d) 2023 World Energy Outlook climate projections including Stated Policies Scenario
\n
(\u201c
STEPS
\u201d), Announced Pledges Scenario (\u201c
APS
\u201d) and Net-Zero Emissions by 2050 Scenario (\u201c
NZE
\u201d).
\n
These specific scenarios were not directly applied in the assets valuation for financial reporting purposes.
\n
This is because no single scenario fully aligns with the management consensus on the assumptions
\n
market participants may use in appraising the Group\u2019s assets. The assessment revealed that the Group's
\n
CGUs in Italy and Greece, particularly the Vega field, are significantly affected by these scenarios due to
\n
their sensitivity to fluctuations in Brent oil prices. Conversely, the Group's assets in Israel and Egypt are
\n
less influenced by these scenarios, attributed to the localised approach to price definition.
\n
Further details about the carrying value of property, plant and equipment are shown in note 12 to these
\n
financial statements.
\n\n
Hydrocarbon reserve and resource estimates (notes 12, 13, 14, 23):
\n
The Group\u2019s oil and gas development and production properties are depreciated on a unit of production
\n
basis at a rate calculated by reference to developed and undeveloped proved and probable commercial
\n
reserves (2P developed and undeveloped) which are estimated to be recoverable with existing and future
\n
developed facilities using current operating methods, determined in accordance with the Petroleum
\n
Resources Management System published by the Society of Petroleum Engineers, the World Petroleum
\n
Congress and the American Association of Petroleum Geologists.
\n
Commercial reserves are determined using estimates of oil and gas in place, recovery factors and future
\n
prices. The level of estimated commercial reserves is also a key determinant in assessing whether the
\n
carrying value of any of the Group\u2019s oil and gas properties has been impaired. Reserves are subject to
\n
regular revision, both upward or downward, based on changes in economic assumptions used, including
\n
the impact of climate change, additional geological information, updates of development plans and
\n
changes in economic factors, including product prices, contract terms, legislation or development plans.
\n
Such changes may impact the Group\u2019s reported financial position and results which include:
\n
\u2022
Depreciation and amortisation charges in profit or loss may change where such charges are
\n
determined using the units of production method, or where the useful life of the related assets
\n
change;
\n
\u2022
Impairment charges in the income statement;
\n
\u2022
Provisions for decommissioning may change where changes to the reserve estimates affect
\n
expectations about when such activities will occur and the associated cost of these activities;
\n
and
\n
\u2022
The recognition and carrying value of deferred tax assets may change due to changes in the
\n
judgements regarding the existence of such assets and in estimates of the likely recovery of
\n
such assets.
\n
The impact upon commercial reserves (if any) and the aggregate depletion charge for the year of a
\n
fluctuation of the forward Brent oil price and PSV price assumption as well as the Group\u2019s carrying
\n
amount of oil and gas properties for the current and prior period are presented in note 12. Management
\n
monitors the impact on the commercial reserves and the depletion charge on a Group level.
\n
Decommissioning liabilities (note 23):
\n
There is uncertainty around the cost of decommissioning as cost estimates can vary in response to many
\n
factors, including from changes to market rates for goods and services, to the relevant legal
\n
requirements, the emergence of new technology or experience at other assets. The expected timing, work
\n
scope, amount of expenditure, discount and inflation rates require estimation. The discount rate applied
\n
to determine the carrying amount of provisions provides a source of estimation uncertainty as referred
\n
to in IAS 1.125.
\n
The estimated decommissioning costs are reviewed annually by an internal expert and the results of this
\n
review are then assessed alongside estimates from operators. Provision for environmental clean-up and
\n
remediation costs is based on current legal and contractual requirements, technology and price levels.
\n
Discount rate applied is reviewed regularly and adjusted following the changes in market rates.
\n
The Group considers the impact of climate change on environmental restoration and decommissioning
\n
provisions, specifically the timing of future cash flows, and has concluded that it does not currently
\n
represent a key source of estimation uncertainty. Changes to legislation, including in relation to climate
\n
change, are factored into the provisions when the legislation becomes enacted.
\n
Deferred tax assets valuation (note 14):
\n
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be
\n
available, allowing for the utilisation of deductible temporary differences, as well as unused tax losses
\n
and credits that are carried forward. This determination involves evaluating the timing of the reversal of
\n
those assets and estimating the availability of sufficient taxable profits to utilise the assets at the point
\n
of reversal. Such assessments necessitate assumptions about future profitability, introducing a degree
\n
of inherent uncertainty. In assessing the likelihood of generating sufficient taxable profits in future
\n
periods for the recovery of losses, the Group considered approved budgets, forecasts, and business plans
\n
to inform its evaluation.
Measurement of contingent consideration (note 26.1)
The acquisition of Edison Exploration & Production S.p.A completed in 2020 included a contingent
consideration of up to $100.0 million for which the fair value has been estimated at $92.9 million at 31
December 2023, based on pricing simulations. The final consideration amount will be determined on the
basis of future gas prices (\u201c
PSV
\u201d) recorded at the time of at the time of first gas production at Cassiopea,
which is expected in 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f17881": { "value": "5
Segmental reporting
The information reported to the Group\u2019s Chief Executive Officer and Chief Financial Officer (together the
Chief Operating Decision Makers) for the purposes of resource allocation and assessment of segment
performance is focused on four operating segments: Europe (including Greece, Italy, UK, Croatia), Israel,
Egypt and New Ventures.
The Group\u2019s reportable segments under IFRS 8 \u201cOperating Segments\u201d are Europe, Israel and Egypt.
Segments that do not exceed the quantitative thresholds for reporting information about operating
segments have been included in Other.
Segment revenues, results and reconciliation to profit before tax
The following is an analysis of the Group\u2019s revenue, results and reconciliation to profit/(loss) before tax
by reportable segment:
\n \n
Other & inter-
segment
($'000)
Europe
Israel
Egypt
transactions
Total
Year ended 31 December 2023
Revenue from gas sales
109,949
674,481
138,237
-
922,667
Revenue from hydrocarbon liquids
-
265,355
32,487
-
297,842
sales
Revenue from crude oil sales
180,704
-
-
-
180,704
Revenue from LPG sales
-
-
14,376
-
14,376
Other
-
-
-
4,044
4,044
Total revenue
290,653
939,836
185,100
4,044
1,419,633
Adjusted EBITDAX
106
113,498
669,894
153,790
(6,684)
930,498
Reconciliation to profit before tax:
Depreciation and
(36,702) (201,882)
(65,922)
(1,638)
(306,144)
amortisation expenses
Share-based payment charge
(6,610)
(730)
(89)
89
(7,340)
Exploration and
(30,148)
(50)
-
(3,890)
(34,088)
evaluation expenses
Change in decommissioning
16,996
-
-
-
16,996
expenses
Expected credit loss
-
-
(4,375)
-
(4,375)
Other expense
(4,665)
(190)
(412)
(7)
(5,274)
Other income
5,155
37
3,354
(566)
7,980
106
Adjusted EBITDAX is a non-IFRS measure used by the Group to measure business performance. It is calculated as profit or
loss for the period, adjusted for taxation, depreciation and amortisation, share-based payment charge, impairment of property,
plant and equipment, other income and expenses (including the impact of derivative financial instruments and foreign
exchange), net finance costs and exploration and evaluation expenses.
\n \n
Other & inter-
segment
($'000)
Europe
Israel
Egypt
transactions
Total
Finance income
10,498
11,319
1,348
(3,664)
19,501
Finance costs
(44,264) (169,467)
(972)
(35,692)
(250,395)
Unrealised loss on derivatives
(6,610)
-
-
-
(6,610)
Net foreign exchange gain/(loss)
(8,928)
(9,084)
(3,282)
4,710
(16,584)
Profit/(Loss) before income tax
8,220
299,847
83,440
(47,342)
344,165
Taxation income/(expense)
(42,376)
(68,600)
(48,254)
-
(159,230)
Profit/(Loss) from operations
(34,156)
231,247
35,186
(47,342)
184,935
Year ended 31 December 2022
Revenue from gas sales
328,506
45,153
156,264
-
529,923
Revenue from crude oil sales
206,959
-
-
-
206,959
Other
(31,298)
(18,031)
57,131
(7,603)
199
Total revenue
504,167
27,122
213,395
(7,603)
737,081
Adjusted EBITDAX
106
262,655
(4,498)
164,581
(1,125)
421,613
Reconciliation to profit before tax:
Depreciation and
(27,199)
(12,112)
(43,266)
(783)
(83,360)
amortisation expenses
Share-based payment charge
(1,423)
(214)
(89)
(4,318)
(6,044)
Exploration and
(61,071)
(1,819)
-
(8,505)
(71,395)
evaluation expenses
Impairment loss on property, plant
(27,628)
-
-
-
(27,628)
and equipment
Expected credit loss
(3,043)
-
10,970
-
7,927
Other expense
(2,699)
(1,102)
-
(8,317)
(12,118)
Other income
1,284
54
1,097
728
3,163
Finance income
3,777
6,379
1,705
(2,289)
9,572
Finance costs
(32,395)
(29,811)
(858)
(44,251)
(107,315)
Unrealised loss on derivatives
(5,203)
-
-
-
(5,203)
Net foreign exchange gain/(loss)
4,065
(3,085)
(7,498)
(15,689)
(22,207)
Profit/(Loss) before income tax
111,120
(46,208)
126,642
(84,549)
107,005
Taxation income/(expense)
(42,283)
10,951
(57,766)
(636)
(89,734)
Profit/(Loss) from continuing
68,837
(35,257)
68,876
(85,185)
17,271
operations
The following table presents assets and liabilities information for the Group\u2019s operating segments as at
31 December 2023 and 31 December 2022, respectively:
\n \n
Other & inter-
Year ended 31 December 2023
segment
($'000)
Europe
Israel
Egypt
transactions
Total
Oil & Gas properties
734,265
2,783,914
473,628
311,295
4,303,102
Other fixed assets
35,110
13,918
19,996
(801)
68,223
Intangible assets
20,303
243,965
46,846
14,275
325,389
Trade and other receivables
88,729
130,135
154,095
(19,702)
353,257
Deferred tax asset
217,504
-
-
-
217,504
Other assets
849,649
573,855
47,601
(954,915)
516,190
Total assets
1,945,560 3,745,787
742,166
(649,848)
5,783,665
Trade and other payables
375,390
391,379
74,893
62,864
904,526
Borrowings
108,392
2,588,491
-
524,314
3,221,197
Decommissioning provision
738,063
92,613
-
6,819
837,495
Current tax payable
7,597
-
-
1,664
9,261
Deferred tax liability
-
122,785
-
-
122,785
Other liabilities
7,502
-
1,601
(6,817)
2,286
Total liabilities
1,236,944 3,195,268
76,494
588,844
5,097,550
Other segment information
Capital Expenditure
107
:
Property, plant and equipment
220,461
138,490
130,099
(1,630)
487,420
Intangible,
exploration
and
4,152
24,959
26,253
1,288
56,652
evaluation assets
\n \n
Other & inter-
Year ended 31 December 2022
segment
($'000)
Europe
Israel
Egypt
transactions
Total
Oil & Gas properties
536,874
3,264,364
409,732
(14,440)
4,196,530
Other fixed assets
13,365
4,750
17,325
(66)
35,374
Intangible assets
48,249
219,354
20,639
8,136
296,378
Trade and other receivables
141,509
82,611
131,453
(17,609)
337,964
Deferred tax asset
244,394
-
-
(2,168)
242,226
Other assets
883,576
24,933
96,942
(382,496)
622,955
Total assets
1,867,967 3,596,012
676,091
(408,643)
5,731,427
Trade and other payables
220,706
540,459
50,563
114,506
926,234
Borrowings
61,437
2,471,030
-
488,429
3,020,896
Decommissioning provision
724,458
84,299
-
-
808,757
107
Capital expenditure is defined as additions to property, plant and equipment and intangible exploration and evaluation assets
less decommissioning asset additions, right-of-use asset additions, capitalised share-based payment charge and capitalised
borrowing costs.
\n \n
Other & inter-
Year ended 31 December 2022
segment
($'000)
Europe
Israel
Egypt
transactions
Total
Current tax payable
109,468
-
-
41
109,509
Other liabilities
124,201
40,882
18,498
32,252
215,833
Total liabilities
1,240,270 3,136,670
69,061
635,228
5,081,229
Other segment information
Capital Expenditure
108
Property, plant and equipment
85,840
537,527
105,792
(368)
728,791
Intangible, exploration and
12,143
124,718
193
3,970
141,024
evaluation assets
Segment cash flows
\n \n
Other & inter-
Year ended 31 December 2023
segment
($'000)
Europe
Israel
Egypt
transactions
Total
Net cash from/(used in) operating
25,737
586,570
52,032
(8,152)
656,187
activities
Cash outflow for investing activities
(134,681)
(194,833)
(91,238)
4,294
(416,458)
Net cash from financing activities
65,012
(129,801)
26,896
(289,461)
(327,354)
Net increase/(decrease) in cash and
(43,932)
261,936
(12,310)
(293,319)
(87,625)
cash equivalents
Cash and cash equivalents at
58,340
24,825
26,825
317,898
427,888
beginning of the period
Effect of exchange rate fluctuations
775
(136)
(3,281)
9,151
6,509
on cash held
Cash and cash equivalents at end of
15,183
286,625
11,234
33,730
346,772
the period
108
Capital expenditure is defined as additions to property, plant and equipment and intangible exploration and evaluation assets
less decommissioning asset additions, right-of-use asset additions, capitalised share-based payment charge and capitalised
borrowing costs.
\n \n
Other & inter-
Year ended 31 December 2022
segment
($'000)
Europe
Israel
Egypt
transactions
Total
Net cash from/(used in) operating
225,780
(7,850)
66,946
(12,723)
272,153
activities
Cash outflow from investing
(287,490)
(180,040)
(54,229)
213,818
(307,941)
activities
Net cash from financing activities
54,977
(133,953)
(2,528)
(185,975)
(267,479)
Net increase/(decrease) in cash and
(6,733)
(321,843)
10,189
15,120
(303,267)
cash equivalents
Cash and cash equivalents at
71,312
349,827
19,254
290,446
730,839
beginning of the period
Effect of exchange rate fluctuations
(6,451)
(3,159)
(2,617)
12,543
316
on cash held
Cash and cash equivalents at end of
58,128
24,825
26,826
318,109
427,888
the period
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f19524": { "value": "6
Revenue
\n \n
($\u2019000)
2023
2022
Revenue from crude oil sales
180,704
206,959
Revenue from hydrocarbon liquids sales
297,842
35,384
Revenue from gas sales
927,596
529,923
Revenue from LPG sales
14,376
21,747
Compensation to gas buyers
(4,929)
(18,031)
Gain/(Loss) on forward transactions
-
(55,189)
Petroleum product sales
4,044
2,697
Rendering of services
-
1,001
Revenue from contracts with customers
1,419,633
724,491
Other operating income-lost production insurance proceeds
-
12,590
Total Revenue
1,419,633
737,081
Since August 2021 in accordance with the GSPAs signed with a group of gas buyers, the Group have paid
compensation to these counterparties due to the fact the gas supply date is taking place beyond a certain
date as defined in the GSPAs (being 30 June 2021). The compensation is accounted as variable purchase
consideration and deducted from revenue as gas is delivered to the offtakers.
In 2022 proceeds were received in relation to lost production under the business interruption insurance
policy of $12.6 million. No such proceeds were received in the current year.
100% of the gas produced at Abu Qir & North Idku and North El Amriya (Egypt) is sold to EGPC and EGAS
respectively under a Brent-linked gas price. The gas price is determined based on Brent prices trading
within a certain range, as set out in the agreement, and contains both a floor price and a cap; limiting
volatility and exposure to commodity price fluctuations.
\n \n
Sales for the year ended 31 December (Kboe)
2023
2022
Egypt (net entitlement)
Gas
4,533
5,059
LPG
287
333
Condensate
436
390
Italy
Oil
2,190
2,440
Gas
1,270
1,406
Israel
Gas
28,416
1,781
Oil
3,492
-
UK
Gas
23
73
Oil
228
245
Croatia
Gas
28
38
Greece
Oil
367
-
Total
41,270
11,765
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f19760": { "value": "7
Operating profit/(loss)
\n \n
($\u2019000)
2023
2022
(a)
Cost of sales
Staff costs (note 8)
47,650
52,904
Energy cost
22,166
15,947
Flux cost
33,998
36,970
Royalty payable
185,622
45,770
Other operating costs
109
185,018
132,688
Depreciation and amortisation (note 12)
300,876
79,362
Oil stock movement
(15,554)
(1,707)
Stock (underlift)/overlift movement
(230)
(3,004)
Total cost of sales
759,546
358,930
(b)
Administration expenses
Staff costs (note 8)
21,416
17,977
Other general & administration expenses
6,648
16,592
109
Other operating costs comprise of insurance costs, gas transportation and treatment fees concession fees and planned
maintenance costs.
\n \n
($\u2019000)
2023
2022
Share-based payment charge included in administrative expenses (note 8)
7,340
6,044
Depreciation and amortisation (note 12, 13)
5,268
3,257
Audit fees (note 7g)
2,401
2,072
43,073
45,942
(c)
Exploration and evaluation expenses
Staff costs for Exploration and evaluation activities (note 8)
3,171
3,012
Exploration costs written off (note 13)
28,758
65,550
Other exploration and evaluation expenses
2,159
2,833
34,088
71,395
(d)
Expected credit loss
Expected credit loss expense
4,375
3,043
Reversal of expected credit loss allowance
-
(10,970)
4,375
(7,927)
(e)
Other expenses
Intra-group merger costs (note 8)
80
3,212
Loss from disposal of property plant & equipment
190
1,102
Write-down of inventory (note 17)
-
1,207
Write-down of property, plant and equipment costs (note 12)
342
-
Provision for litigation and claims
-
1,198
Other expenses
4,662
5,399
5,274
12,118
(f)
Other income
Profit from sale of inventory
339
1,643
Reversal of provision for legal claims
2,743
-
Other income
4,898
1,520
7,980
3,163
(g)
Fees to the Company\u2019s auditor for:
The audit of the Company\u2019s annual accounts
970
770
The audit of the Company\u2019s subsidiaries pursuant to legislation
838
777
Total audit services
1,808
1,547
Audit-related assurance services \u2013 half-year review
404
378
Other services (note A)
189
147
2,401
2,072
Note A: In addition to the services outlined in the preceding table, the Company's auditor also rendered
services related to the bond issuance (2023: $0.15 million; 2022: $nil). These services were capitalised
as transaction costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f19761": { "value": "7
Operating profit/(loss)
\n \n
($\u2019000)
2023
2022
(a)
Cost of sales
Staff costs (note 8)
47,650
52,904
Energy cost
22,166
15,947
Flux cost
33,998
36,970
Royalty payable
185,622
45,770
Other operating costs
109
185,018
132,688
Depreciation and amortisation (note 12)
300,876
79,362
Oil stock movement
(15,554)
(1,707)
Stock (underlift)/overlift movement
(230)
(3,004)
Total cost of sales
759,546
358,930
(b)
Administration expenses
Staff costs (note 8)
21,416
17,977
Other general & administration expenses
6,648
16,592
109
Other operating costs comprise of insurance costs, gas transportation and treatment fees concession fees and planned
maintenance costs.
\n \n
($\u2019000)
2023
2022
Share-based payment charge included in administrative expenses (note 8)
7,340
6,044
Depreciation and amortisation (note 12, 13)
5,268
3,257
Audit fees (note 7g)
2,401
2,072
43,073
45,942
(c)
Exploration and evaluation expenses
Staff costs for Exploration and evaluation activities (note 8)
3,171
3,012
Exploration costs written off (note 13)
28,758
65,550
Other exploration and evaluation expenses
2,159
2,833
34,088
71,395
(d)
Expected credit loss
Expected credit loss expense
4,375
3,043
Reversal of expected credit loss allowance
-
(10,970)
4,375
(7,927)
(e)
Other expenses
Intra-group merger costs (note 8)
80
3,212
Loss from disposal of property plant & equipment
190
1,102
Write-down of inventory (note 17)
-
1,207
Write-down of property, plant and equipment costs (note 12)
342
-
Provision for litigation and claims
-
1,198
Other expenses
4,662
5,399
5,274
12,118
(f)
Other income
Profit from sale of inventory
339
1,643
Reversal of provision for legal claims
2,743
-
Other income
4,898
1,520
7,980
3,163
(g)
Fees to the Company\u2019s auditor for:
The audit of the Company\u2019s annual accounts
970
770
The audit of the Company\u2019s subsidiaries pursuant to legislation
838
777
Total audit services
1,808
1,547
Audit-related assurance services \u2013 half-year review
404
378
Other services (note A)
189
147
2,401
2,072
Note A: In addition to the services outlined in the preceding table, the Company's auditor also rendered
services related to the bond issuance (2023: $0.15 million; 2022: $nil). These services were capitalised
as transaction costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f19762": { "value": "7
Operating profit/(loss)
\n \n
($\u2019000)
2023
2022
(a)
Cost of sales
Staff costs (note 8)
47,650
52,904
Energy cost
22,166
15,947
Flux cost
33,998
36,970
Royalty payable
185,622
45,770
Other operating costs
109
185,018
132,688
Depreciation and amortisation (note 12)
300,876
79,362
Oil stock movement
(15,554)
(1,707)
Stock (underlift)/overlift movement
(230)
(3,004)
Total cost of sales
759,546
358,930
(b)
Administration expenses
Staff costs (note 8)
21,416
17,977
Other general & administration expenses
6,648
16,592
109
Other operating costs comprise of insurance costs, gas transportation and treatment fees concession fees and planned
maintenance costs.
\n \n
($\u2019000)
2023
2022
Share-based payment charge included in administrative expenses (note 8)
7,340
6,044
Depreciation and amortisation (note 12, 13)
5,268
3,257
Audit fees (note 7g)
2,401
2,072
43,073
45,942
(c)
Exploration and evaluation expenses
Staff costs for Exploration and evaluation activities (note 8)
3,171
3,012
Exploration costs written off (note 13)
28,758
65,550
Other exploration and evaluation expenses
2,159
2,833
34,088
71,395
(d)
Expected credit loss
Expected credit loss expense
4,375
3,043
Reversal of expected credit loss allowance
-
(10,970)
4,375
(7,927)
(e)
Other expenses
Intra-group merger costs (note 8)
80
3,212
Loss from disposal of property plant & equipment
190
1,102
Write-down of inventory (note 17)
-
1,207
Write-down of property, plant and equipment costs (note 12)
342
-
Provision for litigation and claims
-
1,198
Other expenses
4,662
5,399
5,274
12,118
(f)
Other income
Profit from sale of inventory
339
1,643
Reversal of provision for legal claims
2,743
-
Other income
4,898
1,520
7,980
3,163
(g)
Fees to the Company\u2019s auditor for:
The audit of the Company\u2019s annual accounts
970
770
The audit of the Company\u2019s subsidiaries pursuant to legislation
838
777
Total audit services
1,808
1,547
Audit-related assurance services \u2013 half-year review
404
378
Other services (note A)
189
147
2,401
2,072
Note A: In addition to the services outlined in the preceding table, the Company's auditor also rendered
services related to the bond issuance (2023: $0.15 million; 2022: $nil). These services were capitalised
as transaction costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f19763": { "value": "7
Operating profit/(loss)
\n \n
($\u2019000)
2023
2022
(a)
Cost of sales
Staff costs (note 8)
47,650
52,904
Energy cost
22,166
15,947
Flux cost
33,998
36,970
Royalty payable
185,622
45,770
Other operating costs
109
185,018
132,688
Depreciation and amortisation (note 12)
300,876
79,362
Oil stock movement
(15,554)
(1,707)
Stock (underlift)/overlift movement
(230)
(3,004)
Total cost of sales
759,546
358,930
(b)
Administration expenses
Staff costs (note 8)
21,416
17,977
Other general & administration expenses
6,648
16,592
109
Other operating costs comprise of insurance costs, gas transportation and treatment fees concession fees and planned
maintenance costs.
\n \n
($\u2019000)
2023
2022
Share-based payment charge included in administrative expenses (note 8)
7,340
6,044
Depreciation and amortisation (note 12, 13)
5,268
3,257
Audit fees (note 7g)
2,401
2,072
43,073
45,942
(c)
Exploration and evaluation expenses
Staff costs for Exploration and evaluation activities (note 8)
3,171
3,012
Exploration costs written off (note 13)
28,758
65,550
Other exploration and evaluation expenses
2,159
2,833
34,088
71,395
(d)
Expected credit loss
Expected credit loss expense
4,375
3,043
Reversal of expected credit loss allowance
-
(10,970)
4,375
(7,927)
(e)
Other expenses
Intra-group merger costs (note 8)
80
3,212
Loss from disposal of property plant & equipment
190
1,102
Write-down of inventory (note 17)
-
1,207
Write-down of property, plant and equipment costs (note 12)
342
-
Provision for litigation and claims
-
1,198
Other expenses
4,662
5,399
5,274
12,118
(f)
Other income
Profit from sale of inventory
339
1,643
Reversal of provision for legal claims
2,743
-
Other income
4,898
1,520
7,980
3,163
(g)
Fees to the Company\u2019s auditor for:
The audit of the Company\u2019s annual accounts
970
770
The audit of the Company\u2019s subsidiaries pursuant to legislation
838
777
Total audit services
1,808
1,547
Audit-related assurance services \u2013 half-year review
404
378
Other services (note A)
189
147
2,401
2,072
Note A: In addition to the services outlined in the preceding table, the Company's auditor also rendered
services related to the bond issuance (2023: $0.15 million; 2022: $nil). These services were capitalised
as transaction costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f19764": { "value": "7
Operating profit/(loss)
\n \n
($\u2019000)
2023
2022
(a)
Cost of sales
Staff costs (note 8)
47,650
52,904
Energy cost
22,166
15,947
Flux cost
33,998
36,970
Royalty payable
185,622
45,770
Other operating costs
109
185,018
132,688
Depreciation and amortisation (note 12)
300,876
79,362
Oil stock movement
(15,554)
(1,707)
Stock (underlift)/overlift movement
(230)
(3,004)
Total cost of sales
759,546
358,930
(b)
Administration expenses
Staff costs (note 8)
21,416
17,977
Other general & administration expenses
6,648
16,592
109
Other operating costs comprise of insurance costs, gas transportation and treatment fees concession fees and planned
maintenance costs.
\n \n
($\u2019000)
2023
2022
Share-based payment charge included in administrative expenses (note 8)
7,340
6,044
Depreciation and amortisation (note 12, 13)
5,268
3,257
Audit fees (note 7g)
2,401
2,072
43,073
45,942
(c)
Exploration and evaluation expenses
Staff costs for Exploration and evaluation activities (note 8)
3,171
3,012
Exploration costs written off (note 13)
28,758
65,550
Other exploration and evaluation expenses
2,159
2,833
34,088
71,395
(d)
Expected credit loss
Expected credit loss expense
4,375
3,043
Reversal of expected credit loss allowance
-
(10,970)
4,375
(7,927)
(e)
Other expenses
Intra-group merger costs (note 8)
80
3,212
Loss from disposal of property plant & equipment
190
1,102
Write-down of inventory (note 17)
-
1,207
Write-down of property, plant and equipment costs (note 12)
342
-
Provision for litigation and claims
-
1,198
Other expenses
4,662
5,399
5,274
12,118
(f)
Other income
Profit from sale of inventory
339
1,643
Reversal of provision for legal claims
2,743
-
Other income
4,898
1,520
7,980
3,163
(g)
Fees to the Company\u2019s auditor for:
The audit of the Company\u2019s annual accounts
970
770
The audit of the Company\u2019s subsidiaries pursuant to legislation
838
777
Total audit services
1,808
1,547
Audit-related assurance services \u2013 half-year review
404
378
Other services (note A)
189
147
2,401
2,072
Note A: In addition to the services outlined in the preceding table, the Company's auditor also rendered
services related to the bond issuance (2023: $0.15 million; 2022: $nil). These services were capitalised
as transaction costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f20141": { "value": "8
Staff costs
The average monthly number of employees (including Executive Directors) employed by the Group
worldwide was:
\n \n
Number
2023
2022
Administration
198
187
Technical
361
320
559
507
In addition, the Group consolidates the personnel costs of its Operating Company, Abu Qir Petroleum
Company (\u201c
AQP
\u201d), owned at 100%. The table below details the average number of employees related to
AQP employees:
\n \n
Number
2023
2022
AQP employee (excluding Energean employees)
612
626
612
626
\n \n
($\u2019000)
2023
2022
Salaries
110
and benefits
82,948
85,056
Social security costs
10,832
8,706
Share-based payments (note 25)
7,340
6,243
101,120
100,005
Payroll cost capitalised in oil & gas assets and exploration
(21,463)
(16,694)
& evaluation costs
Payroll cost expensed
79,657
83,311
Included in:
Cost of sales (note 7a)
47,650
52,904
Administration expenses (note 7b)
28,756
24,021
Exploration and evaluation expenses (note 7c)
3,171
3,012
Intra-group merger costs (note 7e)
80
3,212
Other
-
162
79,657
83,311
Details of Directors\u2019 remuneration, Directors\u2019 transactions and Directors\u2019 interests are set out in the part
of the Directors\u2019 Remuneration Report described as having been audited, which forms part of these group
financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f20318": { "value": "9
Net finance cost
\n \n
($\u2019000)
Notes
2023
2022
Interest on bank borrowings
21
6,104
1,527
Interest on Senior Secured Notes
21
193,009
167,372
Interest expense on long term payables
24
7,158
14,660
Interest expense on short term liabilities
-
54
Less amounts included in the cost of qualifying
12,13
(17,416)
(123,635)
assets
188,855
59,978
Finance and arrangement fees
8,985
11,334
Commission charges for bank guarantees
2,274
2,118
Other finance costs and bank charges
(229)
2,136
Unwinding of discount on right of use asset
2,476
2,159
Unwinding of discount on long term trade
8,753
-
payables
Unwinding of discount on provision for
31,255
21,495
decommissioning
Unwinding of discount on deferred
5,674
7,098
consideration
Unwinding of discount on convertible loan
4,450
4,054
Unwinding of discount on contingent
(1,855)
2,667
consideration
Less amounts included in the cost of qualifying
(243)
(5,724)
assets
Total finance costs
250,395
107,315
Interest income from time deposits
(19,501)
(9,572)
Total finance income
(19,501)
(9,572)
Foreign exchange losses
16,584
22,207
Net financing costs
247,478
119,950
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f20319": { "value": "9
Net finance cost
\n \n
($\u2019000)
Notes
2023
2022
Interest on bank borrowings
21
6,104
1,527
Interest on Senior Secured Notes
21
193,009
167,372
Interest expense on long term payables
24
7,158
14,660
Interest expense on short term liabilities
-
54
Less amounts included in the cost of qualifying
12,13
(17,416)
(123,635)
assets
188,855
59,978
Finance and arrangement fees
8,985
11,334
Commission charges for bank guarantees
2,274
2,118
Other finance costs and bank charges
(229)
2,136
Unwinding of discount on right of use asset
2,476
2,159
Unwinding of discount on long term trade
8,753
-
payables
Unwinding of discount on provision for
31,255
21,495
decommissioning
Unwinding of discount on deferred
5,674
7,098
consideration
Unwinding of discount on convertible loan
4,450
4,054
Unwinding of discount on contingent
(1,855)
2,667
consideration
Less amounts included in the cost of qualifying
(243)
(5,724)
assets
Total finance costs
250,395
107,315
Interest income from time deposits
(19,501)
(9,572)
Total finance income
(19,501)
(9,572)
Foreign exchange losses
16,584
22,207
Net financing costs
247,478
119,950
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f20320": { "value": "9
Net finance cost
\n \n
($\u2019000)
Notes
2023
2022
Interest on bank borrowings
21
6,104
1,527
Interest on Senior Secured Notes
21
193,009
167,372
Interest expense on long term payables
24
7,158
14,660
Interest expense on short term liabilities
-
54
Less amounts included in the cost of qualifying
12,13
(17,416)
(123,635)
assets
188,855
59,978
Finance and arrangement fees
8,985
11,334
Commission charges for bank guarantees
2,274
2,118
Other finance costs and bank charges
(229)
2,136
Unwinding of discount on right of use asset
2,476
2,159
Unwinding of discount on long term trade
8,753
-
payables
Unwinding of discount on provision for
31,255
21,495
decommissioning
Unwinding of discount on deferred
5,674
7,098
consideration
Unwinding of discount on convertible loan
4,450
4,054
Unwinding of discount on contingent
(1,855)
2,667
consideration
Less amounts included in the cost of qualifying
(243)
(5,724)
assets
Total finance costs
250,395
107,315
Interest income from time deposits
(19,501)
(9,572)
Total finance income
(19,501)
(9,572)
Foreign exchange losses
16,584
22,207
Net financing costs
247,478
119,950
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f20543": { "value": "10
Taxation
(a)
Taxation charge
\n \n
($\u2019000)
2023
2022
Current income tax charge
(57,800)
(199,563)
Adjustments in respect of current income tax of
(1,598)
(583)
previous year(s)
Total current tax charge
(59,398)
(200,146)
Deferred tax relating to origination and reversal of
(99,832)
110,412
temporary differences (note 14)
Income tax expense reported in the Income statement
(159,230)
(89,734)
(b)
Reconciliation of the total tax charge
\n
The Group calculates its income tax expense by applying a weighted average tax rate calculated based
\n
on the statutory tax rates of each country weighted according to the profit or loss before tax earned by
\n
the Group in each jurisdiction where deferred tax is recognised or material current tax charge arises.
\n
The effective tax rate for the period is 46% (2022: 84%).
\n
The tax (charge) for the period can be reconciled to the accounting profit per the Group Income statement
\n
as follows:
\n\n \n
($\u2019000)
2023
2022
Profit before tax
344,165
107,005
Tax calculated at 18.2% weighted average rate (2022:
(62,752)
(29,453)
27.5%)
111
Impact of different tax rates
112
(15,482)
(9,960)
Non recognition of deferred tax on current year tax losses
(42,086)
(50,905)
and other temporary differences
Recognition of previously unrecognised deferred
(27,107)
134,642
tax/derecognition of previously recognised deferred tax
113
Permanent differences
114
(12,623)
(16,341)
Foreign taxes
(29)
(54)
Windfall tax
115
-
(119,425)
Tax effect of non-taxable income & allowances
2,556
2,217
Other adjustments
(109)
128
Prior year tax
(1,598)
(583)
Taxation expense
(159,230)
(89,734)
\n
There are no income tax consequences attached to the payment of dividends in either 2023 or 2022 by
\n
the Group to its shareholders.
\n
Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the
\n
Group operates. However, this legislation does not currently apply to the Group as its consolidated
\n
revenue has not exceeded the threshold of \u20ac750 million in at least two of the four preceding fiscal years
\n
111
\n
For 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 (23.5%/75%) and Egypt (40.55%) were weighted according to the profit or loss before tax
\n
earned by the Group in each jurisdiction, excluding fair value uplifts profits.
\n
112
\n
\u201cImpact of different tax rates\u201d mainly refer to the Italian regional taxes (IRAP).
\n
113
\n
Change in estimate of decommissioning provision in 2023 resulted in $27.1 million of DTA recognised during the period. In
\n
2022 the Group recognised $134.6 million of DTA mainly due to the change in decommissioning provision and reassessment
\n
of utilisation of tax losses carried forward in Italy.
\n
114
\n
Permanent differences mainly consisted of non-deductible expenses ($13.2 million), goodwill impairment ($0.4 million) and
\n
foreign exchange income ($1.0 million). In 2022, non-deductible tax expenses primarily relate to financial instruments
\n
associated with the acquisition of 30% of Energean Israel from Kerogen Capital, which was finalised during the year.
\n
115
\n
In 2022, Italy introduced:
\n
1) a windfall tax in the form of a law decree which imposed a 25% one-off tax on profit margins that rose by more than $5.26
\n
million (\u20ac5.0 million) between October 2021 and April 2022 compared to the same period a year earlier. The amount of the
\n
windfall tax paid by Energean Italy was $29.3 million; and
\n
2) a new windfall tax that imposed a 50% one-off tax, calculated on 2022 taxable profits that are 10% higher than the average
\n
taxable profits between 2018\u20132021. This amount has a ceiling equal to 25% of the value of the net assets at end-2021. The
\n
exposure has been provided for accordingly in 2022. Consequently, the Group paid a one-off windfall tax of $94.7 million (\u20ac87.0
\n
million) in June -July 2023.
\n
In addition, the Energy (Oil and Gas) Profits Levy (EPL) was announced by the UK Government on 26 May 2022 and legislated
\n
for in July 2022. This was a new, temporary 25% (to be increased to 35% from 1st January 2023) levy on ring fence profits of
\n
oil and gas companies. This was in addition to Ring Fence Corporation Tax which is charged at 30% and the Supplementary
\n
Charge which is charged at 10%. The Group\u2019s exposure to the EPL is de minimis.
prior to the enactment of the legislation. Therefore, the consolidated financial statements do not include
information required by paragraphs 88A-88D of IAS 12.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f20787": { "value": "11
Earnings per share
Basic earnings per ordinary share amounts are calculated by dividing net income for the year attributable
to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding
during the year. Diluted income per ordinary share is calculated by dividing net income for the year
attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares
outstanding during the year plus the weighted average number of ordinary shares that would be issued
if dilutive employee share options were converted into ordinary shares.
\n \n
($\u2019000)
2023
2022
Total profit attributable to equity shareholders
184,935
17,271
Effect of dilutive potential ordinary shares
116
4,450
4,054
189,385
21,325
\n \n
2023
2022
Basic weighted average number of shares
178,447,141
177,931,019
Dilutive potential ordinary shares
2,041,193
6,714,731
Diluted weighted average number of shares
180,488,334
184,645,750
Basic earnings per share
$1.04/share
$0.10/share
Diluted earnings per share
$1.05/share
$0.12/share
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f20868": { "value": "12
Property, plant & equipment
\n \n
Other property,
Oil and gas
Leased
plant and
($\u2019000)
assets
117
assets
118
equipment
Total
Property, plant & equipment at cost:
At 1 January 2022
3,897,787
57,245
59,046
4,014,078
Additions
742,665
1,195
1,534
745,394
Lease modification
-
831
-
831
Disposal of assets
(900)
-
(900)
Capitalised borrowing cost
109,184
-
-
109,184
Capitalised depreciation
632
-
-
632
Change in decommissioning provision
21,685
-
-
21,685
116
In 2023 $4.5 million (2022: $4.1million) is the unwinding of the discount on the convertible loan notes (as disclosed in note 9).
The notes were converted to ordinary shares on 20 December 2023. Refer to note 19 for further detail.
117
Included within the carrying amount of Oil & Gas assets are development costs of the Karish field related to the Sub Sea and
On-shore construction. In line with the agreement with Israel Natural Gas Lines (\u201cINGL\u201d), the transfer of title (\u201chand over\u201d) of
these assets to INGL was completed at the end of March 2023. Following Handover, INGL is responsible for the operation and
maintenance of this part of the infrastructure and the related asset.
118
Included in the carrying amount of leased assets at 31 December 2023 are right of use assets related to Oil and gas properties
and Other property, plant and equipment of $58.0 million and $3.9 million respectively (2022: $21.3 million and $8.1 million).
The depreciation charged on these classes for the year ending 31 December 2023 was $13.4 million and $2.0 million
respectively (2022: $7.9 million and $2.1 million).
\n \n
Other property,
Oil and gas
Leased
plant and
($\u2019000)
assets
117
assets
118
equipment
Total
Other movements
(241)
37
(74)
(278)
Foreign exchange impact
(31,388)
(596)
(388)
(32,372)
At 31 December 2022
4,739,424
58,712
60,118
4,858,254
Additions
469,023
38,278
2,203
509,504
Lease modification
-
8,706
-
8,706
Disposal of assets
(111,448)
-
(111,448)
Capitalised borrowing cost
17,658
-
-
17,658
Change in decommissioning provision
(2,504)
-
-
(2,504)
Other movements
(313)
-
(307)
(620)
Foreign exchange impact
89,811
2,582
2,090
94,483
At 31 December 2023
5,201,651
108,278
64,104
5,374,033
Accumulated depreciation and impairment:
At 1 January 2022
442,522
19,102
52,981
514,605
Charge for the period
71,464
10,091
1,171
82,726
Impairments
27,878
-
-
27,878
Foreign exchange impact
1,030
105
6
1,141
At 31 December 2022
542,894
29,298
54,158
626,350
Charge for the period
287,926
15,432
1,808
305,166
Impairment
342
-
-
342
Foreign exchange impact
67,387
1,607
1,856
70,850
At 31 December 2023
898,549
46,337
57,822
1,002,708
Net carrying amount:
At 31 December 2022
4,196,530
29,414
5,960
4,231,904
At 31 December 2023
4,303,102
61,941
6,282
4,371,325
\n
Borrowing costs capitalised for qualifying assets during the year are calculated by applying a weighted
\n
average interest rate of 5.52% for the year ended 31 December 2023 (2022: 5.16%).
\n
The additions to Oil & Gas properties for the year ended 31 December 2023 are mainly due to
\n
development costs for the FPSO, Karish North field and second oil train at the amount of $148 million,
\n
development cost for Cassiopea project in Italy at the amount of $161 million and NEA/NI project in Egypt
\n
at the amount of $123 million.
\n
In 2023 the Group entered in new vessel lease agreements for offshore concessions in Italy.
\n
The impairment of $27.9 million recognised in 2022 was a result of a change to the decommissioning
\n
estimate on certain fields in Italy and the UK where the recoverable amount was lower than the carrying
\n
value, subsequent to recognising the change in estimate. The remaining 2022 change in
\n
decommissioning provision of $21.7 million was in relation to fields across the group whereby the
\n
recoverable amount exceeded the carrying value.
Depreciation and amortisation of property, plant and equipment for the year has been recognised as
follows:
\n \n
($\u2019000)
2023
2022
Cost of sales (note 7a)
300,876
79,362
Administration expenses (note 7b)
4,290
2,623
Other operating (income)/expenses
-
109
Capitalised depreciation in oil & gas properties
-
632
Total
305,166
82,726
Cash flow statement reconciliations:
\n \n
Payment for additions to property, plant and equipment
($\u2019000)
2023
2022
Additions to property, plant and equipment
533,364
877,726
Associated cash flows
Payment for additions to property, plant and equipment
(436,043)
(395,753)
Non-cash movements/presented in other cash flow lines
Borrowing cost capitalised
(17,658)
(109,184)
Impairment
(342)
(27,878)
Right-of-use asset additions/modifications
(46,984)
(2,026)
Lease payments related to capital activities
16,194
12,669
Capitalised share-based payment charge
-
(199)
Capitalised depreciation
-
(632)
Change in decommissioning provision
2,504
(21,685)
Movement in working capital
(51,035)
(333,038)
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f20869": { "value": "12
Property, plant & equipment
\n \n
Other property,
Oil and gas
Leased
plant and
($\u2019000)
assets
117
assets
118
equipment
Total
Property, plant & equipment at cost:
At 1 January 2022
3,897,787
57,245
59,046
4,014,078
Additions
742,665
1,195
1,534
745,394
Lease modification
-
831
-
831
Disposal of assets
(900)
-
(900)
Capitalised borrowing cost
109,184
-
-
109,184
Capitalised depreciation
632
-
-
632
Change in decommissioning provision
21,685
-
-
21,685
116
In 2023 $4.5 million (2022: $4.1million) is the unwinding of the discount on the convertible loan notes (as disclosed in note 9).
The notes were converted to ordinary shares on 20 December 2023. Refer to note 19 for further detail.
117
Included within the carrying amount of Oil & Gas assets are development costs of the Karish field related to the Sub Sea and
On-shore construction. In line with the agreement with Israel Natural Gas Lines (\u201cINGL\u201d), the transfer of title (\u201chand over\u201d) of
these assets to INGL was completed at the end of March 2023. Following Handover, INGL is responsible for the operation and
maintenance of this part of the infrastructure and the related asset.
118
Included in the carrying amount of leased assets at 31 December 2023 are right of use assets related to Oil and gas properties
and Other property, plant and equipment of $58.0 million and $3.9 million respectively (2022: $21.3 million and $8.1 million).
The depreciation charged on these classes for the year ending 31 December 2023 was $13.4 million and $2.0 million
respectively (2022: $7.9 million and $2.1 million).
\n\n\n \n
Other property,
Oil and gas
Leased
plant and
($\u2019000)
assets
117
assets
118
equipment
Total
Other movements
(241)
37
(74)
(278)
Foreign exchange impact
(31,388)
(596)
(388)
(32,372)
At 31 December 2022
4,739,424
58,712
60,118
4,858,254
Additions
469,023
38,278
2,203
509,504
Lease modification
-
8,706
-
8,706
Disposal of assets
(111,448)
-
(111,448)
Capitalised borrowing cost
17,658
-
-
17,658
Change in decommissioning provision
(2,504)
-
-
(2,504)
Other movements
(313)
-
(307)
(620)
Foreign exchange impact
89,811
2,582
2,090
94,483
At 31 December 2023
5,201,651
108,278
64,104
5,374,033
Accumulated depreciation and impairment:
At 1 January 2022
442,522
19,102
52,981
514,605
Charge for the period
71,464
10,091
1,171
82,726
Impairments
27,878
-
-
27,878
Foreign exchange impact
1,030
105
6
1,141
At 31 December 2022
542,894
29,298
54,158
626,350
Charge for the period
287,926
15,432
1,808
305,166
Impairment
342
-
-
342
Foreign exchange impact
67,387
1,607
1,856
70,850
At 31 December 2023
898,549
46,337
57,822
1,002,708
Net carrying amount:
At 31 December 2022
4,196,530
29,414
5,960
4,231,904
At 31 December 2023
4,303,102
61,941
6,282
4,371,325
\n
Borrowing costs capitalised for qualifying assets during the year are calculated by applying a weighted
\n
average interest rate of 5.52% for the year ended 31 December 2023 (2022: 5.16%).
\n
The additions to Oil & Gas properties for the year ended 31 December 2023 are mainly due to
\n
development costs for the FPSO, Karish North field and second oil train at the amount of $148 million,
\n
development cost for Cassiopea project in Italy at the amount of $161 million and NEA/NI project in Egypt
\n
at the amount of $123 million.
\n
In 2023 the Group entered in new vessel lease agreements for offshore concessions in Italy.
\n
The impairment of $27.9 million recognised in 2022 was a result of a change to the decommissioning
\n
estimate on certain fields in Italy and the UK where the recoverable amount was lower than the carrying
\n
value, subsequent to recognising the change in estimate. The remaining 2022 change in
\n
decommissioning provision of $21.7 million was in relation to fields across the group whereby the
\n
recoverable amount exceeded the carrying value.
Depreciation and amortisation of property, plant and equipment for the year has been recognised as
follows:
\n \n
($\u2019000)
2023
2022
Cost of sales (note 7a)
300,876
79,362
Administration expenses (note 7b)
4,290
2,623
Other operating (income)/expenses
-
109
Capitalised depreciation in oil & gas properties
-
632
Total
305,166
82,726
Cash flow statement reconciliations:
\n \n
Payment for additions to property, plant and equipment
($\u2019000)
2023
2022
Additions to property, plant and equipment
533,364
877,726
Associated cash flows
Payment for additions to property, plant and equipment
(436,043)
(395,753)
Non-cash movements/presented in other cash flow lines
Borrowing cost capitalised
(17,658)
(109,184)
Impairment
(342)
(27,878)
Right-of-use asset additions/modifications
(46,984)
(2,026)
Lease payments related to capital activities
16,194
12,669
Capitalised share-based payment charge
-
(199)
Capitalised depreciation
-
(632)
Change in decommissioning provision
2,504
(21,685)
Movement in working capital
(51,035)
(333,038)
13
Intangible assets
\n \n
Other
Exploration and
Intangible
($\u2019000)
evaluation assets
Goodwill
assets
Total
Intangible assets at Cost:
At 1 January 2022
205,333
101,146
9,707
316,186
Additions
139,911
-
1,113
141,024
Other movements
-
-
280
280
Exchange differences
(6,890)
-
(125)
(7,015)
31 December 2022
338,354
101,146
10,975
450,475
Additions
56,379
-
273
56,652
Other movements
313
-
307
620
Exchange differences
2,670
-
(12)
2,658
At 31 December 2023
397,716
101,146
11,543
510,405
\n \n
Other
Exploration and
Intangible
($\u2019000)
evaluation assets
Goodwill
assets
Total
Accumulated amortisation and impairments:
At 1 January 2022
83,279
-
4,766
88,045
Charge for the period
39
-
595
634
Impairment
47,240
18,310
-
65,550
Exchange differences
(110)
-
(22)
(132)
31 December 2022
130,448
18,310
5,339
154,097
Charge for the period
46
-
932
978
Impairment
26,583
2,175
-
28,758
Exchange differences
1,197
-
(14)
1,183
31 December 2023
158,274
20,485
6,257
185,016
Net carrying amount
At 31 December 2022
207,906
82,836
5,636
296,378
At 31 December 2023
239,442
80,661
5,286
325,389
Cash flow statement reconciliations:
\n \n
Payment for additions to intangible assets ($\u2019000)
2023
2022
Additions to intangible assets
56,652
141,024
Associated cash flows
Payment for additions to intangible assets
(105,024)
(64,414)
Non-cash movements/presented in other cash flow lines
Movement in working capital
48,372
(76,610)
Goodwill arises principally because of the requirement to recognise deferred tax assets and liabilities for
the difference between the assigned values and the tax bases of assets acquired and liabilities assumed
in a business combination. Total impairment of $28.8 million was recognised in the period for projects
that will not progress to development. The Group exited Isabella licence in December 2023 and as a result
the related exploration asset ($26.6 million) and goodwill ($2.2 million) were impaired.
The remaining goodwill balance is in relation to the Israel CGU ($75.8 million), and UK ($4.8 million). We
have performed the annual goodwill impairment test and note that no reasonably possible change would
result in impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f21331": { "value": "Depreciation and amortisation of property, plant and equipment for the year has been recognised as
follows:
\n \n
($\u2019000)
2023
2022
Cost of sales (note 7a)
300,876
79,362
Administration expenses (note 7b)
4,290
2,623
Other operating (income)/expenses
-
109
Capitalised depreciation in oil & gas properties
-
632
Total
305,166
82,726
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f21472": { "value": "13
Intangible assets
\n \n
Other
Exploration and
Intangible
($\u2019000)
evaluation assets
Goodwill
assets
Total
Intangible assets at Cost:
At 1 January 2022
205,333
101,146
9,707
316,186
Additions
139,911
-
1,113
141,024
Other movements
-
-
280
280
Exchange differences
(6,890)
-
(125)
(7,015)
31 December 2022
338,354
101,146
10,975
450,475
Additions
56,379
-
273
56,652
Other movements
313
-
307
620
Exchange differences
2,670
-
(12)
2,658
At 31 December 2023
397,716
101,146
11,543
510,405
\n \n
Other
Exploration and
Intangible
($\u2019000)
evaluation assets
Goodwill
assets
Total
Accumulated amortisation and impairments:
At 1 January 2022
83,279
-
4,766
88,045
Charge for the period
39
-
595
634
Impairment
47,240
18,310
-
65,550
Exchange differences
(110)
-
(22)
(132)
31 December 2022
130,448
18,310
5,339
154,097
Charge for the period
46
-
932
978
Impairment
26,583
2,175
-
28,758
Exchange differences
1,197
-
(14)
1,183
31 December 2023
158,274
20,485
6,257
185,016
Net carrying amount
At 31 December 2022
207,906
82,836
5,636
296,378
At 31 December 2023
239,442
80,661
5,286
325,389
Cash flow statement reconciliations:
\n \n
Payment for additions to intangible assets ($\u2019000)
2023
2022
Additions to intangible assets
56,652
141,024
Associated cash flows
Payment for additions to intangible assets
(105,024)
(64,414)
Non-cash movements/presented in other cash flow lines
Movement in working capital
48,372
(76,610)
Goodwill arises principally because of the requirement to recognise deferred tax assets and liabilities for
the difference between the assigned values and the tax bases of assets acquired and liabilities assumed
in a business combination. Total impairment of $28.8 million was recognised in the period for projects
that will not progress to development. The Group exited Isabella licence in December 2023 and as a result
the related exploration asset ($26.6 million) and goodwill ($2.2 million) were impaired.
The remaining goodwill balance is in relation to the Israel CGU ($75.8 million), and UK ($4.8 million). We
have performed the annual goodwill impairment test and note that no reasonably possible change would
result in impairment.31
Exploration, development and production interests
Development and production
\n \n
Group\u2019s
Licence/unit
Fiscal
working
Joint
Country
area
Fields
regime
interest
operation
Operator
Israel
Karish
Karish North, Karish
Concession
100%
No
NA
Main
Tanin
Tanin
Concession
100%
No
NA
Egypt
Abu Qir
Abu Qir, Abu Qir
PSC
100%
No
NA
North, Abu Qir West,
Yazzi (32.75%)
NEA
Yazzi (67.25%),
PSC
100%
No
NA
Python
NI
Field A (NI-1X), Field
PSC
100%
No
NA
B (NI-3X), NI-2X,
Viper (NI-4X)
Greece
Prinos
Prinos, Epsilon
Concession
100%
No
NA
\n \n
Group\u2019s
Licence/unit
Fiscal
working
Joint
Country
area
Fields
regime
interest
operation
Operator
South Kavala
Concession
100%
No
NA
Katakolo
Katakolo
Concession
100%
No
NA
(undeveloped)
Italy
C.C6.EO
Vega A (Vega B,
Concession
100%
129
Yes
Energean
undeveloped)
B.C8.LF
Rospo Mare
Concession
100%
130
Yes
Energean
Fiume tenna
Verdicchio
Concession
100%
No
Energean
B.C7.LF
Sarago, cozza,
Concession
95%
Yes
Energean
vongola
B.C11.AS
Gianna
Concession
49%
Yes
ENI
GIANNA
(undeveloped)
Garaguso
Accettura
Concession
50%
Yes
Energean
A.c14.AS
Rosanna and Gaia
Concession
50%
Yes
ENI
A.C15.AX
Valentina, Raffaella,
Concession
10%
Yes
ENI
Emanuela, Melania
A.c16.AG
Delia, Demetra, Sara,
Concession
30%
Yes
ENI
Dacia, Nicoletta
A.C8.ME
Anemone and
Concession
19% and
Yes
ENI
Azelea
131
15.675%
Masseria
Appia and Salacaro
Concession
50%
Yes
Energean
Monaco
(undeveloped)
G.C1.AG
Cassiopea , Gemini,
Concession
40%
Yes
ENI
Centauro
B.C14.AS
Calipso and Clara
Concession
49%
Yes
ENI
West
B.C20.AS
Carlo, Clotilde e
Concession
49%
Yes
ENI
Didone
(undeveloped)
Montignano
Cassiano and
Concession
50%
Yes
Energean
Castellaro
B.C13.AS
Clara Est, Clara
Concession
49%
Yes
ENI
Nord, Clara NW,
(Cecilia
undeveloped)
Comiso (EIS)
Comiso
Concession
100%
No
NA
A.c13.AS
Daria, ( Manuela
Concession
49%
Yes
ENI
,Arabella, Ramona
undeveloped)
\n
129
\n
Energean has agreed with ENI to acquire the latter's WI and the request is pending approval from the Italian
\n
authorities. However by means of an agreement between ENI and Energean Italy all the production and cost are retained by
\n
Energean from 1 January 2021 and, according to the JOA, the decommissioning costs will be borne by both parties according
\n
to their initial WI (Energean 60%, ENI 40%).
\n
130
\n
Energean has requested from the operator to exit the licence.
\n
131
\n
Energean has requested from the operator to exit the licence.
\n \n
Group\u2019s
Licence/unit
Fiscal
working
Joint
Country
area
Fields
regime
interest
operation
Operator
B.C10.AS
Emma West and
Concession
49%
Yes
ENI
Giovanna
A.C36.AG
Fauzia
Concession
40%
Yes
ENI
Torrente
Grottammare
Concession
76%
Yes
Petrorep
menocchia
(undeveloped)
Montegranaro
Leoni
Concession
50%
Yes
Gas Plus
Lucera
Lucera
Concession
4.8%
Yes
GPI
Monte Urano
San Lorenzo
Concession
40%
Yes
Energean
A.C21.AG
Naide
Concession
49%
Yes
ENI
Colle di lauro
Portocannone
Concession
83.32%
Yes
Energean
Porto
Porto civitanova
Concession
40%
Yes
GPI
civitanova
Quarto
Quarto
Concession
33%
Yes
Padana
Energia
A.C17.AG
Regina
Concession
25%
Yes
ENI
S. Andrea
Concession
50%
Yes
Canoel
B.C2.LF
San Giorgio Mare
Concession
100%
Yes
Energean
San Marco
San Marco
Concession
20%
No
ENI
B.C1.LF
Santo Stefano
Concession
95%
Yes
Energean
Mafalda
Sinarca
Concession
40%
Yes
Gas Plus
B.C9.AS
Squalo Centrale
Concession
33%
Yes
ENI
Massignano
Talamonti
Concession
50%
Yes
Energean
Masseria
Traetta
Concession
14%
Yes
Canoel
Grottavecchia
S. Anna (EIS)
Tresauro
Concession
25%
Yes
Enimed
Torrente
Vigna Nocelli
Concession
50%
Yes
Rockhopper
Celone
(Masseria Conca
Italia
undeveloped)
UK
Tors
Garrow, Kilmar
Concession
68%
Yes
Alpha
Petroleum
Markham
Concession
3%
Yes
Spirit
Energy
Scott
Concession
10%
Yes
CNOOC
Telford
Concession
16%
Yes
CNOOC
Wenlock
Concession
80%
Yes
Alpha
Petroleum
Croatia
Izabela
PSC
70%
No
NA
Exploration
\n \n
Group\u2019s
working
Joint
Country
Concession
Fields
Fiscal regime
interest
operation
Operator
Israel
Blocks
12,
Katlan, Hermes and
Concession
100%
No
N/A
21, 23, 31
Hercules
Egypt
East
North
PSC
Bir El Nus
50%
Yes
Energean
Greece
Block-2
Concession
75%
Yes
Energean
Prinos
Prinos CO2 Storage
Concession
100%
No
N/A
Italy
G.R13.AG
Lince prospect
Concession
40%
Yes
ENI
G.R.14.AG
Panda, Vela prospect
Concession
40%
Yes
ENI
Croatia
Irena
PSC
70%
No
NA
", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f21473": { "value": "13
Intangible assets
\n \n
Other
Exploration and
Intangible
($\u2019000)
evaluation assets
Goodwill
assets
Total
Intangible assets at Cost:
At 1 January 2022
205,333
101,146
9,707
316,186
Additions
139,911
-
1,113
141,024
Other movements
-
-
280
280
Exchange differences
(6,890)
-
(125)
(7,015)
31 December 2022
338,354
101,146
10,975
450,475
Additions
56,379
-
273
56,652
Other movements
313
-
307
620
Exchange differences
2,670
-
(12)
2,658
At 31 December 2023
397,716
101,146
11,543
510,405
\n \n
Other
Exploration and
Intangible
($\u2019000)
evaluation assets
Goodwill
assets
Total
Accumulated amortisation and impairments:
At 1 January 2022
83,279
-
4,766
88,045
Charge for the period
39
-
595
634
Impairment
47,240
18,310
-
65,550
Exchange differences
(110)
-
(22)
(132)
31 December 2022
130,448
18,310
5,339
154,097
Charge for the period
46
-
932
978
Impairment
26,583
2,175
-
28,758
Exchange differences
1,197
-
(14)
1,183
31 December 2023
158,274
20,485
6,257
185,016
Net carrying amount
At 31 December 2022
207,906
82,836
5,636
296,378
At 31 December 2023
239,442
80,661
5,286
325,389
Cash flow statement reconciliations:
\n \n
Payment for additions to intangible assets ($\u2019000)
2023
2022
Additions to intangible assets
56,652
141,024
Associated cash flows
Payment for additions to intangible assets
(105,024)
(64,414)
Non-cash movements/presented in other cash flow lines
Movement in working capital
48,372
(76,610)
Goodwill arises principally because of the requirement to recognise deferred tax assets and liabilities for
the difference between the assigned values and the tax bases of assets acquired and liabilities assumed
in a business combination. Total impairment of $28.8 million was recognised in the period for projects
that will not progress to development. The Group exited Isabella licence in December 2023 and as a result
the related exploration asset ($26.6 million) and goodwill ($2.2 million) were impaired.
The remaining goodwill balance is in relation to the Israel CGU ($75.8 million), and UK ($4.8 million). We
have performed the annual goodwill impairment test and note that no reasonably possible change would
result in impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f21474": { "value": "13
Intangible assets
\n \n
Other
Exploration and
Intangible
($\u2019000)
evaluation assets
Goodwill
assets
Total
Intangible assets at Cost:
At 1 January 2022
205,333
101,146
9,707
316,186
Additions
139,911
-
1,113
141,024
Other movements
-
-
280
280
Exchange differences
(6,890)
-
(125)
(7,015)
31 December 2022
338,354
101,146
10,975
450,475
Additions
56,379
-
273
56,652
Other movements
313
-
307
620
Exchange differences
2,670
-
(12)
2,658
At 31 December 2023
397,716
101,146
11,543
510,405
\n \n
Other
Exploration and
Intangible
($\u2019000)
evaluation assets
Goodwill
assets
Total
Accumulated amortisation and impairments:
At 1 January 2022
83,279
-
4,766
88,045
Charge for the period
39
-
595
634
Impairment
47,240
18,310
-
65,550
Exchange differences
(110)
-
(22)
(132)
31 December 2022
130,448
18,310
5,339
154,097
Charge for the period
46
-
932
978
Impairment
26,583
2,175
-
28,758
Exchange differences
1,197
-
(14)
1,183
31 December 2023
158,274
20,485
6,257
185,016
Net carrying amount
At 31 December 2022
207,906
82,836
5,636
296,378
At 31 December 2023
239,442
80,661
5,286
325,389
Cash flow statement reconciliations:
\n \n
Payment for additions to intangible assets ($\u2019000)
2023
2022
Additions to intangible assets
56,652
141,024
Associated cash flows
Payment for additions to intangible assets
(105,024)
(64,414)
Non-cash movements/presented in other cash flow lines
Movement in working capital
48,372
(76,610)
Goodwill arises principally because of the requirement to recognise deferred tax assets and liabilities for
the difference between the assigned values and the tax bases of assets acquired and liabilities assumed
in a business combination. Total impairment of $28.8 million was recognised in the period for projects
that will not progress to development. The Group exited Isabella licence in December 2023 and as a result
the related exploration asset ($26.6 million) and goodwill ($2.2 million) were impaired.
The remaining goodwill balance is in relation to the Israel CGU ($75.8 million), and UK ($4.8 million). We
have performed the annual goodwill impairment test and note that no reasonably possible change would
result in impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f21475": { "value": "13
Intangible assets
\n \n
Other
Exploration and
Intangible
($\u2019000)
evaluation assets
Goodwill
assets
Total
Intangible assets at Cost:
At 1 January 2022
205,333
101,146
9,707
316,186
Additions
139,911
-
1,113
141,024
Other movements
-
-
280
280
Exchange differences
(6,890)
-
(125)
(7,015)
31 December 2022
338,354
101,146
10,975
450,475
Additions
56,379
-
273
56,652
Other movements
313
-
307
620
Exchange differences
2,670
-
(12)
2,658
At 31 December 2023
397,716
101,146
11,543
510,405
\n \n
Other
Exploration and
Intangible
($\u2019000)
evaluation assets
Goodwill
assets
Total
Accumulated amortisation and impairments:
At 1 January 2022
83,279
-
4,766
88,045
Charge for the period
39
-
595
634
Impairment
47,240
18,310
-
65,550
Exchange differences
(110)
-
(22)
(132)
31 December 2022
130,448
18,310
5,339
154,097
Charge for the period
46
-
932
978
Impairment
26,583
2,175
-
28,758
Exchange differences
1,197
-
(14)
1,183
31 December 2023
158,274
20,485
6,257
185,016
Net carrying amount
At 31 December 2022
207,906
82,836
5,636
296,378
At 31 December 2023
239,442
80,661
5,286
325,389
Cash flow statement reconciliations:
\n \n
Payment for additions to intangible assets ($\u2019000)
2023
2022
Additions to intangible assets
56,652
141,024
Associated cash flows
Payment for additions to intangible assets
(105,024)
(64,414)
Non-cash movements/presented in other cash flow lines
Movement in working capital
48,372
(76,610)
Goodwill arises principally because of the requirement to recognise deferred tax assets and liabilities for
the difference between the assigned values and the tax bases of assets acquired and liabilities assumed
in a business combination. Total impairment of $28.8 million was recognised in the period for projects
that will not progress to development. The Group exited Isabella licence in December 2023 and as a result
the related exploration asset ($26.6 million) and goodwill ($2.2 million) were impaired.
The remaining goodwill balance is in relation to the Israel CGU ($75.8 million), and UK ($4.8 million). We
have performed the annual goodwill impairment test and note that no reasonably possible change would
result in impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f21862": { "value": "14
Net deferred tax (liability)/asset
\n \n
Accrued
Right of
Prepaid
expenses and
Property,
use
expenses
Deferred
Retirement
other
Deferred tax
plant and
asset
Decom-
and other
Tax
expenses
benefit
short-term
(liabilities)/assets ($\u2019000)
equipment
IFRS 16
missioning
receivables
Inventory
losses
for tax
liability
liabilities
Total
At 1 January 2022
(140,553)
(990)
89,440
(1,571)
183
120,180
11,030
266
9,388
87,373
Increase/(decrease) for the period through:
Profit or loss (Note 10)
(11,836)
(103)
41,688
1,642
265
83,814
(4,822)
(22)
(214)
110,412
Other
comprehensive income
(64)
(2,799)
(2,863)
Exchange difference
3,466
15
(4,882)
115
(8)
(6,986)
(15)
(515)
(8,810)
31 December 2022
(148,923)
(1,078)
126,246
186
440
197,008
6,208
165
5,860
186,112
Increase/(decrease) for the period through:
Profit or loss (Note 10)
(13,874)
(2,644)
(26,955)
(2,225)
(440) (57,185)
(630)
163
3,958
(99,832)
Other
comprehensive income
-
-
-
-
-
-
-
38
-
38
Exchange difference
(1,197)
(15)
4,269
(12)
6
5,043
3
304
8,401
31 December 2023
(163,994)
(3,737)
103,560
(2,051)
6
144,866
5,578
369
10,122
94,719
\n \n
($'000)
2023
2022
Deferred tax liabilities
(122,785)
(56,114)
Deferred tax assets
217,504
242,226
94,719
186,112
At 31 December 2023 the Group had gross unused tax losses of $907.4 million (as of 31 December 2022:
$1,093.8 million) available to offset against future profits and other temporary differences. A deferred tax
asset of $144.9 million (2022: $197.0 million) has been recognised on tax losses of $571.5 million, based
on the forecasted profits. The Group did not recognise deferred tax on tax losses and other differences
of total amount of $655.1 million.
In Greece, Italy and the UK, the net DTA for carried forward losses recognised in excess of the other net
taxable temporary differences was $77.8 million, $19.6 million and $10.8 million (2022: $69.2 million,
$33.4 million and $15.1 million) respectively.
An additional DTA of $109.3 million (2022: $124.6 million)
arose primarily in respect of deductible temporary differences related to property, plant and equipment,
decommissioning provisions and accrued expenses, resulting in a total DTA of $217.5 million (2022:
$242.2 million). During the period, Italy recognised a DTA of $19.6 million on tax losses of $81.6 million
in accordance with its latest tax losses utilisation forecast.
Greek tax losses (Prinos area) can be carried forward without limitation up until the relevant concession
agreement expires (by 2039), whereas the tax losses in Israel, Italy and the United Kingdom can be carried
forward indefinitely. Based on the Prinos area forecasts (including the Epsilon development), the deferred
tax asset is fully utilised by 2032. In Italy, deferred tax asset of $94.6 million recognised on
decommissioning costs scheduled up to the year the Italian assets expect to enter into a declining phase
assuming that there still be available profits from Cassiopea asset and other long-lived assets. Finally, in
the UK, decommissioning losses is expected to be tax relieved up until 2028 in accordance with the latest
taxable profits forecasts.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22271": { "value": "15
Cash and cash equivalents
\n \n
($'000)
2023
2022
Cash and bank deposits
346,772
427,888
346,772
427,888
Bank demand deposits comprise deposits and other short-term money market deposit accounts that are
readily convertible into known amounts of cash. The effective interest rate on short term bank deposits
was 4.371% for the year ended 31 December 2023 (2022: 1.716%).", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22300": { "value": "16
Restricted cash
Restricted cash comprises cash retained under the Israel Senior Secured Notes and the Greek State Loan
requirement as follows:
Current
The current portion of restricted cash at 31 December 2023 was $22.48 million. It mainly relates to the
March 2024 coupon payment on Senior Secured Notes.
In 2022 it was $71.8 million comprising $3 million for bank guarantees and $68.8 million for debt
repayment fund.
Non-current
The cash restricted for more than 12 months after the reporting date was $3.1 million (2022: $3.0 million)
mainly comprising $2.3 million (2022: $2.3 million) held on the Interest Service Reserve Account (\u201c
ISRA
\u201d)
in relation to the Greek Loan Notes and $0.8 million (2022: $0.7 million) for Prinos Guarantee.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22327": { "value": "17
Inventories
\n \n
($'000)
2023
2022
Crude oil
55,414
35,681
Hydrocarbon liquids
1,685
2,367
Gas
553
383
Raw materials and supplies
52,474
54,916
Total inventories
110,126
93,347
The Group\u2019s raw materials and supplies consumption for the year ended 31 December 2023 was $10.3
million (2022: $6.4 million).
In 2022 the Group wrote off $1.2 million of materials (note 7e).", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22378": { "value": "18
Trade and other receivables
\n \n
($'000)
2023
2022
Trade and other receivables \u2013 current
Financial items:
Trade receivables
297,305
215,215
Receivables from partners under JOA
1,996
4,539
Other receivables
119
9,479
2,344
Government subsidies
120
82
3,025
Refundable VAT
19,273
89,400
Accrued interest income
1,016
1,445
329,151
315,968
Non-financial items:
Deposits and prepayments
121
19,174
15,084
Other deferred expense
4,932
6,912
24,106
21,996
353,257
337,964
Trade and other receivables \u2013 non-current
Financial items:
Other tax recoverable
15,544
14,701
15,544
14,701
119
Other receivables mainly comprise the consideration receivable from INGL as discussed in note 24.
120
Government subsidies relate to grants from Greek Public Body for Employment and Social Inclusion (OAED) to financially
support the Kavala Oil S.A. labour cost from manufacturing under the action plan for promoting sustainable employment in
underdeveloped or deprived districts of Greece, such as the area of Kavala. In September 2020, the Greek Government issued
a law and a subsequent ministerial decision whereby any legal person who has launched legal proceedings in relation to the
aforementioned employment costs, may set off such receivables against tax liabilities provided the judicial proceedings already
commenced are abandoned. Energean investigated the process and potential benefits of this approach decided to apply for
the set off which has been approved and the first offset was in January 2023 decreasing the receivable.
121
Included in deposits and prepayments, are mainly prepayments for goods and services under the GSP Engineering,
Procurement, Construction and Installation Contract (EPCIC) for Epsilon project.
\n \n
($'000)
2023
2022
Non-financial items:
Deposits and prepayments
17,612
11,726
Other non-current assets
526
513
18,138
12,239
33,682
26,940
The table below summarises the maturity profile of the Group receivables:
\n \n
31 December 2023
Carrying
Contractual
3 months
3\u201312
($\u2019000)
amounts
cash flows
or less
months
1\u20132 years
2\u20135 years
Trade receivables
297,305
305,436
237,559
56,781
11,096
-
Government
82
82
-
82
-
-
subsidies
Refundable VAT
19,273
19,273
1,196
18,077
-
-
Receivables from
1,996
1,996
1,996
-
-
-
partners under JOA
Other receivables
9,479
9,479
6,994
2,485
-
-
Other
15,544
15,544
-
-
15,544
tax recoverable
Total
343,679
351,810
247,745
77,425
26,640
-
\n \n
31 December 2022
Carrying
Contractual
3 months
3\u201312
($\u2019000)
amounts
cash flows
or less
months
1\u20132 years
2\u20135 years
Trade receivables
215,215
218,709
198,665
13,949
6,095
-
Government
3,025
3,025
-
3,025
-
-
subsidies
Refundable VAT
89,400
89,400
19,487
50,061
19,852
-
Receivables from
4,539
4,539
4,539
-
-
-
partners under JOA
Other receivables
2,344
2,344
1,027
1,317
-
-
Other tax
14,701
14,701
-
-
14,701
recoverable
Total
329,224
332,718
223,718
68,352
40,648
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22893": { "value": "19
Share capital
On 30 June 2017, the Company became the parent company of the Group through the acquisition of the
full share capital of Energean E&P Holdings Ltd., in exchange for 65,643,120 \u00a30.01 ($0.013) shares in the
Company issued to the previous shareholders. As of this date, the Company\u2019s share capital increased
from \u00a350 thousand ($65k) to \u00a3706 thousand ($917k). From that point, in the consolidated financial
statements, the share capital became that of Energean plc. The previously recognised share capital of
$14.9 million and share premium of $125.8 million was eliminated with a corresponding positive merger
reserve recognised of $139.9 million. The below tables outline the share capital of the Company.
The share premium account represents the total net proceeds on issue of the Company\u2019s shares in
excess of their nominal value of \u00a30.01 per share less amounts transferred to any other reserves.
On 14 June 2022, Energean plc by special resolution reduced its share premium account, as confirmed
by an Order of the High Court of Justice.
\n \n
Equity share
capital
Share
Share
allotted and
capital
premium
Issued and authorised
fully paid
($\u2019000)
($\u2019000)
At 1 January 2022
177,602,560
2,374
915,388
Issued during the year
New shares
-
-
-
Share based payment
437,945
6
-
Share premium reduction
-
-
(500,000)
At 31 December 2022
178,040,505
2,380
415,388
Issued during the year
New shares
4,422,013
57
49,943
Share based payment
1,018,441
12
-
At 31 December 2023
183,480,959
2,449
465,331
The issuance of new shares pertains to the settlement of the convertible loan note on 20 December 2023,
as detailed in note 21.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f22894": { "value": "19
Share capital
On 30 June 2017, the Company became the parent company of the Group through the acquisition of the
full share capital of Energean E&P Holdings Ltd., in exchange for 65,643,120 \u00a30.01 ($0.013) shares in the
Company issued to the previous shareholders. As of this date, the Company\u2019s share capital increased
from \u00a350 thousand ($65k) to \u00a3706 thousand ($917k). From that point, in the consolidated financial
statements, the share capital became that of Energean plc. The previously recognised share capital of
$14.9 million and share premium of $125.8 million was eliminated with a corresponding positive merger
reserve recognised of $139.9 million. The below tables outline the share capital of the Company.
The share premium account represents the total net proceeds on issue of the Company\u2019s shares in
excess of their nominal value of \u00a30.01 per share less amounts transferred to any other reserves.
On 14 June 2022, Energean plc by special resolution reduced its share premium account, as confirmed
by an Order of the High Court of Justice.
\n \n
Equity share
capital
Share
Share
allotted and
capital
premium
Issued and authorised
fully paid
($\u2019000)
($\u2019000)
At 1 January 2022
177,602,560
2,374
915,388
Issued during the year
New shares
-
-
-
Share based payment
437,945
6
-
Share premium reduction
-
-
(500,000)
At 31 December 2022
178,040,505
2,380
415,388
Issued during the year
New shares
4,422,013
57
49,943
Share based payment
1,018,441
12
-
At 31 December 2023
183,480,959
2,449
465,331
The issuance of new shares pertains to the settlement of the convertible loan note on 20 December 2023,
as detailed in note 21.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23047": { "value": "20
Dividends
In line with Energean\u2019s dividend policy, Energean returned $1.2/share to shareholders in 2023,
representing four quarters of dividend payments. $0.60/share was returned to shareholders in 2022,
representing two quarters of dividend payments (maiden dividend was declared in September 2022).
\n \n
$ cents per share
($\u2019000)
2023
2022
2023
2022
Dividends announced and paid in cash
Ordinary shares
March
30
-
53,252
-
June
30
-
53,411
-
September
30
30
53,518
53,252
December
30
30
53,517
53,252
Total
120
60
213,698
106,504
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23149": { "value": "21
Borrowings
\n \n
($\u2019000)
2023
2022
Non-current
Bank borrowings \u2013 after one year but within five years
4.5% Senior Secured notes due 2024 ($625 million)
-
620,461
4.875% Senior Secured notes due 2026 ($625 million)
619,932
617,912
Bank borrowings \u2013 more than five years
6.5% Senior Secured notes due 2027 ($450 million)
444,313
442,879
5.375% Senior Secured notes due 2028 ($625 million)
618,145
616,767
5.875% Senior Secured notes due 2031 ($625 million)
616,762
615,890
8.50% Senior Secured notes due 2033 ($750 million)
733,653
-
BSTDB Loan and Greek State Loan Notes
108,392
61,437
Carrying value of non-current borrowings
3,141,197
2,975,346
Current
Revolving credit facility
80,000
-
Convertible loan notes ($50 million)
-
45,550
Carrying value of current borrowings
80,000
45,550
Carrying value of total borrowings
3,221,197
3,020,896
The Group has provided security in respect of certain borrowings in the form of share pledges, as well as
fixed and floating charges over certain assets of the Group.
$2,500,000,000 senior secured notes:
On 24 March 2021, the Group completed the issuance of $2.5 billion aggregate principal amount of senior
secured notes.
The Notes have been issued in four series as follows:
\u2022
Notes in an aggregate principal amount of $625 million, maturing on 30 March 2024, with a fixed
annual interest rate of 4.500%.
\u2022
Notes in an aggregate principal amount of $625 million, maturing on 30 March 2026, with a fixed
annual interest rate of 4.875%.
\u2022
Notes in an aggregate principal amount of $625 million, maturing on 30 March 2028, with a fixed
annual interest rate of 5.375%.
\u2022
Notes in an aggregate principal amount of $625 million, maturing on 30 March 2031, with a fixed
annual interest rate of 5.875%.
The Notes are listed for trading on the TACT Institutional of the Tel Aviv Stock Exchange Ltd. (\u201c
TASE
\u201d).
The Company had undertaken to provide the following collateral in favour of the Trustee:
\u2022
First rank Fixed charges over the shares of Energean Israel Ltd., Energean Israel Finance Ltd. and
Energean Israel Transmission Ltd., the Karish & Tanin Leases, the gas sales purchase
agreements (\u201c
GSPAs
\u201d), several bank accounts, Operating Permits (once issued), Insurance
policies, the Company exploration licenses (Block 12, Block 21, Block 23, Block 31) and the INGL
Agreement.
\u2022
Floating charge over all of the present and future assets of Energean Israel Ltd. and Energean
Israel Finance Ltd.
\u2022
Energean Power FPSO (subject to using commercially reasonable efforts, including obtaining
Israel Petroleum Commissioner approval and any other applicable governmental authority).
The March 2024 notes of $625 million were repaid on 30 September 2023.
$750,000,000 senior secured notes:
On the 11 July 2023 Energean priced the offering of $750 million aggregate principal amount of senior
secured notes due 30 September 2033, with a fixed annual interest rate of 8.5%. The interest on the Notes
will be paid semi-annually, on 30 March and 30 September of each year, beginning on 30 March 2024.
The Notes are listed for trading on the TASE-UP of the Tel Aviv Stock Exchange Ltd.
The notes are secured with the shares pledged and the mortgage of Energean Power FPSO and Operating
permit with respect to Karish Main.
The funds were released from escrow in September 2023 and were used to repay Energean Israel's $625
million notes due in March 2024 and pay fees and expenses associated with this refinancing, contribute
towards funding the interest payment reserve account, and contribute towards the payment of the final
deferred consideration to Kerogen in relation to the Group\u2019s previous acquisition in 2021 of the remaining
30% minority interest in Energean Israel.
Kerogen convertible loan:
On 25 February 2021, the Group completed the acquisition of the remaining 30% minority interest in
Energean Israel Ltd. from Kerogen Investments No.38 Ltd., Energean now owns 100% of Energean Israel
Ltd.
The total consideration included:
\u2022
An up-front payment of $175 million paid at completion of the transaction;
\u2022
Deferred cash consideration amounts totalling $180 million settled in two instalments: $30
million was paid in December 2023 with the rest repaid in July 2023; and
\u2022
$50 million of convertible loan notes (the \u201c
Convertible loan notes
\u201d), which have a maturity date
of 29 December 2023, a strike price of \u00a39.505 (equivalent to $13.40) (which was subject to
adjustments for dividend payments up until the maturity date), and were issued at a zero-coupon
rate.
On 20 December 2023, the loan was converted into equity, resulting in the issuance of 4,422,013 ordinary
shares at a conversion price of \u00a38.3843 per share (equivalent to $10.60).
$450,000,000 senior secured notes:
On 18th November 2021, the Group completed the issuance of $450 million of senior secured notes,
maturing on 30 April 2027 and carrying a fixed annual interest rate of 6.5%.
The interest on the notes is paid semi-annually on 30 April and 30 October of each year, beginning on 30
April 2022.
The notes are listed for trading on the Official List of the International Stock Exchange (\u201c
TISE
\u201d).
The issuer is Energean plc and the Guarantors are Energean E&P Holdings, Energean Capital Ltd. and
Energean Egypt Ltd.
The company undertook to provide the following collateral in favour of the Security Trustee:
\u2022
Share pledge of Energean Capital Ltd., Energean Egypt Ltd., Energean Italy Ltd.;
\u2022
Fixed charges over the material bank accounts of the Company and the Guarantors (other than
Energean Egypt Services JSC); and
\u2022
Floating charge over the assets of Energean plc (other than the shares of Energean E&P
Holdings).
Energean Oil and Gas SA (\u201cEOGSA\u201d) loan for Epsilon/Prinos Development:
On 27 December 2021 EOGSA entered into a loan agreement with Black Sea Trade and Development
Bank for \u20ac90.5 million to fund the development of Epsilon Oil Field. The loan is subject to an interest rate
of EURIBOR plus a margin of 2% on 90% of the loan (guaranteed portion) and 4.9% margin on 10% of the
loan (unguaranteed portion). The loan has a final maturity date 7 years and 11 months after first
disbursement.
On 27 December 2021 EOGSA entered into an agreement with Greek State to issue \u20ac9.5 million of notes
maturing in 8 years with fixed rate -0.31% plus margin. The margin commences at 3.0% in year 1 with
annual increases, reaching 6.5% in year 8.
At 31 December 2023 the loan was fully drawn.
Revolving Credit Facility (\u201cRCF\u201d):
On 8 September 2022, Energean signed a three-year $275 million RCF with a consortium of banks, led by
ING Bank N.V. In May 2023, this facility's limit was increased to $300 million. The RCF is designed to
provide additional liquidity for general corporate needs as necessary. The interest rate applied to any
amounts drawn as loans is set at 5% plus the SOFR rate.
Throughout 2023, the Company utilised $80 million from this facility at an average interest rate of 10.3%.
Of this amount, $40 million has been repaid subsequent to the reporting date.
Capital management
The Group defines capital as the total equity and net debt of the Group. Capital is managed in order to
provide returns for shareholders and benefits to stakeholders and to safeguard the Group\u2019s ability to
continue as a going concern.
Energean is not subject to any externally imposed capital requirements. To maintain or adjust the capital
structure, the Group may put in place new debt facilities, issue new shares for cash, repay debt, engage
in active portfolio management, adjust the dividend payment to shareholders, or undertake other such
restructuring activities as appropriate.
\n \n
($\u2019000)
2023
2022
Current borrowings
80,000
45,550
Non-current borrowings
3,141,197
2,975,346
Total borrowings
3,221,197
3,020,896
Less:
Cash and cash equivalents
(346,772)
(427,888)
Restricted cash
(25,606)
(74,776)
Net Debt
2,848,819
2,518,232
Total equity
686,115
650,198
Reconciliation of liabilities arising from financing activities
\n \n
Borrowing costs
including
amortisation of
Foreign
Cash
Cash
Reclass-
Lease
arrangement
exchange
31
($'000)
1 January
inflows
outflows
ification
Additions
modification
fees
impact
December
2023
3,335,646
905,038
(1,018,175)
(71,261)
38,222
8,860
224,123
1,069
3,423,522
Senior Secured Notes
2,913,909
750,000
(800,522)
(23,613)
-
-
193,009
-
3,032,783
Convertible loan notes
45,550
-
-
(50,000)
-
-
4,450
-
-
Current borrowings RCF
-
110,000
(30,000)
-
-
-
-
-
80,000
Long-term borrowings
61,437
45,038
(5,576)
1,257
-
-
6,104
154
108,414
Lease liabilities
32,272
-
(18,732)
1,095
38,222
8,860
2,464
915
65,096
Deferred licence payments
51,832
-
(13,345)
-
-
-
7,667
-
46,154
Contingent Consideration
86,320
-
-
-
-
-
4,755
-
91,075
Deferred
consideration
of
144,326
-
(150,000)
-
-
-
5,674
-
-
acquisition of minority
2022
3,294,460
63,463
(213,068)
(122)
949
(66)
194,984
(4,954)
3,335,646
Senior Secured Notes
2,905,631
-
(156,694)
-
-
-
164,972
-
2,913,909
Convertible loan notes
41,496
-
-
-
-
-
4,054
-
45,550
Long -term borrowings
-
63,463
-
-
-
-
1,743
(3,769)
61,437
Lease liabilities
44,425
-
(14,023)
(122)
949
(66)
2,294
(1,185)
32,272
Deferred licence payments
57,230
-
(12,351)
-
-
-
6,953
-
51,832
Contingent consideration
78,450
7,870
86,320
Deferred
consideration
of
167,228
-
(30,000)
-
-
-
7,098
-
144,326
acquisition of minority
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23150": { "value": "21
Borrowings
\n \n
($\u2019000)
2023
2022
Non-current
Bank borrowings \u2013 after one year but within five years
4.5% Senior Secured notes due 2024 ($625 million)
-
620,461
4.875% Senior Secured notes due 2026 ($625 million)
619,932
617,912
Bank borrowings \u2013 more than five years
6.5% Senior Secured notes due 2027 ($450 million)
444,313
442,879
5.375% Senior Secured notes due 2028 ($625 million)
618,145
616,767
5.875% Senior Secured notes due 2031 ($625 million)
616,762
615,890
8.50% Senior Secured notes due 2033 ($750 million)
733,653
-
BSTDB Loan and Greek State Loan Notes
108,392
61,437
Carrying value of non-current borrowings
3,141,197
2,975,346
Current
Revolving credit facility
80,000
-
Convertible loan notes ($50 million)
-
45,550
Carrying value of current borrowings
80,000
45,550
Carrying value of total borrowings
3,221,197
3,020,896
The Group has provided security in respect of certain borrowings in the form of share pledges, as well as
fixed and floating charges over certain assets of the Group.
$2,500,000,000 senior secured notes:
On 24 March 2021, the Group completed the issuance of $2.5 billion aggregate principal amount of senior
secured notes.
The Notes have been issued in four series as follows:
\u2022
Notes in an aggregate principal amount of $625 million, maturing on 30 March 2024, with a fixed
annual interest rate of 4.500%.
\u2022
Notes in an aggregate principal amount of $625 million, maturing on 30 March 2026, with a fixed
annual interest rate of 4.875%.
\u2022
Notes in an aggregate principal amount of $625 million, maturing on 30 March 2028, with a fixed
annual interest rate of 5.375%.
\u2022
Notes in an aggregate principal amount of $625 million, maturing on 30 March 2031, with a fixed
annual interest rate of 5.875%.
The Notes are listed for trading on the TACT Institutional of the Tel Aviv Stock Exchange Ltd. (\u201c
TASE
\u201d).
The Company had undertaken to provide the following collateral in favour of the Trustee:
\u2022
First rank Fixed charges over the shares of Energean Israel Ltd., Energean Israel Finance Ltd. and
Energean Israel Transmission Ltd., the Karish & Tanin Leases, the gas sales purchase
agreements (\u201c
GSPAs
\u201d), several bank accounts, Operating Permits (once issued), Insurance
policies, the Company exploration licenses (Block 12, Block 21, Block 23, Block 31) and the INGL
Agreement.
\u2022
Floating charge over all of the present and future assets of Energean Israel Ltd. and Energean
Israel Finance Ltd.
\u2022
Energean Power FPSO (subject to using commercially reasonable efforts, including obtaining
Israel Petroleum Commissioner approval and any other applicable governmental authority).
The March 2024 notes of $625 million were repaid on 30 September 2023.
$750,000,000 senior secured notes:
On the 11 July 2023 Energean priced the offering of $750 million aggregate principal amount of senior
secured notes due 30 September 2033, with a fixed annual interest rate of 8.5%. The interest on the Notes
will be paid semi-annually, on 30 March and 30 September of each year, beginning on 30 March 2024.
The Notes are listed for trading on the TASE-UP of the Tel Aviv Stock Exchange Ltd.
The notes are secured with the shares pledged and the mortgage of Energean Power FPSO and Operating
permit with respect to Karish Main.
The funds were released from escrow in September 2023 and were used to repay Energean Israel's $625
million notes due in March 2024 and pay fees and expenses associated with this refinancing, contribute
towards funding the interest payment reserve account, and contribute towards the payment of the final
deferred consideration to Kerogen in relation to the Group\u2019s previous acquisition in 2021 of the remaining
30% minority interest in Energean Israel.
Kerogen convertible loan:
On 25 February 2021, the Group completed the acquisition of the remaining 30% minority interest in
Energean Israel Ltd. from Kerogen Investments No.38 Ltd., Energean now owns 100% of Energean Israel
Ltd.
The total consideration included:
\u2022
An up-front payment of $175 million paid at completion of the transaction;
\u2022
Deferred cash consideration amounts totalling $180 million settled in two instalments: $30
million was paid in December 2023 with the rest repaid in July 2023; and
\u2022
$50 million of convertible loan notes (the \u201c
Convertible loan notes
\u201d), which have a maturity date
of 29 December 2023, a strike price of \u00a39.505 (equivalent to $13.40) (which was subject to
adjustments for dividend payments up until the maturity date), and were issued at a zero-coupon
rate.
On 20 December 2023, the loan was converted into equity, resulting in the issuance of 4,422,013 ordinary
shares at a conversion price of \u00a38.3843 per share (equivalent to $10.60).
$450,000,000 senior secured notes:
On 18th November 2021, the Group completed the issuance of $450 million of senior secured notes,
maturing on 30 April 2027 and carrying a fixed annual interest rate of 6.5%.
The interest on the notes is paid semi-annually on 30 April and 30 October of each year, beginning on 30
April 2022.
The notes are listed for trading on the Official List of the International Stock Exchange (\u201c
TISE
\u201d).
The issuer is Energean plc and the Guarantors are Energean E&P Holdings, Energean Capital Ltd. and
Energean Egypt Ltd.
The company undertook to provide the following collateral in favour of the Security Trustee:
\u2022
Share pledge of Energean Capital Ltd., Energean Egypt Ltd., Energean Italy Ltd.;
\u2022
Fixed charges over the material bank accounts of the Company and the Guarantors (other than
Energean Egypt Services JSC); and
\u2022
Floating charge over the assets of Energean plc (other than the shares of Energean E&P
Holdings).
Energean Oil and Gas SA (\u201cEOGSA\u201d) loan for Epsilon/Prinos Development:
On 27 December 2021 EOGSA entered into a loan agreement with Black Sea Trade and Development
Bank for \u20ac90.5 million to fund the development of Epsilon Oil Field. The loan is subject to an interest rate
of EURIBOR plus a margin of 2% on 90% of the loan (guaranteed portion) and 4.9% margin on 10% of the
loan (unguaranteed portion). The loan has a final maturity date 7 years and 11 months after first
disbursement.
On 27 December 2021 EOGSA entered into an agreement with Greek State to issue \u20ac9.5 million of notes
maturing in 8 years with fixed rate -0.31% plus margin. The margin commences at 3.0% in year 1 with
annual increases, reaching 6.5% in year 8.
At 31 December 2023 the loan was fully drawn.
Revolving Credit Facility (\u201cRCF\u201d):
On 8 September 2022, Energean signed a three-year $275 million RCF with a consortium of banks, led by
ING Bank N.V. In May 2023, this facility's limit was increased to $300 million. The RCF is designed to
provide additional liquidity for general corporate needs as necessary. The interest rate applied to any
amounts drawn as loans is set at 5% plus the SOFR rate.
Throughout 2023, the Company utilised $80 million from this facility at an average interest rate of 10.3%.
Of this amount, $40 million has been repaid subsequent to the reporting date.
Capital management
The Group defines capital as the total equity and net debt of the Group. Capital is managed in order to
provide returns for shareholders and benefits to stakeholders and to safeguard the Group\u2019s ability to
continue as a going concern.
Energean is not subject to any externally imposed capital requirements. To maintain or adjust the capital
structure, the Group may put in place new debt facilities, issue new shares for cash, repay debt, engage
in active portfolio management, adjust the dividend payment to shareholders, or undertake other such
restructuring activities as appropriate.
\n \n
($\u2019000)
2023
2022
Current borrowings
80,000
45,550
Non-current borrowings
3,141,197
2,975,346
Total borrowings
3,221,197
3,020,896
Less:
Cash and cash equivalents
(346,772)
(427,888)
Restricted cash
(25,606)
(74,776)
Net Debt
2,848,819
2,518,232
Total equity
686,115
650,198
Reconciliation of liabilities arising from financing activities
\n \n
Borrowing costs
including
amortisation of
Foreign
Cash
Cash
Reclass-
Lease
arrangement
exchange
31
($'000)
1 January
inflows
outflows
ification
Additions
modification
fees
impact
December
2023
3,335,646
905,038
(1,018,175)
(71,261)
38,222
8,860
224,123
1,069
3,423,522
Senior Secured Notes
2,913,909
750,000
(800,522)
(23,613)
-
-
193,009
-
3,032,783
Convertible loan notes
45,550
-
-
(50,000)
-
-
4,450
-
-
Current borrowings RCF
-
110,000
(30,000)
-
-
-
-
-
80,000
Long-term borrowings
61,437
45,038
(5,576)
1,257
-
-
6,104
154
108,414
Lease liabilities
32,272
-
(18,732)
1,095
38,222
8,860
2,464
915
65,096
Deferred licence payments
51,832
-
(13,345)
-
-
-
7,667
-
46,154
Contingent Consideration
86,320
-
-
-
-
-
4,755
-
91,075
Deferred
consideration
of
144,326
-
(150,000)
-
-
-
5,674
-
-
acquisition of minority
2022
3,294,460
63,463
(213,068)
(122)
949
(66)
194,984
(4,954)
3,335,646
Senior Secured Notes
2,905,631
-
(156,694)
-
-
-
164,972
-
2,913,909
Convertible loan notes
41,496
-
-
-
-
-
4,054
-
45,550
Long -term borrowings
-
63,463
-
-
-
-
1,743
(3,769)
61,437
Lease liabilities
44,425
-
(14,023)
(122)
949
(66)
2,294
(1,185)
32,272
Deferred licence payments
57,230
-
(12,351)
-
-
-
6,953
-
51,832
Contingent consideration
78,450
7,870
86,320
Deferred
consideration
of
167,228
-
(30,000)
-
-
-
7,098
-
144,326
acquisition of minority
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23405": { "value": "Capital management
The Group defines capital as the total equity and net debt of the Group. Capital is managed in order to
provide returns for shareholders and benefits to stakeholders and to safeguard the Group\u2019s ability to
continue as a going concern.
Energean is not subject to any externally imposed capital requirements. To maintain or adjust the capital
structure, the Group may put in place new debt facilities, issue new shares for cash, repay debt, engage
in active portfolio management, adjust the dividend payment to shareholders, or undertake other such
restructuring activities as appropriate.
\n \n
($\u2019000)
2023
2022
Current borrowings
80,000
45,550
Non-current borrowings
3,141,197
2,975,346
Total borrowings
3,221,197
3,020,896
Less:
Cash and cash equivalents
(346,772)
(427,888)
Restricted cash
(25,606)
(74,776)
Net Debt
2,848,819
2,518,232
Total equity
686,115
650,198
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f23961": { "value": "22
Retirement benefit liability
The Group operates defined benefit pension plans in Greece and Italy.
Under Italian law, Energean Italy S.p.a. is required to operate a Target Retirement Fund \u201cTFR\u201d for its local
employees. This is technically a defined benefit scheme, though has no pension assets, with the liability
measured by independent actuaries.
In accordance with the provisions of Greek labour law, employees are entitled to compensation in case
of dismissal or retirement. The amount of compensation varies depending on salary, years of service and
the manner of termination (dismissal or retirement). Employees who resign are not entitled to
compensation. The compensation payable in case of retirement is equal to 40% of the compensation
which would be payable in case of unjustified dismissal.
These plans are not funded and are defined benefit plans in accordance with IAS 19. The Group charges
the accrued benefits in each period with a corresponding increase in the relative actuarial liability. The
payments made to retirees in every period are charged against this liability. The liabilities of the Group
arising from the obligation to pay termination indemnities are determined through actuarial studies,
conducted by independent actuaries.
22.1
Provision for retirement benefits
\n \n
($\u2019000)
2023
2022
Defined benefit obligation
1,595
1,675
Provision for retirement benefits recognised
1,595
1,675
Allocated as:
Non-current portion
1,595
1,675
1,595
1,675
22.2
Defined benefit obligation
\n \n
($\u2019000)
2023
2022
At 1 January
1,675
2,766
Current service cost
88
163
Interest cost
59
52
Extra payments or expenses
1
3,233
Actuarial losses \u2013 from changes in financial assumptions
161
(267)
Benefits paid
(433)
(4,100)
Exchange differences
44
(172)
At 31 December
1,595
1,675
22.3
Actuarial assumptions and risks
The most recent actuarial valuation was carried out as of 31 December 2023 and it was based on the
following key assumptions:
\n \n
2023
2022
Greece
Discount rate
3.57%
4.10%
Expected rate of salary increases
3.54%
3.54%
Average life expectancy over retirement age
24.0 years
19.7 years
Inflation rate
2.10%
2.20%
Italy
Discount rate
3.20%
0.94%
Expected rate of salary increases
N/A
N/A
Average life expectancy over retirement age
17.1 years
20.9 years
Inflation rate
2.00%
2.00%
Sensitivity analysis
The sensitivity analysis below shows the impact on the defined benefit obligation of changing each
assumption while not changing all other assumptions. This analysis may not be representative of the
actual change in the defined benefit obligation as it is unlikely that the change in the assumptions would
occur in isolation of one another as some of the assumptions may be correlated.
\n \n
($\u2019000)
2023
2022
Greece
Percentage Effect on defined benefit obligation
Change + 0.5% in Discount rate
-3%
-3%
Change \u2013 0.5% in Discount rate
3%
3%
Change +0.5% in Expected rate of salary increases
3%
3%
Change -0.5% in Expected rate of salary increases
-3%
-3%
Italy
Percentage Effect on defined benefit obligation
Change + 0.5% in Discount rate
-1%
-1%
Change \u2013 0.5% in Discount rate
1%
1%
($\u2019000)
2023
2022
Greece
Percentage Effect on current service cost
Change + 0.5% in Discount rate
-4%
-4%
Change \u2013 0.5% in Discount rate
4%
4%
Change +0.5% in Expected rate of salary increases
4%
5%
Change -0.5% in Expected rate of salary increases
-4%
-5%
The amounts presented reflect the impact from the percentage increase/(decrease) in the given
assumption by +/- 0.5% on the defined benefit obligation and current service cost, while holding all other
assumptions constant.
The plan exposes the Group to actuarial risks such as interest rate risk, longevity changes and inflation
risk.
Interest rate risk
The present value of the defined benefit liability is calculated using a discount rate determined by
reference to market yields of high-quality corporate bonds. The estimated term of the bonds is consistent
with the estimated term of the defined benefit obligation and it is denominated in Euro. A decrease in
market yield on high quality corporate bonds will increase the Group\u2019s defined benefit liability.
Longevity of members
Any increase in the life expectancy of the members will increase the defined benefit liability.
Inflation risk
A significant proportion of the defined benefit liability is linked to inflation. An increase in the inflation rate
will increase the Group\u2019s defined benefit liability.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f24330": { "value": "23
Provisions
\n \n
Provision for
litigation and
($'000)
Decommissioning
other claims
Total
At 1 January 2022
802,098
11,294
813,392
New provisions
-
1,619
1,619
Change in estimates
49,313
(551)
48,762
Recognised in property, plant and equipment
21,685
21,685
Recognised in profit& loss
27,628
(551)
27,077
Spend
(8,898)
(344)
(9,242)
Reclassification
-
(1,568)
(1,568)
Unwinding of discount
21,495
-
21,495
Currency translation adjustment
(55,251)
(1,104)
(56,355)
At 31 December 2022
808,757
9,346
818,103
Current provisions
8,376
-
8,376
Non-current provisions
800,381
9,346
809,727
At 1 January 2023
808,757
9,346
818,103
New provisions
4,913
-
4,913
Change in estimates
(24,413)
(2,076)
(26,489)
Recognised in property, plant and equipment
(7,417)
-
(7,417)
Recognised in profit& loss
(16,996)
(2,076)
(19,072)
Spend
(18,697)
-
(18,697)
Reclassification
(1,023)
-
(1,023)
Unwinding of discount
31,255
-
31,255
Currency translation adjustment
29,884
240
30,124
At 31 December 2023
830,676
7,510
838,186
\n \n
Provision for
litigation and
($'000)
Decommissioning
other claims
Total
Current provisions
51,824
-
51,824
Non-current provisions
778,852
7,510
786,362
Decommissioning provision
The decommissioning provision represents the present value of decommissioning costs relating to oil
and gas properties, which are expected to be incurred up to 2044 when the producing oil and gas
properties are expected to cease operations. The future costs are based on a combination of estimates
from an external study completed in previous years and internal estimates. These estimates are reviewed
annually to take into account any material changes to the assumptions. However, actual
decommissioning costs will ultimately depend upon future market prices for the necessary
decommissioning works required that will reflect market conditions at the relevant time. Furthermore,
the timing of decommissioning is likely to depend on when the fields cease to produce at economically
viable rates. This, in turn, will depend upon future oil and gas prices and the impact of energy transition
and the pace at which it progresses which are inherently uncertain. The decommissioning provision
represents the present value of decommissioning costs relating to assets in Italy, Greece, UK, Israel and
Croatia. No provision is recognised for Egypt as there is no legal or constructive obligation as at 31
December 2023.
The principal assumptions used in determining decommissioning obligations for the Group are shown
below:
\n \n
Discount
Cessation of
Inflation
rate
production
Spend in
2023
2022
assumption
assumption
assumption
2023
($'000)
($'000)
Greece
1.8%- 2.7%
3.08%
2034
-
19,359
13,036
Italy
3.0%- 2.0%
4.17%
2023\u20132039
8,831
497,827
519,749
UK
2.34%
3.31%
2023\u20132030
9,866
202,874
176,063
Israel
3.0%- 1.6%
4.18%
2044
-
92,613
84,299
Croatia
3.0%- 2.0%
4.17%
2036
-
18,003
15,610
Total
18,697
830,676
808,757
Litigation and other claims provisions
Litigation and other claim provision relates to litigation actions currently open in Italy with the Termoli
Port Authority in respect of the fees payable under the marine concession regarding FSO Alba Marina
serving the Rospo Mare field in Italy. Energean Italy S.p.a. has appealed these cases to the Campobasso
Court of Appeal. None of the other cases has yet had a decision on the substantive issue. The Group
provided \u20ac5.6 million (c$6.0 million) against an adverse outcome of these court cases.
Energean Italy S.p.a. has currently open litigations with three municipalities in Italy related to the
imposition of real estate municipality taxes (\u201c
IMU/TASI
\u201d), interest and related penalties concerning the
periods 2016 to 2019. For the years before 2019, Edison S.p.a. bears uncapped liability for any amount
assessed according to the sale and purchase agreement (\u201c
SPA
\u201d) signed between the companies while
Energean is liable for any tax liability related to tax year 2019. For all three cases, Energean Italy S.p.a.
(together with Edison S.p.a., as appropriate) filed appeals presenting strong legal and technical
arguments for reducing the assessed taxes to the lowest possible level as well as cancelling entirely the
imposed penalties. The Group strongly believes based on legal advice received that the outcome of the
court decisions will be in its favour with no material exposure expected in excess of the provision of $2.1
million recognised.
The remaining balance in other provisions pertains to a minor potential claim in Egypt.
It is not currently possible to accurately predict the timing of the settlement of these claims and therefore
the expected timing of the cash flows.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f24783": { "value": "24
Trade and other payables
\n \n
($\u2019000)
2023
2022
Trade and other payables \u2013 current
Financial items:
Trade accounts payable
225,451
298,091
Payables to partners under JOA
122
170,470
58,336
Deferred licence payments due within one year
46,154
13,345
Deferred consideration for acquisition of minority
-
144,326
Other payables
123
53,756
34,644
Contingent consideration (note 26.1)
91,075
-
Short term lease liability
16,498
9,208
Deferred income
548
VAT payable
20
603,972
557,950
Non-financial items:
Accrued expenses
124
65,033
98,650
Contract liability
125
-
56,230
Other finance costs accrued (note 9)
63,893
39,672
Social insurance and other taxes
4,705
4,372
133,631
198,924
737,603
756,874
Trade and other payables \u2013 non-current
Financial items:
Trade and other payables
126
117,796
169,360
Deferred licence payments
127
-
38,488
Contingent consideration (note 26.1)
-
86,320
122
Payables to partners under JOA include payables and working capital estimates provided by the operators. Increase in 2023 is
due to Cassiopea development, in Italy.
123
Other payables mainly comprise royalties accrued in Israel (2023: $32 million, 2022: $6.7 million) and Italy (2023: $18 million,
2022: $27.3 million).
124
Included in trade payables and accrued expenses are mainly development expenditures incurred in Israel (mainly FPSO, Karish
North, Second oil train), development expenditure for Cassiopea project in Italy and NEA/NI project in Egypt.
125
The contract liability relates to the agreement with Israel Natural Gas Lines (\u201cINGL\u201d) for the transfer of title (the \u201cHand Over\u201d) of
the near shore and onshore segments of the infrastructure that delivers gas from the Energean Power FPSO into the Israeli
national gas transmission grid. The Hand Over became effective in March 2023. Following the Hand Over, INGL is responsible
for the operations and maintenance of this part of the infrastructure and the related asset (refer to Note 7) and contract liability
was derecognised. The final consideration ($7.3 million) became receivable after Handover and was recognised within other
receivables.
126
The amount represents a long-term amount payable in terms of the EPCIC contract. Following the amendment to the terms of
the deferred payment agreement with Technip signed in February 2024 the remaining amount payable under the EPCIC
contract reduced to $210 million. The amount is payable in twelve equal quarterly deferred payments starting in March and
therefore has been discounted at 8.668%. p.a. (being the yield rate of the senior secured loan notes, maturing in 2026, at the
date of agreeing the payment terms).
127
A settlement agreement was signed on 2 November 2023 in relation to remaining deferred consideration for Karish and Tanin
licences whereby it was agreed that the final amount owing would be paid in two instalments in March ($30.0 million) and May
2024 ($17.4 million). As at 31 December 2023 the total discounted deferred consideration was $46.2 million (as at 31 December
2022: $51.8 million).
\n \n
($\u2019000)
2023
2022
Long term lease liability
48,598
23,063
166,394
317,231
Non-financial items:
Social insurance
529
827
529
827
166,923
318,058
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f25041": { "value": "25
Employee share schemes
Analysis of share-based payment charge
\n \n
($\u2019000)
2023
2022
Energean Deferred Share Bonus Plan (\u201c
DSBP
\u201d)
1,913
1,332
Energean Long Term Incentive Plan (\u201c
LTIP
\u201d)
5,427
4,911
Total share-based payment charge
7,340
6,243
Capitalised to intangible and tangible assets
-
199
Expensed as administration expenses (note 8)
7,340
6,044
Total share-based payment charge
7,340
6,243
Energean Long Term Incentive Plan (\u201cLTIP\u201d)
Under the Energean plc's 2018 LTIP rules, Senior Executives may be granted conditional awards of shares
or nil cost options.
Nil cost options are normally exercisable from three to ten years following grant
provided an individual remains in employment. Awards are subject to performance conditions (including
Total Shareholder Return (\u201c
TSR
\u201d) normally measured over a period of three years. Vesting of awards or
exercise of nil cost options is generally subject to an individual remaining in employment except in certain
circumstances such as good leaver and change of control.
Awards may be subject to a holding period
following vesting.
No dividends are paid over the vesting period; however, Energean's Board may decide
at any time prior to the issue or transfer of the shares in respect of which an award is released that the
participant will receive an amount (in cash and/or additional Shares) equal in value to any dividends that
would have been paid on those shares on such terms and over such period (ending no later than the
Release Date) as the Board may determine. This amount may assume the reinvestment of dividends (on
such basis as the Board may determine) and may exclude or include special dividends.
The weighted average remaining contractual life for LTIP awards outstanding at 31 December 2023 was
1.2 year, number of shares outstanding 1,763,308 and weighted average price at grant date \u00a310.46 (or
$13.31).
There are further details of the LTIP in the Remuneration Report on pages 136\u2013165.
Deferred Share Bonus Plan (\u201cDSBP\u201d)
Under the DSBP, a portion of any annual bonus of a Senior Executive nominated by the Remuneration
Committee may be deferred into shares.
Deferred awards are usually granted in the form of conditional share awards or nil-cost options (or,
exceptionally, as cash-settled equivalents). Deferred awards usually vest two years after award although
may vest early on leaving employment or on a change of control.
The weighted average remaining contractual life for DSBP awards outstanding at 31 December 2023 was
0.8 year, number of shares outstanding 277,886 and weighted price at grant date \u00a311.54 ($14.69).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f25140": { "value": "26
Financial instruments
The Group is exposed to a variety of risks including commodity price risk, interest rate risk, credit risk,
foreign currency risk and liquidity risk. The use of derivative financial instruments is governed by the
Group\u2019s policies approved by the Board of Directors. Compliance with policies and exposure limits are
monitored and reviewed internally on a regular basis. The Group does not enter into or trade financial
instruments, including derivatives, for speculative purposes.
26.1
Fair values of financial assets and liabilities
The section below outlines the methodology the Group employs to come up with the fair values of various
financial assets and liabilities.
Contingent consideration
The share purchase agreement (\u201c
SPA
\u201d) dated 4 July 2019 between Energean and Edison S.p.a. provides
for a contingent consideration of up to $100.0 million subject to the commissioning of the Cassiopea
development gas project in Italy. The consideration was determined to be contingent on the basis of
future gas prices (\u201c
PSV
\u201d) recorded at the time of the at the time of first gas production at the Cassiopea
field, which is expected in 2024. No payment will be due if the arithmetic average of the year one (i.e., the
first year after first gas production) and year two (i.e., the second year after first gas production) Italian
PSV Natural Gas Futures prices is less than \u20ac10/Mwh when first gas production is delivered from the
field. $100 million is payable if that average price exceeds \u20ac20/Mwh. The fair value of the contingent
consideration is estimated by reference to the terms of the SPA and the simulated PSV pricing by
reference to the forecasted PSV pricing, historical volatility and a log normal distribution, discounted at
an estimated cost of debt
The contingent consideration to be payable on 1 October 2024 was estimated at acquisition date to
amount to $61.7 million, which discounted at the selected cost of debt resulted in a present value of
$55.2 million as at the acquisition date.
As at 31 December 2023, the two-year future curve of PSV prices increased from the date of acquisition
and indicate an average price in excess of \u20ac20/Mwh (the threshold for payment of $100 million), we
estimate the fair value of the contingent consideration as at 31 December 2023 to be $91.1 million based
on a Monte Carlo simulation (2022: $86.3 million).
The fair value of the consideration payable has been recognised at level 3 of the fair value hierarchy.
\n \n
Contingent consideration
2023
1 January
86,320
Fair value adjustment including
4,755
Discount unwinding
(1,855)
Unrealised loss on derivates
6,610
31 December
91,075
Fair values of other financial instruments
The following financial instruments are measured at amortised cost and are considered to have fair
values different to their book values:
\n \n
31 December 2023
31 December 2022
($\u2019000)
Carrying value
Fair value
Carrying value
Fair value
Senior Secured notes (note 21)
3,032,783
2,775,135
2,913,909
2,716,625
The fair value of the bond is within level 1 of the fair value hierarchy and has been estimated by
discounting future cash flows by the relevant market yield curve at the balance sheet date.
The fair values of other financial instruments not measured at fair value including cash and short-term
deposits, trade receivables and trade and other payables equate approximately to their carrying amounts.
26.2
Commodity price risk
The Group considers hedging activities as part of the ongoing financial risk management to protect
against commodity price volatility and to ensure the availability of cash flow for re-investment in capital
programmes that are driving business delivery.
No hedging contracts were entered into in 2023 and 2022.
26.3
Interest rate risk
The Group\u2019s policy is to minimise interest rate cash flow risk exposures on long-term financing. Longer-
term borrowings are therefore usually at fixed rates.
At 31 December 2023 the Group\u2019s exposure to interest rate risk is in relation to Greek borrowings and
RCF as all other borrowings are at fixed interest rates (refer to Note 21 details). The exposure to interest
rates for the Group\u2019s money market funds is considered immaterial.
\n \n
($\u2019000)
2023
2022
Impact on finance costs
Interest rates increase +0.5%
401
135
Interest rates decrease -0.5%
(401)
(135)
26.4
Credit risk
Credit risk arises when a failure by counterparties to discharge their obligations could reduce the amount
of future cash inflows from financial assets on hand at the reporting date. The Group has policies in place
to ensure that all of its transactions giving rise to credit risk are made with parties having an appropriate
credit history and monitors on a continuous basis the ageing profile of its receivables.
Also, the Group has policies to limit the amount of credit exposure to any banking institution, considering
among other factors the credit ratings of the banks with which deposits are held. Credit quality
information in relation to those banks is provided below.
With regard to the risk of potential losses caused by the failure of any of the counterparties the Company
interacts with to honour the commitments they have undertaken, the Group has implemented for some
time procedures and tools to evaluate and select counterparties based on their credit rating, constantly
monitoring its exposure to the various counterparties and implementing appropriate mitigating actions,
primarily aimed at recovering or transferring receivables.
Presented below is a breakdown of trade receivables by past due bracket:
\n \n
31 December
31 December
($\u2019000)
2023
2022
Trade receivables and receivables from partners under JOA
308,078
224,319
Allowance for impairment
(8,777)
(4,565)
Total
299,301
219,754
Trade receivables include balances from EGPC, the Egyptian governmental body that are significantly
aged.
\n \n
31 December 2023
31 December 2022
Trade
Trade
($\u2019000)
receivables
Allowance
receivables
Allowance
Not yet due
38,309
(2,022)
75,573
(2,377)
Past due by less than one month
14,200
(750)
27,654
(870)
Past due by one to three months
34,411
(1,816)
-
-
Past due by three to six months
33,684
(1,778)
11,032
(347)
Past due by more than six months
34,004
(1,795)
6,095
(192)
Total
154,608
(8,161)
120,354
(3,786)
Trade receivables by geography
\n \n
31 December
31 December
($\u2019000)
2023
2022
Italy
36,854
57,000
United Kingdom
2,260
6,491
Egypt
154,638
120,361
Greece
189
2,976
Israel
114,139
37,491
Total
308,080
224,319
Credit quality of bank deposits
The credit quality of the banks in which the Group keeps its deposits is assessed by reference to the
credit rating of these banks. Moody\u2019s credit ratings of the corresponding banks in which the Group keeps
its deposits is as follows:
\n \n
($'000)
2023
2022
Aa2
895
-
A1
30,769
294,505
A2
313,040
96,599
A3
75
31,084
BBB
21,098
30,826
BB
-
48,403
B
3
-
B3
6,488
1,247
372,368
502,664
The Company has assessed the recoverability of all cash balances and considers they are carried within
the consolidated statement of financial position at amounts not materially different to their fair value.
26.5
Foreign exchange risk
The Group is exposed to foreign exchange risk as it undertakes operations in various foreign currencies.
The key sources of the risk are attributed to the fact that the Group has certain subsidiaries with Euro
functional currencies in which a number of loan agreements denominated in $ and sales of crude oil are
additionally denominated in $.
The Group\u2019s exposure to foreign currency risk, as a result of financial instruments, at each reporting date
is shown in the table below. The amounts shown are the $ equivalent of the foreign currency amounts.
\n \n
Liabilities
Assets
($\u2019000)
2023
2022
2023
2022
United Kingdom Pounds (\u00a3)
134,415
43,433
104,371
16,008
Euro
862,698
816,719
1,175,741
653,420
CAD
18
17
-
-
NOK
22
7,977
1
22
ILS
7,874
9,354
30,441
19,383
SGD
-
63
-
109
EGP
263
727
4,951
16,983
Total
1,005,290
878,290
1,315,505
705,926
The following table reflects the sensitivity analysis for profit and loss results for the year and equity, taking into consideration for the periods presented foreign
exchange variation by +/- 10% with all other variables held constant.
\n \n
31 December 2023
USD
GBP
Euro
ILS
NOK
SGD
EGP
variation
variation
variation
variation
variation
variation
variation
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
Effect on profit before tax
(3,768)
2,996
(30)
(675)
(5,004)
4,886
2,257
(2,052)
-
-
-
-
32
(25)
Effect on pre-tax equity
(3,768)
2,996
(30)
(675)
(5,004)
4,886
2,257
(2,052)
-
-
-
-
32
(25)
\n \n
31 December 2022
USD
GBP
Euro
ILS
NOK
SGD
EGP
variation
variation
variation
variation
variation
variation
variation
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
Effect on profit before tax
12,927
(3,634)
(2,415)
1,883
(6,394)
6,986
5
(4) 1,003
(912)
(793)
721
25
25
Effect on pre-tax equity
12,927
(3,634)
(2,415)
1,883
(6,394)
6,986
5
(4) 1,003
(912)
(793)
721
25
25
The above calculations assume that interest rates remain the same as at the reporting date.
26.6
Liquidity risk
Liquidity 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 financial asset.
The 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 December 2023, the Group had available $235 million (2022:
$217 million) of undrawn committed borrowing facilities.
The undrawn facilities are in relation to the revolving credit facility and the term loan (refer to note 21 for
further details).
The following tables detail the Group\u2019s remaining contractual maturity for its financial liabilities. The
tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the
earliest date on which the Group can be required to pay. The table includes both interest and principal
cash flows.
The Group manages its liquidity risk by ongoing monitoring of its cash flows. Group management
prepares budgets and regular cash flow forecasts and takes appropriate actions to ensure available cash
deposits and credit lines with the banks are available to meet the Group\u2019s liabilities as they fall due.
The table below summarises the maturity profile of the Group financial liabilities based on contractual
undiscounted payments:
\n \n
Carrying
Contractual
3 months
3\u201312
More than
($'000)
amounts
cash flows
or less
months
1\u20132 years
2\u20135 years
5 years
31 December 2023
Bank
3,221,197
3,939,304
96,500
88,977
952,249
898,567
1,903,011
loans
Lease
65,096
74,656
4,279
14,302
27,919
12,378
15,778
liabilities
Trade and
705,270
740,980
251,215
349,765
140,000
-
-
other
payables
Total
3,991,563
4,754,940
351,994
453,044 1,120,168
910,945
1,918,789
\n \n
Carrying
Contractual
3 months
3\u201312
More than 5
($'000)
amounts
cash flows
or less
months
1\u20132 years
2\u20135 years
years
31 December 2022
Bank
2,975,346
3,869,648
64,453
98,480
910,680
1,291,207
1,504,828
loans
Lease
32,271
33,207
2,231
6,503
2,967
19,952
1,554
liabilities
Trade and
936,120
984,802
311,602
337,634
238,692
96,874
-
other
payables
Total
3,943,737
4,887,657
378,286
442,617 1,152,339
1,408,033
1,506,382
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f25149": { "value": "26.1
Fair values of financial assets and liabilities
The section below outlines the methodology the Group employs to come up with the fair values of various
financial assets and liabilities.
Contingent consideration
The share purchase agreement (\u201c
SPA
\u201d) dated 4 July 2019 between Energean and Edison S.p.a. provides
for a contingent consideration of up to $100.0 million subject to the commissioning of the Cassiopea
development gas project in Italy. The consideration was determined to be contingent on the basis of
future gas prices (\u201c
PSV
\u201d) recorded at the time of the at the time of first gas production at the Cassiopea
field, which is expected in 2024. No payment will be due if the arithmetic average of the year one (i.e., the
first year after first gas production) and year two (i.e., the second year after first gas production) Italian
PSV Natural Gas Futures prices is less than \u20ac10/Mwh when first gas production is delivered from the
field. $100 million is payable if that average price exceeds \u20ac20/Mwh. The fair value of the contingent
consideration is estimated by reference to the terms of the SPA and the simulated PSV pricing by
reference to the forecasted PSV pricing, historical volatility and a log normal distribution, discounted at
an estimated cost of debt
The contingent consideration to be payable on 1 October 2024 was estimated at acquisition date to
amount to $61.7 million, which discounted at the selected cost of debt resulted in a present value of
$55.2 million as at the acquisition date.
As at 31 December 2023, the two-year future curve of PSV prices increased from the date of acquisition
and indicate an average price in excess of \u20ac20/Mwh (the threshold for payment of $100 million), we
estimate the fair value of the contingent consideration as at 31 December 2023 to be $91.1 million based
on a Monte Carlo simulation (2022: $86.3 million).
The fair value of the consideration payable has been recognised at level 3 of the fair value hierarchy.
\n \n
Contingent consideration
2023
1 January
86,320
Fair value adjustment including
4,755
Discount unwinding
(1,855)
Unrealised loss on derivates
6,610
31 December
91,075
Fair values of other financial instruments
The following financial instruments are measured at amortised cost and are considered to have fair
values different to their book values:
\n \n
31 December 2023
31 December 2022
($\u2019000)
Carrying value
Fair value
Carrying value
Fair value
Senior Secured notes (note 21)
3,032,783
2,775,135
2,913,909
2,716,625
The fair value of the bond is within level 1 of the fair value hierarchy and has been estimated by
discounting future cash flows by the relevant market yield curve at the balance sheet date.
The fair values of other financial instruments not measured at fair value including cash and short-term
deposits, trade receivables and trade and other payables equate approximately to their carrying amounts.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f25265": { "value": "26.2
Commodity price risk
The Group considers hedging activities as part of the ongoing financial risk management to protect
against commodity price volatility and to ensure the availability of cash flow for re-investment in capital
programmes that are driving business delivery.
No hedging contracts were entered into in 2023 and 2022.
26.3
Interest rate risk
The Group\u2019s policy is to minimise interest rate cash flow risk exposures on long-term financing. Longer-
term borrowings are therefore usually at fixed rates.
At 31 December 2023 the Group\u2019s exposure to interest rate risk is in relation to Greek borrowings and
RCF as all other borrowings are at fixed interest rates (refer to Note 21 details). The exposure to interest
rates for the Group\u2019s money market funds is considered immaterial.
\n \n
($\u2019000)
2023
2022
Impact on finance costs
Interest rates increase +0.5%
401
135
Interest rates decrease -0.5%
(401)
(135)
26.4
Credit risk
Credit risk arises when a failure by counterparties to discharge their obligations could reduce the amount
of future cash inflows from financial assets on hand at the reporting date. The Group has policies in place
to ensure that all of its transactions giving rise to credit risk are made with parties having an appropriate
credit history and monitors on a continuous basis the ageing profile of its receivables.
Also, the Group has policies to limit the amount of credit exposure to any banking institution, considering
among other factors the credit ratings of the banks with which deposits are held. Credit quality
information in relation to those banks is provided below.
With regard to the risk of potential losses caused by the failure of any of the counterparties the Company
interacts with to honour the commitments they have undertaken, the Group has implemented for some
time procedures and tools to evaluate and select counterparties based on their credit rating, constantly
monitoring its exposure to the various counterparties and implementing appropriate mitigating actions,
primarily aimed at recovering or transferring receivables.
Presented below is a breakdown of trade receivables by past due bracket:
\n \n
31 December
31 December
($\u2019000)
2023
2022
Trade receivables and receivables from partners under JOA
308,078
224,319
Allowance for impairment
(8,777)
(4,565)
Total
299,301
219,754
Trade receivables include balances from EGPC, the Egyptian governmental body that are significantly
aged.
\n \n
31 December 2023
31 December 2022
Trade
Trade
($\u2019000)
receivables
Allowance
receivables
Allowance
Not yet due
38,309
(2,022)
75,573
(2,377)
Past due by less than one month
14,200
(750)
27,654
(870)
Past due by one to three months
34,411
(1,816)
-
-
Past due by three to six months
33,684
(1,778)
11,032
(347)
Past due by more than six months
34,004
(1,795)
6,095
(192)
Total
154,608
(8,161)
120,354
(3,786)
Trade receivables by geography
\n \n
31 December
31 December
($\u2019000)
2023
2022
Italy
36,854
57,000
United Kingdom
2,260
6,491
Egypt
154,638
120,361
Greece
189
2,976
Israel
114,139
37,491
Total
308,080
224,319
Credit quality of bank deposits
The credit quality of the banks in which the Group keeps its deposits is assessed by reference to the
credit rating of these banks. Moody\u2019s credit ratings of the corresponding banks in which the Group keeps
its deposits is as follows:
\n \n
($'000)
2023
2022
Aa2
895
-
A1
30,769
294,505
A2
313,040
96,599
A3
75
31,084
BBB
21,098
30,826
BB
-
48,403
B
3
-
B3
6,488
1,247
372,368
502,664
The Company has assessed the recoverability of all cash balances and considers they are carried within
the consolidated statement of financial position at amounts not materially different to their fair value.
26.5
Foreign exchange risk
The Group is exposed to foreign exchange risk as it undertakes operations in various foreign currencies.
The key sources of the risk are attributed to the fact that the Group has certain subsidiaries with Euro
functional currencies in which a number of loan agreements denominated in $ and sales of crude oil are
additionally denominated in $.
The Group\u2019s exposure to foreign currency risk, as a result of financial instruments, at each reporting date
is shown in the table below. The amounts shown are the $ equivalent of the foreign currency amounts.
\n \n
Liabilities
Assets
($\u2019000)
2023
2022
2023
2022
United Kingdom Pounds (\u00a3)
134,415
43,433
104,371
16,008
Euro
862,698
816,719
1,175,741
653,420
CAD
18
17
-
-
NOK
22
7,977
1
22
ILS
7,874
9,354
30,441
19,383
SGD
-
63
-
109
EGP
263
727
4,951
16,983
Total
1,005,290
878,290
1,315,505
705,926
The following table reflects the sensitivity analysis for profit and loss results for the year and equity, taking into consideration for the periods presented foreign
exchange variation by +/- 10% with all other variables held constant.
\n \n
31 December 2023
USD
GBP
Euro
ILS
NOK
SGD
EGP
variation
variation
variation
variation
variation
variation
variation
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
Effect on profit before tax
(3,768)
2,996
(30)
(675)
(5,004)
4,886
2,257
(2,052)
-
-
-
-
32
(25)
Effect on pre-tax equity
(3,768)
2,996
(30)
(675)
(5,004)
4,886
2,257
(2,052)
-
-
-
-
32
(25)
\n \n
31 December 2022
USD
GBP
Euro
ILS
NOK
SGD
EGP
variation
variation
variation
variation
variation
variation
variation
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
Effect on profit before tax
12,927
(3,634)
(2,415)
1,883
(6,394)
6,986
5
(4) 1,003
(912)
(793)
721
25
25
Effect on pre-tax equity
12,927
(3,634)
(2,415)
1,883
(6,394)
6,986
5
(4) 1,003
(912)
(793)
721
25
25
The above calculations assume that interest rates remain the same as at the reporting date.
26.6
Liquidity risk
Liquidity 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 financial asset.
The 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 December 2023, the Group had available $235 million (2022:
$217 million) of undrawn committed borrowing facilities.
The undrawn facilities are in relation to the revolving credit facility and the term loan (refer to note 21 for
further details).
The following tables detail the Group\u2019s remaining contractual maturity for its financial liabilities. The
tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the
earliest date on which the Group can be required to pay. The table includes both interest and principal
cash flows.
The Group manages its liquidity risk by ongoing monitoring of its cash flows. Group management
prepares budgets and regular cash flow forecasts and takes appropriate actions to ensure available cash
deposits and credit lines with the banks are available to meet the Group\u2019s liabilities as they fall due.
The table below summarises the maturity profile of the Group financial liabilities based on contractual
undiscounted payments:
\n \n
Carrying
Contractual
3 months
3\u201312
More than
($'000)
amounts
cash flows
or less
months
1\u20132 years
2\u20135 years
5 years
31 December 2023
Bank
3,221,197
3,939,304
96,500
88,977
952,249
898,567
1,903,011
loans
Lease
65,096
74,656
4,279
14,302
27,919
12,378
15,778
liabilities
Trade and
705,270
740,980
251,215
349,765
140,000
-
-
other
payables
Total
3,991,563
4,754,940
351,994
453,044 1,120,168
910,945
1,918,789
\n \n
Carrying
Contractual
3 months
3\u201312
More than 5
($'000)
amounts
cash flows
or less
months
1\u20132 years
2\u20135 years
years
31 December 2022
Bank
2,975,346
3,869,648
64,453
98,480
910,680
1,291,207
1,504,828
loans
Lease
32,271
33,207
2,231
6,503
2,967
19,952
1,554
liabilities
Trade and
936,120
984,802
311,602
337,634
238,692
96,874
-
other
payables
Total
3,943,737
4,887,657
378,286
442,617 1,152,339
1,408,033
1,506,382
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f25308": { "value": "26.4
Credit risk
Credit risk arises when a failure by counterparties to discharge their obligations could reduce the amount
of future cash inflows from financial assets on hand at the reporting date. The Group has policies in place
to ensure that all of its transactions giving rise to credit risk are made with parties having an appropriate
credit history and monitors on a continuous basis the ageing profile of its receivables.
Also, the Group has policies to limit the amount of credit exposure to any banking institution, considering
among other factors the credit ratings of the banks with which deposits are held. Credit quality
information in relation to those banks is provided below.
With regard to the risk of potential losses caused by the failure of any of the counterparties the Company
interacts with to honour the commitments they have undertaken, the Group has implemented for some
time procedures and tools to evaluate and select counterparties based on their credit rating, constantly
monitoring its exposure to the various counterparties and implementing appropriate mitigating actions,
primarily aimed at recovering or transferring receivables.
Presented below is a breakdown of trade receivables by past due bracket:
\n \n
31 December
31 December
($\u2019000)
2023
2022
Trade receivables and receivables from partners under JOA
308,078
224,319
Allowance for impairment
(8,777)
(4,565)
Total
299,301
219,754
Trade receivables include balances from EGPC, the Egyptian governmental body that are significantly
aged.
\n \n
31 December 2023
31 December 2022
Trade
Trade
($\u2019000)
receivables
Allowance
receivables
Allowance
Not yet due
38,309
(2,022)
75,573
(2,377)
Past due by less than one month
14,200
(750)
27,654
(870)
Past due by one to three months
34,411
(1,816)
-
-
Past due by three to six months
33,684
(1,778)
11,032
(347)
Past due by more than six months
34,004
(1,795)
6,095
(192)
Total
154,608
(8,161)
120,354
(3,786)
Trade receivables by geography
\n \n
31 December
31 December
($\u2019000)
2023
2022
Italy
36,854
57,000
United Kingdom
2,260
6,491
Egypt
154,638
120,361
Greece
189
2,976
Israel
114,139
37,491
Total
308,080
224,319
Credit quality of bank deposits
The credit quality of the banks in which the Group keeps its deposits is assessed by reference to the
credit rating of these banks. Moody\u2019s credit ratings of the corresponding banks in which the Group keeps
its deposits is as follows:
\n \n
($'000)
2023
2022
Aa2
895
-
A1
30,769
294,505
A2
313,040
96,599
A3
75
31,084
BBB
21,098
30,826
BB
-
48,403
B
3
-
B3
6,488
1,247
372,368
502,664
The Company has assessed the recoverability of all cash balances and considers they are carried within
the 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f25630": { "value": "26.5
Foreign exchange risk
The Group is exposed to foreign exchange risk as it undertakes operations in various foreign currencies.
The key sources of the risk are attributed to the fact that the Group has certain subsidiaries with Euro
functional currencies in which a number of loan agreements denominated in $ and sales of crude oil are
additionally denominated in $.
The Group\u2019s exposure to foreign currency risk, as a result of financial instruments, at each reporting date
is shown in the table below. The amounts shown are the $ equivalent of the foreign currency amounts.
\n \n
Liabilities
Assets
($\u2019000)
2023
2022
2023
2022
United Kingdom Pounds (\u00a3)
134,415
43,433
104,371
16,008
Euro
862,698
816,719
1,175,741
653,420
CAD
18
17
-
-
NOK
22
7,977
1
22
ILS
7,874
9,354
30,441
19,383
SGD
-
63
-
109
EGP
263
727
4,951
16,983
Total
1,005,290
878,290
1,315,505
705,926
The following table reflects the sensitivity analysis for profit and loss results for the year and equity, taking into consideration for the periods presented foreign
exchange variation by +/- 10% with all other variables held constant.
\n \n
31 December 2023
USD
GBP
Euro
ILS
NOK
SGD
EGP
variation
variation
variation
variation
variation
variation
variation
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
Effect on profit before tax
(3,768)
2,996
(30)
(675)
(5,004)
4,886
2,257
(2,052)
-
-
-
-
32
(25)
Effect on pre-tax equity
(3,768)
2,996
(30)
(675)
(5,004)
4,886
2,257
(2,052)
-
-
-
-
32
(25)
\n \n
31 December 2022
USD
GBP
Euro
ILS
NOK
SGD
EGP
variation
variation
variation
variation
variation
variation
variation
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
Effect on profit before tax
12,927
(3,634)
(2,415)
1,883
(6,394)
6,986
5
(4) 1,003
(912)
(793)
721
25
25
Effect on pre-tax equity
12,927
(3,634)
(2,415)
1,883
(6,394)
6,986
5
(4) 1,003
(912)
(793)
721
25
25
The 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26066": { "value": "26.6
Liquidity risk
Liquidity 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 financial asset.
The 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 December 2023, the Group had available $235 million (2022:
$217 million) of undrawn committed borrowing facilities.
The undrawn facilities are in relation to the revolving credit facility and the term loan (refer to note 21 for
further details).
The following tables detail the Group\u2019s remaining contractual maturity for its financial liabilities. The
tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the
earliest date on which the Group can be required to pay. The table includes both interest and principal
cash flows.
The Group manages its liquidity risk by ongoing monitoring of its cash flows. Group management
prepares budgets and regular cash flow forecasts and takes appropriate actions to ensure available cash
deposits and credit lines with the banks are available to meet the Group\u2019s liabilities as they fall due.
The table below summarises the maturity profile of the Group financial liabilities based on contractual
undiscounted payments:
\n \n
Carrying
Contractual
3 months
3\u201312
More than
($'000)
amounts
cash flows
or less
months
1\u20132 years
2\u20135 years
5 years
31 December 2023
Bank
3,221,197
3,939,304
96,500
88,977
952,249
898,567
1,903,011
loans
Lease
65,096
74,656
4,279
14,302
27,919
12,378
15,778
liabilities
Trade and
705,270
740,980
251,215
349,765
140,000
-
-
other
payables
Total
3,991,563
4,754,940
351,994
453,044 1,120,168
910,945
1,918,789
\n \n
Carrying
Contractual
3 months
3\u201312
More than 5
($'000)
amounts
cash flows
or less
months
1\u20132 years
2\u20135 years
years
31 December 2022
Bank
2,975,346
3,869,648
64,453
98,480
910,680
1,291,207
1,504,828
loans
Lease
32,271
33,207
2,231
6,503
2,967
19,952
1,554
liabilities
Trade and
936,120
984,802
311,602
337,634
238,692
96,874
-
other
payables
Total
3,943,737
4,887,657
378,286
442,617 1,152,339
1,408,033
1,506,382
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26393": { "value": "27
Related parties
27.1
Related party relationships
Balances and transactions between the Company and its subsidiaries, which are related parties, have
been eliminated on consolidation and are not disclosed in this note.
The Directors of Energean plc are considered to be the only key management personnel as defined by
IAS 24. The following information is provided in relation to the related party transaction disclosures
provided in note 27.2 below:
Seven Maritime Company (\u201cSeven Marine\u201d)
was a related party company controlled by one the
Company\u2019s shareholders Mr Efstathios Topouzoglou. Seven Marine owns the offshore supply ship
Energean Wave which support the Group\u2019s operations in northern Greece. From March 2022, Mr
Efstathios Topouzoglou no longer controlled Seven Maritime neither indirectly (through Oilco) nor
directly.
Prime Marine Energy Inc
: During 2020 Energean Israel, purchased from Prime Marine Energy Inc, a
company controlled by a Non-Executive Director and shareholder of Energean plc, a Field Support Vessel
(\u201c
FSV
\u201d). The FSV will provide significant in-country capability to support the Karish project, including FPSO
re-supply, crew changes, holdback operations for tanker offloading, emergency subsea intervention,
drilling support and emergency response. The purchase of this multi-purpose vessel will enhance
operational efficiencies and economics when compared to the leasing of multiple different vessels for
the various activities. The agreement with Prime Marine Energy Inc was terminated on 19 October 2022.
In December 2022 the FSV was towed to Greece for completion of the works under Energean\u2019s
supervision. The FSV arrived in Israel in August 2023.
27.2
Related party transactions
Purchases of goods and services
\n \n
($\u2019000)
Nature of transactions
2023
2022
Other related party \u201cSeven Marine\u201d
Vessel leasing and services
2,013
2,001
Other related party \u201cPrime Marine
Construction of field support
-
8,060
Energy Inc\u201d
vessel
2,013
10,061
27.3
Related party balances
Payables
\n \n
($\u2019000)
Nature of balance
2023
2022
Seven Marine
Vessel leasing and services
-
702
-
702
27.4
Key management compensation
The Directors of Energean plc are considered to be the only key management personnel as defined by
IAS 24 Related Party Disclosures.
\n \n
Annual
bonus paid
31 December 2023 ($\u2019000)
Salary and fees
Benefits
in cash
Total
Executive Directors
1,561
75
1,909
3,545
Non-Executive Directors
761
-
-
761
Total
2,322
75
1,909
4,306
\n \n
Annual
bonus paid
31 December 2022 ($\u2019000)
Salary and fees
Benefits
in cash
Total
Executive Directors
1,667
157
1,570
3,394
Non-Executive Directors
794
-
-
794
Total
2,461
157
1,570
4,188
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26511": { "value": "27.4
Key management compensation
The Directors of Energean plc are considered to be the only key management personnel as defined by
IAS 24 Related Party Disclosures.
\n \n
Annual
bonus paid
31 December 2023 ($\u2019000)
Salary and fees
Benefits
in cash
Total
Executive Directors
1,561
75
1,909
3,545
Non-Executive Directors
761
-
-
761
Total
2,322
75
1,909
4,306
\n \n
Annual
bonus paid
31 December 2022 ($\u2019000)
Salary and fees
Benefits
in cash
Total
Executive Directors
1,667
157
1,570
3,394
Non-Executive Directors
794
-
-
794
Total
2,461
157
1,570
4,188
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26635": { "value": "28
Commitments and contingencies
In acquiring its oil and gas interests, the Group has pledged that various work programmes will be
undertaken on each permit/interest. The exploration and development capital commitments in the
following table are an estimate of the net cost to the Group of performing these work programmes:
\n \n
($\u2019000)
2023
2022
Capital Commitments
Due within one year
195,903
174,071
Due later than one year but within two years
20,963
186,596
Due later than two years but within five years
6,230
5,961
223,096
366,628
Performance guarantees
128
Greece
4,522
4,170
Israel
53,006
97,572
Egypt
-
2,000
UK
95,743
83,976
Italy
16,140
11,461
169,411
199,179
128
Performance guarantees are in respect of abandonment obligations, committed work programmes and certain financial
obligations.
Open guarantees at the reporting date:
\u2022
Karish and Tanin leases ($25 million)
\u2013 As part of the requirements of the Karish and Tanin lease
deeds, the Group provided the Ministry of National Infrastructures, Energy and Water with bank
guarantees for each lease. The bank guarantees expire 30 June 2024.
\u2022
Blocks 12, 21, 23 and 31 ($21 million)
\u2013 As part of the conditions for obtaining exploration and
appraisal licenses during the Israeli offshore bid in December 2017, the Group provided the
Ministry of National Infrastructures, Energy, and Water with bank guarantees totalling $6 million
in January 2018, covering all blocks mentioned (12, 21, 23, and 31). These guarantees are set to
expire in January 2025. Additionally, the Group has furnished separate guarantees specific to
drilling activities in blocks 12, 23, and 31, amounting to $15 million. The breakdown of these
drilling guarantees includes an expiry date for Block 12 in November 2024, while the guarantees
for Blocks 23 and 31 are due in May 2024.
\u2022
Israeli Natural Gas Lines (\u201cINGL\u201d) ($2.5 million)
\u2013 As part of the agreement signed with INGL on
June 2019 the Group provided INGL bank guarantee in order to secure the milestone payments
from INGL. The guarantee is to expire on 24 July 2024.
\u2022
Israel Other ($4.4 million)
\u2013 As part of ongoing operations in Israel, the Group has provided
various bank guarantees to third parties in Israel.
\u2022
United Kingdom ($95.7 million)
\u2013 Following the Edison E&P acquisition, the Group issued letters
of credit for United Kingdom decommissioning obligations and other obligations under the
United Kingdom licenses.
\u2022
Italy
\u2013 The Group issued letters of credit amounting to $16.1 million for decommissioning
obligations and other obligations under the Italian licenses.
\u2022
Greece
\u2013 The Group issued letters of credit amounting for obligations under the Block 2 licenses.
Legal cases and contingent liabilities
The Group had no material contingent liabilities as of 31 December 2023 and 31 December 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26636": { "value": "28
Commitments and contingencies
In acquiring its oil and gas interests, the Group has pledged that various work programmes will be
undertaken on each permit/interest. The exploration and development capital commitments in the
following table are an estimate of the net cost to the Group of performing these work programmes:
\n \n
($\u2019000)
2023
2022
Capital Commitments
Due within one year
195,903
174,071
Due later than one year but within two years
20,963
186,596
Due later than two years but within five years
6,230
5,961
223,096
366,628
Performance guarantees
128
Greece
4,522
4,170
Israel
53,006
97,572
Egypt
-
2,000
UK
95,743
83,976
Italy
16,140
11,461
169,411
199,179
128
Performance guarantees are in respect of abandonment obligations, committed work programmes and certain financial
obligations.
Open guarantees at the reporting date:
\u2022
Karish and Tanin leases ($25 million)
\u2013 As part of the requirements of the Karish and Tanin lease
deeds, the Group provided the Ministry of National Infrastructures, Energy and Water with bank
guarantees for each lease. The bank guarantees expire 30 June 2024.
\u2022
Blocks 12, 21, 23 and 31 ($21 million)
\u2013 As part of the conditions for obtaining exploration and
appraisal licenses during the Israeli offshore bid in December 2017, the Group provided the
Ministry of National Infrastructures, Energy, and Water with bank guarantees totalling $6 million
in January 2018, covering all blocks mentioned (12, 21, 23, and 31). These guarantees are set to
expire in January 2025. Additionally, the Group has furnished separate guarantees specific to
drilling activities in blocks 12, 23, and 31, amounting to $15 million. The breakdown of these
drilling guarantees includes an expiry date for Block 12 in November 2024, while the guarantees
for Blocks 23 and 31 are due in May 2024.
\u2022
Israeli Natural Gas Lines (\u201cINGL\u201d) ($2.5 million)
\u2013 As part of the agreement signed with INGL on
June 2019 the Group provided INGL bank guarantee in order to secure the milestone payments
from INGL. The guarantee is to expire on 24 July 2024.
\u2022
Israel Other ($4.4 million)
\u2013 As part of ongoing operations in Israel, the Group has provided
various bank guarantees to third parties in Israel.
\u2022
United Kingdom ($95.7 million)
\u2013 Following the Edison E&P acquisition, the Group issued letters
of credit for United Kingdom decommissioning obligations and other obligations under the
United Kingdom licenses.
\u2022
Italy
\u2013 The Group issued letters of credit amounting to $16.1 million for decommissioning
obligations and other obligations under the Italian licenses.
\u2022
Greece
\u2013 The Group issued letters of credit amounting for obligations under the Block 2 licenses.
Legal cases and contingent liabilities
The Group had no material contingent liabilities as of 31 December 2023 and 31 December 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26637": { "value": "28
Commitments and contingencies
In acquiring its oil and gas interests, the Group has pledged that various work programmes will be
undertaken on each permit/interest. The exploration and development capital commitments in the
following table are an estimate of the net cost to the Group of performing these work programmes:
\n \n
($\u2019000)
2023
2022
Capital Commitments
Due within one year
195,903
174,071
Due later than one year but within two years
20,963
186,596
Due later than two years but within five years
6,230
5,961
223,096
366,628
Performance guarantees
128
Greece
4,522
4,170
Israel
53,006
97,572
Egypt
-
2,000
UK
95,743
83,976
Italy
16,140
11,461
169,411
199,179
128
Performance guarantees are in respect of abandonment obligations, committed work programmes and certain financial
obligations.
Open guarantees at the reporting date:
\u2022
Karish and Tanin leases ($25 million)
\u2013 As part of the requirements of the Karish and Tanin lease
deeds, the Group provided the Ministry of National Infrastructures, Energy and Water with bank
guarantees for each lease. The bank guarantees expire 30 June 2024.
\u2022
Blocks 12, 21, 23 and 31 ($21 million)
\u2013 As part of the conditions for obtaining exploration and
appraisal licenses during the Israeli offshore bid in December 2017, the Group provided the
Ministry of National Infrastructures, Energy, and Water with bank guarantees totalling $6 million
in January 2018, covering all blocks mentioned (12, 21, 23, and 31). These guarantees are set to
expire in January 2025. Additionally, the Group has furnished separate guarantees specific to
drilling activities in blocks 12, 23, and 31, amounting to $15 million. The breakdown of these
drilling guarantees includes an expiry date for Block 12 in November 2024, while the guarantees
for Blocks 23 and 31 are due in May 2024.
\u2022
Israeli Natural Gas Lines (\u201cINGL\u201d) ($2.5 million)
\u2013 As part of the agreement signed with INGL on
June 2019 the Group provided INGL bank guarantee in order to secure the milestone payments
from INGL. The guarantee is to expire on 24 July 2024.
\u2022
Israel Other ($4.4 million)
\u2013 As part of ongoing operations in Israel, the Group has provided
various bank guarantees to third parties in Israel.
\u2022
United Kingdom ($95.7 million)
\u2013 Following the Edison E&P acquisition, the Group issued letters
of credit for United Kingdom decommissioning obligations and other obligations under the
United Kingdom licenses.
\u2022
Italy
\u2013 The Group issued letters of credit amounting to $16.1 million for decommissioning
obligations and other obligations under the Italian licenses.
\u2022
Greece
\u2013 The Group issued letters of credit amounting for obligations under the Block 2 licenses.
Legal cases and contingent liabilities
The Group had no material contingent liabilities as of 31 December 2023 and 31 December 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26755": { "value": "Open guarantees at the reporting date:
\u2022
Karish and Tanin leases ($25 million)
\u2013 As part of the requirements of the Karish and Tanin lease
deeds, the Group provided the Ministry of National Infrastructures, Energy and Water with bank
guarantees for each lease. The bank guarantees expire 30 June 2024.
\u2022
Blocks 12, 21, 23 and 31 ($21 million)
\u2013 As part of the conditions for obtaining exploration and
appraisal licenses during the Israeli offshore bid in December 2017, the Group provided the
Ministry of National Infrastructures, Energy, and Water with bank guarantees totalling $6 million
in January 2018, covering all blocks mentioned (12, 21, 23, and 31). These guarantees are set to
expire in January 2025. Additionally, the Group has furnished separate guarantees specific to
drilling activities in blocks 12, 23, and 31, amounting to $15 million. The breakdown of these
drilling guarantees includes an expiry date for Block 12 in November 2024, while the guarantees
for Blocks 23 and 31 are due in May 2024.
\u2022
Israeli Natural Gas Lines (\u201cINGL\u201d) ($2.5 million)
\u2013 As part of the agreement signed with INGL on
June 2019 the Group provided INGL bank guarantee in order to secure the milestone payments
from INGL. The guarantee is to expire on 24 July 2024.
\u2022
Israel Other ($4.4 million)
\u2013 As part of ongoing operations in Israel, the Group has provided
various bank guarantees to third parties in Israel.
\u2022
United Kingdom ($95.7 million)
\u2013 Following the Edison E&P acquisition, the Group issued letters
of credit for United Kingdom decommissioning obligations and other obligations under the
United Kingdom licenses.
\u2022
Italy
\u2013 The Group issued letters of credit amounting to $16.1 million for decommissioning
obligations and other obligations under the Italian licenses.
\u2022
Greece
\u2013 The Group issued letters of credit amounting for obligations under the Block 2 licenses.
Legal cases and contingent liabilities
The Group had no material contingent liabilities as of 31 December 2023 and 31 December 2022.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26800": { "value": "29
Subsequent events
On 21 February 2024 Energean approved its Q4 dividend of $30 cents per share, to be paid on 29
March 2024.
On 22 February 2024 the Karish North first gas and utilisation of the second export riser were safely
achieved.
The Orion X1 exploration well reached the target reservoir in March 2024. Preliminary results indicate that
well contains no commercial hydrocarbons. Further appraisal activity is contingent upon the completion
of post-drilling well analysis. The carrying value of the related capitalised exploration and evaluation
expenses as of 31 December 2023 was $23.3 million. There has been no impairment recognised related
to this investment.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f26823": { "value": "30
Subsidiary undertakings
\n
At 31 December 2023, the Group had investments in the following subsidiaries:
\n\n \n
Shareholding
Shareholding
Country of
At 31
At 31
incorporation/registered
Principal
December
December
Name of subsidiary
office
activities
2023 (%)
2022 (%)
Energean E&P
22 Lefkonos Street, 2064
Holding
100
100
Holdings Ltd.
Nicosia, Cyprus
Company
Energean Capital
22 Lefkonos Street, 2064
Holding
100
100
Ltd.
Nicosia, Cyprus
Company
Energean Group
44 Baker Street, London
Oil and gas
100
100
Services Ltd.
W1U 7AL, United Kingdom
exploration,
development and
production
Energean Oil & Gas
32 Kifissias Avenue,
Oil and gas
100
100
S.A.
Marousi Athens, 151 25,
exploration,
Greece
development and
production
Energean
22 Lefkonos Street, 2064
Oil and gas
100
100
International Ltd.
Nicosia, Cyprus
exploration,
development and
production
Energean Israel Ltd.
22 Lefkonos Street, 2064
Oil and gas
100
100
Nicosia, Cyprus
exploration,
development and
production
Energean
22 Lefkonos Street, 2064
Oil and gas
100
100
Montenegro Ltd.
Nicosia, Cyprus
exploration,
development and
production
Energean Israel
Andre Sakharov 9, Haifa,
Gas
100
100
Transmission Ltd.
Israel
transportation
license holder
Energean Israel
Andre Sakharov 9, Haifa,
Financing
100
100
Finance Ltd.
Israel
activities
Energean Egypt Ltd.
22 Lefkonos Street, 2064
Oil and gas
100
100
Nicosia, Cyprus
exploration,
development and
production
Energean Hellas
22 Lefkonos Street, 2064
Oil and gas
100
100
Ltd.
Nicosia, Cyprus
exploration,
development and
production
Energean Italy
31 Foro Buonaparte,
Oil and gas
100
100
S.p.a.
20121 Milano, Italy
exploration,
development and
production
Energean Sicilia
Via Salvatore Quasimodo
Oil and gas
100
100
S.r.l.
2 \u2013 97100 Ragusa
exploration,
(Ragusa)
\n \n
Shareholding
Shareholding
Country of
At 31
At 31
incorporation/registered
Principal
December
December
Name of subsidiary
office
activities
2023 (%)
2022 (%)
development and
production
Energean
44 Baker Street, London
Oil and gas
100
100
Exploration Ltd.
W1U 7AL, United Kingdom
exploration,
development and
production
Energean UK Ltd.
44 Baker Street, London
Oil and gas
100
100
W1U 7AL, United Kingdom
exploration,
development and
production
Energean Egypt
Block #17, City Center, 5th
Oil and gas
100
100
Energy Services
Settlement, New Cairo,
exploration,
JSC
11835, Egypt
development and
production
Energean
44 Baker Street, London
Oil and gas
100
100
Investments Ltd.
W1U 7AL, United Kingdom
exploration,
development and
production
Energean Morocco
44 Baker Street, London
Oil and gas
100
100
Ltd.
W1U 7AL, United Kingdom
exploration,
development and
production
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f28979": { "value": "Company Statement of Financial Position
As at 31 December 2023
\n \n
($\u2019000)
Notes
2023
2022
Assets
Non-current assets
Investment in subsidiaries
3
1,289,481
1,163,565
Property plant and equipment
34
46
Other intangible assets
47
55
Loans and other intercompany receivables
4
173,509
334,116
1,463,071
1,497,782
Current assets
Trade and other receivables
6
23,414
74,909
Cash and cash equivalents
1,202
336
24,616
75,245
Total assets
1,487,687
1,573,027
Equity and liabilities
Shareholders\u2019 equity
Share capital
9
2,449
2,380
Share premium
9
465,331
415,388
Other reserves
5
-
10,459
Share based payment reserve
32,939
25,611
Retained earnings
447,626
615,200
948,345
1,069,038
Non-current liabilities
Other payables
516
786
Borrowings
8
444,313
442,879
444,829
443,665
Current liabilities
Trade and other payables
7
14,513
14,774
Borrowings
8
80,000
45,550
Total current liabilities
94,513
60,324
Total liabilities
539,342
503,989
Total equity and liabilities
1,487,687
1,573,027
During the year the Company made a profit of $35.7 million (31 December 2022: $24.2 million).
Approved by the Board and authorised for issuance on 20 March 2024.
Matthaios Rigas
Chief Executive Officer
Panagiotis Benos
Chief Financial Officer
Company Statement of Changes in Equity
\n
For the year ended 31 December 2023
\n\n \n
Equity
Share
component
based
of
Share
Share
payment
convertible
Retained
Total
($\u2019000)
capital
premium
reserve
bonds
earnings
equity
At 1 January 2022
2,374
915,388
19,374
10,459
197,491
1,145,086
Profit for the year
-
-
-
24,213
24,213
Transactions with owners
of the company
Exercise of share options
6
-
(6)
-
-
-
Share premium reduction
-
(500,000)
-
-
500,000
-
(note 9)
Share based payment
-
-
6,243
-
-
6,243
charges
Dividend Paid (note 5)
-
-
-
-
(106,504)
(106,504)
At 31 December 2022
2,380
415,388
25,611
10,459
615,200
1,069,038
Profit for the year
-
-
-
35,665
35,665
Transactions with owners
of the company
Share based payment
-
-
7,340
-
-
7,340
charges
Exercise of share options
12
-
(12)
-
-
-
Conversion of the loan
57
49,943
-
(10,459)
10,459
50,000
note (note 8)
Dividend paid (note 5)
-
-
-
-
(213,698)
(213,698)
At 31 December 2023
2,449
465,331
32,939
-
447,626
948,345
1.
General information
\n
Energean plc (\u201cthe Company\u201d) was incorporated in England & Wales on 8 May 2017 as a public company
\n
with limited liability, under the Companies Act 2006. Its registered office is at 44 Baker Street, London
\n
W1U 7AL, United Kingdom. The Financial Statements are presented in US dollars and all values are
\n
rounded to the nearest $ thousands ($\u2018000), except where otherwise stated. Energean plc is the ultimate
\n
Parent of the Energean Group.
\n
2.
Basis of preparation
\n
The Company meets the definition of a qualifying entity under Financial Reporting Standard 100 (FRS
\n
100) issued by the Financial Reporting Council. The parent company Financial Statements have therefore
\n
been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United
\n
Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 101 (FRS
\n
101) \u201cReduced Disclosure Framework\u201d as issued by the Financial Reporting Council. As permitted by FRS
\n
101, the Company has taken advantage of the following disclosure exemptions under FRS 101:
\n
a.
the requirements of IFRS 7 \u201cFinancial Instruments\u201d: Disclosures;
\n
b.
the requirements of paragraphs 91\u201399 of IFRS 13 \u201cFair Value Measurement\u201d;
\n
c.
the requirement in paragraph 38 of IAS 1 \u201cPresentation of Financial Statements\u201d to present
\n
comparative information in respect of: (i) paragraph 79(a) (iv) of IAS 1 and (ii) paragraph 73(e) of
\n
IAS 16 \u201cProperty Plant and Equipment\u201d;
\n
d.
the requirements of paragraphs 10(d), 16, 38A to 38D, 111 and 134 to 136 of IAS 1 \u201cPresentation
\n
of Financial Statements\u201d;
\n
e.
the requirements of IAS 7 \u201cStatement of Cash Flows\u201d;
\n
f.
the requirements of paragraphs 88C and 88D of IAS 12 \u201cIncome Taxes\u201d;
\n
g.
the requirements of paragraphs 45(b) and 46\u201352 of IFRS 2 \u201cShare-based payments\u201d
\n
h.
the requirements of paragraph 17 of IAS 24 \u201cRelated Party Disclosures\u201d;
\n
i.
the requirements in IAS 24 \u201cRelated Party Disclosures\u201d to disclose related party transactions
\n
entered into between two or more members of a group, provided that any subsidiary which is a
\n
party to the transaction is wholly owned by such a member; and
\n
j.
the requirements of paragraphs 30 and 31 of IAS 8 \u201cAccounting Policies, Changes in Accounting
\n
Estimates and Errors\u201d.
\n
The Group has also applied the temporary exception to recognising and disclosing information about
\n
deferred tax assets and liabilities related to Pillar Two income taxes in accordance with Amendments to
\n
IAS 12 International Tax reform: Pillar Two Model Rules, issued by IASB in May 2023.
\n
Where relevant, equivalent disclosures have been given in the Group financial statements, included in the
\n
Annual Report.
\n
The Company has applied the exemption from the requirement to publish a separate income statement
\n
for the parent company set out in section 408 of the Companies Act 2006.
\n
2.1
Going concern
\n
The Directors have performed an assessment and concluded that the preparation of the financial
\n
statements on a going concern basis is appropriate. In making this assessment a number of factors were
\n
considered, refer to note 2.1. of the Group financial statements. Accordingly, the Directors have a
\n
reasonable expectation that the Company has adequate resources to continue in operational existence
\n
for the foreseeable future and consider it appropriate to adopt the going concern basis in preparing the
\n
financial statements.
2.2
Foreign currencies
\n
The US dollar is the functional currency of the Company. Transactions in foreign currencies are translated
\n
at the rates of exchange ruling at the transaction date. Monetary assets and liabilities denominated in
\n
foreign currencies are translated into US dollars at the rates of exchange ruling at the balance sheet date,
\n
with a corresponding charge or credit to the income statement.
\n
2.3
Investments
\n
Fixed asset investments, representing investments in subsidiaries, are stated at cost and reviewed for
\n
impairment if there are indications that the carrying value may not be recoverable.
\n
2.4
Trade and other receivables
\n
Receivables represent the Company\u2019s right to an amount of consideration that is unconditional (i.e. only
\n
the passage of time is required before payment of the consideration is due). The Company is required to
\n
assess the carrying values of each of the amounts due from subsidiary undertakings, considering the
\n
requirements established by IFRS 9 \u201cFinancial Instruments\u201d. The IFRS 9 impairment model requires the
\n
recognition of \u201cexpected credit losses\u201d. If the subsidiary has sufficient liquid assets to repay the loan if
\n
demanded at the reporting date, the expected credit loss is likely to be immaterial. However, if the
\n
subsidiary could not demonstrate the ability to repay the loan, if demanded at the reporting date, the
\n
Company calculated an expected credit loss.
\n
2.5
Loans and borrowings
\n
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised
\n
cost using the effective interest rate (\u201c
EIR
\u201d) method. Gains and losses are recognised in profit or loss
\n
when the liabilities are derecognised, modified and through the EIR amortisation process.
Amortised
\n
cost is calculated by taking into account any discount or premium on acquisition and fees or costs that
\n
are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit
\n
or loss.
\n
2.6
Convertible bonds
\n
Convertible bonds are separated into liability and equity components based on the terms of the contract.
\n
The fair value of the liability component on initial recognition is calculated by discounting the contractual
\n
cash flows using a market interest rate for an equivalent non-convertible instrument. The difference
\n
between the fair value of the liability component and the proceeds received on issue is recorded as equity.
\n
Transaction costs are apportioned between the liability and the equity components of the instrument
\n
based on the amounts initially recognised. The liability component is classified as a financial liability
\n
measured at amortised cost (net of transaction costs) until it is extinguished on conversion or settlement.
\n
The equity component is not remeasured.
\n
2.7
Cash and cash equivalents
\n
Cash and cash equivalents comprise cash at bank, demand and time deposits and other short-term
\n
highly liquid investments with a maturity of less than 3 months that are readily convertible to a known
\n
amount of cash and are subject to an insignificant risk of changes in value.
\n
2.8
Capital management
\n
The Company defines capital as the total equity of the Company. Capital is managed in order to provide
\n
returns for shareholders and benefits to stakeholders and to safeguard the Company\u2019s ability to continue
\n
as a going concern. The Company is not subject to any externally imposed capital requirements. To
maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders,
\n
return capital, issue new shares for cash, repay debt, and put in place new debt facilities.
\n
2.9
Share-based payments
\n
The Company has share-based awards that are equity settled as defined by IFRS 2. The cost of equity-
\n
settled transactions is determined by the fair value at the date when the grant is made using an
\n
appropriate valuation model. That cost is recognised in employee remuneration expense together with a
\n
corresponding increase in equity (share-based payment reserve), over the period in which the service and,
\n
where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense
\n
recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent
\n
to which the vesting period has expired and the Group\u2019s best estimate of the number of equity
\n
instruments that will ultimately vest. The expense or credit in the statement of profit or loss for a period
\n
represents the movement in cumulative expense recognised as at the beginning and end of that period.
\n
Service and non-market performance conditions are not taken into account when determining the grant
\n
date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s
\n
best estimate of the number of equity instruments that will ultimately vest. Market performance
\n
conditions are reflected within the grant date fair value. Any other conditions attached to an award, but
\n
without an associated service requirement, are considered to be non-vesting conditions. Non-vesting
\n
conditions are reflected in the fair value of an award and lead to an immediate expensing of an award
\n
unless there are also service and/or performance conditions.
\n
No expense is recognised for awards that do not ultimately vest because non-market performance
\n
and/or service conditions have not been met. Where awards include a market or non-vesting condition,
\n
the transactions are treated as vested irrespective of whether the market or non-vesting condition is
\n
satisfied, provided that all other performance and/or service conditions are satisfied.
\n
When the terms of an equity-settled award are modified, the minimum expense recognised is the grant
\n
date fair value of the unmodified award, provided the original vesting terms of the award are met. An
\n
additional expense, measured as at the date of modification, is recognised for any modification that
\n
increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the
\n
employee. Where an award is cancelled by the entity or by the counterparty, any remaining element of
\n
the fair value of the award is expensed immediately through profit or loss.
\n
2.12
Critical accounting judgements and key sources of estimation uncertainty
\n
There are no critical accounting judgements and key sources of estimation uncertainty in the
\n
current year.
\n
3.
Investments in subsidiaries
\n
The following table shows the movement in the investment in subsidiaries during the year:
\n\n \n
$'000
At 1 January 2023
1,163,565
Additions
125,916
At 31 December 2023
1,289,481
\n
The additions are attributed to further cash injections for share issuances in existing subsidiaries.
\n
Additionally, there was the capitalisation of the $125.9 million loan receivable from Energean Oil & Gas
\n
SA (EOGSA), inclusive of $15 million in accrued interest. This resulted in an increase in the Company's
\n
investment in its subsidiary, Energean E&P Holdings Ltd. (EEPHL), through the issuance of 113,920,182
\n
ordinary shares with a nominal value of $1.1052 each. The latter was achieved through a novation
\n
agreement between EOGSA and EEPHL, which was executed during the reporting period.
The principal activity of the majority of these companies relates to oil and gas exploration, development
\n
and production.
\n
A complete list of Energean plc Group companies on 31 December 2023, and the Company\u2019s percentage
\n
of share capital are set out in the note 30 of the Group financial statements.
\n
4.
Loans and other intercompany receivables, non-current
\n\n \n
($\u2019000)
2023
2022
Loans to subsidiaries
172,294
332,050
Receivables from share-based awards to subsidiary undertakings
1,215
2,066
Total
173,509
334,116
\n
On 31 December 2023 the Company has a loan receivable amounting to $172.3 million from Energean
\n
Capital Ltd. (\u201c
ECL
\u201d), a subsidiary. This loan carries a fixed interest rate of 5.5% p.a. and is set to mature
\n
on 18 May 2027.
\n
In addition to the ECL loan, the Company had a loan receivable amounting to $110.9 million from
\n
Energean Oil & Gas SA (\u201c
EOGSA
\u201d) in 2022. This loan was fully capitalised into the investment in the
\n
subsidiary within the reporting period. Refer to note 3 of these financial statements for further detail.
\n
On 31 December 2023 no expected credit loss allowances (2022: $nil) were held in respect of the
\n
recoverability of loans to subsidiaries.
\n
5.
Equity
\n
Dividends
\n
In 2023, the company declared and paid dividends of 30 US cents per ordinary share on these dates:
\n
\u2022
For the Q4 2022 operating period, dividends were declared on 8 February 2023 and paid on 30
\n
March 2023.
\n
\u2022
For the Q1 2023 operating period, dividends were declared on 17 May 2023 and paid on 30 June
\n
2023.
\n
\u2022
For the Q2 2023 operating period, dividends were declared on 5 September 2023 and paid on 29
\n
September 2023.
\n
\u2022
For the Q3 2023 operating period, dividends were declared on 15 November 2023 and paid on
\n
29 December 2023.
\n
In 2022, the company also distributed dividends of 30 US cents per ordinary share twice:
\n
\u2022
A dividend was declared on 8 September 2022 and paid on 30 September 2022.
\n
\u2022
Another dividend was declared on 17 November 2022 and paid on 30 December 2022.
\n\n \n
$ cents per share
($\u2019000)
2023
2022
2023
2022
Dividends announced and paid in cash
March
30
-
53,252
-
June
30
-
53,411
-
September
30
30
53,518
53,252
December
30
30
53,517
53,252
Total
120
60
213,698
106,504
Distributable reserves
\n\n \n
31
31
December
December
($\u2019000)
2023
2022
Total equity
948,345
1,069,038
Non-distributable
Share capital
(2,449)
(2,380)
Share premium (note 9)
(465,331)
(415,388)
Equity component of convertible bonds
132
-
(10,459)
Unrealised profits included in retained earnings reserve
(228,326)
(232,788)
Unrealised share based payment reserve
133
(16,431)
(13,340)
Total distributable reserves
235,808
394,683
\n
6.
Trade and other receivables
\n\n \n
($\u2019000)
2023
2022
Financial items
Due from subsidiary undertakings
22,519
74,004
Refundable VAT
315
374
22,834
74,378
Non-financial items
Deposits and prepayments
580
531
Total trade and other receivables
23,414
74,909
\n
At 31 December 2023 no expected credit loss allowances (2022: $nil) were held in respect of the
\n
recoverability of amounts due from subsidiary undertakings.
\n
The amounts due from subsidiary undertakings include $1.5 million of interest receivable on the
\n
intercompany loans (2022: $12.1 million). The remaining amounts due from subsidiaries accrue no
\n
interest and relate to intragroup recharges for subsidiaries\u2019 employees share-based payments and
\n
management services provided by the Company to its subsidiaries under a Master Intercompany
\n
Services Agreement.
\n
In 2022, the amounts due from subsidiary undertakings also included $50 million receivable from
\n
Energean E&P Holdings in relation to dividends received in 2022.
\n
132
\n
Equity component of $50 million of convertible loan notes (discussed in note 8), which were issued in February 2021 and were
\n
converted into equity upon maturity on 20 December 2023.
\n
133
\n
Unrealised portion of the share based payment reserve included in total equity.
7.
Trade and other payables
\n\n \n
($\u2019000)
2023
2022
Staff costs accrued
2,636
1,906
Trade payables
2,534
3,219
Due to subsidiary undertakings
900
1,515
Finance costs accrued
7,215
6,161
Accrued expenses
913
1,718
Income taxes
52
36
Social insurance and other taxes
206
170
Other creditors
57
49
Total trade and other payables
14,513
14,774
\n
The amounts are unsecured and are usually paid within 30 days of recognition.
\n
8.
Borrowings
\n\n \n
($\u2019000)
2023
2022
Non-current
Senior Secured notes
444,313
442,879
Carrying value of non-current borrowings
444,313
442,879
Current
Convertible loan notes
-
45,550
Revolving credit line facility
80,000
-
Carrying value of current borrowings
80,000
45,550
\n
On 25 February 2021, $50 million worth of convertible loan notes (\u201c
Convertible Loan Notes
\u201d) were issued.
\n
These notes had a maturity date set for 29 December 2023, a strike price of \u00a39.505 (which was subject
\n
to adjustments for dividend payments up until the maturity date), and were issued at a zero-coupon rate.
\n
On 20 December 2023, the loan was converted into equity, resulting in the issuance of 4,422,013 ordinary
\n
shares at a conversion price of \u00a38.3843 per share.
\n
On 18 November 2021, the Company completed the issuance of senior secured notes totalling $450
\n
million in aggregate principal amount. These notes, due to mature in 2027, carry a fixed interest rate of
\n
6.5%.
\n
On 8 September 2022, the Company secured a three-year, $275 million multicurrency revolving credit
\n
facility (RCF) with a syndicate of four banks, spearheaded by ING Bank N.V. In May 2023, this facility's
\n
limit was increased to $300 million. The RCF is designed to provide additional liquidity for general
\n
corporate needs as necessary. The interest rate applied to any amounts drawn as loans is set at 5% plus
\n
the SOFR rate.
\n
Throughout 2023, the Company utilised $80 million from this facility at an average interest rate of 10.3%.
\n
Of this amount, $40 million has been repaid subsequent to the reporting date.
9.
Share capital
\n\n \n
2022
2023
2022
Authorised
At 1 January 2022
177,602,560
2,374
915,388
Share premium reduction
-
-
(500,000)
Issued during the period
-
-
-
New shares
-
-
-
Employee share schemes
437,945
6
-
At 31 December 2022
178,040,505
2,380
415,388
Share premium reduction
-
-
-
Issued during the period
-
-
-
New shares (Note A)
4,422,013
57
49,943
Employee share schemes
1,018,441
12
-
At 31 December 2023
183,480,959
2,449
465,331
\n
As at 31 December 2023, the Company\u2019s issued share capital consisted of 183,480,959 ordinary shares
\n
of \u00a30.01 each. The Company has only one class of share, which carries no right to fixed income. Each
\n
share carries the right to one vote at General Meetings of the Company.
\n
In 2022, Energean plc by special resolution reduced its share premium account, as confirmed by an Order
\n
of the High Court of Justice on the 14 June 2022.
\n
10.
Staff costs
\n\n \n
($\u2019000)
2023
2022
Salaries
134
7,129
5,892
Social insurance costs and other funds
2,033
785
Share-based payments
4,249
3,847
Pension contribution & insurance
198
305
Total staff costs
13,609
10,829
\n
11.
Share-based payment
\n
Energean Long Term Incentive Plan (LTIP)
\n
Under the LTIP, senior management can be granted nil exercise price options, normally at the end of a
\n
period of at least three years following grant and normally have a holding period taking the time horizon
\n
to no earlier than five years following grant. The size of awards depends on both annual performance
\n
measures and Total Shareholder Return (TSR) over a period of up to three years. There are no other post-
\n
grant performance conditions.
\n
No dividends are paid over the vesting period; however, Energean\u2019s Board may decide at any time prior
\n
to the issue or transfer of the shares in respect of which an award is released that the participant will
\n
receive an amount (in cash and/or additional Shares) equal in value to any dividends that would have
\n
been paid on those shares on such terms and over such period (ending no later than the release date) as
\n
134
\n
Including directors\u2019 remuneration.
the Board may determine. This amount may assume the reinvestment of dividends (on such basis as the
\n
Board may determine) and may exclude or include special dividends.
\n
The average remaining contractual life for LTIP awards outstanding at 31 December 2023 was 1.2 years
\n
(31 December 2022: 1.2 years), number of shares outstanding 1,763,308 and weighted average price at
\n
grant date \u00a310.46 (or 13.31).
\n
There are further details of the LTIP in the Remuneration Committee Report section of the Annual Report
\n
and note 25 in the Group financial statements.
\n
Deferred Share Bonus Plan (DSBP)
\n
Under the DSBP, the portion of any annual bonus above 30% of the base salary of a Senior Executive
\n
nominated by the Remuneration Committee is deferred into shares.
\n
Deferred awards are usually granted in the form of conditional share awards or nil-cost options (or,
\n
exceptionally, as cash-settled equivalents). Deferred awards usually vest two years after award although
\n
may vest early on leaving employment or on a change of control.
\n
The average remaining contractual life for DSBP awards outstanding at 31 December 2023 was 0.8 years
\n
(31 December 2022: 0.8 years), number of shares outstanding 277,886 and weighted average price at
\n
grant date \u00a311.45 (or $14.69).
\n
There are further details refer to note 25 in the Group financial statements.
\n
12.
Related party transactions
\n
The Company\u2019s subsidiaries at 31 December 2023 and the Group\u2019s percentage of share capital are set
\n
out are in note 30 of the Group financial statements. The following table provides the Company\u2019s
\n
balances which are outstanding with subsidiary companies at the balance sheet date:
\n\n \n
($\u2019000)
2023
2022
Loans to subsidiaries
172,294
332,050
Receivables from share-based awards to subsidiary undertakings
1,215
2,066
Trade and other receivables
22,519
74,004
Total amounts receivable from subsidiary undertakings
196,028
408,120
Amounts payable to subsidiary undertakings
900
1,515
Total amounts outstanding
195,128
406,605
\n
The amounts outstanding are unsecured and will be settled in cash.
\n
In 2023 the Company also purchased services for $2.7 million from other related parties, ultimately
\n
controlled by the Company.
\n
13.
Directors\u2019 remuneration
\n
Directors\u2019 remuneration has been provided in the remuneration report within the Annual Report. Please
\n
refer to pages 136 to 165 of the Annual Report.
\n
14.
Auditor\u2019s remuneration
\n
Auditor\u2019s remuneration has been provided in the Group financial statements. Please refer to note 7 of the
\n
Group financial statements, included in the Annual Report, for details of the remuneration of the
\n
company\u2019s auditor on a group basis.
15.
Subsequent events
Please refer to note 29 of the Group financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }