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"decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "pp-value-16-3": { "value": "The principal activity of the Group is the investment in and operation of LNG transportation vessels. The Group owns and operates two 2013-built TFDE LNG vessels. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-15-2": { "value": "The consolidated financial statements for the period ended 31 December 2022 were authorised for issue by the Board of Directors on April 20, 2023 and will be presented for approval at the Annual General Meeting on May 11, 2023. The principal activity of the Group is the investment in and operation of LNG transportation vessels. The Group owns and operates two 2013-built TFDE LNG vessels. NOTE 1 // CORPORATE INFORMATIONAwilco LNG ASA (the Company or Parent Company) is a public limited liability company incorporated and domiciled in Norway. Its registered office is Beddingen 8, 0250 Oslo, Norway. The Company was incorporated February 2, 2011 and is listed on Euronext Expand with the ticker ALNG. The consolidated financial statements of the Company comprise the Company and its subsidiaries, together referred to as the Group or Awilco LNG. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-15-3": { "value": "The consolidated financial statements for the period ended 31 December 2022 were authorised for issue by the Board of Directors on April 20, 2023 and will be presented for approval at the Annual General Meeting on May 11, 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-11-2": { "value": "BASIS OF PREPARATIONThe consolidated financial statements of Awilco LNG have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and the additional applicable disclosure requirements of the Norwegian accounting act. The consolidated financial statements have been prepared on a historical cost basis, except for liabilities for cash-settled share-based payments which are measured at fair value, pensions which are measured according to IAS 19 and receivables and payables denominated in foreign exchange which are translated at period-end exchange rates. The consolidated financial statements are presented in US Dollars (USD) rounded off to the nearest thousands, except as otherwise indicated. The consolidated financial statements have been prepared based on a going concern assumption. Please see the Board of Directors\u2019 report for further information on this matter. The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-11-3": { "value": "BASIS OF PREPARATIONThe consolidated financial statements of Awilco LNG have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and the additional applicable disclosure requirements of the Norwegian accounting act. The consolidated financial statements have been prepared on a historical cost basis, except for liabilities for cash-settled share-based payments which are measured at fair value, pensions which are measured according to IAS 19 and receivables and payables denominated in foreign exchange which are translated at period-end exchange rates. The consolidated financial statements are presented in US Dollars (USD) rounded off to the nearest thousands, except as otherwise indicated. The consolidated financial statements have been prepared based on a going concern assumption. Please see the Board of Directors\u2019 report for further information on this matter. The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-11-4": { "value": "BASIS OF PREPARATIONThe consolidated financial statements of Awilco LNG have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and the additional applicable disclosure requirements of the Norwegian accounting act. The consolidated financial statements have been prepared on a historical cost basis, except for liabilities for cash-settled share-based payments which are measured at fair value, pensions which are measured according to IAS 19 and receivables and payables denominated in foreign exchange which are translated at period-end exchange rates. The consolidated financial statements are presented in US Dollars (USD) rounded off to the nearest thousands, except as otherwise indicated. The consolidated financial statements have been prepared based on a going concern assumption. Please see the Board of Directors\u2019 report for further information on this matter. The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-10-1": { "value": "Basis of consolidation The consolidated financial statements include Awilco LNG ASA and its subsidiaries. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intercompany transactions and balances are eliminated in the consolidation. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control over the subsidiaries and continue to be consolidated until the date that such control ceases. BASIS OF PREPARATIONThe consolidated financial statements of Awilco LNG have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and the additional applicable disclosure requirements of the Norwegian accounting act. The consolidated financial statements have been prepared on a historical cost basis, except for liabilities for cash-settled share-based payments which are measured at fair value, pensions which are measured according to IAS 19 and receivables and payables denominated in foreign exchange which are translated at period-end exchange rates. The consolidated financial statements are presented in US Dollars (USD) rounded off to the nearest thousands, except as otherwise indicated. The consolidated financial statements have been prepared based on a going concern assumption. Please see the Board of Directors\u2019 report for further information on this matter. The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. RevenueRevenue is recognised at an amount that reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services to a customer and is presented as freight income net of offhire deductions. On single voyages revenue is recognised according to the load-to-discharge principle. On medium term time charter contracts revenue is usually received monthly in advance whereas performance obligations are satisfied as follows: Revenue is generated by time charter contracts which contain both a lease element and a vessel management element (service agreement). The lease element, as described below under Leasing are recognised in straight-line over the term of the charter as services are provided based on the number of days before and after the reporting period. Where the repositioning fees depend upon final redelivery location, they are recognised at the end of the charter when the revenue becomes fixed and determinable. The vessel management element is considered a performance obligation that is satisfied over time, given that the customer simultaneously receives and consumes the benefits provided by the Group. Voyage expenses are expensed as incurred and mobilisation expenses are not capitalised. LEASINGThe determination of whether an arrangement contains a lease element is made at contract inception and is based on the The consolidated financial statements for the period ended 31 December 2022 were authorised for issue by the Board of Directors on April 20, 2023 and will be presented for approval at the Annual General Meeting on May 11, 2023. The principal activity of the Group is the investment in and operation of LNG transportation vessels. The Group owns and operates two 2013-built TFDE LNG vessels. NOTE 1 // CORPORATE INFORMATIONAwilco LNG ASA (the Company or Parent Company) is a public limited liability company incorporated and domiciled in Norway. Its registered office is Beddingen 8, 0250 Oslo, Norway. The Company was incorporated February 2, 2011 and is listed on Euronext Expand with the ticker ALNG. The consolidated financial statements of the Company comprise the Company and its subsidiaries, together referred to as the Group or Awilco LNG. substance of the arrangement. Leases are classified as finance leases if the terms of the lease agreement transfer substantially all the risks and benefits incidental to ownership of the leased item. All other leases are classified as operational leases. The Group as lessorMinimum operating lease payments received under operating leases are recognised in profit or loss on a straight-line basis over the term of the lease. Lease incentives received are recognised as an integral part of the total lease revenue over the term of the lease. Contingent rent is recognised as revenue in the period in which they are earned. The Group as lesseei. Right-of-use assetsThe Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Leased assets with repurchase obligations at the end of the lease term are separated into components which are depreciated over the useful life of the component. Right-of-use assets are subject to impairment. ii. Lease liabilitiesAt 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 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 repurchase obligations or alternatively the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expense in the period on which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the 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 based on the effective interest method 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 in-substance fixed lease payments or a change in the assessment to purchase the underlying asset. iii. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases (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 of low value (i.e., below USD 5,000). 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. Significant judgement in determining the lease term of contracts with renewal options The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew. v. Sale-leaseback arrangementsNo gain or loss is recognised in the income statement related to sale/leaseback arrangements where the vessel is sold and subsequently leased back with repurchase obligations to the Group. Sale/leaseback arrangements whereby the seller-lessee has repurchase obligations at maturity of the lease period are not considered as a sale of asset, and the seller-lessee recognises a financial liability equal to the transfer proceeds and the resulting lease obligation net of pre-paid charter hire is accounted for as a financial liability according to IFRS 9. FOREIGN CURRENCYThe consolidated financial statements are presented in USD, which is also the functional currency of all entities in the Group. Transactions in foreign currencies are recorded at the rate of exchange on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate applicable at the reporting date. Realised and unrealised foreign currency gains or losses on monetary items are presented as finance income or finance expense. Non-monetary items that are measured at historical cost in a foreign currency are translated using the exchange rates applicable at the dates of the initial transactions. CLASSIFICATION OF ITEMS IN THE STATEMENT OF FINANCIAL POSITIONCurrent assets and current liabilities include items that fall due for payment within one year after the reporting date. The short-term part of long-term debt maturing within 12 months after the balance sheet date is classified as short-term debt. VESSELS, VESSELS UNDER CONSTRUCTION AND OTHER FIXED ASSETSTangible non-current assets such as vessels and other fixed assets are carried at historical cost less accumulated depreciation and impairment losses. Vessels under construction are carried at historical cost less impairment losses. Costs of acquired vessels include expenditures that are directly attributable to the acquisition of the vessels. Cost of vessels under construction include all directly attributable costs incurred to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Examples of such costs include supervision costs, site team costs, yard instalments, technical costs and borrowing costs. Borrowing costs consist of interest and other costs that are incurred in connection with the borrowing of funds and are determined by applying an interest rate to the average amount of accumulated expenditures during the construction period, limited to the interest expense incurred during the reporting period. The interest rate used is the weighted average cost of borrowings in the Group. Costs of vessels under construction are capitalised, classified as vessels under construction and presented as a tangible asset. The capitalised costs are reclassified from vessels under construction to vessels when the asset is available for its intended use. In accordance with IAS 16 each component of the vessels with a cost that is significant in relation to the total cost of the item is separately identified and depreciated. Components with similar useful lives will be grouped into a single component. Dry-docking is identified as a separate component of cost of vessels and depreciated separately. Depreciable amount of an asset is calculated as cost less residual value and impairment charges. Residual value is based on estimated salvage value of the vessels. Depreciation is calculated on a straight-line basis over the useful life of the assets, and depreciation is commenced when the asset is available for its intended use. Expected useful lives, methods of depreciation and residual values are reviewed yearly and adjusted prospectively, if appropriate. The following estimated useful lives are applied to the respective components of the asset: Vessels 40 yearsVessel dry-docking 5 yearsVessel engine overhauls 4 yearsOther fixed assets 3 - 5 years Costs related to major inspections/classifications (dry-docking and engine overhauls) are recognised in the carrying amount of the vessels if certain recognition criteria are satisfied. The recognition is made as the dry-docking or overhaul is being performed, and depreciation is recognised from completion of the dry-docking and overhaul until estimated time to the next dry-docking or overhaul. Any remaining carrying amount of the cost of the previous dry-docking or overhaul is de-recognised upon initiation of the next dry-docking or overhaul. The remaining costs that do not meet the recognition criteria are expensed as repairs and maintenance. When vessels are acquired the remaining dry-docking and overhaul is identified and depreciated as a separate component, based on estimated time to the next dry-docking or overhaul. The financial liability is subsequently measured according to amortised cost using the effective interest method. Associated costs incurred in arranging the lease agreement is amortised over the lease period and presented net of the lease liability in the statement of financial position. Ordinary repairs and maintenance expenses are recognised in the income statement as incurred. Upgrades and material replacement of parts and equipment are capitalised as costs of vessels and depreciated together with the respective component. Replaced parts and equipment are derecognised and presented as impairment losses in the income statement. If it is not practicable to determine the carrying amount of the replaced part, the cost of the replacement is used as an indication of what the cost of the replaced part was at the time it was acquired or constructed. IMPAIRMENTVessels and other fixed assets are assessed for impairment indicators each reporting period. If impairment indicators are identified the recoverable amount is estimated, and if the carrying amount of an asset or cash generating unit (CGU) exceeds its recoverable amount an impairment loss is recognised. Each vessel is assessed as a separate cash generating unit (CGU) by Awilco LNG. The recoverable amount is the higher of an asset\u2019s fair value less cost to sell (net selling price) and value in use. The fair value is the amount obtainable from the sale of an asset in an arm\u2019s length transaction less the costs of disposal. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the recoverable amount; the reversal is limited up until the carrying amount net of accumulated depreciation if no impairment loss had been recognised in prior periods. Such reversals are recognised in the income statement. NON-CURRENT ASSETS HELD FOR SALENon-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered principally through sale rather than continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell and presented separately as assets held for sale and liabilities held for sale in the statement of financial position. The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the plan will be made or that the plan to sell will be withdrawn. In addition, the criteria also include management to be committed to the plan and the sale to be completed within a year. Once classified as held for sale assets are not depreciated or amortised. INVENTORYInventories consist of bunkers and lube oil on board the vessels. Inventories are measured at the lower of cost and net realisable value. Cost is determined in accordance with the first-in-first-out principle (FIFO), and expenses related to inventory are presented as voyage related expenses in the income statement. PROVISIONSProvisions are recognised when the Group has a present obligation (legal or constructive) because of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where the Group expects some or all of 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 expense relating to any provision is recognised through profit and loss net of any reimbursement. FAIR VALUE MEASUREMENTFair 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, using assumptions that market participants would use when pricing the asset or liability. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level of input that is significant to the fair value measurement as a whole: Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable TAXESThe income tax expense consists of current income tax and changes in deferred tax. Current income tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred income tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which the deductible temporary difference can be utilised. Deferred income tax is calculated on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities is determined using tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax liabilities and deferred tax assets are recognised at nominal values and classified as non-current liabilities and non-current assets in the statement of financial position. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis, or their tax assets and liabilities will be realised simultaneously. Current income tax and deferred tax is recognised in profit or loss except to the extent that it relates to items recognised directly in equity or in other comprehensive income. For Group companies subject to tonnage tax regimes, incurred tonnage tax is recognised as an operating expense. Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. SHARE-BASED PAYMENTSFor cash-settled share-based payments a provision is recordedfor the rights granted reflecting the vested portion of the fair value of the rights at the reporting date. The provision is accrued over the period the beneficiaries are expected to perform the related service (vesting period). The cash-settled share-based payments are remeasured to fair value at each reporting date until the award is settled. Any changes in the fair value of the provision are recognised as administration expense in the income statement. The amount of unrecognisedcompensation expense related to non-vested share-based payment arrangements granted in the cash-settled plans is dependent on the final intrinsic value of the awards. Social security tax liability is recognised on the intrinsic value of the cash-settled share-based payments. PENSIONSThe Group is required to provide a pension plan towards its onshore employees, and the Group has implemented a definedcontribution plan. The plan, which is fully funded, complies witthe requirements in the Mandatory Occupational Pension act inNorway (\u201cLov om obligatorisk tjenestepensjon\u201d). Contributionson salary up until 12G are funded in a life insurance company, whereas contributions on salary over 12G are transferred to a separately administered scheme and pledged towards the participating employees. G refers to the Norwegian National Insurance basic amount. Contributions to the pension plan are recognised as an employee benefit expense in the income statement when they fall due. Prepaid contributions are recognised as an asset to thextent that a cash refund or a reduction in the future paymentsis expected. The Group has no further payment obligations oncthe contributions have been paid. The liability arising from the plan > 12G is classified as a non-current liability in the statement of financial position. Changesin the liability are recognised as employee benefit expenses in the income statement in the periods during which services arerendered by employees. The liability becomes payable to the employee upon termination, voluntary or involuntary, of the employment.FINANCIAL INSTRUMENTSFinancial assets and liabilities are offset and the net amount presented in the statement of financial position when there is a legal right to offset the amounts and intention either to settle on a net basis or to realise the asset and settle the liability simultaneously. Financial assetsInitial recognition and measurement: Financial assets are classified at initial recognition and subsequently measured at either i) amortised cost or ii) 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. Except for 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 Revenue from Contracts with Customers. In order for a financial asset to be classified and measured at amortised cost it needs to give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. Subsequent measurement: Financial assets are classified in two categories. i. Financial assets at amortised cost (debt instruments) The Group measures financial assets at amortised cost if both of the following conditions are met: i) The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and ii) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest method (EIR) and are subject to impairment. 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. ii. Financial assets at fair value through profit or loss The category includes financial assets held for trading, 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 are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortised cost as described above, debt instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. 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. This category includes derivative instruments and listed equity investments. Dividends on listed equity investments are also recognised as other income in the statement of profit or loss when the right of payment has been established. Derecognition: A financial asset is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial position) when either i) The rights to receive cash flows from the asset have expired or ii) the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum Financial liabilitiesInitial recognition and measurement: Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, financial liabilities measured at amortised cost 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 financial liabilities measured at amortised cost, net of directly attributable transaction costs. Subsequent measurement: The measurement of financial liabilities depends on their classification, as described below: i) 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. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognised in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Group has not designated any financial liability as at fair value through profit or loss. ii) Financial liabilities measured at amortised cost: After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as 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. 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. SHARE CAPITALOrdinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. Own equity instruments that are acquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Voting rights relating to treasury shares are nullified and no dividends are allocated to them. amount of consideration that the Group could be required to repay.Impairment of financial assets: The Group recognises an allowance for expected credit losses (ECLs) 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. NEW AND AMENDED STANDARDS AND INTERPRETATIONSThe group has applied the following standards and amendments for the first time for their annual reporting period commencing January 1, 2020: i. Definition of Material \u2013 amendments to IAS 1 and IAS 8ii. Revised Conceptual Framework for Financial ReportingAmendments and changes to IFRSAmendments and changes to IFRS effective from 1 January 2021 did not have a material impact for the Group. The Group has further done a preliminary assessment of future announced changes and concluded that none of these will have a material impact based on the current business and financial position of the Group CASH AND CASH EQUIVALENTS Cash represents cash on hand and deposits with banks that are repayable on demand. Cash includes restricted employee taxes withheld. Cash equivalents represent short term, highly liquid investments which are readily convertible into known amounts of cash with original maturities of three months or less. SEGMENT INFORMATIONThe Group\u2019s current business is operating LNG transportation vessels. The potential market for the vessels is and will be the international global LNG transportation market, and the business will be exposed to the same risks and returns wherever the vessels are employed. The Group\u2019s internal reporting does not distinguish between different segments, and as the vessels are managed as one operating segment Awilco LNG has only one reportable segment. CASH FLOW STATEMENTThe cash flow statement is presented using the indirect method. DIVIDENDSDividend payments are recognised as a liability in the Group\u2019s financial statements from the date when the dividend is approved by the General Meeting. A corresponding amount is recognised directly towards equity. EARNINGS PER SHAREThe Group presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year, adjusted for own shares held. Diluted earnings per share is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding, adjusted for own shares held, for the effects of all dilutive potential ordinary shares. NOTE 3 // SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS The preparation of financial statements requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments concerning the carrying values of assets and liabilities that are not readily apparent from other sources. This presents a substantial risk that actual conditions will vary from the estimates. The key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. CRITICAL JUDGEMENTS IN APPLYING ACCOUNTING POLICIESIn general management has to apply judgement in the process of applying the Group\u2019s accounting policies, in addition to items involving estimates described below, in the process of preparing the financial statements. Management has applied significant estimates and assumptions mainly relating to the following:- Depreciation of vessels and residual values- Impairment of vesselsDepreciation of vessels and residual values. Depreciation is based on Management\u2019s estimates of the vessels\u2019 major components, useful lives of the components and the vessels\u2019 residual values less costs associated with scrapping at the end of the vessels\u2019 useful life. Estimates may change due to changes in scrap value, technological development, competition and environmental and legal requirements. Management reviews the future useful lives of each significant component and the residual values of the vessels annually, taking into consideration the above-mentioned factors and the observable age for LNG vessels when scrapped. Scrap values are estimated based on forward prices of steel. Any changes in estimated useful lives and/or residual values impact the depreciation of the vessels prospectively. As at December 31, 2022 the vessels had a carrying value of USD 317.1 million, and total residual value was estimated at USD 24 million. Please see note 11 for further information on impairment assessment of vessels.Impairment of vessels. Management assesses whether there are any indicators of impairment at each reporting date. Each vessel is regarded as a cash generating unit for the impairment testing.The vessels are tested for impairment when there are indicators that the carrying amounts may not be recoverable. The recoverable amount is the higher of an asset\u2019s fair value less cost to sell (net selling price) and value in use. Fair value is the amount obtainable from the sale of an asset in an arm\u2019s length transaction less the costs of disposal and is based on completed transactions of comparable assets in the market. Estimation of fair value is subject to an active transaction market. Value in use calculations involve a high degree of estimation and several critical assumptions such as time charter rates, utilisation, operational expenses, dry-dockings, useful life, recycling values and discount rates. The key assumptions used in the impairment assessment are disclosed in note 11, together with sensitivity tables showing the effect on recoverable amount from changes in key assumptions. Changes in circumstances and assumptions may significantly affect the estimated recoverable amounts, and a weak shipping market may result in future impairment losses. Please see note 11 for further information on impairment of vessels.NOTE 4 // FREIGHT INCOMEIn USD thousandsFreight income 2022 2021WilForce 25 221 22 836 WilPride 26 320 36 716 Total freight income 51 541 59 552 Freight income consists of revenues from time charter contracts with customers, and includes time charter hire, ballast bonuses, misc. income and bunkers compensation. MUSD 0.7 of freight income relates to bunkers compensation received from charterers\u2019 on single voyages, which is presented gross in the income statement (MUSD 0.5 in 2021). Time charter freight income is split into a lease element and a service element. For accounting purposes the latter is recognised as revenue, as the Group satisifies its performance obligation of delivering LNG shipping services over time according to the time charter party, concurrent with recognition of the lease element. The following specifies total freight income split into the lease element and the service element:Freight income 20222021Lease element 40 015 49 014 Service element 11 526 10 538 Total freight income 51 541 59 552 Contract balances 31.12.2022 31.12.2021 Trade receivables from charterers 3 774 969 Contract assets - - Contract liabilities 6 216 4 921 Provision sale of inventory 1 407 1 407 Contract liabilities arise from prepayment of time charter hire from charterers (deferred revenue). Time charter hire is usually paid monthly in advance and is recognised as revenue as the Group\u2019s performance obligations are satified over time. Contract assets are reclassified to trade receivables upon invoicing of charter hire. The following specifies the contractual lease element income assessed as operational lease agreements to be received from 1 January 2023 based on firm charter contracts as per December 31, 2022:Contracted future freight income < 6 mon.6 mon. - 1 yr> 1 yrTotalWilForce 26 372 28 060 27 450 81 882 WilPride 16 381 16 652 61 902 94 935 Total contracted future freight income 42 752 44 712 89 352 176 816 NOTE 6 // VOYAGE RELATED EXPENSESIn USD thousandsVoyage related expenses 2022 2021Bunkers consumption 5 003 1 419 Commissions 568 865 Other voyage expenses 660 162 Total voyage related expenses 6 231 2 446 Bunker consumption relates to periods where the vessels have been idle or repositioning, and for single voyage charters where bunkers consumption has been reimbursed by the charterers (see note 4). When the vessels are on time charter contracts bunker consumption is for the charterer\u2019s expense. Commissions paid to related parties are disclosed in note 21.NOTE 5 // SEGMENT INFORMATIONOperating segments The Group currently owns and operates two LNG vessels which operate globally. For internal reporting and management purposes the Group\u2019s business is organised into one reporting segment, LNG transportation. Performance is not evaluated by geographical region as the vessels trade globally and revenue is not dependent on any specific country. The Group does not consider the domicile of its cus-tomers as a relevant decision making guideline and hence does not consider it relevant to allocate performance to specific geographical locations. Revenue from the Group\u2019s country of domicile, Norway, was NIL in 2022, same as in 2021. Information about major customers In 2022 the Group had four major customers individually contributing with more than 10 % of the Group\u2019s revenues at 12, 17, 29 and 31% of total revenue, compared to three in 2021 contributing 18, 29 and 30 %.NOTE 7 // OPERATING EXPENSES AND OTHER INCOMEOperating expenses 20222021Crew expenses 5 789 5 216Other operating expenses 3 954 3 851 Insurance expenses 1 202967Tonnage tax 32 1 Total operating expenses 10 977 10 036 Other income 2022 2020Machinery equipment (hull and machinery insurance proceeds) - 54 Collision (hull and machinery insurance proceeds) - - Loss of hire insurance proceeds from collision 367 - Total other income 367 54 In September 2018 damage was incurred to certain non-critical machinery equipment on WilForce. Repairs at yard were completed in May 2019 and final settlement of the insurance claim was agreed in 2021 and an adjustment to net income of MUSD 0.1 was recognized. In May 2019 WilForce was involved in a collision with another vessel outside Singapore and in a trial related to liability Awilco LNG returned with a verdict of 75:25 in the Company\u2019s favor. The process to agree on quantum is ongoing and the parties are currently evalu-ating the claims. The process is slowly moving forward, and at the time of this report it is difficult to assess the date for a final closure of the case although we hope to receive settlement within the foreseeable future. No effects of the claim will be reflected in Awilco LNG\u2019s financial statements until the awarded compensation is determined and received. In 2022 there were a total of 730 trading days and 1.8 one off-hire days (730 trading days in 2022 and one off-hire day). Number of seafarers2022 2021Seafarers at year-end6055NOTE 8 // ADMINISTRATION EXPENSESIn USD thousandsAdministration expenses 2022 2021Salaries and other remuneration 1 770 1 955 Social security cost 278 302 Pension 137 194 Other employee related expenses (78) 20 Total employee related expenses 2 108 2 470 Management fees 665 769 Consultant, legal and auditor\u2019s fees 211 138 Other administrative expenses 591 496 Total administration expenses 3 574 3 874 Information regarding remuneration to key management, management fees to related parties, fees to the Board of Directors and audi-tor\u2019s fees is provided in note 21. Number of onshore employees 2022 2021Onshore employees year end 77Average number of onshore work years6.97.1Pensions The Group has a defined contribution plan for onshore employees which complies with the requirements in the Mandatory Occupational Pension act in Norway (\u201cLov om obligatorisk tjenestepensjon\u201d). The pension plan is a defined contribution plan. Contributions on salary up until 12G are funded in a life insurance company, whereas contributions on salary over 12G are transferred to a separately adminis-tered scheme and pledged towards the participating employees. As at 31 December 2022 the Group\u2019s pension liability was KUSD 569 (31 December 2021 KUSD 583).NOTE 9 // EARNINGS PER SHAREBasic earnings per share are calculated by dividing profit/(loss) for the year attributable to ordinary equity holders by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share are calculated by dividing the profit/(loss) for the year attributable to ordinary equity holders by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversion of all potentially dilutive ordinary shares to ordinary shares. The Company did not have any potentially dilutive ordinary shares as per 31 December 2022 or 31 December 2021.Earnings per share20222021Profit/(loss) for year attributable to ordinary equity holders (KUSD) 5 800 21 115Weighted average number of shares outstanding, basic and diluted 132 548 611 132 548 611Basic/diluted earnings per share (USD) 0,04 0.16 NOTE 10 // INCOME TAXESTax regimes The Company\u2019s subsidiaries in which the vessels are held are subject to Norwegian tonnage tax (NTT). Companies subject to NTT are exempt from ordinary tax on income derived from operations in international waters. The subsidiaries subject to NTT are taxed on a notional basis based on the net tonnage of the companies\u2019 vessels. Income and expenses not derived from the operation of vessels in international waters, such as finance income and expenses, are taxed according to ordinary corporate tax in Norway based on the relative composition of financial assets to total assets of the subsidiaries\u2019 balance sheets. The Parent Company and the subsidiaries Awilco LNG Technical Management AS, Awilco LNG 1 AS, Awilco LNG 2 AS and Awilco LNG 3 AS are subject to ordinary corporation tax in Norway.Income tax expense20222021Current income tax - - Changes in deferred tax - - Total income tax expense / (income) - - Specification of basis for deferred tax31.12.2022 31.12.2021 Other fixed assets 0 0 Loans to group companies (currency effects*) Provisions and accruals Gain/loss account 1 222 1 707 Net pension assets 68 73 Currency effects on long term debt - - Tax loss carry forward 27 982 28 750 Basis for deferred tax asset / (liability) 29 272 30 530 Not recognised deferred tax assets (basis) (29 272) (30 530)Basis for deferred tax asset / (liability) - Tax rate22 %22 %Deferred tax asset / (liability) - Recognition of deferred income tax assets is subject to strict requirements in respect of the ability to substantiate that sufficient taxable profit will be available against which the unutilised tax losses can be used. Based on these requirements and an assessment by the Group, deferred tax assets arising from tax loss carry forward has not been recognised. Utilisation of the tax loss carry forward is not limited in time. NOTE 11 // VESSELS AND OTHER FIXED ASSETS Vessels 2022 2021Cost as at 1 January 420 809 420 329 Acquisition vessels +Newbuildings delivered +Capitalised dry-docking +Capitalised upgrades, dry-dock, spare parts and replacements 2 934 1 154 Derecognition of cost due to impairment loss parts and equipment - Disposals (1 890) (673)Cost as at 31 December 421 854 420 809 Accumulated depreciation and impairment as at 1 January 93 937 82 046 - Depreciation 12 720 12 564 - Disposals (1 890) (673)Accumulated depreciation and impairment as at 31 December 104 767 93 937 Carrying amount as at 31 December 317 087 326 875 Estimated useful lifes: Vessel main components 40 years40 years Vessel indirect leasing expenses 2 - 5 years2 - 5 years Dry-dock and engine overhauls 4 - 5 years4 - 5 years Multi-period spares 10 years10 yearsEstimated remaining useful life 32 years33 yearsDepreciation method Straight lineStraight lineNOTE 10 // INCOME TAXES CONTReconciliation of effective tax rate 2022 2012 Profit/(loss) before taxes 5 800 21 115 Tax based on ordinary tax rate (22 %) 1 276 4 645 Effects from: Profit subject to tonnage tax (1 699) (4 184)Permanent differences (44) (154)Not recognised deferred tax asset 467 699 Currency effects - (1 006)Effect of change in tax rate - 2 093 Total income tax expense / (income) - - Income tax payable 20222021 Current tax payable recognised in income statement - - Current tax payable recognised directly in equity - - Total income tax payable - - Both WilForce and WilPride are financed by sale/leaseback agreements which as described in note 3. Depreciation: Depreciable amount is calculated as cost less residual value. Residual values are calculated based on the vessels\u2019 lightweight tonnage and an estimated scrap rate per ton, less related recycling costs. Estimated residual value per vessel is approximately USD 12 million. Interest expense, cash ouflow etc on lease liabilities: please see note 17 and note 22. Impairment: Vessels and other fixed assets are assessed for impairment indicators each reporting period. As increased interest rates, and thereby increased cost of capital is defined as such an indicator the Company have performed an impairment test at yearend 2022. The test show that no impairment is necessary as the estimated recoverable amount exceeds the carrying amount of each of our assets. NOTE 12 // TRADE RECEIVABLESTrade receivables 31.12.2022 31.12.2021 Trade receivables 3 774 993 Allowance for doubtful debts - - Trade receivables carrying value 3 774 993 According to contract terms freight income is generally paid in advance, and thus the Group has limited amounts of trade receivables. No losses have been realized on trade receivables in 2022 or 2021. See note 4 regarding contract assets and note 20 regarding management of credit risk.Ageing analysis trade receivablesNeither past < 30 days 30-60 days61-90 days> 90 daysTotaldue / impaired - - 31.12.2022 3 774 3 774 - - - - 31.12.2021 993 993 - - NOTE 13 // INVENTORYInventory 31.12.202231.12.2021 Bunkers and lube oils 233 182 Total inventory 233 182 NOTE 16 // PROVISIONS AND ACCRUALS31.12.202231.12.2021Provisions and accruals Accrued bunkers cost 685 216 Accrued expenses, invoice not received 3 848 2 149 Accrued interest 6 216 4 921 Deferred revenue (see note 4) 1 407 1 407 Provision sale of inventory 590 572 Salary related provisions - - Other accruals and provisions 12 745 9 265 Total provisions and accruals Please see note 7 for further information on the provisions for vessel repairs. Deferred revenue relates to time charter hire for January invoiced in December of USD 6.2 million and provision for sale of inventory of USD 1.4 million. Please see note 4 for contract liabilities. NOTE 15 // CASH AND CASH EQUIVALENTS31.12.202231.12.2021Currency CodeFX rateCarrying valueFX rateCarrying valueUS dollars USD1 24 996 1 22 460 Norwegian kroner NOK9,8573 1 062 8,8194 1 177 Total cash and cash equivalents 26 058 23 637 As at 31 December 2022 KUSD 4 355 was restricted cash related to the vessel leases (KUSD 1 733 as at 31 December 2021), KUSD 288 was restricted cash related to employee withholding tax (KUSD 262 as at 31 December 2021), KUSD 78 was restricted cash related to re-quirements from operating the vessels (KUSD 77 as at 31 December 2021) and KUSD 38 was restricted cash provided as deposit towards the office lease (KUSD 43 as at 31 December 2021). NOTE 14 // OTHER SHORT TERM ASSETSOther short term assets 31.12.2022 31.12.2021 Prepaid expenses 279 300 VAT-receivable 58 57 Insurance claims - 192 Other short term receivables 81 3 835 Total other short term assets 419 4 384 Please see note 7 for further information on insurance claims. The insurance claims are considered as virtually certain contingent assets. NOTE 18 // FINANCIAL INSTRUMENTSClasses of financial instruments and fair values Financial assets at amortised cost Carrying amount Fair value 31.12.2022 31.12.2021 31.12.202231.12.2021 Trade receivables 3 774 993 3 774 993 Other short term assets 139 4 084 139 4 084 Cash and cash equivalents 26 058 23 637 26 058 23 637 Total 29 972 28 714 29 972 28 714 Financial liabilities at amortised cost Carrying amount Fair value 31.12.202231.12.202131.12.202231.12.2021Lease liabilities 207 614 225 631 207 614 225 631 Trade payables 771 516 771 516 Total 208 385 226 147 208 385 226 147 Fair value of financial instruments Fair value of trade receivables, other short term assets, cash and cash equivalents and trade payables approximate their carrying amounts due to the short-term maturities of these instruments, all categorised in fair value level 2.Finance income 20222021Interest income 256 1 Currency gains 198 (26)Other finance income 2664Total finance income 457 639 20222021Net gain/(loss) and valuation adjustment of securitiesNet gain/(loss) and valuation adjustment of securities(163) - Total Net gain/(loss) and valuation adjustment of securities (163) - NOTE 17 // FINANCE INCOME AND EXPENCEOther finance income in 2021 include dividend received from DNK of 662 kUSD. For further information on finance lease liabilities please see note 22.Finance expenses 20222021Interest expenses finance lease liabilities 12 838 10 156 Interest and fees overdraft facility Currency losses 3915Other finance expenses 23 40 Total finance expenses 12 900 10 211 The fair value of lease liabilities and other non-current liabilities is estimated by discounting future cash flows using rates for debt on similar terms, credit risk and remaining maturities, categorised in fair value level 3. The fair value of the these approximates the carry-ing amounts, as there have been no significant changes in the market rates for similar debt financing between the date of securing the debt financing and the reporting date.NOTE 19 // SHARE CAPITAL AND SHAREHOLDERS Share capital Number of sharesPar value NOKShare capital USDShare capital as at 31 December 2020 132 548 611 0.10 1 976 Share capital reduction - - - Issued shares - - - Share capital as at 31 December 2021 132 548 611 0.10 1 976 Share capital as at 31 December 2021 132 548 611 0.10 1 976 Share capital reduction - - - Issued shares - - - Share capital as at 31 December 2022 132 548 611 0.10 1 976 The share capital is denominated in NOK. A reduction in the nominal value of each of the Companny\u2019s shares from NOK 2.5 to NOK 0.10 was resolved at the extraordinary General Meeting held 17 September 2020. All issued shares are of equal rights.Overview of shareholders as at 31 December 2022ShareholderNumber of sharesIn %Awilco AS 51 114 08038,6%Morgan Stanley & Co. Int. Plc. 24 501 42518,5%B.O. Steen Shipping AS 5 926 0604,5%Euroclear Bank S.A./N.V.5 076 2993,8%Credit Suisse (Switzerland) Ltd.2 134 3671,6%Vidar Anfin Taranger1 625 0001,2%The Bank of New York Mellon SA/NV 1 357 8911,0%Patronia AS 1 322 9881,0%Clearstream Banking S.A. 959 3750,7%Trapesa AS 946 3320,7%The Bank of New York Mellon SA/NV 928 2600,7%Interactive Brokers LLC 921 7700,7%The Bank of New York Mellon 838 3440,6%J.P. Morgan Securities Plc 809 4400,6%Kristian Falnes AS 800 0000,6%Skips AS Tudor 781 4290,6%Nordnet Livsforsikring AS 768 8490,6%Kilsholmen AS 750 0000,6%The Bank of New York Mellon689 5960,5%Total > 0.5%102 251 50577,1%Other shareholders30 297 10622,9%Total132 548 611100.0%NOTE 20 // CAPITAL AND FINANCIAL RISK MANAGEMENTCapital management A key objective in Awilco LNG\u2019s capital management is to ensure that the Group maintains a capital structure in order to support its business, maintain investor and creditor confidence and maximise shareholder value. The Group evaluates its capital structure in light of current and projected cash flow, the relative strength of the shipping markets, new business opportunities and the Group\u2019s financial commitments. As part of the Group\u2019s long term capital management strategy, the Company is listed on Euronext Expand. Capital is man-aged on Group level, although each vessel owning company has a capital structure adressing company specific financial and operational requirements and risks. The Group monitors its capital using the book equity ratio:Equity ratio 31.12.2022 31.12.2021 Book equity 126 387 120 586 Total assets 348 107 356 746 Book equity ratio 36 %34 %Dividend policy The Group\u2019s intention is to pay regular dividends in support of the Group\u2019s main objective of maximising returns to shareholders. The Board of Directors approved a revised dividend policy in November 2022. The Board is committed to return value to shareholders and intend to distribute a substantial part of annual free cash flow, paid out quarterly, always subject to debt covenants, capital requirements and a robust cash buffer. Financial risk management The Group is in its business exposed to financial risks such as market risk, credit risk and liquidity risk. The Group\u2019s management identifies, evaluates and implements necessary actions to manage and mitigate these risks. The Board of Directors reviews and agrees to the policies for managing each of these risks, which are summarised below. Market risk Market risk from financial instruments is the risk that future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprise three types of risk: interest rate risk, foreign currency risk and price risk. Financial instruments held by the Group are affected by market risk. The Group does not enter into any financial instruments, including financial derivatives, for trading purposes. Interest rate risk: At the balance sheet date the Group had oustanding lease liabilities on the vessels of MUSD 207.6 that was subject to a floating interest charge (USD LIBOR). Each 100 bps change in USD libor would have an effect on the profit/(loss) for the reporting period of MUSD 2.1 and no direct effect on equity. The Group also had bank deposits subject to floating NIBOR and LIBOR rates. No interest rate derivatives have been entered into to mitigate the floating interest rate risk. The Group continually assess the need for hedging interest rate risk. Foreign currency risk: The functional currency of all the entities in the Group is USD, and the Group has limited currency risk arising from operations, as income and the majority of operating expenses and vessel investments are denominated in USD. However, the Group has exposure to NOK, as administration expenses and parts of cash and cash equivalents, other short term assets, trade payables and provi-sions and accruals are denominated in NOK. Financial instruments denominated in currencies other than USD at 31 December 2022 include trade payables, other short term assets and bank deposits in NOK, which represents a net long exposure to NOK. Based on these financial instruments denominated in NOK at 31 December 2022, a 10 % change in the USD/NOK rate would have an effect on the profit/(loss) for the reporting period of KUSD 42 and no direct effect on equity (KUSD 92 in profit/(loss) effect in 2021). Price risk: The Group will normally have limited exposure to risks associated with price fluctuations on bunker oil, as the bunkers is for the charterers account when the vessels are on contract. The Group has currently not entered into any bunkers derivatives, however this is subject to continuous assessments. The Group is also subject to price risk related to the spot/short term charter market for chartering LNG carriers, which is uncertain and vol-atile and will depend upon, among other things, the natural gas prices, tonnage supply and energy markets which the Group cannot predict. Currently, no financial instruments has been entered into to reduce this risk.Credit risk Credit risk refers to the risk that a counterparty defaults on its contractual obligations resulting in financial loss to the Group. The Group is exposed to credit risk from its operating activities through trade receivables and from its financing activities, including deposits with banks. The Group aims to do business with creditworthy counterparties only. Prior to entering into a charterparty the Group evaluates the credit quality of the customer, assessing its financial position, credit rating, past experience and other factors. If the counterparty is not assessed as of adequate credit quality the Group may demand guarantees and/or prepayment of charter hire to reduce credit risk to an acceptable level. Charter hire is generally paid in advance, effectively reducing the potential exposure to credit risk. The credit quality of outstanding trade receivables as at 31 December 2022 is assessed as very good. The Group has measured the expected credit loss for the coming twelve months and estimated it to NIL. Furthermore, as disclosed in note 12, none of the trade receivables outstanding as at 31 December 2022 are past due. Bank deposits are deposited with internationally recognised financial institutions with a high credit rating. Currently, bank deposits are with banks rated Aa3 by Moody\u2019s, hence the assessed credit risk is minimal. Awilco LNG has not provided any material guarantees for third parties\u2019 labilities, and the maximum exposure to credit risk is represented by the carrying amount of financial assets in the statement of financial position. Liquidity risk The Group\u2019s approach to managing liquidity risk is to ensure, as far as possible, that it has sufficient liquidity and/or undrawn commited credit facilities at all times to meet its obligations without incurring unacceptable losses or risking damage to the Group\u2019s reputation. To ensure this, the Group continuously monitors the maturity of the financial assets and liabilities and projected cash flows from operations. Please see the liquidity risk section in the Board of Directors\u2019 report for further information. The WilForce and WilPride sale/leaseback facilities provided by CCB Financial Leasing Co. Ltd.(CCBFL) contains a minimum value clause in addition to financial covenants that require the Awilco LNG Group to maintain consolidated minimum cash and cash equivalents of USD 10.0 million and positive consolidated working capital. On 22 June 2020 the Company and CCBFL agreed to make certain temporary amend-ments to financial covenants in the sale/leaseback facilities for both vessels. The required minimum consolidated cash and cash equivalents financial covenant of USD 10.0 million was reduced to USD 2.0 million. On 23 November 2020 the temporary amendments outlined above were extended for a further six-month period from 1 January 2021 to 30 June 2021. The temporarily amended cash covenant of USD 2.0 million ended on June 30, 2021 and the Comapny is in compliance with all ordinary reinstated covenants.. The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments:Per 31 December 2022 < 3 months3-12 months1-5 years > 5 yearsTotalTrade payables 771 - - - 771 Interest -bearing debt 4 688 14 064 75 008 117 910 207 614 Minimum interest payment 3 968 11 250 46 879 16 542 78 639 Total 9 427 25 314 121 887 134 452 287 024 Per 31 December 2021> 5 yearsTotal< 3 months3-12 months1-5 years - Trade payables 516 - - - 516 Interest -bearing debt 4 688 14 064 75 008 135 927 225 631 Minimum interest payment 2 216 6 305 26 909 13 416 48 845 Total 7 420 14 064 75 008 135 927 274 992 NOTE 21 // RELATED PARTIES To provide the Group with access to important and required knowledge and services, the Group has entered into the following agree-ments and transactions with related parties:Related party Description of serviceNo. Awilco Technical Services AS (ATS) Technical Sub-management Services 1Awilhelmsen Management AS (AWM) Administrative Services 2 Integrated Wind Solutions (IWS) Technical Sub-management Services 3(1) The Group\u2019s in-house technical manager, Awilco LNG Technical Management AS (ALNG TM), has entered into a sub-management agreement with ATS, whereby ATS assists ALNG TM in management of the Group\u2019s fleet. The sub-management services also include management for hire of the managing director in ALNG TM. ALNG TM pays ATS a management fee based on ATS\u2019 costs plus a margin of 7 %, cost being time accrued for the sub-manager\u2019s employees involved. The fee is subject to quarterly evaluation, and is regulated according to the consumer price index in Norway. The agreement can be terminated by both parties with three months notice. ATS is 100 % owned by Awilco AS. (2) AWM provides the Group with administrative and general services including accounting, payroll, legal, secretary function and IT. The Group pays AWM a management fee based on AWM\u2019s costs plus a margin of 5 %. The fee is subject to semi-annual evaluation, and is regulated according to the consumer price index in Norway. The agreement can be terminated by both parties with three months notice. AWM is 100 % owned by Awilhelmsen AS, which owns 100 % of Awilco AS. (3) Awilco LNG\u2019s in-house technical manager, ALNG TM, has entered into a sub-management agreement with IWS, whereby IWS assists ALNG TM in management of the Group\u2019s fleet. ALNG TM pays IWS a management fee based on an agreed hourly rate for the employees involved. The agreement can be terminated by both parties with three months\u2019 notice. IWS is 39.4% owned by Awilco AS. Purchases from related parties 20222021Awilco Technical Services AS 428 519Awilhelmsen Management AS 235250Integrated Wind Solutions ASA 20Purchases from related parties are included as part of Administration expenses in the income statement, except from commissions paid to the Fearnleys AS, which are included in Voyage related expenses. Balances with related parties (liabilities) 31.12.2022 31.12.2021 Awilco Technical Services AS - 219 Awilhelmsen Management AS - - Integrated Wind Solutions ASA - - Astrup Fearnley Group Balances with related parties (liabilities) are presented as Trade payables or Provisions and accruals in the statement of financial position.Balances with related parties (assets) 31.12.2022 31.12.2021 Awilco Technical Services AS 142 167 Awilhelmsen Management AS 5 - Integrated Wind Solutions ASA 2 - Astrup Fearnley Group - - Balances with related parties (assets) are presented as Trade receivables in the statement of financial position. Remuneration to key management 2022 Remuneration SalaryBonusPensionsOther TotalCEO Jon Skule Storheill 3681725230622CFO Per Heiberg 239773122369Total 60724983529912021 Remuneration SalaryBonusPensionsOther TotalCEO Jon Skule Storheill 403196573659CFO Per Heiberg* 19848282276Prev. CFO \u00d8yvind Ryssdal** 8002082Total 681 244 87 5 1 017 * From April 6, 2021 ** Up until January 31, 2021 Loans, advances and guarantees Awilco LNG has not provided any loans, advances or guarantees to key management. The Board of Directors\u2019 guidelines regarding remuneration to leading persons The guidelines regarding remuneration to leading persons have been prepared by the board of directors in accordance with section 6-16 a of the Norwegian Public Limited Liability Companies Act and was adopted by the Annual General Meeting in 2021. Awilco LNG will present a report on remuneration to leading persons to be approved by the Annual general meeting in 2023. The guidelines set out for determination of salaries and other remuneration applies to leadng persons in the Company. The following guidelines were applied in 2021: General policy: The Company shall offer competitive terms of compensation for senior executives to enable the Company to recruit, mo-tivate and retain senior executives. Competitive terms are defined as terms at the same level as those offered by comparable businesses. The total remuneration shall reflect the responsibility and obligations of senior executives, and promote added value to the Company and its shareholders. The remuneration should not be of such a nature or extent that it may negatively impact the Company\u2019s reputation. It is the view of the Board that these objectives are important to the Company\u2019s business strategy and long-term interests. The Board determines the remuneration of the chief executive officer. The chief executive officer determines the remuneration of other senior executives. The remuneration of the members of the Board is determined by the Company\u2019s general meeting. Salary and remuneration: Remuneration to senior executives consists of fixed and variable compensation. The fixed compensation con-sists of a base salary and also includes insurance and pension schemes, car allowance, parking, newspaper and communications to the extent deemed appropriate. The fixed compensation will normally constitute the main part of the remuneration to senior executives. The Company offers a defined contribution plan whereby pension contributions towards salary up to 12G are funded in a life insurance company. Contributions towards salary above 12G are funded by the Company and transferred to a separately administered scheme and pledged towards the participating employees. The plan complies with the requirements in the Mandatory Occupational Pension Act in Norway. The Company\u2019s senior executives are covered by this defined contribution plan. The Company does not have any other pension arrangements for senior executives. The variable compensation consists of variable bonus. Bonus to senior executives shall be related to collective and individual goals, partly based on defined parameters (KPIs) and partly a discretionary evaluation of the Company\u2019s and employee\u2019s performance. Bonus payments shall reflect the values brought to the Company and its shareholders, as well as individual achievements. The potential bonus to the CEO is not limited, while the potential bonus to the CFO is limited to 12 months salary. The Company\u2019s CEO and CFO has an agreement of 18 and 12 months severance payment respectively including a six month period of notice in case of involuntary resignation or by redundancy. The Company has no current plans to offer senior executives warrants, options or other forms of remuneration related to shares or the development of the share price in the Company or other companies within the Awilco LNG Group. Issue of shares or granting of share-based payments to senior executives shall only take place upon the General Meeting\u2019s approval. This shall not prevent senior executives from taking part in equity issues on the same terms as other investors. The remuneration of the members of the Board will consist of an annual fixed fee unless the general meeting of the Company decides otherwise. No member of the Board is entitled to any variable remuneration or any compensation upon termination of the membership of the Board.Remuneration to Board of DirectorsRemuneration to the Board of Directors consists of a Director\u2019s fee which is fixed for the year depending on the role on the Board as well as compensation for other Board elected committees. The Board\u2019s fees are approved by the Annual General Meeting. 2022 Remuneration Audit Remuneration Director\u2019s feecommittee feecommittee feeTotalSynne Syrrist 36 5 5 47 Annette Malm Justad 21 21 Jens-Julius Nygaard 21 5 26 Jon-Aksel Torgersen 21 5 26 Ole Christian Hvidsten* 10 10 Total compensation for the period 109 10 10 130 * Elected at Annual General Meeting on May 24, 2022 2021 Remuneration Audit Remuneration Director\u2019s feecommittee feecommittee feeTotalSynne Syrrist 41 6 6 52 Annette Malm Justad 23 23 Jens-Julius Nygaard 23 3 26 Jon-Aksel Torgersen 23 3 3 29 Steve Christy * 12 12 Total compensation for the period 122 9 12 142 * Elected at Annual General Meeting on June 1. 2021 Directors\u2019 and key management\u2019s shares and options in the CompanyBoard of DirectorsOrdinary sharesSynne Syrrist - Annette Malm Justad - Jens-Julius Nygaard - Jon-Aksel Torgersen 427 564 Ole Christian Hvidsten - Total 427 564 Key managementOrdinary sharesCEO Jon Skule Storheill 140 000 CFO Per Heiberg - Total 140 000 Auditor\u2019s fee20222021Statutory audit (expensed) 68 77 Other assurance services - - Tax advisory - - Total fees to auditor, excl. VAT 68 77 NOTE 22 // INTEREST-BEARING DEBTEarly January 2020 both vessels were financed with a 10-year sale-leaseback facility provided by CCB Financial Leasing Co. Ltd. (CCBFL), a wholly owned subsidiary of China Construction Bank (CCB). Both vessels were sold for a gross consideration of USD 175.0 million per vessel, including non-amortizing and non-interest bearing pre-paid charter hire of USD 43.75 million per vessel, enabling a full take out of the earlier sale-leaseback agreements with Teekay LNG Partners L.P. The vessels are chartered back on bareboat basis to wholly owned subsidiaries of the Company for a period of up to 10 years. The CCBFL facility bears a 14-year straight line amortisation profile and carries a floating interest rate structure based on 3-month USD libor plus a margin of 370 bps. The Group has rolling repurchase options that started in january 2022 and repurchase obligations at maturity of the facility at USD 37.5 million per vessel. The facility contains a minimum value clause in addition to financial covenants that require the Group to maintain consolidated minimum cash and cash equivalents of USD 10.0 million and positive consolidated working capital. During 2020 the Company and CCBFL agreed to make certain temporary amendments to financial covenants, and as a result of these amendments the Company agreed a permanent restriction from declaring or paying dividends if the consolidated cash position of the Awilco LNG Group is lower than USD 20 million on the day of declaration and the day following the payment. The temporarily amended cash covenant of USD 2.0 million ended on June 30, 2021 and the Company is in compliance with all ordinary reinstated covenants.Carrying amount31.12.202231.12.2021The net carrying amount of the lease liabilities and other interest bearing debt is presented as follows: 18 804 18 890 188 831 206 906 Short-term interest bearing debt 207 635 225 796 Long-term interest bearing debtTotal Interest bearing debt is presented net of capitalized transaction costs which are amortised over the repayment period for the debt. Payments towards lease liabilities2022PrincipalInterestTotalLease payments WilForce 9 375 5 192 14 567 Lease payments WilPride 9 375 5 172 14 547 Total 18 750 10 364 29 114 2021PrincipalInterest TotalLease payments WilForce 9 375 4 781 14 156 Lease payments WilPride 9 375 4 785 14 160 Total 18 750 9 566 28 316 NOTE 24 // COMMITMENTS, CONTINGENCIES AND GUARANTEESOperating lease commitments The Group has no operating lease commitments as at 31 December 2022. Contingent assets As disclosed in note 7 WilForce was involved in a collision in May 2019 which caused hull damage, but with no harm to life or the envi-ronment. In a trial related to liability Awilco LNG returned with a verdict of 75:25 in the Company\u2019s favor. The process to agree on quan-tum is ongoing and the parties are currently evaluating the claims. The process is slowly moving forward, and at the time of this report it is difficult to assess the date for a final closure of the case although we hope to receive settlement within the foreseeable future. No effects of the claim will be reflected in Awilco LNG\u2019s financial statements until the awarded compensation is determined and received.NOTE 25: EVENTS AFTER THE REPORTING DATE Dividend On February 15, 2023 the Board authorized a cash dividend payment of NOK 0.50 per share to the shareholders on record as of February 24, 2023. The shares in Awilco LNG ASA traded ex. dividend from and including February 23, 2023, and dividend of USD 6.4 million (NOK 66. 3 million) was paid in March 2023. The dividend is classified as return of paid in capital.NOTE 23 // SUBSIDIARIESThe consolidated financial statements include the financial statements of Awilco LNG ASA and its subsidiaries listed in the table below:Ownership/ Company nameCountryPrincipial activityDate incorporatedvoting shareAwilco LNG 1 ASNorwayFormer vessel SPV2 February 2011100 %Awilco LNG 2 ASNorwayFormer vessel SPV2 February 2011100 %Awilco LNG 3 ASNorwayFormer vessel SPV2 February 2011100 %Awilco LNG 4 ASNorwayOwner of LNG/C WilForce6 May 2011100 %Awilco LNG 5 ASNorwayOwner of LNG/C WilPride6 May 2011100 %Awilco LNG Technical Management ASNorwayTechnical management17 September 2012100 %The subsidiaries\u2019 registered office is Beddingen 8, 0250 Oslo. All subsidiaries are included in the consolidated financial statement from their respective dates of incorporation. Future minimum lease payments and their present valuePer 31 December 2021 < 1 year 1-5 yrs> 5 yrsTotalMinimum lease payments 18 750 75 002 117 185 210 936 Present value of min. lease payments 18 241 60 858 71 795 150 894 Per 31 December 2019< 1 year 1-5 yrs > 5 yrsTotalMinimum lease payments 18 750 75 002 135 935 229 687 Present value of min. lease payments 18 486 67 287 102 902 188 674 Cash and cash equivalentsCash represents cash on hand and deposits with banks that are repayable on demand. Cash includes restricted employee taxes withheld. Cash equivalents represent short-term, highly liquid investments which are readily convertible into known amounts of cash with original maturities of three months or less. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-10-2": { "value": "Basis of consolidation The consolidated financial statements include Awilco LNG ASA and its subsidiaries. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intercompany transactions and balances are eliminated in the consolidation. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control over the subsidiaries and continue to be consolidated until the date that such control ceases. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-10-3": { "value": "Basis of consolidation The consolidated financial statements include Awilco LNG ASA and its subsidiaries. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intercompany transactions and balances are eliminated in the consolidation. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control over the subsidiaries and continue to be consolidated until the date that such control ceases. RevenueRevenue is recognised at an amount that reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services to a customer and is presented as freight income net of offhire deductions. On single voyages revenue is recognised according to the load-to-discharge principle. On medium term time charter contracts revenue is usually received monthly in advance whereas performance obligations are satisfied as follows: Revenue is generated by time charter contracts which contain both a lease element and a vessel management element (service agreement). The lease element, as described below under Leasing are recognised in straight-line over the term of the charter as services are provided based on the number of days before and after the reporting period. Where the repositioning fees depend upon final redelivery location, they are recognised at the end of the charter when the revenue becomes fixed and determinable. The vessel management element is considered a performance obligation that is satisfied over time, given that the customer simultaneously receives and consumes the benefits provided by the Group. Voyage expenses are expensed as incurred and mobilisation expenses are not capitalised. LEASINGThe determination of whether an arrangement contains a lease element is made at contract inception and is based on the substance of the arrangement. Leases are classified as finance leases if the terms of the lease agreement transfer substantially all the risks and benefits incidental to ownership of the leased item. All other leases are classified as operational leases. The Group as lessorMinimum operating lease payments received under operating leases are recognised in profit or loss on a straight-line basis over the term of the lease. Lease incentives received are recognised as an integral part of the total lease revenue over the term of the lease. Contingent rent is recognised as revenue in the period in which they are earned. The Group as lesseei. Right-of-use assetsThe Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Leased assets with repurchase obligations at the end of the lease term are separated into components which are depreciated over the useful life of the component. Right-of-use assets are subject to impairment. ii. Lease liabilitiesAt 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 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 repurchase obligations or alternatively the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expense in the period on which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the 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 based on the effective interest method 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 in-substance fixed lease payments or a change in the assessment to purchase the underlying asset. iii. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases (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 of low value (i.e., below USD 5,000). 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. Significant judgement in determining the lease term of contracts with renewal options The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew. v. Sale-leaseback arrangementsNo gain or loss is recognised in the income statement related to sale/leaseback arrangements where the vessel is sold and subsequently leased back with repurchase obligations to the Group. Sale/leaseback arrangements whereby the seller-lessee has repurchase obligations at maturity of the lease period are not considered as a sale of asset, and the seller-lessee recognises a financial liability equal to the transfer proceeds and the resulting lease obligation net of pre-paid charter hire is accounted for as a financial liability according to IFRS 9. FOREIGN CURRENCYThe consolidated financial statements are presented in USD, which is also the functional currency of all entities in the Group. Transactions in foreign currencies are recorded at the rate of exchange on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate applicable at the reporting date. Realised and unrealised foreign currency gains or losses on monetary items are presented as finance income or finance expense. Non-monetary items that are measured at historical cost in a foreign currency are translated using the exchange rates applicable at the dates of the initial transactions. CLASSIFICATION OF ITEMS IN THE STATEMENT OF FINANCIAL POSITIONCurrent assets and current liabilities include items that fall due for payment within one year after the reporting date. The short-term part of long-term debt maturing within 12 months after the balance sheet date is classified as short-term debt. VESSELS, VESSELS UNDER CONSTRUCTION AND OTHER FIXED ASSETSTangible non-current assets such as vessels and other fixed assets are carried at historical cost less accumulated depreciation and impairment losses. Vessels under construction are carried at historical cost less impairment losses. Costs of acquired vessels include expenditures that are directly attributable to the acquisition of the vessels. Cost of vessels under construction include all directly attributable costs incurred to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Examples of such costs include supervision costs, site team costs, yard instalments, technical costs and borrowing costs. Borrowing costs consist of interest and other costs that are incurred in connection with the borrowing of funds and are determined by applying an interest rate to the average amount of accumulated expenditures during the construction period, limited to the interest expense incurred during the reporting period. The interest rate used is the weighted average cost of borrowings in the Group. Costs of vessels under construction are capitalised, classified as vessels under construction and presented as a tangible asset. The capitalised costs are reclassified from vessels under construction to vessels when the asset is available for its intended use. In accordance with IAS 16 each component of the vessels with a cost that is significant in relation to the total cost of the item is separately identified and depreciated. Components with similar useful lives will be grouped into a single component. Dry-docking is identified as a separate component of cost of vessels and depreciated separately. Depreciable amount of an asset is calculated as cost less residual value and impairment charges. Residual value is based on estimated salvage value of the vessels. Depreciation is calculated on a straight-line basis over the useful life of the assets, and depreciation is commenced when the asset is available for its intended use. Expected useful lives, methods of depreciation and residual values are reviewed yearly and adjusted prospectively, if appropriate. The following estimated useful lives are applied to the respective components of the asset: Vessels 40 yearsVessel dry-docking 5 yearsVessel engine overhauls 4 yearsOther fixed assets 3 - 5 years Costs related to major inspections/classifications (dry-docking and engine overhauls) are recognised in the carrying amount of the vessels if certain recognition criteria are satisfied. The recognition is made as the dry-docking or overhaul is being performed, and depreciation is recognised from completion of the dry-docking and overhaul until estimated time to the next dry-docking or overhaul. Any remaining carrying amount of the cost of the previous dry-docking or overhaul is de-recognised upon initiation of the next dry-docking or overhaul. The remaining costs that do not meet the recognition criteria are expensed as repairs and maintenance. When vessels are acquired the remaining dry-docking and overhaul is identified and depreciated as a separate component, based on estimated time to the next dry-docking or overhaul. The financial liability is subsequently measured according to amortised cost using the effective interest method. Associated costs incurred in arranging the lease agreement is amortised over the lease period and presented net of the lease liability in the statement of financial position. Ordinary repairs and maintenance expenses are recognised in the income statement as incurred. Upgrades and material replacement of parts and equipment are capitalised as costs of vessels and depreciated together with the respective component. Replaced parts and equipment are derecognised and presented as impairment losses in the income statement. If it is not practicable to determine the carrying amount of the replaced part, the cost of the replacement is used as an indication of what the cost of the replaced part was at the time it was acquired or constructed. IMPAIRMENTVessels and other fixed assets are assessed for impairment indicators each reporting period. If impairment indicators are identified the recoverable amount is estimated, and if the carrying amount of an asset or cash generating unit (CGU) exceeds its recoverable amount an impairment loss is recognised. Each vessel is assessed as a separate cash generating unit (CGU) by Awilco LNG. The recoverable amount is the higher of an asset\u2019s fair value less cost to sell (net selling price) and value in use. The fair value is the amount obtainable from the sale of an asset in an arm\u2019s length transaction less the costs of disposal. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the recoverable amount; the reversal is limited up until the carrying amount net of accumulated depreciation if no impairment loss had been recognised in prior periods. Such reversals are recognised in the income statement. NON-CURRENT ASSETS HELD FOR SALENon-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered principally through sale rather than continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell and presented separately as assets held for sale and liabilities held for sale in the statement of financial position. The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the plan will be made or that the plan to sell will be withdrawn. In addition, the criteria also include management to be committed to the plan and the sale to be completed within a year. Once classified as held for sale assets are not depreciated or amortised. INVENTORYInventories consist of bunkers and lube oil on board the vessels. Inventories are measured at the lower of cost and net realisable value. Cost is determined in accordance with the first-in-first-out principle (FIFO), and expenses related to inventory are presented as voyage related expenses in the income statement. PROVISIONSProvisions are recognised when the Group has a present obligation (legal or constructive) because of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where the Group expects some or all of 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 expense relating to any provision is recognised through profit and loss net of any reimbursement. FAIR VALUE MEASUREMENTFair 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, using assumptions that market participants would use when pricing the asset or liability. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level of input that is significant to the fair value measurement as a whole: Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable TAXESThe income tax expense consists of current income tax and changes in deferred tax. Current income tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred income tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which the deductible temporary difference can be utilised. Deferred income tax is calculated on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities is determined using tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax liabilities and deferred tax assets are recognised at nominal values and classified as non-current liabilities and non-current assets in the statement of financial position. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis, or their tax assets and liabilities will be realised simultaneously. Current income tax and deferred tax is recognised in profit or loss except to the extent that it relates to items recognised directly in equity or in other comprehensive income. For Group companies subject to tonnage tax regimes, incurred tonnage tax is recognised as an operating expense. Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. SHARE-BASED PAYMENTSFor cash-settled share-based payments a provision is recordedfor the rights granted reflecting the vested portion of the fair value of the rights at the reporting date. The provision is accrued over the period the beneficiaries are expected to perform the related service (vesting period). The cash-settled share-based payments are remeasured to fair value at each reporting date until the award is settled. Any changes in the fair value of the provision are recognised as administration expense in the income statement. The amount of unrecognisedcompensation expense related to non-vested share-based payment arrangements granted in the cash-settled plans is dependent on the final intrinsic value of the awards. Social security tax liability is recognised on the intrinsic value of the cash-settled share-based payments. PENSIONSThe Group is required to provide a pension plan towards its onshore employees, and the Group has implemented a definedcontribution plan. The plan, which is fully funded, complies witthe requirements in the Mandatory Occupational Pension act inNorway (\u201cLov om obligatorisk tjenestepensjon\u201d). Contributionson salary up until 12G are funded in a life insurance company, whereas contributions on salary over 12G are transferred to a separately administered scheme and pledged towards the participating employees. G refers to the Norwegian National Insurance basic amount. Contributions to the pension plan are recognised as an employee benefit expense in the income statement when they fall due. Prepaid contributions are recognised as an asset to thextent that a cash refund or a reduction in the future paymentsis expected. The Group has no further payment obligations oncthe contributions have been paid. The liability arising from the plan > 12G is classified as a non-current liability in the statement of financial position. Changesin the liability are recognised as employee benefit expenses in the income statement in the periods during which services arerendered by employees. The liability becomes payable to the employee upon termination, voluntary or involuntary, of the employment.FINANCIAL INSTRUMENTSFinancial assets and liabilities are offset and the net amount presented in the statement of financial position when there is a legal right to offset the amounts and intention either to settle on a net basis or to realise the asset and settle the liability simultaneously. Financial assetsInitial recognition and measurement: Financial assets are classified at initial recognition and subsequently measured at either i) amortised cost or ii) 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. Except for 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 Revenue from Contracts with Customers. In order for a financial asset to be classified and measured at amortised cost it needs to give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. Subsequent measurement: Financial assets are classified in two categories. i. Financial assets at amortised cost (debt instruments) The Group measures financial assets at amortised cost if both of the following conditions are met: i) The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and ii) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest method (EIR) and are subject to impairment. 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. ii. Financial assets at fair value through profit or loss The category includes financial assets held for trading, 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 are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortised cost as described above, debt instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. 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. This category includes derivative instruments and listed equity investments. Dividends on listed equity investments are also recognised as other income in the statement of profit or loss when the right of payment has been established. Derecognition: A financial asset is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial position) when either i) The rights to receive cash flows from the asset have expired or ii) the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum Financial liabilitiesInitial recognition and measurement: Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, financial liabilities measured at amortised cost 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 financial liabilities measured at amortised cost, net of directly attributable transaction costs. Subsequent measurement: The measurement of financial liabilities depends on their classification, as described below: i) 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. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognised in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Group has not designated any financial liability as at fair value through profit or loss. ii) Financial liabilities measured at amortised cost: After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as 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. 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. SHARE CAPITALOrdinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. Own equity instruments that are acquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Voting rights relating to treasury shares are nullified and no dividends are allocated to them. amount of consideration that the Group could be required to repay.Impairment of financial assets: The Group recognises an allowance for expected credit losses (ECLs) 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. CASH AND CASH EQUIVALENTS Cash represents cash on hand and deposits with banks that are repayable on demand. Cash includes restricted employee taxes withheld. Cash equivalents represent short term, highly liquid investments which are readily convertible into known amounts of cash with original maturities of three months or less. SEGMENT INFORMATIONThe Group\u2019s current business is operating LNG transportation vessels. The potential market for the vessels is and will be the international global LNG transportation market, and the business will be exposed to the same risks and returns wherever the vessels are employed. The Group\u2019s internal reporting does not distinguish between different segments, and as the vessels are managed as one operating segment Awilco LNG has only one reportable segment. CASH FLOW STATEMENTThe cash flow statement is presented using the indirect method. DIVIDENDSDividend payments are recognised as a liability in the Group\u2019s financial statements from the date when the dividend is approved by the General Meeting. A corresponding amount is recognised directly towards equity. EARNINGS PER SHAREThe Group presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year, adjusted for own shares held. Diluted earnings per share is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding, adjusted for own shares held, for the effects of all dilutive potential ordinary shares. Cash and cash equivalentsCash represents cash on hand and deposits with banks that are repayable on demand. Cash includes restricted employee taxes withheld. Cash equivalents represent short-term, highly liquid investments which are readily convertible into known amounts of cash with original maturities of three months or less. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-10-4": { "value": "Basis of consolidation The consolidated financial statements include Awilco LNG ASA and its subsidiaries. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intercompany transactions and balances are eliminated in the consolidation. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control over the subsidiaries and continue to be consolidated until the date that such control ceases. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-13-3": { "value": "RevenueRevenue is recognised at an amount that reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services to a customer and is presented as freight income net of offhire deductions. On single voyages revenue is recognised according to the load-to-discharge principle. On medium term time charter contracts revenue is usually received monthly in advance whereas performance obligations are satisfied as follows: Revenue is generated by time charter contracts which contain both a lease element and a vessel management element (service agreement). The lease element, as described below under Leasing are recognised in straight-line over the term of the charter as services are provided based on the number of days before and after the reporting period. Where the repositioning fees depend upon final redelivery location, they are recognised at the end of the charter when the revenue becomes fixed and determinable. The vessel management element is considered a performance obligation that is satisfied over time, given that the customer simultaneously receives and consumes the benefits provided by the Group. Voyage expenses are expensed as incurred and mobilisation expenses are not capitalised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-14-3": { "value": "LEASINGThe determination of whether an arrangement contains a lease element is made at contract inception and is based on the substance of the arrangement. Leases are classified as finance leases if the terms of the lease agreement transfer substantially all the risks and benefits incidental to ownership of the leased item. All other leases are classified as operational leases. The Group as lessorMinimum operating lease payments received under operating leases are recognised in profit or loss on a straight-line basis over the term of the lease. Lease incentives received are recognised as an integral part of the total lease revenue over the term of the lease. Contingent rent is recognised as revenue in the period in which they are earned. The Group as lesseei. Right-of-use assetsThe Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Leased assets with repurchase obligations at the end of the lease term are separated into components which are depreciated over the useful life of the component. Right-of-use assets are subject to impairment. ii. Lease liabilitiesAt 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 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 repurchase obligations or alternatively the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expense in the period on which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the 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 based on the effective interest method 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 in-substance fixed lease payments or a change in the assessment to purchase the underlying asset. iii. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases (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 of low value (i.e., below USD 5,000). 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. Significant judgement in determining the lease term of contracts with renewal options The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew. v. Sale-leaseback arrangementsNo gain or loss is recognised in the income statement related to sale/leaseback arrangements where the vessel is sold and subsequently leased back with repurchase obligations to the Group. Sale/leaseback arrangements whereby the seller-lessee has repurchase obligations at maturity of the lease period are not considered as a sale of asset, and the seller-lessee recognises a financial liability equal to the transfer proceeds and the resulting lease obligation net of pre-paid charter hire is accounted for as a financial liability according to IFRS 9. The financial liability is subsequently measured according to amortised cost using the effective interest method. Associated costs incurred in arranging the lease agreement is amortised over the lease period and presented net of the lease liability in the statement of financial position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-20-3": { "value": "FOREIGN CURRENCYThe consolidated financial statements are presented in USD, which is also the functional currency of all entities in the Group. Transactions in foreign currencies are recorded at the rate of exchange on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate applicable at the reporting date. Realised and unrealised foreign currency gains or losses on monetary items are presented as finance income or finance expense. Non-monetary items that are measured at historical cost in a foreign currency are translated using the exchange rates applicable at the dates of the initial transactions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-20-4": { "value": "FOREIGN CURRENCYThe consolidated financial statements are presented in USD, which is also the functional currency of all entities in the Group. Transactions in foreign currencies are recorded at the rate of exchange on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate applicable at the reporting date. Realised and unrealised foreign currency gains or losses on monetary items are presented as finance income or finance expense. Non-monetary items that are measured at historical cost in a foreign currency are translated using the exchange rates applicable at the dates of the initial transactions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-21-3": { "value": "CLASSIFICATION OF ITEMS IN THE STATEMENT OF FINANCIAL POSITIONCurrent assets and current liabilities include items that fall due for payment within one year after the reporting date. The short-term part of long-term debt maturing within 12 months after the balance sheet date is classified as short-term debt. ", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-22-3": { "value": "VESSELS, VESSELS UNDER CONSTRUCTION AND OTHER FIXED ASSETSTangible non-current assets such as vessels and other fixed assets are carried at historical cost less accumulated depreciation and impairment losses. Vessels under construction are carried at historical cost less impairment losses. Costs of acquired vessels include expenditures that are directly attributable to the acquisition of the vessels. Cost of vessels under construction include all directly attributable costs incurred to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Examples of such costs include supervision costs, site team costs, yard instalments, technical costs and borrowing costs. Borrowing costs consist of interest and other costs that are incurred in connection with the borrowing of funds and are determined by applying an interest rate to the average amount of accumulated expenditures during the construction period, limited to the interest expense incurred during the reporting period. The interest rate used is the weighted average cost of borrowings in the Group. Costs of vessels under construction are capitalised, classified as vessels under construction and presented as a tangible asset. The capitalised costs are reclassified from vessels under construction to vessels when the asset is available for its intended use. In accordance with IAS 16 each component of the vessels with a cost that is significant in relation to the total cost of the item is separately identified and depreciated. Components with similar useful lives will be grouped into a single component. Dry-docking is identified as a separate component of cost of vessels and depreciated separately. Depreciable amount of an asset is calculated as cost less residual value and impairment charges. Residual value is based on estimated salvage value of the vessels. Depreciation is calculated on a straight-line basis over the useful life of the assets, and depreciation is commenced when the asset is available for its intended use. Expected useful lives, methods of depreciation and residual values are reviewed yearly and adjusted prospectively, if appropriate. The following estimated useful lives are applied to the respective components of the asset: Vessels 40 yearsVessel dry-docking 5 yearsVessel engine overhauls 4 yearsOther fixed assets 3 - 5 years Costs related to major inspections/classifications (dry-docking and engine overhauls) are recognised in the carrying amount of the vessels if certain recognition criteria are satisfied. The recognition is made as the dry-docking or overhaul is being performed, and depreciation is recognised from completion of the dry-docking and overhaul until estimated time to the next dry-docking or overhaul. Any remaining carrying amount of the cost of the previous dry-docking or overhaul is de-recognised upon initiation of the next dry-docking or overhaul. The remaining costs that do not meet the recognition criteria are expensed as repairs and maintenance. When vessels are acquired the remaining dry-docking and overhaul is identified and depreciated as a separate component, based on estimated time to the next dry-docking or overhaul. Ordinary repairs and maintenance expenses are recognised in the income statement as incurred. Upgrades and material replacement of parts and equipment are capitalised as costs of vessels and depreciated together with the respective component. Replaced parts and equipment are derecognised and presented as impairment losses in the income statement. If it is not practicable to determine the carrying amount of the replaced part, the cost of the replacement is used as an indication of what the cost of the replaced part was at the time it was acquired or constructed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-22-4": { "value": "VESSELS, VESSELS UNDER CONSTRUCTION AND OTHER FIXED ASSETSTangible non-current assets such as vessels and other fixed assets are carried at historical cost less accumulated depreciation and impairment losses. Vessels under construction are carried at historical cost less impairment losses. Costs of acquired vessels include expenditures that are directly attributable to the acquisition of the vessels. Cost of vessels under construction include all directly attributable costs incurred to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Examples of such costs include supervision costs, site team costs, yard instalments, technical costs and borrowing costs. Borrowing costs consist of interest and other costs that are incurred in connection with the borrowing of funds and are determined by applying an interest rate to the average amount of accumulated expenditures during the construction period, limited to the interest expense incurred during the reporting period. The interest rate used is the weighted average cost of borrowings in the Group. Costs of vessels under construction are capitalised, classified as vessels under construction and presented as a tangible asset. The capitalised costs are reclassified from vessels under construction to vessels when the asset is available for its intended use. In accordance with IAS 16 each component of the vessels with a cost that is significant in relation to the total cost of the item is separately identified and depreciated. Components with similar useful lives will be grouped into a single component. Dry-docking is identified as a separate component of cost of vessels and depreciated separately. Depreciable amount of an asset is calculated as cost less residual value and impairment charges. Residual value is based on estimated salvage value of the vessels. Depreciation is calculated on a straight-line basis over the useful life of the assets, and depreciation is commenced when the asset is available for its intended use. Expected useful lives, methods of depreciation and residual values are reviewed yearly and adjusted prospectively, if appropriate. The following estimated useful lives are applied to the respective components of the asset: Vessels 40 yearsVessel dry-docking 5 yearsVessel engine overhauls 4 yearsOther fixed assets 3 - 5 years Costs related to major inspections/classifications (dry-docking and engine overhauls) are recognised in the carrying amount of the vessels if certain recognition criteria are satisfied. The recognition is made as the dry-docking or overhaul is being performed, and depreciation is recognised from completion of the dry-docking and overhaul until estimated time to the next dry-docking or overhaul. Any remaining carrying amount of the cost of the previous dry-docking or overhaul is de-recognised upon initiation of the next dry-docking or overhaul. The remaining costs that do not meet the recognition criteria are expensed as repairs and maintenance. When vessels are acquired the remaining dry-docking and overhaul is identified and depreciated as a separate component, based on estimated time to the next dry-docking or overhaul. Ordinary repairs and maintenance expenses are recognised in the income statement as incurred. Upgrades and material replacement of parts and equipment are capitalised as costs of vessels and depreciated together with the respective component. Replaced parts and equipment are derecognised and presented as impairment losses in the income statement. If it is not practicable to determine the carrying amount of the replaced part, the cost of the replacement is used as an indication of what the cost of the replaced part was at the time it was acquired or constructed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-22-5": { "value": "VESSELS, VESSELS UNDER CONSTRUCTION AND OTHER FIXED ASSETSTangible non-current assets such as vessels and other fixed assets are carried at historical cost less accumulated depreciation and impairment losses. Vessels under construction are carried at historical cost less impairment losses. Costs of acquired vessels include expenditures that are directly attributable to the acquisition of the vessels. Cost of vessels under construction include all directly attributable costs incurred to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Examples of such costs include supervision costs, site team costs, yard instalments, technical costs and borrowing costs. Borrowing costs consist of interest and other costs that are incurred in connection with the borrowing of funds and are determined by applying an interest rate to the average amount of accumulated expenditures during the construction period, limited to the interest expense incurred during the reporting period. The interest rate used is the weighted average cost of borrowings in the Group. Costs of vessels under construction are capitalised, classified as vessels under construction and presented as a tangible asset. The capitalised costs are reclassified from vessels under construction to vessels when the asset is available for its intended use. In accordance with IAS 16 each component of the vessels with a cost that is significant in relation to the total cost of the item is separately identified and depreciated. Components with similar useful lives will be grouped into a single component. Dry-docking is identified as a separate component of cost of vessels and depreciated separately. Depreciable amount of an asset is calculated as cost less residual value and impairment charges. Residual value is based on estimated salvage value of the vessels. Depreciation is calculated on a straight-line basis over the useful life of the assets, and depreciation is commenced when the asset is available for its intended use. Expected useful lives, methods of depreciation and residual values are reviewed yearly and adjusted prospectively, if appropriate. The following estimated useful lives are applied to the respective components of the asset: Vessels 40 yearsVessel dry-docking 5 yearsVessel engine overhauls 4 yearsOther fixed assets 3 - 5 years Costs related to major inspections/classifications (dry-docking and engine overhauls) are recognised in the carrying amount of the vessels if certain recognition criteria are satisfied. The recognition is made as the dry-docking or overhaul is being performed, and depreciation is recognised from completion of the dry-docking and overhaul until estimated time to the next dry-docking or overhaul. Any remaining carrying amount of the cost of the previous dry-docking or overhaul is de-recognised upon initiation of the next dry-docking or overhaul. The remaining costs that do not meet the recognition criteria are expensed as repairs and maintenance. When vessels are acquired the remaining dry-docking and overhaul is identified and depreciated as a separate component, based on estimated time to the next dry-docking or overhaul. Ordinary repairs and maintenance expenses are recognised in the income statement as incurred. Upgrades and material replacement of parts and equipment are capitalised as costs of vessels and depreciated together with the respective component. Replaced parts and equipment are derecognised and presented as impairment losses in the income statement. If it is not practicable to determine the carrying amount of the replaced part, the cost of the replacement is used as an indication of what the cost of the replaced part was at the time it was acquired or constructed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-22-6": { "value": "VESSELS, VESSELS UNDER CONSTRUCTION AND OTHER FIXED ASSETSTangible non-current assets such as vessels and other fixed assets are carried at historical cost less accumulated depreciation and impairment losses. Vessels under construction are carried at historical cost less impairment losses. Costs of acquired vessels include expenditures that are directly attributable to the acquisition of the vessels. Cost of vessels under construction include all directly attributable costs incurred to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Examples of such costs include supervision costs, site team costs, yard instalments, technical costs and borrowing costs. Borrowing costs consist of interest and other costs that are incurred in connection with the borrowing of funds and are determined by applying an interest rate to the average amount of accumulated expenditures during the construction period, limited to the interest expense incurred during the reporting period. The interest rate used is the weighted average cost of borrowings in the Group. Costs of vessels under construction are capitalised, classified as vessels under construction and presented as a tangible asset. The capitalised costs are reclassified from vessels under construction to vessels when the asset is available for its intended use. In accordance with IAS 16 each component of the vessels with a cost that is significant in relation to the total cost of the item is separately identified and depreciated. Components with similar useful lives will be grouped into a single component. Dry-docking is identified as a separate component of cost of vessels and depreciated separately. Depreciable amount of an asset is calculated as cost less residual value and impairment charges. Residual value is based on estimated salvage value of the vessels. Depreciation is calculated on a straight-line basis over the useful life of the assets, and depreciation is commenced when the asset is available for its intended use. Expected useful lives, methods of depreciation and residual values are reviewed yearly and adjusted prospectively, if appropriate. The following estimated useful lives are applied to the respective components of the asset: Vessels 40 yearsVessel dry-docking 5 yearsVessel engine overhauls 4 yearsOther fixed assets 3 - 5 years Costs related to major inspections/classifications (dry-docking and engine overhauls) are recognised in the carrying amount of the vessels if certain recognition criteria are satisfied. The recognition is made as the dry-docking or overhaul is being performed, and depreciation is recognised from completion of the dry-docking and overhaul until estimated time to the next dry-docking or overhaul. Any remaining carrying amount of the cost of the previous dry-docking or overhaul is de-recognised upon initiation of the next dry-docking or overhaul. The remaining costs that do not meet the recognition criteria are expensed as repairs and maintenance. When vessels are acquired the remaining dry-docking and overhaul is identified and depreciated as a separate component, based on estimated time to the next dry-docking or overhaul. Ordinary repairs and maintenance expenses are recognised in the income statement as incurred. Upgrades and material replacement of parts and equipment are capitalised as costs of vessels and depreciated together with the respective component. Replaced parts and equipment are derecognised and presented as impairment losses in the income statement. If it is not practicable to determine the carrying amount of the replaced part, the cost of the replacement is used as an indication of what the cost of the replaced part was at the time it was acquired or constructed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-22-7": { "value": "VESSELS, VESSELS UNDER CONSTRUCTION AND OTHER FIXED ASSETSTangible non-current assets such as vessels and other fixed assets are carried at historical cost less accumulated depreciation and impairment losses. Vessels under construction are carried at historical cost less impairment losses. Costs of acquired vessels include expenditures that are directly attributable to the acquisition of the vessels. Cost of vessels under construction include all directly attributable costs incurred to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Examples of such costs include supervision costs, site team costs, yard instalments, technical costs and borrowing costs. Borrowing costs consist of interest and other costs that are incurred in connection with the borrowing of funds and are determined by applying an interest rate to the average amount of accumulated expenditures during the construction period, limited to the interest expense incurred during the reporting period. The interest rate used is the weighted average cost of borrowings in the Group. Costs of vessels under construction are capitalised, classified as vessels under construction and presented as a tangible asset. The capitalised costs are reclassified from vessels under construction to vessels when the asset is available for its intended use. In accordance with IAS 16 each component of the vessels with a cost that is significant in relation to the total cost of the item is separately identified and depreciated. Components with similar useful lives will be grouped into a single component. Dry-docking is identified as a separate component of cost of vessels and depreciated separately. Depreciable amount of an asset is calculated as cost less residual value and impairment charges. Residual value is based on estimated salvage value of the vessels. Depreciation is calculated on a straight-line basis over the useful life of the assets, and depreciation is commenced when the asset is available for its intended use. Expected useful lives, methods of depreciation and residual values are reviewed yearly and adjusted prospectively, if appropriate. The following estimated useful lives are applied to the respective components of the asset: Vessels 40 yearsVessel dry-docking 5 yearsVessel engine overhauls 4 yearsOther fixed assets 3 - 5 years Costs related to major inspections/classifications (dry-docking and engine overhauls) are recognised in the carrying amount of the vessels if certain recognition criteria are satisfied. The recognition is made as the dry-docking or overhaul is being performed, and depreciation is recognised from completion of the dry-docking and overhaul until estimated time to the next dry-docking or overhaul. Any remaining carrying amount of the cost of the previous dry-docking or overhaul is de-recognised upon initiation of the next dry-docking or overhaul. The remaining costs that do not meet the recognition criteria are expensed as repairs and maintenance. When vessels are acquired the remaining dry-docking and overhaul is identified and depreciated as a separate component, based on estimated time to the next dry-docking or overhaul. Ordinary repairs and maintenance expenses are recognised in the income statement as incurred. Upgrades and material replacement of parts and equipment are capitalised as costs of vessels and depreciated together with the respective component. Replaced parts and equipment are derecognised and presented as impairment losses in the income statement. If it is not practicable to determine the carrying amount of the replaced part, the cost of the replacement is used as an indication of what the cost of the replaced part was at the time it was acquired or constructed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-22-8": { "value": "VESSELS, VESSELS UNDER CONSTRUCTION AND OTHER FIXED ASSETSTangible non-current assets such as vessels and other fixed assets are carried at historical cost less accumulated depreciation and impairment losses. Vessels under construction are carried at historical cost less impairment losses. Costs of acquired vessels include expenditures that are directly attributable to the acquisition of the vessels. Cost of vessels under construction include all directly attributable costs incurred to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Examples of such costs include supervision costs, site team costs, yard instalments, technical costs and borrowing costs. Borrowing costs consist of interest and other costs that are incurred in connection with the borrowing of funds and are determined by applying an interest rate to the average amount of accumulated expenditures during the construction period, limited to the interest expense incurred during the reporting period. The interest rate used is the weighted average cost of borrowings in the Group. Costs of vessels under construction are capitalised, classified as vessels under construction and presented as a tangible asset. The capitalised costs are reclassified from vessels under construction to vessels when the asset is available for its intended use. In accordance with IAS 16 each component of the vessels with a cost that is significant in relation to the total cost of the item is separately identified and depreciated. Components with similar useful lives will be grouped into a single component. Dry-docking is identified as a separate component of cost of vessels and depreciated separately. Depreciable amount of an asset is calculated as cost less residual value and impairment charges. Residual value is based on estimated salvage value of the vessels. Depreciation is calculated on a straight-line basis over the useful life of the assets, and depreciation is commenced when the asset is available for its intended use. Expected useful lives, methods of depreciation and residual values are reviewed yearly and adjusted prospectively, if appropriate. The following estimated useful lives are applied to the respective components of the asset: Vessels 40 yearsVessel dry-docking 5 yearsVessel engine overhauls 4 yearsOther fixed assets 3 - 5 years Costs related to major inspections/classifications (dry-docking and engine overhauls) are recognised in the carrying amount of the vessels if certain recognition criteria are satisfied. The recognition is made as the dry-docking or overhaul is being performed, and depreciation is recognised from completion of the dry-docking and overhaul until estimated time to the next dry-docking or overhaul. Any remaining carrying amount of the cost of the previous dry-docking or overhaul is de-recognised upon initiation of the next dry-docking or overhaul. The remaining costs that do not meet the recognition criteria are expensed as repairs and maintenance. When vessels are acquired the remaining dry-docking and overhaul is identified and depreciated as a separate component, based on estimated time to the next dry-docking or overhaul. Ordinary repairs and maintenance expenses are recognised in the income statement as incurred. Upgrades and material replacement of parts and equipment are capitalised as costs of vessels and depreciated together with the respective component. Replaced parts and equipment are derecognised and presented as impairment losses in the income statement. If it is not practicable to determine the carrying amount of the replaced part, the cost of the replacement is used as an indication of what the cost of the replaced part was at the time it was acquired or constructed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-26-3": { "value": "IMPAIRMENTVessels and other fixed assets are assessed for impairment indicators each reporting period. If impairment indicators are identified the recoverable amount is estimated, and if the carrying amount of an asset or cash generating unit (CGU) exceeds its recoverable amount an impairment loss is recognised. Each vessel is assessed as a separate cash generating unit (CGU) by Awilco LNG. The recoverable amount is the higher of an asset\u2019s fair value less cost to sell (net selling price) and value in use. The fair value is the amount obtainable from the sale of an asset in an arm\u2019s length transaction less the costs of disposal. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the recoverable amount; the reversal is limited up until the carrying amount net of accumulated depreciation if no impairment loss had been recognised in prior periods. Such reversals are recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-26-4": { "value": "IMPAIRMENTVessels and other fixed assets are assessed for impairment indicators each reporting period. If impairment indicators are identified the recoverable amount is estimated, and if the carrying amount of an asset or cash generating unit (CGU) exceeds its recoverable amount an impairment loss is recognised. Each vessel is assessed as a separate cash generating unit (CGU) by Awilco LNG. The recoverable amount is the higher of an asset\u2019s fair value less cost to sell (net selling price) and value in use. The fair value is the amount obtainable from the sale of an asset in an arm\u2019s length transaction less the costs of disposal. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the recoverable amount; the reversal is limited up until the carrying amount net of accumulated depreciation if no impairment loss had been recognised in prior periods. Such reversals are recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-27-3": { "value": "NON-CURRENT ASSETS HELD FOR SALENon-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered principally through sale rather than continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell and presented separately as assets held for sale and liabilities held for sale in the statement of financial position. The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the plan will be made or that the plan to sell will be withdrawn. In addition, the criteria also include management to be committed to the plan and the sale to be completed within a year. Once classified as held for sale assets are not depreciated or amortised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-29-3": { "value": "INVENTORYInventories consist of bunkers and lube oil on board the vessels. Inventories are measured at the lower of cost and net realisable value. Cost is determined in accordance with the first-in-first-out principle (FIFO), and expenses related to inventory are presented as voyage related expenses in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-30-3": { "value": "PROVISIONSProvisions are recognised when the Group has a present obligation (legal or constructive) because of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where the Group expects some or all of 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 expense relating to any provision is recognised through profit and loss net of any reimbursement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-31-3": { "value": "FAIR VALUE MEASUREMENTFair 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, using assumptions that market participants would use when pricing the asset or liability. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level of input that is significant to the fair value measurement as a whole: Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-34-3": { "value": "SHARE-BASED PAYMENTSFor cash-settled share-based payments a provision is recordedfor the rights granted reflecting the vested portion of the fair value of the rights at the reporting date. The provision is accrued over the period the beneficiaries are expected to perform the related service (vesting period). The cash-settled share-based payments are remeasured to fair value at each reporting date until the award is settled. Any changes in the fair value of the provision are recognised as administration expense in the income statement. The amount of unrecognisedcompensation expense related to non-vested share-based payment arrangements granted in the cash-settled plans is dependent on the final intrinsic value of the awards. Social security tax liability is recognised on the intrinsic value of the cash-settled share-based payments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-35-3": { "value": "PENSIONSThe Group is required to provide a pension plan towards its onshore employees, and the Group has implemented a definedcontribution plan. The plan, which is fully funded, complies witthe requirements in the Mandatory Occupational Pension act inNorway (\u201cLov om obligatorisk tjenestepensjon\u201d). Contributionson salary up until 12G are funded in a life insurance company, whereas contributions on salary over 12G are transferred to a separately administered scheme and pledged towards the participating employees. G refers to the Norwegian National Insurance basic amount. Contributions to the pension plan are recognised as an employee benefit expense in the income statement when they fall due. Prepaid contributions are recognised as an asset to thextent that a cash refund or a reduction in the future paymentsis expected. The Group has no further payment obligations oncthe contributions have been paid. The liability arising from the plan > 12G is classified as a non-current liability in the statement of financial position. Changesin the liability are recognised as employee benefit expenses in the income statement in the periods during which services arerendered by employees. The liability becomes payable to the employee upon termination, voluntary or involuntary, of the employment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-32-3": { "value": "TAXESThe income tax expense consists of current income tax and changes in deferred tax. Current income tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred income tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which the deductible temporary difference can be utilised. Deferred income tax is calculated on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities is determined using tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax liabilities and deferred tax assets are recognised at nominal values and classified as non-current liabilities and non-current assets in the statement of financial position. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis, or their tax assets and liabilities will be realised simultaneously. Current income tax and deferred tax is recognised in profit or loss except to the extent that it relates to items recognised directly in equity or in other comprehensive income. For Group companies subject to tonnage tax regimes, incurred tonnage tax is recognised as an operating expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-32-4": { "value": "TAXESThe income tax expense consists of current income tax and changes in deferred tax. Current income tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred income tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which the deductible temporary difference can be utilised. Deferred income tax is calculated on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities is determined using tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax liabilities and deferred tax assets are recognised at nominal values and classified as non-current liabilities and non-current assets in the statement of financial position. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis, or their tax assets and liabilities will be realised simultaneously. Current income tax and deferred tax is recognised in profit or loss except to the extent that it relates to items recognised directly in equity or in other comprehensive income. For Group companies subject to tonnage tax regimes, incurred tonnage tax is recognised as an operating expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-36-3": { "value": "FINANCIAL INSTRUMENTSFinancial assets and liabilities are offset and the net amount presented in the statement of financial position when there is a legal right to offset the amounts and intention either to settle on a net basis or to realise the asset and settle the liability simultaneously. Financial assetsInitial recognition and measurement: Financial assets are classified at initial recognition and subsequently measured at either i) amortised cost or ii) 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. Except for 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 Revenue from Contracts with Customers. In order for a financial asset to be classified and measured at amortised cost it needs to give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. Subsequent measurement: Financial assets are classified in two categories. i. Financial assets at amortised cost (debt instruments) The Group measures financial assets at amortised cost if both of the following conditions are met: i) The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and ii) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest method (EIR) and are subject to impairment. 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. ii. Financial assets at fair value through profit or loss The category includes financial assets held for trading, 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 are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortised cost as described above, debt instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. 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. This category includes derivative instruments and listed equity investments. Dividends on listed equity investments are also recognised as other income in the statement of profit or loss when the right of payment has been established. Derecognition: A financial asset is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial position) when either i) The rights to receive cash flows from the asset have expired or ii) the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.Impairment of financial assets: The Group recognises an allowance for expected credit losses (ECLs) 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-36-4": { "value": "FINANCIAL INSTRUMENTSFinancial assets and liabilities are offset and the net amount presented in the statement of financial position when there is a legal right to offset the amounts and intention either to settle on a net basis or to realise the asset and settle the liability simultaneously. Financial assetsInitial recognition and measurement: Financial assets are classified at initial recognition and subsequently measured at either i) amortised cost or ii) 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. Except for 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 Revenue from Contracts with Customers. In order for a financial asset to be classified and measured at amortised cost it needs to give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. Subsequent measurement: Financial assets are classified in two categories. i. Financial assets at amortised cost (debt instruments) The Group measures financial assets at amortised cost if both of the following conditions are met: i) The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and ii) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest method (EIR) and are subject to impairment. 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. ii. Financial assets at fair value through profit or loss The category includes financial assets held for trading, 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 are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortised cost as described above, debt instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. 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. This category includes derivative instruments and listed equity investments. Dividends on listed equity investments are also recognised as other income in the statement of profit or loss when the right of payment has been established. Derecognition: A financial asset is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial position) when either i) The rights to receive cash flows from the asset have expired or ii) the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.Impairment of financial assets: The Group recognises an allowance for expected credit losses (ECLs) 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-36-5": { "value": "FINANCIAL INSTRUMENTSFinancial assets and liabilities are offset and the net amount presented in the statement of financial position when there is a legal right to offset the amounts and intention either to settle on a net basis or to realise the asset and settle the liability simultaneously. Financial assetsInitial recognition and measurement: Financial assets are classified at initial recognition and subsequently measured at either i) amortised cost or ii) 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. Except for 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 Revenue from Contracts with Customers. In order for a financial asset to be classified and measured at amortised cost it needs to give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. Subsequent measurement: Financial assets are classified in two categories. i. Financial assets at amortised cost (debt instruments) The Group measures financial assets at amortised cost if both of the following conditions are met: i) The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and ii) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest method (EIR) and are subject to impairment. 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. ii. Financial assets at fair value through profit or loss The category includes financial assets held for trading, 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 are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortised cost as described above, debt instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. 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. This category includes derivative instruments and listed equity investments. Dividends on listed equity investments are also recognised as other income in the statement of profit or loss when the right of payment has been established. Derecognition: A financial asset is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial position) when either i) The rights to receive cash flows from the asset have expired or ii) the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.Impairment of financial assets: The Group recognises an allowance for expected credit losses (ECLs) 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-36-6": { "value": "FINANCIAL INSTRUMENTSFinancial assets and liabilities are offset and the net amount presented in the statement of financial position when there is a legal right to offset the amounts and intention either to settle on a net basis or to realise the asset and settle the liability simultaneously. Financial assetsInitial recognition and measurement: Financial assets are classified at initial recognition and subsequently measured at either i) amortised cost or ii) 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. Except for 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 Revenue from Contracts with Customers. In order for a financial asset to be classified and measured at amortised cost it needs to give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. Subsequent measurement: Financial assets are classified in two categories. i. Financial assets at amortised cost (debt instruments) The Group measures financial assets at amortised cost if both of the following conditions are met: i) The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and ii) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest method (EIR) and are subject to impairment. 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. ii. Financial assets at fair value through profit or loss The category includes financial assets held for trading, 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 are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortised cost as described above, debt instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. 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. This category includes derivative instruments and listed equity investments. Dividends on listed equity investments are also recognised as other income in the statement of profit or loss when the right of payment has been established. Derecognition: A financial asset is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial position) when either i) The rights to receive cash flows from the asset have expired or ii) the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum Financial liabilitiesInitial recognition and measurement: Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, financial liabilities measured at amortised cost 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 financial liabilities measured at amortised cost, net of directly attributable transaction costs. Subsequent measurement: The measurement of financial liabilities depends on their classification, as described below: i) 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. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognised in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Group has not designated any financial liability as at fair value through profit or loss. ii) Financial liabilities measured at amortised cost: After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as 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. 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. amount of consideration that the Group could be required to repay.Impairment of financial assets: The Group recognises an allowance for expected credit losses (ECLs) 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-36-7": { "value": "FINANCIAL INSTRUMENTSFinancial assets and liabilities are offset and the net amount presented in the statement of financial position when there is a legal right to offset the amounts and intention either to settle on a net basis or to realise the asset and settle the liability simultaneously. Financial assetsInitial recognition and measurement: Financial assets are classified at initial recognition and subsequently measured at either i) amortised cost or ii) 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. Except for 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 Revenue from Contracts with Customers. In order for a financial asset to be classified and measured at amortised cost it needs to give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. Subsequent measurement: Financial assets are classified in two categories. i. Financial assets at amortised cost (debt instruments) The Group measures financial assets at amortised cost if both of the following conditions are met: i) The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and ii) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest method (EIR) and are subject to impairment. 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. ii. Financial assets at fair value through profit or loss The category includes financial assets held for trading, 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 are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortised cost as described above, debt instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. 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. This category includes derivative instruments and listed equity investments. Dividends on listed equity investments are also recognised as other income in the statement of profit or loss when the right of payment has been established. Derecognition: A financial asset is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial position) when either i) The rights to receive cash flows from the asset have expired or ii) the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum Financial liabilitiesInitial recognition and measurement: Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, financial liabilities measured at amortised cost 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 financial liabilities measured at amortised cost, net of directly attributable transaction costs. Subsequent measurement: The measurement of financial liabilities depends on their classification, as described below: i) 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. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognised in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Group has not designated any financial liability as at fair value through profit or loss. ii) Financial liabilities measured at amortised cost: After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as 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. 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. amount of consideration that the Group could be required to repay.Impairment of financial assets: The Group recognises an allowance for expected credit losses (ECLs) 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-36-8": { "value": "FINANCIAL INSTRUMENTSFinancial assets and liabilities are offset and the net amount presented in the statement of financial position when there is a legal right to offset the amounts and intention either to settle on a net basis or to realise the asset and settle the liability simultaneously. Financial assetsInitial recognition and measurement: Financial assets are classified at initial recognition and subsequently measured at either i) amortised cost or ii) 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. Except for 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 Revenue from Contracts with Customers. In order for a financial asset to be classified and measured at amortised cost it needs to give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. Subsequent measurement: Financial assets are classified in two categories. i. Financial assets at amortised cost (debt instruments) The Group measures financial assets at amortised cost if both of the following conditions are met: i) The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and ii) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest method (EIR) and are subject to impairment. 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. ii. Financial assets at fair value through profit or loss The category includes financial assets held for trading, 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 are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortised cost as described above, debt instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. 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. This category includes derivative instruments and listed equity investments. Dividends on listed equity investments are also recognised as other income in the statement of profit or loss when the right of payment has been established. Derecognition: A financial asset is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial position) when either i) The rights to receive cash flows from the asset have expired or ii) the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.Impairment of financial assets: The Group recognises an allowance for expected credit losses (ECLs) 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-36-9": { "value": "FINANCIAL INSTRUMENTSFinancial assets and liabilities are offset and the net amount presented in the statement of financial position when there is a legal right to offset the amounts and intention either to settle on a net basis or to realise the asset and settle the liability simultaneously. Financial assetsInitial recognition and measurement: Financial assets are classified at initial recognition and subsequently measured at either i) amortised cost or ii) 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. Except for 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 Revenue from Contracts with Customers. In order for a financial asset to be classified and measured at amortised cost it needs to give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. Subsequent measurement: Financial assets are classified in two categories. i. Financial assets at amortised cost (debt instruments) The Group measures financial assets at amortised cost if both of the following conditions are met: i) The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and ii) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest method (EIR) and are subject to impairment. 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. ii. Financial assets at fair value through profit or loss The category includes financial assets held for trading, 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 are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortised cost as described above, debt instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. 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. This category includes derivative instruments and listed equity investments. Dividends on listed equity investments are also recognised as other income in the statement of profit or loss when the right of payment has been established. Derecognition: A financial asset is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial position) when either i) The rights to receive cash flows from the asset have expired or ii) the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.Impairment of financial assets: The Group recognises an allowance for expected credit losses (ECLs) 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-36-10": { "value": "FINANCIAL INSTRUMENTSFinancial assets and liabilities are offset and the net amount presented in the statement of financial position when there is a legal right to offset the amounts and intention either to settle on a net basis or to realise the asset and settle the liability simultaneously. Financial assetsInitial recognition and measurement: Financial assets are classified at initial recognition and subsequently measured at either i) amortised cost or ii) 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. Except for 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 Revenue from Contracts with Customers. In order for a financial asset to be classified and measured at amortised cost it needs to give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. Subsequent measurement: Financial assets are classified in two categories. i. Financial assets at amortised cost (debt instruments) The Group measures financial assets at amortised cost if both of the following conditions are met: i) The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and ii) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest method (EIR) and are subject to impairment. 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. ii. Financial assets at fair value through profit or loss The category includes financial assets held for trading, 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 are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortised cost as described above, debt instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. 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. This category includes derivative instruments and listed equity investments. Dividends on listed equity investments are also recognised as other income in the statement of profit or loss when the right of payment has been established. Derecognition: A financial asset is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial position) when either i) The rights to receive cash flows from the asset have expired or ii) the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum Financial liabilitiesInitial recognition and measurement: Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, financial liabilities measured at amortised cost 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 financial liabilities measured at amortised cost, net of directly attributable transaction costs. Subsequent measurement: The measurement of financial liabilities depends on their classification, as described below: i) 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. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognised in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Group has not designated any financial liability as at fair value through profit or loss. ii) Financial liabilities measured at amortised cost: After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as 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. 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. amount of consideration that the Group could be required to repay.Impairment of financial assets: The Group recognises an allowance for expected credit losses (ECLs) 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-38-6": { "value": "Financial liabilitiesInitial recognition and measurement: Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, financial liabilities measured at amortised cost 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 financial liabilities measured at amortised cost, net of directly attributable transaction costs. Subsequent measurement: The measurement of financial liabilities depends on their classification, as described below: i) 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. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognised in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Group has not designated any financial liability as at fair value through profit or loss. ii) Financial liabilities measured at amortised cost: After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as 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. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-38-7": { "value": "Financial liabilitiesInitial recognition and measurement: Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, financial liabilities measured at amortised cost 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 financial liabilities measured at amortised cost, net of directly attributable transaction costs. Subsequent measurement: The measurement of financial liabilities depends on their classification, as described below: i) 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. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognised in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Group has not designated any financial liability as at fair value through profit or loss. ii) Financial liabilities measured at amortised cost: After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as 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. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-40-3": { "value": "SHARE CAPITALOrdinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. Own equity instruments that are acquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Voting rights relating to treasury shares are nullified and no dividends are allocated to them. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-40-4": { "value": "SHARE CAPITALOrdinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. Own equity instruments that are acquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Voting rights relating to treasury shares are nullified and no dividends are allocated to them. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-47-3": { "value": "DIVIDENDSDividend payments are recognised as a liability in the Group\u2019s financial statements from the date when the dividend is approved by the General Meeting. A corresponding amount is recognised directly towards equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-48-3": { "value": "EARNINGS PER SHAREThe Group presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year, adjusted for own shares held. Diluted earnings per share is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding, adjusted for own shares held, for the effects of all dilutive potential ordinary shares. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-46-3": { "value": "CASH FLOW STATEMENTThe cash flow statement is presented using the indirect method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-44-3": { "value": "CASH AND CASH EQUIVALENTS Cash represents cash on hand and deposits with banks that are repayable on demand. Cash includes restricted employee taxes withheld. Cash equivalents represent short term, highly liquid investments which are readily convertible into known amounts of cash with original maturities of three months or less. Cash and cash equivalentsCash represents cash on hand and deposits with banks that are repayable on demand. Cash includes restricted employee taxes withheld. Cash equivalents represent short-term, highly liquid investments which are readily convertible into known amounts of cash with original maturities of three months or less. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-44-4": { "value": "CASH AND CASH EQUIVALENTS Cash represents cash on hand and deposits with banks that are repayable on demand. Cash includes restricted employee taxes withheld. Cash equivalents represent short term, highly liquid investments which are readily convertible into known amounts of cash with original maturities of three months or less. Cash and cash equivalentsCash represents cash on hand and deposits with banks that are repayable on demand. Cash includes restricted employee taxes withheld. Cash equivalents represent short-term, highly liquid investments which are readily convertible into known amounts of cash with original maturities of three months or less. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-45-3": { "value": "SEGMENT INFORMATIONThe Group\u2019s current business is operating LNG transportation vessels. The potential market for the vessels is and will be the international global LNG transportation market, and the business will be exposed to the same risks and returns wherever the vessels are employed. The Group\u2019s internal reporting does not distinguish between different segments, and as the vessels are managed as one operating segment Awilco LNG has only one reportable segment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-42-2": { "value": "NEW AND AMENDED STANDARDS AND INTERPRETATIONSThe group has applied the following standards and amendments for the first time for their annual reporting period commencing January 1, 2020: i. Definition of Material \u2013 amendments to IAS 1 and IAS 8ii. Revised Conceptual Framework for Financial ReportingAmendments and changes to IFRSAmendments and changes to IFRS effective from 1 January 2021 did not have a material impact for the Group. The Group has further done a preliminary assessment of future announced changes and concluded that none of these will have a material impact based on the current business and financial position of the Group ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-42-3": { "value": "NEW AND AMENDED STANDARDS AND INTERPRETATIONSThe group has applied the following standards and amendments for the first time for their annual reporting period commencing January 1, 2020: i. Definition of Material \u2013 amendments to IAS 1 and IAS 8ii. Revised Conceptual Framework for Financial ReportingAmendments and changes to IFRSAmendments and changes to IFRS effective from 1 January 2021 did not have a material impact for the Group. The Group has further done a preliminary assessment of future announced changes and concluded that none of these will have a material impact based on the current business and financial position of the Group ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-49-2": { "value": "NOTE 3 // SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS The preparation of financial statements requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments concerning the carrying values of assets and liabilities that are not readily apparent from other sources. This presents a substantial risk that actual conditions will vary from the estimates. The key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. CRITICAL JUDGEMENTS IN APPLYING ACCOUNTING POLICIESIn general management has to apply judgement in the process of applying the Group\u2019s accounting policies, in addition to items involving estimates described below, in the process of preparing the financial statements. Management has applied significant estimates and assumptions mainly relating to the following:- Depreciation of vessels and residual values- Impairment of vesselsDepreciation of vessels and residual values. Depreciation is based on Management\u2019s estimates of the vessels\u2019 major components, useful lives of the components and the vessels\u2019 residual values less costs associated with scrapping at the end of the vessels\u2019 useful life. Estimates may change due to changes in scrap value, technological development, competition and environmental and legal requirements. Management reviews the future useful lives of each significant component and the residual values of the vessels annually, taking into consideration the above-mentioned factors and the observable age for LNG vessels when scrapped. Scrap values are estimated based on forward prices of steel. Any changes in estimated useful lives and/or residual values impact the depreciation of the vessels prospectively. As at December 31, 2022 the vessels had a carrying value of USD 317.1 million, and total residual value was estimated at USD 24 million. Please see note 11 for further information on impairment assessment of vessels.Impairment of vessels. Management assesses whether there are any indicators of impairment at each reporting date. Each vessel is regarded as a cash generating unit for the impairment testing.The vessels are tested for impairment when there are indicators that the carrying amounts may not be recoverable. The recoverable amount is the higher of an asset\u2019s fair value less cost to sell (net selling price) and value in use. Fair value is the amount obtainable from the sale of an asset in an arm\u2019s length transaction less the costs of disposal and is based on completed transactions of comparable assets in the market. Estimation of fair value is subject to an active transaction market. Value in use calculations involve a high degree of estimation and several critical assumptions such as time charter rates, utilisation, operational expenses, dry-dockings, useful life, recycling values and discount rates. The key assumptions used in the impairment assessment are disclosed in note 11, together with sensitivity tables showing the effect on recoverable amount from changes in key assumptions. Changes in circumstances and assumptions may significantly affect the estimated recoverable amounts, and a weak shipping market may result in future impairment losses. Please see note 11 for further information on impairment of vessels.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-49-3": { "value": "NOTE 3 // SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS The preparation of financial statements requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments concerning the carrying values of assets and liabilities that are not readily apparent from other sources. This presents a substantial risk that actual conditions will vary from the estimates. The key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. CRITICAL JUDGEMENTS IN APPLYING ACCOUNTING POLICIESIn general management has to apply judgement in the process of applying the Group\u2019s accounting policies, in addition to items involving estimates described below, in the process of preparing the financial statements. Management has applied significant estimates and assumptions mainly relating to the following:- Depreciation of vessels and residual values- Impairment of vesselsDepreciation of vessels and residual values. Depreciation is based on Management\u2019s estimates of the vessels\u2019 major components, useful lives of the components and the vessels\u2019 residual values less costs associated with scrapping at the end of the vessels\u2019 useful life. Estimates may change due to changes in scrap value, technological development, competition and environmental and legal requirements. Management reviews the future useful lives of each significant component and the residual values of the vessels annually, taking into consideration the above-mentioned factors and the observable age for LNG vessels when scrapped. Scrap values are estimated based on forward prices of steel. Any changes in estimated useful lives and/or residual values impact the depreciation of the vessels prospectively. As at December 31, 2022 the vessels had a carrying value of USD 317.1 million, and total residual value was estimated at USD 24 million. Please see note 11 for further information on impairment assessment of vessels.Impairment of vessels. Management assesses whether there are any indicators of impairment at each reporting date. Each vessel is regarded as a cash generating unit for the impairment testing.The vessels are tested for impairment when there are indicators that the carrying amounts may not be recoverable. The recoverable amount is the higher of an asset\u2019s fair value less cost to sell (net selling price) and value in use. Fair value is the amount obtainable from the sale of an asset in an arm\u2019s length transaction less the costs of disposal and is based on completed transactions of comparable assets in the market. Estimation of fair value is subject to an active transaction market. Value in use calculations involve a high degree of estimation and several critical assumptions such as time charter rates, utilisation, operational expenses, dry-dockings, useful life, recycling values and discount rates. The key assumptions used in the impairment assessment are disclosed in note 11, together with sensitivity tables showing the effect on recoverable amount from changes in key assumptions. Changes in circumstances and assumptions may significantly affect the estimated recoverable amounts, and a weak shipping market may result in future impairment losses. Please see note 11 for further information on impairment of vessels.", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-51-2": { "value": "NOTE 4 // FREIGHT INCOMEIn USD thousandsFreight income 2022 2021WilForce 25 221 22 836 WilPride 26 320 36 716 Total freight income 51 541 59 552 Freight income consists of revenues from time charter contracts with customers, and includes time charter hire, ballast bonuses, misc. income and bunkers compensation. MUSD 0.7 of freight income relates to bunkers compensation received from charterers\u2019 on single voyages, which is presented gross in the income statement (MUSD 0.5 in 2021). Time charter freight income is split into a lease element and a service element. For accounting purposes the latter is recognised as revenue, as the Group satisifies its performance obligation of delivering LNG shipping services over time according to the time charter party, concurrent with recognition of the lease element. The following specifies total freight income split into the lease element and the service element:Freight income 20222021Lease element 40 015 49 014 Service element 11 526 10 538 Total freight income 51 541 59 552 Contract balances 31.12.2022 31.12.2021 Trade receivables from charterers 3 774 969 Contract assets - - Contract liabilities 6 216 4 921 Provision sale of inventory 1 407 1 407 Contract liabilities arise from prepayment of time charter hire from charterers (deferred revenue). Time charter hire is usually paid monthly in advance and is recognised as revenue as the Group\u2019s performance obligations are satified over time. Contract assets are reclassified to trade receivables upon invoicing of charter hire. The following specifies the contractual lease element income assessed as operational lease agreements to be received from 1 January 2023 based on firm charter contracts as per December 31, 2022:Contracted future freight income < 6 mon.6 mon. - 1 yr> 1 yrTotalWilForce 26 372 28 060 27 450 81 882 WilPride 16 381 16 652 61 902 94 935 Total contracted future freight income 42 752 44 712 89 352 176 816 ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-51-3": { "value": "NOTE 4 // FREIGHT INCOMEIn USD thousandsFreight income 2022 2021WilForce 25 221 22 836 WilPride 26 320 36 716 Total freight income 51 541 59 552 Freight income consists of revenues from time charter contracts with customers, and includes time charter hire, ballast bonuses, misc. income and bunkers compensation. MUSD 0.7 of freight income relates to bunkers compensation received from charterers\u2019 on single voyages, which is presented gross in the income statement (MUSD 0.5 in 2021). Time charter freight income is split into a lease element and a service element. For accounting purposes the latter is recognised as revenue, as the Group satisifies its performance obligation of delivering LNG shipping services over time according to the time charter party, concurrent with recognition of the lease element. The following specifies total freight income split into the lease element and the service element:Freight income 20222021Lease element 40 015 49 014 Service element 11 526 10 538 Total freight income 51 541 59 552 Contract balances 31.12.2022 31.12.2021 Trade receivables from charterers 3 774 969 Contract assets - - Contract liabilities 6 216 4 921 Provision sale of inventory 1 407 1 407 Contract liabilities arise from prepayment of time charter hire from charterers (deferred revenue). Time charter hire is usually paid monthly in advance and is recognised as revenue as the Group\u2019s performance obligations are satified over time. Contract assets are reclassified to trade receivables upon invoicing of charter hire. The following specifies the contractual lease element income assessed as operational lease agreements to be received from 1 January 2023 based on firm charter contracts as per December 31, 2022:Contracted future freight income < 6 mon.6 mon. - 1 yr> 1 yrTotalWilForce 26 372 28 060 27 450 81 882 WilPride 16 381 16 652 61 902 94 935 Total contracted future freight income 42 752 44 712 89 352 176 816 NOTE 18 // FINANCIAL INSTRUMENTSClasses of financial instruments and fair values Financial assets at amortised cost Carrying amount Fair value 31.12.2022 31.12.2021 31.12.202231.12.2021 Trade receivables 3 774 993 3 774 993 Other short term assets 139 4 084 139 4 084 Cash and cash equivalents 26 058 23 637 26 058 23 637 Total 29 972 28 714 29 972 28 714 Financial liabilities at amortised cost Carrying amount Fair value 31.12.202231.12.202131.12.202231.12.2021Lease liabilities 207 614 225 631 207 614 225 631 Trade payables 771 516 771 516 Total 208 385 226 147 208 385 226 147 Fair value of financial instruments Fair value of trade receivables, other short term assets, cash and cash equivalents and trade payables approximate their carrying amounts due to the short-term maturities of these instruments, all categorised in fair value level 2.The fair value of lease liabilities and other non-current liabilities is estimated by discounting future cash flows using rates for debt on similar terms, credit risk and remaining maturities, categorised in fair value level 3. The fair value of the these approximates the carry-ing amounts, as there have been no significant changes in the market rates for similar debt financing between the date of securing the debt financing and the reporting date.NOTE 22 // INTEREST-BEARING DEBTEarly January 2020 both vessels were financed with a 10-year sale-leaseback facility provided by CCB Financial Leasing Co. Ltd. (CCBFL), a wholly owned subsidiary of China Construction Bank (CCB). Both vessels were sold for a gross consideration of USD 175.0 million per vessel, including non-amortizing and non-interest bearing pre-paid charter hire of USD 43.75 million per vessel, enabling a full take out of the earlier sale-leaseback agreements with Teekay LNG Partners L.P. The vessels are chartered back on bareboat basis to wholly owned subsidiaries of the Company for a period of up to 10 years. The CCBFL facility bears a 14-year straight line amortisation profile and carries a floating interest rate structure based on 3-month USD libor plus a margin of 370 bps. The Group has rolling repurchase options that started in january 2022 and repurchase obligations at maturity of the facility at USD 37.5 million per vessel. The facility contains a minimum value clause in addition to financial covenants that require the Group to maintain consolidated minimum cash and cash equivalents of USD 10.0 million and positive consolidated working capital. During 2020 the Company and CCBFL agreed to make certain temporary amendments to financial covenants, and as a result of these amendments the Company agreed a permanent restriction from declaring or paying dividends if the consolidated cash position of the Awilco LNG Group is lower than USD 20 million on the day of declaration and the day following the payment. The temporarily amended cash covenant of USD 2.0 million ended on June 30, 2021 and the Company is in compliance with all ordinary reinstated covenants.Carrying amount31.12.202231.12.2021The net carrying amount of the lease liabilities and other interest bearing debt is presented as follows: 18 804 18 890 188 831 206 906 Short-term interest bearing debt 207 635 225 796 Long-term interest bearing debtTotal Interest bearing debt is presented net of capitalized transaction costs which are amortised over the repayment period for the debt. Payments towards lease liabilities2022PrincipalInterestTotalLease payments WilForce 9 375 5 192 14 567 Lease payments WilPride 9 375 5 172 14 547 Total 18 750 10 364 29 114 2021PrincipalInterest TotalLease payments WilForce 9 375 4 781 14 156 Lease payments WilPride 9 375 4 785 14 160 Total 18 750 9 566 28 316 Future minimum lease payments and their present valuePer 31 December 2021 < 1 year 1-5 yrs> 5 yrsTotalMinimum lease payments 18 750 75 002 117 185 210 936 Present value of min. lease payments 18 241 60 858 71 795 150 894 Per 31 December 2019< 1 year 1-5 yrs > 5 yrsTotalMinimum lease payments 18 750 75 002 135 935 229 687 Present value of min. lease payments 18 486 67 287 102 902 188 674 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-51-4": { "value": "NOTE 4 // FREIGHT INCOMEIn USD thousandsFreight income 2022 2021WilForce 25 221 22 836 WilPride 26 320 36 716 Total freight income 51 541 59 552 Freight income consists of revenues from time charter contracts with customers, and includes time charter hire, ballast bonuses, misc. income and bunkers compensation. MUSD 0.7 of freight income relates to bunkers compensation received from charterers\u2019 on single voyages, which is presented gross in the income statement (MUSD 0.5 in 2021). Time charter freight income is split into a lease element and a service element. For accounting purposes the latter is recognised as revenue, as the Group satisifies its performance obligation of delivering LNG shipping services over time according to the time charter party, concurrent with recognition of the lease element. The following specifies total freight income split into the lease element and the service element:Freight income 20222021Lease element 40 015 49 014 Service element 11 526 10 538 Total freight income 51 541 59 552 Contract balances 31.12.2022 31.12.2021 Trade receivables from charterers 3 774 969 Contract assets - - Contract liabilities 6 216 4 921 Provision sale of inventory 1 407 1 407 Contract liabilities arise from prepayment of time charter hire from charterers (deferred revenue). Time charter hire is usually paid monthly in advance and is recognised as revenue as the Group\u2019s performance obligations are satified over time. Contract assets are reclassified to trade receivables upon invoicing of charter hire. The following specifies the contractual lease element income assessed as operational lease agreements to be received from 1 January 2023 based on firm charter contracts as per December 31, 2022:Contracted future freight income < 6 mon.6 mon. - 1 yr> 1 yrTotalWilForce 26 372 28 060 27 450 81 882 WilPride 16 381 16 652 61 902 94 935 Total contracted future freight income 42 752 44 712 89 352 176 816 ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-53-2": { "value": "NOTE 5 // SEGMENT INFORMATIONOperating segments The Group currently owns and operates two LNG vessels which operate globally. For internal reporting and management purposes the Group\u2019s business is organised into one reporting segment, LNG transportation. Performance is not evaluated by geographical region as the vessels trade globally and revenue is not dependent on any specific country. The Group does not consider the domicile of its cus-tomers as a relevant decision making guideline and hence does not consider it relevant to allocate performance to specific geographical locations. Revenue from the Group\u2019s country of domicile, Norway, was NIL in 2022, same as in 2021. Information about major customers In 2022 the Group had four major customers individually contributing with more than 10 % of the Group\u2019s revenues at 12, 17, 29 and 31% of total revenue, compared to three in 2021 contributing 18, 29 and 30 %.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-52-2": { "value": "NOTE 6 // VOYAGE RELATED EXPENSESIn USD thousandsVoyage related expenses 2022 2021Bunkers consumption 5 003 1 419 Commissions 568 865 Other voyage expenses 660 162 Total voyage related expenses 6 231 2 446 Bunker consumption relates to periods where the vessels have been idle or repositioning, and for single voyage charters where bunkers consumption has been reimbursed by the charterers (see note 4). When the vessels are on time charter contracts bunker consumption is for the charterer\u2019s expense. Commissions paid to related parties are disclosed in note 21.NOTE 8 // ADMINISTRATION EXPENSESIn USD thousandsAdministration expenses 2022 2021Salaries and other remuneration 1 770 1 955 Social security cost 278 302 Pension 137 194 Other employee related expenses (78) 20 Total employee related expenses 2 108 2 470 Management fees 665 769 Consultant, legal and auditor\u2019s fees 211 138 Other administrative expenses 591 496 Total administration expenses 3 574 3 874 Information regarding remuneration to key management, management fees to related parties, fees to the Board of Directors and audi-tor\u2019s fees is provided in note 21. Number of onshore employees 2022 2021Onshore employees year end 77Average number of onshore work years6.97.1Pensions The Group has a defined contribution plan for onshore employees which complies with the requirements in the Mandatory Occupational Pension act in Norway (\u201cLov om obligatorisk tjenestepensjon\u201d). The pension plan is a defined contribution plan. Contributions on salary up until 12G are funded in a life insurance company, whereas contributions on salary over 12G are transferred to a separately adminis-tered scheme and pledged towards the participating employees. As at 31 December 2022 the Group\u2019s pension liability was KUSD 569 (31 December 2021 KUSD 583).NOTE 11 // VESSELS AND OTHER FIXED ASSETS Vessels 2022 2021Cost as at 1 January 420 809 420 329 Acquisition vessels +Newbuildings delivered +Capitalised dry-docking +Capitalised upgrades, dry-dock, spare parts and replacements 2 934 1 154 Derecognition of cost due to impairment loss parts and equipment - Disposals (1 890) (673)Cost as at 31 December 421 854 420 809 Accumulated depreciation and impairment as at 1 January 93 937 82 046 - Depreciation 12 720 12 564 - Disposals (1 890) (673)Accumulated depreciation and impairment as at 31 December 104 767 93 937 Carrying amount as at 31 December 317 087 326 875 Estimated useful lifes: Vessel main components 40 years40 years Vessel indirect leasing expenses 2 - 5 years2 - 5 years Dry-dock and engine overhauls 4 - 5 years4 - 5 years Multi-period spares 10 years10 yearsEstimated remaining useful life 32 years33 yearsDepreciation method Straight lineStraight lineBoth WilForce and WilPride are financed by sale/leaseback agreements which as described in note 3. Depreciation: Depreciable amount is calculated as cost less residual value. Residual values are calculated based on the vessels\u2019 lightweight tonnage and an estimated scrap rate per ton, less related recycling costs. Estimated residual value per vessel is approximately USD 12 million. Interest expense, cash ouflow etc on lease liabilities: please see note 17 and note 22. Impairment: Vessels and other fixed assets are assessed for impairment indicators each reporting period. As increased interest rates, and thereby increased cost of capital is defined as such an indicator the Company have performed an impairment test at yearend 2022. The test show that no impairment is necessary as the estimated recoverable amount exceeds the carrying amount of each of our assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-52-3": { "value": "NOTE 6 // VOYAGE RELATED EXPENSESIn USD thousandsVoyage related expenses 2022 2021Bunkers consumption 5 003 1 419 Commissions 568 865 Other voyage expenses 660 162 Total voyage related expenses 6 231 2 446 Bunker consumption relates to periods where the vessels have been idle or repositioning, and for single voyage charters where bunkers consumption has been reimbursed by the charterers (see note 4). When the vessels are on time charter contracts bunker consumption is for the charterer\u2019s expense. Commissions paid to related parties are disclosed in note 21.NOTE 8 // ADMINISTRATION EXPENSESIn USD thousandsAdministration expenses 2022 2021Salaries and other remuneration 1 770 1 955 Social security cost 278 302 Pension 137 194 Other employee related expenses (78) 20 Total employee related expenses 2 108 2 470 Management fees 665 769 Consultant, legal and auditor\u2019s fees 211 138 Other administrative expenses 591 496 Total administration expenses 3 574 3 874 Information regarding remuneration to key management, management fees to related parties, fees to the Board of Directors and audi-tor\u2019s fees is provided in note 21. Number of onshore employees 2022 2021Onshore employees year end 77Average number of onshore work years6.97.1Pensions The Group has a defined contribution plan for onshore employees which complies with the requirements in the Mandatory Occupational Pension act in Norway (\u201cLov om obligatorisk tjenestepensjon\u201d). The pension plan is a defined contribution plan. Contributions on salary up until 12G are funded in a life insurance company, whereas contributions on salary over 12G are transferred to a separately adminis-tered scheme and pledged towards the participating employees. As at 31 December 2022 the Group\u2019s pension liability was KUSD 569 (31 December 2021 KUSD 583).", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-54-2": { "value": "NOTE 7 // OPERATING EXPENSES AND OTHER INCOMEOperating expenses 20222021Crew expenses 5 789 5 216Other operating expenses 3 954 3 851 Insurance expenses 1 202967Tonnage tax 32 1 Total operating expenses 10 977 10 036 Other income 2022 2020Machinery equipment (hull and machinery insurance proceeds) - 54 Collision (hull and machinery insurance proceeds) - - Loss of hire insurance proceeds from collision 367 - Total other income 367 54 In September 2018 damage was incurred to certain non-critical machinery equipment on WilForce. Repairs at yard were completed in May 2019 and final settlement of the insurance claim was agreed in 2021 and an adjustment to net income of MUSD 0.1 was recognized. In May 2019 WilForce was involved in a collision with another vessel outside Singapore and in a trial related to liability Awilco LNG returned with a verdict of 75:25 in the Company\u2019s favor. The process to agree on quantum is ongoing and the parties are currently evalu-ating the claims. The process is slowly moving forward, and at the time of this report it is difficult to assess the date for a final closure of the case although we hope to receive settlement within the foreseeable future. No effects of the claim will be reflected in Awilco LNG\u2019s financial statements until the awarded compensation is determined and received. In 2022 there were a total of 730 trading days and 1.8 one off-hire days (730 trading days in 2022 and one off-hire day). Number of seafarers2022 2021Seafarers at year-end6055", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-54-3": { "value": "NOTE 7 // OPERATING EXPENSES AND OTHER INCOMEOperating expenses 20222021Crew expenses 5 789 5 216Other operating expenses 3 954 3 851 Insurance expenses 1 202967Tonnage tax 32 1 Total operating expenses 10 977 10 036 Other income 2022 2020Machinery equipment (hull and machinery insurance proceeds) - 54 Collision (hull and machinery insurance proceeds) - - Loss of hire insurance proceeds from collision 367 - Total other income 367 54 In September 2018 damage was incurred to certain non-critical machinery equipment on WilForce. Repairs at yard were completed in May 2019 and final settlement of the insurance claim was agreed in 2021 and an adjustment to net income of MUSD 0.1 was recognized. In May 2019 WilForce was involved in a collision with another vessel outside Singapore and in a trial related to liability Awilco LNG returned with a verdict of 75:25 in the Company\u2019s favor. The process to agree on quantum is ongoing and the parties are currently evalu-ating the claims. The process is slowly moving forward, and at the time of this report it is difficult to assess the date for a final closure of the case although we hope to receive settlement within the foreseeable future. No effects of the claim will be reflected in Awilco LNG\u2019s financial statements until the awarded compensation is determined and received. In 2022 there were a total of 730 trading days and 1.8 one off-hire days (730 trading days in 2022 and one off-hire day). Number of seafarers2022 2021Seafarers at year-end6055", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-54-4": { "value": "NOTE 7 // OPERATING EXPENSES AND OTHER INCOMEOperating expenses 20222021Crew expenses 5 789 5 216Other operating expenses 3 954 3 851 Insurance expenses 1 202967Tonnage tax 32 1 Total operating expenses 10 977 10 036 Other income 2022 2020Machinery equipment (hull and machinery insurance proceeds) - 54 Collision (hull and machinery insurance proceeds) - - Loss of hire insurance proceeds from collision 367 - Total other income 367 54 In September 2018 damage was incurred to certain non-critical machinery equipment on WilForce. Repairs at yard were completed in May 2019 and final settlement of the insurance claim was agreed in 2021 and an adjustment to net income of MUSD 0.1 was recognized. In May 2019 WilForce was involved in a collision with another vessel outside Singapore and in a trial related to liability Awilco LNG returned with a verdict of 75:25 in the Company\u2019s favor. The process to agree on quantum is ongoing and the parties are currently evalu-ating the claims. The process is slowly moving forward, and at the time of this report it is difficult to assess the date for a final closure of the case although we hope to receive settlement within the foreseeable future. No effects of the claim will be reflected in Awilco LNG\u2019s financial statements until the awarded compensation is determined and received. In 2022 there were a total of 730 trading days and 1.8 one off-hire days (730 trading days in 2022 and one off-hire day). Number of seafarers2022 2021Seafarers at year-end6055", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-55-4": { "value": "NOTE 8 // ADMINISTRATION EXPENSESIn USD thousandsAdministration expenses 2022 2021Salaries and other remuneration 1 770 1 955 Social security cost 278 302 Pension 137 194 Other employee related expenses (78) 20 Total employee related expenses 2 108 2 470 Management fees 665 769 Consultant, legal and auditor\u2019s fees 211 138 Other administrative expenses 591 496 Total administration expenses 3 574 3 874 Information regarding remuneration to key management, management fees to related parties, fees to the Board of Directors and audi-tor\u2019s fees is provided in note 21. Number of onshore employees 2022 2021Onshore employees year end 77Average number of onshore work years6.97.1Pensions The Group has a defined contribution plan for onshore employees which complies with the requirements in the Mandatory Occupational Pension act in Norway (\u201cLov om obligatorisk tjenestepensjon\u201d). The pension plan is a defined contribution plan. Contributions on salary up until 12G are funded in a life insurance company, whereas contributions on salary over 12G are transferred to a separately adminis-tered scheme and pledged towards the participating employees. As at 31 December 2022 the Group\u2019s pension liability was KUSD 569 (31 December 2021 KUSD 583).", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-55-5": { "value": "NOTE 8 // ADMINISTRATION EXPENSESIn USD thousandsAdministration expenses 2022 2021Salaries and other remuneration 1 770 1 955 Social security cost 278 302 Pension 137 194 Other employee related expenses (78) 20 Total employee related expenses 2 108 2 470 Management fees 665 769 Consultant, legal and auditor\u2019s fees 211 138 Other administrative expenses 591 496 Total administration expenses 3 574 3 874 Information regarding remuneration to key management, management fees to related parties, fees to the Board of Directors and audi-tor\u2019s fees is provided in note 21. Number of onshore employees 2022 2021Onshore employees year end 77Average number of onshore work years6.97.1Pensions The Group has a defined contribution plan for onshore employees which complies with the requirements in the Mandatory Occupational Pension act in Norway (\u201cLov om obligatorisk tjenestepensjon\u201d). The pension plan is a defined contribution plan. Contributions on salary up until 12G are funded in a life insurance company, whereas contributions on salary over 12G are transferred to a separately adminis-tered scheme and pledged towards the participating employees. As at 31 December 2022 the Group\u2019s pension liability was KUSD 569 (31 December 2021 KUSD 583).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-55-6": { "value": "NOTE 8 // ADMINISTRATION EXPENSESIn USD thousandsAdministration expenses 2022 2021Salaries and other remuneration 1 770 1 955 Social security cost 278 302 Pension 137 194 Other employee related expenses (78) 20 Total employee related expenses 2 108 2 470 Management fees 665 769 Consultant, legal and auditor\u2019s fees 211 138 Other administrative expenses 591 496 Total administration expenses 3 574 3 874 Information regarding remuneration to key management, management fees to related parties, fees to the Board of Directors and audi-tor\u2019s fees is provided in note 21. Number of onshore employees 2022 2021Onshore employees year end 77Average number of onshore work years6.97.1Pensions The Group has a defined contribution plan for onshore employees which complies with the requirements in the Mandatory Occupational Pension act in Norway (\u201cLov om obligatorisk tjenestepensjon\u201d). The pension plan is a defined contribution plan. Contributions on salary up until 12G are funded in a life insurance company, whereas contributions on salary over 12G are transferred to a separately adminis-tered scheme and pledged towards the participating employees. As at 31 December 2022 the Group\u2019s pension liability was KUSD 569 (31 December 2021 KUSD 583).NOTE 21 // RELATED PARTIES To provide the Group with access to important and required knowledge and services, the Group has entered into the following agree-ments and transactions with related parties:Related party Description of serviceNo. Awilco Technical Services AS (ATS) Technical Sub-management Services 1Awilhelmsen Management AS (AWM) Administrative Services 2 Integrated Wind Solutions (IWS) Technical Sub-management Services 3(1) The Group\u2019s in-house technical manager, Awilco LNG Technical Management AS (ALNG TM), has entered into a sub-management agreement with ATS, whereby ATS assists ALNG TM in management of the Group\u2019s fleet. The sub-management services also include management for hire of the managing director in ALNG TM. ALNG TM pays ATS a management fee based on ATS\u2019 costs plus a margin of 7 %, cost being time accrued for the sub-manager\u2019s employees involved. The fee is subject to quarterly evaluation, and is regulated according to the consumer price index in Norway. The agreement can be terminated by both parties with three months notice. ATS is 100 % owned by Awilco AS. (2) AWM provides the Group with administrative and general services including accounting, payroll, legal, secretary function and IT. The Group pays AWM a management fee based on AWM\u2019s costs plus a margin of 5 %. The fee is subject to semi-annual evaluation, and is regulated according to the consumer price index in Norway. The agreement can be terminated by both parties with three months notice. AWM is 100 % owned by Awilhelmsen AS, which owns 100 % of Awilco AS. (3) Awilco LNG\u2019s in-house technical manager, ALNG TM, has entered into a sub-management agreement with IWS, whereby IWS assists ALNG TM in management of the Group\u2019s fleet. ALNG TM pays IWS a management fee based on an agreed hourly rate for the employees involved. The agreement can be terminated by both parties with three months\u2019 notice. IWS is 39.4% owned by Awilco AS. Purchases from related parties 20222021Awilco Technical Services AS 428 519Awilhelmsen Management AS 235250Integrated Wind Solutions ASA 20Purchases from related parties are included as part of Administration expenses in the income statement, except from commissions paid to the Fearnleys AS, which are included in Voyage related expenses. Balances with related parties (liabilities) 31.12.2022 31.12.2021 Awilco Technical Services AS - 219 Awilhelmsen Management AS - - Integrated Wind Solutions ASA - - Astrup Fearnley Group Balances with related parties (liabilities) are presented as Trade payables or Provisions and accruals in the statement of financial position.Balances with related parties (assets) 31.12.2022 31.12.2021 Awilco Technical Services AS 142 167 Awilhelmsen Management AS 5 - Integrated Wind Solutions ASA 2 - Astrup Fearnley Group - - Balances with related parties (assets) are presented as Trade receivables in the statement of financial position. Remuneration to key management 2022 Remuneration SalaryBonusPensionsOther TotalCEO Jon Skule Storheill 3681725230622CFO Per Heiberg 239773122369Total 60724983529912021 Remuneration SalaryBonusPensionsOther TotalCEO Jon Skule Storheill 403196573659CFO Per Heiberg* 19848282276Prev. CFO \u00d8yvind Ryssdal** 8002082Total 681 244 87 5 1 017 * From April 6, 2021 ** Up until January 31, 2021 Loans, advances and guarantees Awilco LNG has not provided any loans, advances or guarantees to key management. The Board of Directors\u2019 guidelines regarding remuneration to leading persons The guidelines regarding remuneration to leading persons have been prepared by the board of directors in accordance with section 6-16 a of the Norwegian Public Limited Liability Companies Act and was adopted by the Annual General Meeting in 2021. Awilco LNG will present a report on remuneration to leading persons to be approved by the Annual general meeting in 2023. The guidelines set out for determination of salaries and other remuneration applies to leadng persons in the Company. The following guidelines were applied in 2021: General policy: The Company shall offer competitive terms of compensation for senior executives to enable the Company to recruit, mo-tivate and retain senior executives. Competitive terms are defined as terms at the same level as those offered by comparable businesses. The total remuneration shall reflect the responsibility and obligations of senior executives, and promote added value to the Company and its shareholders. The remuneration should not be of such a nature or extent that it may negatively impact the Company\u2019s reputation. It is the view of the Board that these objectives are important to the Company\u2019s business strategy and long-term interests. The Board determines the remuneration of the chief executive officer. The chief executive officer determines the remuneration of other senior executives. The remuneration of the members of the Board is determined by the Company\u2019s general meeting. Salary and remuneration: Remuneration to senior executives consists of fixed and variable compensation. The fixed compensation con-sists of a base salary and also includes insurance and pension schemes, car allowance, parking, newspaper and communications to the extent deemed appropriate. The fixed compensation will normally constitute the main part of the remuneration to senior executives. The Company offers a defined contribution plan whereby pension contributions towards salary up to 12G are funded in a life insurance company. Contributions towards salary above 12G are funded by the Company and transferred to a separately administered scheme and pledged towards the participating employees. The plan complies with the requirements in the Mandatory Occupational Pension Act in Norway. The Company\u2019s senior executives are covered by this defined contribution plan. The Company does not have any other pension arrangements for senior executives. The variable compensation consists of variable bonus. Bonus to senior executives shall be related to collective and individual goals, partly based on defined parameters (KPIs) and partly a discretionary evaluation of the Company\u2019s and employee\u2019s performance. Bonus payments shall reflect the values brought to the Company and its shareholders, as well as individual achievements. The potential bonus to the CEO is not limited, while the potential bonus to the CFO is limited to 12 months salary. The Company\u2019s CEO and CFO has an agreement of 18 and 12 months severance payment respectively including a six month period of notice in case of involuntary resignation or by redundancy. The Company has no current plans to offer senior executives warrants, options or other forms of remuneration related to shares or the development of the share price in the Company or other companies within the Awilco LNG Group. Issue of shares or granting of share-based payments to senior executives shall only take place upon the General Meeting\u2019s approval. This shall not prevent senior executives from taking part in equity issues on the same terms as other investors. The remuneration of the members of the Board will consist of an annual fixed fee unless the general meeting of the Company decides otherwise. No member of the Board is entitled to any variable remuneration or any compensation upon termination of the membership of the Board.Remuneration to Board of DirectorsRemuneration to the Board of Directors consists of a Director\u2019s fee which is fixed for the year depending on the role on the Board as well as compensation for other Board elected committees. The Board\u2019s fees are approved by the Annual General Meeting. 2022 Remuneration Audit Remuneration Director\u2019s feecommittee feecommittee feeTotalSynne Syrrist 36 5 5 47 Annette Malm Justad 21 21 Jens-Julius Nygaard 21 5 26 Jon-Aksel Torgersen 21 5 26 Ole Christian Hvidsten* 10 10 Total compensation for the period 109 10 10 130 * Elected at Annual General Meeting on May 24, 2022 2021 Remuneration Audit Remuneration Director\u2019s feecommittee feecommittee feeTotalSynne Syrrist 41 6 6 52 Annette Malm Justad 23 23 Jens-Julius Nygaard 23 3 26 Jon-Aksel Torgersen 23 3 3 29 Steve Christy * 12 12 Total compensation for the period 122 9 12 142 * Elected at Annual General Meeting on June 1. 2021 Directors\u2019 and key management\u2019s shares and options in the CompanyBoard of DirectorsOrdinary sharesSynne Syrrist - Annette Malm Justad - Jens-Julius Nygaard - Jon-Aksel Torgersen 427 564 Ole Christian Hvidsten - Total 427 564 Key managementOrdinary sharesCEO Jon Skule Storheill 140 000 CFO Per Heiberg - Total 140 000 Auditor\u2019s fee20222021Statutory audit (expensed) 68 77 Other assurance services - - Tax advisory - - Total fees to auditor, excl. VAT 68 77 ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-56-2": { "value": "NOTE 9 // EARNINGS PER SHAREBasic earnings per share are calculated by dividing profit/(loss) for the year attributable to ordinary equity holders by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share are calculated by dividing the profit/(loss) for the year attributable to ordinary equity holders by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversion of all potentially dilutive ordinary shares to ordinary shares. The Company did not have any potentially dilutive ordinary shares as per 31 December 2022 or 31 December 2021.Earnings per share20222021Profit/(loss) for year attributable to ordinary equity holders (KUSD) 5 800 21 115Weighted average number of shares outstanding, basic and diluted 132 548 611 132 548 611Basic/diluted earnings per share (USD) 0,04 0.16 ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-57-2": { "value": "NOTE 10 // INCOME TAXESTax regimes The Company\u2019s subsidiaries in which the vessels are held are subject to Norwegian tonnage tax (NTT). Companies subject to NTT are exempt from ordinary tax on income derived from operations in international waters. The subsidiaries subject to NTT are taxed on a notional basis based on the net tonnage of the companies\u2019 vessels. Income and expenses not derived from the operation of vessels in international waters, such as finance income and expenses, are taxed according to ordinary corporate tax in Norway based on the relative composition of financial assets to total assets of the subsidiaries\u2019 balance sheets. The Parent Company and the subsidiaries Awilco LNG Technical Management AS, Awilco LNG 1 AS, Awilco LNG 2 AS and Awilco LNG 3 AS are subject to ordinary corporation tax in Norway.Income tax expense20222021Current income tax - - Changes in deferred tax - - Total income tax expense / (income) - - Specification of basis for deferred tax31.12.2022 31.12.2021 Other fixed assets 0 0 Loans to group companies (currency effects*) Provisions and accruals Gain/loss account 1 222 1 707 Net pension assets 68 73 Currency effects on long term debt - - Tax loss carry forward 27 982 28 750 Basis for deferred tax asset / (liability) 29 272 30 530 Not recognised deferred tax assets (basis) (29 272) (30 530)Basis for deferred tax asset / (liability) - Tax rate22 %22 %Deferred tax asset / (liability) - Recognition of deferred income tax assets is subject to strict requirements in respect of the ability to substantiate that sufficient taxable profit will be available against which the unutilised tax losses can be used. Based on these requirements and an assessment by the Group, deferred tax assets arising from tax loss carry forward has not been recognised. Utilisation of the tax loss carry forward is not limited in time. NOTE 10 // INCOME TAXES CONTReconciliation of effective tax rate 2022 2012 Profit/(loss) before taxes 5 800 21 115 Tax based on ordinary tax rate (22 %) 1 276 4 645 Effects from: Profit subject to tonnage tax (1 699) (4 184)Permanent differences (44) (154)Not recognised deferred tax asset 467 699 Currency effects - (1 006)Effect of change in tax rate - 2 093 Total income tax expense / (income) - - Income tax payable 20222021 Current tax payable recognised in income statement - - Current tax payable recognised directly in equity - - Total income tax payable - - ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-57-3": { "value": "NOTE 10 // INCOME TAXESTax regimes The Company\u2019s subsidiaries in which the vessels are held are subject to Norwegian tonnage tax (NTT). Companies subject to NTT are exempt from ordinary tax on income derived from operations in international waters. The subsidiaries subject to NTT are taxed on a notional basis based on the net tonnage of the companies\u2019 vessels. Income and expenses not derived from the operation of vessels in international waters, such as finance income and expenses, are taxed according to ordinary corporate tax in Norway based on the relative composition of financial assets to total assets of the subsidiaries\u2019 balance sheets. The Parent Company and the subsidiaries Awilco LNG Technical Management AS, Awilco LNG 1 AS, Awilco LNG 2 AS and Awilco LNG 3 AS are subject to ordinary corporation tax in Norway.Income tax expense20222021Current income tax - - Changes in deferred tax - - Total income tax expense / (income) - - Specification of basis for deferred tax31.12.2022 31.12.2021 Other fixed assets 0 0 Loans to group companies (currency effects*) Provisions and accruals Gain/loss account 1 222 1 707 Net pension assets 68 73 Currency effects on long term debt - - Tax loss carry forward 27 982 28 750 Basis for deferred tax asset / (liability) 29 272 30 530 Not recognised deferred tax assets (basis) (29 272) (30 530)Basis for deferred tax asset / (liability) - Tax rate22 %22 %Deferred tax asset / (liability) - Recognition of deferred income tax assets is subject to strict requirements in respect of the ability to substantiate that sufficient taxable profit will be available against which the unutilised tax losses can be used. Based on these requirements and an assessment by the Group, deferred tax assets arising from tax loss carry forward has not been recognised. Utilisation of the tax loss carry forward is not limited in time. NOTE 10 // INCOME TAXES CONTReconciliation of effective tax rate 2022 2012 Profit/(loss) before taxes 5 800 21 115 Tax based on ordinary tax rate (22 %) 1 276 4 645 Effects from: Profit subject to tonnage tax (1 699) (4 184)Permanent differences (44) (154)Not recognised deferred tax asset 467 699 Currency effects - (1 006)Effect of change in tax rate - 2 093 Total income tax expense / (income) - - Income tax payable 20222021 Current tax payable recognised in income statement - - Current tax payable recognised directly in equity - - Total income tax payable - - ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-57-4": { "value": "NOTE 10 // INCOME TAXESTax regimes The Company\u2019s subsidiaries in which the vessels are held are subject to Norwegian tonnage tax (NTT). Companies subject to NTT are exempt from ordinary tax on income derived from operations in international waters. The subsidiaries subject to NTT are taxed on a notional basis based on the net tonnage of the companies\u2019 vessels. Income and expenses not derived from the operation of vessels in international waters, such as finance income and expenses, are taxed according to ordinary corporate tax in Norway based on the relative composition of financial assets to total assets of the subsidiaries\u2019 balance sheets. The Parent Company and the subsidiaries Awilco LNG Technical Management AS, Awilco LNG 1 AS, Awilco LNG 2 AS and Awilco LNG 3 AS are subject to ordinary corporation tax in Norway.Income tax expense20222021Current income tax - - Changes in deferred tax - - Total income tax expense / (income) - - Specification of basis for deferred tax31.12.2022 31.12.2021 Other fixed assets 0 0 Loans to group companies (currency effects*) Provisions and accruals Gain/loss account 1 222 1 707 Net pension assets 68 73 Currency effects on long term debt - - Tax loss carry forward 27 982 28 750 Basis for deferred tax asset / (liability) 29 272 30 530 Not recognised deferred tax assets (basis) (29 272) (30 530)Basis for deferred tax asset / (liability) - Tax rate22 %22 %Deferred tax asset / (liability) - Recognition of deferred income tax assets is subject to strict requirements in respect of the ability to substantiate that sufficient taxable profit will be available against which the unutilised tax losses can be used. Based on these requirements and an assessment by the Group, deferred tax assets arising from tax loss carry forward has not been recognised. Utilisation of the tax loss carry forward is not limited in time. NOTE 10 // INCOME TAXES CONTReconciliation of effective tax rate 2022 2012 Profit/(loss) before taxes 5 800 21 115 Tax based on ordinary tax rate (22 %) 1 276 4 645 Effects from: Profit subject to tonnage tax (1 699) (4 184)Permanent differences (44) (154)Not recognised deferred tax asset 467 699 Currency effects - (1 006)Effect of change in tax rate - 2 093 Total income tax expense / (income) - - Income tax payable 20222021 Current tax payable recognised in income statement - - Current tax payable recognised directly in equity - - Total income tax payable - - ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-58-3": { "value": "NOTE 11 // VESSELS AND OTHER FIXED ASSETS Vessels 2022 2021Cost as at 1 January 420 809 420 329 Acquisition vessels +Newbuildings delivered +Capitalised dry-docking +Capitalised upgrades, dry-dock, spare parts and replacements 2 934 1 154 Derecognition of cost due to impairment loss parts and equipment - Disposals (1 890) (673)Cost as at 31 December 421 854 420 809 Accumulated depreciation and impairment as at 1 January 93 937 82 046 - Depreciation 12 720 12 564 - Disposals (1 890) (673)Accumulated depreciation and impairment as at 31 December 104 767 93 937 Carrying amount as at 31 December 317 087 326 875 Estimated useful lifes: Vessel main components 40 years40 years Vessel indirect leasing expenses 2 - 5 years2 - 5 years Dry-dock and engine overhauls 4 - 5 years4 - 5 years Multi-period spares 10 years10 yearsEstimated remaining useful life 32 years33 yearsDepreciation method Straight lineStraight lineBoth WilForce and WilPride are financed by sale/leaseback agreements which as described in note 3. Depreciation: Depreciable amount is calculated as cost less residual value. Residual values are calculated based on the vessels\u2019 lightweight tonnage and an estimated scrap rate per ton, less related recycling costs. Estimated residual value per vessel is approximately USD 12 million. Interest expense, cash ouflow etc on lease liabilities: please see note 17 and note 22. Impairment: Vessels and other fixed assets are assessed for impairment indicators each reporting period. As increased interest rates, and thereby increased cost of capital is defined as such an indicator the Company have performed an impairment test at yearend 2022. The test show that no impairment is necessary as the estimated recoverable amount exceeds the carrying amount of each of our assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-58-4": { "value": "NOTE 11 // VESSELS AND OTHER FIXED ASSETS Vessels 2022 2021Cost as at 1 January 420 809 420 329 Acquisition vessels +Newbuildings delivered +Capitalised dry-docking +Capitalised upgrades, dry-dock, spare parts and replacements 2 934 1 154 Derecognition of cost due to impairment loss parts and equipment - Disposals (1 890) (673)Cost as at 31 December 421 854 420 809 Accumulated depreciation and impairment as at 1 January 93 937 82 046 - Depreciation 12 720 12 564 - Disposals (1 890) (673)Accumulated depreciation and impairment as at 31 December 104 767 93 937 Carrying amount as at 31 December 317 087 326 875 Estimated useful lifes: Vessel main components 40 years40 years Vessel indirect leasing expenses 2 - 5 years2 - 5 years Dry-dock and engine overhauls 4 - 5 years4 - 5 years Multi-period spares 10 years10 yearsEstimated remaining useful life 32 years33 yearsDepreciation method Straight lineStraight lineBoth WilForce and WilPride are financed by sale/leaseback agreements which as described in note 3. Depreciation: Depreciable amount is calculated as cost less residual value. Residual values are calculated based on the vessels\u2019 lightweight tonnage and an estimated scrap rate per ton, less related recycling costs. Estimated residual value per vessel is approximately USD 12 million. Interest expense, cash ouflow etc on lease liabilities: please see note 17 and note 22. Impairment: Vessels and other fixed assets are assessed for impairment indicators each reporting period. As increased interest rates, and thereby increased cost of capital is defined as such an indicator the Company have performed an impairment test at yearend 2022. The test show that no impairment is necessary as the estimated recoverable amount exceeds the carrying amount of each of our assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-58-5": { "value": "NOTE 11 // VESSELS AND OTHER FIXED ASSETS Vessels 2022 2021Cost as at 1 January 420 809 420 329 Acquisition vessels +Newbuildings delivered +Capitalised dry-docking +Capitalised upgrades, dry-dock, spare parts and replacements 2 934 1 154 Derecognition of cost due to impairment loss parts and equipment - Disposals (1 890) (673)Cost as at 31 December 421 854 420 809 Accumulated depreciation and impairment as at 1 January 93 937 82 046 - Depreciation 12 720 12 564 - Disposals (1 890) (673)Accumulated depreciation and impairment as at 31 December 104 767 93 937 Carrying amount as at 31 December 317 087 326 875 Estimated useful lifes: Vessel main components 40 years40 years Vessel indirect leasing expenses 2 - 5 years2 - 5 years Dry-dock and engine overhauls 4 - 5 years4 - 5 years Multi-period spares 10 years10 yearsEstimated remaining useful life 32 years33 yearsDepreciation method Straight lineStraight lineBoth WilForce and WilPride are financed by sale/leaseback agreements which as described in note 3. Depreciation: Depreciable amount is calculated as cost less residual value. Residual values are calculated based on the vessels\u2019 lightweight tonnage and an estimated scrap rate per ton, less related recycling costs. Estimated residual value per vessel is approximately USD 12 million. Interest expense, cash ouflow etc on lease liabilities: please see note 17 and note 22. Impairment: Vessels and other fixed assets are assessed for impairment indicators each reporting period. As increased interest rates, and thereby increased cost of capital is defined as such an indicator the Company have performed an impairment test at yearend 2022. The test show that no impairment is necessary as the estimated recoverable amount exceeds the carrying amount of each of our assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-58-6": { "value": "NOTE 11 // VESSELS AND OTHER FIXED ASSETS Vessels 2022 2021Cost as at 1 January 420 809 420 329 Acquisition vessels +Newbuildings delivered +Capitalised dry-docking +Capitalised upgrades, dry-dock, spare parts and replacements 2 934 1 154 Derecognition of cost due to impairment loss parts and equipment - Disposals (1 890) (673)Cost as at 31 December 421 854 420 809 Accumulated depreciation and impairment as at 1 January 93 937 82 046 - Depreciation 12 720 12 564 - Disposals (1 890) (673)Accumulated depreciation and impairment as at 31 December 104 767 93 937 Carrying amount as at 31 December 317 087 326 875 Estimated useful lifes: Vessel main components 40 years40 years Vessel indirect leasing expenses 2 - 5 years2 - 5 years Dry-dock and engine overhauls 4 - 5 years4 - 5 years Multi-period spares 10 years10 yearsEstimated remaining useful life 32 years33 yearsDepreciation method Straight lineStraight lineBoth WilForce and WilPride are financed by sale/leaseback agreements which as described in note 3. Depreciation: Depreciable amount is calculated as cost less residual value. Residual values are calculated based on the vessels\u2019 lightweight tonnage and an estimated scrap rate per ton, less related recycling costs. Estimated residual value per vessel is approximately USD 12 million. Interest expense, cash ouflow etc on lease liabilities: please see note 17 and note 22. Impairment: Vessels and other fixed assets are assessed for impairment indicators each reporting period. As increased interest rates, and thereby increased cost of capital is defined as such an indicator the Company have performed an impairment test at yearend 2022. The test show that no impairment is necessary as the estimated recoverable amount exceeds the carrying amount of each of our assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-61-2": { "value": "NOTE 12 // TRADE RECEIVABLESTrade receivables 31.12.2022 31.12.2021 Trade receivables 3 774 993 Allowance for doubtful debts - - Trade receivables carrying value 3 774 993 According to contract terms freight income is generally paid in advance, and thus the Group has limited amounts of trade receivables. No losses have been realized on trade receivables in 2022 or 2021. See note 4 regarding contract assets and note 20 regarding management of credit risk.Ageing analysis trade receivablesNeither past < 30 days 30-60 days61-90 days> 90 daysTotaldue / impaired - - 31.12.2022 3 774 3 774 - - - - 31.12.2021 993 993 - - NOTE 14 // OTHER SHORT TERM ASSETSOther short term assets 31.12.2022 31.12.2021 Prepaid expenses 279 300 VAT-receivable 58 57 Insurance claims - 192 Other short term receivables 81 3 835 Total other short term assets 419 4 384 Please see note 7 for further information on insurance claims. The insurance claims are considered as virtually certain contingent assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-61-3": { "value": "NOTE 12 // TRADE RECEIVABLESTrade receivables 31.12.2022 31.12.2021 Trade receivables 3 774 993 Allowance for doubtful debts - - Trade receivables carrying value 3 774 993 According to contract terms freight income is generally paid in advance, and thus the Group has limited amounts of trade receivables. No losses have been realized on trade receivables in 2022 or 2021. See note 4 regarding contract assets and note 20 regarding management of credit risk.Ageing analysis trade receivablesNeither past < 30 days 30-60 days61-90 days> 90 daysTotaldue / impaired - - 31.12.2022 3 774 3 774 - - - - 31.12.2021 993 993 - - ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-62-2": { "value": "NOTE 13 // INVENTORYInventory 31.12.202231.12.2021 Bunkers and lube oils 233 182 Total inventory 233 182 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-65-3": { "value": "NOTE 14 // OTHER SHORT TERM ASSETSOther short term assets 31.12.2022 31.12.2021 Prepaid expenses 279 300 VAT-receivable 58 57 Insurance claims - 192 Other short term receivables 81 3 835 Total other short term assets 419 4 384 Please see note 7 for further information on insurance claims. The insurance claims are considered as virtually certain contingent assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-65-4": { "value": "NOTE 14 // OTHER SHORT TERM ASSETSOther short term assets 31.12.2022 31.12.2021 Prepaid expenses 279 300 VAT-receivable 58 57 Insurance claims - 192 Other short term receivables 81 3 835 Total other short term assets 419 4 384 Please see note 7 for further information on insurance claims. The insurance claims are considered as virtually certain contingent assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-65-5": { "value": "NOTE 14 // OTHER SHORT TERM ASSETSOther short term assets 31.12.2022 31.12.2021 Prepaid expenses 279 300 VAT-receivable 58 57 Insurance claims - 192 Other short term receivables 81 3 835 Total other short term assets 419 4 384 Please see note 7 for further information on insurance claims. The insurance claims are considered as virtually certain contingent assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-64-2": { "value": "NOTE 15 // CASH AND CASH EQUIVALENTS31.12.202231.12.2021Currency CodeFX rateCarrying valueFX rateCarrying valueUS dollars USD1 24 996 1 22 460 Norwegian kroner NOK9,8573 1 062 8,8194 1 177 Total cash and cash equivalents 26 058 23 637 As at 31 December 2022 KUSD 4 355 was restricted cash related to the vessel leases (KUSD 1 733 as at 31 December 2021), KUSD 288 was restricted cash related to employee withholding tax (KUSD 262 as at 31 December 2021), KUSD 78 was restricted cash related to re-quirements from operating the vessels (KUSD 77 as at 31 December 2021) and KUSD 38 was restricted cash provided as deposit towards the office lease (KUSD 43 as at 31 December 2021). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-64-3": { "value": "NOTE 15 // CASH AND CASH EQUIVALENTS31.12.202231.12.2021Currency CodeFX rateCarrying valueFX rateCarrying valueUS dollars USD1 24 996 1 22 460 Norwegian kroner NOK9,8573 1 062 8,8194 1 177 Total cash and cash equivalents 26 058 23 637 As at 31 December 2022 KUSD 4 355 was restricted cash related to the vessel leases (KUSD 1 733 as at 31 December 2021), KUSD 288 was restricted cash related to employee withholding tax (KUSD 262 as at 31 December 2021), KUSD 78 was restricted cash related to re-quirements from operating the vessels (KUSD 77 as at 31 December 2021) and KUSD 38 was restricted cash provided as deposit towards the office lease (KUSD 43 as at 31 December 2021). ", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-63-2": { "value": "NOTE 16 // PROVISIONS AND ACCRUALS31.12.202231.12.2021Provisions and accruals Accrued bunkers cost 685 216 Accrued expenses, invoice not received 3 848 2 149 Accrued interest 6 216 4 921 Deferred revenue (see note 4) 1 407 1 407 Provision sale of inventory 590 572 Salary related provisions - - Other accruals and provisions 12 745 9 265 Total provisions and accruals Please see note 7 for further information on the provisions for vessel repairs. Deferred revenue relates to time charter hire for January invoiced in December of USD 6.2 million and provision for sale of inventory of USD 1.4 million. Please see note 4 for contract liabilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-63-3": { "value": "NOTE 16 // PROVISIONS AND ACCRUALS31.12.202231.12.2021Provisions and accruals Accrued bunkers cost 685 216 Accrued expenses, invoice not received 3 848 2 149 Accrued interest 6 216 4 921 Deferred revenue (see note 4) 1 407 1 407 Provision sale of inventory 590 572 Salary related provisions - - Other accruals and provisions 12 745 9 265 Total provisions and accruals Please see note 7 for further information on the provisions for vessel repairs. Deferred revenue relates to time charter hire for January invoiced in December of USD 6.2 million and provision for sale of inventory of USD 1.4 million. Please see note 4 for contract liabilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-63-4": { "value": "NOTE 16 // PROVISIONS AND ACCRUALS31.12.202231.12.2021Provisions and accruals Accrued bunkers cost 685 216 Accrued expenses, invoice not received 3 848 2 149 Accrued interest 6 216 4 921 Deferred revenue (see note 4) 1 407 1 407 Provision sale of inventory 590 572 Salary related provisions - - Other accruals and provisions 12 745 9 265 Total provisions and accruals Please see note 7 for further information on the provisions for vessel repairs. Deferred revenue relates to time charter hire for January invoiced in December of USD 6.2 million and provision for sale of inventory of USD 1.4 million. Please see note 4 for contract liabilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-63-5": { "value": "NOTE 16 // PROVISIONS AND ACCRUALS31.12.202231.12.2021Provisions and accruals Accrued bunkers cost 685 216 Accrued expenses, invoice not received 3 848 2 149 Accrued interest 6 216 4 921 Deferred revenue (see note 4) 1 407 1 407 Provision sale of inventory 590 572 Salary related provisions - - Other accruals and provisions 12 745 9 265 Total provisions and accruals Please see note 7 for further information on the provisions for vessel repairs. Deferred revenue relates to time charter hire for January invoiced in December of USD 6.2 million and provision for sale of inventory of USD 1.4 million. Please see note 4 for contract liabilities. NOTE 18 // FINANCIAL INSTRUMENTSClasses of financial instruments and fair values Financial assets at amortised cost Carrying amount Fair value 31.12.2022 31.12.2021 31.12.202231.12.2021 Trade receivables 3 774 993 3 774 993 Other short term assets 139 4 084 139 4 084 Cash and cash equivalents 26 058 23 637 26 058 23 637 Total 29 972 28 714 29 972 28 714 Financial liabilities at amortised cost Carrying amount Fair value 31.12.202231.12.202131.12.202231.12.2021Lease liabilities 207 614 225 631 207 614 225 631 Trade payables 771 516 771 516 Total 208 385 226 147 208 385 226 147 Fair value of financial instruments Fair value of trade receivables, other short term assets, cash and cash equivalents and trade payables approximate their carrying amounts due to the short-term maturities of these instruments, all categorised in fair value level 2.The fair value of lease liabilities and other non-current liabilities is estimated by discounting future cash flows using rates for debt on similar terms, credit risk and remaining maturities, categorised in fair value level 3. The fair value of the these approximates the carry-ing amounts, as there have been no significant changes in the market rates for similar debt financing between the date of securing the debt financing and the reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-68-6": { "value": "NOTE 17 // FINANCE INCOME AND EXPENCEOther finance income in 2021 include dividend received from DNK of 662 kUSD. For further information on finance lease liabilities please see note 22.Finance expenses 20222021Interest expenses finance lease liabilities 12 838 10 156 Interest and fees overdraft facility Currency losses 3915Other finance expenses 23 40 Total finance expenses 12 900 10 211 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-66-4": { "value": "NOTE 18 // FINANCIAL INSTRUMENTSClasses of financial instruments and fair values Financial assets at amortised cost Carrying amount Fair value 31.12.2022 31.12.2021 31.12.202231.12.2021 Trade receivables 3 774 993 3 774 993 Other short term assets 139 4 084 139 4 084 Cash and cash equivalents 26 058 23 637 26 058 23 637 Total 29 972 28 714 29 972 28 714 Financial liabilities at amortised cost Carrying amount Fair value 31.12.202231.12.202131.12.202231.12.2021Lease liabilities 207 614 225 631 207 614 225 631 Trade payables 771 516 771 516 Total 208 385 226 147 208 385 226 147 Fair value of financial instruments Fair value of trade receivables, other short term assets, cash and cash equivalents and trade payables approximate their carrying amounts due to the short-term maturities of these instruments, all categorised in fair value level 2.The fair value of lease liabilities and other non-current liabilities is estimated by discounting future cash flows using rates for debt on similar terms, credit risk and remaining maturities, categorised in fair value level 3. The fair value of the these approximates the carry-ing amounts, as there have been no significant changes in the market rates for similar debt financing between the date of securing the debt financing and the reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-66-5": { "value": "NOTE 18 // FINANCIAL INSTRUMENTSClasses of financial instruments and fair values Financial assets at amortised cost Carrying amount Fair value 31.12.2022 31.12.2021 31.12.202231.12.2021 Trade receivables 3 774 993 3 774 993 Other short term assets 139 4 084 139 4 084 Cash and cash equivalents 26 058 23 637 26 058 23 637 Total 29 972 28 714 29 972 28 714 Financial liabilities at amortised cost Carrying amount Fair value 31.12.202231.12.202131.12.202231.12.2021Lease liabilities 207 614 225 631 207 614 225 631 Trade payables 771 516 771 516 Total 208 385 226 147 208 385 226 147 Fair value of financial instruments Fair value of trade receivables, other short term assets, cash and cash equivalents and trade payables approximate their carrying amounts due to the short-term maturities of these instruments, all categorised in fair value level 2.The fair value of lease liabilities and other non-current liabilities is estimated by discounting future cash flows using rates for debt on similar terms, credit risk and remaining maturities, categorised in fair value level 3. The fair value of the these approximates the carry-ing amounts, as there have been no significant changes in the market rates for similar debt financing between the date of securing the debt financing and the reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-66-6": { "value": "NOTE 18 // FINANCIAL INSTRUMENTSClasses of financial instruments and fair values Financial assets at amortised cost Carrying amount Fair value 31.12.2022 31.12.2021 31.12.202231.12.2021 Trade receivables 3 774 993 3 774 993 Other short term assets 139 4 084 139 4 084 Cash and cash equivalents 26 058 23 637 26 058 23 637 Total 29 972 28 714 29 972 28 714 Financial liabilities at amortised cost Carrying amount Fair value 31.12.202231.12.202131.12.202231.12.2021Lease liabilities 207 614 225 631 207 614 225 631 Trade payables 771 516 771 516 Total 208 385 226 147 208 385 226 147 Fair value of financial instruments Fair value of trade receivables, other short term assets, cash and cash equivalents and trade payables approximate their carrying amounts due to the short-term maturities of these instruments, all categorised in fair value level 2.The fair value of lease liabilities and other non-current liabilities is estimated by discounting future cash flows using rates for debt on similar terms, credit risk and remaining maturities, categorised in fair value level 3. The fair value of the these approximates the carry-ing amounts, as there have been no significant changes in the market rates for similar debt financing between the date of securing the debt financing and the reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-66-7": { "value": "NOTE 18 // FINANCIAL INSTRUMENTSClasses of financial instruments and fair values Financial assets at amortised cost Carrying amount Fair value 31.12.2022 31.12.2021 31.12.202231.12.2021 Trade receivables 3 774 993 3 774 993 Other short term assets 139 4 084 139 4 084 Cash and cash equivalents 26 058 23 637 26 058 23 637 Total 29 972 28 714 29 972 28 714 Financial liabilities at amortised cost Carrying amount Fair value 31.12.202231.12.202131.12.202231.12.2021Lease liabilities 207 614 225 631 207 614 225 631 Trade payables 771 516 771 516 Total 208 385 226 147 208 385 226 147 Fair value of financial instruments Fair value of trade receivables, other short term assets, cash and cash equivalents and trade payables approximate their carrying amounts due to the short-term maturities of these instruments, all categorised in fair value level 2.The fair value of lease liabilities and other non-current liabilities is estimated by discounting future cash flows using rates for debt on similar terms, credit risk and remaining maturities, categorised in fair value level 3. The fair value of the these approximates the carry-ing amounts, as there have been no significant changes in the market rates for similar debt financing between the date of securing the debt financing and the reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-67-2": { "value": "Finance income 20222021Interest income 256 1 Currency gains 198 (26)Other finance income 2664Total finance income 457 639 20222021Net gain/(loss) and valuation adjustment of securitiesNet gain/(loss) and valuation adjustment of securities(163) - Total Net gain/(loss) and valuation adjustment of securities (163) - NOTE 17 // FINANCE INCOME AND EXPENCEOther finance income in 2021 include dividend received from DNK of 662 kUSD. For further information on finance lease liabilities please see note 22.Finance expenses 20222021Interest expenses finance lease liabilities 12 838 10 156 Interest and fees overdraft facility Currency losses 3915Other finance expenses 23 40 Total finance expenses 12 900 10 211 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-67-3": { "value": "Finance income 20222021Interest income 256 1 Currency gains 198 (26)Other finance income 2664Total finance income 457 639 20222021Net gain/(loss) and valuation adjustment of securitiesNet gain/(loss) and valuation adjustment of securities(163) - Total Net gain/(loss) and valuation adjustment of securities (163) - NOTE 17 // FINANCE INCOME AND EXPENCEOther finance income in 2021 include dividend received from DNK of 662 kUSD. For further information on finance lease liabilities please see note 22.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-67-4": { "value": "Finance income 20222021Interest income 256 1 Currency gains 198 (26)Other finance income 2664Total finance income 457 639 20222021Net gain/(loss) and valuation adjustment of securitiesNet gain/(loss) and valuation adjustment of securities(163) - Total Net gain/(loss) and valuation adjustment of securities (163) - NOTE 17 // FINANCE INCOME AND EXPENCEOther finance income in 2021 include dividend received from DNK of 662 kUSD. For further information on finance lease liabilities please see note 22.Finance expenses 20222021Interest expenses finance lease liabilities 12 838 10 156 Interest and fees overdraft facility Currency losses 3915Other finance expenses 23 40 Total finance expenses 12 900 10 211 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-67-5": { "value": "Finance income 20222021Interest income 256 1 Currency gains 198 (26)Other finance income 2664Total finance income 457 639 20222021Net gain/(loss) and valuation adjustment of securitiesNet gain/(loss) and valuation adjustment of securities(163) - Total Net gain/(loss) and valuation adjustment of securities (163) - NOTE 17 // FINANCE INCOME AND EXPENCEOther finance income in 2021 include dividend received from DNK of 662 kUSD. For further information on finance lease liabilities please see note 22.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-70-5": { "value": "Finance expenses 20222021Interest expenses finance lease liabilities 12 838 10 156 Interest and fees overdraft facility Currency losses 3915Other finance expenses 23 40 Total finance expenses 12 900 10 211 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-72-2": { "value": "NOTE 19 // SHARE CAPITAL AND SHAREHOLDERS Share capital Number of sharesPar value NOKShare capital USDShare capital as at 31 December 2020 132 548 611 0.10 1 976 Share capital reduction - - - Issued shares - - - Share capital as at 31 December 2021 132 548 611 0.10 1 976 Share capital as at 31 December 2021 132 548 611 0.10 1 976 Share capital reduction - - - Issued shares - - - Share capital as at 31 December 2022 132 548 611 0.10 1 976 The share capital is denominated in NOK. A reduction in the nominal value of each of the Companny\u2019s shares from NOK 2.5 to NOK 0.10 was resolved at the extraordinary General Meeting held 17 September 2020. All issued shares are of equal rights.Overview of shareholders as at 31 December 2022ShareholderNumber of sharesIn %Awilco AS 51 114 08038,6%Morgan Stanley & Co. Int. Plc. 24 501 42518,5%B.O. Steen Shipping AS 5 926 0604,5%Euroclear Bank S.A./N.V.5 076 2993,8%Credit Suisse (Switzerland) Ltd.2 134 3671,6%Vidar Anfin Taranger1 625 0001,2%The Bank of New York Mellon SA/NV 1 357 8911,0%Patronia AS 1 322 9881,0%Clearstream Banking S.A. 959 3750,7%Trapesa AS 946 3320,7%The Bank of New York Mellon SA/NV 928 2600,7%Interactive Brokers LLC 921 7700,7%The Bank of New York Mellon 838 3440,6%J.P. Morgan Securities Plc 809 4400,6%Kristian Falnes AS 800 0000,6%Skips AS Tudor 781 4290,6%Nordnet Livsforsikring AS 768 8490,6%Kilsholmen AS 750 0000,6%The Bank of New York Mellon689 5960,5%Total > 0.5%102 251 50577,1%Other shareholders30 297 10622,9%Total132 548 611100.0%", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-73-2": { "value": "NOTE 20 // CAPITAL AND FINANCIAL RISK MANAGEMENTCapital management A key objective in Awilco LNG\u2019s capital management is to ensure that the Group maintains a capital structure in order to support its business, maintain investor and creditor confidence and maximise shareholder value. The Group evaluates its capital structure in light of current and projected cash flow, the relative strength of the shipping markets, new business opportunities and the Group\u2019s financial commitments. As part of the Group\u2019s long term capital management strategy, the Company is listed on Euronext Expand. Capital is man-aged on Group level, although each vessel owning company has a capital structure adressing company specific financial and operational requirements and risks. The Group monitors its capital using the book equity ratio:Equity ratio 31.12.2022 31.12.2021 Book equity 126 387 120 586 Total assets 348 107 356 746 Book equity ratio 36 %34 %Dividend policy The Group\u2019s intention is to pay regular dividends in support of the Group\u2019s main objective of maximising returns to shareholders. The Board of Directors approved a revised dividend policy in November 2022. The Board is committed to return value to shareholders and intend to distribute a substantial part of annual free cash flow, paid out quarterly, always subject to debt covenants, capital requirements and a robust cash buffer. Financial risk management The Group is in its business exposed to financial risks such as market risk, credit risk and liquidity risk. The Group\u2019s management identifies, evaluates and implements necessary actions to manage and mitigate these risks. The Board of Directors reviews and agrees to the policies for managing each of these risks, which are summarised below. Market risk Market risk from financial instruments is the risk that future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprise three types of risk: interest rate risk, foreign currency risk and price risk. Financial instruments held by the Group are affected by market risk. The Group does not enter into any financial instruments, including financial derivatives, for trading purposes. Interest rate risk: At the balance sheet date the Group had oustanding lease liabilities on the vessels of MUSD 207.6 that was subject to a floating interest charge (USD LIBOR). Each 100 bps change in USD libor would have an effect on the profit/(loss) for the reporting period of MUSD 2.1 and no direct effect on equity. The Group also had bank deposits subject to floating NIBOR and LIBOR rates. No interest rate derivatives have been entered into to mitigate the floating interest rate risk. The Group continually assess the need for hedging interest rate risk. Foreign currency risk: The functional currency of all the entities in the Group is USD, and the Group has limited currency risk arising from operations, as income and the majority of operating expenses and vessel investments are denominated in USD. However, the Group has exposure to NOK, as administration expenses and parts of cash and cash equivalents, other short term assets, trade payables and provi-sions and accruals are denominated in NOK. Financial instruments denominated in currencies other than USD at 31 December 2022 include trade payables, other short term assets and bank deposits in NOK, which represents a net long exposure to NOK. Based on these financial instruments denominated in NOK at 31 December 2022, a 10 % change in the USD/NOK rate would have an effect on the profit/(loss) for the reporting period of KUSD 42 and no direct effect on equity (KUSD 92 in profit/(loss) effect in 2021). Price risk: The Group will normally have limited exposure to risks associated with price fluctuations on bunker oil, as the bunkers is for the charterers account when the vessels are on contract. The Group has currently not entered into any bunkers derivatives, however this is subject to continuous assessments. The Group is also subject to price risk related to the spot/short term charter market for chartering LNG carriers, which is uncertain and vol-atile and will depend upon, among other things, the natural gas prices, tonnage supply and energy markets which the Group cannot predict. Currently, no financial instruments has been entered into to reduce this risk.Credit risk Credit risk refers to the risk that a counterparty defaults on its contractual obligations resulting in financial loss to the Group. The Group is exposed to credit risk from its operating activities through trade receivables and from its financing activities, including deposits with banks. The Group aims to do business with creditworthy counterparties only. Prior to entering into a charterparty the Group evaluates the credit quality of the customer, assessing its financial position, credit rating, past experience and other factors. If the counterparty is not assessed as of adequate credit quality the Group may demand guarantees and/or prepayment of charter hire to reduce credit risk to an acceptable level. Charter hire is generally paid in advance, effectively reducing the potential exposure to credit risk. The credit quality of outstanding trade receivables as at 31 December 2022 is assessed as very good. The Group has measured the expected credit loss for the coming twelve months and estimated it to NIL. Furthermore, as disclosed in note 12, none of the trade receivables outstanding as at 31 December 2022 are past due. Bank deposits are deposited with internationally recognised financial institutions with a high credit rating. Currently, bank deposits are with banks rated Aa3 by Moody\u2019s, hence the assessed credit risk is minimal. Awilco LNG has not provided any material guarantees for third parties\u2019 labilities, and the maximum exposure to credit risk is represented by the carrying amount of financial assets in the statement of financial position. Liquidity risk The Group\u2019s approach to managing liquidity risk is to ensure, as far as possible, that it has sufficient liquidity and/or undrawn commited credit facilities at all times to meet its obligations without incurring unacceptable losses or risking damage to the Group\u2019s reputation. To ensure this, the Group continuously monitors the maturity of the financial assets and liabilities and projected cash flows from operations. Please see the liquidity risk section in the Board of Directors\u2019 report for further information. The WilForce and WilPride sale/leaseback facilities provided by CCB Financial Leasing Co. Ltd.(CCBFL) contains a minimum value clause in addition to financial covenants that require the Awilco LNG Group to maintain consolidated minimum cash and cash equivalents of USD 10.0 million and positive consolidated working capital. On 22 June 2020 the Company and CCBFL agreed to make certain temporary amend-ments to financial covenants in the sale/leaseback facilities for both vessels. The required minimum consolidated cash and cash equivalents financial covenant of USD 10.0 million was reduced to USD 2.0 million. On 23 November 2020 the temporary amendments outlined above were extended for a further six-month period from 1 January 2021 to 30 June 2021. The temporarily amended cash covenant of USD 2.0 million ended on June 30, 2021 and the Comapny is in compliance with all ordinary reinstated covenants.. The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments:Per 31 December 2022 < 3 months3-12 months1-5 years > 5 yearsTotalTrade payables 771 - - - 771 Interest -bearing debt 4 688 14 064 75 008 117 910 207 614 Minimum interest payment 3 968 11 250 46 879 16 542 78 639 Total 9 427 25 314 121 887 134 452 287 024 Per 31 December 2021> 5 yearsTotal< 3 months3-12 months1-5 years - Trade payables 516 - - - 516 Interest -bearing debt 4 688 14 064 75 008 135 927 225 631 Minimum interest payment 2 216 6 305 26 909 13 416 48 845 Total 7 420 14 064 75 008 135 927 274 992 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-73-3": { "value": "NOTE 20 // CAPITAL AND FINANCIAL RISK MANAGEMENTCapital management A key objective in Awilco LNG\u2019s capital management is to ensure that the Group maintains a capital structure in order to support its business, maintain investor and creditor confidence and maximise shareholder value. The Group evaluates its capital structure in light of current and projected cash flow, the relative strength of the shipping markets, new business opportunities and the Group\u2019s financial commitments. As part of the Group\u2019s long term capital management strategy, the Company is listed on Euronext Expand. Capital is man-aged on Group level, although each vessel owning company has a capital structure adressing company specific financial and operational requirements and risks. The Group monitors its capital using the book equity ratio:Equity ratio 31.12.2022 31.12.2021 Book equity 126 387 120 586 Total assets 348 107 356 746 Book equity ratio 36 %34 %Dividend policy The Group\u2019s intention is to pay regular dividends in support of the Group\u2019s main objective of maximising returns to shareholders. The Board of Directors approved a revised dividend policy in November 2022. The Board is committed to return value to shareholders and intend to distribute a substantial part of annual free cash flow, paid out quarterly, always subject to debt covenants, capital requirements and a robust cash buffer. Financial risk management The Group is in its business exposed to financial risks such as market risk, credit risk and liquidity risk. The Group\u2019s management identifies, evaluates and implements necessary actions to manage and mitigate these risks. The Board of Directors reviews and agrees to the policies for managing each of these risks, which are summarised below. Market risk Market risk from financial instruments is the risk that future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprise three types of risk: interest rate risk, foreign currency risk and price risk. Financial instruments held by the Group are affected by market risk. The Group does not enter into any financial instruments, including financial derivatives, for trading purposes. Interest rate risk: At the balance sheet date the Group had oustanding lease liabilities on the vessels of MUSD 207.6 that was subject to a floating interest charge (USD LIBOR). Each 100 bps change in USD libor would have an effect on the profit/(loss) for the reporting period of MUSD 2.1 and no direct effect on equity. The Group also had bank deposits subject to floating NIBOR and LIBOR rates. No interest rate derivatives have been entered into to mitigate the floating interest rate risk. The Group continually assess the need for hedging interest rate risk. Foreign currency risk: The functional currency of all the entities in the Group is USD, and the Group has limited currency risk arising from operations, as income and the majority of operating expenses and vessel investments are denominated in USD. However, the Group has exposure to NOK, as administration expenses and parts of cash and cash equivalents, other short term assets, trade payables and provi-sions and accruals are denominated in NOK. Financial instruments denominated in currencies other than USD at 31 December 2022 include trade payables, other short term assets and bank deposits in NOK, which represents a net long exposure to NOK. Based on these financial instruments denominated in NOK at 31 December 2022, a 10 % change in the USD/NOK rate would have an effect on the profit/(loss) for the reporting period of KUSD 42 and no direct effect on equity (KUSD 92 in profit/(loss) effect in 2021). Price risk: The Group will normally have limited exposure to risks associated with price fluctuations on bunker oil, as the bunkers is for the charterers account when the vessels are on contract. The Group has currently not entered into any bunkers derivatives, however this is subject to continuous assessments. The Group is also subject to price risk related to the spot/short term charter market for chartering LNG carriers, which is uncertain and vol-atile and will depend upon, among other things, the natural gas prices, tonnage supply and energy markets which the Group cannot predict. Currently, no financial instruments has been entered into to reduce this risk.Credit risk Credit risk refers to the risk that a counterparty defaults on its contractual obligations resulting in financial loss to the Group. The Group is exposed to credit risk from its operating activities through trade receivables and from its financing activities, including deposits with banks. The Group aims to do business with creditworthy counterparties only. Prior to entering into a charterparty the Group evaluates the credit quality of the customer, assessing its financial position, credit rating, past experience and other factors. If the counterparty is not assessed as of adequate credit quality the Group may demand guarantees and/or prepayment of charter hire to reduce credit risk to an acceptable level. Charter hire is generally paid in advance, effectively reducing the potential exposure to credit risk. The credit quality of outstanding trade receivables as at 31 December 2022 is assessed as very good. The Group has measured the expected credit loss for the coming twelve months and estimated it to NIL. Furthermore, as disclosed in note 12, none of the trade receivables outstanding as at 31 December 2022 are past due. Bank deposits are deposited with internationally recognised financial institutions with a high credit rating. Currently, bank deposits are with banks rated Aa3 by Moody\u2019s, hence the assessed credit risk is minimal. Awilco LNG has not provided any material guarantees for third parties\u2019 labilities, and the maximum exposure to credit risk is represented by the carrying amount of financial assets in the statement of financial position. Liquidity risk The Group\u2019s approach to managing liquidity risk is to ensure, as far as possible, that it has sufficient liquidity and/or undrawn commited credit facilities at all times to meet its obligations without incurring unacceptable losses or risking damage to the Group\u2019s reputation. To ensure this, the Group continuously monitors the maturity of the financial assets and liabilities and projected cash flows from operations. Please see the liquidity risk section in the Board of Directors\u2019 report for further information. The WilForce and WilPride sale/leaseback facilities provided by CCB Financial Leasing Co. Ltd.(CCBFL) contains a minimum value clause in addition to financial covenants that require the Awilco LNG Group to maintain consolidated minimum cash and cash equivalents of USD 10.0 million and positive consolidated working capital. On 22 June 2020 the Company and CCBFL agreed to make certain temporary amend-ments to financial covenants in the sale/leaseback facilities for both vessels. The required minimum consolidated cash and cash equivalents financial covenant of USD 10.0 million was reduced to USD 2.0 million. On 23 November 2020 the temporary amendments outlined above were extended for a further six-month period from 1 January 2021 to 30 June 2021. The temporarily amended cash covenant of USD 2.0 million ended on June 30, 2021 and the Comapny is in compliance with all ordinary reinstated covenants.. The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments:Per 31 December 2022 < 3 months3-12 months1-5 years > 5 yearsTotalTrade payables 771 - - - 771 Interest -bearing debt 4 688 14 064 75 008 117 910 207 614 Minimum interest payment 3 968 11 250 46 879 16 542 78 639 Total 9 427 25 314 121 887 134 452 287 024 Per 31 December 2021> 5 yearsTotal< 3 months3-12 months1-5 years - Trade payables 516 - - - 516 Interest -bearing debt 4 688 14 064 75 008 135 927 225 631 Minimum interest payment 2 216 6 305 26 909 13 416 48 845 Total 7 420 14 064 75 008 135 927 274 992 ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-73-4": { "value": "NOTE 20 // CAPITAL AND FINANCIAL RISK MANAGEMENTCapital management A key objective in Awilco LNG\u2019s capital management is to ensure that the Group maintains a capital structure in order to support its business, maintain investor and creditor confidence and maximise shareholder value. The Group evaluates its capital structure in light of current and projected cash flow, the relative strength of the shipping markets, new business opportunities and the Group\u2019s financial commitments. As part of the Group\u2019s long term capital management strategy, the Company is listed on Euronext Expand. Capital is man-aged on Group level, although each vessel owning company has a capital structure adressing company specific financial and operational requirements and risks. The Group monitors its capital using the book equity ratio:Equity ratio 31.12.2022 31.12.2021 Book equity 126 387 120 586 Total assets 348 107 356 746 Book equity ratio 36 %34 %Dividend policy The Group\u2019s intention is to pay regular dividends in support of the Group\u2019s main objective of maximising returns to shareholders. The Board of Directors approved a revised dividend policy in November 2022. The Board is committed to return value to shareholders and intend to distribute a substantial part of annual free cash flow, paid out quarterly, always subject to debt covenants, capital requirements and a robust cash buffer. Financial risk management The Group is in its business exposed to financial risks such as market risk, credit risk and liquidity risk. The Group\u2019s management identifies, evaluates and implements necessary actions to manage and mitigate these risks. The Board of Directors reviews and agrees to the policies for managing each of these risks, which are summarised below. Market risk Market risk from financial instruments is the risk that future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprise three types of risk: interest rate risk, foreign currency risk and price risk. Financial instruments held by the Group are affected by market risk. The Group does not enter into any financial instruments, including financial derivatives, for trading purposes. Interest rate risk: At the balance sheet date the Group had oustanding lease liabilities on the vessels of MUSD 207.6 that was subject to a floating interest charge (USD LIBOR). Each 100 bps change in USD libor would have an effect on the profit/(loss) for the reporting period of MUSD 2.1 and no direct effect on equity. The Group also had bank deposits subject to floating NIBOR and LIBOR rates. No interest rate derivatives have been entered into to mitigate the floating interest rate risk. The Group continually assess the need for hedging interest rate risk. Foreign currency risk: The functional currency of all the entities in the Group is USD, and the Group has limited currency risk arising from operations, as income and the majority of operating expenses and vessel investments are denominated in USD. However, the Group has exposure to NOK, as administration expenses and parts of cash and cash equivalents, other short term assets, trade payables and provi-sions and accruals are denominated in NOK. Financial instruments denominated in currencies other than USD at 31 December 2022 include trade payables, other short term assets and bank deposits in NOK, which represents a net long exposure to NOK. Based on these financial instruments denominated in NOK at 31 December 2022, a 10 % change in the USD/NOK rate would have an effect on the profit/(loss) for the reporting period of KUSD 42 and no direct effect on equity (KUSD 92 in profit/(loss) effect in 2021). Price risk: The Group will normally have limited exposure to risks associated with price fluctuations on bunker oil, as the bunkers is for the charterers account when the vessels are on contract. The Group has currently not entered into any bunkers derivatives, however this is subject to continuous assessments. The Group is also subject to price risk related to the spot/short term charter market for chartering LNG carriers, which is uncertain and vol-atile and will depend upon, among other things, the natural gas prices, tonnage supply and energy markets which the Group cannot predict. Currently, no financial instruments has been entered into to reduce this risk.Credit risk Credit risk refers to the risk that a counterparty defaults on its contractual obligations resulting in financial loss to the Group. The Group is exposed to credit risk from its operating activities through trade receivables and from its financing activities, including deposits with banks. The Group aims to do business with creditworthy counterparties only. Prior to entering into a charterparty the Group evaluates the credit quality of the customer, assessing its financial position, credit rating, past experience and other factors. If the counterparty is not assessed as of adequate credit quality the Group may demand guarantees and/or prepayment of charter hire to reduce credit risk to an acceptable level. Charter hire is generally paid in advance, effectively reducing the potential exposure to credit risk. The credit quality of outstanding trade receivables as at 31 December 2022 is assessed as very good. The Group has measured the expected credit loss for the coming twelve months and estimated it to NIL. Furthermore, as disclosed in note 12, none of the trade receivables outstanding as at 31 December 2022 are past due. Bank deposits are deposited with internationally recognised financial institutions with a high credit rating. Currently, bank deposits are with banks rated Aa3 by Moody\u2019s, hence the assessed credit risk is minimal. Awilco LNG has not provided any material guarantees for third parties\u2019 labilities, and the maximum exposure to credit risk is represented by the carrying amount of financial assets in the statement of financial position. Liquidity risk The Group\u2019s approach to managing liquidity risk is to ensure, as far as possible, that it has sufficient liquidity and/or undrawn commited credit facilities at all times to meet its obligations without incurring unacceptable losses or risking damage to the Group\u2019s reputation. To ensure this, the Group continuously monitors the maturity of the financial assets and liabilities and projected cash flows from operations. Please see the liquidity risk section in the Board of Directors\u2019 report for further information. The WilForce and WilPride sale/leaseback facilities provided by CCB Financial Leasing Co. Ltd.(CCBFL) contains a minimum value clause in addition to financial covenants that require the Awilco LNG Group to maintain consolidated minimum cash and cash equivalents of USD 10.0 million and positive consolidated working capital. On 22 June 2020 the Company and CCBFL agreed to make certain temporary amend-ments to financial covenants in the sale/leaseback facilities for both vessels. The required minimum consolidated cash and cash equivalents financial covenant of USD 10.0 million was reduced to USD 2.0 million. On 23 November 2020 the temporary amendments outlined above were extended for a further six-month period from 1 January 2021 to 30 June 2021. The temporarily amended cash covenant of USD 2.0 million ended on June 30, 2021 and the Comapny is in compliance with all ordinary reinstated covenants.. The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments:Per 31 December 2022 < 3 months3-12 months1-5 years > 5 yearsTotalTrade payables 771 - - - 771 Interest -bearing debt 4 688 14 064 75 008 117 910 207 614 Minimum interest payment 3 968 11 250 46 879 16 542 78 639 Total 9 427 25 314 121 887 134 452 287 024 Per 31 December 2021> 5 yearsTotal< 3 months3-12 months1-5 years - Trade payables 516 - - - 516 Interest -bearing debt 4 688 14 064 75 008 135 927 225 631 Minimum interest payment 2 216 6 305 26 909 13 416 48 845 Total 7 420 14 064 75 008 135 927 274 992 ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-73-5": { "value": "NOTE 20 // CAPITAL AND FINANCIAL RISK MANAGEMENTCapital management A key objective in Awilco LNG\u2019s capital management is to ensure that the Group maintains a capital structure in order to support its business, maintain investor and creditor confidence and maximise shareholder value. The Group evaluates its capital structure in light of current and projected cash flow, the relative strength of the shipping markets, new business opportunities and the Group\u2019s financial commitments. As part of the Group\u2019s long term capital management strategy, the Company is listed on Euronext Expand. Capital is man-aged on Group level, although each vessel owning company has a capital structure adressing company specific financial and operational requirements and risks. The Group monitors its capital using the book equity ratio:Equity ratio 31.12.2022 31.12.2021 Book equity 126 387 120 586 Total assets 348 107 356 746 Book equity ratio 36 %34 %Dividend policy The Group\u2019s intention is to pay regular dividends in support of the Group\u2019s main objective of maximising returns to shareholders. The Board of Directors approved a revised dividend policy in November 2022. The Board is committed to return value to shareholders and intend to distribute a substantial part of annual free cash flow, paid out quarterly, always subject to debt covenants, capital requirements and a robust cash buffer. Financial risk management The Group is in its business exposed to financial risks such as market risk, credit risk and liquidity risk. The Group\u2019s management identifies, evaluates and implements necessary actions to manage and mitigate these risks. The Board of Directors reviews and agrees to the policies for managing each of these risks, which are summarised below. Market risk Market risk from financial instruments is the risk that future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprise three types of risk: interest rate risk, foreign currency risk and price risk. Financial instruments held by the Group are affected by market risk. The Group does not enter into any financial instruments, including financial derivatives, for trading purposes. Interest rate risk: At the balance sheet date the Group had oustanding lease liabilities on the vessels of MUSD 207.6 that was subject to a floating interest charge (USD LIBOR). Each 100 bps change in USD libor would have an effect on the profit/(loss) for the reporting period of MUSD 2.1 and no direct effect on equity. The Group also had bank deposits subject to floating NIBOR and LIBOR rates. No interest rate derivatives have been entered into to mitigate the floating interest rate risk. The Group continually assess the need for hedging interest rate risk. Foreign currency risk: The functional currency of all the entities in the Group is USD, and the Group has limited currency risk arising from operations, as income and the majority of operating expenses and vessel investments are denominated in USD. However, the Group has exposure to NOK, as administration expenses and parts of cash and cash equivalents, other short term assets, trade payables and provi-sions and accruals are denominated in NOK. Financial instruments denominated in currencies other than USD at 31 December 2022 include trade payables, other short term assets and bank deposits in NOK, which represents a net long exposure to NOK. Based on these financial instruments denominated in NOK at 31 December 2022, a 10 % change in the USD/NOK rate would have an effect on the profit/(loss) for the reporting period of KUSD 42 and no direct effect on equity (KUSD 92 in profit/(loss) effect in 2021). Price risk: The Group will normally have limited exposure to risks associated with price fluctuations on bunker oil, as the bunkers is for the charterers account when the vessels are on contract. The Group has currently not entered into any bunkers derivatives, however this is subject to continuous assessments. The Group is also subject to price risk related to the spot/short term charter market for chartering LNG carriers, which is uncertain and vol-atile and will depend upon, among other things, the natural gas prices, tonnage supply and energy markets which the Group cannot predict. Currently, no financial instruments has been entered into to reduce this risk.Credit risk Credit risk refers to the risk that a counterparty defaults on its contractual obligations resulting in financial loss to the Group. The Group is exposed to credit risk from its operating activities through trade receivables and from its financing activities, including deposits with banks. The Group aims to do business with creditworthy counterparties only. Prior to entering into a charterparty the Group evaluates the credit quality of the customer, assessing its financial position, credit rating, past experience and other factors. If the counterparty is not assessed as of adequate credit quality the Group may demand guarantees and/or prepayment of charter hire to reduce credit risk to an acceptable level. Charter hire is generally paid in advance, effectively reducing the potential exposure to credit risk. The credit quality of outstanding trade receivables as at 31 December 2022 is assessed as very good. The Group has measured the expected credit loss for the coming twelve months and estimated it to NIL. Furthermore, as disclosed in note 12, none of the trade receivables outstanding as at 31 December 2022 are past due. Bank deposits are deposited with internationally recognised financial institutions with a high credit rating. Currently, bank deposits are with banks rated Aa3 by Moody\u2019s, hence the assessed credit risk is minimal. Awilco LNG has not provided any material guarantees for third parties\u2019 labilities, and the maximum exposure to credit risk is represented by the carrying amount of financial assets in the statement of financial position. Liquidity risk The Group\u2019s approach to managing liquidity risk is to ensure, as far as possible, that it has sufficient liquidity and/or undrawn commited credit facilities at all times to meet its obligations without incurring unacceptable losses or risking damage to the Group\u2019s reputation. To ensure this, the Group continuously monitors the maturity of the financial assets and liabilities and projected cash flows from operations. Please see the liquidity risk section in the Board of Directors\u2019 report for further information. The WilForce and WilPride sale/leaseback facilities provided by CCB Financial Leasing Co. Ltd.(CCBFL) contains a minimum value clause in addition to financial covenants that require the Awilco LNG Group to maintain consolidated minimum cash and cash equivalents of USD 10.0 million and positive consolidated working capital. On 22 June 2020 the Company and CCBFL agreed to make certain temporary amend-ments to financial covenants in the sale/leaseback facilities for both vessels. The required minimum consolidated cash and cash equivalents financial covenant of USD 10.0 million was reduced to USD 2.0 million. On 23 November 2020 the temporary amendments outlined above were extended for a further six-month period from 1 January 2021 to 30 June 2021. The temporarily amended cash covenant of USD 2.0 million ended on June 30, 2021 and the Comapny is in compliance with all ordinary reinstated covenants.. The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments:Per 31 December 2022 < 3 months3-12 months1-5 years > 5 yearsTotalTrade payables 771 - - - 771 Interest -bearing debt 4 688 14 064 75 008 117 910 207 614 Minimum interest payment 3 968 11 250 46 879 16 542 78 639 Total 9 427 25 314 121 887 134 452 287 024 Per 31 December 2021> 5 yearsTotal< 3 months3-12 months1-5 years - Trade payables 516 - - - 516 Interest -bearing debt 4 688 14 064 75 008 135 927 225 631 Minimum interest payment 2 216 6 305 26 909 13 416 48 845 Total 7 420 14 064 75 008 135 927 274 992 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-73-6": { "value": "NOTE 20 // CAPITAL AND FINANCIAL RISK MANAGEMENTCapital management A key objective in Awilco LNG\u2019s capital management is to ensure that the Group maintains a capital structure in order to support its business, maintain investor and creditor confidence and maximise shareholder value. The Group evaluates its capital structure in light of current and projected cash flow, the relative strength of the shipping markets, new business opportunities and the Group\u2019s financial commitments. As part of the Group\u2019s long term capital management strategy, the Company is listed on Euronext Expand. Capital is man-aged on Group level, although each vessel owning company has a capital structure adressing company specific financial and operational requirements and risks. The Group monitors its capital using the book equity ratio:Equity ratio 31.12.2022 31.12.2021 Book equity 126 387 120 586 Total assets 348 107 356 746 Book equity ratio 36 %34 %Dividend policy The Group\u2019s intention is to pay regular dividends in support of the Group\u2019s main objective of maximising returns to shareholders. The Board of Directors approved a revised dividend policy in November 2022. The Board is committed to return value to shareholders and intend to distribute a substantial part of annual free cash flow, paid out quarterly, always subject to debt covenants, capital requirements and a robust cash buffer. Financial risk management The Group is in its business exposed to financial risks such as market risk, credit risk and liquidity risk. The Group\u2019s management identifies, evaluates and implements necessary actions to manage and mitigate these risks. The Board of Directors reviews and agrees to the policies for managing each of these risks, which are summarised below. Market risk Market risk from financial instruments is the risk that future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprise three types of risk: interest rate risk, foreign currency risk and price risk. Financial instruments held by the Group are affected by market risk. The Group does not enter into any financial instruments, including financial derivatives, for trading purposes. Interest rate risk: At the balance sheet date the Group had oustanding lease liabilities on the vessels of MUSD 207.6 that was subject to a floating interest charge (USD LIBOR). Each 100 bps change in USD libor would have an effect on the profit/(loss) for the reporting period of MUSD 2.1 and no direct effect on equity. The Group also had bank deposits subject to floating NIBOR and LIBOR rates. No interest rate derivatives have been entered into to mitigate the floating interest rate risk. The Group continually assess the need for hedging interest rate risk. Foreign currency risk: The functional currency of all the entities in the Group is USD, and the Group has limited currency risk arising from operations, as income and the majority of operating expenses and vessel investments are denominated in USD. However, the Group has exposure to NOK, as administration expenses and parts of cash and cash equivalents, other short term assets, trade payables and provi-sions and accruals are denominated in NOK. Financial instruments denominated in currencies other than USD at 31 December 2022 include trade payables, other short term assets and bank deposits in NOK, which represents a net long exposure to NOK. Based on these financial instruments denominated in NOK at 31 December 2022, a 10 % change in the USD/NOK rate would have an effect on the profit/(loss) for the reporting period of KUSD 42 and no direct effect on equity (KUSD 92 in profit/(loss) effect in 2021). Price risk: The Group will normally have limited exposure to risks associated with price fluctuations on bunker oil, as the bunkers is for the charterers account when the vessels are on contract. The Group has currently not entered into any bunkers derivatives, however this is subject to continuous assessments. The Group is also subject to price risk related to the spot/short term charter market for chartering LNG carriers, which is uncertain and vol-atile and will depend upon, among other things, the natural gas prices, tonnage supply and energy markets which the Group cannot predict. Currently, no financial instruments has been entered into to reduce this risk.Credit risk Credit risk refers to the risk that a counterparty defaults on its contractual obligations resulting in financial loss to the Group. The Group is exposed to credit risk from its operating activities through trade receivables and from its financing activities, including deposits with banks. The Group aims to do business with creditworthy counterparties only. Prior to entering into a charterparty the Group evaluates the credit quality of the customer, assessing its financial position, credit rating, past experience and other factors. If the counterparty is not assessed as of adequate credit quality the Group may demand guarantees and/or prepayment of charter hire to reduce credit risk to an acceptable level. Charter hire is generally paid in advance, effectively reducing the potential exposure to credit risk. The credit quality of outstanding trade receivables as at 31 December 2022 is assessed as very good. The Group has measured the expected credit loss for the coming twelve months and estimated it to NIL. Furthermore, as disclosed in note 12, none of the trade receivables outstanding as at 31 December 2022 are past due. Bank deposits are deposited with internationally recognised financial institutions with a high credit rating. Currently, bank deposits are with banks rated Aa3 by Moody\u2019s, hence the assessed credit risk is minimal. Awilco LNG has not provided any material guarantees for third parties\u2019 labilities, and the maximum exposure to credit risk is represented by the carrying amount of financial assets in the statement of financial position. Liquidity risk The Group\u2019s approach to managing liquidity risk is to ensure, as far as possible, that it has sufficient liquidity and/or undrawn commited credit facilities at all times to meet its obligations without incurring unacceptable losses or risking damage to the Group\u2019s reputation. To ensure this, the Group continuously monitors the maturity of the financial assets and liabilities and projected cash flows from operations. Please see the liquidity risk section in the Board of Directors\u2019 report for further information. The WilForce and WilPride sale/leaseback facilities provided by CCB Financial Leasing Co. Ltd.(CCBFL) contains a minimum value clause in addition to financial covenants that require the Awilco LNG Group to maintain consolidated minimum cash and cash equivalents of USD 10.0 million and positive consolidated working capital. On 22 June 2020 the Company and CCBFL agreed to make certain temporary amend-ments to financial covenants in the sale/leaseback facilities for both vessels. The required minimum consolidated cash and cash equivalents financial covenant of USD 10.0 million was reduced to USD 2.0 million. On 23 November 2020 the temporary amendments outlined above were extended for a further six-month period from 1 January 2021 to 30 June 2021. The temporarily amended cash covenant of USD 2.0 million ended on June 30, 2021 and the Comapny is in compliance with all ordinary reinstated covenants.. The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments:Per 31 December 2022 < 3 months3-12 months1-5 years > 5 yearsTotalTrade payables 771 - - - 771 Interest -bearing debt 4 688 14 064 75 008 117 910 207 614 Minimum interest payment 3 968 11 250 46 879 16 542 78 639 Total 9 427 25 314 121 887 134 452 287 024 Per 31 December 2021> 5 yearsTotal< 3 months3-12 months1-5 years - Trade payables 516 - - - 516 Interest -bearing debt 4 688 14 064 75 008 135 927 225 631 Minimum interest payment 2 216 6 305 26 909 13 416 48 845 Total 7 420 14 064 75 008 135 927 274 992 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-73-7": { "value": "NOTE 20 // CAPITAL AND FINANCIAL RISK MANAGEMENTCapital management A key objective in Awilco LNG\u2019s capital management is to ensure that the Group maintains a capital structure in order to support its business, maintain investor and creditor confidence and maximise shareholder value. The Group evaluates its capital structure in light of current and projected cash flow, the relative strength of the shipping markets, new business opportunities and the Group\u2019s financial commitments. As part of the Group\u2019s long term capital management strategy, the Company is listed on Euronext Expand. Capital is man-aged on Group level, although each vessel owning company has a capital structure adressing company specific financial and operational requirements and risks. The Group monitors its capital using the book equity ratio:Equity ratio 31.12.2022 31.12.2021 Book equity 126 387 120 586 Total assets 348 107 356 746 Book equity ratio 36 %34 %Dividend policy The Group\u2019s intention is to pay regular dividends in support of the Group\u2019s main objective of maximising returns to shareholders. The Board of Directors approved a revised dividend policy in November 2022. The Board is committed to return value to shareholders and intend to distribute a substantial part of annual free cash flow, paid out quarterly, always subject to debt covenants, capital requirements and a robust cash buffer. Financial risk management The Group is in its business exposed to financial risks such as market risk, credit risk and liquidity risk. The Group\u2019s management identifies, evaluates and implements necessary actions to manage and mitigate these risks. The Board of Directors reviews and agrees to the policies for managing each of these risks, which are summarised below. Market risk Market risk from financial instruments is the risk that future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprise three types of risk: interest rate risk, foreign currency risk and price risk. Financial instruments held by the Group are affected by market risk. The Group does not enter into any financial instruments, including financial derivatives, for trading purposes. Interest rate risk: At the balance sheet date the Group had oustanding lease liabilities on the vessels of MUSD 207.6 that was subject to a floating interest charge (USD LIBOR). Each 100 bps change in USD libor would have an effect on the profit/(loss) for the reporting period of MUSD 2.1 and no direct effect on equity. The Group also had bank deposits subject to floating NIBOR and LIBOR rates. No interest rate derivatives have been entered into to mitigate the floating interest rate risk. The Group continually assess the need for hedging interest rate risk. Foreign currency risk: The functional currency of all the entities in the Group is USD, and the Group has limited currency risk arising from operations, as income and the majority of operating expenses and vessel investments are denominated in USD. However, the Group has exposure to NOK, as administration expenses and parts of cash and cash equivalents, other short term assets, trade payables and provi-sions and accruals are denominated in NOK. Financial instruments denominated in currencies other than USD at 31 December 2022 include trade payables, other short term assets and bank deposits in NOK, which represents a net long exposure to NOK. Based on these financial instruments denominated in NOK at 31 December 2022, a 10 % change in the USD/NOK rate would have an effect on the profit/(loss) for the reporting period of KUSD 42 and no direct effect on equity (KUSD 92 in profit/(loss) effect in 2021). Price risk: The Group will normally have limited exposure to risks associated with price fluctuations on bunker oil, as the bunkers is for the charterers account when the vessels are on contract. The Group has currently not entered into any bunkers derivatives, however this is subject to continuous assessments. The Group is also subject to price risk related to the spot/short term charter market for chartering LNG carriers, which is uncertain and vol-atile and will depend upon, among other things, the natural gas prices, tonnage supply and energy markets which the Group cannot predict. Currently, no financial instruments has been entered into to reduce this risk.Credit risk Credit risk refers to the risk that a counterparty defaults on its contractual obligations resulting in financial loss to the Group. The Group is exposed to credit risk from its operating activities through trade receivables and from its financing activities, including deposits with banks. The Group aims to do business with creditworthy counterparties only. Prior to entering into a charterparty the Group evaluates the credit quality of the customer, assessing its financial position, credit rating, past experience and other factors. If the counterparty is not assessed as of adequate credit quality the Group may demand guarantees and/or prepayment of charter hire to reduce credit risk to an acceptable level. Charter hire is generally paid in advance, effectively reducing the potential exposure to credit risk. The credit quality of outstanding trade receivables as at 31 December 2022 is assessed as very good. The Group has measured the expected credit loss for the coming twelve months and estimated it to NIL. Furthermore, as disclosed in note 12, none of the trade receivables outstanding as at 31 December 2022 are past due. Bank deposits are deposited with internationally recognised financial institutions with a high credit rating. Currently, bank deposits are with banks rated Aa3 by Moody\u2019s, hence the assessed credit risk is minimal. Awilco LNG has not provided any material guarantees for third parties\u2019 labilities, and the maximum exposure to credit risk is represented by the carrying amount of financial assets in the statement of financial position. Liquidity risk The Group\u2019s approach to managing liquidity risk is to ensure, as far as possible, that it has sufficient liquidity and/or undrawn commited credit facilities at all times to meet its obligations without incurring unacceptable losses or risking damage to the Group\u2019s reputation. To ensure this, the Group continuously monitors the maturity of the financial assets and liabilities and projected cash flows from operations. Please see the liquidity risk section in the Board of Directors\u2019 report for further information. The WilForce and WilPride sale/leaseback facilities provided by CCB Financial Leasing Co. Ltd.(CCBFL) contains a minimum value clause in addition to financial covenants that require the Awilco LNG Group to maintain consolidated minimum cash and cash equivalents of USD 10.0 million and positive consolidated working capital. On 22 June 2020 the Company and CCBFL agreed to make certain temporary amend-ments to financial covenants in the sale/leaseback facilities for both vessels. The required minimum consolidated cash and cash equivalents financial covenant of USD 10.0 million was reduced to USD 2.0 million. On 23 November 2020 the temporary amendments outlined above were extended for a further six-month period from 1 January 2021 to 30 June 2021. The temporarily amended cash covenant of USD 2.0 million ended on June 30, 2021 and the Comapny is in compliance with all ordinary reinstated covenants.. The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments:Per 31 December 2022 < 3 months3-12 months1-5 years > 5 yearsTotalTrade payables 771 - - - 771 Interest -bearing debt 4 688 14 064 75 008 117 910 207 614 Minimum interest payment 3 968 11 250 46 879 16 542 78 639 Total 9 427 25 314 121 887 134 452 287 024 Per 31 December 2021> 5 yearsTotal< 3 months3-12 months1-5 years - Trade payables 516 - - - 516 Interest -bearing debt 4 688 14 064 75 008 135 927 225 631 Minimum interest payment 2 216 6 305 26 909 13 416 48 845 Total 7 420 14 064 75 008 135 927 274 992 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-75-3": { "value": "NOTE 21 // RELATED PARTIES To provide the Group with access to important and required knowledge and services, the Group has entered into the following agree-ments and transactions with related parties:Related party Description of serviceNo. Awilco Technical Services AS (ATS) Technical Sub-management Services 1Awilhelmsen Management AS (AWM) Administrative Services 2 Integrated Wind Solutions (IWS) Technical Sub-management Services 3(1) The Group\u2019s in-house technical manager, Awilco LNG Technical Management AS (ALNG TM), has entered into a sub-management agreement with ATS, whereby ATS assists ALNG TM in management of the Group\u2019s fleet. The sub-management services also include management for hire of the managing director in ALNG TM. ALNG TM pays ATS a management fee based on ATS\u2019 costs plus a margin of 7 %, cost being time accrued for the sub-manager\u2019s employees involved. The fee is subject to quarterly evaluation, and is regulated according to the consumer price index in Norway. The agreement can be terminated by both parties with three months notice. ATS is 100 % owned by Awilco AS. (2) AWM provides the Group with administrative and general services including accounting, payroll, legal, secretary function and IT. The Group pays AWM a management fee based on AWM\u2019s costs plus a margin of 5 %. The fee is subject to semi-annual evaluation, and is regulated according to the consumer price index in Norway. The agreement can be terminated by both parties with three months notice. AWM is 100 % owned by Awilhelmsen AS, which owns 100 % of Awilco AS. (3) Awilco LNG\u2019s in-house technical manager, ALNG TM, has entered into a sub-management agreement with IWS, whereby IWS assists ALNG TM in management of the Group\u2019s fleet. ALNG TM pays IWS a management fee based on an agreed hourly rate for the employees involved. The agreement can be terminated by both parties with three months\u2019 notice. IWS is 39.4% owned by Awilco AS. Purchases from related parties 20222021Awilco Technical Services AS 428 519Awilhelmsen Management AS 235250Integrated Wind Solutions ASA 20Purchases from related parties are included as part of Administration expenses in the income statement, except from commissions paid to the Fearnleys AS, which are included in Voyage related expenses. Balances with related parties (liabilities) 31.12.2022 31.12.2021 Awilco Technical Services AS - 219 Awilhelmsen Management AS - - Integrated Wind Solutions ASA - - Astrup Fearnley Group Balances with related parties (liabilities) are presented as Trade payables or Provisions and accruals in the statement of financial position.Balances with related parties (assets) 31.12.2022 31.12.2021 Awilco Technical Services AS 142 167 Awilhelmsen Management AS 5 - Integrated Wind Solutions ASA 2 - Astrup Fearnley Group - - Balances with related parties (assets) are presented as Trade receivables in the statement of financial position. Remuneration to key management 2022 Remuneration SalaryBonusPensionsOther TotalCEO Jon Skule Storheill 3681725230622CFO Per Heiberg 239773122369Total 60724983529912021 Remuneration SalaryBonusPensionsOther TotalCEO Jon Skule Storheill 403196573659CFO Per Heiberg* 19848282276Prev. CFO \u00d8yvind Ryssdal** 8002082Total 681 244 87 5 1 017 * From April 6, 2021 ** Up until January 31, 2021 Loans, advances and guarantees Awilco LNG has not provided any loans, advances or guarantees to key management. The Board of Directors\u2019 guidelines regarding remuneration to leading persons The guidelines regarding remuneration to leading persons have been prepared by the board of directors in accordance with section 6-16 a of the Norwegian Public Limited Liability Companies Act and was adopted by the Annual General Meeting in 2021. Awilco LNG will present a report on remuneration to leading persons to be approved by the Annual general meeting in 2023. The guidelines set out for determination of salaries and other remuneration applies to leadng persons in the Company. The following guidelines were applied in 2021: General policy: The Company shall offer competitive terms of compensation for senior executives to enable the Company to recruit, mo-tivate and retain senior executives. Competitive terms are defined as terms at the same level as those offered by comparable businesses. The total remuneration shall reflect the responsibility and obligations of senior executives, and promote added value to the Company and its shareholders. The remuneration should not be of such a nature or extent that it may negatively impact the Company\u2019s reputation. It is the view of the Board that these objectives are important to the Company\u2019s business strategy and long-term interests. The Board determines the remuneration of the chief executive officer. The chief executive officer determines the remuneration of other senior executives. The remuneration of the members of the Board is determined by the Company\u2019s general meeting. Salary and remuneration: Remuneration to senior executives consists of fixed and variable compensation. The fixed compensation con-sists of a base salary and also includes insurance and pension schemes, car allowance, parking, newspaper and communications to the extent deemed appropriate. The fixed compensation will normally constitute the main part of the remuneration to senior executives. The Company offers a defined contribution plan whereby pension contributions towards salary up to 12G are funded in a life insurance company. Contributions towards salary above 12G are funded by the Company and transferred to a separately administered scheme and pledged towards the participating employees. The plan complies with the requirements in the Mandatory Occupational Pension Act in Norway. The Company\u2019s senior executives are covered by this defined contribution plan. The Company does not have any other pension arrangements for senior executives. The variable compensation consists of variable bonus. Bonus to senior executives shall be related to collective and individual goals, partly based on defined parameters (KPIs) and partly a discretionary evaluation of the Company\u2019s and employee\u2019s performance. Bonus payments shall reflect the values brought to the Company and its shareholders, as well as individual achievements. The potential bonus to the CEO is not limited, while the potential bonus to the CFO is limited to 12 months salary. The Company\u2019s CEO and CFO has an agreement of 18 and 12 months severance payment respectively including a six month period of notice in case of involuntary resignation or by redundancy. The Company has no current plans to offer senior executives warrants, options or other forms of remuneration related to shares or the development of the share price in the Company or other companies within the Awilco LNG Group. Issue of shares or granting of share-based payments to senior executives shall only take place upon the General Meeting\u2019s approval. This shall not prevent senior executives from taking part in equity issues on the same terms as other investors. The remuneration of the members of the Board will consist of an annual fixed fee unless the general meeting of the Company decides otherwise. No member of the Board is entitled to any variable remuneration or any compensation upon termination of the membership of the Board.Remuneration to Board of DirectorsRemuneration to the Board of Directors consists of a Director\u2019s fee which is fixed for the year depending on the role on the Board as well as compensation for other Board elected committees. The Board\u2019s fees are approved by the Annual General Meeting. 2022 Remuneration Audit Remuneration Director\u2019s feecommittee feecommittee feeTotalSynne Syrrist 36 5 5 47 Annette Malm Justad 21 21 Jens-Julius Nygaard 21 5 26 Jon-Aksel Torgersen 21 5 26 Ole Christian Hvidsten* 10 10 Total compensation for the period 109 10 10 130 * Elected at Annual General Meeting on May 24, 2022 2021 Remuneration Audit Remuneration Director\u2019s feecommittee feecommittee feeTotalSynne Syrrist 41 6 6 52 Annette Malm Justad 23 23 Jens-Julius Nygaard 23 3 26 Jon-Aksel Torgersen 23 3 3 29 Steve Christy * 12 12 Total compensation for the period 122 9 12 142 * Elected at Annual General Meeting on June 1. 2021 Directors\u2019 and key management\u2019s shares and options in the CompanyBoard of DirectorsOrdinary sharesSynne Syrrist - Annette Malm Justad - Jens-Julius Nygaard - Jon-Aksel Torgersen 427 564 Ole Christian Hvidsten - Total 427 564 Key managementOrdinary sharesCEO Jon Skule Storheill 140 000 CFO Per Heiberg - Total 140 000 Auditor\u2019s fee20222021Statutory audit (expensed) 68 77 Other assurance services - - Tax advisory - - Total fees to auditor, excl. VAT 68 77 ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-75-4": { "value": "NOTE 21 // RELATED PARTIES To provide the Group with access to important and required knowledge and services, the Group has entered into the following agree-ments and transactions with related parties:Related party Description of serviceNo. Awilco Technical Services AS (ATS) Technical Sub-management Services 1Awilhelmsen Management AS (AWM) Administrative Services 2 Integrated Wind Solutions (IWS) Technical Sub-management Services 3(1) The Group\u2019s in-house technical manager, Awilco LNG Technical Management AS (ALNG TM), has entered into a sub-management agreement with ATS, whereby ATS assists ALNG TM in management of the Group\u2019s fleet. The sub-management services also include management for hire of the managing director in ALNG TM. ALNG TM pays ATS a management fee based on ATS\u2019 costs plus a margin of 7 %, cost being time accrued for the sub-manager\u2019s employees involved. The fee is subject to quarterly evaluation, and is regulated according to the consumer price index in Norway. The agreement can be terminated by both parties with three months notice. ATS is 100 % owned by Awilco AS. (2) AWM provides the Group with administrative and general services including accounting, payroll, legal, secretary function and IT. The Group pays AWM a management fee based on AWM\u2019s costs plus a margin of 5 %. The fee is subject to semi-annual evaluation, and is regulated according to the consumer price index in Norway. The agreement can be terminated by both parties with three months notice. AWM is 100 % owned by Awilhelmsen AS, which owns 100 % of Awilco AS. (3) Awilco LNG\u2019s in-house technical manager, ALNG TM, has entered into a sub-management agreement with IWS, whereby IWS assists ALNG TM in management of the Group\u2019s fleet. ALNG TM pays IWS a management fee based on an agreed hourly rate for the employees involved. The agreement can be terminated by both parties with three months\u2019 notice. IWS is 39.4% owned by Awilco AS. Purchases from related parties 20222021Awilco Technical Services AS 428 519Awilhelmsen Management AS 235250Integrated Wind Solutions ASA 20Purchases from related parties are included as part of Administration expenses in the income statement, except from commissions paid to the Fearnleys AS, which are included in Voyage related expenses. Balances with related parties (liabilities) 31.12.2022 31.12.2021 Awilco Technical Services AS - 219 Awilhelmsen Management AS - - Integrated Wind Solutions ASA - - Astrup Fearnley Group Balances with related parties (liabilities) are presented as Trade payables or Provisions and accruals in the statement of financial position.Balances with related parties (assets) 31.12.2022 31.12.2021 Awilco Technical Services AS 142 167 Awilhelmsen Management AS 5 - Integrated Wind Solutions ASA 2 - Astrup Fearnley Group - - Balances with related parties (assets) are presented as Trade receivables in the statement of financial position. Remuneration to key management 2022 Remuneration SalaryBonusPensionsOther TotalCEO Jon Skule Storheill 3681725230622CFO Per Heiberg 239773122369Total 60724983529912021 Remuneration SalaryBonusPensionsOther TotalCEO Jon Skule Storheill 403196573659CFO Per Heiberg* 19848282276Prev. CFO \u00d8yvind Ryssdal** 8002082Total 681 244 87 5 1 017 * From April 6, 2021 ** Up until January 31, 2021 Loans, advances and guarantees Awilco LNG has not provided any loans, advances or guarantees to key management. The Board of Directors\u2019 guidelines regarding remuneration to leading persons The guidelines regarding remuneration to leading persons have been prepared by the board of directors in accordance with section 6-16 a of the Norwegian Public Limited Liability Companies Act and was adopted by the Annual General Meeting in 2021. Awilco LNG will present a report on remuneration to leading persons to be approved by the Annual general meeting in 2023. The guidelines set out for determination of salaries and other remuneration applies to leadng persons in the Company. The following guidelines were applied in 2021: General policy: The Company shall offer competitive terms of compensation for senior executives to enable the Company to recruit, mo-tivate and retain senior executives. Competitive terms are defined as terms at the same level as those offered by comparable businesses. The total remuneration shall reflect the responsibility and obligations of senior executives, and promote added value to the Company and its shareholders. The remuneration should not be of such a nature or extent that it may negatively impact the Company\u2019s reputation. It is the view of the Board that these objectives are important to the Company\u2019s business strategy and long-term interests. The Board determines the remuneration of the chief executive officer. The chief executive officer determines the remuneration of other senior executives. The remuneration of the members of the Board is determined by the Company\u2019s general meeting. Salary and remuneration: Remuneration to senior executives consists of fixed and variable compensation. The fixed compensation con-sists of a base salary and also includes insurance and pension schemes, car allowance, parking, newspaper and communications to the extent deemed appropriate. The fixed compensation will normally constitute the main part of the remuneration to senior executives. The Company offers a defined contribution plan whereby pension contributions towards salary up to 12G are funded in a life insurance company. Contributions towards salary above 12G are funded by the Company and transferred to a separately administered scheme and pledged towards the participating employees. The plan complies with the requirements in the Mandatory Occupational Pension Act in Norway. The Company\u2019s senior executives are covered by this defined contribution plan. The Company does not have any other pension arrangements for senior executives. The variable compensation consists of variable bonus. Bonus to senior executives shall be related to collective and individual goals, partly based on defined parameters (KPIs) and partly a discretionary evaluation of the Company\u2019s and employee\u2019s performance. Bonus payments shall reflect the values brought to the Company and its shareholders, as well as individual achievements. The potential bonus to the CEO is not limited, while the potential bonus to the CFO is limited to 12 months salary. The Company\u2019s CEO and CFO has an agreement of 18 and 12 months severance payment respectively including a six month period of notice in case of involuntary resignation or by redundancy. The Company has no current plans to offer senior executives warrants, options or other forms of remuneration related to shares or the development of the share price in the Company or other companies within the Awilco LNG Group. Issue of shares or granting of share-based payments to senior executives shall only take place upon the General Meeting\u2019s approval. This shall not prevent senior executives from taking part in equity issues on the same terms as other investors. The remuneration of the members of the Board will consist of an annual fixed fee unless the general meeting of the Company decides otherwise. No member of the Board is entitled to any variable remuneration or any compensation upon termination of the membership of the Board.Remuneration to Board of DirectorsRemuneration to the Board of Directors consists of a Director\u2019s fee which is fixed for the year depending on the role on the Board as well as compensation for other Board elected committees. The Board\u2019s fees are approved by the Annual General Meeting. 2022 Remuneration Audit Remuneration Director\u2019s feecommittee feecommittee feeTotalSynne Syrrist 36 5 5 47 Annette Malm Justad 21 21 Jens-Julius Nygaard 21 5 26 Jon-Aksel Torgersen 21 5 26 Ole Christian Hvidsten* 10 10 Total compensation for the period 109 10 10 130 * Elected at Annual General Meeting on May 24, 2022 2021 Remuneration Audit Remuneration Director\u2019s feecommittee feecommittee feeTotalSynne Syrrist 41 6 6 52 Annette Malm Justad 23 23 Jens-Julius Nygaard 23 3 26 Jon-Aksel Torgersen 23 3 3 29 Steve Christy * 12 12 Total compensation for the period 122 9 12 142 * Elected at Annual General Meeting on June 1. 2021 Directors\u2019 and key management\u2019s shares and options in the CompanyBoard of DirectorsOrdinary sharesSynne Syrrist - Annette Malm Justad - Jens-Julius Nygaard - Jon-Aksel Torgersen 427 564 Ole Christian Hvidsten - Total 427 564 Key managementOrdinary sharesCEO Jon Skule Storheill 140 000 CFO Per Heiberg - Total 140 000 Auditor\u2019s fee20222021Statutory audit (expensed) 68 77 Other assurance services - - Tax advisory - - Total fees to auditor, excl. VAT 68 77 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-75-5": { "value": "NOTE 21 // RELATED PARTIES To provide the Group with access to important and required knowledge and services, the Group has entered into the following agree-ments and transactions with related parties:Related party Description of serviceNo. Awilco Technical Services AS (ATS) Technical Sub-management Services 1Awilhelmsen Management AS (AWM) Administrative Services 2 Integrated Wind Solutions (IWS) Technical Sub-management Services 3(1) The Group\u2019s in-house technical manager, Awilco LNG Technical Management AS (ALNG TM), has entered into a sub-management agreement with ATS, whereby ATS assists ALNG TM in management of the Group\u2019s fleet. The sub-management services also include management for hire of the managing director in ALNG TM. ALNG TM pays ATS a management fee based on ATS\u2019 costs plus a margin of 7 %, cost being time accrued for the sub-manager\u2019s employees involved. The fee is subject to quarterly evaluation, and is regulated according to the consumer price index in Norway. The agreement can be terminated by both parties with three months notice. ATS is 100 % owned by Awilco AS. (2) AWM provides the Group with administrative and general services including accounting, payroll, legal, secretary function and IT. The Group pays AWM a management fee based on AWM\u2019s costs plus a margin of 5 %. The fee is subject to semi-annual evaluation, and is regulated according to the consumer price index in Norway. The agreement can be terminated by both parties with three months notice. AWM is 100 % owned by Awilhelmsen AS, which owns 100 % of Awilco AS. (3) Awilco LNG\u2019s in-house technical manager, ALNG TM, has entered into a sub-management agreement with IWS, whereby IWS assists ALNG TM in management of the Group\u2019s fleet. ALNG TM pays IWS a management fee based on an agreed hourly rate for the employees involved. The agreement can be terminated by both parties with three months\u2019 notice. IWS is 39.4% owned by Awilco AS. Purchases from related parties 20222021Awilco Technical Services AS 428 519Awilhelmsen Management AS 235250Integrated Wind Solutions ASA 20Purchases from related parties are included as part of Administration expenses in the income statement, except from commissions paid to the Fearnleys AS, which are included in Voyage related expenses. Balances with related parties (liabilities) 31.12.2022 31.12.2021 Awilco Technical Services AS - 219 Awilhelmsen Management AS - - Integrated Wind Solutions ASA - - Astrup Fearnley Group Balances with related parties (liabilities) are presented as Trade payables or Provisions and accruals in the statement of financial position.Balances with related parties (assets) 31.12.2022 31.12.2021 Awilco Technical Services AS 142 167 Awilhelmsen Management AS 5 - Integrated Wind Solutions ASA 2 - Astrup Fearnley Group - - Balances with related parties (assets) are presented as Trade receivables in the statement of financial position. Remuneration to key management 2022 Remuneration SalaryBonusPensionsOther TotalCEO Jon Skule Storheill 3681725230622CFO Per Heiberg 239773122369Total 60724983529912021 Remuneration SalaryBonusPensionsOther TotalCEO Jon Skule Storheill 403196573659CFO Per Heiberg* 19848282276Prev. CFO \u00d8yvind Ryssdal** 8002082Total 681 244 87 5 1 017 * From April 6, 2021 ** Up until January 31, 2021 Loans, advances and guarantees Awilco LNG has not provided any loans, advances or guarantees to key management. The Board of Directors\u2019 guidelines regarding remuneration to leading persons The guidelines regarding remuneration to leading persons have been prepared by the board of directors in accordance with section 6-16 a of the Norwegian Public Limited Liability Companies Act and was adopted by the Annual General Meeting in 2021. Awilco LNG will present a report on remuneration to leading persons to be approved by the Annual general meeting in 2023. The guidelines set out for determination of salaries and other remuneration applies to leadng persons in the Company. The following guidelines were applied in 2021: General policy: The Company shall offer competitive terms of compensation for senior executives to enable the Company to recruit, mo-tivate and retain senior executives. Competitive terms are defined as terms at the same level as those offered by comparable businesses. The total remuneration shall reflect the responsibility and obligations of senior executives, and promote added value to the Company and its shareholders. The remuneration should not be of such a nature or extent that it may negatively impact the Company\u2019s reputation. It is the view of the Board that these objectives are important to the Company\u2019s business strategy and long-term interests. The Board determines the remuneration of the chief executive officer. The chief executive officer determines the remuneration of other senior executives. The remuneration of the members of the Board is determined by the Company\u2019s general meeting. Salary and remuneration: Remuneration to senior executives consists of fixed and variable compensation. The fixed compensation con-sists of a base salary and also includes insurance and pension schemes, car allowance, parking, newspaper and communications to the extent deemed appropriate. The fixed compensation will normally constitute the main part of the remuneration to senior executives. The Company offers a defined contribution plan whereby pension contributions towards salary up to 12G are funded in a life insurance company. Contributions towards salary above 12G are funded by the Company and transferred to a separately administered scheme and pledged towards the participating employees. The plan complies with the requirements in the Mandatory Occupational Pension Act in Norway. The Company\u2019s senior executives are covered by this defined contribution plan. The Company does not have any other pension arrangements for senior executives. The variable compensation consists of variable bonus. Bonus to senior executives shall be related to collective and individual goals, partly based on defined parameters (KPIs) and partly a discretionary evaluation of the Company\u2019s and employee\u2019s performance. Bonus payments shall reflect the values brought to the Company and its shareholders, as well as individual achievements. The potential bonus to the CEO is not limited, while the potential bonus to the CFO is limited to 12 months salary. The Company\u2019s CEO and CFO has an agreement of 18 and 12 months severance payment respectively including a six month period of notice in case of involuntary resignation or by redundancy. The Company has no current plans to offer senior executives warrants, options or other forms of remuneration related to shares or the development of the share price in the Company or other companies within the Awilco LNG Group. Issue of shares or granting of share-based payments to senior executives shall only take place upon the General Meeting\u2019s approval. This shall not prevent senior executives from taking part in equity issues on the same terms as other investors. The remuneration of the members of the Board will consist of an annual fixed fee unless the general meeting of the Company decides otherwise. No member of the Board is entitled to any variable remuneration or any compensation upon termination of the membership of the Board.Remuneration to Board of DirectorsRemuneration to the Board of Directors consists of a Director\u2019s fee which is fixed for the year depending on the role on the Board as well as compensation for other Board elected committees. The Board\u2019s fees are approved by the Annual General Meeting. 2022 Remuneration Audit Remuneration Director\u2019s feecommittee feecommittee feeTotalSynne Syrrist 36 5 5 47 Annette Malm Justad 21 21 Jens-Julius Nygaard 21 5 26 Jon-Aksel Torgersen 21 5 26 Ole Christian Hvidsten* 10 10 Total compensation for the period 109 10 10 130 * Elected at Annual General Meeting on May 24, 2022 2021 Remuneration Audit Remuneration Director\u2019s feecommittee feecommittee feeTotalSynne Syrrist 41 6 6 52 Annette Malm Justad 23 23 Jens-Julius Nygaard 23 3 26 Jon-Aksel Torgersen 23 3 3 29 Steve Christy * 12 12 Total compensation for the period 122 9 12 142 * Elected at Annual General Meeting on June 1. 2021 Directors\u2019 and key management\u2019s shares and options in the CompanyBoard of DirectorsOrdinary sharesSynne Syrrist - Annette Malm Justad - Jens-Julius Nygaard - Jon-Aksel Torgersen 427 564 Ole Christian Hvidsten - Total 427 564 Key managementOrdinary sharesCEO Jon Skule Storheill 140 000 CFO Per Heiberg - Total 140 000 Auditor\u2019s fee20222021Statutory audit (expensed) 68 77 Other assurance services - - Tax advisory - - Total fees to auditor, excl. VAT 68 77 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-79-3": { "value": "NOTE 22 // INTEREST-BEARING DEBTEarly January 2020 both vessels were financed with a 10-year sale-leaseback facility provided by CCB Financial Leasing Co. Ltd. (CCBFL), a wholly owned subsidiary of China Construction Bank (CCB). Both vessels were sold for a gross consideration of USD 175.0 million per vessel, including non-amortizing and non-interest bearing pre-paid charter hire of USD 43.75 million per vessel, enabling a full take out of the earlier sale-leaseback agreements with Teekay LNG Partners L.P. The vessels are chartered back on bareboat basis to wholly owned subsidiaries of the Company for a period of up to 10 years. The CCBFL facility bears a 14-year straight line amortisation profile and carries a floating interest rate structure based on 3-month USD libor plus a margin of 370 bps. The Group has rolling repurchase options that started in january 2022 and repurchase obligations at maturity of the facility at USD 37.5 million per vessel. The facility contains a minimum value clause in addition to financial covenants that require the Group to maintain consolidated minimum cash and cash equivalents of USD 10.0 million and positive consolidated working capital. During 2020 the Company and CCBFL agreed to make certain temporary amendments to financial covenants, and as a result of these amendments the Company agreed a permanent restriction from declaring or paying dividends if the consolidated cash position of the Awilco LNG Group is lower than USD 20 million on the day of declaration and the day following the payment. The temporarily amended cash covenant of USD 2.0 million ended on June 30, 2021 and the Company is in compliance with all ordinary reinstated covenants.Carrying amount31.12.202231.12.2021The net carrying amount of the lease liabilities and other interest bearing debt is presented as follows: 18 804 18 890 188 831 206 906 Short-term interest bearing debt 207 635 225 796 Long-term interest bearing debtTotal Interest bearing debt is presented net of capitalized transaction costs which are amortised over the repayment period for the debt. Payments towards lease liabilities2022PrincipalInterestTotalLease payments WilForce 9 375 5 192 14 567 Lease payments WilPride 9 375 5 172 14 547 Total 18 750 10 364 29 114 2021PrincipalInterest TotalLease payments WilForce 9 375 4 781 14 156 Lease payments WilPride 9 375 4 785 14 160 Total 18 750 9 566 28 316 Future minimum lease payments and their present valuePer 31 December 2021 < 1 year 1-5 yrs> 5 yrsTotalMinimum lease payments 18 750 75 002 117 185 210 936 Present value of min. lease payments 18 241 60 858 71 795 150 894 Per 31 December 2019< 1 year 1-5 yrs > 5 yrsTotalMinimum lease payments 18 750 75 002 135 935 229 687 Present value of min. lease payments 18 486 67 287 102 902 188 674 ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-79-4": { "value": "NOTE 22 // INTEREST-BEARING DEBTEarly January 2020 both vessels were financed with a 10-year sale-leaseback facility provided by CCB Financial Leasing Co. Ltd. (CCBFL), a wholly owned subsidiary of China Construction Bank (CCB). Both vessels were sold for a gross consideration of USD 175.0 million per vessel, including non-amortizing and non-interest bearing pre-paid charter hire of USD 43.75 million per vessel, enabling a full take out of the earlier sale-leaseback agreements with Teekay LNG Partners L.P. The vessels are chartered back on bareboat basis to wholly owned subsidiaries of the Company for a period of up to 10 years. The CCBFL facility bears a 14-year straight line amortisation profile and carries a floating interest rate structure based on 3-month USD libor plus a margin of 370 bps. The Group has rolling repurchase options that started in january 2022 and repurchase obligations at maturity of the facility at USD 37.5 million per vessel. The facility contains a minimum value clause in addition to financial covenants that require the Group to maintain consolidated minimum cash and cash equivalents of USD 10.0 million and positive consolidated working capital. During 2020 the Company and CCBFL agreed to make certain temporary amendments to financial covenants, and as a result of these amendments the Company agreed a permanent restriction from declaring or paying dividends if the consolidated cash position of the Awilco LNG Group is lower than USD 20 million on the day of declaration and the day following the payment. The temporarily amended cash covenant of USD 2.0 million ended on June 30, 2021 and the Company is in compliance with all ordinary reinstated covenants.Carrying amount31.12.202231.12.2021The net carrying amount of the lease liabilities and other interest bearing debt is presented as follows: 18 804 18 890 188 831 206 906 Short-term interest bearing debt 207 635 225 796 Long-term interest bearing debtTotal Interest bearing debt is presented net of capitalized transaction costs which are amortised over the repayment period for the debt. Payments towards lease liabilities2022PrincipalInterestTotalLease payments WilForce 9 375 5 192 14 567 Lease payments WilPride 9 375 5 172 14 547 Total 18 750 10 364 29 114 2021PrincipalInterest TotalLease payments WilForce 9 375 4 781 14 156 Lease payments WilPride 9 375 4 785 14 160 Total 18 750 9 566 28 316 Future minimum lease payments and their present valuePer 31 December 2021 < 1 year 1-5 yrs> 5 yrsTotalMinimum lease payments 18 750 75 002 117 185 210 936 Present value of min. lease payments 18 241 60 858 71 795 150 894 Per 31 December 2019< 1 year 1-5 yrs > 5 yrsTotalMinimum lease payments 18 750 75 002 135 935 229 687 Present value of min. lease payments 18 486 67 287 102 902 188 674 ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-79-5": { "value": "NOTE 22 // INTEREST-BEARING DEBTEarly January 2020 both vessels were financed with a 10-year sale-leaseback facility provided by CCB Financial Leasing Co. Ltd. (CCBFL), a wholly owned subsidiary of China Construction Bank (CCB). Both vessels were sold for a gross consideration of USD 175.0 million per vessel, including non-amortizing and non-interest bearing pre-paid charter hire of USD 43.75 million per vessel, enabling a full take out of the earlier sale-leaseback agreements with Teekay LNG Partners L.P. The vessels are chartered back on bareboat basis to wholly owned subsidiaries of the Company for a period of up to 10 years. The CCBFL facility bears a 14-year straight line amortisation profile and carries a floating interest rate structure based on 3-month USD libor plus a margin of 370 bps. The Group has rolling repurchase options that started in january 2022 and repurchase obligations at maturity of the facility at USD 37.5 million per vessel. The facility contains a minimum value clause in addition to financial covenants that require the Group to maintain consolidated minimum cash and cash equivalents of USD 10.0 million and positive consolidated working capital. During 2020 the Company and CCBFL agreed to make certain temporary amendments to financial covenants, and as a result of these amendments the Company agreed a permanent restriction from declaring or paying dividends if the consolidated cash position of the Awilco LNG Group is lower than USD 20 million on the day of declaration and the day following the payment. The temporarily amended cash covenant of USD 2.0 million ended on June 30, 2021 and the Company is in compliance with all ordinary reinstated covenants.Carrying amount31.12.202231.12.2021The net carrying amount of the lease liabilities and other interest bearing debt is presented as follows: 18 804 18 890 188 831 206 906 Short-term interest bearing debt 207 635 225 796 Long-term interest bearing debtTotal Interest bearing debt is presented net of capitalized transaction costs which are amortised over the repayment period for the debt. Payments towards lease liabilities2022PrincipalInterestTotalLease payments WilForce 9 375 5 192 14 567 Lease payments WilPride 9 375 5 172 14 547 Total 18 750 10 364 29 114 2021PrincipalInterest TotalLease payments WilForce 9 375 4 781 14 156 Lease payments WilPride 9 375 4 785 14 160 Total 18 750 9 566 28 316 Future minimum lease payments and their present valuePer 31 December 2021 < 1 year 1-5 yrs> 5 yrsTotalMinimum lease payments 18 750 75 002 117 185 210 936 Present value of min. lease payments 18 241 60 858 71 795 150 894 Per 31 December 2019< 1 year 1-5 yrs > 5 yrsTotalMinimum lease payments 18 750 75 002 135 935 229 687 Present value of min. lease payments 18 486 67 287 102 902 188 674 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-79-6": { "value": "NOTE 22 // INTEREST-BEARING DEBTEarly January 2020 both vessels were financed with a 10-year sale-leaseback facility provided by CCB Financial Leasing Co. Ltd. (CCBFL), a wholly owned subsidiary of China Construction Bank (CCB). Both vessels were sold for a gross consideration of USD 175.0 million per vessel, including non-amortizing and non-interest bearing pre-paid charter hire of USD 43.75 million per vessel, enabling a full take out of the earlier sale-leaseback agreements with Teekay LNG Partners L.P. The vessels are chartered back on bareboat basis to wholly owned subsidiaries of the Company for a period of up to 10 years. The CCBFL facility bears a 14-year straight line amortisation profile and carries a floating interest rate structure based on 3-month USD libor plus a margin of 370 bps. The Group has rolling repurchase options that started in january 2022 and repurchase obligations at maturity of the facility at USD 37.5 million per vessel. The facility contains a minimum value clause in addition to financial covenants that require the Group to maintain consolidated minimum cash and cash equivalents of USD 10.0 million and positive consolidated working capital. During 2020 the Company and CCBFL agreed to make certain temporary amendments to financial covenants, and as a result of these amendments the Company agreed a permanent restriction from declaring or paying dividends if the consolidated cash position of the Awilco LNG Group is lower than USD 20 million on the day of declaration and the day following the payment. The temporarily amended cash covenant of USD 2.0 million ended on June 30, 2021 and the Company is in compliance with all ordinary reinstated covenants.Carrying amount31.12.202231.12.2021The net carrying amount of the lease liabilities and other interest bearing debt is presented as follows: 18 804 18 890 188 831 206 906 Short-term interest bearing debt 207 635 225 796 Long-term interest bearing debtTotal Interest bearing debt is presented net of capitalized transaction costs which are amortised over the repayment period for the debt. Payments towards lease liabilities2022PrincipalInterestTotalLease payments WilForce 9 375 5 192 14 567 Lease payments WilPride 9 375 5 172 14 547 Total 18 750 10 364 29 114 2021PrincipalInterest TotalLease payments WilForce 9 375 4 781 14 156 Lease payments WilPride 9 375 4 785 14 160 Total 18 750 9 566 28 316 Future minimum lease payments and their present valuePer 31 December 2021 < 1 year 1-5 yrs> 5 yrsTotalMinimum lease payments 18 750 75 002 117 185 210 936 Present value of min. lease payments 18 241 60 858 71 795 150 894 Per 31 December 2019< 1 year 1-5 yrs > 5 yrsTotalMinimum lease payments 18 750 75 002 135 935 229 687 Present value of min. lease payments 18 486 67 287 102 902 188 674 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-79-7": { "value": "NOTE 22 // INTEREST-BEARING DEBTEarly January 2020 both vessels were financed with a 10-year sale-leaseback facility provided by CCB Financial Leasing Co. Ltd. (CCBFL), a wholly owned subsidiary of China Construction Bank (CCB). Both vessels were sold for a gross consideration of USD 175.0 million per vessel, including non-amortizing and non-interest bearing pre-paid charter hire of USD 43.75 million per vessel, enabling a full take out of the earlier sale-leaseback agreements with Teekay LNG Partners L.P. The vessels are chartered back on bareboat basis to wholly owned subsidiaries of the Company for a period of up to 10 years. The CCBFL facility bears a 14-year straight line amortisation profile and carries a floating interest rate structure based on 3-month USD libor plus a margin of 370 bps. The Group has rolling repurchase options that started in january 2022 and repurchase obligations at maturity of the facility at USD 37.5 million per vessel. The facility contains a minimum value clause in addition to financial covenants that require the Group to maintain consolidated minimum cash and cash equivalents of USD 10.0 million and positive consolidated working capital. During 2020 the Company and CCBFL agreed to make certain temporary amendments to financial covenants, and as a result of these amendments the Company agreed a permanent restriction from declaring or paying dividends if the consolidated cash position of the Awilco LNG Group is lower than USD 20 million on the day of declaration and the day following the payment. The temporarily amended cash covenant of USD 2.0 million ended on June 30, 2021 and the Company is in compliance with all ordinary reinstated covenants.Carrying amount31.12.202231.12.2021The net carrying amount of the lease liabilities and other interest bearing debt is presented as follows: 18 804 18 890 188 831 206 906 Short-term interest bearing debt 207 635 225 796 Long-term interest bearing debtTotal Interest bearing debt is presented net of capitalized transaction costs which are amortised over the repayment period for the debt. Payments towards lease liabilities2022PrincipalInterestTotalLease payments WilForce 9 375 5 192 14 567 Lease payments WilPride 9 375 5 172 14 547 Total 18 750 10 364 29 114 2021PrincipalInterest TotalLease payments WilForce 9 375 4 781 14 156 Lease payments WilPride 9 375 4 785 14 160 Total 18 750 9 566 28 316 Future minimum lease payments and their present valuePer 31 December 2021 < 1 year 1-5 yrs> 5 yrsTotalMinimum lease payments 18 750 75 002 117 185 210 936 Present value of min. lease payments 18 241 60 858 71 795 150 894 Per 31 December 2019< 1 year 1-5 yrs > 5 yrsTotalMinimum lease payments 18 750 75 002 135 935 229 687 Present value of min. lease payments 18 486 67 287 102 902 188 674 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-82-2": { "value": "NOTE 23 // SUBSIDIARIESThe consolidated financial statements include the financial statements of Awilco LNG ASA and its subsidiaries listed in the table below:Ownership/ Company nameCountryPrincipial activityDate incorporatedvoting shareAwilco LNG 1 ASNorwayFormer vessel SPV2 February 2011100 %Awilco LNG 2 ASNorwayFormer vessel SPV2 February 2011100 %Awilco LNG 3 ASNorwayFormer vessel SPV2 February 2011100 %Awilco LNG 4 ASNorwayOwner of LNG/C WilForce6 May 2011100 %Awilco LNG 5 ASNorwayOwner of LNG/C WilPride6 May 2011100 %Awilco LNG Technical Management ASNorwayTechnical management17 September 2012100 %The subsidiaries\u2019 registered office is Beddingen 8, 0250 Oslo. All subsidiaries are included in the consolidated financial statement from their respective dates of incorporation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-80-2": { "value": "NOTE 24 // COMMITMENTS, CONTINGENCIES AND GUARANTEESOperating lease commitments The Group has no operating lease commitments as at 31 December 2022. Contingent assets As disclosed in note 7 WilForce was involved in a collision in May 2019 which caused hull damage, but with no harm to life or the envi-ronment. In a trial related to liability Awilco LNG returned with a verdict of 75:25 in the Company\u2019s favor. The process to agree on quan-tum is ongoing and the parties are currently evaluating the claims. The process is slowly moving forward, and at the time of this report it is difficult to assess the date for a final closure of the case although we hope to receive settlement within the foreseeable future. No effects of the claim will be reflected in Awilco LNG\u2019s financial statements until the awarded compensation is determined and received.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-80-3": { "value": "NOTE 24 // COMMITMENTS, CONTINGENCIES AND GUARANTEESOperating lease commitments The Group has no operating lease commitments as at 31 December 2022. Contingent assets As disclosed in note 7 WilForce was involved in a collision in May 2019 which caused hull damage, but with no harm to life or the envi-ronment. In a trial related to liability Awilco LNG returned with a verdict of 75:25 in the Company\u2019s favor. The process to agree on quan-tum is ongoing and the parties are currently evaluating the claims. The process is slowly moving forward, and at the time of this report it is difficult to assess the date for a final closure of the case although we hope to receive settlement within the foreseeable future. No effects of the claim will be reflected in Awilco LNG\u2019s financial statements until the awarded compensation is determined and received.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-81-2": { "value": "NOTE 25: EVENTS AFTER THE REPORTING DATE Dividend On February 15, 2023 the Board authorized a cash dividend payment of NOK 0.50 per share to the shareholders on record as of February 24, 2023. The shares in Awilco LNG ASA traded ex. dividend from and including February 23, 2023, and dividend of USD 6.4 million (NOK 66. 3 million) was paid in March 2023. The dividend is classified as return of paid in capital.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJO5C34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }