Use of key accounting estimates and judgments
\n\n\nPreparing the Consolidated financial statements means that the Group must use insights, estimates, assumptions and judgments that could affect the reported assets and liabilities and the information provided on contingent assets and liabilities as at the statement of financial position date as well as the reported income and expenses. The actual results may ultimately differ from these estimates. The estimates and the underlying assumptions are reviewed on a regular basis. Adjustments are made in the period in which the estimates were reviewed if the adjustment affects that period, or in the relevant period and the future periods if the adjustment affects both current and future periods.
Management insights, estimates and assumptions that could have a significant impact on the financial statements are:
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The term of land lease contracts (note 3.4)
\n Assets held for sale (note 3.6)
\n Useful life and residual value of property, plant and equipment (note 3.7)
\n Impairment (reversal of) analysis\u00a0(note 3.8)\u200b\u200b\u200b\u200b\u200b
\n Derivative financial instruments (note 6.2)
\n Deferred tax assets\u00a0(note 8.2)
\n Provisions (note 9.5)
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Although the Russia-Ukraine war,\u00a0geopolitical tensions in the Middle East, the US-China relationship and volatility in trade dynamics (including tariffs) have a limited impact on the Vopak Group, a comprehensive overview of the impact is included in note 9.3.