XML 30 R14.htm IDEA: XBRL DOCUMENT
v3.22.1

Financial instruments | 12 Months Ended
--- | ---
Dec. 31, 2021
Financial instruments [Abstract] |
Financial instruments | Note 8 - Financial instruments Categories of financial instruments
(Dollars in thousands) |  | Carrying amount |
Financial assets |  | 2021 |  |  | 2020 |
Cash and cash equivalents (1)(3) |  | $ | 60,658 |  |  | $ | 68,641 |
Accounts receivable and accrued revenues (1) |  |  | 30,361 |  |  |  | 30,060 |
Total financial assets |  | $ | 91,018 |  |  | $ | 98,700 |
Financial liabilities |  |  |  |  |  |  |  |
Accounts payables and accrued expenses (1) |  | $ | 19,662 |  |  | $ | 18,503 |
Derivative financial liabilities, current (2) |  |  | 7,002 |  |  |  | 9,073 |
Current portion long-term debt (1) |  |  | 9,792 |  |  |  | 3,396 |
Long-term debt (1) |  |  | 512,507 |  |  |  | 446,562 |
Derivative financial liabilities, non-current (2) |  |  | 4,222 |  |  |  | 14,601 |
Total financial liabilities |  | $ | 553,184 |  |  | $ | 492,135 |
(1) | Amortized cost.
(2) | Fair value through profit or loss.
(3) | Cash and cash equivalents include $289 thousand in restricted cash in 2021 and $299 thousand in 2020, including employee withholding tax.
Fair value of non-derivative financial instruments It is assumed that fair value of non-derivative financial instruments is equal to the nominal amount for all financial assets and liabilities. With regards to trade receivables, the credit risk is not viewed as significant. With regards to the credit facilities, these are floating rate with terms and conditions considered to be according to market terms and no material change in credit risk; consequently, it is assumed that carrying value has no material deviation from fair value. Measurement of fair value It is only derivatives that are classified within a fair value measurement category and recognized at fair value in the statement of financial position. Fair value measurement is based on Level 2 in the fair value hierarchy as defined in IFRS 13 Fair Value Measurement. Such measurement is based on techniques for which all inputs that have a significant effect on the recorded fair value are observable. Future cash flows are estimated based on forward interest rates (from observable yield curves at the end of the reporting period) and contract interest rates, discounted at a rate that reflects the credit risk of various counterparties. Derivatives - interest rate swaps
|  |  | Notional amount |  |  | Fair value
(Dollars in thousands) | Expires |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020
Swap pays 2.987%, receive floating | Apr. 20, 2023 |  | $ | 39,600 |  |  |  | 42,000 |  |  |  | 1,173 |  |  |  | 2,541
Swap pays 3.012%, receive floating | Apr. 20, 2023 |  | $ | 39,600 |  |  |  | 42,000 |  |  |  | 1,185 |  |  |  | 2,564
Swap pays 3.019%, receive floating | Sept. 29, 2023 |  | $ | 28,176 |  |  |  | 30,743 |  |  |  | 1,017 |  |  |  | 2,131
Swap pays 3.019%, receive floating | Sept. 29, 2023 |  | $ | 27,262 |  |  |  | 29,829 |  |  |  | 982 |  |  |  | 2,060
Swap pays 2.8665%, receive floating | Sep. 29, 2023 |  | $ | 43,690 |  |  |  | 46,260 |  |  |  | 1,509 |  |  |  | 3,147
Swap pays 2.8785%, receive floating | Jun. 30, 2023 |  | $ | 38,106 |  |  |  | 40,673 |  |  |  | 1,162 |  |  |  | 2,513
Swap pays 2.885%, receive floating | Sept. 29, 2023 |  | $ | 43,048 |  |  |  | 45,618 |  |  |  | 1,504 |  |  |  | 3,139
Swap pays 2.897%, receive floating | Sept. 30, 2023 |  | $ | 38,284 |  |  |  | 40,851 |  |  |  | 1,339 |  |  |  | 2,792
Swap pays 3.020%, receive floating | Sept. 29, 2023 |  | $ | 36,600 |  |  |  | 39,167 |  |  |  | 1,353 |  |  |  | 2,786
Total carrying amount |  |  | $ | 334,365 |  |  |  | 357,141 |  |  |  | 11,224 |  |  |  | 23,673
Interest-bearing debt
(Dollars in thousands) |  | Interest |  |  | Remaining notional |  |  | Carrying amount
|  |  |  |  |  |  |  | 2021 |  |  | 2020
Credit Agricole Credit Facility |  | LIBOR + 2.19 % |  |  |  | 35,136 |  |  |  | 35,002 |  |  |  | 37,626
Danish Ship Finance Credit Facility |  | LIBOR + 2.00 % |  |  |  | 33,973 |  |  |  | 33,683 |  |  |  | 36,015
Nordea Credit Facility |  | LIBOR + 1.90 % |  |  |  | 231,300 |  |  |  | 225,214 |  |  |  | 109,423
ABN Amro Credit Facility |  | LIBOR + 2.40 % |  |  |  | 230,067 |  |  |  | 228,400 |  |  |  | 266,895
Total carrying amount |  |  |  |  |  | 530,477 |  |  |  | 522,299 |  |  |  | 449,959
As of December 31, 2021, $78.7 million was undrawn under the Nordea Credit Facility and $100.0 million was undrawn under the ABN AMRO Credit Facility. Interest on all our credit facilities is payable quarterly in arrears except the Danish Ship Finance Credit Facility which has interest payable semi-annually in arrears. The credit facilities are principally secured by the first-priority mortgages on the vessels financed by the credit facility, assignments of earnings, pledge of shares in the borrower, insurance and the borrowers’ rights under charters for the vessels, if any, as well as a pledge of the borrowers’ bank account balances. Reconciliation of liabilities arising from financing activities The table below details changes in liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Company’s consolidated statement of cash flows as cash flows from financing activities.
|  |  |  |  |  |  |  | Non-cash changes |  |  |  |
|  | As of January 1, 2021 |  |  | Financing cash flows (1) |  |  | Amortization |  |  |  | Equity component of convertible notes |  | Other changes (2) |  |  | As of December 31, 2021 |
Bank loans (3) |  |  | 449,959 |  |  |  | 72,840 |  |  |  | 2,550 |  |  |  |  |  |  | (3,049 | ) |  |  | 522,299 |
Office leases (4) |  |  | 4,060 |  |  |  | (611 | ) |  |  |  |  |  |  |  |  |  | (164 | ) |  |  | 3,285 |
Total (5) |  |  | 454,019 |  |  |  | 72,228 |  |  |  | 2,550 |  |  |  | - |  |  | (3,213 | ) |  |  | 525,584 |
|  |  |  |  |  |  |  | Non-cash changes |  |  |  |
|  | As of January 1, 2020 |  |  | Financing cash flows (1) |  |  | Amortization |  |  | Equity component of convertible notes |  |  | Other changes (2) |  |  | As of December 31, 2020 |
Bank loans (3) |  |  | 734,404 |  |  |  | (286,733 | ) |  |  | 2,288 |  |  |  |  |  |  |  |  |  | 449,959 |
Convertible Senior Notes due 2021 |  |  | 116,568 |  |  |  |  |  |  |  | 3,250 |  |  |  | (119,818 | ) |  |  |  |  |  | - |
Office leases (4) |  |  | 2,846 |  |  |  | (467 | ) |  |  |  |  |  |  |  |  |  |  | 1,681 |  |  |  | 4,060 |
Total (5) |  |  | 853,817 |  |  |  | (287,199 | ) |  |  | 5,538 |  |  |  | (119,818 | ) |  |  | 1,681 |  |  |  | 454,019 |
(1) | The cash flows from bank loans make up the net amount of issuance of long-term debt and repayment of long-term debt in the statement of cash flows.
(2) | Other changes for the year 2021 represent gain on modification of debt, including previously capitalized fees and foreign exchange effects during the year related to IFRS 16 Leases. Other changes for the year 2020 represent new, modified office leases and foreign exchange effects during the year related to IFRS 16 Leases.
(3) | As of December 31, 2021, bank loans consist of current portion long-term debt of $9,792 thousand and long-term debt of $512,507 thousand. As of December 31, 2020, bank loans consist of current portion long-term debt of $3,396 thousand and long-term debt of $446,562 thousand.
(4) | As of December 31, 2021, office leases consist of current liabilities of $624 thousand and $2,661 thousand of non-current liabilities. As of December 31, 2020, office leases consist of current liabilities of $721 thousand and $3,339 thousand of non-current liabilities. The remaining balance of non-current liabilities consist of pensions for both 2021 and 2020, respectively.
(5) | The reconciliation does not include interest rate swaps, which are described in note 8.

X
- References No definition available. + Details
Name: | ifrs-full_DisclosureOfFinancialInstrumentsAbstract
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for financial instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2021-01-01 -Section Scope -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IFRS07_g3-5A_TI -URIDate 2021-03-24 + Details
Name: | ifrs-full_DisclosureOfFinancialInstrumentsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration