XML 601 R58.htm IDEA: XBRL DOCUMENT
v3.25.1

Financial instruments - Fair values and risk management (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Disclosure of detailed information about financial instruments [abstract] |
Disclosure of financial assets | The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value, such as trade and other receivables and payables.
|  | Carrying amount |  | Fair value
(in thousands of USD) |  | Fair value - Hedging instruments |  | Financial assets at amortized cost |  | Other financial liabilities |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward exchange contracts (Note 13/17) |  | 1,515 |  |  | — |  |  | — |  |  | 1,515 |  |  | — |  |  | 1,515 |  |  | — |  |  | 1,515 |
Interest rate swaps (Note 13) |  | 1,286 |  |  | — |  |  | — |  |  | 1,286 |  |  | — |  |  | 1,286 |  |  | — |  |  | 1,286 |
|  | 2,801 |  |  | — |  |  | — |  |  | 2,801 |  |  |  |  |  |  |  |  |
Financial assets not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-current receivables (Note 11) |  | — |  |  | 1,625 |  |  | — |  |  | 1,625 |  |  | — |  |  | — |  |  | 1,536 |  |  | 1,536 |
Lease receivables (Note 11/13) |  | — |  |  | 2,854 |  |  | — |  |  | 2,854 |  |  | — |  |  | 2,268 |  |  | — |  |  | 2,268 |
Trade and other receivables * (Note 13) |  | — |  |  | 279,775 |  |  | — |  |  | 279,775 |  |  | — |  |  | — |  |  | — |  |  | — |
Cash and cash equivalents (Note 14) |  | — |  |  | 429,370 |  |  | — |  |  | 429,370 |  |  | — |  |  | — |  |  | — |  |  | — |
|  | — |  |  | 713,624 |  |  | — |  |  | 713,624 |  |  |  |  |  |  |  |  |
Financial liabilities measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps (Note 19) |  | 146 |  |  | — |  |  | — |  |  | 146 |  |  | — |  |  | 146 |  |  | — |  |  | 146 |
|  | 146 |  |  | — |  |  | — |  |  | 146 |  |  |  |  |  |  |  |  |
Financial liabilities not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured bank loans (Note 17) |  | — |  |  | — |  |  | 528,359 |  |  | 528,359 |  |  | — |  |  | 540,096 |  |  | — |  |  | 540,096 |
Unsecured other notes (Note 17) |  | — |  |  | — |  |  | 201,952 |  |  | 201,952 |  |  | 196,563 |  |  | — |  |  | — |  |  | 196,563 |
Other borrowings (Note 17) |  | — |  |  | — |  |  | 163,546 |  |  | 163,546 |  |  | — |  |  | 164,261 |  |  | — |  |  | 164,261 |
Lease liabilities (Note 17) |  | — |  |  | — |  |  | 36,856 |  |  | 36,856 |  |  | — |  |  | 33,359 |  |  | — |  |  | 33,359 |
Trade and other payables * (Note 19) |  | — |  |  | — |  |  | 106,613 |  |  | 106,613 |  |  | — |  |  | — |  |  | — |  |  | — |
|  |  |  | — |  |  | 1,037,326 |  |  | 1,037,326 |  |  |  |  |  |  |  |  |
|  | Carrying amount |  | Fair value
|  | Fair value - Hedging instruments |  | Financial assets at amortized cost |  | Other financial liabilities |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps (Note 11/13) |  | 2,145 |  |  | — |  |  | — |  |  | 2,145 |  |  | — |  |  | 2,145 |  |  | — |  |  | 2,145 |
|  | 2,145 |  |  | — |  |  | — |  |  | 2,145 |  |  |  |  |  |  |  |  |
Financial assets not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-current receivables (Note 11) |  | — |  |  | 73,797 |  |  | — |  |  | 73,797 |  |  | — |  |  | — |  |  | 73,797 |  |  | 73,797 |
Lease receivables (Note 13) |  | — |  |  | 1,263 |  |  | — |  |  | 1,263 |  |  | — |  |  | 2,268 |  |  | — |  |  | 2,268 |
Trade and other receivables * (Note 13) |  | — |  |  | 184,409 |  |  | — |  |  | 184,409 |  |  | — |  |  | — |  |  | — |  |  | — |
Cash and cash equivalents (Note 14) |  | — |  |  | 38,869 |  |  | — |  |  | 38,869 |  |  | — |  |  | — |  |  | — |  |  | — |
|  | — |  |  | 298,338 |  |  | — |  |  | 298,338 |  |  |  |  |  |  |  |  |
Financial liabilities measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward exchange contracts (Note 17) |  | 1,373 |  |  | — |  |  | — |  |  | 1,373 |  |  | — |  |  | 1,373 |  |  | — |  |  | 1,373 |
|  | 1,373 |  |  | — |  |  | — |  |  | 1,373 |  |  |  |  |  |  |  |  |
Financial liabilities not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured bank loans (Note 17) |  | — |  |  | — |  |  | 1,622,703 |  |  | 1,622,703 |  |  | — |  |  | 1,648,136 |  |  | — |  |  | 1,648,136 |
Unsecured bank loans (Note 17) |  | — |  |  | — |  |  | 30,103 |  |  | 30,103 |  |  | — |  |  | 30,103 |  |  | — |  |  | 30,103 |
Unsecured other notes (Note 17) |  | — |  |  | — |  |  | 202,620 |  |  | 202,620 |  |  | 202,225 |  |  | — |  |  | — |  |  | 202,225 |
Other borrowings (Note 17) |  | — |  |  | — |  |  | 763,085 |  |  | 763,085 |  |  | — |  |  | 771,798 |  |  | — |  |  | 771,798 |
Lease liabilities (Note 17) |  | — |  |  | — |  |  | 3,744 |  |  | 3,744 |  |  | — |  |  | 3,383 |  |  | — |  |  | 3,383 |
Trade and other payables * (Note 19) |  | — |  |  | — |  |  | 50,700 |  |  | 50,700 |  |  | — |  |  | — |  |  | — |  |  | — |
|  | — |  |  | — |  |  | 2,672,955 |  |  | 2,672,955 |  |  |  |  |  |  |  |  |
* Deferred charges, deferred fulfillment costs and VAT receivables (included in other receivables) (see Note 13), deferred income and VAT payables (included in other payables) (see Note 19), which are not financial assets (liabilities) are not included.
Disclosure of financial liabilities | The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value, such as trade and other receivables and payables.
|  | Carrying amount |  | Fair value
(in thousands of USD) |  | Fair value - Hedging instruments |  | Financial assets at amortized cost |  | Other financial liabilities |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward exchange contracts (Note 13/17) |  | 1,515 |  |  | — |  |  | — |  |  | 1,515 |  |  | — |  |  | 1,515 |  |  | — |  |  | 1,515 |
Interest rate swaps (Note 13) |  | 1,286 |  |  | — |  |  | — |  |  | 1,286 |  |  | — |  |  | 1,286 |  |  | — |  |  | 1,286 |
|  | 2,801 |  |  | — |  |  | — |  |  | 2,801 |  |  |  |  |  |  |  |  |
Financial assets not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-current receivables (Note 11) |  | — |  |  | 1,625 |  |  | — |  |  | 1,625 |  |  | — |  |  | — |  |  | 1,536 |  |  | 1,536 |
Lease receivables (Note 11/13) |  | — |  |  | 2,854 |  |  | — |  |  | 2,854 |  |  | — |  |  | 2,268 |  |  | — |  |  | 2,268 |
Trade and other receivables * (Note 13) |  | — |  |  | 279,775 |  |  | — |  |  | 279,775 |  |  | — |  |  | — |  |  | — |  |  | — |
Cash and cash equivalents (Note 14) |  | — |  |  | 429,370 |  |  | — |  |  | 429,370 |  |  | — |  |  | — |  |  | — |  |  | — |
|  | — |  |  | 713,624 |  |  | — |  |  | 713,624 |  |  |  |  |  |  |  |  |
Financial liabilities measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps (Note 19) |  | 146 |  |  | — |  |  | — |  |  | 146 |  |  | — |  |  | 146 |  |  | — |  |  | 146 |
|  | 146 |  |  | — |  |  | — |  |  | 146 |  |  |  |  |  |  |  |  |
Financial liabilities not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured bank loans (Note 17) |  | — |  |  | — |  |  | 528,359 |  |  | 528,359 |  |  | — |  |  | 540,096 |  |  | — |  |  | 540,096 |
Unsecured other notes (Note 17) |  | — |  |  | — |  |  | 201,952 |  |  | 201,952 |  |  | 196,563 |  |  | — |  |  | — |  |  | 196,563 |
Other borrowings (Note 17) |  | — |  |  | — |  |  | 163,546 |  |  | 163,546 |  |  | — |  |  | 164,261 |  |  | — |  |  | 164,261 |
Lease liabilities (Note 17) |  | — |  |  | — |  |  | 36,856 |  |  | 36,856 |  |  | — |  |  | 33,359 |  |  | — |  |  | 33,359 |
Trade and other payables * (Note 19) |  | — |  |  | — |  |  | 106,613 |  |  | 106,613 |  |  | — |  |  | — |  |  | — |  |  | — |
|  |  |  | — |  |  | 1,037,326 |  |  | 1,037,326 |  |  |  |  |  |  |  |  |
|  | Carrying amount |  | Fair value
|  | Fair value - Hedging instruments |  | Financial assets at amortized cost |  | Other financial liabilities |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps (Note 11/13) |  | 2,145 |  |  | — |  |  | — |  |  | 2,145 |  |  | — |  |  | 2,145 |  |  | — |  |  | 2,145 |
|  | 2,145 |  |  | — |  |  | — |  |  | 2,145 |  |  |  |  |  |  |  |  |
Financial assets not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-current receivables (Note 11) |  | — |  |  | 73,797 |  |  | — |  |  | 73,797 |  |  | — |  |  | — |  |  | 73,797 |  |  | 73,797 |
Lease receivables (Note 13) |  | — |  |  | 1,263 |  |  | — |  |  | 1,263 |  |  | — |  |  | 2,268 |  |  | — |  |  | 2,268 |
Trade and other receivables * (Note 13) |  | — |  |  | 184,409 |  |  | — |  |  | 184,409 |  |  | — |  |  | — |  |  | — |  |  | — |
Cash and cash equivalents (Note 14) |  | — |  |  | 38,869 |  |  | — |  |  | 38,869 |  |  | — |  |  | — |  |  | — |  |  | — |
|  | — |  |  | 298,338 |  |  | — |  |  | 298,338 |  |  |  |  |  |  |  |  |
Financial liabilities measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Forward exchange contracts (Note 17) |  | 1,373 |  |  | — |  |  | — |  |  | 1,373 |  |  | — |  |  | 1,373 |  |  | — |  |  | 1,373 |
|  | 1,373 |  |  | — |  |  | — |  |  | 1,373 |  |  |  |  |  |  |  |  |
Financial liabilities not measured at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured bank loans (Note 17) |  | — |  |  | — |  |  | 1,622,703 |  |  | 1,622,703 |  |  | — |  |  | 1,648,136 |  |  | — |  |  | 1,648,136 |
Unsecured bank loans (Note 17) |  | — |  |  | — |  |  | 30,103 |  |  | 30,103 |  |  | — |  |  | 30,103 |  |  | — |  |  | 30,103 |
Unsecured other notes (Note 17) |  | — |  |  | — |  |  | 202,620 |  |  | 202,620 |  |  | 202,225 |  |  | — |  |  | — |  |  | 202,225 |
Other borrowings (Note 17) |  | — |  |  | — |  |  | 763,085 |  |  | 763,085 |  |  | — |  |  | 771,798 |  |  | — |  |  | 771,798 |
Lease liabilities (Note 17) |  | — |  |  | — |  |  | 3,744 |  |  | 3,744 |  |  | — |  |  | 3,383 |  |  | — |  |  | 3,383 |
Trade and other payables * (Note 19) |  | — |  |  | — |  |  | 50,700 |  |  | 50,700 |  |  | — |  |  | — |  |  | — |  |  | — |
|  | — |  |  | — |  |  | 2,672,955 |  |  | 2,672,955 |  |  |  |  |  |  |  |  |
* Deferred charges, deferred fulfillment costs and VAT receivables (included in other receivables) (see Note 13), deferred income and VAT payables (included in other payables) (see Note 19), which are not financial assets (liabilities) are not included.
Disclosure of financial instruments not measured at fair value | The following tables show the valuation techniques used in measuring Level 1, Level 2 and Level 3 fair values, as well as the significant unobservable inputs used.
Financial instruments measured at fair value |  |  |  |  |  |  |
Type |  | Valuation Techniques |  |  | Significant unobservable inputs
Forward exchange contracts |  | Forward pricing: the fair value is determined using quoted forward exchange rates at the reporting date and present value calculations based on high credit quality yield curve in the respective currencies. |  | Not applicable
Interest rate swaps |  | Swap models: the fair value is calculated as the present value of the estimated future cash flows. Estimates of future floating-rate cash flows are based on quoted swap rates, futures prices and interbank borrowing rates. |  | Not applicable
Commodity derivatives |  | Fair value is determined based on the present value of the quoted forward price. |  | Not applicable
Financial instruments not measured at fair value |  |  |  |
Type |  | Valuation Techniques |  | Significant unobservable inputs
Non-current receivables (consisting primarily of shareholders' loans and cash security deposits) |  | Discounted cash flow |  | Discount rate and forecasted cash flows
Lease receivables |  | Discounted cash flow |  | Discount rate
Other financial liabilities (consisting of secured and unsecured bank loans and lease liabilities) |  | Discounted cash flow |  | Discount rate
Other financial notes (consisting of unsecured notes) |  | List price |  | Not applicable
Disclosure of financial assets that are either past due or impaired | The ageing of current trade and other receivables is as follows:
(in thousands of USD) |  | 2024 |  | 2023
Not past due |  | 172,334 |  |  | 266,613 |
Past due 0-30 days |  | 15,247 |  |  | 12,060 |
Past due 31-365 days |  | 45,779 |  |  | 26,781 |
More than one year |  | 2,523 |  |  | 1,656 |
Total trade and other receivables |  | 235,883 |  |  | 307,111 |
Schedule and maturity of non-derivative liabilities |
(in thousands of USD) |  | Bank loans |  | Other notes |  | Lease liabilities |  | Other borrowings |  | Total
More than 5 years |  | 221,304 |  |  | — |  |  | 41 |  |  | — |  |  | 221,345 |
Between 1 and 5 years |  | 1,042,938 |  |  | 197,556 |  |  | 5,783 |  |  | 71,011 |  |  | 1,317,288 |
More than 1 year |  | 1,264,242 |  |  | 197,556 |  |  | 5,824 |  |  | 71,011 |  |  | 1,538,633 |
Less than 1 year |  | 68,941 |  |  | — |  |  | 22,855 |  |  | 65,851 |  |  | 157,647 |
At January 1, 2023 |  | 1,333,183 |  |  | 197,556 |  |  | 28,679 |  |  | 136,862 |  |  | 1,696,280 |
New loans |  | 2,124,850 |  |  | — |  |  | 2,312 |  |  | 569,277 |  |  | 2,696,439 |
Scheduled repayments |  | (72,644) |  |  | — |  |  | (21,311) |  |  | (544,856) |  |  | (638,811) |
Early repayments |  | (2,861,080) |  |  | — |  |  | — |  |  | — |  |  | (2,861,080) |
Remeasurement |  | — |  |  | — |  |  | 27,158 |  |  | — |  |  | 27,158 |
Other changes |  | 4,050 |  |  | 4,396 |  |  | — |  |  | (346) |  |  | 8,100 |
Translation differences |  | — |  |  | — |  |  | 18 |  |  | 2,609 |  |  | 2,627 |
Balance at December 31, 2023 |  | 528,359 |  |  | 201,952 |  |  | 36,856 |  |  | 163,546 |  |  | 930,713 |
More than 5 years |  | 30,203 |  |  | — |  |  | 206 |  |  | 52,337 |  |  | 82,746 |
Between 1 and 5 years |  | 332,032 |  |  | 198,219 |  |  | 3,157 |  |  | 18,911 |  |  | 552,319 |
More than 1 year |  | 362,235 |  |  | 198,219 |  |  | 3,363 |  |  | 71,248 |  |  | 635,065 |
Less than 1 year |  | 166,124 |  |  | 3,733 |  |  | 33,493 |  |  | 92,298 |  |  | 295,648 |
Balance at December 31, 2023 |  | 528,359 |  |  | 201,952 |  |  | 36,856 |  |  | 163,546 |  |  | 930,713 |
|  | Bank loans |  | Other notes |  | Lease liabilities |  | Other borrowings |  | Total
More than 5 years |  | 30,203 |  |  | — |  |  | 206 |  |  | 52,337 |  |  | 82,746 |
Between 1 and 5 years |  | 332,032 |  |  | 198,219 |  |  | 3,157 |  |  | 18,911 |  |  | 552,319 |
More than 1 year |  | 362,235 |  |  | 198,219 |  |  | 3,363 |  |  | 71,248 |  |  | 635,065 |
Less than 1 year |  | 166,124 |  |  | 3,733 |  |  | 33,493 |  |  | 92,298 |  |  | 295,648 |
At January 1, 2024 |  | 528,359 |  |  | 201,952 |  |  | 36,856 |  |  | 163,546 |  |  | 930,713 |
New loans |  | 1,971,542 |  |  | — |  |  | 332 |  |  | 750,983 |  |  | 2,722,857 |
Scheduled repayments |  | (177,638) |  |  | — |  |  | (33,604) |  |  | (377,540) |  |  | (588,782) |
Early repayments |  | (999,690) |  |  | — |  |  | — |  |  | — |  |  | (999,690) |
Acquisitions through business combinations (Note 26) |  | 332,529 |  |  | — |  |  | 1,500 |  |  | 234,491 |  |  | 568,520 |
Other changes |  | (1,429) |  |  | 668 |  |  | (171) |  |  | (4,057) |  |  | (4,989) |
Disposals through sale of subsidiary |  | — |  |  | — |  |  | (1,137) |  |  | — |  |  | (1,137) |
Translation differences |  | (867) |  |  | — |  |  | (32) |  |  | (4,338) |  |  | (5,237) |
Balance at December 31, 2024 |  | 1,652,806 |  |  | 202,620 |  |  | 3,744 |  |  | 763,085 |  |  | 2,622,255 |
More than 5 years |  | 360,928 |  |  | — |  |  | 184 |  |  | 528,109 |  |  | 889,221 |
Between 1 and 5 years |  | 1,089,941 |  |  | 198,887 |  |  | 1,267 |  |  | 139,252 |  |  | 1,429,347 |
More than 1 year |  | 1,450,869 |  |  | 198,887 |  |  | 1,451 |  |  | 667,361 |  |  | 2,318,568 |
Less than 1 year |  | 201,937 |  |  | 3,733 |  |  | 2,293 |  |  | 95,724 |  |  | 303,687 |
Balance at December 31, 2024 |  | 1,652,806 |  |  | 202,620 |  |  | 3,744 |  |  | 763,085 |  |  | 2,622,255 |
The following are the remaining contractual maturities of financial liabilities:
|  | Contractual cash flows December 31, 2023
(in thousands of USD) |  | Carrying Amount |  | Total |  | Less than 1 year |  | Between 1 and 5 years |  | More than 5 years
Non derivative financial liabilities |  |  |  |  |  |  |  |  |  |
Bank loans and other notes (Note 17) |  | 730,311 |  |  | 837,126 |  |  | 217,328 |  |  | 587,681 |  |  | 32,117 |
Other borrowings (Note 17) |  | 163,546 |  |  | 214,641 |  |  | 99,058 |  |  | 40,363 |  |  | 75,220 |
Lease liabilities (Note 17) |  | 36,856 |  |  | 37,732 |  |  | 33,806 |  |  | 3,651 |  |  | 276 |
Current trade and other payables * (Note 19) |  | 106,613 |  |  | 106,613 |  |  | 106,613 |  |  | — |  |  | — |
|  | 1,037,326 |  |  | 1,196,112 |  |  | 456,805 |  |  | 631,694 |  |  | 107,613 |
Derivative financial liabilities |  |  |  |  |  |  |  |  |  |
Interest rate swaps (Note 19) |  | 146 |  |  | (9) |  |  | (876) |  |  | 797 |  |  | 70 |
|  | 146 |  |  | (9) |  |  | (876) |  |  | 797 |  |  | 70 |
|  | Contractual cash flows December 31, 2024
|  | Carrying Amount |  | Total |  | Less than 1 year |  | Between 1 and 5 years |  | More than 5 years
Non derivative financial liabilities |  |  |  |  |  |  |  |  |  |
Bank loans and other notes (Note 17) |  | 1,855,426 |  |  | 2,429,845 |  |  | 313,873 |  |  | 1,603,373 |  |  | 512,598 |
Other borrowings (Note 17) |  | 763,085 |  |  | 1,111,977 |  |  | 143,799 |  |  | 292,668 |  |  | 675,510 |
Lease liabilities (Note 17) |  | 3,744 |  |  | 4,138 |  |  | 2,397 |  |  | 1,517 |  |  | 224 |
Current trade and other payables * (Note 19) |  | 52,073 |  |  | 52,073 |  |  | 52,073 |  |  | — |  |  | — |
|  | 2,674,328 |  |  | 3,598,033 |  |  | 512,143 |  |  | 1,897,558 |  |  | 1,188,332 |
* Deferred income and VAT payables (included in other payables) (see Note 19), which are not financial liabilities, are not included.
Schedule and maturity of derivative liabilities | The following are the remaining contractual maturities of financial liabilities:
|  | Contractual cash flows December 31, 2023
(in thousands of USD) |  | Carrying Amount |  | Total |  | Less than 1 year |  | Between 1 and 5 years |  | More than 5 years
Non derivative financial liabilities |  |  |  |  |  |  |  |  |  |
Bank loans and other notes (Note 17) |  | 730,311 |  |  | 837,126 |  |  | 217,328 |  |  | 587,681 |  |  | 32,117 |
Other borrowings (Note 17) |  | 163,546 |  |  | 214,641 |  |  | 99,058 |  |  | 40,363 |  |  | 75,220 |
Lease liabilities (Note 17) |  | 36,856 |  |  | 37,732 |  |  | 33,806 |  |  | 3,651 |  |  | 276 |
Current trade and other payables * (Note 19) |  | 106,613 |  |  | 106,613 |  |  | 106,613 |  |  | — |  |  | — |
|  | 1,037,326 |  |  | 1,196,112 |  |  | 456,805 |  |  | 631,694 |  |  | 107,613 |
Derivative financial liabilities |  |  |  |  |  |  |  |  |  |
Interest rate swaps (Note 19) |  | 146 |  |  | (9) |  |  | (876) |  |  | 797 |  |  | 70 |
|  | 146 |  |  | (9) |  |  | (876) |  |  | 797 |  |  | 70 |
|  | Contractual cash flows December 31, 2024
|  | Carrying Amount |  | Total |  | Less than 1 year |  | Between 1 and 5 years |  | More than 5 years
Non derivative financial liabilities |  |  |  |  |  |  |  |  |  |
Bank loans and other notes (Note 17) |  | 1,855,426 |  |  | 2,429,845 |  |  | 313,873 |  |  | 1,603,373 |  |  | 512,598 |
Other borrowings (Note 17) |  | 763,085 |  |  | 1,111,977 |  |  | 143,799 |  |  | 292,668 |  |  | 675,510 |
Lease liabilities (Note 17) |  | 3,744 |  |  | 4,138 |  |  | 2,397 |  |  | 1,517 |  |  | 224 |
Current trade and other payables * (Note 19) |  | 52,073 |  |  | 52,073 |  |  | 52,073 |  |  | — |  |  | — |
|  | 2,674,328 |  |  | 3,598,033 |  |  | 512,143 |  |  | 1,897,558 |  |  | 1,188,332 |
* Deferred income and VAT payables (included in other payables) (see Note 19), which are not financial liabilities, are not included.
Schedule of sensitivity analysis | Every increase (decrease) of $1,000 on the spot freight market (VLCC, Suezmax, Newcastlemax, Coaster, Container, Chemical tanker and CSOV) per day would have increased (decreased) profit or loss by the amounts shown below:
(effect in thousands of USD) |  | 2024 |  | 2023 |  | 2022
|  | Profit or loss |  | Profit or loss |  | Profit or loss
|  | $1,000 |  | $1,000 |  | $1,000 |  | $1,000 |  | $1,000 |  | $1,000
|  | Increase |  | Decrease |  | Increase |  | Decrease |  | Increase |  | Decrease
|  | 14,521 |  |  | (14,521) |  |  | 20,252 |  |  | (20,252) |  |  | 21,348 |  |  | (21,348) |
This analysis assumes that all other variables, in particular foreign currency rates, remain constant.
|  | Profit or Loss |  | Equity
|  | 50 BP |  | 50 BP |  | 50 BP |  | 50 BP
(effect in thousands of USD) |  | Increase |  | Decrease |  | Increase |  | Decrease
December 31, 2022 |  |  |  |  |  |  |  |
Variable rate instruments |  | (7,784) |  |  | 6,466 |  |  | — |  |  | — |
Interest rate swaps |  | — |  |  | — |  |  | 4,710 |  |  | (6,839) |
Cash Flow Sensitivity (Net) |  | (7,784) |  |  | 6,466 |  |  | 4,710 |  |  | (6,839) |
December 31, 2023 |  |  |  |  |  |  |  |
Variable rate instruments |  | (7,130) |  |  | 7,129 |  |  | — |  |  | — |
Interest rate swaps |  | — |  |  | — |  |  | 1,376 |  |  | (1,376) |
Cash Flow Sensitivity (Net) |  | (7,130) |  |  | 7,129 |  |  | 1,376 |  |  | (1,376) |
December 31, 2024 |  |  |  |  |  |  |  |
Variable rate instruments |  | (6,999) |  |  | 6,999 |  |  | — |  |  | — |
Interest rate swaps |  | — |  |  | — |  |  | 1,486 |  |  | (1,514) |
Cash Flow Sensitivity (Net) |  | (6,999) |  |  | 6,999 |  |  | 1,486 |  |  | (1,514) |
This analysis assumes that all other variables, in particular interest rates, remain constant.
(in thousands of USD) |  | 2024 |  | 2023 |  | 2022
Equity |  | 554 |  |  | 607 |  |  | 648 |
Profit or loss |  | (19,726) |  |  | (13,356) |  |  | (10,994) |
Disclosure of financial instruments by type of interest rate | At the reporting date the interest rate profile of the Group's interest-bearing financial instruments was:
(in thousands of USD) |  | 2024 |  | 2023
FIXED RATE INSTRUMENTS |  |  |  |
Financial assets |  | 13,681 |  |  | 850 |
Financial liabilities |  | 344,731 |  |  | 238,808 |
|  | 358,412 |  |  | 239,658 |
VARIABLE RATE INSTRUMENTS |  |  |  |
Financial assets |  | 3,688 |  |  | — |
Financial liabilities |  | 2,277,524 |  |  | 691,905 |
|  | 2,281,212 |  |  | 691,905 |
Schedule of currency risk related to operating expenses | The Group's exposure to currency risk is related to its operating expenses expressed in Euros and to Bank loans and Treasury Notes denominated in Euros. In 2024 about 29.6% (2023: 18.6% and 2022: 15.4%) of the Group's total operating expenses were incurred in Euros. Revenue and borrowings are expressed in USD only, except for instruments issued under the Treasury Notes Program (Note 17).
(in thousands of USD) |  | December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
|  | EUR |  | USD |  | EUR |  | USD |  | EUR |  | USD
Trade payables |  | (4,188) |  |  | (18,108) |  |  | (5,888) |  |  | (36,144) |  |  | (6,653) |  |  | (18,043) |
Operating expenses |  | (184,427) |  |  | (439,046) |  |  | (122,878) |  |  | (538,317) |  |  | (103,339) |  |  | (568,357) |
Bank loans |  | (176,605) |  |  | (1,476,202) |  |  | 66 |  |  | (528,426) |  |  | 265 |  |  | (1,333,448) |
Treasury Notes |  | (63,009) |  |  | — |  |  | (87,106) |  |  | (700) |  |  | (50,664) |  |  | — |
Disclosure of detailed information about hedging instruments | The hedging instruments were as follows:
|  | 2024
(in thousands of USD) |  | Notional Value | Fair Value - Assets | Fair Value - Liabilities | Change in FV recognized in OCI | Recycled into P&L
Interest rate swaps |  |  |  |  |  |
$161.1 million facility |  | 111,545 |  | 2,145 |  | — |  | 1,005 |  | — |
Total |  | 111,545 |  | 2,145 |  | — |  | 1,005 |  | — |
|  | 2023 |
(in thousands of USD) |  | Notional Value | Fair Value - Assets | Fair Value - Liabilities | Change in FV recognized in OCI | Recycled into P&L |
Interest rate swaps |  |  |  |  |  |  |
$173.6 million facility - Cap Quebec and Cap Pembroke |  | — |  | — |  | — |  | (314) |  | (1,456) |  |
$173.6 million facility - Cap Corpus Christi and Cap Port Arthur |  | — |  | — |  | — |  | (1,256) |  | (3,860) |  |
$713.0 million facility |  | — |  | — |  | — |  | (4,823) |  | (12,599) |  |
$73.5 million facility - Cedar and Cypres |  | — |  | — |  | — |  | (298) |  | (5,167) |  |
$150.0 million facility |  | 93,607 |  | 1,286 |  | 146 |  | (1,108) |  | — |  |
$447.0 million facility |  | — |  | — |  | — |  | 1,635 |  | (1,635) |  |
Fx swaps |  |  |  |  |  |  |
Fx Euro hedge |  | — |  | — |  | — |  | — |  | (1,032) |  |
Total |  | 93,607 |  | 1,286 |  | 146 |  | (6,164) |  | (25,749) |  |
At December 31, 2024, the Group held the following instruments to hedge exposures to changes in interest rates:
|  | Maturity
(in thousands of USD) |  | 1-6 months |  | 6-12 months |  | More than 1 year
Interest rate risk |  |  |  |  |  |
Interest rate swaps |  |  |  |  |  |
Net exposure |  | (49,242) |  |  | (46,055) |  |  | (429,462) |
Average fixed interest rate |  | 3.29 | % |  | 3.29 | % |  | 3.29 | %
At December 31, 2023, the Group held the following instruments to hedge exposures to changes in interest rates:
|  | Maturity
(in thousands of USD) |  | 1-6 months |  | 6-12 months |  | More than 1 year
Interest rate risk |  |  |  |  |  |
Interest rate swaps |  |  |  |  |  |
Net exposure |  | (22,916) |  |  | (18,039) |  |  | (50,392) |
Average fixed interest rate |  | 3.26 | % |  | 3.26 | % |  | 3.26 | %
The amounts at the reporting date relating to items designated as hedged items were as follows:
| December 31, 2024 |  | December 31, 2023
(in thousands of USD) | Change in value used for calculating hedge ineffectiveness |  | Recycled into P&L |  | Cash flow hedge reserve |  | Change in value used for calculating hedge ineffectiveness |  | Recycled into P&L |  | Cash flow hedge reserve
Interest rate risk |  |  |  |  |  |  |  |  |  |  |
Variable-rate instruments | (1,005) |  |  | — |  |  | 2,145 |  |  | 6,164 |  |  | 24,717 |  |  | 1,140 |
Fx rate risk |  |  |  |  |  |  |  |  |  |  |
Fx Swaps | — |  |  | — |  |  | — |  |  | — |  |  | 1,032 |  |  | — |
The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows:
|  | 2024 |  | During the period 2024 |  |
(in thousands of USD) |  | Nominal amount |  | Carrying amount - Assets |  | Carrying amount - Liabilities |  | Line item in the statement of financial position where the hedging instrument is included |  | Changes in the value of the hedging instrument recognized in OCI | Recycled into P&L |  | Hedge ineffectiveness recognized in profit or loss |  | Line item in profit or loss that includes hedge ineffectiveness |  |
Interest rate risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | 111,545 |  |  | 2,145 |  |  | — |  |  | Non-current receivables, Trade and other current receivables |  | 1,005 |  | — |  |  | — |  |  | Finance expenses |  |
|  | 2023 |  | During the period 2023 |  |
(in thousands of USD) |  | Nominal amount |  | Carrying amount - Assets |  | Carrying amount - Liabilities |  | Line item in the statement of financial position where the hedging instrument is included |  | Changes in the value of the hedging instrument recognized in OCI |  | Recycled into P&L |  | Hedge ineffectiveness recognized in profit or loss |  | Line item in profit or loss that includes hedge ineffectiveness |  |
Interest rate risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | 93,607 |  |  | 1,286 |  |  | 146 |  |  | Trade and other current receivables, Non-current other payables |  | (6,164) |  |  | (24,717) |  |  | 37 |  |  | Finance expenses |  |
Fx rate risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fx swaps |  | — |  |  | — |  |  | — |  |  | Trade and other current receivables |  | — |  |  | (1,032) |  |  | — |  |  | Finance expenses |  |
The following table provides a reconciliation by risk category of components of equity and analysis of OCI items, net of tax, resulting from cash flow hedge accounting:
(in thousands of USD) |  | Hedging reserve |
Balance at January 1, 2024 |  | 1,140 |  |
Cash flow hedges |  |  |
Change in fair value interest rate risk |  | 1,005 |  |
Balance at December 31, 2024 |  | 2,145 |  |
Balance at January 1, 2023 |  | 33,053 |  |
Cash flow hedges |  |  |
Change in fair value interest rate risk |  | (6,164) |  |
Recycled into P&L |  | (25,749) |  |
Balance at December 31, 2023 |  | 1,140 |  |

X
- Definition Disclosure Of Financial Assets That Are Either Past Due Or Impaired Explanatory 1 + References No definition available. + Details
Name: | eurn_DisclosureOfFinancialAssetsThatAreEitherPastDueOrImpairedExplanatory1TextBlock
Namespace Prefix: | eurn_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure Of Financial Instruments Not Measured At Fair Value [Table Text Block] + References No definition available. + Details
Name: | eurn_DisclosureOfFinancialInstrumentsNotMeasuredAtFairValueTableTextBlock
Namespace Prefix: | eurn_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of detailed information about hedging instruments. [Refer: Hedging instruments [domain]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2024-01-01 -Paragraph 24A -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2024-en-r&anchor=para_24A&doctype=Standard -URIDate 2024-03-27 + Details
Name: | ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of financial assets. [Refer: Financial assets] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2024-01-01 -Paragraph 7 -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2024-en-r&anchor=para_7&doctype=Standard -URIDate 2024-03-27 + Details
Name: | ifrs-full_DisclosureOfFinancialAssetsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration

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 disclosure of financial instruments by type of interest rate. [Refer: Classes of financial instruments [domain]] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IFRS -Number 7 -IssueDate 2024-01-01 -Paragraph 39 -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2024-en-r&anchor=para_39&doctype=Standard -URIDate 2024-03-27 + Details
Name: | ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of financial liabilities. [Refer: Financial liabilities] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2024-01-01 -Paragraph 7 -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2024-en-r&anchor=para_7&doctype=Standard -URIDate 2024-03-27 + Details
Name: | ifrs-full_DisclosureOfFinancialLiabilitiesExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of information that enables users of financial statements to evaluate the nature and extent of risks arising from financial instruments to which the entity is exposed. [Refer: Classes of financial instruments [domain]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2024-01-01 -Paragraph 31 -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2024-en-r&anchor=para_31&doctype=Standard -URIDate 2024-03-27 + Details
Name: | ifrs-full_DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of a maturity analysis for derivative financial liabilities, including the remaining contractual maturities for those derivative financial liabilities for which contractual maturities are essential for an understanding of the timing of the cash flows. [Refer: Derivative financial liabilities] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2024-01-01 -Paragraph 39 -Subparagraph b -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2024-en-r&anchor=para_39_b&doctype=Standard -URIDate 2024-03-27 + Details
Name: | ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of a maturity analysis for non-derivative financial liabilities (including issued financial guarantee contracts) that shows the remaining contractual maturities. [Refer: Derivative financial liabilities] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2024-01-01 -Paragraph 39 -Subparagraph a -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2024-en-r&anchor=para_39_a&doctype=Standard -URIDate 2024-03-27 + Details
Name: | ifrs-full_MaturityAnalysisForNonderivativeFinancialLiabilities
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of the sensitivity analysis for types of market risk to which the entity is exposed, showing how profit or loss and equity would have been affected by changes in the relevant risk variable that were reasonably possible at that date. [Refer: Market risk [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2024-01-01 -Paragraph 40 -Subparagraph a -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2024-en-r&anchor=para_40_a&doctype=Standard -URIDate 2024-03-27 + Details
Name: | ifrs-full_SensitivityAnalysisForEachTypeOfMarketRisk
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration