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Interest-bearing loans and borrowings
 12 Months Ended
Dec. 31, 2024
Financial Instruments [Abstract]  
Interest-bearing loans and borrowings Interest-bearing loans and borrowings
(in thousands of USD)Bank loansOther notesLease liabilitiesOther borrowingsTotal
More than 5 years221,304 — 41 — 221,345 
Between 1 and 5 years1,042,938 197,556 5,783 71,011 1,317,288 
More than 1 year1,264,242 197,556 5,824 71,011 1,538,633 
Less than 1 year68,941 — 22,855 65,851 157,647 
At January 1, 20231,333,183 197,556 28,679 136,862 1,696,280 
New loans2,124,850 — 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 changes4,050 4,396 — (346)8,100 
Translation differences— — 18 2,609 2,627 
Balance at December 31, 2023528,359 201,952 36,856 163,546 930,713 
More than 5 years30,203 — 206 52,337 82,746 
Between 1 and 5 years332,032 198,219 3,157 18,911 552,319 
More than 1 year362,235 198,219 3,363 71,248 635,065 
Less than 1 year166,124 3,733 33,493 92,298 295,648 
Balance at December 31, 2023528,359 201,952 36,856 163,546 930,713 
 Bank loansOther notesLease liabilitiesOther borrowingsTotal
More than 5 years30,203 — 206 52,337 82,746 
Between 1 and 5 years332,032 198,219 3,157 18,911 552,319 
More than 1 year362,235 198,219 3,363 71,248 635,065 
Less than 1 year166,124 3,733 33,493 92,298 295,648 
At January 1, 2024528,359 201,952 36,856 163,546 930,713 
New loans1,971,542 — 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, 20241,652,806 202,620 3,744 763,085 2,622,255 
More than 5 years360,928 — 184 528,109 889,221 
Between 1 and 5 years1,089,941 198,887 1,267 139,252 1,429,347 
More than 1 year1,450,869 198,887 1,451 667,361 2,318,568 
Less than 1 year201,937 3,733 2,293 95,724 303,687 
Balance at December 31, 20241,652,806 202,620 3,744 763,085 2,622,255 
The amounts shown under "New Loans" and "Early Repayments" related to bank loans include drawdowns and repayments under revolving credit facilities during the year.
Bank Loans
On April 7, 2021, the Group entered into an €80 million ($83.1 million) unsecured revolving credit facility. This new facility has been concluded with a range of commercial banks and the support of Gigarant, with sustainability and emission reductions as a component of the margin pricing. A range of measurable sustainability features such as year-on-year reduction in carbon emissions starting from 2021 will be supported by compliance with the Poseidon principles. The facility has a duration of minimum three years, with two one-year extension options. These extension options have been exercised and facility will mature on April 7, 2026. As of December 31, 2024 and December 31, 2023, the outstanding balance on this facility was $27.5 million and $0.0 million, respectively.
On June 21, 2022, the Group entered into a $150 million senior secured amortizing term loan facility to finance the acquisition of the 50% ownership in the FSO joint ventures. The facility has been concluded with ING and ABN Amro who were also the supporting banks in the existing facility. At the same time the existing facilities for the FSO JV companies which were maturing in July 2022 and September 2022 have also been repaid. The facility carries a rate of daily compounded SOFR plus a margin of 2.15% with margin adjustment of plus or minus 10 bps. The facility is linked to the sustainability performance of the Company. The commercial terms include a reduction of the interest rate when the Company achieves its targets in relation to two sustainability KPI's. The facility has a duration of 5.25 years with maturity on March 30, 2030. On September 2, 2024, the Group has signed a supplementary agreement with ING and ABN Amro for a top up amount of $45 million. As of December 31, 2024 and December 31, 2023, the outstanding balance on this facility was $148.7 million and $124.8 million, respectively.
On December 6, 2022, the Group entered into a $377.0 million senior secured amortizing facility comprising a revolving credit facility of up to $307.0 million and a newbuild term loan facility of up to $70.0 million and an upsize term loan facility. The upsize facility of $70.0 million was concluded on March 17, 2023 for the financing of the newbuild VLCC Camus. The financing had been concluded with a syndicate of banks and Nordea Bank Norge SA acting as Agent and Security Trustee. The credit facility was repaid on December 14, 2023 in relation to the global refinance.

On June 29, 2023 the Group entered into a $190.4 million ECA covered senior secured amortizing loan facility to finance one newbuilding VLCC and three newbuilding Suezmax vessels. The facility was guaranteed with a K-Sure insurance cover. DNB and ING acted as co-agents in the facility and Citibank joined as a Mandated Lead Arranger. The new facility was linked to the sustainability performance of the Company with three sustainability KPI's. The commercial terms included a reduction of the interest rate when the Company achieves
its targets in relation to the sustainability KPI's. The facility would have a duration of 12 years with maturity on June 29, 2035. The credit has been repaid and cancelled on December 14, 2023 in relation to the global refinance.

On October 9, 2023, the Company announced that an agreement was found between our two reference shareholders, CMB NV and Frontline plc / Famatown Finance Limited. The reference shareholders reached an agreement on a transaction involving the Company that puts an end to the deadlock arising from their differences over strategy, while offering other shareholders the opportunity to realise cash value for their investment. The transaction comprises three interdependent agreements:

• CMB acquired Frontline's 26.12% stake in the Company for $18.43 per share
• Frontline acquired 24 VLCC tankers from the Euronav fleet for $2.35 billion
• The Company's pending arbitration action against Frontline and affiliates is terminated

A Special General Meeting was held on November 21, 2023, where the share sale and the fleet sale was approved. Shortly after, the share transfer has materialized and CMB.TECH has started delivering the 24 vessels to Frontline over a period of 2 months. In relation to this transaction, the remaining CMB.TECH fleet was refinanced in a Global Refinancing $1,290 million facility on November 7, 2023 consisting of three facilities: (i) a revolver credit facility up to $725.0 million for the purposes of (a) refinancing the existing facilities relating to the Core Ships and the Transition Ships, (b) refinancing the existing facilities related to the A Fleet, and (c) only after the refinancings described in (a) and (b), for general corporate and working capital purposes; (ii) a transition term loan facility up to $375.0 million for the purposes of (a) refinancing the existing facilities relating to the Core Ships and the Transition Ships, (b) refinancing the Existing Facilities related to the A Fleet; (iii) a newbuild term loan facility up to $190.0 million for the purposes of financing the delivery cost of four newbuild vessels namely Brest, Bristol, Crocus and Clematis. In 2023 the facility has been accounted for as a new instrument and the previously existing loans have been extinguished. The revolver facility and the newbuild facility have a term of five years and the transition facility has a term of 18 months; and is bearing interest of Term SOFR + a margin of 2.3% - 2.9% per annum. The margin is reset every quarter based on the ratio of net debt to total capitalisation ratio. As of December 31, 2024 and December 31, 2023, the outstanding balance on this facility was $750.0 million and $415.7 million, respectively.

The Company has fully repaid the outstanding liabilities for the following loans in the fourth quarter of 2023:

•Credit facility of $108.5 million with Korea Trade Insurance Corporation (K-sure) as insurer dated April 25, 2017.
•Credit facility of $173.6 million with Kexim, BNP and Credit Agricole Corporate dated March 15, 2018.
•Credit facility of $200.0 million with Nordea dated September 7, 2018.
•Credit facility of $700.0 million with Nordea dated August 28, 2019.
•Sustainability-linked loan of $713.0 million with Nordea dated September 11, 2020.
•Sustainability-linked loan of $73.45 million with DNB dated December 2, 2021.
•Credit facility of $447.0 million with Nordea dated December 6, 2022.
•Credit facility of $190.4 million with DNB dated June 29, 2023.

Due to the acquisition and consolidation of CMB.TECH Enterprises as per February, 2024, the following facilities were entered into the Group:
•Credit facility of €152.0 million with CEXIM dated January 29, 2022. As of December 31, 2024, the outstanding balance on this facility was $72.5 million.
•Credit facility of €8.8 million with Société Générale dated March 10, 2022. As of December 31, 2024, the outstanding balance on this facility was $8.2 million.
•Credit facility of €1.25 million with KBC dated March 2, 2023. As of December 31, 2024, the outstanding balance on this facility was $1.3 million.
•Credit facility of €1.25 million with Belfius dated May 16, 2023. As of December 31, 2024 the outstanding balance on this facility was $1.3 million.
•Credit facility of €100.1 million with BNP Paribas Fortis dated October 9, 2023. Upsize term loan facility of €51.1 million was concluded on November 28, 2024 to finance a CSOV. As of December 31, 2024, $86.9 million was outstanding under this facility.
•Sustainability-linked credit facility of €50.1 million with Société Générale dated August 3, 2023. Upsize facility of €104.6 million was concluded on September 30, 2024 to finance two other CSOVs. As of December 31, 2024, $34.3 million was outstanding under this facility.
•Credit facility of $280.0 million with CEXIM dated September 28, 2023. As of December 31, 2024, the outstanding balance on this facility was $189.2 million.
•Credit facility of €77.9 million with KBC and Belfius dated June 23, 2021. As of December 31, 2024, the outstanding balance on this facility was $43.9 million.

On May 8, 2024, the Group entered into a credit facility of $224.0 million for the financing of five Newcastlemax dry bulk vessels that also features a predelivery finance component. The facility has been concluded with CEXIM and is guaranteed with a Sinosure insurance cover. The facility has a term of 12 years as from delivery of the respective vessels and carries a rate of CME Term SOFR plus a margin of 2.06%. As of December 31, 2024, the outstanding balance on this facility was $115.7 million.

On June 28, 2024, the Company has entered into an amendment and restatement agreement relating to the Global Refinancing $1,290 million to (i) consolidate the Newbuild Facility into the Revolving Facility and (ii) increase the amount of the Revolving Facility to up to $1,047 million; and (iii) revise the reduction and repayment amounts in relation to the Revolving Facility. In Q3 and Q4, the Company has fully repaid the Transition Facility.

On July 22, 2024, the Group entered into a $129.8 million ECA covered senior secured amortizing loan facility to finance two newbuilding Suezmax vessels that also features a predelivery finance component. The facility was guaranteed with a KEXIM insurance cover. DNB acted as agent in the facility and KEXIM joined as a Mandated Lead Arranger. The facility has a duration of 12 years as from delivery of the respective vessel. As of December 31, 2024, the outstanding balance on this facility was $26.0 million.
On September 27, 2024, the Group entered into a $182.5 million senior secured amortizing facility comprising a revolving credit facility of up to $72.5 million to refinance the transition term loan facility under the $1,290.0 million Senior Secured Credit Facility. The financing had been concluded with Hamburg Commercial Bank who has per December 27, 2024 syndicated $32.5 million to Danske Bank. This facility bears interest at SOFR plus a margin of 2.20% - 2.80% per annum. The margin is reset every quarter depending on the Loan-To-Value ratio. As of December 31, 2024, the outstanding balance on this facility amounted to $167.3 million.

On October 20, 2024, the Group entered into a $41.8 million senior secured amortizing loan facility to finance one newbuilding Newcastlemax vessel. The new facility has been concluded with KfW and carries a rate of CME Term SOFR plus a margin of 2.00%. The facility has a duration of 8 years as from delivery of the vessel. As the vessel is only assumed to be delivered end of 2025, nothing was outstanding as of December 31, 2024.

Undrawn borrowing facilities
At December 31, 2024, CMB.TECH and its fully-owned subsidiaries have undrawn credit line facilities amounting to $308.6 million (2023: $813.4 million), of which $101.8 million will mature within 12 months.

Terms and debt repayment schedule
The terms and conditions of outstanding loans were as follows:
(in thousands of USD)December 31, 2024December 31, 2023
CurrNominal interest rateYear of mat.Facility sizeDrawnCarrying valueFacility sizeDrawnCarrying value
Unsecured Revolving loan 80M
EUR
SOFR + CAS + 1.45%
202683,112 27,500 27,505 88,400 — (66)
Secured FSO loan 161.1M
USD
SOFR + 2.15%
2030148,727 148,727 147,464 124,809 124,809 123,728 
Secured vessels loan Refi - Revolving loan 1,341M*
USD
SOFR + 2.30% - 2.90%
2028995,207 750,000 743,637 725,000 — (8,398)
Secured vessels loan Refi - Transition facility 375.0M
USD
SOFR + 2.30% - 2.90%
2025— — — 368,225 368,225 365,662 
Secured vessels loan Refi - Newbuild facility 190.0M
USD
SOFR + 2.30% - 2.90%
2028— — — 47,500 47,500 47,433 
Secured vessels loan 129.75M
USD
SOFR + 1.28% - 1.73%
203825,950 25,950 26,102 — — — 
Secured vessels Revolving loan 182.5M*
USD
SOFR + 2.20% - 2.80%
2029169,500 167,250 165,691 — — — 
Credit Line Belfius Windcat EUR 1.25M
EUR
SOFR + 1.83%
—1,299 1,299 1,299 — — — 
Credit Line KBC Windcat EUR 1.25M
EUR
SOFR + 2.40%
—1,299 1,299 1,299 — — — 
Loan BNPPF EUR 151.2M
EUR
Euribor + 1.00%
203886,925 86,925 87,510 — — — 
Loan CEXIM I 152M
USD
SOFR + 2.06%
203672,504 72,504 70,309 — — — 
Loan CEXIM II 280M
USD
SOFR + 2.06%
2035189,216 189,216 183,163 — — — 
Loan CEXIM III 224M
USD
SOFR + 2.06%
2038115,733 115,733 112,330 — — — 
Loan KBC/Belfius Windcat EUR 78M
EUR
Euribor + 3.25%
202749,426 43,921 43,623 — — — 
Loan SocGen EUR 154.7M
EUR
Euribor + 1.00%
Euribor + 0.90%
2037
2039
34,276 34,276 34,634 — — — 
Loan SocGen EUR 8.8M
EUR
Euribor + 1.10%
20338,228 8,228 8,240 — — — 
Loan KfW 41.8M
USD
SOFR + 2.00%
2033— — — — — — 
Total interest-bearing bank loans1,981,402 1,672,828 1,652,806 1,353,934 540,534 528,359 
* The total amount available under the revolving loan Facilities depends on the total value of the fleet of tankers securing the facility.
The facility size of the vessel loans can be reduced if the value of the collateralized vessels falls under a certain percentage of the outstanding amount under that loan. For further information, we refer to Note 20.
Other notes
(in thousands of USD)December 31, 2024December 31, 2023
CurrNominal interest rateYear of mat.Facility sizeDrawnCarrying valueFacility sizeDrawnCarrying value
Unsecured notesUSD6.25%2026200,000 200,000 202,620 200,000 200,000 201,952 
Total other notes
200,000 200,000 202,620 200,000 200,000 201,952 
On September 2, 2021, the Group announced a successful placement of a new $200 million senior unsecured bonds. The bonds mature in September 2026 and carry a coupon of 6.25%. An application has been made for the bonds to be listed on Oslo Stock Exchange. The related transaction costs of $3.3 million are amortized over the lifetime of the instrument using the effective interest rate method. The net proceeds from the bond issue will be used for general corporate purposes and/or refinancing of the old $200 million bond (ISIN: NO0010793888). As part of this transaction the Company bought back $132 million of the $200 million senior bonds issued in 2017 in the course of 2021. DNB Markets, Nordea, SEB and Arctic Securities AS acted as joint bookrunners in connection with the placement of the bond issue. In line with the successful placement of the new $200 million senior unsecured bond, the old bond has been fully repaid during the second quarter of 2022.
On March 18, 2022, the Financial Supervisory Authority of Norway approved the listing on the Oslo Stock Exchange of Euronav Luxembourg S.A.'s $200 million senior unsecured bonds due September 2026.

Other borrowings
On June 6, 2017, the Group signed an agreement with BNP Paribas Fortis SA/NV to act as dealer for a Treasury Notes Program with a maximum outstanding amount of €50 million. On October 1, 2018, KBC has been appointed as an additional dealer in the agreement and the maximum amount has been increased from €50 million to €150 million. As of December 31, 2024, the outstanding amount was $63.0 million or €60.6 million (December 31, 2023: $87.8 million or €79.1 million). The Treasury Notes are issued on an as needed basis with different durations not exceeding 1 year, and initial pricing is set to 60 bps over Euribor. The Company enters into FX forward contracts to manage the currency risks related to these instruments issued in Euro compared to the USD Group functional currency. The FX contracts have the same nominal amount and duration as the issued Treasury Notes and they are measured at fair value with changes in fair value recognized in the consolidated statement of profit or loss. On December 31, 2024, the fair value of these forward contracts amounted to $(1.4) million (December 31, 2023: $1.5 million).

On December 30, 2019, the Company entered into a sale and leaseback agreement for three VLCCs. The three VLCCs are the Nautica (2008 – 307,284), Nectar (2008 – 307,284) and Noble (2008 – 307,284). The vessels were sold and were leased back under a 54-months bareboat contract at an average rate of $20,681 per day per vessel. In accordance with IFRS, this transaction was not accounted for as a sale but CMB.TECH as seller-lessee will continue to recognize the transferred assets, and recognized a financial liability equal to the net transfer proceeds of $124.4 million. During 2023, the repurchase options on the three VLCCs were exercised and the bareboat contracts have been ended.

On December 4, 2023, the Company entered into a sale and leaseback agreement for the Suezmaxes Cypres (2022 – 157,310 dwt) and Cedar (2022 – 157,310 dwt), the last one delivered at January 10, 2024. The vessels were sold and were leased back under a 14-year bareboat contract at a rate equal to an amortization element of $13,590 per day per vessel and an interest element based on term SOFR plus 435 basis points, which can be reduced by the sustainability saving. The sustainability saving is a CII score of A or B which will lead to a margin reduction of 10 basis points. In accordance with IFRS, this transaction was not accounted for as a sale but the Company as seller-lessee will continue to recognize the transferred asset, and recognized a financial liability equal to the net transfer proceed of $153.8 million. As of December 31, 2024, the outstanding amount was $142.9 million in total. At the end of
the bareboat contract, the Company has a purchase obligation of $7.39 million per vessel. The Company may, at any time on and after the fourth anniversary, notify the owners the charterers' intention to terminate this charter on the purchase option date and purchase the vessel from the owners for the applicable purchase option price.

Due to the acquisition and consolidation of CMB.TECH Enterprises as per February, 2024, $105.7 million of sale and leaseback arrangements were entered into the Group. CMB.TECH Enterprises entered into a number of sale and leaseback arrangements in relation to its newbuilding program, which also feature a pre-delivery finance component. The sale and leaseback financing agreements have a term of between 10 and 15 years from the delivery of the respective vessels and carry an interest rate of SOFR plus 2.00% to 4.21%. At the end of the bareboat contract, the Company has a purchase option or a purchase obligation.

During the year, the CMB.TECH Group entered into different sale and leaseback agreements featuring a pre-delivery component:
•A 10-year sale and leaseback arrangement for the financing of two dry bulk vessels to be built at Beihai Shipyard. The facility carries an interest of SOFR plus 2.45% as from delivery of the respective vessels. Upon the conclusion of the bareboat contract, the Company will have the option to purchase the vessel. As of December 31, 2024, the facility is used for an amount of $6.4 million.
•An 8-year sale and leaseback arrangement and a 10-year sale and leaseback arrangement for the financing of two chemical tankers to be built at China Merchants Jinling Shipyard. The facilities carry an interest of SOFR plus 2.00% as from delivery of the respective vessels. Upon the conclusion of the bareboat contract, the Company will have the option to purchase the vessel. As of December 31, 2024, the facility is used for an amount of $8.6 million.
As at December 31, 2024, the total outstanding balance under these facilities was $557.2 million.
In accordance with IFRS, these transactions were not accounted for as a sale. However, the Group will continue to recognise the transferred assets, and has recognised a financial liability equal to the net transfer proceeds.

Following the acquisition of CMB.TECH Enterprises by CMB.TECH per February 2024, the presentation of pre-delivery financing as part of the sale and bareboat (post-delivery) financing has been thoroughly reviewed to align accounting treatment and presentation. As this pre-delivery financing is inextricably linked to the post-delivery financing, there is a right to defer the settlement for at least 12 months as at the reporting date.
This is disclosed in the line item more than five years until the moment of delivery.

The future lease payments for these leaseback agreements are as follows:
(in thousands of USD)December 31, 2024December 31, 2023
Less than one year31,701 4,547 
Between one and five years141,251 19,130 
More than five years531,385 52,828 
Total future lease payables704,337 76,505 
Transaction and other financial costs
The heading 'Other changes' in the first table of this note reflects the recognition of directly attributable transaction costs as a deduction from the fair value of the corresponding liability, and the subsequent amortization of such costs. In 2024, the Group recognized $14.9 million of directly attributable transaction costs as a deduction from the fair value of the refinancing facilities and $4.3 million as a deduction from the sale and leaseback arrangements and recognized $9.2 million of amortization of financing costs. Furthermore, the heading 'Other
changes' in 2023 include a change of presentation of accrued interest on instruments measured at amortized cost, previously reported under trade and other payables to a single line item from the instrument itself.
Interest expense on financial liabilities measured at amortized cost increased during the year ended December 31, 2024, compared to 2023 (2024: $(-145.6) million, 2023: $(-132.3) million). The increased interest expenses on financial liabilities are mainly related to an increase in interest expenses related to sale and leaseback financing. Other financial charges decreased in 2024 compared to 2023 (2024: $(-9.2) million, 2023: $(-13.5) million) (see Note 6).

Interest on lease liabilities (2024: $(-0.3) million, 2023: $(-0.6) million) were recognized.
Reconciliation of movements of liabilities to cash flows arising from financing activities
LiabilitiesEquity
Loans and borrowingsOther NotesOther borrowingsLease liabilitiesShare capital / premiumReservesTreasury sharesRetained earningsTotal
Balance at January 1, 20221,205,148 263,920 204,061 39,051 1,941,697 2,849 (164,104)180,140 3,672,762 
Changes from financing cash flows
Proceeds from loans and borrowings
1,038,450 — — — — — — — 1,038,450 
Proceeds from issue of other borrowings
— — 231,845 — — — — — 231,845 
Proceeds from transfer of treasury shares
— — — — — — 1,080 — 1,080 
Repayment of sale and leaseback agreement
— — (22,667)— — — — — (22,667)
Transaction costs related to loans and borrowings
(5,871)— — — — — — — (5,871)
Repayment of borrowings
(909,470)(67,200)— — — — — — (976,670)
Repayment of commercial paper
— — (279,314)— — — — — (279,314)
Repayment of lease liabilities
— — — (25,527)— — — — (25,527)
Dividend paid— — — — (24,213)— — — (24,213)
Total changes from financing cash flows123,109 (67,200)(70,136)(25,527)(24,213)— 1,080 — (62,887)
Other changes
Liability-related
Amortization of transaction costs
4,926 865 — — — — — — 5,791 
Amortization of above par issuance
— (57)— — — — — — (57)
Amortization of below par issuance
— 28 — — — — — — 28 
New leases
— — — 14,060 — — — — 14,060 
Interest expense (Note 6)— — 8,809 1,237 — — — — 10,046 
Translation differences
— — (5,873)(142)— — — — (6,015)
Total liability-related other changes4,926 836 2,936 15,155 — — — — 23,853 
Total equity-related other changes (Note 15)— — — — — 30,180 — 205,836 236,016 
Balance at December 31, 20221,333,183 197,556 136,861 28,679 1,917,484 33,029 (163,024)385,976 3,869,744 
LiabilitiesEquity
Loans and borrowingsOther NotesOther borrowingsLease liabilitiesShare capital / premiumReservesTreasury sharesRetained earningsTotal
Balance at January 1, 20231,333,183 197,556 136,861 28,679 1,917,484 33,029 (163,024)385,976 3,869,744 
Changes from financing cash flows
Proceeds from loans and borrowings (Note 17)2,124,850 — — — — — — — 2,124,850 
Proceeds from issue of other borrowings (Note 17)— — 569,277 — — — — — 569,277 
Proceeds from transfer of treasury shares (Note 15)
— — — — — — 5,429 — 5,429 
Repayment of sale and leaseback agreement (Note 17)— — (96,006)— — — — — (96,006)
Transaction costs related to loans and borrowings (Note 17)(13,761)— (769)— — — — — (14,530)
Repayment of borrowings (Note 17)(2,933,724)— — — — — — — (2,933,724)
Repayment of commercial paper (Note 17)— — (458,272)— — — — — (458,272)
Repayment of lease liabilities (Note 17)— — — (21,942)— — — — (21,942)
Dividend paid— — — — (211,807)— — (418,733)(630,540)
Total changes from financing cash flows(822,635)— 14,230 (21,942)(211,807)— 5,429 (418,733)(1,455,458)
Other changes
Liability-related
Amortization of transaction costs (Note 17)15,835 692 4 — — — — — 16,531 
Amortization of above par issuance (Note 17)— (57)— — — — — — (57)
Amortization of below par issuance (Note 17)— 28 — — — — — — 28 
New leases (Note 17)— — — 2,312 — — — — 2,312 
Remeasurement (Note 17)
— — — 27,158 — — — — 27,158 
Interest expense (Note 6)— — 9,423 631 — — — — 10,054 
Translation differences (Note 17)— — 2,609 18 — — — — 2,627 
Other
1,976 3,733 419 — — — — — 6,128 
Total liability-related other changes17,811 4,396 12,455 30,119 — — — — 64,781 
Total equity-related other changes (Note 15)— — — — — (31,654)— 840,673 809,019 
Balance at December 31, 2023528,359 201,952 163,546 36,856 1,705,677 1,375 (157,595)807,916 3,288,086 
LiabilitiesEquity
Loans and borrowingsOther NotesOther borrowingsLease liabilitiesShare capital / premiumReservesTreasury sharesRetained earningsTotal
Balance at January 1, 2024528,359 201,952 163,546 36,856 1,705,677 1,375 (157,595)807,916 3,288,086 
Changes from financing cash flows
Proceeds from loans and borrowings (Note 17)1,971,542 — — — — — — — 1,971,542 
Proceeds from issue of other borrowings (Note 17)— — 750,983 — — — — — 750,983 
Proceeds from transfer of treasury shares (Note 15)— — — — — — (126,913)— (126,913)
Repayment of sale and leaseback liability (Note 17)— — (54,299)— — — — — (54,299)
Transaction costs related to loans and borrowings (Note 17)(14,946)— (4,278)— — — — — (19,224)
Repayment of borrowings (Note 17)(1,177,328)— — — — — — — (1,177,328)
Repayment of commercial paper (Note 17)— — (357,171)— — — — — (357,171)
Repayment of lease liabilities (Note 17)— — — (33,879)— — — — (33,879)
Dividend paid— — — — (1,006,043)— — (120,640)(1,126,683)
Total changes from financing cash flows779,268 — 335,235 (33,879)(1,006,043)— (126,913)(120,640)(172,972)
Other changes
Liability-related
Amortization of transaction costs (Note 17)8,260 697 306 — — — — — 9,263 
Amortization of above par issuance (Note 17)— (57)— — — — — — (57)
Amortization of below par issuance (Note 17)— 28 — — — — — — 28 
New leases (Note 17)— — — 332 — — — — 332 
Acquisitions through business combination (Note 17)
332,529 — 234,491 1,500 — — — — 568,520 
Disposals through sale of subsidiary— — — (1,137)— — — — (1,137)
Interest expense (Note 6)— — 33,930 275 — — — — 34,205 
Translation differences (Note 17)(867)— (4,338)(32)— — — — (5,237)
Other
5,257 — (85)(171)— — — — 5,001 
Total liability-related other changes345,179 668 264,304 767 — — — — 610,918 
Total equity-related other changes (Note 15)— — — — — (1,275)— 89,822 88,547 
Balance at December 31, 20241,652,806 202,620 763,085 3,744 699,634 100 (284,508)777,098 3,814,579