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Condensed Consolidated Cash Flow Statement
$ in Millions
6 Months Ended 12 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Cash flow from operating activities      
Net profit for the period $ 403.4 $ 339.1 $ 648.0
Adjustments:      
Profit from sale of vessels (27.6) (3.5) (50.4)
Depreciation and amortization 89.9 72.1 149.3
Financial income (14.1) (6.7) (14.3)
Financial expenses 37.2 30.5 60.9
Tax 0.5 0.4 4.0
Other non-cash movements 16.6 (12.4) 14.5
Interest received and realized exchange gains 14.1 6.7 14.3
Interest paid and realized exchange losses (30.2) (32.4) (66.0)
Income taxes paid (0.6) (1.5) (3.1)
Change in inventories, receivables and payables, etc. (20.8) 15.0 47.8
Net cash flow from operating activities 468.4 407.3 805.0
Cash flow from investing activities      
Investment in tangible fixed assets (262.3) [1] (333.6) [1] (509.7) [1]
Investment in intangible fixed assets (0.9) (0.2) (0.6)
Sale of tangible fixed assets 88.4 16.0 166.4
Change in restricted cash 24.8 (26.6) (26.7)
Net cash flow from investing activities (150.0) (344.4) (370.6)
Cash flow from financing activities      
Proceeds, borrowings 302.2 439.4 676.4
Repayment, borrowings (101.4) (253.2) (585.4)
Dividend paid (267.7) (336.6) (586.4)
Capital increase 10.6 [1] 6.2 [1] 6.2 [1]
Transaction costs share issue (0.5) (0.1) (0.2)
Net cash flow from financing activities (56.8) (144.3) (489.4)
Net cash flow from operating, investing and financing activities 261.6 (81.4) (55.0)
Cash and cash equivalents beginning balance 265.5 320.5 320.5
Cash and cash equivalents ending balance 527.1 239.1 265.5
Restricted cash equivalents ending balance 5.3 29.9 30.1
Cash and cash equivalents including restricted cash ending balance $ 532.4 $ 269.0 $ 295.6
[1] ¹⁾ During the first six months of 2024, share capital was increased by USD 227.8m (30 June 2023: USD 54.7m, 31
December 2023: USD 92.7m) in total including an USD 217.2m (30 June 2023: USD 48.5m, 31 December 2023: USD
86.5m) non-cash share issue in relation to purchase of 11 (30 June 2023: Three, 31 December 2023: Five) vessels.