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Right of Use Assets | 12 Months Ended
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Dec. 31, 2023
Right of Use Assets |
Right of Use Assets | Right of Use Assets Nature of the Group leasing activities Leasehold equipment In 2022 the Group started an agreement for the use of vessel equipment for a total contract value of EUR 464 thousand during the initial term, plus additional repair and installation costs. The amount was amortised over the initial term which was 13 months, ending in 2023. Office space The Group leases office space for the purpose of office operations. In 2023, the Company has terminated the lease agreement for its headquarters and signed a contract with Castellum Denmark, for a new location from 2024. The lease commitment is presented in Note 23. Warehouse facilities The Group leases a warehouse facility located in the UK. ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | Leasehold | Warehouse | Office | ​
EUR’000 | ​ | equipment | facilities | space | Total
Cost 2023 | ​ |  |  |  |
Beginning of financial year |  | 464 | — | 1,681 | 2,145
Acquisition of businesses |  | — | 421 | 612 | 1,033
Exchange differences | ​ | — | (12) | (32) | (44)
31 December 2023 |  | 464 | 409 | 2,261 | 3,134
Accumulated depreciation |  |  |  |  |
Beginning of financial year |  | 381 | — | 1,477 | 1,858
Amortisation charge |  | 83 | 30 | 221 | 334
Exchange differences | ​ | — | (6) | (25) | (31)
31 December 2023 |  | 464 | 24 | 1,673 | 2,161
Net book value |  | — | 385 | 588 | 973
​
​ | ​ | ​ | ​ | ​
​ |  | Leasehold | Office |
EUR’000 | ​ | equipment | space | Total
Cost 2022 | ​ | ​ | ​ | ​
Beginning of financial year |  | — | 1,572 | 1,572
Movement during the year |  | 464 | 109 | 573
31 December 2022 |  | 464 | 1,681 | 2,145
Accumulated depreciation |  |  |  |
Beginning of financial year |  | — | 1,108 | 1,108
Amortisation charge |  | 381 | 369 | 750
31 December 2022 |  | 381 | 1,477 | 1,858
Net book value |  | 83 | 204 | 287
​
​ | ​ | ​ | ​
​ |  | Office |
EUR’000 | ​ | space | Total
Cost 2021 |  |  |
Beginning of financial year |  | 1,572 | 1,572
31 December 2021 |  | 1,572 | 1,572
Accumulated depreciation |  |  |
Beginning of financial year |  | 832 | 832
Amortisation charge |  | 276 | 276
31 December 2021 |  | 1,108 | 1,108
Net book value |  | 464 | 464
​ Please refer to Note 24 for disclosure on the lease liabilities and to Note 23 for disclosure on lease commitment Lease interest expenses recognised in profit and loss a. Interest expense
​ | ​ | ​ | ​ | ​
EUR’000 |  | 2023 | 2022 | 2021
Interest expense on lease liabilities (vessels and office) |  | 25 | 21 | 30
​ b. Lease expense not capitalised in lease liabilities
​ | ​ | ​ | ​ | ​
EUR’000 |  | 2023 | 2022 | 2021
Short-term lease expense |  | 180 | 53 | 34
​ c. Total cash outflow for all leases in 2023, 2022 and 2021 were EUR 283 thousand, EUR 728 thousand and EUR 315 thousand respectively, excluding variable lease fee (refer to Note 24).
​ | ​ | ​ | ​ | ​
EUR’000 |  | 2023 | 2022 | 2021
Repayment of lease liability |  | 283 | 728 | 315
Rental above standby rate |  | — | — | 196
Cash outflow for leases that are not capitalised |  | 180 | 53 | 34
​ |  | 463 | 781 | 545
​

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