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Financial Risk Management (Tables)

12 Months Ended

Dec. 31, 2023

Financial Risk Management

Schedule of maturity analysis of contract obligation for the construction of the newbuilds vessels

​

​	​	​	​	​	​
​		Less than	Between	Between	​
Millions	​	1 year	1 and 2 years	2 and 5 years	Total
2023	​	​	​	​	​
Obligation in USD	​	328	833	180	1,341
Obligation in USD (in EUR)	​	296	752	163	1,211
​	​	​	​	​	​
Obligation in EUR	​	69	99	6	174
Total obligations (in EUR)	​	365	851	169	1,385
2022	​	​	​	​	​
Obligation in USD		—	197	619	816
Obligation in USD (in EUR)	​	—	187	588	775
​	​	​	​	​	​
Obligation in EUR		13	69	105	187
Total obligations (in EUR)	​	13	256	693	962

Schedule of analysis of maturity profile of the financial liabilities of the Company based on contractual undiscounted cash flows

​

​	​	​	​	​	​	​	​	​
​	​	Less than	​	Between	​	Between	​	​
EUR’000		1 year		1 and 2 years		2 and 5 years		Total
2023	​	​	​	​	​	​	​	​
Trade and other payables	​	32,636	​	—	​	—	​	32,636
Payables to Related parties	​	162	​	—	​	—	​	162
Lease liabilities	​	601	​	392	​	—	​	993
Debt to credit institutions	​	799	​	—	​	204,773	​	205,572
Derivatives	​	4,004	​	5,683	​	12,274	​	21,961
​	​	38,202	​	6,075	​	217,047	​	261,324
2022	​	​	​	​	​	​	​	​
Trade and other payables	​	8,822	​	—	​	—	​	8,822
Payables to Related parties		89		—		—		89
Lease liabilities		279		—		—		279
Debt to credit institutions		772		—		114,230		115,002
Derivatives		—		1,821		287		2,108
​		9,962		1,821		114,517		126,300
2021
Trade and other payables		9,703		—		—		9,703
Payables to Related parties		63		—		—		63
Lease liabilities		298		209		—		507
Debt to credit institutions		28,599		14,476		30,000		73,075
​		38,663		14,685		30,000		83,348

Schedule of changes in lease liabilities and change in the debts to credit institutes during the year

​

​	​	​	​	​
EUR’000		2023	2022	2021
Lease liabilities at 1 January (current and non-current lease)		279	507	792
Acquisition of subsidiaries		1,299	—	—
Exchange differences	​	(16)	—	—
Cash paid for lease obligations	​	(569)	(228)	(285)
Lease liabilities at 31 December (current and non-current lease)		993	279	507
Current	​	392	—	209
Non-current	​	601	279	298

​

Change in the debts to credit institutions during the year

​

​	​	​	​	​
EUR’000		2023	2022	2021
Debt to credit institutions at 1 January		(115,002)	(73,075)	(73,500)
Overdraft facility drawn		—	(16,067)	(8,998)
Loans repayment		115,000	65,000	10,000
Overdraft repayment		—	25,065	—
New loan		(211,934)	(115,000)	—
New loan interests		8,262	1,541	—
Write off of loan fees	​	(1,898)	(923)	—
Others		—	(1,543)	(577)
Debt to credit institutions at 31 December		(205,572)	(115,002)	(73,075)

Schedule of maturity analysis of derivative financial instruments

​

​	​	​	​	​	​	​
​	​	Less than	Between	After	​	Carrying
EUR’000		1 year	1 and 2 years	2 years	Total	amount
2023	​
Derivative financial instruments
Interest rate swaps with a positive fair value		—	—	—	—	—
Interest rate swaps with a negative fair value		798	(3,166)	(11,862)	(14,229)	(11,855)
Gross settled foreign currency contracts, pay leg (EUR)		—	(183,741)	—	(183,741)	—
Gross settled foreign currency contracts, receive leg (USD)	​	—	178,403	—	178,403	(5,338)
​	​	798	(8,504)	(11,862)	(19,567)	(17,193)
2022	​	​	​	​	​	​
Derivative financial instruments	​	​	​	​	​	​
Interest rate swaps with a positive fair value	​	(305)	1,158	4,231	5,084	3,376
Interest rate swaps with a negative fair value	​	—	—	(370)	(370)	(287)
Gross settled foreign currency contracts, pay leg (EUR)	​	—	(183,741)	—	(183,741)	—
Gross settled foreign currency contracts, receive leg (USD)	​	—	181,921	—	181,921	(1,821)
​		(305)	(662)	3,861	2,894	1,268

Schedule of fair value measurement hierarchy of the Group's assets and liabilities

​

​	​	​	​	​	​
EUR’000		Level 1	Level 2	Level 3	Total
2023
Through the consolidated statement of profit and loss		​	​	​	​
Derivative assets		—	—	—	—
Total financial assets at fair value through the consolidated statement of profit and loss		—	—	—	—
Derivative liabilities		—	(403)	—	(403)
Total financial liabilities at fair value through the consolidated statement of profit and loss		—	(403)	—	(403)
Cash flow hedges:	​	​	​	​	​
Derivative assets		—	338	—	338
Derivative liabilities	​	—	(17,937)	—	(17,937)
2022	​	​	​	​	​
Through the consolidated statement of profit and loss	​	​	​	​	​
Derivative assets	​	—	363	—	363
Total financial assets at fair value through the consolidated statement of profit and loss	​	—	363	—	363
Derivative liabilities	​	—	—	—	—
Total financial liabilities at fair value through the consolidated statement of profit and loss	​	—	—	—	—
Cash flow hedges:	​	​	​	​	​
Derivative assets	​	—	3,013	—	3,013
Derivative liabilities		—	(2,108)	—	(2,108)

​

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