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Financial Risk Management (Tables) | 12 Months Ended
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Dec. 31, 2024
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
2024 | ​ | ​ | ​ | ​ | ​
Obligation in USD | ​ | 651 | 496 | 195 | 1,342
Obligation in USD (in EUR) | ​ | 626 | 476 | 188 | 1,290
​ | ​ | ​ | ​ | ​ | ​
Obligation in EUR | ​ | 65 | 40 | — | 105
Total obligations (in EUR) | ​ | 6,911 | 516 | 188 | 1,395
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 disclosure of the Group's current facilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As of 31 December 2024 | ​ | ​ | ​ | ​ | Committed (EUR millions) | ​ | Related derivatives contracts
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | IRS nominal
EUR Millions |  | Interest rate | Maturity | Covenants | Utilised | Repayments | Unutilised | Average IRS rate | (EUR millions)
Secured | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Green Corporate Facility (RCF + term loan) |  | 3 months EURIBOR + 2% - 2.75% | 2031 | Yes - refer to page 213 | 262 | (6) | 188 | 2.7% | 247
Green Corporate Facility - Guarantee |  | 0.80% - 1.20% | 2026 | ​ | 119 | — | 81 |  |
Total Green Corporate Facility |  |  |  | ​ | 381 | (6) | 269 |  |
P-Class Facility¹ |  | 3 months EURIBOR + 1.5% | 2035 | Yes - refer to page 213 | 210 | (4) | 211 | 3.0% | 105.1
M-Class Facility I & II |  | 3 months EURIBOR + 2.5% | 2035 | Yes - refer to page 213 | — | — | 420 |  |
Unsecured |  |  |  | ​ |  | ​ |  |  |
HoldCo Facility |  | 3 months EURIBOR + 4% | 2028 | Yes - refer to page 213 | 125 | — | — |  |
Total (excluding Guarantee facility) | ​ | ​ | ​ | ​ | 5972 | (10) | 819 | ​ | ​
1 For the P-Class Facility, up to EUR 425 million, EUR 214 million was available for Wind Peak of which EUR 210 million has been utilised and the remaining EUR 4 million lapsed. 2 The difference between EUR 597 million and the carrying amount of EUR 571 million is mainly related to interest and fees.
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
2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trade and other payables | ​ | 43,595 | ​ | — | ​ | — | ​ | 43,595
Payables to Related parties | ​ | 223 | ​ | — | ​ | — | ​ | 223
Lease liabilities | ​ | 1,274 | ​ | 2,337 | ​ | 7,360 | ​ | 10,971
Debt to credit institutions | ​ | 31,163 | ​ | 54,339 | ​ | 485,515 | ​ | 571,017
Derivatives | ​ | 209 | ​ | — | ​ | 16,205 | ​ | 16,414
​ | ​ | 76,464 | ​ | 56,676 | ​ | 509,080 | ​ | 642,220
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
​
Schedule of changes in lease liabilities and change in debts to credit institutes during the year | ​
​ | ​ | ​ | ​ | ​
EUR’000 |  | 2024 | 2023 | 2022
Debt to credit institutions at 1 January |  | (205,572) | (115,002) | (73,075)
Overdraft facility drawn |  | — | — | (16,067)
Loans repayment |  | 10,630 | 115,000 | 65,000
Overdraft repayment |  | — | — | 25,065
New loan |  | (385,234) | (211,934) | (115,000)
New loan fees |  | 11,100 | 8,262 | 1,541
New loan interest | ​ | (3,303) | — | —
Non cash interest | ​ | 1,362 | — | —
Write off of loan fees | ​ | — | (1,898) | (923)
Others |  | — | — | (1,543)
Debt to credit institutions at 31 December 2024 |  | (571,017) | (205,572) | (115,002)
Schedule of fair value of derivatives | ​
​ | ​ | ​ | ​ | ​
EUR’000 |  | 2024 | 2023 | 2022
Derivative assets measured at fair value |  |  |  |
Interest from IRS recycled through OCI |  | 228 | — | —
Interest rate swap |  | 1,287 | 338 | 3,013
FX forward contracts |  | 6,849 | — | —
FX Option collars |  | 4,764 | — | —
Time value of FX Option collars through OCI |  | 5,340 | — | —
Derivatives ineffective hedges | ​ | — | — | 363
Total derivative assets |  | 18,468 | 338 | 3,376
Derivative liabilities measured at fair value | ​ | ​ | ​ | ​
Interest rate swap | ​ | 16,231 | 11,789 | 287
FX forward contracts | ​ | — | 5,338 | 1,821
FX Option collars | ​ | — | 810 | —
Time value of FX Option collars through OCI | ​ | 209 | 3,621 | —
Derivatives ineffective hedges | ​ | (26) | 403 | —
Total derivative liabilities | ​ | 16,414 | 21,961 | 2,108

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