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Business Combination

12 Months Ended

Dec. 31, 2024

Note 26

Business Combination

On 19 December, 2023, the Group completed the acquisition of Eneti.

As of the reporting date, no adjustments or changes to the initial estimates and recognition have been identified. The business combination is considered final and will not result in further modifications to the financial statements.

The fair value of identified net assets and goodwill recognised in the Eneti acquisition comprises as follows:


EUR’000		19 December 2023
Vessels including dry docks		296,707
Vessel under construction		144,219
Other fixtures & fittings		598
Right-of-use assets		1,033
Trade and other receivables		29,408
Inventories		147
Prepayments		3,821
Cash and cash equivalents		106,056
Total assets		581,989
Provisions		6,987
Deferred tax liabilities		10,315
Trade and other payables		40,271
Lease liabilities		1,300
Deferred charter hire income		1,937
Current income tax liabilities		1,217
Total liabilities		62,027

Total identifiable net assets at fair value		519,962
Goodwill arising on acquisition		16,919
Purchase price transferred		536,881
Cash and cash equivalents acquired		106,056
Consideration paid in shares		441,228
Net cash purchase price		(10,403)