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Financial Risk Management (Tables)

12 Months Ended

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	​	​

1For 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.

2The 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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