International Petroleum Corporation

Untitled Q4 International Petroleum Corporation Audited Consolidated Financial Statements For the years ended December 31, 2023 and 2022 2 Contents Report of Management 3 Report of Independent Auditor 4 Consolidated Statement of Operations 9 Consolidated Statement of Comprehensive Income 10 Consolidated Balance Sheet 11 Consolidated Statement of Cash Flow 12 Consolidated Statement of Changes in Equity 13 Notes to the Consolidated Financial Statements 14 Consolidated Financial Statements For the years ended December 31, 2023 and 2022, AUDITED 3 Consolidated Financial Statements For the years ended December 31, 2023 and 2022, AUDITED REPORT OF MANAGEMENT The accompanying consolidated financial statements of International Petroleum Corporation (“IPC” or the “Corporation” and, together with its subsidiaries, the “Group”) and other information contained in the management’s discussion and analysis are the responsibility of management and have been approved by the Board of Directors. The consolidated financial statements have been prepared by management in accordance with IFRS Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) as outlined in Part 1 of the Handbook of the Chartered Professional Accountants of Canada, and include some amounts that are based on management’s estimates and judgment. The Board of Directors carries out its responsibility for the consolidated financial statements principally through its Audit Com- mittee, which is comprised solely of independent directors. The Audit Committee reviews the Group’s annual consolidated finan- cial statements and recommends its approval to the Board of Directors. The Corporation’s auditors have full access to the Audit Committee, with and without management being present. These consolidated financial statements have been audited by Pricewa- terhouseCoopers SA, Chartered Professional Accountants, Licensed Public Accountants. (Signed) William Lundin (Signed) Christophe Nerguararian Director, President and Chief Executive Officer Chief Financial Officer Vancouver, Canada February 6, 2024 4 Independent auditor’s report To the Shareholders of International Petroleum Corporation Our opinion In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of International Petroleum Corporation and its subsidiaries (together, the Corporation) as at December 31, 2023 and 2022 and its financial performance and its cash flows for the years then ended in accordance with IFRS Accounting Standards (IFRS). What we have audited The Corporation’s consolidated financial statements comprise: x the consolidated statements of operations for the years ended December 31, 2023 and 2022; x the consolidated statements of comprehensive income for the years ended December 31, 2023 and 2022; x the consolidated balance sheet for the years ended December 31, 2023 and 2022; x the consolidated statements of cash flow for the years then ended; x the consolidated statements of changes in equity for the years then ended; and x the notes to the consolidated financial statements, which include significant accounting policies. Basis for opinion We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Corporation in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in Canada. We have fulfilled our other ethical responsibilities in accordance with these requirements. Key audit matter Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements for the year ended December 31, 2023. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. PricewaterhouseCoopers SA, avenue Giuseppe-Motta 50, case postale, CH-1211 Genève 2, Switzerland Téléphone: +41 58 792 91 00, Téléfax: + 41 58 792 91 10, www.pwc.ch 5 PricewaterhouseCoopers SA, avenue Giuseppe-Motta 50, case postale, CH-1211 Genève 2, Switzerland Téléphone: +41 58 792 91 00, Téléfax: + 41 58 792 91 10, www.pwc.ch Key audit matter How our audit addressed the key audit matter The impact of oil and gas reserves on net property, plant and equipment (PP&E) for the Canada, Malaysia, and France segments Refer to note 1 - Corporate information, note 2 - Critical accounting estimates and judgements, and note 8 – Oil and Gas Properties to the consolidated financial statements. The Corporation had USD 1’278.5 million of net PP&E assets as at December 31, 2023. Depletion charges were USD 126.0 million for the year then ended. PP&E is depleted based on the year’s production in relation to the estimated total proved and probable reserves in accordance with the unit of production method. PP&E assets are grouped for recoverability assessment purposes into cash generating units (CGU’s). At each balance sheet date or when there are facts and circumstances that suggest that the net book value of capitalized costs within each field area cost centre is higher than anticipated future net cash flow from oil and gas reserves attributable to the Corporation’s interest in the related field areas, the Corporation performs an assessment as to whether there is an indication that an asset may be impaired. Management determines the recoverable amounts of the CGU based on the higher of fair value less costs of disposal and value in use using estimated future discounted net cash flows of proved and probable oil and gas reserves. The Corporation’s estimates of proved and probable oil and gas reserves used in the calculations for impairment tests and accounting for depletion have been reviewed by Management’s experts, specifically independent qualified reserves evaluators. Significant assumptions developed by management used to determine the recoverable amount of the CGU’s include the proved and probable oil and gas reserves, expected production volumes, future oil and gas prices, future development costs, future production costs and the discount rate. We determined that this is a key audit matter due to (i) the significant judgment made by management, including the use of management’s experts, when developing the expected future cash flows to determine the recoverable amount and the proved and probable oil and gas reserves; and (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating audit evidence relating to management’s estimates. Our approach to addressing the matter included the following procedures, among others: භ The work of management’s experts was used in performing the procedures to evaluate the reasonableness of the proved and probable oil and gas reserves used to determine depletion charges and the recoverable amount of PP&E. As a basis for using this work, management’s experts’ competence, capability and objectivity were evaluated, their work performed was understood and the appropriateness of their work as audit evidence was evaluated by considering the relevance and reasonableness of the assumptions, methods and findings. භ Tested how management determined the recoverable amount of CGU’s, which included the following: o Evaluated the appropriateness of the methods used by management in making these estimates. o Tested the data used in determining these estimates. o Evaluated the reasonableness of significant assumptions used in developing the underlying estimates: ඵ Expected production volumes, future development costs and future production costs by considering the past performance of each segment, and whether these assumptions were consistent with evidence obtained in other areas of the audit. ඵ Future oil and gas prices by comparing those prices with other reputable third- party industry forecasts. ඵ The discount rate, by performing an independent sensitivity analysis. x Recalculated the unit of production rates used to calculate depletion charges of PP&E. 6 PricewaterhouseCoopers SA, avenue Giuseppe-Motta 50, case postale, CH-1211 Genève 2, Switzerland Téléphone: +41 58 792 91 00, Téléfax: + 41 58 792 91 10, www.pwc.ch Other information Management is responsible for the other information. The other information comprises the Management’s Discussion and Analysis. Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of management and those charged with governance for the consolidated financial statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, management is responsible for assessing the Corporation’s ability to continue as going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Corporation or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Corporation’s financial reporting process. 7 PricewaterhouseCoopers SA, avenue Giuseppe-Motta 50, case postale, CH-1211 Genève 2, Switzerland Téléphone: +41 58 792 91 00, Téléfax: + 41 58 792 91 10, www.pwc.ch Auditor’s responsibilities for the audit of the consolidated financial statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: භ Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. භ Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Corporation’s internal control. භ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. භ Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Corporation’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Corporation to cease to continue as a going concern. භ Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. භ Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Corporation to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 8 PricewaterhouseCoopers SA, avenue Giuseppe-Motta 50, case postale, CH-1211 Genève 2, Switzerland Téléphone: +41 58 792 91 00, Téléfax: + 41 58 792 91 10, www.pwc.ch From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. The engagement partner on the audit resulting in this independent auditor’s report is Colin Johnson. PricewaterhouseCoopers SA Colin Johnson Luc Schulthess Chartered Professional Accountant February 6, 2024 9 Consolidated Statement of Operations For the years ended December 31, 2023 and 2022, AUDITED USD Thousands Note 2023 2022 Revenue 3 853,906 1,129,298 Cost of sales Production costs 4 (491,303) (476,986) Depletion and decommissioning costs 8 (101,922) (122,041) Depreciation of other tangible fixed assets 10 (7,812) (10,787) Exploration and business development costs (2,355) (2,775) Gross profit 3 250,514 516,709 Sale of assets 8 19,018 – General, administration and depreciation expenses (18,455) (14,440) Profit before financial items 251,077 502,269 Finance income 5 21,774 6,999 Finance costs 6 (44,510) (44,130) Net financial items (22,736) (37,131) Profit before tax 228,341 465,138 Income tax expense 7 (55,362) (127,413) Net result 172,979 337,725 Net result attributable to: Shareholders of the Parent Company 172,951 337,683 Non-controlling interest 28 42 172,979 337,725 Earnings per share – USD 1 17 1.31 2.30 Earnings per share fully diluted – USD 1 17 1.28 2.25 1 Based on net result attributable to shareholders of the Parent Company See accompanying notes to the consolidated financial statements 10 Consolidated Statement of Comprehensive Income For the years ended December 31, 2023 and 2022, AUDITED USD Thousands Note 2023 2022 Net result 172,979 337,725 Other comprehensive income Items that may be reclassified to profit or loss: Reclassification of hedging gains losses to profit or loss 3, 24 (18,928) (19,125) Gains on cash flow hedges 48,786 28,819 Income tax relating to these items (7,051) (2,343) Currency translation adjustments 20,994 (43,461) Items that will not be reclassified to profit or loss: Re-measurements on defined pension plan 21 (679) 3,778 Total comprehensive income 216,101 305,393 Total comprehensive income attributable to: Shareholders of the Parent Company 216,076 305,359 Non-controlling interest 25 34 216,101 305,393 See accompanying notes to the consolidated financial statements 11 Consolidated Balance Sheet For the years ended December 31, 2023 and 2022, AUDITED USD Thousands Note December 31, 2023 December 31, 2022 ASSETS Non-current assets Oil and gas properties 8 1,278,422 963,375 Other tangible fixed assets 10 25,438 33,374 Right-of-use assets 11 2,814 1,217 Deferred tax assets 7 1,827 1,960 Derivative instruments 23 7,049 – Other assets 12 56,838 41,125 Total non-current assets 1,372,388 1,041,051 Current assets Inventories 13 21,808 15,958 Trade and other receivables 14 113,497 123,609 Derivative instruments 23 35,504 11,741 Current tax receivables 2,714 18 Cash and cash equivalents 15 517,074 487,240 Total current assets 690,597 638,566 TOTAL ASSETS 2,062,985 1,679,617 LIABILITIES Non-current liabilities Financial liabilities 19 5,442 8,711 Bonds 19 435,041 295,440 Lease liabilities 11 2,087 507 Provisions 20 250,657 203,389 Deferred tax liabilities 7 86,348 56,334 Derivative instruments 23 263 – Total non-current liabilities 779,838 564,381 Current liabilities Trade and other payables 22 188,871 118,726 Financial liabilities 19 3,589 3,431 Derivative instruments 23 1,267 1,155 Current tax liabilities 255 17,793 Lease liabilities 11 809 752 Provisions 20 8,097 8,048 Total current liabilities 202,888 149,905 EQUITY Shareholders’ equity 1,080,074 965,140 Non-controlling interest 185 191 Net shareholders’ equity 1,080,259 965,331 TOTAL EQUITY AND LIABILITIES 2,062,985 1,679,617 Approved by the Board of Directors (Signed) C. Ashley Heppenstall (Signed) William Lundin Director Director See accompanying notes to the consolidated financial statements 12 Consolidated Statement of Cash Flow For the years ended December 31, 2023 and 2022, AUDITED USD Thousands Note 2023 2022 Cash flow from operating activities Net result 172,979 337,725 Adjustments for non-cash related items: Depletion, depreciation and amortization 8,10,11 111,303 134,436 Gain on sale of assets (19,018) – Income tax 7 55,362 127,413 Amortization of capitalized financing fees 6 342 2,228 Amortization of capitalized bonds fees 6 1,263 1,024 Foreign currency exchange 6 1,911 7,872 Interest expense 6 25,635 20,689 Interest income 5 (21,774) (6,966) Unwinding of asset retirement obligation discount 6 13,408 10,758 Change in pension liability 21 446 542 Share-based costs 18 11,690 7,997 Other 2,998 1,209 Cash flow generated from operations (before working capital adjustments and income taxes) 356,545 644,927 Changes in working capital 36,058 (13,305) Decommissioning costs paid 20 (8,118) (5,809) Other payments 20 (2,370) (2,736) Income taxes received paid (34,868) (16,470) Interest received 20,884 6,656 Interest paid (21,977) (11,445) Net cash flow from operating activities 346,154 601,818 Cash flow used in investing activities Investment in oil and gas properties 8 (312,729) (157,662) Acquisition of Cor4 net of cash acquired 9 (59,419) – Disposal of assets 9 20,191 – Investment in other fixed assets 10 (510) (151) Net cash (outflow) from investing activities (352,467) (157,813) Cash flow from financing activities Borrowings / (Repayments) 19 (3,111) (100,979) Bonds issuance 137,550 300,000 Paid financing fees (507) (5,583) Financing of Substantial Issuer Bid (“SIB”) 16 – (100,957) Repurchase of own shares (“NCIB”) 16 (95,358) (80,578) Other payments (980) (793) Dividend paid (31) – Net cash (outflow) from financing activities 37,563 11,110 Change in cash and cash equivalents 31,250 455,115 Cash and cash equivalents at the beginning of the period 487,240 18,810 Currency exchange difference in cash and cash equivalents (1,416) 13,315 Cash and cash equivalents at the end of the period 517,074 487,240 See accompanying notes to the consolidated financial statements 13 Consolidated Statement of Changes in Equity For the years ended December 31, 2023 and 2022, AUDITED USD Thousands Share capital and premium Retained earnings CTA IFRS 2 reserve MTM reserve Pension reserve Total Non- controlling interest Total equity Balance at January 1, 2023 338,719 635,895 (31,292) 11,349 7,958 2,511 965,140 191 965,331 Net result – 172,951 – – – – 172,951 28 172,979 Re-measurements on defined pension plan – – – – – (679) (679) – (679) Acquisition of Cor4 1 – – – – 881 – 881 – 881 Cash flow hedge – – – – 21,926 – 21,926 – 21,926 Currency translation difference – – 20,547 (83) 579 (46) 20,997 (3) 20,994 Total comprehensive income – 172,951 20,547 (83) 23,386 (725) 216,076 25 216,101 Dividend distribution – – – – – – – (31) (31) Repurchase of own shares 2 (95,358) – – – – – (95,358) – (95,358) Share based costs – – – 13,535 – – 13,535 – 13,535 Share based payments 3 (13,356) – – (5,963) – – (19,319) – (19,319) Balance at December 31, 2023 230,005 808,846 (10,745) 18,838 31,344 1,786 1,080,074 185 1,080,259 1 See Note 9 2 See Note 16 3 The third instalment of IPC RSP 2020 awards, the second instalment of IPC RSP 2021 awards, the first instalment of IPC RSP 2022 awards and the IPC PSP 2020 awards vested on January 31, 2023, at a price of CAD 14.26 per award. The difference between the value at vesting date and at grant (respectively CAD 4.35 per award, CAD 4.07 per award, CAD 9.09 per award and CAD 3.65 per award) was offset against share premium. USD Thousands Share capital and premium Retained earnings CTA IFRS 2 reserve MTM reserve Pension reserve Total Non- controlling interest Total equity Balance at January 1, 2022 528,764 298,212 11,291 9,700 874 (1,455) 847,386 157 847,543 Net result – 337,683 – – – – 337,683 42 337,725 Re-measurements on defined pension plan – – – – – 3,778 3,778 – 3,778 Cash flow hedge – – – – 7,351 – 7,351 – 7,351 Currency translation difference – – (42,583) (791) (267) 188 (43,453) (8) (43,461) Total comprehensive income – 337,683 (42,583) (791) 7,084 3,966 305,359 34 305,393 Repurchase of own shares 1 (80,578) – – – – – (80,578) – (80,578) Substantial Issuer Bid (“SIB”) 1 (100,957) – – – – – (100,957) – (100,957) Share based payments 2 (8,510) – – 2,440 – – (6,070) – (6,070) Balance at December 31, 2022 338,719 635,895 (31,292) 11,349 7,958 2,511 965,140 191 965,331 1 See Note 16 2 The second instalment of IPC RSP 2020 awards and the first instalment of IPC RSP 2021 awards vested on February 28, 2022, at a price of CAD 8.93 per award. The difference between the value at vesting date and at grant (respectively CAD 4.35 per award and CAD 4.07 per award) was offset against share premium. The third instalment of IPC RSP 2019 awards and the IPC PSP 2019 awards vested on June 30, 2022, at a price of CAD 12.83 per award. The difference between the value at vesting date and at grant (respectively CAD 5.84 per award and CAD 4.28 per award) was offset against share premium. See also Note 18. See accompanying notes to the consolidated financial statements 14 Notes to the Consolidated Financial Statements For the years ended December 31, 2023 and 2022, AUDITED 1. CORPORATE INFORMATION A. The Group International Petroleum Corporation (“IPC” or the “Corporation” and, together with its subsidiaries, the “Group”) is in the business of exploring for, developing and producing oil and gas. IPC holds a portfolio of oil and gas production assets and development projects in Canada, Malaysia and France with exposure to growth opportunities. The Corporation’s common shares are listed on the Toronto Stock Exchange (“TSX”) in Canada and the Nasdaq Stockholm Exchange in Sweden. The Corporation is incorporated and domiciled in British Columbia, Canada under the Business Corporations Act. The address of its registered office is Suite 3500, 1133 Melville Street, Vancouver, BC V6E 4E5, Canada and its business address is Suite 2000, 885 West Georgia Street, Vancouver, BC V6C 3E8, Canada. On March 3, 2023, IPC completed the acquisition (the “Cor4 acquisition”) of all of the issued and outstanding shares of Cor4 Oil Corp. (“Cor4”). On June 1, 2023, Cor4 was amalgamated into IPC Canada Ltd. B. Basis of preparation The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These consolidated financial statements are presented in United States Dollars (USD), which is the Group’s presentation and functional currency. The consolidated financial statements have been prepared on a historical cost basis, except for items that are required to be accounted for at fair value as detailed in the Group’s accounting policies. Intercompany transactions and balances have been eliminated. Certain comparative figures have been reclassified to conform with the financial statements presentation in the current year. These consolidated financial statements have been approved by the Board of Directors of IPC and authorized for issuance on February 6, 2024. C. Going concern The Group’s consolidated financial statements for the year ended December 31, 2023, have been prepared on a going concern basis, which assumes that the Group will be able to realize its assets and discharge its liabilities in the normal course of business as they become due in the foreseeable future. D. Changes in accounting policies and disclosures During the year ended December 31, 2023, the Group applied the amended accounting standards, interpretations and annual improvement points that are effective as of January 1, 2023. The application of the amendments did not have a material impact on the consolidated financial statements. There are no plans for the early adoption of published standards, interpretations, or amendments prior to their mandatory effective date. The Group does not expect that other changes in IFRS will have a material impact on the consolidated financial statements. E. Basis of Consolidation Subsidiaries Subsidiaries are all entities over which the Group has control and are consolidated. The Corporation controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The non-controlling interest in a subsidiary represents the portion of the subsidiary not owned by Group companies. The equity of the subsidiary relating to the non-controlling shareholders is shown as a separate item within changes in net equity. Inter-company transactions, balances, income and expenses on transactions between companies are eliminated. Profits and losses resulting from intercompany transactions that are recognized in assets are also eliminated. F. Joint Arrangements Oil and gas operations of the Group are conducted as co-licencees in unincorporated joint ventures with other companies and are classified as joint operations. The consolidated financial statements reflect the relevant proportions of production, capital costs, operating costs and current assets and liabilities of the joint operation applicable to the Corporation’s interests. 15 Notes to the Consolidated Financial Statements For the years ended December 31, 2023 and 2022, AUDITED G. Foreign Currency Translation Transactions and balances Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange prevailing at the balance sheet date and foreign exchange currency differences are recognized in the consolidated statement of operations. Transactions in foreign currencies are translated at exchange rates prevailing at the transaction date. Foreign exchange gains and losses are presented within finance income and costs in the consolidated statement of operations. Functional and presentation currency Items included in the financial statements of each of the operational entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The functional currency of the Corporation’s operational entities are the USD, CAD, MYR and EUR. The consolidated financial statements are presented in USD which is the Corporation’s presentation currency. The balance sheets and income statements of foreign companies are translated using the current rate method. All assets and liabilities are translated at the balance sheet date rates of exchange, whereas the income statements are translated at average rates of exchange for the year, except for transactions where it is more relevant to use the rate of the day of the transaction. The translation differences which arise are recorded directly in net assets. Exchange rates for the relevant currencies of the Group with respect to the US Dollar are as follows: December 31, 2023 December 31, 2022Average Period end Average Period end1 EUR equals USD 1.0816 1.1050 1.0539 1.06661 USD equals CAD 1.3496 1.3251 1.3015 1.35381 USD equals MYR 4.5598 4.5950 4.3995 4.4050 H. Classification of assets and liabilities Non-current assets, long-term liabilities and provisions consist of amounts that are expected to be recovered or paid more than twelve months after the balance sheet date. Current assets and current liabilities consist solely of amounts that are expected to be recovered or paid within twelve months after the balance sheet date. I. Oil and gas properties Oil and gas properties are recorded at historical cost less depletion. All costs for acquiring concessions, licences or interests in production sharing contracts and for the survey, drilling and development of such interests are capitalized on a field area cost center basis. Costs directly associated with an exploration well are capitalized until the determination of reserves is evaluated. If it is determined that a commercial discovery has not been achieved, these exploration costs are charged to the income statement. During the exploration and development phases, no depletion is charged. The field will be transferred from the non-producing assets to the producing assets within oil and gas properties once production commences, and accounted for as a producing asset. Routine maintenance and repair costs for producing assets are expensed to the income statement when they occur. Property, plant and equipment are depleted based on the year’s production in relation to estimated total proved and probable reserves of oil and gas in accordance with the unit of production method. Depletion of a field area is charged to the income statement through cost of sales once production commences. Proved reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under current economic conditions, operating methods and governmental regulations. Proved reserves can be categorized as developed or undeveloped. If deterministic methods are used, the term reasonable certainty is intended to express a high degree of confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90 percent probability that the quantities actually recovered will equal or exceed the estimates. Probable reserves are those unproved reserves which analysis of geological and engineering data suggests are more likely than not to be recoverable. In this context, when probabilistic methods are used, there should be at least a 50 percent probability that the quantities actually recovered will equal or exceed the sum of estimated proved plus probable reserves. Proceeds from the sale or farm-out of oil and gas concessions in the exploration stage are offset against the related capitalized costs of each cost center with any excess of net proceeds over the costs capitalized included in the income statement. In the event of a sale in the exploration stage, any deficit is included in the income statement. 16 Notes to the Consolidated Financial Statements For the years ended December 31, 2023 and 2022, AUDITED Impairment tests are performed annually or when there are indicators of impairment that suggest that the net book value of capitalized costs within each field area cost center less any provision for asset retirement obligation costs is higher than the anticipated future net cash flow from oil and gas reserves attributable to the Corporation’s interest in the related field areas. Capitalized costs cannot be carried unless those costs can be supported by future cash flows from that asset. Provision is made for any impairment, where the net carrying value, according to the above, exceeds the recoverable amount, which is the higher of value in use and fair value less costs of disposal, determined through estimated future discounted net cash flows using prices and cost levels used by management in their internal forecasting. If there is a decision to not continue with a field specific exploration program, the costs will be expensed at the time the decision is made. J. Other tangible fixed assets Other tangible fixed assets are stated at cost less accumulated depreciation. The cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is based on cost and is calculated on a straight line basis over the estimated economic life of 3 to 5 years for office equipment and other assets. The Floating Production Storage and Offloading (“FPSO”) located on the Bertam field, Malaysia, is being depreciated on a unit of production basis using the Bertam field 2P reserves to August 2025 being the original Bertam field production sharing contract (“PSC“) expiry date, before the PSC extension to 2035. Additional costs to existing assets are included in the assets’ net book value or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The net book value of any replaced parts is written off. Other additional expenses are deemed to be repair and maintenance costs and are charged to the income statement when they are incurred. The net book value is written down immediately to its recoverable amount when the net book value is higher. The recoverable amount is the higher of an asset’s fair value less cost of disposal and value in use. The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. K. Leases The Group leases various offices, warehouses, equipment and cars. Rental contracts are typically made for fixed periods of 3 to 5 years but may have extension options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Right-of-use assets and corresponding liabilities are recognized when the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the fixed and variable lease payments and the exercise price of the purchase option. The lease payments are discounted using the incremental borrowing rate and are classified as finance leases. The right-of-use assets are measured at cost comprising the amount of the initial measurement of the lease liability, any lease payments made and any initial direct costs. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. L. Impairment of Assets At each balance sheet date or when there are facts and circumstances that suggest that the net book value of capitalized costs within each field area cost center is higher than anticipated future net cash flow from oil and gas reserves attributable to the Corporation’s interest in the related field areas, the Corporation performs an assessment as to whether there is an indication that an asset may be impaired. Management determined the recoverable amounts of property, plant and equipment based on the higher of fair value less costs of disposal and value in use using estimated future discounted net cash flows of proved and probable oil and gas reserves. The Corporation’s estimates of proved and probable oil and gas reserves used in the calculations for impairment tests and accounting for depletion have been reviewed by Management’s experts, specifically independent qualified reserves auditor. The recoverable amount is the higher of fair value less costs of disposal and value in use. In determining fair value less costs of disposal, recent market transactions are considered, if available. In the absence of such transactions, an appropriate valuation model is used. Value in use is calculated by discounting estimated future cash flows to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. When the recoverable amount is less than the carrying value an impairment loss is recognized with the expensed charge to the income statement. If indications exist that previously recognized impairment losses no longer exist or are decreased, the recoverable amount is estimated. When a previously recognized impairment loss is reversed the carrying amount of the asset is increased to the estimated recoverable amount but the increased carrying amount may not exceed the carrying amount after depreciation that would have been determined had no impairment loss been recognized for the asset in prior years. If the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, the asset is tested as part of a CGU, 17 Notes to the Consolidated Financial Statements For the years ended December 31, 2023 and 2022, AUDITED which is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. An impairment loss is the amount by which the carrying amount of the individual asset or CGU exceeds its recoverable amount. M. Financial Instruments Financial assets and financial liabilities are recognized on the consolidated balance sheet on the trade date, the date on which the Group becomes a party to the contractual provisions of the financial instrument. All financial instruments are required to be classified and measured at fair value on initial recognition. Measurement in subsequent periods is dependent upon the classification of the financial instrument. The Group classifies its financial instruments in the following categories: Financial Assets at Amortized Cost Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. The Group’s loans and receivables consist of fixed or determined cash flows related solely to principal and interest amounts or contractual sales of oil. The Group’s intent is to hold these receivables until cash flows are collected. Loans and receivables are recognized initially at fair value, net of any transaction costs incurred and subsequently measured at amortized cost. Financial Assets at Fair Value through Profit or Loss (“FVTPL”) Financial assets measured at FVTPL are assets which do not qualify as financial assets at amortized cost or at fair value through other comprehensive income. Financial Liabilities at Amortized Cost Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL, or the Group has opted to measure them at FVTPL. Borrowings and accounts payable are recognized initially at fair value, net of any transaction costs incurred, and subsequently at amortized cost using the effective interest method. Financial Liabilities at FVTPL Financial liabilities measured at FVTPL are liabilities which include embedded derivatives and cannot be classified as amortized cost. Impairment of Financial Assets The measurement of impairment of financial assets is based on the expected credit losses model. For the trade and other receivables, the Group applies the simplified approach which requires the use of the lifetime expected loss provision for all trade receivables. In estimating the lifetime expected loss provision, the Group considered historical industry default rates as well as credit ratings of major customers. Additional disclosure related to the Group’s financial assets is included in Note 23. N. Derivative Financial Instruments and Hedging Activities Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value. The method of recognizing the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group designates certain derivatives as either hedges of a particular risk associated with a recognized asset or liability or a highly probable forecasted transaction, hedges of the fair value of recognized assets and liabilities or a firm commitment, or hedges of a net investment in a foreign operation. The Group documents at the inception of the transaction the relationship between hedging instruments and the hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of the hedged items. The fair values of various derivative financial instruments used for hedging purposes are disclosed in Note 23. Movements on the hedging reserve is reflected in other comprehensive income. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than twelve months and as a current asset or liability when the remaining maturity of the hedged item is less than twelve months. Cash flow hedge The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income. The gain or loss relating to the ineffective portion, if any, is recognized immediately within finance income or costs. Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in the profit or loss. When a forecasted transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately recognized in profit or loss. 18 O. Inventories Inventories of consumable well supplies are stated at the lower of cost and net realizable value, cost being determined on a weighted average cost basis. Net realizable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. Inventories of hydrocarbons are stated at the lower of cost and net realizable value. Under or overlifted positions of hydrocarbons are valued at market prices prevailing at the balance sheet date. An underlift of production from a field is included in the current receivables and valued at the reporting date spot price or prevailing contract price and an overlift of production from a field is included in the current liabilities and valued at the reporting date spot price or prevailing contract price. A change in the over or underlift position is reflected in the income statement as revenue. P. Cash and cash equivalents Cash and cash equivalents include cash at bank and cash in hand. Q. Provisions A provision is reported when the Group has a legal or constructive obligation as a consequence of a past event and when it is more likely than not that an outflow of resources is required to settle the obligation and a reliable estimate can be made of the amount. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a discount rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognized as financial expense. On fields where there is an obligation to contribute to asset retirement obligation costs, a provision is recorded to recognize the future commitment. An asset is created, as part of the oil and gas property, to represent the discounted value of the anticipated asset retirement obligation liability and depleted over the life of the field on a unit of production basis. The corresponding accounting entry to the creation of the asset recognizes the discounted value of the future liability. The discount applied to the anticipated asset retirement obligation liability is subsequently released over the life of the field and is charged to financial expenses. Changes in asset retirement obligation costs and reserves are treated prospectively and consistent with the treatment applied upon initial recognition. R. Revenue and Other Operating Revenue Revenue associated with the sale of crude oil and natural gas is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognizes revenue when it transfers control of the product or service to a customer, which is generally when title passes from the Group to its customer. The Group satisfies its performance obligations in contracts with customers upon the delivery of crude oil and natural gas, which is generally at a point in time and the amounts of revenue recognized relating to performance obligations satisfied over time are not significant. Royalties payments to governments and other mineral interest owners are recognized as a cost in the revenue section. Production and sales taxes directly attributable to fields, including export duties, are expensed in the income statement and classified as direct production taxes included within production costs. Production taxes payable in cash are accrued in the accounting period in which the liability arises. S. Employee Benefits Short-term employee benefits Short-term employee benefits such as salaries, social premiums and holiday pay, are expensed when incurred. Pension obligations The pension obligations consist of defined contribution plans for all companies within the Group except for one Swiss subsidiary, International Petroleum SA. A defined contribution plan is a pension plan under which the Group pays fixed contributions. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized as an expense when they are due. International Petroleum SA has a defined benefit pension plan that is managed through a private pension plan. Independent actuaries determine the cost of the defined benefit plan on an annual basis, and the subsidiary pays the annual insurance premium. The pension plan provides benefits coverage to the employees of International Petroleum SA in the event of retirement, death or disability. International Petroleum SA and its employees jointly finance retirement and risk benefits. Employees of International Petroleum SA pay 40% of the savings contributions, of the risk contributions and of the cost contributions and International Petroleum SA contributes the difference between the total of all required pension plan contributions and the total of all employees’ contributions. Notes to the Consolidated Financial Statements For the years ended December 31, 2023 and 2022, AUDITED 19 Share-based payments The Group operates an equity-settled, share-based compensation plan under which the entity receives services from employees, directors and officers as consideration for equity instruments of the Corporation. Equity-settled share-based payments are recognized in the income statement as expenses during the vesting period and as equity in the balance sheet. The option is measured at fair value at the date of the grant using an appropriate options pricing model and is charged to the income statement over the vesting period without revaluation of the value of the option. T. Taxation The components of tax are current and deferred. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity, in which case it is accounted for consistently with the related item. Current tax is tax that is to be paid or received for the year in question and also includes adjustments of current tax attributable to previous periods. Deferred income tax is a non-cash charge provided, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying values. Temporary differences can occur for example where investment expenditure is capitalized for accounting purposes but the tax deduction is accelerated or where asset retirement obligation costs are provided for in the financial statements but not deductible for tax purposes until they are actually incurred. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit nor loss. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Corporation and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred tax assets are offset against deferred tax liabilities in the balance sheet where they relate to the same jurisdiction and there is a legally enforceable right to offset. U. Segment Reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker, which, due to the unique nature of each country’s operations, commercial terms or fiscal environment, is at a country level. V. Business combinations Acquisitions of businesses are accounted for using the purchase method of accounting whereby all identifiable assets and liabilities are recorded at their fair values as at the date of acquisition. Any excess purchase price over the aggregate fair value of net assets is recorded as goodwill. Goodwill is identified and allocated to cash-generating units (“CGU”), or groups of CGUs, that are expected to benefit from the synergies of the acquisition. Goodwill is not amortized. Any excess of the aggregate fair value of net assets over the purchase price is recognized in the consolidated statement of operations. A CGU to which goodwill has been allocated is tested for impairment at least annually or when events or circumstances indicate that an assessment for impairment is required. For goodwill arising on an acquisition in a financial year, the CGU to which the goodwill has been allocated is tested for impairment before the end of that financial year. When the recoverable amount of the CGU is less than the carrying amount of that CGU, the impairment loss is allocated to reduce the carrying amount of any goodwill allocated to that CGU first, and then to the other assets of that CGU pro rata on the basis of the carrying amount of each asset in the CGU. Any impairment loss for goodwill is recognized directly in the consolidated statement of earnings. An impairment loss for goodwill is not reversed in subsequent periods. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the gain or loss on disposal. Notes to the Consolidated Financial Statements For the years ended December 31, 2023 and 2022, AUDITED 20 2. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS In connection with the preparation of the consolidated financial statements, the Group’s management has made assumptions and estimates about future events and applied judgments that affect the reported values of assets, liabilities, revenues, expenses and related disclosures. The assumptions, estimates and judgments are based on historical experience, current trends and other factors that management believes to be relevant at the time the consolidated financial statements are prepared. On a regular basis, management reviews the accounting policies, assumptions, estimates and judgments to ensure that the consolidated financial statements are presented fairly in accordance with IFRS. However, because future events and their effects cannot be determined with certainty, actual results could differ from these assumptions and estimates, and such differences could be material. Management believes the following critical accounting policies affect the more significant judgments and estimates used in the preparation of the consolidated financial statements: Estimates in oil and gas reserves Estimates of oil and gas reserves are used in the calculations for impairment tests and accounting for depletion and asset retirement obligation. Standard recognized evaluation techniques are used to estimate the proved and probable reserves. These techniques take into account the future level of development required to produce the reserves. An independent qualified reserves auditor reviews these estimates. Changes in estimates in oil and gas reserves, resulting in different future production profiles, will affect the discounted cash flows used in impairment testing, the anticipated date of site decommissioning and restoration and the depletion charges in accordance with the unit of production method. Changes in estimates in oil and gas reserves could for example result from additional drilling, observation of long-term reservoir performance or changes in economic factors such as oil price and inflation rates. Impairment of oil and gas properties Key assumptions in the impairment models relate to prices and costs that are based on forward curves and the long-term corporate assumptions. Annual impairment tests are performed in conjunction with the annual reserves certification process. The impairment test requires the use of estimates. For the purpose of determining a potential impairment, the significant assumptions developed by management used to determine the recoverable amount include the proved and probable oil and gas reserves, expected production volumes, future oil and gas prices, future development costs, future production costs and the discount rate. These assumptions and judgements of management that are based on them are subject to change as new information becomes available. Changes in economic conditions can also affect the rate used to discount future cash flow estimates and the discount rate applied is reviewed throughout the year. Provision for asset retirement obligations Amounts used in recording a provision for asset retirement obligations are estimates based on current legal and constructive requirements and current technology and price levels for the removal of facilities and decommissioning. Due to changes in relation to these items, the future actual cash outflows in relation to the site decommissioning and restoration can be different. To reflect the effects due to changes in legislation, requirements and technology and price levels, the carrying amounts of asset retirement obligation provisions are reviewed on a regular basis. Deferred income tax assets The Group accounts for differences that arise between the carrying amount of assets and liabilities and their tax bases in accordance with IAS 12, Income Taxes, which requires deferred income tax assets only to be recognized to the extent that is probable that future taxable profits will be available against which the temporary differences can be utilized. Management estimates future taxable profits based on the financial models used to value its oil and gas properties. Any change to the estimates and assumptions used for the key operational and financial variables used within the business models could affect the amount of deferred income tax assets recognized. The effects of changes in estimates do not give rise to prior year adjustments and are treated prospectively over the estimated remaining commercial reserves of each field. While the Group uses its best estimates and judgement, actual results could differ from these estimates. Fair value of assets acquired and liabilities assumed in a business combination The fair value of assets acquired and liabilities assumed in a business combination, including contingent consideration and any goodwill, is estimated based on information available at the date of acquisition. Various valuation techniques are applied for measuring fair value including market comparables and discounted cash flows which rely on assumptions such as forward commodity prices, reserves and resources estimates, production costs and discount rates. Changes in these variables could significantly impact the carrying value of the net assets. Notes to the Consolidated Financial Statements For the years ended December 31, 2023 and 2022, AUDITED 21 3. SEGMENT INFORMATION The Group operates within several geographical areas. Operating segments are reported at a country level which is consistent with the internal reporting provided to the CEO, who is the chief operating decision maker. The following tables present segment information regarding: revenue, production costs, other operating costs and gross profit/ (loss). The Group derives its revenue from contracts with customers primarily through the transfer of oil and gas at a point in time. In addition, certain identifiable asset segment information is reported in Note 8. 2023USD ThousandsCanada Malaysia France Other TotalCrude oil 688,891 101,237 81,093 – 871,221NGLs 1,172 – – – 1,172Gas 67,338 – – – 67,338Net sales of oil and gas 757,401 101,237 81,093 – 939,731Change in under/over lift position – – 400 – 400Royalties (101,177) – (5,120) – (106,297)Hedging settlement 18,928 – – – 18,928Other operating revenue 7 – 867 270 1,144Revenue 675,159 101,237 77,240 270 853,906Operating costs (249,995) (35,679) (36,288) – (321,962)Cost of blending (172,996) – – – (172,996)Change in inventory position 504 3,358 (207) – 3,655Depletion and decommissioning costs (70,104) (17,800) (14,018) – (101,922)Depreciation of other tangible fixed assets – (7,812) – – (7,812)Exploration and business development costs (834) – (39) (1,482) (2,355)Gross profit/(loss) 181,734 43,304 26,688 (1,212) 250,514 2022USD ThousandsCanada Malaysia France Other TotalCrude oil 778,365 184,143 112,379 – 1,074,887NGLs 774 – – – 774Gas 154,754 – – – 154,754Net sales of oil and gas 933,893 184,143 112,379 – 1,230,415Change in under/over lift position – – (8,553) – (8,553)Royalties (105,856) – (6,660) – (112,516)Hedging settlement 19,125 – – – 19,125Other operating revenue 111 – 716 – 827Revenue 847,273 184,143 97,882 – 1,129,298Operating costs (217,017) (35,051) (35,588) – (287,656)Cost of blending (189,172) – – – (189,172)Change in inventory position 1,038 (1,916) 720 – (158)Depletion and decommissioning costs (75,077) (34,687) (12,277) – (122,041)Depreciation of other tangible fixed assets – (10,787) – – (10,787)Exploration and business development costs 97 – – (2,872) (2,775)Gross profit/(loss) 367,142 101,702 50,737 (2,872) 516,709 Notes to the Consolidated Financial Statements For the years ended December 31, 2023 and 2022, AUDITED 22 Assets LiabilitiesUSD Thousands2023 2022 2023 2022Malaysia 175,816 251,059 48,743 34,573France 204,006 209,088 95,840 120,095Canada 1,966,370 1,246,105 1,082,035 560,709Other 198,520 300,276 237,835 325,820Intercompany balance elimination(481,727) (326,911) (481,727) (326,911)Total Assets / Liabilities 2,062,985 1,679,617 982,726 714,286Shareholders’ equity N/A N/A 1,080,074 965,140Non-controlling interestN/A N/A 185 191Total equity for the groupN/A N/A 1,080,259 965,331Total consolidated2,062,985 1,679,617 2,062,985 1,679,617 4. PRODUCTION COSTS USD Thousands2023 2022Cost of operations 275,868 245,360 Tariff and transportation expenses 40,929 36,873 Direct production taxes5,165 5,423 Operating costs321,962 287,656 1Cost of blending172,996 189,172 Change in inventory position(3,655) 158 Total production costs491,303 476,986 1 In Canada, oil production is blended with purchased condensate diluent to meet pipeline specifications. Cost of blending represents the contracted purchase of diluent used for blending. 5. FINANCE INCOME USD Thousands2023 2022Interest income 21,774 6,966 Other financial income– 33 Total finance income21,774 6,999 6. FINANCE COSTS USD Thousands2023 2022Foreign exchange loss, net 1,911 7,872 Interest expense 25,635 20,689 Unwinding of asset retirement obligation discount 13,408 10,758 Amortization of loan fees 342 2,228Amortization of bond fees 1,263 1,024Loan commitment fees 672 537 Other financial costs1,279 1,022 Total finance costs44,510 44,130 Notes to the Consolidated Financial Statements For the years ended December 31, 2023 and 2022, AUDITED 23 7. INCOME TAX USD Thousands2023 2022Current tax (14,457) (29,365)Deferred tax(40,905) (98,048)Total tax expense(55,362) (127,413) In 2022, the current tax includes a windfall profits tax on energy companies applicable to the Group in France amounting to USD 10,915 thousand. The Group is within the scope of the OECD Pillar Two model rules. Pillar Two legislation is enacted or expected to be enacted in all relevant Group entities in 2024, and will come into effect from January 1, 2024. Since the Pillar Two legislation was not effective at the reporting date, the Group has no related current tax exposure. The Group applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. The Group is in the process of assessing its exposure to the Pillar Two legislation for when it comes into effect. All relevant entities within the Group have an effective tax rate that exceeds 15% and as such the expected impact should be insignificant. The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the tax rate of Canada as follows: USD Thousands2023 2022Profit before tax 228,341 465,138Tax calculated at the corporate tax rate in Canada 25% (57,086) (116,284)Effect of foreign and domestic tax rates 7,470 4,210Tax effect of recognition / (derecognition) of unrecorded tax losses (4,736) (5,134)Tax effect due to true-up of provision to prior year tax filings (102) 531France Solidarity Contribution (windfall tax) – (10,915)Other(908) 179Total tax(55,362) (127,413) Specification of deferred tax assets and tax liabilities 1 USD Thousands2023 2022Unused tax loss carry forward 34,446 32,815Other5,959 5,841Deferred tax assets40,405 38,656Accelerated allowances 115,399 90,400Derivative hedges9,527 2,630Deferred tax liabilities124,926 93,030Deferred taxes, net (84,521) (54,374) 1 The specification of deferred tax assets and tax liabilities does not agree to the face of the balance sheet due to the netting off of balances in the balance sheet when they relate to the same jurisdiction. The deferred tax liabilities consist of accelerated allowances, being the difference between the book and the tax value of oil and gas properties and site restoration provisions. The deferred tax liabilities will be released over the life of the oil and gas assets as the book value is depleted for accounting purposes. Deferred tax assets in relation to tax loss carried forwards are only recognized in so far that there is a reasonable certainty as to the timing and the extent of their realization. The recognized unused tax loss carry forward mainly relates to Canada. The Group has concluded that the deferred assets will be recoverable using the estimated future taxable income based on the approved business plans and budgets. Notes to the Consolidated Financial Statements For the years ended December 31, 2023 and 2022, AUDITED 24 8. OIL AND GAS PROPERTIES USD Thousands2023 2022Exploration and Evaluation Assets – 4,764Property, Plant and Equipment1,278,422 958,611Oil and gas properties1,278,422 963,375 Exploration and Evaluation Assets USD ThousandsCanada Malaysia France TotalCostJanuary 1, 2023 – – 4,764 4,764Additions – – 39 39Write-off – – (39) (39)Reclassification – – (4,937) (4,937)Currency translation adjustments – – 173 173Net book value December 31, 2023 – – – – USD ThousandsCanada Malaysia France TotalCostJanuary 1, 2022 12,751 181 5,105 18,0371Additions(802) 149 4 (649)Reclassification (11,974) (330) – (12,304)Currency translation adjustments 25 – (345) (320)Net book value December 31, 2022 – – 4,764 4,764 1 Net revenues on appraisal projects were being offset against capitalized costs of Exploration and Evaluation Assets. Notes to the Consolidated Financial Statements For the years ended December 31, 2023 and 2022, AUDITED 25 Property, Plant and Equipment USD Thousands Canada Malaysia France TotalCostJanuary 1, 2023 1,089,789 566,606 399,237 2,055,632Acquisition of Cor4 - See Note 9 72,242 – – 72,242Additions 278,613 17,873 16,204 312,6901Disposals(7,854) – – (7,854)Change in estimates 24,454 6,644 1,738 32,836Reclassification (22,857) – 4,937 (17,920)Currency translation adjustments30,623 – 14,577 45,200December 31, 20231,465,010 591,123 436,693 2,492,826Accumulated depletionJanuary 1, 2023 (323,273) (485,034) (288,714) (1,097,021)Depletion charge for the period (94,192) (17,800) (14,018) (126,010)1Disposals4,474 – – 4,4742Other22,857 – – 22,857Currency translation adjustments(8,154) – (10,550) (18,704)December 31, 2023(398,288) (502,834) (313,282) (1,214,404)Net book value December 31, 20231,066,722 88,289 123,411 1,278,422 1 In Canada, includes the disposal of non-core properties in the John Lake area for gross proceeds of CAD 28.1 million (USD 20.8 million) and a net accounting gain on disposal of CAD 25.7 million (USD 19.0 million). 2 In Canada, includes an adjustment in the first quarter of 2023 for accelerated decommissioning activities funded by a non-cash site rehabilitation program. USD Thousands Canada Malaysia France TotalCostJanuary 1, 2022 1,021,944 534,443 408,211 1,964,598Additions 118,762 27,305 12,244 158,311Change in estimates 5,231 4,528 2,182 11,941Reclassification 11,974 330 – 12,304Currency translation adjustments(68,122) – (23,400) (91,522)December 31, 20221,089,789 566,606 399,237 2,055,632Accumulated depletionJanuary 1, 2022 (267,585) (450,347) (293,132) (1,011,064)Depletion charge for the period (75,077) (34,687) (12,277) (122,041)Currency translation adjustments19,389 – 16,695 36,084December 31, 2022(323,273) (485,034) (288,714) (1,097,021)Net book value December 31, 2022766,516 81,572 110,523 958,611 Notes to the Consolidated Financial Statements For the years ended December 31, 2023 and 2022, AUDITED 26 Impairment test The Group carried out its impairment testing at December 31, 2023, on a CGU basis in conjunction with the annual reserves audit process. The Group used appropriate oil or natural gas price curves based on forward forecasts as at December 31, 2023, a future cost inflation factor of 2% (2022: 2%) per annum, production and cost profiles based on proved and probable reserves (2P reserves) as at December 31, 2023 and a discount rate of 10% (10% at December 31, 2022) to calculate the estimated future post-tax cash flows. The following prices were used in the impairment testing as at December 31, 2023: Average annual increase Price Decks 2024 2025 2026 2027 2028thereafterDated Brent (USD/bbl) 80.00 80.00 80.00 81.60 83.23 2%West Texas Intermediate (USD/bbl) 76.00 76.00 76.00 77.52 79.07 2%Western Canadian Select (USD/bbl) 61.00 63.50 63.25 64.52 65.81 2%AECO Gas (CAD/mcf) 2.33 3.64 3.95 4.03 4.11 2% In 2023, as a result of the testing, no impairment of the oil and gas properties was required. Sensitivities were calculated on the valuation of the estimated future post-tax cash flows. Using a discount rate of 12% instead of 10% or a USD 5/bbl decrease in the oil price curve or using a flat gas price curve at CAD 3.50/mcf did not result in an impairment charge. 9. COR4 ACQUISITION On March 3, 2023, IPC completed the acquisition of all of the issued and outstanding shares of Cor4. At such date, Cor4 became an indirect, wholly-owned subsidiary of IPC. Cor4 owned assets in the Brooks area, Alberta. On June 1, 2023, Cor4 was amalgamated into IPC Canada Ltd. The Cor4 acquisition has been accounted for as a business combination with IPC being the acquirer, and in accordance with IFRS 3 Business Combinations, the assets acquired and liabilities assumed have been recorded at their fair values. The total cash consideration paid, after preliminary closing adjustments, amounted to USD 62.2 million (CAD 84.7 million). The amounts recognized in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below: USD ThousandsCash 2,792 Trade and other receivables 7,671 Prepaid expenses and deposits 2,417Fair value of risk management assets 1,144 Deferred tax assets 19,334 Right-of-use assets 109 Property, plant and equipment 72,242Accounts payable and accrued liabilities (12,623)Right-of-use liabilities (109)Decommissioning liabilities (29,885)Mark-To-Market (“MTM”) reserve in equity (881)Total Consideration62,211Settled by:Cash payment 62,211 The Corporation performed a preliminary purchase price allocation for the Cor4 acquisition. The amounts disclosed above were determined provisionally pending the finalization of the valuation for those assets and liabilities. Up to twelve months from the effective date of the Cor4 acquisition, further adjustments may be made to the fair values assigned to the identifiable assets acquired and liabilities assumed. Notes to the Consolidated Financial Statements For the years ended December 31, 2023 and 2022, AUDITED 27 Acquisition-related costs of approximately USD 0.8 million have been recognized in the statement of operations during the year ended December 31, 2023. Decommissioning liabilities The fair value of the decommissioning liability at the acquisition date was based on the estimated future cash flows to decommission the acquired oil and natural gas properties at the end of their useful life. The discount rate used to determine the net present value of the decommissioning obligation was a credit risk adjusted rate of 8%. 10. OTHER TANGIBLE FIXED ASSETS USD Thousands FPSO Other TotalCostJanuary 1, 2023 204,853 9,779 214,632Additions – 510 510Disposals – (487) (487)Currency translation adjustments– 246 246December 31, 2023204,853 10,048 214,901Accumulated depreciationJanuary 1, 2023 (173,311) (7,947) (181,258)Depreciation charge for the period (7,812) (684) (8,496)Disposals – 487 487Currency translation adjustments– (196) (196)December 31, 2023(181,123) (8,340) (189,463)Net book value December 31, 202323,730 1,708 25,438 USD Thousands FPSO Other TotalCostJanuary 1, 2022 206,173 10,163 216,336Additions – 151 151Disposals – (44) (44)Currency translation adjustments(1,320) (491) (1,811)December 31, 2022204,853 9,779 214,632Accumulated depreciationJanuary 1, 2022 (162,524) (7,449) (169,973)Depreciation charge for the period (10,787) (891) (11,678)Disposals – 36 36Currency translation adjustments– 357 357December 31, 2022(173,311) (7,947) (181,258)Net book value December 31, 202231,542 1,832 33,374 The FPSO located on the Bertam field, Malaysia, is being depreciated on a unit of production basis using the Bertam field 2P reserves to August 2025, being the original Bertam field PSC expiry date, before the PSC extension to 2035. The depreciation charge is included in the depreciation of other assets line in the statement of operations. For office equipment and other assets, the depreciation charge for the year is based on cost and an estimated useful life of 3 to 5 years. The depreciation charge is included within the general, administration and depreciation expenses in the Statement of Operations. Notes to the Consolidated Financial Statements For the years ended December 31, 2023 and 2022, AUDITED 28 11. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES USD Thousands BuildingsJanuary 1, 20231,217Acquisition of Cor4 - See Note 9 109Additions 2,508Disposal (162)Depreciation (885)Currency translation adjustments27Right-of-use-assets as at December 31, 20232,814Current 809Non-Current2,087Lease Liabilities as at December 31, 20232,896 USD Thousands BuildingsJanuary 1, 20221,639Additions 393Disposal (66)Depreciation (717)Currency translation adjustments(32)Right-of-use-assets as at December 31, 20221,217Current 752Non-Current507Lease Liabilities as at December 31, 20221,259 12. OTHER NON-CURRENT ASSETS USD Thousands December 31, 2023 December 31, 2022Financial assets 41,486 35,882 Intangible assets 15,352 5,243 56,838 41,125 Financial assets mainly represent cash payments made to an asset retirement obligation fund for the Bertam field, Malaysia for an amount of USD 28.7 million (2022: USD 28.2 million). In 2023, an amount of USD 1.8 million (2022: USD 1.9 million) was paid into the asset retirement obligation fund which is held in local currency. (Also see Note 20.) Financial assets also include secured amounts of USD 7.7 million towards the future asset retirement obligation for the Bertam field and cash-collaterized guarantees placed in 2023 in respect of work commitments in Malaysia amounting to USD 4.5 million. Intangible assets mainly represent carbon offsets purchased in Canada. An amount of USD 9.4 million (CAD 12.5 million) carbon offsets has been purchased in 2023. 13. INVENTORIES USD ThousandsDecember 31, 2023 December 31, 2022Hydrocarbon stocks 13,530 8,988 Well supplies and operational spares8,278 6,970 21,808 15,958 Notes to the Consolidated Financial Statements For the years ended December 31, 2023 and 2022, AUDITED 29 14. TRADE AND OTHER RECEIVABLES USD ThousandsDecember 31, 2023 December 31, 2022Trade receivables 97,264 112,696 Underlift 1,029 599 Joint operations debtors 910 982 Prepaid expenses and accrued income 10,986 6,585 Other3,308 2,747 113,497 123,609 15. CASH AND CASH EQUIVALENTS Cash and cash equivalents include only cash at hand or held in bank accounts. 16. SHARE CAPITAL The Corporation’s issued common share capital is as follows: Number of sharesBalance at January 1, 2022 155,198,105Cancellation of repurchased common shares (10,112,042)Cancellation following the Substantial Issuer Bid (8,258,064)Balance at December 31, 2022136,827,999Cancellation of repurchased common shares (NCIB) (9,835,933)Balance at December 31, 2023126,992,066 The common shares of IPC are listed to trade on both the Toronto Stock Exchange and the Nasdaq Stockholm Exchange. As at January 1, 2022, IPC had a total of 155,198,105 common shares issued and outstanding, of which IPC held 1,160,651 common shares in treasury. All common shares held in treasury as at January 1, 2022 were cancelled during January 2022. During 2022, under the normal course issuer bid/share repurchase program announced in December 2021 and renewed in December 2022 (NCIB), IPC purchased and cancelled an aggregate of 8,951,391 common shares. During Q2 2022, IPC commenced an offer to repurchase common shares under the substantial issuer bid (SIB). Under the SIB, IPC purchased and cancelled an aggregate of 8,258,064 common shares. As at December 31, 2022, IPC had a total of 136,827,999 common shares issued and outstanding, with no common shares held in treasury. Over the period of December 5, 2022 to December 4, 2023, IPC purchased and cancelled a total of 9,333,479 common shares under the NCIB (8,603,179 common shares purchased and cancelled in 2023). The NCIB was further renewed in Q4 2023 and IPC is entitled to purchase up to 8,342,119 common shares over the period of December 5, 2023 to December 4, 2024. During December 2023, IPC purchased and cancelled a total of 1,232,754 common shares under the renewed NCIB. As at December 31, 2023, IPC had a total of 126,992,066 common shares issued and outstanding, with no common shares held in treasury. In addition, IPC has 117,485,389 outstanding class A preferred shares, issued as a part of an internal corporate structuring to a wholly-owned subsidiary of IPC. Such preferred shares are not listed on any stock exchange, do not carry the right to vote on matters to be decided by the holders of IPC’s common shares and do not impact the earnings per share calculations. Notes to the Consolidated Financial Statements For the years ended December 31, 2023 and 2022, AUDITED 30 Notes to the Consolidated Financial Statements For the years ended December 31, 2023 and 2022, AUDITED 17. EARNINGS PER SHARE Basic earnings per share are based on net result attributable to the common shareholders and is calculated based upon the weighted-average number of common shares outstanding during the periods presented. 2023 2022Net result attributable to shareholders of the Parent Company, USD 172,951,130 337,682,813Weighted average number of shares for the period132,080,662 146,662,032Earnings per share, USD 1.31 2.30Weighted average diluted number of shares for the period135,349,211 149,976,365Earnings per share fully diluted, USD1.28 2.25 18. SHARE BASED PAYMENTS IPC Share Unit Plan The shareholders of IPC at the 2018 Annual General Meeting and at the 2021 Annual General Meeting approved a Share Unit Plan. Awards under the plan will be accounted from the date of grant. The IPC Performance Share Plan (“PSP”) 2020 awards vested on February 1, 2023 at a price of CAD 14.26 per award. The IPC PSP 2021 awards are subject to continued employment and to certain performance conditions being met. The total outstanding number of awards at December 31, 2023, is 1,716,000 which vest on February 1, 2024. Each award was fair valued at the grant date at CAD 3.61 using an adjusted share price calculated with a hybrid valuation model based on the Monte Carlo simulation. The assumptions used in the calculation of the adjusted share price were a risk free rate of 0.45%, expected volatility of 68%, dividend yield rate of 0%, and an exercise price of CAD zero. The IPC PSP 2022 awards are subject to continued employment and to certain performance conditions being met. The total outstanding number of awards at December 31, 2023, is 937,000 which vest on February 1, 2025. Each award was fair valued at the grant date at CAD 8.40 using an adjusted share price calculated with a hybrid valuation model based on the Monte Carlo simulation. The assumptions used in the calculation of the adjusted share price were a risk free rate of 0.38%, expected volatility of 45%, dividend yield rate of 0%, and an exercise price of CAD zero. The IPC PSP 2023 awards are subject to continued employment and to certain performance conditions being met. The total outstanding number of awards at December 31, 2023, is 813,000 which vest on February 1, 2026. Each award was fair valued at the grant date at CAD 11.51 using an adjusted share price calculated with a hybrid valuation model based on the Monte Carlo simulation. The assumptions used in the calculation of the adjusted share price were a risk free rate of 2.17%, expected volatility of 46%, dividend yield rate of 0%, and an exercise price of CAD zero. IPC Performance Share Plan 2020 Awards 2021 Awards 2022 Awards 2023 Awards TotalOutstanding at January 1, 2023 1,017,105 1,716,000 937,000 – 3,670,105Awarded during the period – – – 813,000 813,000Forfeited during the period – – – – –Vested during the period(1,017,105) – – – (1,017,105)Outstanding at December 31, 2023– 1,716,000 937,000 813,000 3,466,000Vesting dateFebruary 1, 2024 – 1,716,000 – – 1,716,000February 1, 2025 – – 937,000 – 937,000February 1, 2026– – – 813,00 813,000Outstanding at December 31, 2023– 1,716,000 937,000 813,000 3,466,000 The last third of the IPC Restricted Share Plan (“RSP”) 2020 awards vested on February 1, 2023, at a price of CAD 14.26 per award. 31 Notes to the Consolidated Financial Statements For the years ended December 31, 2023 and 2022, AUDITED The second third of the IPC RSP 2021 awards vested on February 1, 2023, at a price of CAD 14.26 per award. The total outstanding number of 2021 awards under the IPC RSP as at December 31, 2023, is 321,512 which vest on February 1, 2024, subject to continued employment. Each award was fair valued at the grant date at CAD 4.07. The first third of the IPC RSP 2022 awards vested on February 1, 2023, at a price of CAD 14.26 per award. The total outstanding number of 2021 awards under the IPC RSP as at December 31, 2023, is 307,359 which vest over two years on each of February 1, 2024 and February 1, 2025, subject to continued employment. Each award was fair valued at the grant date at CAD 9.09. The total outstanding number of IPC RSP 2023 awards as at December 31, 2023, is 330,708 which vest over three years as to one-third on each of February 1, 2024, February 1, 2025, and February 1, 2026, subject to continued employment. Each award was fair valued at the grant date at CAD 14.27. IPC Restricted Share Plan 2020 Awards 2021 Awards 2022 Awards 2023 Awards TotalOutstanding at January 1, 2023 199,304 674,225 484,534 – 1,358,063Awarded during the period – – – 330,708 330,708Forfeited during the period (792) (17,044) (16,294) – (34,130)Vested during the period(198,512) (335,669) (160,881) – (695,062)Outstanding at December 31, 2023– 321,512 307,359 330,708 959,579Vesting dateFebruary 1, 2024 – 321,512 153,679 110,236 585,427February 1, 2025 – – 153,680 110,236 263,916February 1, 2026– – – 110,236 110,236Outstanding at December 31, 2023– 321,512 307,359 330,708 959,579 Under the IPC Share Unit Plan, the Group allows non-employee directors of the Corporation to elect for awards for fees for services performed as a director and otherwise payable in cash. These awards will vest immediately at the time of grant. However, these awards may not be redeemed before the end of service as a director of the Corporation. The 2021 outstanding RSP awards as at December 31, 2023 is 4,333 awards issued with a fair value at the grant date at CAD 6.95. The 2022 outstanding RSP awards as at December 31, 2023 is 2,391 awards issued with a fair value at the grant date at CAD 12.80, and 2,072 awards issued with a fair value at the grant date at CAD 15.53. The 2023 outstanding RSP awards as at December 31, 2023 is 3,244 awards issued with a fair value at the grant date at CAD 10.52, and 2,443 awards issued with a fair value at the grant date at CAD 16.24. The total outstanding RSP awards outstanding as at December 31, 2023, is 14,483. In 2023, 10,703 awards issued in 2019, 46,551 awards issued in 2020, 18,277 awards issued in 2021, and 3,096 awards issued in 2022 have been exercised at a price of CAD 12.94. The costs charged to the statement of operations of the Group for the Share-Based payments are summarized in the following table: USD Thousands2023 2022IPC PSP – 2019 Awards – 488IPC RSP – 2019 Awards – 90IPC PSP – 2020 Awards 159 984IPC RSP – 2020 Awards 35 252IPC PSP – 2021 Awards 1,881 1,712IPC RSP – 2021 Awards 377 981IPC PSP – 2022 Awards 2,856 1,721IPC RSP – 2022 Awards 1,063 1,769IPC PSP – 2023 Awards 3,360 –IPC RSP – 2023 Awards1,959 –11,690 7,997 32 Notes to the Consolidated Financial Statements For the years ended December 31, 2023 and 2022, AUDITED 19. FINANCIAL LIABILITIES USD Thousands December 31, 2023 December 31, 2022Bank loans 9,031 12,142Bonds 440,288 300,000Capitalized financing fees(5,247) (4,560)444,072 307,582 As at January 2022, the Group had a reserve-based lending (RBL) credit facility of USD 140 million in connection with its oil and gas assets in France and Malaysia and a RBL credit facility of CAD 300 million in connection with its oil and gas assets in Canada. In February 2022, IPC completed the issuance of USD 300 million of bonds, which mature in February 2027 and have a fixed coupon rate of 7.25% per annum, payable in semi-annual instalments in August and February. The Group used a portion of the proceeds of the bonds to fully repay the outstanding RBL credit facilities, which were then cancelled. At the same time, the Group entered into a revolving credit facility of CAD 75 million (the “Canadian RCF”) in connection with its oil and gas assets in Canada. In Q3 2023, IPC completed a tap issue of USD 150 million under IPC’s existing 7.25% bond framework issued at 7% discount to par value with proceeds amounting to USD 139.5 million before transaction costs. For accounting purposes, the discounted amount was recognised in the balance sheet and the discount will be unwound over the period to maturity of the bond and charged to the interest expense line of the Statement of Operations using the effective interest rate methodology. As at December 31, 2023, IPC had a nominal USD 450 million of bonds outstanding with maturity in February 2027. In Q1 2023, the Group increased the Canadian RCF to CAD 150 million and extended the maturity to May 2025. In Q3 2023, the Group further increased the Canadian RCF to CAD 165 million and in Q4 2023, the Group further increased the Canadian RCF to CAD 180 million. No cash amounts were drawn under the Canadian RCF as at December 31, 2023. The bond repayment obligations as at December 31, 2023, are classified as non-current as there are no mandatory repayments within the next twelve months. As at December 31, 2023, IPC had a EUR 13 million unsecured credit facility in France (the “France Facility“), with maturity in May 2026. IPC commenced quarterly repayments of the French Facility in August 2022. The amount remaining outstanding under the France Facility as at December 31, 2023 was USD 9 million (EUR 8 million). An amount of USD 3.6 million (EUR 3.2 million) drawn under the France Facility as at December 31, 2023 is classified as current representing the repayment planned within the next twelve months. The Group is in compliance with the covenants of the bonds and its financing facilities as at December 31, 2023. The net cash reconciliation can be summarized as follows: USD Thousands December 31, 2023 December 31, 2022Cash and cash equivalents 517,074 487,240 Bonds (440,288) (300,000)Borrowings (9,031) (12,142)Lease liabilities(2,896) (1,259)Net cash64,859 173,839 33 Notes to the Consolidated Financial Statements For the years ended December 31, 2023 and 2022, AUDITED The net (debt)/cash and the movements in net (debt)/cash can be summarized as follows: Financial Financial LeaseBonds due USD ThousandsCashliabilities due liabilities due Totalliabilitiesafter 1 yearbefore 1 yearafter 1 yearNet (debt)/cash as at January 1, 2023487,240 (1,259) (3,431) (8,711) (300,000) 173,839Cash flows 31,250 980 – 3,111 (140,288) (104,947)Reclassification Long term / Short term – – (158) 158 – –Additional leases – (2,651) – – – (2,651)Currency translation adjustments(1,416) 34 – – – (1,382)Net (debt)/cash as at December 31, 2023517,074 (2,896) (3,589) (5,442) (440,288) 64,859 Net cash (excluding lease liabilities and including the redeemable bonds value 58,043at maturity (USD 450 million)) Financial Financial LeaseBonds due USD ThousandsCashliabilities due liabilities due Totalliabilitiesafter 1 yearbefore 1 yearafter 1 yearNet (debt)/cash as at January 1, 202218,810 (1,664) (1,806) (111,315) – (95,975)Cash flows 455,115 793 – 100,979 (300,000) 256,887 Reclassification Long term / Short term – – (1,625) 1,625 – –Additional leases – (393) – – – (393)Currency translation adjustments13,315 5 – – – 13,320 Net (debt)/cash as at December 31, 2022487,240 (1,259) (3,431) (8,711) (300,000) 173,839 Net cash (excluding lease liabilities) 175,098 20. PROVISIONS Asset Farm-in Pension USD Thousandsretirement Other TotalobligationobligationobligationJanuary 1, 2023 206,249 3,404 306 1,478 211,437Acquisition of Cor4 - See Note 9 29,885 – – – 29,885Additions – – 446 938 1,384Unwinding of asset retirement obligation discount 13,408 – – – 13,4081Disposals (2,483) – – – (2,483)Changes in estimates 9,973 – 679 – 10,652Payments (8,118) (1,081) (925) (364) (10,488)2Other (1,272) – – – (1,272)3Reclassification 1,781 – – – 1,781Currency translation adjustments 4,526 (147) 45 26 4,450December 31, 2023 253,949 2,176 551 2,078 258,754Non-current 246,396 1,632 551 2,078 250,657Current 7,553 544 – – 8,097Total 253,949 2,176 551 2,078 258,754 1 In Canada, includes the disposal of non-core properties in the John Lake area for gross proceeds of CAD 28.1 million (USD 20.8 million) and a net accounting gain on disposal of CAD 25.7 million (USD 19.0 million). 2 Includes accelerated decommissioning activities funded by a non cash site rehabilitation program. 3 The reclassification of the asset retirement obligation related to the 2023 payment to the asset retirement obligation fund in respect of the Bertam asset, Malaysia (see Note 12). 34 Notes to the Consolidated Financial Statements For the years ended December 31, 2023 and 2022, AUDITED Asset Farm-in Pension USD Thousandsretirement Other TotalobligationobligationobligationJanuary 1, 2022 196,362 4,199 4,448 1,357 206,366Additions – – 542 1,034 1,576Unwinding of asset retirement obligation discount 10,758 – – – 10,758Changes in estimates 11,375 567 (3,778) – 8,164Payments (5,809) (1,153) (718) (865) (8,545)1Reclassification 1,909 – – – 1,909Currency translation adjustments (8,346) (209) (188) (48) (8,791)December 31, 2022 206,249 3,404 306 1,478 211,437Non-current 199,335 2,270 306 1,478 203,389Current 6,914 1,134 – – 8,048Total 206,249 3,404 306 1,478 211,437 1 The reclassification of the asset retirement obligation related to the 2022 payment to the asset retirement obligation fund in respect of the Bertam asset, Malaysia (see Note 12). The farm-in obligation relates to future payments for historic costs on the Bertam field in Malaysia payable for every 1 MMboe gross that the field produces above 10 MMboe gross and is capped at cumulative production of 27.5 MMboe gross. In calculating the present value of the asset retirement obligation provision, a blended rate of 6% (2022: 6%) per annum was used, based on a credit risk adjusted rate. 21. PENSION LIABILITY The Group operates a pension plan for employees in Switzerland that is managed through a private pension plan. The amount recognized in the balance sheet associated with the Swiss pension plan is as follows: USD Thousands December 31, 2023 December 31, 2022Present value of defined benefit obligation 22,241 13,910Fair value of plan assets(21,690) (13,604)Pension obligation, ending balance551 306 The movement in the defined benefit obligation over the year is as follows: For the year endedFor the year endedUSD ThousandsDecember 31, 2023December 31, 2022Opening balance 13,910 14,714Current service cost 423 596Ordinary contributions paid by employees 617 479Additional contributions paid by employees 6,685 2,291Interest expense on defined benefit obligation 322 28Actuarial (gain)/loss on defined benefit obligation 524 (3,706)Administration costs 16 13Benefits paid from plan assets (2,135) (232)Past service cost – (75)Foreign exchange (gain)/loss 1,879 (198)Defined benefit obligation, ending balance22,241 13,910 The weighted average duration of the defined benefit obligation is 15.2 years. There is no maturity profile since the average remaining life before active employees reach final age according to the plan is 9.3 years. 35 Notes to the Consolidated Financial Statements For the years ended December 31, 2023 and 2022, AUDITED The movement in the fair value of the plan assets over the year is as follows: For the year endedFor the year endedUSD ThousandsDecember 31, 2023December 31, 2022Opening balance 13,604 10,266Ordinary contributions paid by employer 925 718Ordinary contributions paid by employees 617 479Additional contributions paid by employees 6,685 2,291Interest income on plan assets 315 20Return on plan assets excluding interest income (155) 71Foreign exchange gain/(loss) 1,834 (9)Benefits paid from plan assets(2,135) (232)Fair value of plan assets, ending balance21,690 13,604 The plan assets are under an insurance contract comprised entirely of free funds and reserves, such as fluctuation reserves and employer contribution reserves, for which there is no quoted price in an active market. The amount recognized in the income statement associated with the Group’s pension plan is as follows: For the year endedFor the year endedUSD ThousandsDecember 31, 2023December 31, 2022Current service cost 423 596Interest expense on defined benefit obligation 322 28Administration costs 16 13Past service cost – (75)Interest income on plan assets(315) (20)Total expense recognized446 542 The expense associated with the Group’s pension plan of USD 446 thousand was included within general and administrative expenses. The Group also recognized in other comprehensive income a USD 679 thousand net actuarial loss on defined benefit obligations and pension plan assets. The principal actuarial assumptions used to estimate the Group’s pension obligation are as follows: For the year endedFor the year endedUSD ThousandsDecember 31, 2023December 31, 2022Discount rate 1.90% 2.25%Inflation rate 1.25% 1.25%Future salary increase 1.25% 1.25%Future pension increases 0.00% 0.00%Retirement ages, male (‘M’) and female (‘F’) M65/F64 M65/F64 Assumptions regarding future mortality are set based on actuarial advice in accordance with the BVG 2020 GT generational published statistics and experience in Switzerland. The discount rate is determined by reference to the yield on high quality corporate bonds. The rate of inflation is based on the expected value of future annual inflation adjustments in Switzerland. The rate for future salary increases is based on the average increase in the salaries paid by the Group, and the rate of pension increases is based on the annual increase in risk, retirement and survivors’ benefits. The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is: Change inIncrease inDecrease inassumptionassumptionassumptionDiscount rate 0.50% Decrease by 6.9% Increase by 7.8%Salary growth rate 0.50% Increase by 0.2% Decrease by 0.3%Life Expectancy One year Increase by 1.1% Decrease by 1.1% The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions, the same method has been applied as when calculating the pension liability recognized within the consolidated balance sheet. 36 Notes to the Consolidated Financial Statements For the years ended December 31, 2023 and 2022, AUDITED 22. TRADE AND OTHER PAYABLES USD Thousands December 31, 2023 December 31, 2022Trade payables 42,761 20,547 Joint operations creditors 22,257 14,348 Accrued expenses 118,912 78,206 Other 4,941 5,625 188,871 118,726 23. FINANCIAL ASSETS AND LIABILITIES Financial assets and liabilities by category The accounting policies for financial instruments have been applied to the line items below: Fair value Financial assets Derivatives recognized in Totalat amortized used for December 31, 2023profit or loss costhedgingUSD Thousands(FVTPL)1Other assets41,486 41,486 – –Derivative instruments 42,553 – – 42,553Joint operation debtors 910 910 – –2Other current receivables104,315 103,286 1,029 –Cash and cash equivalents517,074 517,074 – –Financial assets706,338 662,756 1,029 42,553 1 See Note 12 2 Prepayments are not included in other current assets as prepayments are not deemed to be financial instruments. Fair value Financial Derivatives recognized in Totalliabilities at used for December 31, 2023profit or loss amortized costhedgingUSD Thousands(FVTPL)Non-current financial liabilities 440,483 440,483 – –Current financial liabilities 3,589 3,589 – –Derivative instruments 1,530 – – 1,530Joint operation creditors 22,257 22,257 – –Other current liabilities166,869 166,869 – –Financial liabilities634,728 633,198 – 1,530 Fair value Financial assets Derivatives recognized in Totalat amortized used for December 31, 2022profit or loss costhedgingUSD Thousands(FVTPL)1Other assets35,882 35,882 – –Derivative instruments 11,741 – – 11,741Joint operation debtors 982 982 – –2Other current receivables116,060 115,461 599 –Cash and cash equivalents487,240 487,240 – –Financial assets651,905 639,565 599 11,741 1 See Note 12 2 Prepayments are not included in other current assets as prepayments are not deemed to be financial instruments. 37 Notes to the Consolidated Financial Statements For the years ended December 31, 2023 and 2022, AUDITED Fair value Financial Derivatives recognized in Totalliabilities at used for December 31, 2022profit or loss amortized costhedgingUSD Thousands(FVTPL)Non-current financial liabilities 304,151 304,151 – –Current financial liabilities 3,431 3,431 – –Derivative instruments 1,155 – – 1,155Joint operation creditors 14,348 14,348 – –Other current liabilities122,171 122,171 – –Financial liabilities445,256 444,101 – 1,155 The carrying amount of the Group’s financial assets approximate their fair values at the balance sheet dates. For financial instruments measured at fair value in the balance sheet, the following fair value measurement hierarchy is used: – Level 1: based on quoted prices in active markets; – Level 2: based on inputs other than quoted prices as within level 1, that are either directly or indirectly observable; – Level 3: based on inputs which are not based on observable market data. Based on this hierarchy, financial instruments measured at fair value can be detailed as follows: December 31, 2023Level 1 Level 2 Level 3USD ThousandsOther current receivables 1,029 – –Derivative instruments – current – 35,504 –Derivative instruments – non-current– 7,049 –Financial assets1,029 42,553 –Derivative instruments – current – 1,267 –Derivative instruments – non-current– 61 202Financial liabilities– 1,328 202December 31, 2022Level 1 Level 2 Level 3USD ThousandsOther current receivables 599 – –Derivative instruments – current– 11,741 –Financial assets599 11,741 –Derivative instruments – current– 1,155 –Financial liabilities– 1,155 – 24. MANAGEMENT OF FINANCIAL RISK The Corporation’s financial instruments are exposed to certain financial risks, including credit risk, liquidity risk, foreign exchange risk, commodity price risk and interest rate risk. a) Credit risk The exposure to credit risk arises through the failure of a customer or another third party to meet its contractual obligations to the Corporation. The Corporation believes that its maximum exposure to credit risk as at December 31, 2023, is the carrying value of its trade receivables. The Group’s policy is to limit credit risk by limiting the counterparties to major oil and gas companies. Where it is determined that there is a credit risk for oil and gas sales, the policy is to require an irrevocable letter of credit for the full value of the sale. The policy on joint operation parties is to rely on the provisions of the underlying joint operating agreements to take possession of the licence or the partner’s share of production for non-payment of cash calls or other amounts due. As at December 31, 2023, the trade receivables amounted to USD 97,264 thousand and there is no recent history of default. The expected credit loss associated with these receivables is not significant. Cash and cash equivalents are maintained with banks having strong long-term credit ratings. 38 Notes to the Consolidated Financial Statements For the years ended December 31, 2023 and 2022, AUDITED b) Liquidity risk Liquidity risk is defined as the risk that the Group could not be able to settle or meet its obligations on time or at a reasonable price. Corporation treasury is responsible for liquidity, funding as well as settlement management. The Corporation has in place a planning and forecasting process to help determine the funds required to support the Corporation’s normal operating requirements on an ongoing basis. The Corporation ensures that there is sufficient available capital to meet its short-term business requirements, taking into account its anticipated cash flows from operations and its holdings of cash and cash equivalents, including bond proceeds. The Corporation has credit facilities in place to assist with meeting its cash flow needs as required (Note 19). The table below analyses the Group’s financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. Loan repayments are made upon a net present value calculation of the assets’ future cash flows. No loan repayments are currently forecast under this calculation. USD Thousands December 31, 2023 December 31, 2022Non-current Repayment within 1- 5 years: - Bank loans 5,442 8,7111 - Bonds440,288 300,000445,730 308,711CurrentRepayment within 12 months: - Bank loans 3,589 3,431Repayment within 6 months: - Trade payables 42,761 20,547 - Joint operation creditors 22,257 14,348 - Other current liabilities 4,941 5,625 - Current tax liabilities255 17,793 73,803 61,744 1 The bonds redeemable value at maturity in February 2027 is USD 450 million. c) Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk arising from various currencies, primarily with respect to EUR and CAD. The Group’s risk management objective is to manage cash flow risk related to foreign denominated cash flows. The Corporation is exposed to currency risk related to changes in rates of exchange between foreign denominated balances and the functional currencies of the Group’s principal operating subsidiaries. The Group’s revenues are denominated in US dollars, while most of its operating and capital expenditures are denominated in the local currencies. A significant change in the currency exchange rates between the US dollar and foreign currencies could have a material effect on the Group’s net earnings and on other comprehensive income. In 2023, IPC entered into foreign currency hedges in Canada to buy CAD 20 million per month at CAD 1.36 (sell USD) and in Malaysia to buy MYR 11.5 million per month at MYR 4.63 (sell USD) in respect of 2024, and to buy CAD 15 million per month at CAD 1.36 (sell USD) in respect of 2025, to partially meet forecast operational expenses in those countries. In respect of the forecast Blackrod development capital expenditure in Canada, IPC entered into further currency hedges to purchase a total CAD 556 million for the period January 2024 to December 2025 at an average rate of CAD 1.33 (sell USD). The above hedges are treated as effective and changes to the fair value are reflected in other comprehensive income. 39 Notes to the Consolidated Financial Statements For the years ended December 31, 2023 and 2022, AUDITED The outstanding derivative instruments can be specified as follows: Fair value of outstanding derivative instruments in the balance sheet December 31, 2023 December 31, 2022USD ThousandsAssets Liabilities Assets LiabilitiesCurrency hedge - CAD 13,644 1,328 1,084 –Currency hedge - MYR618 – 2,886 –Total14,262 1,328 3,970 –Non-current 7,049 61 – –Current7,213 1,267 3,970 –Total14,262 1,328 3,970 – The following tables summarize the effects that changes in currencies against the US Dollar would have on operating result and equity through the conversion of the income statements of the Group’s subsidiaries from functional currency to the presentation currency US Dollar for the years ended at December 31, 2023 and 2022. Shift of currency exchange ratesAverage rateUSD weakeningUSD strengthening USD Thousands202310%10%Gross profit in the financial statements 250,514 250,514EUR/USD 0.9246 0.8405 1.0170CAD/USD 1.3496 1.2269 1.4846Total effect on gross profit(20,700) 20,700 Shift of currency exchange ratesAverage rateUSD weakeningUSD strengthening USD Thousands202210%10%Gross profit in the financial statements 516,709 516,709EUR/USD 0.9489 0.8626 1.0437CAD/USD 1.3015 1.1832 1.4317Total effect on gross profit(41,704) 41,704 d) Commodity price risk The Group is subject to price risk associated with fluctuations in the market prices for oil and gas. Prices of oil and gas are affected by the normal economic drivers of supply and demand as well as the financial investors and market uncertainty. Factors that influence these include operational decisions, natural disasters, economic conditions, political instability or conflicts or actions by major oil exporting countries. Price fluctuations can affect the Corporation’s financial position. Commodity price risk is the risk that future cash flows will fluctuate as a result of changes in the price of oil and natural gas. Commodity prices are impacted by world economic events that affect supply and demand, which are generally beyond the Group’s control. Changes in crude oil prices may significantly affect the Corporation’s results of operations, cash generated from operating activities, capital spending and the Corporation’s ability to meet its obligations. The majority of the Corporation’s production is sold under short-term contracts; consequently the Group is at risk to near term price movements. The Corporation manages this risk by constantly monitoring commodity prices and factoring them into operational decisions, such as contracting or expanding its capital expenditures program. The Corporation enters into certain risk management contracts in order to manage the exposure to market risks from fluctuations in commodity prices. These risk management contracts are not used for trading or speculative purposes. The Corporation has designated its risk management contracts as effective accounting hedges, and thus has applied hedge accounting. As a result, all risk management contracts are recorded at fair value at each reporting period with the change in fair value being recognized on the statement of comprehensive income. 40 Notes to the Consolidated Financial Statements For the years ended December 31, 2023 and 2022, AUDITED The Group had oil price sale financial hedges outstanding as at December 31, 2023, which are summarized as follows: Period Volume (barrels per day) Type Average Pricing January 1, 2024 – December 31, 202417,700 WTI/WCS Differential USD -15.03/bblJanuary 1, 2024 – December 31, 2024 6,250WTI Sale Swap USD 80.94/bbl The Group had condensate financial hedges outstanding as at December 31, 2023, which are summarized as follows: Period Volume (barrels per day) Type Average Pricing January 1, 2024 – March 31, 2024 3,000C5/WTI Differential USD -1.60/bbl The Group had no gas price sale financial hedges outstanding as at December 31, 2023. The Group had electricity financial hedges outstanding as at December 31, 2023, which are summarized as follows: Period Volume (MW) Type Average Pricing October 1, 2025 – September 30, 2040 3AESO CAD 75.00/MWh All of the above hedges are treated as effective and changes to the fair value are reflected in other comprehensive income. The outstanding derivative instruments can be specified as follows: Fair value of outstanding derivative instruments in the balance sheet:December 31, 2023 December 31, 2022USD ThousandsAssets Liabilities Assets LiabilitiesOil price hedge 28,291 – 1,155Gas price hedge – – 7,771 –Electricity price hedge– 202 – –Total28,291 202 7,771 1,155Non-current – 202 – –Current28,291 – 7,771 1,155Total28,291 202 7,771 1,155 In addition to the outstanding derivative instruments in the balance sheet disclosed above, a gain of USD 18,928 thousand (2022: USD 19,125 thousand) was recognised in the statement of operations in relation to settled oil and gas derivatives. The table below summarizes the effect that a change in the oil and gas price would have had on the net result and equity at December 31, 2023 and 2022: 2023 net result (USD Thousands) 172,979 172,979Possible shift (%) (10%) 10%Total effect on net result (USD Thousands) (60,010) 60,010 2022 net result (USD Thousands) 337,725 337,725Possible shift (%) (10%) 10%Total effect on net result (USD Thousands) (91,032) 91,032 41 Notes to the Consolidated Financial Statements For the years ended December 31, 2023 and 2022, AUDITED e) Interest rate risk The Group’s exposure to interest rate risk arises from the interest rate impact on its debt facilities. As at December 31, 2023, the Group’s long-term debt is mainly comprised of a fixed coupon rate of 7.25%. As such, changes in interest rate will not have a significant adverse impact on interest expense. 25. MANAGEMENT OF CAPITAL RISK The objectives when managing capital are to safeguard the Group’s ability to continue as a going concern and to meet its committed work program requirements in order to create shareholder value. The Corporation may put in place new credit facilities, repay debt, or other such restructuring activities as appropriate. Management continuously monitors and manages the capital and liquidity position in order to assess the requirement for changes to the capital structure to meet the objectives and to maintain flexibility. No significant changes were made in the objectives, policies or procedures during the year ended December 31, 2023 or in the comparative periods. Through the ongoing management of its capital, the Corporation will modify the structure of its capital based on changing economic conditions in the jurisdictions in which it operates. In doing so, the Corporation may issue new shares or debt, buy back issued shares, or pay off any outstanding debt. 26. SALARY AND OTHER COMPENSATION EXPENSES a) Employee compensation expenses The following table provides a breakdown of gross salaries, short-term benefits, share-based compensation and other compensation expenses included in the consolidated statement of comprehensive income: USD Thousands 2023 2022Salaries, bonuses and other short-term benefits 57,280 45,073Security social costs 7,100 7,0401Share-based incentive plans11,690 7,99776,070 60,110 1 Vested during the period and based on IFRS 2 valuation (see Note 18) The overall increase in 2023 is mainly due to the increase in workforce in Canada following the Cor4 acquisition. b) Remuneration of Directors and Senior Management Remuneration of Directors and Senior Management includes all amounts earned and awarded to the Group’s Board of Directors and Senior Management. Senior Management includes the Group’s President and Chief Executive Officer, Chief Financial Officer, General Counsel and Corporate Secretary, Chief Operating Officer, Senior Vice President Canada, Vice President of Asset Management and Corporate Planning Canada and Vice President of Corporate Planning and Investor Relations. Directors’ fees include Board and Committee fees. Senior Management’s remuneration includes salary, short-term benefits, bonuses and any other compensation earned is as follows: USD Thousands 2023 2022Directors’ fees 665 597Senior Management’s salaries, bonuses and other short-term benefits 8,198 7,210Share-based incentive plans paid to Senior Management7,933 6,20716,796 14,014 42 Notes to the Consolidated Financial Statements For the years ended December 31, 2023 and 2022, AUDITED 27. CONTRACTUAL OBLIGATIONS AND COMMITMENTS In the normal course of business, the Group has committed to certain payments which are not recognised as liabilities. The following table summarizes the Group’s commitments in Canada as at December 31, 2023: CAD Millions2024 2025 2026 2027 2028 Thereafter1Transportation service 27.9 29.2 38.4 43.4 46.4 555.62Power9.8 9.8 9.8 9.8 9.8 –Total commitments 37.7 39.0 48.2 53.2 56.2 555.6 1 IPC has firm transportation commitments on oil and natural gas pipelines that expire between 2037 and 2045. 2 IPC has physical delivery power hedges to purchase 15MW at a weighted average price of CAD 74.92/MWH from January 1, 2024 - December 31, 2028. 28. RELATED PARTIES During the year 2023, the Group paid USD 365 thousand to the Lundin Foundation in respect of sustainability advisory services provided to the Group and USD 685 thousand to Orrön Energy in respect of office space rental for 2023. During the year 2023, Orrön Energy paid USD 657 thousand to the Group in respect of support services provided to Orrön Energy during 2023. All transactions with related parties are in the normal course of business and are made on the same terms and conditions as with parties at arm’s length. 29. SUBSEQUENT EVENTS No other events have occurred since December 31, 2023, that are expected to have a substantial effect on this report. Corporate Office International Petroleum Corp Suite 2000 885 West Georgia Street Vancouver, BC V6C 3E8, Canada Tel: +1 604 689 7842 E-mail: [email protected] Web: international-petroleum.com 54930025D80LU0SMR6452023-01-012023-12-3154930025D80LU0SMR6452022-01-012022-12-3154930025D80LU0SMR6452023-12-3154930025D80LU0SMR6452022-12-3154930025D80LU0SMR6452021-12-3154930025D80LU0SMR6452022-12-31INT:IssuedCapitalAndSharePremiumMember54930025D80LU0SMR6452023-01-012023-12-31INT:IssuedCapitalAndSharePremiumMember54930025D80LU0SMR6452023-12-31INT:IssuedCapitalAndSharePremiumMember54930025D80LU0SMR6452022-12-31ifrs-full:RetainedEarningsMember54930025D80LU0SMR6452023-01-012023-12-31ifrs-full:RetainedEarningsMember54930025D80LU0SMR6452023-12-31ifrs-full:RetainedEarningsMember54930025D80LU0SMR6452022-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember54930025D80LU0SMR6452023-01-012023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember54930025D80LU0SMR6452023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember54930025D80LU0SMR6452022-12-31ifrs-full:ReserveOfSharebasedPaymentsMember54930025D80LU0SMR6452023-01-012023-12-31ifrs-full:ReserveOfSharebasedPaymentsMember54930025D80LU0SMR6452023-12-31ifrs-full:ReserveOfSharebasedPaymentsMember54930025D80LU0SMR6452022-12-31ifrs-full:ReserveOfCashFlowHedgesMember54930025D80LU0SMR6452023-01-012023-12-31ifrs-full:ReserveOfCashFlowHedgesMember54930025D80LU0SMR6452023-12-31ifrs-full:ReserveOfCashFlowHedgesMember54930025D80LU0SMR6452022-12-31ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember54930025D80LU0SMR6452023-01-012023-12-31ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember54930025D80LU0SMR6452023-12-31ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember54930025D80LU0SMR6452022-12-31ifrs-full:EquityAttributableToOwnersOfParentMember54930025D80LU0SMR6452023-01-012023-12-31ifrs-full:EquityAttributableToOwnersOfParentMember54930025D80LU0SMR6452023-12-31ifrs-full:EquityAttributableToOwnersOfParentMember54930025D80LU0SMR6452022-12-31ifrs-full:NoncontrollingInterestsMember54930025D80LU0SMR6452023-01-012023-12-31ifrs-full:NoncontrollingInterestsMember54930025D80LU0SMR6452023-12-31ifrs-full:NoncontrollingInterestsMember54930025D80LU0SMR6452021-12-31INT:IssuedCapitalAndSharePremiumMember54930025D80LU0SMR6452022-01-012022-12-31INT:IssuedCapitalAndSharePremiumMember54930025D80LU0SMR6452021-12-31ifrs-full:RetainedEarningsMember54930025D80LU0SMR6452022-01-012022-12-31ifrs-full:RetainedEarningsMember54930025D80LU0SMR6452021-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember54930025D80LU0SMR6452022-01-012022-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember54930025D80LU0SMR6452021-12-31ifrs-full:ReserveOfSharebasedPaymentsMember54930025D80LU0SMR6452022-01-012022-12-31ifrs-full:ReserveOfSharebasedPaymentsMember54930025D80LU0SMR6452021-12-31ifrs-full:ReserveOfCashFlowHedgesMember54930025D80LU0SMR6452022-01-012022-12-31ifrs-full:ReserveOfCashFlowHedgesMember54930025D80LU0SMR6452021-12-31ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember54930025D80LU0SMR6452022-01-012022-12-31ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember54930025D80LU0SMR6452021-12-31ifrs-full:EquityAttributableToOwnersOfParentMember54930025D80LU0SMR6452022-01-012022-12-31ifrs-full:EquityAttributableToOwnersOfParentMember54930025D80LU0SMR6452021-12-31ifrs-full:NoncontrollingInterestsMember54930025D80LU0SMR6452022-01-012022-12-31ifrs-full:NoncontrollingInterestsMemberiso4217:USDiso4217:USDxbrli:shares

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