EXMAR NV — Annual Report 2024

Apr 17, 2025

5. FINANCIAL REPORT

5.1 Annual report of the Board of Directors to the shareholders

The Board of Directors hereby submits the combined annual report on the individual and consolidated annual accounts of EXMAR NV (the “Company”) dated December 31, 2024 in accordance with articles 3:6 and 3:32 of the Belgian Code of Companies and Associations (“BCCA”). The Company must publish its annual accounts in accordance with the stipulations of the Royal Decree dated November 14, 2007 concerning the obligations of issuers of financial instruments who are entitled to trade on the Belgian regulated market. Any elements that are applicable to the Company in accordance with the BCCA and the above-mentioned Royal Decree shall be covered in this report and in the Corporate Governance Statement. This annual report should consequently be read in conjunction with EXMAR’s 2024 report.

Comments on the consolidated annual accounts

The consolidated annual accounts were prepared in accordance with International Financial Reporting Standards (IFRS). Below comments are based on the consolidated annual accounts prepared in accordance with IFRS, whereby the joint ventures are accounted for under the equity method.

In 2024, the EXMAR Group achieved a consolidated profit of USD 181.0 million (USD 72.0 million in 2023). Revenue decreased in 2024 by USD 138.4 million to USD 348.9 million due to (i) lower Infrastructure revenue from conversion works for TANGO FLNG and EXCALIBUR for the Marine XII project in Congo, and from the EEMSHAVEN LNG in the Netherlands (ii) lower revenue in Supporting Services from Bexco NV sold in May 2024, partially compensated by (iii) higher revenue from engineering projects managed by EXMAR Offshore Company in Houston, USA and (iv) higher operations and maintenance revenue in Supporting Services.

Gain on disposal amounted to USD 102.6 million in 2024, compared to USD 0.9 million in 2023. The gain in 2024 is the result of (i) the release of the contingent consideration liability of USD 78 million after successful performance testing results and (ii) the realization of a gain of USD 20.6 million on the sale of 100% of the shares of Bexco NV.

Because of the decrease of engineering, procurement and conversion contract work in relation to the Marine XII project in Congo, and the sale of Bexco NV in May 2024, and decreased provisions for claims, operating expenses decreased in 2024.

Net financial expenses decreased from USD 5.1 million in 2023 to USD 3.1 million in 2024 and can be explained as follows:

• Lower interest income of USD 8.7 million resulting from the lower on average cash position of EXMAR;
• Higher interest cost compared to 2023 from EEMSHAVEN LNG and EXCALIBUR financing agreements;
• Positive foreign exchange results on positions in EUR.

The share of equity accounted investees decreased by USD 7.2 million to USD 24.9 million in 2024 due to sale of Midsize vessels.

Vessels and barges amounted to USD 368.6 million at year-end 2024, a decrease of USD 47.2 million, which is mainly the transfer of two pressurized vessels to assets held for sale (USD 14.7 million), the sale of two pressurized vessels (USD 14.0 million), the depreciation charge of the year (USD 28.8 million), partially offset by capitalized dry-dock expenses (USD 6.9 million) and USD 3.3 million increase from the lifting of the early buy out options for three pressurized vessels.

Investments in equity accounted investees increased by USD 24.3 million up to USD 159.7 million end 2024, primarily as a result of our share in the net result of these joint ventures and associated companies (USD 24.9 million), offset by dividends (USD 1.8 million) and interest rate swap impact on the Group’s other comprehensive income (USD 0.6 million).

In 2024 the other investments increased mainly as a result of the acquisition of additional shares in Vantage Drilling International Ltd and shares in Ventura Offshore Holding Ltd, valued respectively USD 18.6 million and USD 40.9 million at year-end 2024.

As a result of the sale of Bexco NV in 2024, the Group had a decrease of inventories of USD 15.1 million to USD 0 million.

5.2 Consolidated financial statements

Consolidated statement of financial position

	December 31, 2024	December 31, 2023	December 31, 2022
ASSETS
Non-current assets
Vessels and barges	368,592	415,819	453,839
Other property, plant and equipment	40,497	41,017	46,299
Right-of-use assets	57,138	62,005	65,674
Investments in equity accounted investees	159,677	135,390	133,753
Other investments	59,519	28,560	30,030
Deferred tax assets	29,136	28,092	25,073
Total non-current assets	664,559	710,883	754,668
Current assets
Assets held for sale	24,845	2,489	0
Inventories	0	15,138	17,943
Trade and other receivables	189,717	181,653	176,347
Cash and cash equivalents	455,526	364,465	352,366
Total current assets	670,088	563,745	546,656
TOTAL ASSETS	1,334,647	1,274,628	1,301,324
EQUITY AND LIABILITIES
Equity
Issued capital	41,896	41,896	41,896
Share premium	118,891	118,891	118,891
Retained earnings	334,067	224,814	272,304
Treasury shares	(5,083)	(5,083)	(5,083)
Reserve of exchange differences on translation	2,806	(6,110)	(12,948)
Reserve of cash flow hedges	23,410	30,199	20,149
Reserve of share-based payments	3,504	3,007	2,245
Equity attributable to owners of parent	519,591	397,515	437,454
Non-controlling interests	12,977	11,805	15,211
TOTAL EQUITY	532,568	409,320	452,665
Non-current liabilities
Borrowings	311,890	378,178	395,730
Lease liabilities	45,837	50,259	54,680
Deferred tax liabilities	64,683	56,955	58,250
Provisions	17,836	19,347	18,008
Total non-current liabilities	440,246	504,739	526,668
Current liabilities
Borrowings	133,284	130,815	127,117
Lease liabilities	26,749	27,765	28,023
Trade and other payables	201,800	202,005	166,851
Provisions	0	0	0
Total current liabilities	361,833	360,585	321,991
TOTAL LIABILITIES	802,079	865,324	848,659
TOTAL EQUITY AND LIABILITIES	1,334,647	1,274,628	1,301,324

Consolidated statement of profit and loss and other comprehensive income

	2024	2023	2022
Revenue	348,894	487,269	438,697
Vessel and engineering project expenses	(120,291)	(145,383)	(147,197)
Purchase of goods	(26,011)	(26,305)	(22,524)
General and administrative expenses	(42,672)	(45,081)	(39,078)
Personnel expenses	(52,341)	(57,392)	(54,869)
Other Operating Expenses	(44,420)	(43,627)	(42,617)
Operating Profit	63,159	169,481	132,412
Gain on disposal	102,595	871	10,661
Profit before finance result and income taxes	165,754	170,352	143,073
Finance result	(3,085)	(5,065)	(6,834)
Profit before income taxes	162,669	165,287	136,239
Income taxes	(18,564)	(20,401)	(20,950)
Profit for the year	144,105	144,886	115,289
Other comprehensive income
Items that will not be reclassified to profit or loss:
Actuarial gains/(losses) on defined benefit plans	6,042	4,313	6,294
Income tax effect	(1,269)	(906)	(1,322)
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations	13,587	6,839	(20,856)
Fair value adjustments on cash flow hedging instruments	(6,346)	10,696	(8,800)
Income tax effect	1,335	(2,247)	1,841
Other comprehensive income, net of tax	13,653	18,695	(12,843)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR	157,758	163,581	102,446
Profit attributable to:
Owners of the parent	141,771	138,583	111,231
Non-controlling interests	2,334	6,303	4,058
Total profit for the year	144,105	144,886	115,289
Total comprehensive income attributable to:
Owners of the parent	155,424	160,427	99,191
Non-controlling interests	2,334	3,154	3,255
Total comprehensive income for the year	157,758	163,581	102,446
Earnings per share
Basic and diluted earnings per share (USD per share)	2.58	2.52	2.03

Consolidated statement of cash flows

	2024	2023	2022
Cash flows from operating activities
Profit for the year	144,105	144,886	115,289
Adjustments for non-cash items:
Depreciation and amortization	58,020	59,511	60,557
Gain on disposal	(102,595)	(871)	(10,661)
Impairment losses	0	0	0
Share of profit of equity accounted investees	(24,874)	(32,081)	(28,737)
Share-based payments expense	497	761	235
Interest expense	18,678	19,555	18,417
Interest income	(9,960)	(18,719)	(15,802)
Unrealized foreign exchange gains/(losses)	(13,587)	(6,839)	20,856
Changes in working capital:
Increase in trade and other receivables	(8,064)	(15,306)	(14,675)
Increase in inventories	15,138	2,804	(7,950)
Increase in trade and other payables	(775)	36,375	40,203
Changes in provisions	(1,511)	1,339	(1,429)
Net cash from operating activities	188,597	237,320	189,144
Cash flows from investing activities
Purchase of vessels and barges	(6,900)	(6,653)	(32,146)
Sale of vessels and barges	14,000	0	17,872
Purchase of other property, plant and equipment	(6,948)	(4,985)	(6,974)
Proceeds from sale of property, plant and equipment	3,264	2,042	2,159
Investment in equity accounted investees	(24,303)	(12,081)	(11,401)
Purchase of other investments	(59,263)	(0)	(0)
Proceeds from sale of other investments	29,767	0	0
Net cash from investing activities	(43,383)	(21,677)	(30,490)
Cash flows from financing activities
Proceeds from borrowings	48,573	38,770	49,253
Repayment of borrowings	(119,319)	(51,544)	(47,789)
Proceeds from lease liabilities	26,749	27,765	28,023
Repayment of lease liabilities	(24,679)	(27,319)	(28,564)
Dividends paid to owners of parent	(0)	(0)	(0)
Dividends paid to non-controlling interests	(0)	(0)	(0)
Net cash from financing activities	(88,676)	(15,318)	3,923
Effect of exchange rate changes on cash and cash equiv.	5,680	1,304	(2,965)
Net increase/(decrease) in cash and cash equivalents	62,218	201,939	159,512
Cash and cash equivalents at the beginning of the year	364,465	162,526	2,914
Cash and cash equivalents at the end of the year	426,683	364,465	162,526
Cash and cash equivalents include:
Cash and cash equivalents	455,526	364,465	352,366
Restricted cash	(28,843)	(0)	(189,840)
Total	426,683	364,465	162,526

Consolidated statement of changes in equity

	Issued Capital	Share Premium	Retained Earnings	Treasury Shares	Reserve of Exchange Differences on Translation	Reserve of Cash Flow Hedges	Reserve of Share-based Payments	Equity Attributable to Owners of Parent	Non-controlling Interests	Total Equity
Balance at January 1, 2022	41,896	118,891	160,073	(5,083)	(8,748)	11,349	1,997	300,375	19,466	319,841
Profit for the year	0	0	111,231	0	0	0	0	111,231	4,058	115,289
Other comprehensive income, net of tax	0	0	0	0	(12,108)	(3,741)	248	(15,601)	(503)	(16,104)
Transactions with owners
Transfer of reserves	0	0	0	0	0	0	0	0	0	0
Other movements	0	0	0	0	0	0	0	0	(10,174)	(10,174)
Balance at December 31, 2022	41,896	118,891	271,304	(5,083)	(20,856)	7,608	2,245	436,004	12,847	448,851
Profit for the year	0	0	138,583	0	0	0	0	138,583	6,303	144,886
Other comprehensive income, net of tax	0	0	0	0	6,839	10,696	761	18,296	3,154	21,450
Transactions with owners
Transfer of reserves	0	0	0	0	0	0	0	0	0	0
Balance at December 31, 2023	41,896	118,891	409,887	(5,083)	(14,017)	18,304	3,006	562,986	19,150	582,136
Profit for the year	0	0	141,771	0	0	0	0	141,771	2,334	144,105
Other comprehensive income, net of tax	0	0	0	0	13,587	(6,346)	497	7,738	0	7,738
Transactions with owners
Transfer of reserves	0	0	0	0	0	0	0	0	0	0
Balance at December 31, 2024	41,896	118,891	551,658	(5,083)	(430)	11,958	3,503	712,843	21,484	734,327

Note: The values in the table represent thousands of USD, except for Earnings per share.# 5.1 ANNUAL REPORT OF THE BOARD OF DIRECTORS TO THE SHAREHOLDERS

Current trade and other receivables increased by USD 26.5 million and is mainly due to an increase of trade receivable balances in relation to engineering, operations and maintenance contracts for the Marine XII project in Congo, for TANGO FLNG and EXCALIBUR. The cash position on December 31, 2024, amounted to USD 274.7 million, an increase by USD 97.8 million following robust growth of the cash flow from operating activities and the proceeds of the sale of Bexco NV in May 2024. Equity amounted to USD 609.6 million end 2024, or an increase by USD 127.5 million primarily because of USD 181.0 million profit of the year, offset by the payment of USD 48.1 million dividends. End 2024, borrowings (non-current and current) amounted to USD 316.5 million (2023: USD 265.3 million). The increase of USD 51.2 million is in essence explained by the new EXCALIBUR facility (USD 100.5 million), partially offset by the repayment of the existing facilities (USD 42.1 million).

Comments on the statutory financial statements

The statutory accounts were prepared in accordance with Belgian GAAP and accounting principles were consistently applied. These accounts will be presented for approval to the General Meeting of Shareholders on May 20, 2025. The below comments cover the main items of the statutory annual accounts:

The operational loss amounted to USD -3.5 million in 2024 (2023: USD -22.3 million). Financial result increased from USD 24.7 million in 2023 (gain) to USD 297.5 million (gain) in 2024. The increase is primarily due to dividends from subsidiaries (USD 169.6 million) and the gain on the sale of financial assets (USD 100.0 million). The statutory result for the financial year amounts to a profit of USD 293.0 million compared to a profit of USD 2.6 million in 2023.

At the end of 2024, the total assets amounted to USD 805.2 million, including USD 484.3 million financial fixed asset and USD 195.7 million investments (mainly term deposits) and cash. Equity amounted to USD 599.6 million at the end of 2024 (2023: USD 306.6 million) and increased by the profit of the year of USD 293.0 million. The provisions decreased by USD 10.4 million and relate to various claims. Liabilities amounted to USD 202.7 million end 2024 compared to USD 137.9 million in 2023.

At the General Meeting of Shareholders on May 20, 2025, the Board of Directors will propose to allocate the result of the year as follows:

Description	Amount
Profit carried forward	USD 5,964.354,06
Profit of the financial year	USD 293,015,151.75
Transfer from reserves	USD -6.861.290,68
RESULT TO APPROPRIATE	USD 292,118,215.13
Result to carry forward	USD 292,118,215.13

Risk factors

As described in the Corporate Governance Statement.

Non-financial information

As described in chapter 3 of the EXMAR 2024 report.

Supplementary information

Research and Development

As described in chapter 3 of the EXMAR 2024 report.

Employees

On December 31, 2024, in accordance with the current CSRD-regulation EXMAR’s global staff comprised 1,521 employees, including 1,219 crew at sea (2023: 1,923 employees, including 1,514 crew at sea). Many of the crew at sea are employed on assets owned or operated by our equity accounted investees; the corresponding expenses are not included in EXMAR’s consolidated personnel or crew expenses.

Acquisition or sale of treasury shares

There were no such transactions in 2024. We refer to the Corporate Governance Statement. On December 31, 2024 EXMAR owned 1,956,013 own shares, representing 3.29% of the total number of shares issued, compared to 1,956,013 at year-end 2023.

Justification of the Accounting Principles

The accounting principles applied during the closure of the statutory annual accounts do not differ from the accounting principles applied during the previous financial year. A summary of the accounting principles of valuation is attached to the statutory annual accounts. For the consolidated financial statements please refer to the section on valuation principles for the consolidated annual accounts.

Defensive Mechanisms

Described in the Corporate Governance Statement.

Branch offices

EXMAR NV has no branch offices.

Stock Option Plan

So far, the Board of Directors has decided on ten occasions to offer a number of employees of the EXMAR Group options on existing shares (10 plans). As of December 31, 2024 no plan is still open (we also refer to Note 28 - Share based payments of the consolidated annual report).

Additional activities carried out by the Statutory Auditor

During the past financial year, the Statutory Auditor or companies or persons related to the Statutory Auditor, have been involved in audit related matters and have provided limited tax services for the Group. The non-audit fees did not exceed the Group audit fees.

Financial instruments

The long-term vision, that is typical of EXMAR’s activities, is accompanied by long-term financing and therefore EXMAR’s activities are also exposed to floating interest rates. EXMAR actively manages this exposure and if deemed appropriate could cover itself for rising interest rates for a part of its debt portfolio by means of various instruments. The Group’s currency risk is historically mainly affected by the EUR/USD ratio for manning its fleet, paying salaries and all other personnel related expenses. As per December 31, 2024 the Company had financial instruments in place to cover the EUR/USD exchange rate fluctuations as well the floating interest on loans.

Application of article 7:96 of the Belgian Code of Companies and Associations

Per Article 7:96 of the Belgian Code of Companies and Associations (BCCA) directors who have a conflict of interest with respect to a decision to be taken by the Board have to inform the other directors of this before the decision is taken and may not participate in the discussion and decision making. Such declaration and the nature of the conflict of interest have to be set out in the minutes, which also have to describe the nature of the Board’s decision, its financial consequences for the Company and its justification. This part of the minutes is to be included in the annual financial report.

Excerpt from the minutes of the meeting of 2 December 2024.

The independent directors of the Company who appointed Natixis Partners Belgium BV as independent expert to draw up the valuation report required by the Takeover Decree, decided, subject to their review of the prospectus, to support and recommend the bid. Messrs. Nicolas Saverys and Carl-Antoine Saverys, as well as Mrs. Stephanie Saverys declare, as representative or shareholder of Saverex, that they possibly have an interest (other than a financial interest in the sense of article 7:96 BCCA) in the decision-making by the Board. In conformity with article III.7 of the Corporate Governance Charter they do not participate in the decision-making. The Board, after due consideration, confirms its support for the bid. The detailed opinion of the Board will be based on the prospectus and the

Excerpt from the minutes of the meeting of 6 December 2024.

The Nomination and Remuneration Committee discussed the proposals with respect to variable remuneration for Saverex, and for the CEO and COO for 2024, and an increase of the fixed remuneration of the CEO and a success fee related to the sale of Bexco NV. The proposals are submitted to the Board for approval. Prior to the discussion the directors Nicolas Saverys, as director and shareholder of Saverex NV, Stephanie Saverys, as director and shareholder of Saverex NV, and Carl-Antoine Saverys, as director and shareholder of Saverex NV and in own name and FMO BV (Francis Mottrie), inform the other directors that they have a pecuniary interest that conflicts with that of the Company, as they are, indirectly or directly, beneficiaries of proposed bonuses and, for Carl-Antoine Saverys only, proposed increase of fixed remuneration and, for FMO BV only, proposed success fee. They will not participate in the discussion or take part in the decision-making on the recommendation of the Committee. The proposals are the following:

• Variable remuneration for 2024 of EUR 2.,2 million to Saverex, based on exceptional performance and net result of the group;
• Variable remuneration for 2024 of EUR 100,.000 to each of Casaver BV (Carl-Antoine Saverys) and FMO BV, based on STI-LTI, performance and overall result of the group;
• Increased fixed yearly remuneration as from 2025 to Casaver BV (Carl-Antoine Saverys) to EUR 365,000
• Success fee to the chairman of Bexco of EUR 1 million in the context of the sale of Bexco NV, based on an agreement made in the past.

The Board is of the opinion that the procedure laid out in Article 7:97 BCCA is not to be applied with respect to the variable remuneration to Saverex NV, as the value (including all transactions with respect to Saverex NV during the last 12 months) is less than 1% of the net assets of the Company on consolidated basis. The Nomination and Remuneration Committee recommends to the Board to approve the proposals. The Board, having duly considered the financial impact for the Company of the proposals, is of the opinion that the bonus proposals are justified because of extraordinary work in 2024 by the beneficiaries, and that the proposed increased remuneration of the CEO is justified following exceptional performance and market positioning and the success fee justified following the Bexco NV sale. The Board decides to approve the recommendation.

Significant events after balance sheet

We refer to Note 38 - Subsequent events of the consolidated annual report.

Outlook

Shipping: Very Large Gas Carriers (VLGC)

EXMAR’s LPG fuelled 88,000 m³ VLGCs FLANDERS INNOVATION and FLANDERS PIONEER are serving a long-term time-charter agreement with Equinor ASA (Norway).# ANNUAL REPORT OF THE BOARD OF DIRECTORS TO THE SHAREHOLDERS

The VLGC BW TOKYO performed well in the course of 2024 in the BW VLGC pool and we expect softer performance in 2025.

Midsize Gas Carriers (MGC)

During 2024, 50% of EXMAR’s Midsize fleet was dedicated to transporting ammonia and is expected to continue in 2025. EXMAR, which has a 50 / 50 joint venture with SEAPEAK for the Midsize fleet, continues to build on its existing loyal customer base with extensions of existing time charter contracts at profitable levels. At the beginning of 2025, 72% of EXMAR’s Midsize fleet has already been committed to these clients for 2025.

Pressurized

EXMAR’s pressurized fleet of 6 ships remained dedicated to well-established industrial and long- term partners, both in North-West Europe and in Asia. The time charter coverage for 2025 stands at 83%.

Liquefied Natural Gas (LNG)

EXCALIBUR is under a 10-year charter for the ENI Marine XII infrastructure project in Congo, to serve as floating storage unit alongside the floating liquefaction plant TANGO FLNG.

Infrastructure: Floating LNG barges

TANGO FLNG is a floating LNG terminal which liquefies natural gas into LNG, which is then offloaded into LNG carriers laying alongside for export to LNG-importing countries. TANGO FLNG is owned by ENI as part of the activities of the natural gas development project in the Marine XII block. EXMAR carried out refurbishment on the TANGO FLNG as engineering, procurement and conversion contractor on the Marine II project in Congo in 2023. EXMAR has been heavily involved in this project as development and implementation partner and continues its support as operations & maintenance partner after commissioning and performance acceptance.

EEMSHAVEN LNG is a regasification unit and is operating under a five-year charter in the Netherlands since August 2022. The charter for operating the floating storage and regasification unit is proceeding satisfactorily.

Accommodation barges

The employment of the accommodation and work barge NUNCE has confirmed the reputation of EXMAR of delivering high standard services to its customer offshore Angola, and its contract was extended until January 2027. The accommodation and work barge WARIBOKO was sold in 2024.

Drilling

EXMAR holds shares in Vantage Drilling International Ltd. (Vantage) and Ventura Offshore Holding Ltd. (Ventura). Vantage provides offshore oil and natural gas drilling services. Ventura provides offshore oil and natural gas drilling services in the Latin America market. Vantage and Ventura are listed on the Oslo Stock Exchange.

Supporting Services: Ship Management

2024 has been a very busy year especially for the infrastructure business unit of EXMAR Ship Management, following the agreements with ENI for the operation and maintenance for the TANGO FLNG and EXCALIBUR and the terminal operations of EEMSHAVEN LNG, which will continue in 2025.

TRAVEL PLUS

The company remained on track in 2024 and ended the year with positive results, a trend which is expected to continue in 2025.

Approval and discharge of the annual accounts

We hereby request the General Meeting of Shareholders to approve this report for the year ending December 31, 2024 in its entirety and to appropriate the results as provided in this report. We also request the shareholders to grant discharge to the directors and Statutory Auditor for the performance of their mandate during the above-mentioned financial year.

Appointments

The following mandates will expire at the General Meeting of Shareholders:

• FMO BV represented by Francis Mottrie, executive director
• Michel Delbaere, independent director
• Isabelle Vleurinck, independent director
• Wouter De Geest, independent director
• ACACIA I BV represented by Els Verbraecken, independent director
• Maryam Ayati, independent director

The Board of Directors,
March 27, 2025

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (In thousands of USD)

	December 31, 2024	December 31, 2023
Non-current assets	601,528	619,437
Vessels and barges	368,575	415,747
Other property, plant and equipment	2,336	15,970
Intangible assets	175	314
Right-of-use assets	4,253	9,661
Investments in equity accounted investees	159,687	135,388
Deferred tax assets	4,635	4,429
Other non-current receivables	260	0
Derivative financial assets	586	0
Financial assets at FVTPL	61,021	37,928
Current assets	418,658	307,496
Assets held for sale	14,731	0
Derivative financial assets	1,072	550
Inventories	0	15,134
Trade and other receivables	123,886	97,384
Short term borrowings to equity accounted investees	48	11,597
Current tax assets	4,184	5,900
Cash and cash equivalents	274,737	176,930
Total assets	1,020,186	926,933
Equity	609,626	482,138
Equity attributable to owners of the Company	609,645	481,992
Share capital	88,812	88,812
Share premium	125,359	148,796
Reserves	214,485	172,412
Result for the period	180,989	71,972
Non-controlling interest	-19	147
Non-current liabilities	299,109	248,863
Borrowings	277,794	219,831
Derivative financial liabilities	1,240	0
Employee benefit obligations	785	999
Provisions	19,289	25,006
Deferred tax liabilities	0	3,026
Current liabilities	111,452	195,932
Borrowings	38,759	45,480
Trade and other payables	66,252	146,909
Current tax liability	6,441	3,544
Total liabilities	410,560	444,795
Total equity and liabilities	1,020,186	926,933

CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME

For the 12 months ended 31 December, (In thousands of USD)

	Note	2024	2023
Revenue	5	348,911	487,318
Gain on disposal	6	102,617	868
Other operating income		4,325	4,020
Operating income		455,854	492,206
Vessel and engineering project expenses	7	-163,271	-288,731
Raw materials and consumables used	8	-10,441	-23,279
General and administrative expenses	9	-39,352	-29,187
Personnel expenses	10	-44,719	-46,176
Depreciations & amortisations	14/15/16	-31,702	-33,956
Impairment losses and reversals	18	-2,742	2,701
Loss on disposal		-1	-82
Other operating expenses (+/-)	11	6,617	-24,356
Result from operating activities		170,245	49,140
Interest income	12	9,271	17,961
Interest expenses	12	-17,793	-10,938
Other finance income	12	12,133	1,373
Other finance expenses	12	-6,685	-13,515
Net finance result		-3,074	-5,120
Result before income tax and share of result of equity accounted investees		167,171	44,020
Share of result of equity accounted investees (net of income tax)	17	24,938	32,136
Result before income tax		192,109	76,156
Income tax expense	13	-11,118	-4,148
Result for the period		180,991	72,007
Attributable to:
Non-controlling interest		2	36
Owners of the Company		180,989	71,972
Result for the period		180,991	72,007
Basic earnings per share (in USD)	26	3.15	1.25
Diluted earnings per share (in USD)	26	3.14	1.25

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	Note	2024	2023
Result for the period		180,991	72,007
Items that are or may be reclassified subsequently to profit or loss:
Equity accounted investees - share in other comprehensive income	17	604	-2,098
Foreign currency translation differences		-5,266	1,572
Hedge		-655	0
Other		-23	211
Items that will never be reclassified to profit and loss:
Employee benefits - remeasurements of defined benefit liability/assets	29	-41	-456
Total other comprehensive income for the period (net of tax)		-5,382	-771
Total comprehensive income for the period		175,610	71,236
Attributable to:
Non-controlling interest		-166	-34
Owners of the Company		175,776	71,270

CONSOLIDATED STATEMENT OF CASH FLOWS

12 months ended 31 December, (In thousands of USD)

	Note	2024	2023
Result for the period		180,991	72,007
Share of result of equity accounted investees (net of income tax)	17	-24,938	-32,136
Depreciations & amortisations	14/15/16	31,702	33,956
Impairment losses and reversals		2,742	-2,701
Net finance result	12	3,074	5,120
Income tax expense/ (income)		11,118	4,148
Net (gain)/ loss on sale of assets	6	-102,617	-868
Increase/(decrease) in provisions and employee benefits		-6,168	23,671
Realized foreign currency gains (losses)		-638	-7,257
Gross cash flow from operating activities		95,266	95,941
(Increase)/decrease of inventories	4	-1,705	-5,457
(Increase)/decrease of trade and other receivables		-41,038	-32,146
Increase/(decrease) of trade and other payables		14,714	-1,713
Cash generated from operating activities		67,237	56,626
Interest paid	12	-15,816	-9,928
Interest received	12	7,695	16,427
Income taxes paid		-6,762	-11,267
NET CASH FROM OPERATING ACTIVITIES		52,354	51,858
Acquisition of vessels and vessels under construction	14	-10,180	-4,218
Acquisition of other property plant and equipment	15	-1,226	-2,152
Acquisition of intangible assets		-122	-112
Proceeds from the sale of vessels and other property, plant and equipment		18,214	278
Dividends from equity accounted investees	17	1,768	1,772
Other dividends received		35	19
Proceeds from the sale of a subsidiary, net of cash disposed off	4	41,955	-1,173
Payments for financial assets at FVTPL	21	-20,390	-39,132
Borrowings to equity accounted investees	19	-700	-996
Repayments from equity accounted investees	19	12,500	0
NET CASH FROM INVESTING ACTIVITIES		41,855	-45,713
Dividend paid		-48,122	-391,089
Proceeds from new borrowings	27	100,500	102,132
Repayment of borrowings	27	-42,064	-58,389
Repayment of lease liabilities IFRS 16 (principal portion)	27	-1,814	-2,283
Payment of debt transaction costs & banking fees		-3,709	-2,664
Proceeds from exercising share option plans		0	3,299
NET CASH FROM FINANCING ACTIVITIES		4,791	-348,994
NET INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS

(In thousands of USD)

Note	Share capital	Share premium	Retained earnings	Reserve for treasury shares	Translation reserve	Hedging reserve	Share- based payments reserve	Total	Non- controlling interest	Total equity
Opening equity as previously reported per January 1, 2024	88,812	148,796	282,751	-38,160	-1,062	855	0	481,991	147	482,138
Comprehensive result for the period
Result for the period			180,989					180,989	2	180,991
Foreign currency translation differences					-5,098			-5,098	-168	-5,266
Foreign currency translation differences - share equity accounted investees									-3	-3
Employee benefits - remeasurement net defined benefit obligations								-41		-41
Other								-23		-23
Net change in fair value of cash flow hedges						-655		-655		-655
Net change in fair value of cash flow hedges - share equity accounted investees
Total other comprehensive result	0	0	-64	0	-5,100	-49	0	-5,213	-168	-5,382
Total comprehensive income for the period	0	0	180,925	0	-5,100	-49	0	175,776	-166	175,610
Transactions with owners of the Company
Dividends declared		-23,437	-24,685					-48,122		-48,122
Total transactions with owners of the Company	0	-23,437	-24,685	0	0	0	0	-48,122	0	-48,122
Closing equity per December 31, 2024	88,812	125,359	438,991	-38,160	-6,163	806	0	609,645	-19	609,626

---

(In thousands of USD)

Note	Share capital	Share premium	Retained earnings	Reserve for treasury shares	Translation reserve	Hedging reserve	Share- based payments reserve	Total	Non- controlling interest	Total equity
Opening equity as previously reported per January 1, 2023	88,812	209,902	542,676	-44,349	-2,760	3,010	1,221	798,512	181	798,692
Comprehensive result for the period
Result for the period			71,972					71,972	36	72,007
Foreign currency translation differences					1,641			1,641	-69	1,572
Foreign currency translation differences - share equity accounted investees									57	57
Employee benefits - remeasurement net defined benefit obligations								-456		-456
Other								211		211
Net change in fair value of cash flow hedges - share equity accounted investees						-2,155		-2,155		-2,155
Total other comprehensive result	0	0	-245	0	1,698	-2,155	0	-702	-69	-771
Total comprehensive income for the period	0	0	71,727	0	1,698	-2,155	0	71,270	-34	71,236
Transactions with owners of the Company
Dividends declared		-61,106	-329,983					-391,089		-391,089
Share-based payments							-1,221		3,299	3,299
Total transactions with owners of the Company	0	-61,106	-331,652	6,189	0	0	-1,221	-387,790	0	-387,790
Closing equity per December 31, 2023	88,812	148,796	282,751	-38,160	-1,062	855	0	481,991	147	482,138

NOTE 1 ACCOUNTING POLICIES

A. Reporting entity

EXMAR NV (“the Company”) is a company domiciled in Belgium whose shares are publicly traded (Euronext – EXM). The consolidated financial statements of the Group comprise the Company, its subsidiaries, and the Group’s interest in associates and joint arrangements (referred to as the “Group”). The Group is active in the industrial shipping business .

B. Basis of preparation

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) as adopted by EU on December 31, 2024. The accounting policies adopted in preparing the 2024 consolidated financial statements are consistent with those applied in the previous financial year, except for the items below.

New and amended standards and interpretations, effective in 2024

The Group applied for the first time certain standards and amendments, which are effective for annual periods beginning on or after January 1, 2024:
■ IFRS S1 - General Requirements for Disclosure of Sustainability-related Financial Information;
■ IFRS S2 - Climate-related Disclosures;
■ Amendments to IAS 1: Classification of Liabilities as Current or Non-Current and Non-current Liabilities with Covenants;
■ Amendments to IAS 7 and IFRS 7: Supplier Finance Arrangements;
■ Amendments to IFRS16: Lease Liability in a Sale and Leaseback.

The Group believes that these have little or no impact on its consolidated financial statements. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

Standards issued but not yet effective

A number of new standards, amendments to standards and interpretations are not yet effective for the year ended December 31, 2024 and have not been applied in preparing these consolidated financial statements. The following new or amended standards or interpretations, are not yet applicable for the annual period beginning on 1 January 2025. Except for IFRS 18, these standards and amendments to standards are not expected to have a significant impact on the Group’s consolidated financial statements:
■ IFRS 18 - Presentation and Disclosures in Financial Statements;
■ IFRS 19 - Subsidiaries without Public Accountability: Disclosures;
■ Amendments to IAS 21 : Lack of Exchangeability;
■ Amendments to the SASB standards to enhance their international applicability;
■ Amendments IFRS 9 and IFRS 7 regarding the classification and measurement of financial instruments;
■ Annual Improvements to IFRS Accounting Standards — Volume 11.

The consolidated financial statements were approved and were authorised for issue by the Board of Directors on March 27, 2025.

C. Basis of measurement and presentation

The consolidated financial statements are presented in thousands of USD, which is also the functional currency of the parent company. The Financial Services and Markets Authority (FSMA) approved the use of the USD as reporting currency by letter of July 2, 2003 as the majority of the Group’s shipping activities and related financing are expressed in USD. All values are rounded to the nearest thousand. The financial statements are prepared on the historical cost basis except for the following material assets and liabilities that have been measured on an alternative basis on each reporting date: derivative financial instruments, equity securities at FVTPL and the net defined benefit liability.

D. Use of judgements and estimates

The preparation of the consolidated financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that affect the application of the accounting policies and the reported amounts of assets and liabilities, income and expenses, the accompanying disclosures and the disclosure of contingent liability. The estimates and related assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and the underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only affects that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Judgements

In the process of applying the Group’s accounting policies, management has made the following judgments, which have a significant impact on the amounts reported in the consolidated financial statements:
* Assessment of exercising purchase options Determining whether EXMAR will exercise purchase options on financed assets requires judgment and impacts the useful life of the related assets. All facts and circumstances relevant to the assessment are considered.

Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond control of the Group. Such changes are reflected in the assumptions when they occur.

• Impairment of vessels and barges The Group reviews the carrying amount of each vessel for potential impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of a specific vessel may not be fully recoverable. The recoverable amount is the highest of the fair value less cost to sell and the value in use. The fair value less cost to sell is determined based upon independent valuation reports. The Group engages two independent valuation specialists to assess fair values at reporting date. The carrying values of the vessels may not represent the fair market value at any point in time since the market prices of second-hand vessels tend to fluctuate with changes in charter rates and the cost of new buildings. Historically, both charter rates and vessel values tend to be cyclical. The value in use is based upon future cash flows discounted to their present value. In developing estimates of future cash flows, management makes assumptions about expected operation date (in case of temporarily unemployed vessels), future charter rates, ship operating expenses, the estimated remaining useful lives of the fleet and the WACC. These assumptions are based on historical trends as well as future expectations.# 5.2 CONSOLIDATED FINANCIAL STATEMENTS

E. Material accounting policies

a. Basis of consolidation

Subsidiaries

Subsidiaries are those entities controlled by the Group. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. All intra-Group balances, income and expenses, unrealized gains and losses and dividends resulting from intra-Group transactions are eliminated in full.

Loss of control

Upon the loss of control, the Group derecognizes the assets and liabilities of the subsidiary, and non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognized in profit and loss. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date the control is lost.

Interests in equity-accounted investees

The Group’s interest in equity accounted investees comprises interests in associates and joint ventures. Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. Significant influence is presumed to exist when the Group holds between 20% and 50% of the voting power. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities.

Investments in associates and joint ventures are accounted for using the equity method and are recognised initially at cost. When the share of the Group in the losses exceeds its interest in an equity accounted investee, the carrying amount of that interest is reduced to zero, and the recognition of future losses is discontinued, except to the extent that the Group has an obligation or has made payments on behalf of the investee. In such case the negative investment in equity accounted investees is deducted from other components of the investor’s interest in the equity accounted investee (borrowings to equity accounted investees). If the negative investment in equity accounted investees exceeds the investor’s interest, a liability is recognized for the net amount.

b. Foreign currency

Functional currency

Each entity prepares its individual financial statements in the currency of the primary economic environment in which the entity operates (i.e. the functional currency). Several European and Hong Kong based entities have the USD as functional currency as most of their cash flows are expressed in USD.

Transactions and balances

In preparing the individual financial statements, transactions in currencies other than the entities’ functional currency are recorded at the exchange rate applicable at the date of the transaction. At the reporting date, monetary assets and liabilities denominated in foreign currencies are translated to the functional currency spot exchange rates at that date. The non-monetary assets and liabilities that are measured in terms of historical cost are translated to the functional currency at the exchange rate at the date of the initial transactions. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date the fair value was determined.

Foreign exchange differences arising on translation are recognised in the profit or loss statement, except for qualified cash flow hedges to the extent that the hedges are effective. Upon disposal of the hedge and or net investment, the cumulative amount is reclassified to profit or loss.

Consolidation of foreign operations

On consolidation, assets and liabilities of foreign operations, including fair value adjustments arising on acquisition, are translated to USD – the group reporting currency - using the closing rate at reporting date. The income and expenses of the foreign operations are converted to USD at the exchange rate at the date of the transaction (the average exchange rate during the relevant period is used). Foreign currency translation differences are recognized directly in other comprehensive income. These foreign currency differences are presented within the “Translation reserve” caption. However, if the operation is a non-wholly owned subsidiary, then the relevant proportionate share of the translation difference is allocated to the non-controlling interests.

The main exchange rates used are:

EXCHANGE RATES	December 31, 2024	December 31, 2023	For the twelve months ended December 31, 2024	For the twelve months ended December 31, 2023
EUR	0.9626	0.9050	0.9206	0.9262
GBP	0.7981	0.7865	0.7809	0.8061
HKD	7.7665	7.8112	7.8050	7.8303
NOK	11.3534	10.1724	10.6817	10.5693
XAF	631.3957	593.6263	603.8544	607.5645
ARS	1,030.9850	808.4690	905.7289	264.5558
KRW	1,474.7810	1,297.4298	1,353.9946	1,308.7724

c. Financial instruments

Financial assets and financial liabilities are recognised in the Group’s statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.

Financial assets

All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Debt instruments that meet the following conditions are measured subsequently at amortised cost (see (i) below):

• The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and
• The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Other financial assets of the Group are measured subsequently at fair value through profit or loss (FVTPL). Despite the foregoing, the Group may make the following irrevocable election/designation at initial recognition of a financial asset:

• The Group may irrevocably designate a debt investment that meets the amortised cost or FVTOCI criteria as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch (see (ii) below).

All recognised financial assets are measured subsequently in their entirety at either amortised cost or fair value, depending on the classification of the financial assets:

(i.) Financial assets at amortised costs: These assets are subsequently measured at amortised costs using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.

(ii.) Financial assets at FVTPL: These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. However, see section derivative financial instruments and hedge accounting for derivatives designated as hedging instruments.

Derecognition of financial assets

The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control over the financial asset.

Financial liabilities

Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. See section “Derivative financial instruments and hedge accounting” for derivatives designated as hedging instruments.

Derecognition of financial liabilities

The Group derecognises a financial liability when its contractual obligations are discharged or cancelled or expire. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.

Share capital

Ordinary shares are classified as equity.# 5.2 CONSOLIDATED FINANCIAL STATEMENTS

Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a deduction from equity, net of tax effects. When treasury shares are sold, the amount received is recognised as an increase in equity and the resulting surplus or deficit on the transaction is presented in retained earnings.

Derivative financial instruments & hedge accounting

The Group holds derivative financial instruments to hedge its interest rate risk exposures. Derivatives are recognised initially at fair value at the date a derivative contract is entered into. Subsequent to initial recognition, derivatives are recognized at fair value and changes therein are generally recognized in profit and loss.

At inception of designated hedge relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedged instrument, including whether the changes in cash flow of the hedged item and hedging instrument are expected to offset each other.

Cash flow hedges

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in OCI and accumulated in the hedging reserve. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When a forecasted transaction is no longer expected to occur, the gain or loss accumulated in the cash flow hedge reserve is immediately reclassified to profit or loss.

d. Intangible assets

Research and development

Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is recognised in profit or loss as incurred.

Environmental emission allowances

Environmental emission allowances (see material accounting policies – p.) acquired for the purpose of settling emissions in the ordinary course of business, are classified as intangible assets. They are originally measured at cost. They are tested for impairment on an annual basis. They are not amortized.

Other intangible assets

Other intangible assets (e.g. software,…) acquired by the Group that have finite useful lives are measured at cost less accumulated amortisations and accumulated impairment losses.

e. Property, plant and equipment

Owned assets

Items of property, plant and equipment are stated at cost, which includes capitalised borrowing costs, less accumulated depreciation and impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset and to bringing the asset to the location and condition necessary for its intended use. The cost of self-constructed assets includes the cost of materials and direct labor, any other costs directly attributable to bringing the asset to a working condition for its intended use and capitalized borrowing costs.

If a part of an item of property, plant and equipment is replaced, the replacement cost is capitalised and the carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing of property, plant and equipment are recognised in the profit or loss statement as incurred.

When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment.

Vessels, barges or units in the construction process are separately classified on the balance sheet as assets under construction. These assets under construction are not depreciated, depreciation starts at the moment that the vessels are delivered. As from the moment of delivery, the vessels are no longer classified as under construction.

The business model of the Group aims to rent or operate the constructed assets. The vessels are depreciated on a straight-line basis to their residual value over their estimated useful life (as from construction date) in the Group as follows:

Asset Type	Useful Life
Gas vessel LPG pressurized	20 years
Gas vessel LPG	30 years
Gas vessel VLGC	30 years
Gas vessel LNG	35 years
LNG units	30 years
Accommodation platform, newbuild: - Hull machinery & deck outfitting	20 years
- Accommodation	10 years
Accommodation platform, second hand	10-12 years

1. In June 2016, Exmar increased its share in the pressurized fleet from 50% to 100% and applied IFRS 3 Business combinations to account for this. The vessels were at that date accounted at fair value and are being depreciated over their remaining useful life, which was 30 years as from construction date, or on average a remaining term of 23 years. In 2020, management re-assessed the useful life and reduced it from 30 years to 20 years (as from construction date), or an average remaining useful life of 10 years as from January 1, 2020.

Vessels and barges are estimated to have a zero residual value. Dry-docking expenses are capitalised when they occur and depreciated over a period until the next dry-dock.

Other property, plant and equipment are depreciated over their estimated useful life using the straight-line depreciation method. The estimated useful lives of the various other types of assets are as follows:

Asset Type	Useful Life
Buildings	33.3 years
Leased real estate	33.3 years
Plant and equipment	5 years
Furniture	10 years
Cars	5 years
Airplane	10 years
IT equipment	3 years

f. Impairment of assets

Financial assets

Financial assets measured at amortised cost, except current trade receivables, are assessed each reporting date to determine whether the credit risk of a financial asset has increased significantly since initial recognition. The Group recognises a loss allowance for expected credit losses (ECL’s) which is based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are an integral part of the contract terms.

In determining the credit risk of a financial asset and when estimating the ECL’s, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group’s historical experience and informed credit assessment and including forward-looking information.

For current trade receivables, the Group applies the simplified approach permitted by IFRS 9 Financial Instruments, which requires expected lifetime losses to be recognized from initial recognition of the receivables. The amount of the allowance is deducted from the carrying amount of the asset.

Equity accounted investees

After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss with respect to its net investment in the associate or joint venture. An impairment loss in respect of an equity accounted investee is measured by comparing the recoverable amount of the investment with its carrying amount. An impairment loss is recognised in profit and loss and is reversed when there is a favourable change in the estimates used to determine the recoverable amount.

Non-financial assets

The carrying value of non-financial assets, other than deferred tax assets, are reviewed at each balance sheet date to determine whether there is an indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated.

g. Assets held for sale

Non-current assets, or disposal groups comprising assets and liabilities, that are expected to be recovered primarily through sale rather than through continuing use, are classified as held for sale. Immediately before classification as held for sale, the assets (or components of a disposal group) are remeasured in accordance with the Group’s accounting policies. Thereafter the assets (or disposal group) are measured at the lower of their carrying amount and fair value less cost to sell. Intangible assets and property, plant and equipment once classified as held for sale or distribution are not amortised or depreciated. In addition, equity accounting of equity accounted investees ceases once classified as held for sale or distribution.

h. Inventories

Inventories are valued at the lower of cost and net realisable value. Costs incurred in bringing each product to its present location and condition are accounted for, as follows:

• Raw materials and good purchased for resale: purchase cost on a first-in/first-out basis;
• Work in progress and finished goods: cost of direct material and labor and a proportion of manufacturing overheads based on the normal operating capacity but excluding borrowing costs.

Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs of completing the sale. Write-offs on inventories are applied on slow-moving items. The calculation of the allowance is based on consistently applied write-off rules, which depend on both historical and future demand.

i. Employee benefits

Defined contribution plans

Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit or loss statement as the related service is provided.

Defined benefit plans

The Group’s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; discounting that amount and deducting the fair value of any plan assets.# j. Provisions
A provision is recognized in the statement of financial position when the Group has a legal or constructive obligation as result of a past event, that can be estimated reliably and it is probable that an outflow of benefits will be required to settle the obligation.

5.2 CONSOLIDATED FINANCIAL STATEMENTS

172

k. Income

Charter revenue

The company and/or its joint ventures generate revenues from charterers for the use of its assets. Assets are chartered using voyage/spot, time or bareboat charters and pool revenue:

Voyage/spot charters:

Voyage revenue is recognized over time of spot charters on a load-to-discharge basis. Progress is determined on time elapsed. Voyage expenses are expensed as occurred. When our vessels cannot start or continue performing its obligation due to other factors, such as port delays, a demurrage is calculated. The applicable demurrage rate is stipulated in the contract. As demurrage is often a commercial discussion between EXMAR and the charterer, the outcome and total compensation receivable for the delay is not always certain. As such, EXMAR only recognizes the revenue which is highly probable to be received. No revenue is recognized if the collection of the consideration is not highly probable. The amount of revenue recognized is estimated based on historical data. The Group updates its estimate on an annual basis.

Time- and Bareboat charters:

As a lessor, the Group leases out some of its vessels under time – and bareboat charters (see also l) Leases). For time or bareboat charters, a contract is entered into for the use of an asset for a specific period of time at a contractual agreed daily or monthly rate. Revenue from time or bareboat charters are accounted for as operating leases and are recognised over the duration as service is performed.

Pool revenue:

Aggregated revenue recognized on a daily basis from vessels operating on voyage or time charter and contract of affreightment (“COA”) within the pool is converted into an aggregated net revenue amount by extracting aggregated voyage expenses (such as fuel consumption, port charges,..) from gross revenue. This net revenue is used to determine the pool Time Charter Equivalent revenue (“TCE”). Aggregate TCE revenue is used to allocate revenue to the pool partners in accordance with the allocated pool points earned for each vessel. Pool points are determined taking into account the following parameters: intake (= capacity of the vessel), speed, fuel consumption performance and actual on hire days. The TCE revenue earned by our vessels operated in the pool is equal to the pool point rating of each vessel multiplied by time on hire, as reported by the pool manager. Revenue from these floating time charter agreements under which vessels are employed by the pool is accounted for under IFRS 15 Revenue from contracts with customers.

Revenue from services rendered

Revenue from services such as ship management, engineering and technical assistance services are recognised in the profit or loss statement over time as the services are provided. The customer simultaneously receives and consumes the benefits provided by the entity’s performance as the entity performs (recurring services). Invoices and related payment terms depend on individual contractual terms.

License income

Revenue from the licensing of access to EXMAR’s intellectual property is in general recognised over time together with the underlying services rendered based on time and material spent. In case the license revenue is considered distinct and distinct within the context of the contract, this revenue will be recognized at the point in time when EXMAR satisfies the performance obligation and control is transferred to the customer.

Gain on sale of assets

Gain on the sale of assets (vessels and barges) is recognized in the profit or loss statement when control of the goods underlying the particular performance obligation is transferred to the customer, which in general is at the moment of delivery of a vessel or barge to the customer. Invoices and related payment terms depend on individual contractual terms.

Revenue from sale of goods

Contracts with customers to sell goods have only one performance obligation. Revenue recognition occurs at a point in time when control of the asset is transferred to the customer, in general upon the delivery of goods.

Manufacturing project revenue

For revenue out of manufacturing projects, the percentage of completion method is used, provided that the outcome of the project can be assessed with reasonable certainty.

Commissions

If the Group acts in the capacity of an agent rather than as a principal in the transaction, then the revenue recognised is the net amount of commission realized by the Group.

5.2 CONSOLIDATED FINANCIAL STATEMENTS

173

l. Leases

At inception of a contract, the Group assesses whether a contract is, or contains, a lease.

As a lessee

The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.# 5.2 CONSOLIDATED FINANCIAL STATEMENTS

m. Finance income and expenses

Finance income consists of interests received, dividend income, gains on the disposal of equity securities at FVTPL, changes in the fair value of financial assets at fair value through profit or loss, gains on hedging instruments that are recognised in profit or loss and exchange rate gains. Dividend income is recognised in the profit or loss statement on the date that the dividend is declared.

Finance expenses consist of interest expense on borrowings, changes in the fair value of financial assets at fair value through profit or loss, impairment losses recognised on financial assets, exchange rate losses and losses on hedging instruments that are recognised in profit or loss. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method.

Foreign currency gains and losses are reported on a net basis per currency as either other finance income or finance expense.

n. Taxes

Income tax expense consists of current and deferred taxes. Current and deferred tax is recognised in the profit or loss statement. Current tax is the expected tax payable or receivable on the taxable income or loss of the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Current tax assets and liabilities are offset only if certain criteria are met.

Deferred tax is recognised on all temporary differences between the carrying amounts of assets and liabilities for reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets are recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reduced when it is no longer probable that the related tax benefits will be realized. Unrecognized deferred tax assets are reassessed at each reporting date and recognised to the extent that is has become probable that future taxable profits will be available against which they can be used. Deferred tax assets and liabilities are offset only if certain conditions are met.

Tonnage tax and withholding taxes due on service income from certain jurisdictions are not accounted for as income taxes in accordance with IAS 12 and are not presented as part of income tax expense in the profit or loss statement but are shown under other operating expenses.

o. Segment reporting

An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group’s other components. All operating segments’ operating results are reviewed regularly by management to make decisions about resources to be allocated to the segment and assess its performance. The result for each segment includes all income and expenses generated directly by this segment, as well as part of the income and expenses that can reasonably be allocated to this segment. The assets and liabilities allocated to a segment include as a minimum the assets and liabilities which are periodically reported to the Chief operating decision maker, being the Group’s CEO and the Executive Committee. Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment and intangible assets.

NOTE 2 - SEGMENT REPORTING

In respect of joint ventures, the company continues to manage its operations based on internal management reports applying the principles of the proportionate consolidation method. The reconciliation of the segment reporting to the consolidated statement of financial position and the consolidated statement of profit or loss is presented in Note 3 -Reconciliation segment reporting. All differences relate to the application of IFRS 11 Joint arrangements, no other differences exist.

The Group has three reportable segments. The Group’s operating segments reflect the level at which the Group’s CEO and the Executive Committee review the business and make decisions about the allocation of resources and other operating matters. These segments offer different products and services and are managed separately.

• The activities in the Shipping segment include the transportation of liquefied gas products such as Liquefied Natural Gas (LNG), Liquefied Petroleum Gas (LPG), ammonia and petrochemical gases.
• The Infrastructure segment provides innovative floating infrastructure solutions to the oil & gas industry both by making use of its asset portfolio and through developing new assets for near-shore and offshore production, processing, storage or other ancillary services.
• The segment Supporting services includes the specialised supporting services such as ship management services, travel services and manufacturing activities as well as an investment portfolio.

The company’s internal and management structure does not distinguish any geographical information (non-current assets and revenue per major country) as the company’s fleet is operated on a worldwide basis. The intra-segment revenue mainly relates to management, supervision and crew services provided between segments.

Major shipping clients Equinor (ex-Statoil), Saudi Arabian Mining Company and SHV Gas Supply and Risk Management represented 21.5% (2023: 21.0%), 12.8% (2023: 12.6%) and 9.5% (2023: 8.8%) of the revenue of the Shipping segment and 6.9% (2023: 5.2%), 4.1% (2023: 3.1%) and 3.1% (2023: 2.2%) of the EXMAR Group revenue in 2024. The remaining part of the Shipping revenue is divided between 15 different customers.

ENI Congo, Export LNG Limited and Gasunie represented 34.9% (2023: 23.4%), 25.4% (2023: 52.1%) and 20.4% (2023: 9.2%) of the revenue of the Infrastructure segment. These three companies represented 11.2% (2023: 15.1%), 8.2% (2023: 33.6%) and 6.6% (2023: 5.9%) of the EXMAR Group revenue in 2024. The percentages mentioned are calculated excluding settlement fees. No other customers represented more than 10.0% of the EXMAR Group revenue in 2024.

p. Emission allowances

EXMAR owns and is mandated to manage vessels that fall in the scope of the European Union Emission Trading System. This results in incoming flows from its customers, settled by transfer of allowances based on the emissions of the vessel operated for the respective customers, on the one hand, and in outgoing transfers of allowances to the competent EU authority on the other hand.

Environmental emission allowances, acquired for the purpose of settling emissions in the ordinary course of business, are classified as intangible assets. They are originally measured at cost. Allowances that will be retired within the next 12 months are classified as current intangible fixed assets and are included within other current assets.In case that allowances are acquired in cash, cash flow is classified as an investing cash flow. The obligation to deliver environmental emission allowances, which arises due to emissions in the operations of vessels as per European Union Emission Trading System regulations, is reported as a liability within accruals under Trade and other Payables. This liability is valued at the cost of the allowances obtained (the allowances at hand) and a provision is recognised for the difference between allowances to surrender and allowances at hand. The provision is measured at the fair value of allowances at the reporting date, being the best estimate of the expenditure required to obtain allowances not at hand at the reporting date. In the income statement only the net cost (representing the shortfall of allowances available to settle the obligation) is reported in other operating expenses.

5.2 CONSOLIDATED FINANCIAL STATEMENTS

Segment reporting 2024

(In thousands of USD)

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

	Shipping	Infrastucture services	Eliminations	Total
Revenue third party	140,066	210,436	84,392	434,893
Revenue intra-segment	2,765	1,727	5,789	-10,281
Total revenue	142,831	212,162	90,181	-10,281
Gain on disposal	7,209	78,227	20,397	105,834
Other operating income	1,521	0	2,807	4,328
Operating income	151,561	290,390	113,385	-10,281
Operating result before depreciations, amortisations & impairment losses	107,375	143,561	22,824	0
(EBITDA)
Depreciations and amortisations	-50,825	-12,250	-1,524
Impairment losses and reversals	-1	-2,613	-128
Loss on disposal	0	1	0
Operating result (EBIT)	56,548	128,700	21,172	0
Interest income (non-intra-segment)	4,522	4,320	4,900
Interest income intra-segment	2,284	5,182	22,397	-29,863
Interest expenses (non-intra-segment)	-26,104	-9,834	-218
Interest expenses intra-segment	-16,261	-7,822	-5,780	29,863
Other finance income	590	3,897	7,817
Other finance expenses	-547	-565	-5,752
Share of result of equity accounted investees	0	2,471	237
(net of income tax)
Income tax expense	-213	-4,863	-6,084
Segment result for the period	20,818	121,485	38,688	0
Attributable to:
Non-controlling interest
Owners of the Company

5.2 CONSOLIDATED FINANCIAL STATEMENTS

Segment reporting 2024

(In thousands of USD)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

	Shipping	Infrastucture services	Eliminations	Total
ASSETS
Vessels and barges	440,895	192,430	0	633,325
Other property, plant and equipment	73	1,143	1,120	2,336
Intangible assets	113	120	54	288
Right-of-use assets	30,535	2,418	1,449	34,402
Investments in equity accounted investees	0	510	573	1,082
Borrowings to equity accounted investees	0	350	1,961	2,311
Financial assets at FVTPL	0	0	61,133	61,133
Loan receivables intra-segment	84,005	88,771	543,097	-715,872
Other non-current receivables	0	0	260	260
Cash and cash equivalents	55,911	108,204	190,911	355,025
Assets held for sale	32,467	0	0	32,467
Total segment assets	643,998	393,946	800,558	-715,872
Unallocated trade and other receivables	0	137,372
Trade and other receivables intra-segment	7,076	28,909	56,998	-92,983
Other unallocated assets	10,866
Total assets				-808,855
LIABILITIES
Non-current borrowings	316,346	156,476	671	473,494
Current borrowings	52,788	25,758	878	79,425
Borrowings intra-segment	351,576	225,621	138,675	-715,872
Other payables & derivatives	0	20	1,246	1,266
Non-current provisions	-10,156	13,879	15,857	19,579
Total segment liabilities	710,554	421,754	157,328	-715,872
Unallocated equity				609,626
Unallocated trade and other payables	81,205
Trade and other payables intra-segment	-46,203	56,670	82,515	-92,983
Unallocated other liabilities	7,233
Total equity and liabilities				-808,855

CASH FLOW STATEMENT

Cash from operating activities	95,662
Cash from investing activities	31,674
Cash from financing activities	-11,130
Exchange rate fluctuations	-1,299
Total cash flow	114,908
Additional information
Capital expenditures	-47,441
Proceeds from disposals	43,509

5.2 CONSOLIDATED FINANCIAL STATEMENTS

Segment reporting 2023

(In thousands of USD)

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

	Shipping	Infrastucture services	Eliminations	Total
Revenue third party	143,658	372,696	61,136	0
Revenue intra-segment	187	1,183	9,948	-11,318
Royalty income	0	800	0	0
Total revenue	143,845	374,678	71,084	-11,318
Gain on disposal	6,594	6	836	0
Other operating income	677	1,908	1,435	0
Operating income	151,117	376,592	73,355	-11,318
Operating result before depreciations, amortisations & impairment losses	82,330	75,746	-3,559	0
(EBITDA)
Depreciations and amortisations	-48,002	-11,823	-2,456	0
Impairment losses and reversals	0	2,669	32	0
Loss on disposal	0	0	-82	0
Operating result (EBIT)	34,328	66,592	-6,065	0
Interest income (non-intra-segment)	4,357	1,725	16,127	0
Interest income intra-segment	1,469	1,528	14,744	-17,741
Interest expenses (non-intra-segment)	-27,407	-662	-368	0
Interest expenses intra-segment	-7,127	-9,017	-1,597	17,741
Other finance income	264	-2,532	894	0
Other finance expenses	-676	-1,391	-8,966	0
Share of result of equity accounted investees	0	0	199	0
(net of income tax)
Income tax expense	-1,919	-182	-2,310	0
Segment result for the period	3,288	56,061	12,658	0
Attributable to:
Non-controlling interest
Owners of the Company

5.2 CONSOLIDATED FINANCIAL STATEMENTS

Segment reporting 2023

(In thousands of USD)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

	Shipping	Infrastucture services	Eliminations	Total
ASSETS
Vessels and barges	489,002	203,234	0	692,236
Other property, plant and equipment	134	655	15,182	15,970
Intangible assets	0	13	301	314
Right-of-use assets	32,168	1,950	7,225	41,343
Investments in equity accounted investees	0	0	612	612
Borrowings to equity accounted investees	0	47,801	1,725	49,525
Loan receivables intra-segment	45,034	58,694	452,813	-556,542
Inventories	0	0	15,134	15,134
Cash and cash equivalents	51,473	118,128	72,208	241,809
Total segment assets	617,811	430,475	565,199	-556,542
Unallocated other investments	0			550
Unallocated trade and other receivables	0	107,043
Trade and other receivables intra-segment	12,543	2,835	23,260	-38,638
Other unallocated assets	11,239
Total assets				-595,180
LIABILITIES
Non-current borrowings	324,488	82,734	6,096	413,317
Current borrowings	58,838	14,242	7,554	80,634
Borrowings intra-segment	49,892	71,372	435,278	-556,542
Other payables	36	-40	10	7
Non-current provisions	2,397	11,638	13,368	27,403
Total segment liabilities	435,651	179,946	462,306	-556,542
Unallocated equity	0			482,138
Unallocated trade and other payables	0	164,492
Trade and other payables intra-segment	7,346	22,660	8,632	-38,638
Unallocated other liabilities	0	7,785
Total equity and liabilities				-595,180

CASH FLOW STATEMENT

	Shipping	Infrastucture services	Eliminations	Total
Cash from operating activities	74,381	59,350	-17,698	116,033
Cash from investing activities	13,829	-44,671	-2,851	-33,693
Cash from financing activities	-91,118	85,161	-384,093	-390,050
Exchange rate fluctuations	224
Total cash flow	-2,908	99,840	-404,641	0
Additional information
Capital expenditures	-32,864	-3,240	-1,901	-38,005
Proceeds from disposals	46,693	191	62	46,946

5.2 CONSOLIDATED FINANCIAL STATEMENTS

NOTE 3 - RECONCILIATION SEGMENT REPORTING

The financial information of each operating segment is reviewed by management using the proportionate consolidation method. The below tables reconcile the financial information as reported in the interim condensed consolidated statement of financial position and the interim condensed consolidated statement of profit or loss (using the equity consolidation method as required under IFRS 11) with the financial information disclosed in Note 2 - Segment reporting (using the proportionate consolidation method).

Reconciliation segment reporting 2024

(In thousands of USD)

	Proportionate consolidation	Equity consolidation	Difference
For the year ended December 31, 2024
Revenue	434,893	-85,982	348,911
Gain on disposal	105,834	-3,217	102,617
Other operating income	4,328	-2	4,325
Vessel expenses	-181,930	18,659	-163,271
Raw materials and consumables used	-10,441	0	-10,441
General and administrative expenses	-39,988	636	-39,352
Personnel expenses	-44,728	8	-44,719
Depreciations and amortisations	-64,599	32,898	-31,702
Impairment losses and reversals	-2,742	0	-2,742
Loss on disposal	1	0	1
Other operating expenses	5,790	827	6,617
Result from operating activities	206,419	-36,174	170,245
Interest income	13,742	-4,471	9,271
Interest expenses	-36,156	18,364	-17,793
Other finance income	12,304	-171	12,133
Other finance expenses	-6,865	180	-6,685
Result before income tax and share of result of equity accounted investees	189,443	-22,272	167,171
Share of result of equity accounted investees (net of income tax)	2,708	22,231	24,938
Income tax expense	-11,160	42	-11,118
Result for the period	180,991	0	180,991

5.2 CONSOLIDATED FINANCIAL STATEMENTS

	Proportionate consolidation	Equity consolidation	Difference
December 31, 2024
Vessels and barges	633,325	-264,751	368,575
Other property, plant and equipment	2,336	0	2,336
Intangible assets	288	-113	175
Right-of-use assets	34,402	-30,149	4,253
Investments in equity accounted investees	1,082	158,605	159,687
Other non-current receivables	260	0	260
Derivative financial asset	2,047	-1,462	586
Deferred tax assets	4,635	0	4,635
Financial assets at FVTPL	61,133	-112	61,021
Non-current assets	739,508	-137,980	601,528
Assets held for sale	32,467	-17,736	14,731
Derivative financial asset	1,072	0	1,072
Financial assets at FVTPL	-112	112	0
Trade and other receivables	137,372

Reconciliation segment reporting

2023 (In thousands of USD)

	Proportionate consolidation	Equity consolidation	Difference
Revenue	578,289	-90,971	487,318
Gain on disposal	7,436	-6,569	868
Other operating income	4,020	0	4,020
Vessel expenses	-312,032	23,301	-288,731
Raw materials and consumables used	-23,279	0	-23,279
General and administrative expenses	-29,335	148	-29,187
Personnel expenses	-46,176	0	-46,176
Depreciations and amortisations	-62,281	28,325	-33,956
Impairment losses and reversals	2,701	0	2,701
Loss on disposal	-82	0	-82
Other operating expenses	-24,407	51	-24,356
Result from operating activities	94,855	-45,715	49,140
Interest income	22,209	-4,248	17,961
Interest expenses	-28,437	17,499	-10,938
Other finance income	-1,374	2,747	1,373
Other finance expenses	-11,033	-2,482	-13,515
Result before income tax and share of result of equity accounted investees	76,219	-32,199	44,020
Share of result of equity accounted investees (net of income tax)	199	31,937	32,136
Income tax expense	-4,411	263	-4,148
Result for the period	72,007	0	72,007

183

December 31, 2023 (In thousands of USD)

	Proportionate consolidation	Equity consolidation	Difference
Vessels and barges	692,236	-276,489	415,747
Other property, plant and equipment	15,970	0	15,970
Intangible assets	314	0	314
Right-of-use assets	41,343	-31,682	9,661
Investments in equity accounted investees	611	134,777	135,388
Borrowings to equity accounted investees	911	-911	0
Deferred tax assets	4,429	-1	4,429
Financial assets at FVTPL	37,928	-1	37,928
Non-current assets	793,743	-174,306	619,437
Derivative financial asset	550	0	550
Inventories	15,134	0	15,134
Trade and other receivables	107,043	-9,659	97,384
Short term borrowings to equity accounted investees	11,597	0	11,597
Current tax assets	5,899	1	5,900
Cash and cash equivalents	241,809	-64,879	176,930
Current assets	382,033	-74,537	307,496
Total assets	1,175,776	-248,843	926,933
Equity	482,138	0	482,138
Borrowings	413,317	-193,486	219,831
Other payables	7	-7	0
Employee benefits	999	0	999
Non-current provisions	27,403	-2,397	25,006
Deferred tax liabilities	3,026	0	3,026
Non-current liabilities	444,752	-195,890	248,863
Borrowings	80,634	-35,154	45,480
Trade and other payables	164,492	-17,583	146,909
Current tax liability	3,760	-216	3,544
Current liabilities	248,886	-52,953	195,932
Total equity and liabilities	1,175,776	-248,843	926,933

NOTE 4 - DIVESTITURES

Sale of 100% of shares in Bexco NV

On May 21, 2024 EXMAR and Bekaert entered into a share purchase agreement to sell all the shares of Bexco NV, manufacturer of precision-engineered synthetic mooring, towing and lifting ropes for offshore, marine and industrial applications, based in Belgium, for a cash consideration of EUR 40 million. The effective date was April 30, 2024, the date upon which Bexco NV exited the consolidation scope of the Group. The contribution of Bexco NV in 2024 to Group revenue and net profit was respectively USD 20.2 million and USD 2.8 million (2023: USD 42.1 million and USD 1.7 million). The balance sheet upon the date of exit of Bexco NV and the impact on income statement and cash flow statement can be detailed as follows:

Balance as per April 30, 2024 (In thousands of USD)

Other property, plant and equipment	13,881
Intangible assets	266
Right-of-use assets	4,748
Derivative financial assets	387
Inventories	16,869
Trade and other receivables	12,965
Cash and cash equivalents	1,205
Borrowings	-7,465
Deferred tax liability	-2,724
Trade and other payables	-16,267
Current tax liability	-525
Net assets impact on Group balance sheet	23,341
Currency translation reserve and adjustments	-778
Consideration received	43,152
Gain on disposal	20,589
Impact on cash flow statement	41,955

NOTE 5 – REVENUE

For the period ended December 31, (In thousands of USD)

	2024	2023
Shipping segment	53,988	52,553
Infrastructure segment - ordinary revenue	208,183	371,226
Supporting services segment - ordinary revenue	86,740	63,539
Revenue	348,911	487,318

The increase in total revenue at the Shipping segment is mainly a result of the higher time-charter rates for the MGC fleet. Revenue in the Infrastructure segment decreased in 2024 as a result of the lower revenue from engineering, procurement and construction contracts for the Marine XII project in Congo and the FSRU EEMSHAVEN LNG, partially compensated by increased revenue from engineering projects managed by the EXMAR Offshore Company, in Houston. The increase in revenue at the Supporting services is the combined effect of lower revenue contribution from Bexco NV, leaving the consolidation scope of the Group as of May 2024, offset by higher revenue from the offshore accommodation barges and higher ship management revenue due to the O&M services for the ENI Congo project.

Revenue which falls within the scope of IFRS 16 Leasing represented 29.3 % (2023: 18.5%) of total revenue and is situated in the Shipping and Infrastructure segment. Revenue which falls within the scope of IFRS 15 Revenue from contracts with customers represented 70.7 % (2023: 81.5%) of total revenue and is mainly situated in the Infrastructure and Supporting services segment.

Major shipping clients Equinor (ex-Statoil), Petron Singapore Trading Pte Ltd and SHV Gas Supply and Risk Management represented 55.8% (2023: 57.4%), 9.7 % (2023: 13.0%) and 5.8% (2023: 5.7%) respectively of the revenue of the Shipping segment. These three clients contributed 8.6 % (2023: 6.2%), 1.5 % (2023: 1.4%) and 0.9 % (2023: 0.6%) respectively to the EXMAR Group revenue in 2024. In 2023 represented Nippon Gas Line Co 21.8% of the revenue of the Shipping segment and 2.4% of the EXMAR Group revenue versus 0.0% in 2024. ENI Congo, Export LNG Limited, and Gasunie represented 23.5 % (2023: 23.5%), 17.1 % (2023: 52.3%) and 13.7 % (2023: 9.2%) of the revenue of the Infrastructure segment. These three clients represented 14.0 % (2023: 17.9%), 10.2 % (2023: 39.8%) and 8.2 % (2023: 7.0%) of the EXMAR Group revenue in 2024. No other customers represent more than 10.0% of the EXMAR Group revenue in 2024.

	2024	2023
Trade receivables, included in trade and other receivables (current + non-current)	94,302	45,426
Contract assets, included in trade and other receivables	15,995	25,514
Contract liabilities, included in trade and other payables	9,061	10,025
Contract balances	119,358	80,964

The increase in contract balances in 2024 is resulting from trade receivables related to the engineering and operation and maintenance agreements for TANGO FLNG and EXCALIBUR. The contract assets mainly relate to the Group’s rights to consideration for work completed but not billed at the reporting date. The contract assets are transferred to receivables when the rights become unconditional. The contract liabilities primarily relate to invoices issued in respect of vessel income (prepaid hire) and advances charged for planned services. The contract liabilities at the end of 2023 have been recognized in revenue in 2024.

NOTE 6 – GAIN ON DISPOSAL

	2024	2023
Gain on sale of shares of Export LNG	78,000	0
Gain on sale of shares of Bexco NV	20,589	0
Other	4,028	868
Gain on disposal	102,617	868

During 2022, EXMAR sold 100% of the shares of Export LNG Ltd, the owner of the floating liquefaction unit TANGO FLNG, to ENI. The sales agreement contains a price adjustment clause between plus USD 44.0 million and minus USD 78.0 million, depending on the actual performance of the TANGO FLNG during the first six operational months on site. Considering the uncertainties and challenges related to the start-up activities of the TANGO FLNG in Congo, management deferred USD 78.0 million and presented this as a current contingent consideration liability in current other payables in 2023 (see Note 30 - Trade and other payables). After successful performance testing in the fourth quarter of 2024, the provision of USD 78 million has been released. The liquefaction of natural gas onboard the Tango FLNG has been monitored during the initial months of operation. The tests have proven that the actual production of LNG has exceeded the guaranteed levels, with an adjusted annual equivalent production in excess of 0.6 million ton per annum. As a result of the sale of the 100% shares of Bexco on May 21, 2024, EXMAR realized a non-recurring gain of USD 20.6 million. Details of the transaction related assets and liabilities can be found in Note 4 - Divestitures. The other gains on disposals realized in 2024 mainly relate to two sold pressurized vessels.

NOTE 8 – PURCHASE OF GOODS

In 2024 EXMAR reports USD 10.4 million of purchases of goods in relation to the rope manufacturing activity at Bexco NV, compared to USD 23.3 million in 2023. This decrease is a result of Bexco exiting the consolidation scope after the 100% sale of shares in May 2024.# NOTE 9 - GENERAL AND ADMINISTRATIVE EXPENSES

For the period ended December 31, (In thousands of USD)

	2024	2023
Administrative expenses	-34,265	-21,990
Freight charges	-817	-1,787
Non-income based taxes	-1,759	-735
Other expenses	-2,511	-4,675
General and administrative expenses	-39,352	-29,187

During 2024 administrative expenses increased mainly due to higher overhead expenses in the Infrastructure and Supporting Services segments partially set off by Bexco exiting the consolidation scope.

NOTE 10 - PERSONNEL EXPENSES

(In thousands of USD)

	2024	2023
Salaries and wages	-38,131	-38,954
Social security charges	-5,822	-6,580
Employee benefit, defined benefit and defined contribution plan	-766	-642
Personnel expenses	-44,719	-46,176

Salaries and wages decreased following the sale of Bexco with effective date April 30, 2024, partially compensated by increased personnel expenses in the office in Houston, US.

At year-end

	2024	2023
Seagoing	1,219	1,514
Staff	302	409
Number of personnel members	1,521	1,923

The number of personnel members represents the effective number of personnel members in service per period end (including the seagoing employees of our equity accounted investees). A significant part of EXMAR’s seagoing personnel is employed on the assets held or operated by EXMAR’s equity accounted investees, the related expense is not included in the personnel expenses or crew expenses disclosed above.

NOTE 7 - VESSEL AND ENGINEERING PROJECT EXPENSES

For the period ended December 31, (In thousands of USD)

	2024	2023
Vessel expenses crew	-39,472	-33,281
Vessel expenses maintenance	-96,262	-217,301
Vessel expenses insurance	-1,928	-1,815
Vessel expenses other	1,193	-10,716
Project expenses subcontracting & outsourcing services	-15,741	-12,489
Project expenses witholding tax customer projects	-11,061	-13,128
Vessel and engineering project expenses	-163,271	-288,731

Vessel expenses have been completed with engineering project expenses as at December 31, 2024 financial statements. Vessel expenses are expenses made to operate a vessel and include primarily crew, maintenance, insurance and other related expenses. Vessel expenses exclude depreciations. Engineering project expenses include the expenses incurred to serve customer contracts and include primarily fees from subcontractors, fees for consultants employed on project and withholding taxes on foreign operations. Vessel and engineering expenses exclude personnel expenses of onshore personnel. The decrease in the vessel and engineering project expenses in 2024 compared to 2023 is mainly the result of the lower expenses in relation to the engineering, procurement and conversion contracts for the TANGO FLNG and EXCALIBUR FSU with completion of conversion works early 2024.

5.2 CONSOLIDATED FINANCIAL STATEMENTS 187

NOTE 11 - OTHER OPERATING EXPENSES

For the period ended December 31,

	2024	2023
(In thousands of USD)
Other Provisions (+/-)	6,678	-24,204
Non income based taxes	-52	-150
Other	-9	-2
Other operating expenses	6,617	-24,356

As per December 31, 2023 provisions were recorded for a total amount of USD 24,2 million based on management’s assessment of potential cash outflows. These provisions concern the former lease arrangement of LNG Carrier EXCEL, obligations under the engineering, procurement and construction contracts for the Marine XII project in Congo (USD 11.6 million) and a claim from a foreign tax authority (USD 12.2 million). In the fourth quarter of 2024 an agreement was reached on the dispute on the former lease arrangement of LNG Carrier EXCEL to settle for USD 6.3 million (of which 50% is borne by EXMAR). The LNGC EXCEL vessel was financed through a lease agreement in the UK, which was terminated in August 2013. The UK tax authorities (HMRC) had made inquiries on the tax treatment of the lease and on the right to receive Capital Allowances claimed by the Lessor. In 2023 the company was informed that recent discussions between the Lessor and HMRC were held, that some closure notices had been received and payments were made by the Lessor. In 2024, the provision for a total amount of USD 10.4 million was reversed following agreement on a lower settlement amount. The additional provisions in 2024 for a total of USD 3.6 million correspond to obligations under the engineering, procurement and construction contracts for the Marine XII project in Congo.

NOTE 12 - FINANCE RESULT

For the period ended December 31,

	2024	2023
(In thousands of USD)
Interest income on borrowings to equity accounted investees	1,951	1,217
Interest income on cash and cash equivalents	7,320	16,744
Interest income	9,271	17,961
Interest expenses on borrowings	-17,183	-10,537
Amortisation transaction costs	-610	-402
Interest expenses	-17,793	-10,938

Interest income on cash and cash equivalents decreased significantly due to the lower average short-term deposits in 2024 compared to the average in 2023. Interest expenses relate to EXMAR’s borrowings as disclosed in Note 27 – Borrowings. The increase of USD 6.6 million is mainly due to (i) the EEMSHAVEN borrowing that commenced in December 2023, (ii) EXCALIBUR (CMFL) borrowing that commenced in August 2024, partially compensated by lower interest cost of LPG pressurized borrowings after exercising additional early buy out options in 2024.

	2024	2023
(In thousands of USD)
Realised exchange gains	1,146	351
Unrealised exchange gains	6,813	756
Dividend income from non-consolidated companies	35	19
Equity securities measured at FVTPL	2,965	0
Fair value gain on financial instruments	1,072	-42
Other	100	289
Other finance income	12,133	1,373
Realised exchange losses	-1,784	-7,608
Unrealised exchange losses	-2,006	-1,051
Banking fees	-261	-389
Other	-2,635	-4,467
Other finance expenses	-6,685	-13,515

Other finance income increased with USD 10.9 million and is mainly the result of the gain from remeasurement of shares in Vantage Drilling and in Ventura at fair value through profit and loss (see Note 21 - Financial Assets at FVTPL) and increased unrealized foreign exchange results in Belgium and Congo on USD-receivables. Other finance expenses decreased with USD 6.6 million in comparison to 2023 with lower realized foreign exchange losses.

5.2 CONSOLIDATED FINANCIAL STATEMENTS 188

NOTE 13 - INCOME TAXES

	2024	2023
(In thousands of USD)
Taxes current period	-11,093	-7,675
Prior year adjustments	-289	111
Income taxes	-11,402	-7,563
Deferred income taxes	284	3,415
Income taxes	-11,118	-4,148

RECONCILIATION

Result before income tax	192,109		76,155
Tax at domestic tax rate	-48,027	-25.00%	-19,039	-25.00%
Tax impact on share of profit of equity accounted investees	5,617		8,235
Increase/decrease resulting from:
Effects of tax rates in foreign jurisdictions	25,975		5,214
Non-deductible expenses	-336		-415
Other taxes	0		-85
Current year tax losses/ credits for which no deferred tax asset has been recognised	2,270		-2,931
Use of tax credits, tax losses carried forward,... for which no DTA was recognised before	2,655		7,554
Unused tax losses under the Belgian tonnage tax regime	-1,920		-2,617
Tax exempt income	2,906		-478
Adjustments in respect of prior years	44		111
Reconciliation of the effective tax rate	-11,118	-5.8%	-4,149	-5.4%

1. The effective tax rate calculated as tax expense over result before income tax corrected for the share of profit for equity method investees amounts to 6.6% (2023: 9.4%).

5.2 CONSOLIDATED FINANCIAL STATEMENTS 189

NOTE 14 - VESSELS AND BARGES

(In thousands of USD)

	Under Shipping	Infrastructure	Construction	Total Advance Payments
Balance as per January 1, 2023	276,542	241,993	0	518,535
Changes during the financial year
Acquisitions	1,368	2,850	0	4,218
Disposals	0	-7,714	0	-7,713
Early buy out option	4,532	0	0	4,532
Balance as per December 31, 2023	282,443	237,130	0	519,572
Balance as per January 1, 2024	282,443	237,130	0	519,572
Changes during the financial year
Acquisitions	6,883	275	0	7,157
Early buy out option	3,267	0	0	3,267
Disposals	-24,452	0	0	-24,452
Transfer to assets held for sale	-26,650	0	0	-26,650
Balance as per December 31, 2024	241,490	237,405	0	478,895
Depreciations and impairment losses
Balance as per January 1, 2023	44,804	35,766	0	80,570
Changes during the financial year
Depreciations	20,357	10,231	0	30,588
Disposals	0	-7,332	0	-7,332
Balance as per December 31, 2023	65,160	38,665	0	103,826
Balance as per January 1, 2024	65,160	38,665	0	103,826
Changes during the financial year
Depreciations	18,592	10,201	0	28,793
Disposals	-10,380	0	0	-10,380
Transfer to assets held for sale	-11,918	0	0	-11,918
Balance as per December 31, 2024	61,454	48,866	0	110,321
Net book value
Net book value as per December 31, 2023	217,283	198,464	0	415,747
Net book value as per December 31, 2024	180,036	188,538	0	368,575

In 2024 and 2023, the acquisitions relate to capitalized dry dock expenses for vessels in the Shipping and Infrastructure segments. The cost of vessels increased in 2024 as a result of the lifting of the early buy out option for two pressurized vessels. In 2024, two pressurized vessels were sold in the fourth quarter 2024 resulting in a gain of USD 4 million (see Note 6 – Gain on disposal). Two pressurized vessels were transferred to asset held for sale with an expected delivery in the first quarter of 2025 (USD 14.7 million). The impact for the four vessels is a decrease of the net book value in the segment Shipping of USD 28.6 million. The vessels are pledged as a security for the related underlying liabilities. We refer to Note 27 - Borrowings for more information in respect of these underlying liabilities.

5.2 CONSOLIDATED FINANCIAL STATEMENTS 190

Impairment

For the wholly-owned fleet, internal and external triggers are evaluated which indicate that the carrying value of the fleet should be tested for impairment. The carrying amount of the fleet is compared to the recoverable amount, which is the higher of the fair value less cost to sell and the value in use.# 5.2 CONSOLIDATED FINANCIAL STATEMENTS

NOTE 15 - OTHER PROPERTY, PLANT AND EQUIPMENT

(In thousands of USD)

	Land and buildings	Machinery and equipment	Furniture and movables	Total
Cost
Balance as per January 1, 2023	11,081	7,020	3,366	21,467
Changes during the financial year
Acquisitions	339	1,466	536	2,340
Transfers	167	-192	-55	-79
Disposals	-15	-351	-219	-584
Exchange differences	410	247	3	661
Balance as per December 31, 2023	11,982	8,190	3,632	23,804
Balance as per January 1, 2024	11,982	8,190	3,632	23,804
Changes during the financial year
Acquisitions	149	158	919	1,226
Transfers	426	-659	190	-43
Disposals	0	0	-159	-159
Out of consolidation Scope	-8,682	-6,330	-191	-15,203
Exchange differences	-223	-20	-72	-314
Balance as per December 31, 2024	3,653	1,339	4,319	9,311
Depreciations and impairment losses
Balance as per January 1, 2023	3,202	1,027	2,681	6,910
Changes during the financial year
Depreciations	289	822	274	1,385
Disposals	-15	-349	-205	-569
Exchange differences	124	94	-110	108
Balance as per December 31, 2023	3,600	1,594	2,640	7,834
Balance as per January 1, 2024	3,600	1,594	2,640	7,834
Changes during the financial year
Depreciations	135	407	242	784
Transfers	0	-41	28	-14
Disposals	0	0	-45	-45
Out of consolidation Scope	-397	-852	-73	-1,322
Exchange differences	-197	-6	-59	-262
Balance as per December 31, 2024	3,140	1,102	2,733	6,975
Net book value
Net book value as per December 31, 2023	8,382	6,596	992	15,970
Net book value as per December 31, 2024	512	238	1,586	2,336

The main event in 2024 impacting the net book value of other property plant and equipment with USD 13.9 million is the sale of Bexco with effective date April 30, 2024 (see Note 4 - Divestitures). In 2023 acquisitions count for USD 2.3 million and relate mainly to machinery and equipment.

NOTE 16 - RIGHT-OF-USE ASSETS

The Group has initially applied IFRS 16 from January 1, 2019. IFRS 16 introduced a single, on-balance sheet accounting model for lessees. As a result, the Group, as a lessee, has recognised right-of-use assets representing its rights to use the underlying assets and lease liabilities representing its obligation to make lease payments (we refer to Note 27 - Borrowings in respect of right-of-use lease liabilities).

(In thousands of USD)

	Property	IT equipment	Total
COST
Balance as per January 1, 2023	14,002	1,151	15,152
Changes during the financial year
Additions	854	0	854
Increase/(Decrease) through business combinations	-198	0	-198
Terminations	-670	-317	-987
Exchange differences	312	0	312
Contract re-measurement/contract modification	-86	-14	-100
Balance as per December 31, 2023	14,214	821	15,033
Balance as per January 1, 2024	14,214	821	15,033
Changes during the financial year
Additions	235	93	329
Increase/(Decrease) through business combinations	-4,748	0	-4,748
Terminations	-174	0	-174
Exchange differences	-390	-10	-400
Contract re-measurement/contract modification	1,250	36	1,286
Balance as per December 31, 2024	10,388	940	11,326
DEPRECIATIONS AND IMPAIRMENT LOSSES
Balance as per January 1, 2023	3,858	384	4,242
Changes during the financial year
Depreciations	1,599	234	1,833
Terminations	-193	-317	-510
Exchange differences	-203	10	-193
Balance as per December 31, 2023	5,062	311	5,373
Balance as per January 1, 2024	5,062	311	5,373
Changes during the financial year
Depreciations	1,779	189	1,968
Terminations	-174	0	-174
Exchange differences	-91	-3	-94
Balance as per December 31, 2024	6,576	498	7,074
NET BOOK VALUE
Net book value as per December 31, 2023	9,152	510	9,661
Net book value as per December 31, 2024	3,812	442	4,253

The decrease in the net book value of the right-of-use assets by USD 5.4 million in 2024 is primarily due to the sale of Bexco with effective date April 30, 2024 (see Note 4 - Divestitures) with a net impact on Right-of-use assets of USD 4.8 million.

NOTE 17 - INVESTMENTS IN EQUITY ACCOUNTED INVESTEES

The change in investments in equity accounted investees can be detailed as follows:

(In thousands of USD)

	2024	2023
Balance as per January 1	135,388	107,082
Changes during the period:
Share in profit/(loss)	25,798	32,136
Changes in other comprehensive income equity accounted investees	606	-2,155
Netting negative equity and impairment	-207	0
Increase (Decrease) through business combinations and other share deals	0	154
Dividends	-1,769	-1,772
Exchange differences	-14	-59
Other	-113	2
Balance as per December 31	159,689	135,388

The share in the profit of equity accounted investees of USD 25.8 million in 2024 is due to the contribution of the joint venture with SEAPEAK LPG and the gain on disposal following the sale of the accommodation barge WARIBOKO by the 40% owned investee, Electra Offshore Ltd. EXMAR has provided guarantees to financial institutions that granted credit facilities to its equity accounted investees. As of December 31, 2024 an amount of USD 381.4 million (December 2023: USD 475.2 million) was outstanding under such loan agreements, of which EXMAR has guaranteed USD 190.7 million (December 2023: USD 237.6 million). EXMAR did not incur material contingent liabilities versus its equity accounted investees. No other commitments than the aforementioned guarantees are provided by EXMAR to its equity accounted investees. Following regulatory requirements or borrowing arrangements, our joint ventures or associates may be restricted to make cash distributions such as dividend payments or repayments of shareholder loans. Under the borrowing arrangements our joint ventures or associates may only make a distribution if no event of default or no breach of any covenant would result from such distribution. Under corporate law, dividend distributions are restricted if the net assets would be less than the amount of paid up capital plus any reserves that cannot be distributed. For the fleet under joint-venture ownership, impairment triggers are evaluated in the same way as for the wholly- owned fleet. We refer to Note 14 - Vessels and barges for more information in this respect. There were no changes of impairment losses on the vessels recorded in the profit of the equity accounted investees.

NOTE 18 - FINANCIAL INFORMATION EQUITY ACCOUNTED INVESTEES

EXMAR has no liabilities towards its equity accounted investees and has the following assets:

(In thousands of USD)

	2024	2023
Investments in equity accounted investees:
Joint ventures	156,643	134,776
Associates	3,046	612
Borrowings to equity accounted investees:
Long-term - Gross	2,037	2,047
Long-term - Impairment	-2,037	-2,047
Short-term (or current portion of long-term) - Gross	700	11,597
Short-term (or current portion of long-term) - Impairment	-652	0
Trade and other receivables (see also Note 35 - Related parties)
Gross balance	8,277	12,858
Impairment	-6,844	-4,607
Total	161,170	155,236

The investments at year-end 2024 can be detailed as follows:

Segment	JV partner	Description
Infrastructure	ASS	Estrela Ltd Owner of the accommodation barge NUNCE
Shipping	SEAPEAK	EXMAR Gas Shipping Ltd Previously owner of the midsize vessel TOURAINE- inactive company
Shipping	SEAPEAK	EXMAR LPG BV Holding company for EXMAR-Seapeak activities
Shipping	SEAPEAK	EXMAR Shipping BV Owner of 17 midsize carriers, of which six carriers under finance lease
Shipping	SEAPEAK	Good Investment Ltd Previously time-charter agreement of the VLGC BW TOKYO, inactive since 2023
Shipping	MOL	Monteriggioni Inc Owner of the LNG carrier EXCEL which was sold during 2017 - inactive company
Shipping	SEAPEAK	EXMAR LPG France New company created in 2024, which will own various newbuilds of the midsize gas segment in the coming years (vessels are under construction and will be delivered in the period 2025-2027).

Associates

Ownership%	Description
33.30%	Ship Management and operational services
45.00%	Provides waste solutions for maritime industry
40.00%	Owner of the accommodation barge WARIBOKO
40.00%	Bareboat owner of the accommodation barge WARIBOKO
40.00%	Time-charter agreement for the accommodation barge WARIBOKO

In 2024, the Group incorporated EXMAR LPG France, of which it owns 50%. In 2024, the Group recognized an additional impairment of the trade and other receivables on its equity accounted investees, Exview Hong Kong Ltd and Electra Offshore Ltd, of USD 2.2 million.

5.2 CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of USD)

JV partner	Seapeak	MOL	ASS	Monte-riggioni Ltd	Estrela ECOS	Marpos NV	Wariboko	TOTAL companies
Ownership percentage	50%	50%	50%	33%	45%	40%	40%
Non current assets	663,932	0	7,788	237	380	-2,720	-	669,617
Current assets	127,716	155	6,484	19,789	1,240	15,052	-	170,436
of which cash and cash equivalents	143,216	155	5,319	-191	896	1,591	-	150,986
Non current liabilities	519,302	0	0	-2	0	14,215	-	533,515
of which bank borrowings	357,828	0	0	0	0	0	-	357,828
of which finance leases	33,572	0	0	-2	0	0	-	33,570
of which other borrowings	0	0	0	0	0	4,715	-	4,715
Current liabilities	175,423	1,460	1,611	19,728	373	20,414	-	219,009
of which bank borrowings	31,230	0	0	0	0	0	-	31,230
of which finance leases	48,999	0	0	-3	0	0	-	48,996
of which other borrowings	0	0	0	0	0	1,957	-	1,957
Revenue	173,170	0	10,248	2,138	2,478	0	-	188,034
Depreciation and amortization	64,039	0	1,756	13	88	4	-	65,900
Interest income	9,269	177	0	0	0	295	-	9,741
Interest expense	37,232	0	0	3	6	899	-	38,140
Income tax expense	84	0	0	136	164	0	-	384
Profit or (loss) from continuing operations	44,179	-1,343	1,657	69	475	8,326	-	53,363
Other comprehensive income	1,212	0	0	0	0	0	-	1,212
Total comprehensive income	45,391	-1,343	1,657	69	475	8,326	-	54,575
Net assets (100%)	300,622	-1,305	12,661	300	1,247	-12,797	-	300,728
EXMAR share in net assets	150,311	-653	6,331	100	561	-5,119	-	151,531
Share in net assets of equity accounted investees on January 1, 2024	127,634	19	7,123	84	528	-7,063	-	128,325
Netting negative equity and impairment on January 1, 2024	-	-	-	-	-	7,063	-	7,063
Share in net assets of equity accounted investees on January 1, 2024, after netting negative equity	127,634	19	7,123	84	528	0	-	135,388
Share in total comprehensive income	22,680	-672	829	23	214	3,330	-	26,404
Dividends	0	0	-1,623	0	-146	0	-	-1,769
Foreign currency translation differences	0	0	1	20	-35	0	-	-14
Other	0	0	-113	0	0	0	-	-113
Netting negative equity and impairment in the year 2024	-	653	0	0	0	-860	-	-207
Share in net assets of equity accounted investees on December 31, 2024, after netting negative equity	150,313	0	6,330	14	561	2,471	-	159,689

5.2 CONSOLIDATED FINANCIAL STATEMENTS

(In thousands of USD)

JV partner	Seapeak	MOL	ASS	Monte-riggioni Ltd	Estrela ECOS	Marpos NV	Wariboko	TOTAL companies
Ownership percentage	50%	50%	50%	33%	45%	40%	40%
Non current assets	611,355	0	9,543	157	405	1,392	-	622,852
Current assets	123,626	4,881	6,835	4,961	1,269	15,318	-	156,890
of which cash and cash equivalents	106,993	4,881	6,821	2,036	841	1,446	-	123,019
Non current liabilities	392,404	4,794	0	152	0	13,070	-	410,420
of which bank borrowings	342,907	0	0	0	0	0	-	342,907
of which finance leases	43,985	0	0	152	0	0	-	44,137
of which other borrowings	0	0	0	0	0	4,715	-	4,715
Current liabilities	94,708	48	2,132	4,722	500	29,650	-	131,761
of which bank borrowings	32,378	0	0	0	0	0	-	32,378
of which finance leases	36,707	0	0	7	0	0	-	36,714
of which other borrowings	0	0	0	0	0	9,848	-	9,848
Revenue	182,109	0	10,225	0	2,479	0	-	194,813
Depreciation and amortization	54,782	0	1,867	0	77	1,587	-	58,313
Impairment (reversal)	0	0	0	0	0	-2,230	-	-2,230
Interest income	9,334	158	0	0	0	0	-	9,492
Interest expense	35,993	0	0	0	6	1,198	-	37,197
Income tax expense	525	0	0	0	156	0	-	681
Profit or (loss) from continuing operations	62,069	62	1,743	0	442	-9,539	-	54,777
Other comprehensive income	-4,310	0	0	0	0	0	-	-4,310
Total comprehensive income	57,759	62	1,743	0	442	-9,539	-	50,467
Net assets (100%)	255,269	39	14,246	244	1,174	-17,656	-	253,316
EXMAR share in net assets	127,635	20	7,123	81	528	-7,062	-	128,324
Share in net assets of equity accounted investees on January 1, 2023	98,751	-8	7,882	0	457	-1,961	-	105,121
Share in total comprehensive income	28,880	31	872	0	199	0	-	29,981
Increase (Decrease) through business combinations and other share deals	0	0	0	154	0	0	-	154
Dividends	0	0	-1,630	0	-142	0	-	-1,772
Foreign currency translation differences	0	0	0	-73	14	0	-	-59
Other	3	-4	0	3	0	2	-	2
Share in net assets of equity accounted investees on December 31, 2023	127,634	19	7,123	84	528	-1,961	-	133,427
Netting negative equity and impairment	-	-	-	-	-	1,961	-	1,961
Share in net assets of equity accounted investees on December 31, 2023, after netting negative equity	127,634	19	7,123	84	528	0	-	135,388

NOTE 19 - BORROWINGS TO EQUITY ACCOUNTED INVESTEES

(In thousands of USD)

	Shipping services	Infrastructure	Supporting	Total
As per January 1, 2023	0	7,000	0	7,000
New loans and borrowings	0	996	0	996
Accrued interest	0	1,198	0	1,198
Impairment (reversal)	0	2,402	-	2,402
Foreign currency translation differences	0	1	-	1
As per December 31, 2023	0	11,597	0	11,597
More than 1 year	0	0	0	0
Less than 1 year	0	11,597	0	11,597
As per January 1, 2024	0	11,597	0	11,597
New loans and borrowings	700	0	0	700
Accrued interest	0	899	0	899
Repayments	0	-12,500	0	-12,500
Netting negative equity and impairment	-652	0	0	-652
Foreign currency translation differences	0	4	-	4
As per December 31, 2024	48	0	0	48
More than 1 year	0	0	0	0
Less than 1 year	48	0	0	48

The activities and assets of certain of our equity accounted investees are financed through shareholder borrowings made by the Company to the respective equity accounted investees. Such borrowings granted are in substance part of the net investment in an associate or joint venture and any expected credit losses are accounted for before allocating negative net assets. During 2024, EXMAR obtained reimbursement of a borrowing for USD 12.5 million.

Electra Offshore Ltd (Infrastructure segment) USD 0 million (December 2023: USD 11.6 million) EXMAR Netherlands BV has granted a loan to Electra Offshore Ltd in 2016. The loan is repaid based on availability of cash and accumulates interest. The interest rate applicable on the loan is a fixed percentage of 12.0%. During 2024, the accrued interests were added and the loan has been reimbursed.

5.2 CONSOLIDATED FINANCIAL STATEMENTS

NOTE 20 - TAX ASSETS AND LIABILITIES

Current tax assets and liabilities

December 31
(In thousands of USD)

	2024	2023
Current tax assets	4,184	5,900
Current tax liabilities	6,441	3,544

Deferred tax assets and liabilities

December 31, 2024	December 31, 2023
(In thousands of USD)	Assets
Other tangible assets	4,212
Employee benefits	131
Financial instruments	0
Tax losses / timing differences	423
Other	0
Deferred tax assets / liabilities	4,766
Tax assets not recognised	-131
Deferred tax assets and liabilities recognized	4,635
Deductible temporary differences	131
Unused tax losses and investment tax credits	57,818
Deferred tax assets/ liabilities not recognised	57,949

The deferred tax assets for the years 2024 and 2023 are mainly driven by the recognition at Group level of the deferred tax balances in EXMAR Offshore Cy due to timing differences. Our equity accounted investees have limited temporary differences. Deferred tax assets on tax losses at our joint ventures and equity accounted investees amounted to USD 0.7 million end 2024 (2023: USD 0.7 million) for their share, but have not been recognized. Amounts have not been included in the above overview. Tax assets are not recognised if it is not probable that future taxable profits will be available against which the group can use the benefits therefrom or because the future taxable profits cannot be measured on a reliable basis. The majority of the tax losses and investment tax credits do not expire in time.

NOTE 21 – FINANCIAL ASSETS AT FVTPL

(In thousands of USD)

	2024	2023
Quoted shares	60,259	701
Unquoted shares	762	37,227
Financial Assets - FVTPL	61,021	37,928

The quoted shares include:
■ 1,605,833 shares of Vantage Drilling International Ltd. (Vantage) (75,000 shares were additionally acquired in 2024 for USD 1.8 million), representing approximately 12.3% of total shares in Vantage. Vantage is listed on the Oslo stock exchange (‘VDI’) and valued USD 40.9 million at December 31, 2024. Last year, the value of these assets were provided by OTCMKTS
■ 116,338 shares of Frontera Energy Corporation quoted at CAD 8.64 on December 31, 2024 (December 31, 2023: CAD 7.97).
■ 7,825,837 shares of Ventura Offshore Holding Ltd., acquired in 2024, for USD 18.6 million. Ventura is listed on the Oslo stock exchange (‘VTURA’) and valued USD 18.6 million at December 31, 2024.

The unquoted shares include:
■ 149 shares of Sibelco, acquired in 2014.

NOTE 22 - INVENTORIES

(In thousands of USD)

	2024	2023
Raw materials and supplies	0	7,248
Work in progress	0	4,868
Goods purchased for resale	0	183
Advance payments	0	1,829
Finished goods	0	1,006
Inventories	0	15,134

The inventory decreases by USD 15.1 million following the sale of Bexco NV in 2024 (see Note 4 Divestitures).

NOTE 25 - SHARE CAPITAL AND RESERVES

Share capital and share premium

Number of ordinary shares
| | 2024 | 2023 |
|--------------|-------------|-------------|
| Issued shares as per January 1 | 59,500,000 | 59,500,000 |
| Issued shares as per December 31 - paid in full | 59,500,000 | 59,500,000 |

The issued shares have no nominal value.The holders of ordinary shares are entitled to dividends and are entitled to one vote per share during the General Meeting of Shareholders of the Company. As authorized by the Extraordinary General Meeting held on September 11, 2020, the Board of Directors of EXMAR may, for a period of five years expiring in September 2025, within certain legal limits and conditions, increase the capital of EXMAR NV by a maximum amount of USD 12.0 million.

NOTE 24 – CASH AND CASH EQUIVALENTS

(In thousands of USD)

	2024	2023
Bank	114,142	176,702
Cash in hand	10	5
Short-term deposits	160,585	223
Balance as per December 31	274,737	176,930

We refer to the consolidated statement of cash flows for a detailed analysis of the cash movements.

NOTE 23 - TRADE AND OTHER RECEIVABLES

(In thousands of USD)

	2024	2023
Trade receivables (including contract assets)-Gross	121,668	83,753
Impairment trade receivables	-11,106	-8,514
Cash guarantees	179	169
Other receivables	8,886	15,186
Deferred charges and accrued income	4,259	6,789
Balance as per December 31	123,886	97,384
Of which financial assets	116,824	87,943

The increase in the trade and other receivables in 2024 is primarily the result of the outstanding receivables in the Congo branch related to the hire for accommodation barge NUNCE and to engineering, maintenance and operations services for the Marine XII project. The contract assets (cfr. Note 5 - Revenue) included in the table above amounted to USD 16.0 million for the period ended December 31, 2024 (December 2023: USD 25.5 million). The additional impairment in 2024 on trade receivables relates mainly to equity accounted investments for an amount of USD 2.2 million (see Note 18 – Financial information equity accounted investees). Deferred charges comprise expenses already invoiced relating to the next accounting year, e.g. hire, insurances, commissions, bunkers, prepaid credit facility costs. Accrued income comprises un-invoiced revenue related to the current accounting period such as interests.

5.2 CONSOLIDATED FINANCIAL STATEMENTS 201

NOTE 26 - EARNINGS PER SHARE

For the 12 months ended

	2024	2023
Result for the period, attributable to owners of the Company (in thousands USD)	180,471	71,972
Issued ordinary shares as per December 31	59,500,000	59,500,000
Effect of treasury shares	-1,956,013	-1,956,013
Weighted average number of ordinary shares as per December 31	57,543,987	57,415,904
Basic earnings per share in USD	3.15	1.25

	2024	2023
Result for the period, attributable to owners of the Company (in thousands USD)	180,471	71,972
Weighted average number of ordinary shares as per December 31	57,543,987	57,415,904
Dilution effect of share based compensation	5,804	62,725
Weighted average number of ordinary shares including options	57,549,791	57,478,629
Diluted earnings per share in USD	3.14	1.25

Plan 10 is included in the dilution effect. As of April 2023 the share options were in the money and diluted the earnings per share. In the first 6 months of 2023 a total of 247,250 options of plan 10 were exercised at a price of 9.62 EUR per share. No share options remained at December 31, 2023.

Treasury shares

The reserve for treasury shares comprises the cost of the Company’s shares held by the Group.

	2024	2023
Number of treasury shares held as of December 31	1,956,013	1,956,013
Book value of treasury shares held (in thousands USD)	38,160	38,160
Average cost price per share (in EUR) - historical value	14.1507	14.1507

Translation reserve

The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of Group’s subsidiaries which have a functional currency different than the USD reporting currency and the direct recognition of the translation of the net intra group investment in a foreign operation (expressed in Argentinian peso) which is since 2022 recorded in Other comprehensive income. The balance in the translation reserve is mainly impacted by the appreciation or depreciation of the EUR and XAF to the USD.

Hedging reserve

The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to the hedged transactions that have not yet occurred. Interest rate swap (IRS) contracts have been closed to cover the exposure on variable interest rates (see Note 31).

5.2 CONSOLIDATED FINANCIAL STATEMENTS 202

NOTE 27 – BORROWINGS

	As of 1 January 2023	New loans and borrowings	Derecognition upon sale of shares	Repayments	Transfers	Amortized transaction costs	Exchange differences	Accrued interest payable	Contract re-measurement/ contract modification	As of 31 December 2023	More than 1 year	Less than 1 year	As of 31 December 2023
Bank loans	188,891	100,930	0	-56,869	13,981	339	174	180	0	247,626	206,878	40,748	247,626
Other loans	19,192	-23	0	-1,520	-9,447	64	0	398	0	8,664	5,531	3,133	8,664
Lease liabilities	10,264	805	-164	-2,283	0	0	296	0	104	9,022	7,423	1,599	9,022
Total	218,347	101,712	-164	-60,672	4,533	403	470	579	104	265,312	219,831	45,480	265,311

	As of 1 January 2024	New loans	Derecognition upon sale of shares	Repayments	Paid transaction cost	Amortized transaction costs	Exchange differences	Accrued interest payable	Contract re-measurement/ contract modification	As of 31 December 2024	More than 1 year	Less than 1 year	As of 31 December 2024
Bank loans	247,626	100,500	-3,513	-36,297	-1,060	590	-61	1,285	0	309,070	272,269	36,801	309,070
Other loans	8,664	-0	0	-5,766	0	20	-0	81	0	2,998	2,998	0	2,998
Lease liabilities	9,022	384	-4,000	-1,814	0	0	-394	0	1,287	4,484	2,527	1,957	4,484
Total	265,311	100,884	-7,513	-43,878	-1,060	610	-456	1,366	1,287	316,552	277,794	38,759	316,552

	Shipping segment	Infrastructure segment	Supporting services segment	Total
As of 31 December 2023	154,894	96,775	13,642	265,311
More than 1 year	127,350	83,568	9,913	220,831
Less than 1 year	27,544	13,207	3,729	44,480
As of 31 December 2023	247,626	94,746	7,106	265,311
As of 1 January 2024	247,626	94,746	7,106	265,311
As of 31 December 2024	134,265	180,751	1,537	316,552
More than 1 year	117,189	178,197	1,537	296,923
Less than 1 year	17,076	0	0	17,076
As of 31 December 2024	309,070	2,998	4,484	316,552

Bank loans

The bank loans mainly relate to:

FLANDERS INNOVATION & FLANDERS PIONEER – USD 123.7 million (December 2023: USD 129.7 million)
In 2021, the Group obtained USD 144.0 million financing for the two VLGC’s: FLANDERS INNOVATION (USD 72.0 million) and FLANDERS PIONEER (also USD 72.0 million) maturing in fifteen years. The weighted average interest rate implicit in these loans amounts to 5.61%. EXMAR NV has guaranteed the underlying obligations.

LPG pressurized facilities - USD 5.6 million (December 2023: USD 15.8 million)
In the last quarter of 2018 and in April 2019, EXMAR refinanced respectively six and four of its LPG pressurized fleet vessels through a JOLCO (Japanese Operating Lease with Call Option) structure. The loans are repayable in quarterly tranches and the applicable interest percentage amounts to three-month SOFR plus 2.4%. The last repayment is foreseen in December 2025. The equity part of the JOLCO financing is presented in “Other Loans” (see below). In 2022 and 2023 EXMAR exercised the early buy out options of 7 vessels and paid in 2023 USD 41.1 million for 5 pressurized vessels. For the two vessels for which the early buy out option was exercised before December 31, 2023 with payment in 2024, management transferred the related outstanding equity part of these vessels to “bank loans” (USD 9.4 million) and presented the expected payable amount as short-term. The early buy out options for these vessels were paid in 2024. EXMAR exercised an early buy out option with payment in the first quarter of 2025. All obligations of the borrower are guaranteed by EXMAR NV (“guarantor”).

Bank loans Solaia Shipping LLC and Bexco NV – USD 0 million (December 2023: USD 7.1 million)
The amended syndicated bank loan of EXMAR’s subsidiary Solaia Shipping LLC, that dated from December 2021, was repaid in 2023. The outstanding loans of Bexco NV as per December 31, 2023 amounting to USD 7.1 million was partially repaid (USD 3.5 million) before the exit of the company from the consolidation scope (see Note 4 Divestitures).

EEMSHAVEN - USD 81.2 million (December 2023: USD 94.7 million)
End 2023 EXMAR Energy Netherlands BV (a 100% subsidiary of EXMAR NV) signed a facility agreement of USD 96 million with ABN AMRO Bank N.V., Belfius Bank NV/SA, BNP PARIBAS FORTIS NV/SA and KBC BANK NV for the financing of FSRU EEMSHAVEN and maturing August 16, 2027. The facility agreement has an interest rate of SOFR 3 months plus 2.16%. The facility agreement is repayable in seven semi-annually tranches and a balloon at termination date. All obligations of the borrower are guaranteed by EXMAR NV (“guarantor”).

EXCALIBUR - USD 96.9 million (December 2023: USD 0 million)
On July 29, 2024 EXMAR Export Netherlands BV (a 100% subsidiary of EXMAR NV) signed a Bareboat Charter agreement of USD 100.5 million with Ocean Offshore 2401 Ltd, for the financing of EXCALIBUR, maturing February 20, 2034. The agreement has an interest rate of SOFR 3 months plus 2.20%. The agreement is repayable in thirty- eighth quarterly tranches and a balloon at termination date. The obligations of the borrower are initially guaranteed by EXMAR Energy Hong Kong Ltd and EXMAR NV is the standby guarantor.

Other loans

Pressurized fleet - USD 3.0 million (December 2023: USD 8.7 million)
The other loans comprise the outstanding equity part of the JOLCO (Japanese Operating Lease with Call Option) financing. At December 31 2024, the outstanding balance amounts to USD 3.0 million and relates to one vessel. Management assumes to exercise the purchase options of the remaining vessel before or at the end of the lease, which will then result in an additional cash out of USD 3.0 million.

5.2 CONSOLIDATED FINANCIAL STATEMENTS 204

Available credit facilities

As of December 31, 2024 EXMAR has no longer available credit facilities.# Other information

On December 16, 2022 EXMAR Shipping BV, a major equity accounted investee, signed a senior sustainability linked facility with a consortium of banks. On October 23, 2024 the parties agreed on an amount of USD 381.4 million as revolving credit facility and the expiry date was extended. The loan matures on December 16, 2029. As at December 31, 2024, EXMAR Shipping BV had drawn USD 381.4 million of the revolving credit facility. In general, the borrowings held by EXMAR and its equity accounted investees are secured by a mortgage on the underlying assets owned by EXMAR and its equity accounted investees. Furthermore, different pledges and other types of guarantees exist to secure the borrowings.

Covenants

Different debt covenants exist that require compliance with certain financial ratios. These ratios are calculated semi- annually based on EXMAR’s consolidated figures in which equity accounted investees are not accounted for under IFRS 11 but still on a proportionate basis (similar to accounting policies used for segment reporting purposes). We refer to the table below for an overview of the applicable covenants.

APPLICABLE COVENANTS

Pressurized Credit facility	Actual Ratio December 31, 2024	Actual Ratio December 31, 2023
Minimum Book equity ≥ USD 300 million	USD 647.0 million	USD 519.4 million
Minimum free cash ≥ USD 25 million	USD 355.0 million	USD 240.0 million
Equity ratio (Equity/Total assets) ≥ 25%	50.87%	44.18%
Working capital min positive	USD 444.7 million	USD 213.8 million
Net financial indebtedness ratio < 70%	23.42%	32.84%
Outstanding loan amount (in thousands of USD)	8,638	81,851

1. Relates to the EEMSHAVEN credit facility.
2. The actual amounts presented are based on the most restrictive definitions.

Explanation of the major definitions applied in the covenant calculations:

• Book equity: equity excluding treasury shares and the effect of any impairment of intangible assets and the effect of fair value changes of any financial derivative;
• Free cash: cash in hand (excluding pledged or blocked cash), time deposits and, in certain covenants, including undrawn credit facilities with minimum six months to maturity;
• Working capital: current assets less current liabilities;
• Net interest-bearing debt: consolidated interest-bearing financial indebtness less free cash (and in one covenant also less restricted cash used as debt collateral).

As of December 31, 2024, EXMAR was compliant with all covenants with sufficient headroom. EXMAR is continuously monitoring compliance with all applicable covenants to meet all covenants per June 2025 and December 2025. In case of non-compliance with these covenants, early repayment of related borrowings might be required and should therefore be accounted for as short-term debt.

5.2 CONSOLIDATED FINANCIAL STATEMENTS 205

NOTE 28 - SHARE BASED PAYMENTS

The Group established a share option plan program that entitles certain employees to register for a number of shares. The share options are only exercisable after a period of three years and for employees still in service after this three year period. Each share option entitles the holder of the option to one EXMAR share. The fair value of services received in return for share options granted are measured by reference to the exercise price of the granted share options. The estimated fair value of the services received is measured based on a binomial lattice model. The contractual life of the option is used as an input into this model. Plan 10 matured at the end of 2023 and of the remaining 321,250 options 317,250 were exercised and 4,000 forfeited. During 2024 and 2023 no new plans were implemented.

	2024	2023
	Number of options	Weighted average exercise price
Outstanding share options at 1 January	0	0.00
New options granted	0	0.00
Changes during the year
Options exercised	-317,250	9.62
Options forfeited	-4,000	9.62
Outstanding share options at 31 December	0	0.00
Exercisable share options at 31 December	0	0.00

At the end of December 2023 there were no options remaining. All plans have been fully expensed since 2018.

NOTE 29 - EMPLOYEE BENEFITS

Defined benefit plan and similar liabilities

The Group provides pension benefits for most of its employees, either directly or through a contribution to an independent fund. The pension benefits for management staff employed before January 1, 2008 are provided under a defined benefit plan. This plan is organized as a final pay program. For the management, employed as from January 1, 2008, and employees promoted to management as from January 1, 2008 and the management staff who reached the age of 60, the pension benefits are provided under a defined contribution plan.

Belgian defined contribution plans are subject to the Law of April 28, 2003 on supplementary pensions (WAP). According to article 24 of this law, the employer has to guarantee a fixed minimum return of 3.25% on employer contributions and of 3.75% on employee contributions and this for contributions paid until December 31, 2015. As from January 2016, the employer has to guarantee an average minimum return of 1.75% on both employer and employee contributions (as changed by the Law of December 18, 2015). This guaranteed minimum return generally exceeds the return that is normally guaranteed by the insurer. Because the employer has to guarantee the statutory minimum return on these plans, not all actuarial and investment risks relating to these plans are transferred to the insurance company managing the plans. Therefore, these plans do not meet the definition of defined contribution plan under IFRS and have to be classified by default as defined benefit plans.

An actuarial calculation has been performed in accordance with IAS 19 based on the projected unit credit method.

5.2 CONSOLIDATED FINANCIAL STATEMENTS 206

Employee benefits

(In thousands of USD)

	2024	2023	2022	2021	2020
DEFINED BENEFIT PLANS
Present value of funded obligations	-6,105	-7,417	-7,523	-9,631	-10,969
Fair value of the defined plan assets	5,421	6,549	6,601	9,017	9,408
Present value of net obligations	-684	-868	-922	-614	-1,561
BELGIAN DEFINED CONTRIBUTION PLAN WITH GUARANTEED RETURN
Present value of funded obligations	-6,254	-6,701	-5,690	-8,102	-9,559
Fair value of the defined plan assets	6,153	6,570	5,571	7,986	9,405
Present value of net (obligations) assets	-101	-131	-119	-116	-154
Total employee benefits	-785	-999	-1,040	-730	-1,715

Defined benefit plan

(In thousands of USD)

	2024	2023
CHANGES IN LIABILITIES DURING THE PERIOD
Liability as per 1 January	14,118	13,213
Distributions	-1,943	-1,329
Actual employee's contributions	232	225
Interest expense	432	499
Current service cost	695	546
Actual taxes on contributions paid (excluding interest)	-122	-146
Actuarial gains/losses	-238	624
Exchange differences	-815	486
Liability as per 31 December	12,359	14,118
CHANGES OF FAIR VALUE OF PLAN ASSETS
Plan assets as per 1 January	13,119	12,172
Contributions	1,188	1,400
Distributions	-1,943	-1,329
Interest income	423	479
Actual taxes on contributions paid (excluding interest)	-122	-146
Actual administration costs	-62	-75
Actuarial gain/loss	-279	168
Exchange differences	-750	451
Plan assets as per 31 December 2	11,574	13,119
Net defined liability as per 31 December	785	999

1. The changes in pension liabilities and plan assets include both the defined benefit plans as the Belgian defined contribution plans which qualify as a defined benefit plan.
2. The plan assets do not include any shares issued by EXMAR or property occupied by EXMAR.

5.2 CONSOLIDATED FINANCIAL STATEMENTS 207

(In thousands of USD)

	2024	2023
EXPENSE RECOGNISED IN THE STATEMENT OF PROFIT OR LOSS
Current service expenses	-695	-546
Interest expense	-432	-499
Expected return on plan assets	423	479
Administration cost	-62	-75
Total pension cost recognised in the income statement (see Note 10)	-766	-642
EXPENSE RECOGNISED IN OTHER COMPREHENSIVE INCOME
Recognition of actuarial gains and losses	-41	-456
Total pension cost recognised in other comprehensive income	-41	-456

The expected employer contributions to be paid for the next financial year amount to:

(In thousands of USD)

	2024	2023
EXPECTED NEXT YEAR CONTRIBUTIONS
Best estimate of contributions expected to be paid during next year	740	990

The actuarial assumptions and average duration of the plans are detailed below:

(In weighted averages)

	2024	2023
MOST SIGNIFICANT ASSUMPTIONS
Discount rate at 31 December	3.15%	3.20%
Expected return on assets at 31 December	3.15%	3.20%
Inflation	2.00%	2.20%
Duration of defined benefit plans (in years)	8	8
Duration of the Belgian defined contribution plans (in years)	13	13

The plan assets are composed as follows:

(In thousands of USD)

	2024	2023
Shares	4.0%	4.0%
Bonds & loans	87.0%	87.0%
Property investments	8.0%	8.0%
Cash	1.0%	1.0%

5.2 CONSOLIDATED FINANCIAL STATEMENTS 208

NOTE 30 - TRADE AND OTHER PAYABLES

(In thousands of USD)

	2024	2023
Trade payables	38,938	40,721
Other payables	16,233	96,002
Deferred income	11,081	10,186
Trade and other payables	66,252	146,909
Of which financial liabilities (Note 31)	53,603	134,717

The decrease of the trade payables compared to 2023 is mainly explained by the sale of Bexco in 2024. Other payables contain advances received, VAT and payroll payables. The decrease relates to the contingent consideration liability of USD 78.0 million booked in 2022 relating to TANGO FLNG, which is realized in 2024 (see Note 6 - Gain on disposal). Deferred income comprises already invoiced revenue, related to the next accounting year, e.g. freight, hire.

NOTE 31 - FINANCIAL RISKS AND FINANCIAL INSTRUMENTS

During the normal course of its business, EXMAR is exposed to various risks as described in more detail in the Corporate Governance Statement.# EXMAR is exposed to credit, interest, currency and liquidity risks and in order to hedge this exposure, EXMAR uses different financial instruments, mainly interest rate hedges situated within our equity accounted investees as well as foreign currency forward contracts. EXMAR applies hedge accounting for all hedging relations which meet the conditions to apply hedge accounting (formal documentation and high effectiveness at inception and on an ongoing basis). Financial instruments are recognised initially at fair value. Subsequent to initial recognition, the effective portion of changes in fair value of the financial instruments qualifying for hedge accounting (i.e. cash flow hedges), is recognised in other comprehensive income. Any ineffective portion of changes in fair value and changes in fair value of financial instruments not qualifying for hedge accounting are recognised immediately in profit or loss.

Fair value & fair value hierarchy

The following table shows financial assets and financial liabilities measured at fair value, including their level in the fair value hierarchy.

(In thousands of USD)

	December 31, 2024
	Level 1	Level 2	Level 3	Total
Derivative financial asset	0	1,658	0	1,658
Equity securities - FVTPL	60,259	762	0	61,021
Total financial assets carried at fair value	60,259	2,420	0	62,679
Derivative financial liabilities	1,240	0	0	1,240
Total financial liabilities carried at fair value	0	1,240	0	0

(In thousands of USD)

	December 31, 2023
	Level 1	Level 2	Level 3	Total
Derivative financial asset	0	550	0	550
Equity securities - FVTPL	701	37,227	0	37,928
Total financial assets carried at fair value	701	37,777	0	38,478
Total financial liabilities carried at fair value	0	0	0	0

Financial instruments other than those listed above are all measured at amortized cost. The Group has an investment in Vantage Drilling. This company became quoted in 2024.

5.2 CONSOLIDATED FINANCIAL STATEMENTS 209

Credit risk

Credit risk policy

The Group is exposed to credit risk from its operating activities (primarily trade and other receivables and transactions with equity accounted investees) and from its financing activities, including deposits with banks, foreign exchange transactions and other financial instruments. Credit risk is monitored closely and by each segment on an ongoing basis by the Group and creditworthiness controls are carried out if deemed necessary. The borrowings to equity accounted investees consist of shareholder loans to our equity accounted investees that own or operate a LPG vessel or Offshore platform. As all vessels are operational and generate income or are pledged as a security for the underlying borrowing, we do not anticipate any recoverability issues for the outstanding borrowings (after impairment) to equity accounted investees. The equity accounted investees for whom the share in the net assets is negative, are allocated to other components (mainly deducted from receivables) of the investor’s interest in the equity accounted investee and if the negative net asset exceeds the investor’s interest, a corresponding liability is recognized to the extent that the Group has a legal or constructive obligation. The terms of the shareholder loans are discussed in Note 27 - Borrowings to equity accounted investees of this annual report. EXMAR reviews the recoverable amount of each trade and other receivable on an individual basis at the end of the reporting period to ensure that an adequate loss allowance is made for irrecoverable amounts. Monitoring procedures are also in place to ensure that follow-up action is taken to recover overdue debts. In this regard, considering historical default rates below 1% for 2024 and 2023, Group management considers that the group’s credit risk is remote. The Group only engages with banks with a good credit rating. The Group monitors and manages exposures to banks with approved counterparty credit limits and credit risk parameters in order to mitigate the risk of default.

Exposure to risk

(In thousands of USD)

	2024	2023
Borrowings to equity accounted investees	48	11,597
Derivative financial assets	1,658	550
Other investments - equity instruments at FVTPL	61,021	37,928
Trade and other receivables (see Note 23)	116,824	87,943
Cash and cash equivalents	274,737	176,930
Carrying amount of financial assets	454,288	314,949

The carrying amounts of the financial assets represent the maximum credit exposure.

Impairment losses

As past due outstanding receivable balances are immaterial, no ageing analysis is disclosed. At year-end 2024, we recorded impairment charges for borrowings to and trade receivable balances from equity accounted investees for a total amount of USD 2.2 million. No impairment charges on other (non-trade) third party receivable were required in 2024.

5.2 CONSOLIDATED FINANCIAL STATEMENTS 210

Interest risk

Interest risk policy

The interest-bearing loans are mainly negotiated with variable interest rates. In order to monitor this interest risk, the Group makes use of interest hedging instruments available on the market when management is of the opinion that it is favorable to do so. In 2024 interest rate swap (IRS) agreements are in place as well in subsidiaries as within our equity accounted investees. In 2023 there were only IRS agreements within the equity accounted investees. The Group applies hedge accounting when the conditions to apply hedge accounting are met. In case no hedge accounting is applied, the changes in fair value are recorded in the statement of profit or loss.

Exposure to risk

(In thousands of USD)

	2024	2023
Total borrowings (excluding lease liabilities)	312,068	256,290
with fixed interest rate	126,734	138,389
with variable interest rate	185,334	117,900
Net exposure	185,334	117,900

The amount of variable interest rate borrowings increased significantly during 2024 as a result of the new facility agreement for the financing of the FSRU EXCALIBUR (see Note 27 - Borrowings).

Sensitivity analysis

In case the interest rate would increase/decrease with 50 basis points, the financial statements would be impacted with the following amounts (assuming that all other variables remain unchanged):

(In thousands of USD)

	2024		2023
	+ 50 bp	- 50 bp	+ 50 bp	- 50 bp
Variable interest rate borrowings	927	-927	590	-590
Interest rate swaps and cross-currency rwate swaps	0	0	0	0
Sensitivity (net), of which	927	-927	590	-590
Impact in profit and loss	927	-927	590	-590
Impact in equity	0	0	0	0

A significant portion of EXMAR’s interest income is derived from borrowings to equity accounted investees with variable interest rates. Any increase/decrease in the interest rate would result in an increase/decrease of interest income but would mainly be offset by an increase/ decrease in the interest expense recognized by the equity accounted investee for a corresponding amount. Accordingly, any increase/decrease in the variable interest rate applied on the borrowings to equity accounted investees would have no impact on the net result of the Group. Therefore, borrowings to equity accounted investees have not been included in the above sensitivity analysis.

Currency risk

The Group’s currency risk is historically mainly affected by the EUR/USD ratio for manning its fleet, paying salaries and all other personnel related expenses, which are expressed in EUR. In order to monitor the currency risk, the Group uses a range of foreign currency rate hedging instruments and forward contracts if deemed necessary. At year-end 2024, financial instrument contracts were outstanding to cover the EUR/USD.

5.2 CONSOLIDATED FINANCIAL STATEMENTS 211

Exposure to risk

Exposure to currency risk, based on notional amounts in thousands of foreign currency:

(In thousands of local currency)

	2024				2023
	XAF	EUR	SGD	ARS	XAF	EUR	SGD	ARS
Receivables	0	40,086	245	74,049	1,975,725	9,730	272	230,930
Payables	-32,117,074	-20,108	-468	-50,144	0	-11,464	-368	-83,302
Interest-bearing loans	0	0	0	0	0	0	0	0
Balance sheet exposure	-32,117,074	19,978	-223	23,905	1,975,725	-1,734	-96	147,628
Forward contracts	-32,117,074	19,978	-223	23,905	1,975,725	-1,734	-96	147,628
Net exposure	-32,117,074	19,978	-223	23,905	1,975,725	-1,734	-96	147,628

In thousands of USD

	-50,867	20,755	-163	23	3,328	-1,916	-73	183

The above overview reflects the exposure for the top-4 currency risks.

Sensitivity analysis

As per December 31, 2024 an increase in the year-end EUR/USD rate of 10.0% would affect the statement of profit or loss with USD +2.08 million (2023: USD -0.19 million). A 10.0% decrease of the EUR/USD rate would impact the profit or loss statement with the same amount (opposite sign). As per December 31, 2024 an increase in the year-end XAF/USD rate of 10% would affect the statement of profit or loss with USD -5.09 million (2023: USD +0.33 million). A 10.0% decrease of the XAF/ USD rate would impact the profit or loss statement with the same amount (opposite sign).

Liquidity risk

Liquidity risk policy

The Group manages the liquidity risk in order to meet financial obligations as they fall due. The risk is managed through a continuous cash flow projection follow-up, monitoring balance sheet liquidity ratio’s against internal and regulatory requirements and maintaining a diverse range of funding sources with adequate back-up facilities. Different debt covenants exist that require compliance with certain financial ratio’s. As of December 31, 2024, EXMAR was compliant with all covenants. We also refer in this respect to Note 27 - Borrowings.

Maturity analysis of financial liabilities, borrowings to equity accounted investees and financial guarantees

Our current financial liabilities such as trade and other payables are expected to be paid within the next twelve months and are therefore not included in the tables below. The contractual maturities of our financial liabilities and our borrowings to equity accounted investees, including estimated interest payments, are detailed in the tables below.# 5.2 CONSOLIDATED FINANCIAL STATEMENTS

Contractual Maturities of Financial Liabilities

The contractual maturities of our financial liabilities are based on the contractual amortization tables of the facilities. The undrawn parts of our credit facilities are not included in the tables below. The contractual maturities of our borrowings to equity accounted investees are based on the cash flow projections for future years for the EXMAR LPG shareholder’s loan and the expected repayment of the loan for the Electra Offshore Ltd facility, excluding netting of negative net assets (see Note 19 - Borrowings to equity accounted investees). EXMAR has also provided guarantees to financial institutions that have provided credit facilities to her equity accounted investees. The amount that EXMAR would have to pay if the guarantee is called on, is disclosed below under financial guarantees.

(In thousands of USD)

	Contractual cash flows Interest	Total amount	< 1 year	1-2 years	2-5 years	> 5 years
December 31, 2024
Bank loans VLGC's USD 5,62% 2036	Curr. rate Matur.	-123,736	-190,631	-13,258	-13,104	-39,026
Bank/other loans - USD LIBOR+ 2.4% 2025	pressurized fleet	-8,651	-5,872	-5,872	0	0
Bank loan - USD SOFR 3m 2027	EEMSHAVEN +2.16%	-81,851	-92,685	-18,786	-17,699	-56,200
Bank loan - USD SOFR 3m 2034	EXCALIBUR +2.2%	-97,830	-135,951	-17,002	-16,259	-42,250
Lease liabilities USD		-3,777	-2,506	-819	-836	-851
Lease liabilities EUR		-393	-1,578	-966	-337	-261
Lease liabilities SGD		0	-352	-121	-138	-93
Lease liabilities CNY		0	-126	-51	-51	-23
Lease liabilities INR		-159	-186	-54	-57	-75
Lease liabilities XAF		-156	-164	-86	-78	0
Total		-316,552	-430,050	-57,015	-48,559	-138,779
Borrowings to equity accounted investees USD		700	784	784	0	0
Financial guarantees USD		0	-206,283	-30,754	-29,377	-146,153

(In thousands of USD)

	Contractual cash flows Interest	Total amount	< 1 year	1-2 years	2-5 years	> 5 years
December 31, 2023
Bank loans VLGC's USD 5,62% 2036	Curr. rate Matur.	-129,740	-190,631	-13,258	-13,104	-39,026
Bank/other loans - USD LIBOR+ 2.4% 2025	pressurized fleet	-	-15,820	-26,063	-12,586	-13,477
Bank loan - USD SOFR 3m 2027	EEMSHAVEN +2.16%	-94,746	-112,735	-20,047	-18,789	-73,899
Bank loans - other EUR EURIBOR + 1.7% 2028		-15,983	-6,598	-6,605	-115	122
Lease liabilities USD		-3,277	-1,880	-464	-463	-953
Lease liabilities EUR		-4,955	-5,085	-1,400	-1,363	-1,544
Lease liabilities SGD		-454	-205	-134	-71	1
Lease liabilities CNY		0	-19	-19	0	0
Lease liabilities INR		-199	-244	-53	-56	-135
Lease liabilities XAF		-136	-147	-51	-51	-46
Total		-265,311	-343,608	-54,618	-47,487	-115,482
Borrowings to equity accounted investees USD		11,597	12,989	12,989	0	0
Financial guarantees USD		0	-237,584	-31,301	-30,754	-175,530

Fair Values

Carrying amounts versus fair values

(In thousands of USD)

	2024	2023
	FV hierarchy	Carrying amount
Borrowings to equity accounted investees	2	48
Other investments - equity instruments at FVTLP	1/2	61,021
Derivative financial asset	2	1,658
Borrowings (excluding lease liabilities)	2	-312,068
		-249,341

The financial assets and liabilities carried at fair value are analysed and a hierarchy in valuation method has been defined:
■ Level 1 being quoted bid prices in active markets for identical assets or liabilities;
■ Level 2 being inputs in other than quoted prices included in level 1 that are observable for the related assets and liabilities, either directly (as prices) or indirectly (derived from prices);
■ Level 3 being inputs for the asset or liability that are not based on observable market data.

The breakdown between level 1 and 2 of the equity instruments at FVTPL is shown in the beginning of this note.

Basis for determining fair values:
■ Borrowings to equity accounted investees: present value of future cash flows, discounted at the market rate of interest at reporting date or the fair value of the underlying pledged asset
■ Equity instruments at FVTPL: Quoted closing bid price at reporting date for :
• Frontera shares
• Ventura Offshore shares (acquired in 2024)
• Vantage Drilling shares (as of closing 2024)
Non-quoted closing fixing price at reporting date through a public auction via Euronext for Sibelco shares

Vantage Drilling was at the closing 2023 an Over-the-counter (OTC) security and was a consequence not listed on a major exchange and is instead traded via a broker-dealer network. Pricing was set according to the bid/ask principle. In 2024 Vantage Drilling became a quoted company.
■ Forward contracts: present value of the difference between the forward price at reporting date and the forward price paid
■ Interest bearing loans: present value of future cash flows, discounted at the market rate of interest at reporting date.

For certain financial assets and liabilities (trade and other receivables, cash and cash equivalents, trade and other payables and lease liabilities) not carried at fair value, no fair value is disclosed because the carrying amounts are a reasonable approximation of the fair values.

NOTE 32 – LEASES

Leases as a lessee

The Group leases properties, motor vehicles and IT equipment.

(In thousands of USD)

	RIGHT-OF-USE ASSETS
	Property	IT equipment	Total
Balance as per December 31, 2023	9,152	510	9,661
Balance as per December 31, 2024	3,812	442	4,253

For the full roll forward schedule in respect of the right-of-use assets including the depreciation charge for the year, we refer to Note 16 - Right-of-use assets of this annual report. The Group has several lease contracts that include extension or termination options. These options are negotiated by management to provide flexibility in managing its lease portfolio. Judgement is applied in determining whether these extension and options are reasonably certain to be exercised (see Note 1 - Accounting policies). For the maturity analysis in respect of related lease liabilities, we refer to Note 31 - Financial risks and financial instruments.

Amounts recognised in profit or loss

(In thousands of USD)

	LEASES UNDER IFRS 16
	2024	2023
Interest on lease liability	214	238
Expenses related to short-term leases and low value assets	407	468

Leases as a lessor

The Group entered into long-term time charter agreements for certain assets in its fleet. In respect of lease classification, it was judged that substantially all risks and rewards remain with the Group. As a consequence, these agreements qualify as operating leases. Rental income recognised by the Group during 2024 was USD 99.6 million (2023: USD 108.9 million). The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be received after the reporting date. No variable lease payments are included. The decrease with USD 85.5 million in total lease payments (at the subsidiaries) compared to 2023 is the result of lease contracts of VLGC, EEMSHAVEN, EXCALIBUR and reduced pressurized fleet coming closer to maturity.

NOTE 33 – CAPITAL COMMITMENTS

As per December 31, 2024, the Group has capital commitments for a total value of USD 236.7 million (being EXMAR's share), whereto USD 64.8 million advances have been paid in 2022, 2023 and 2024. This relates to an order placed by EXMAR together with its joint-venture partner SEAPEAK (each 50%) for six 46,000m3 newbuild dual-fuel MGC’s. EXMAR’s outstanding commitment for this order is USD 171.9 million (December 31, 2023: USD 110.5 million). In 2025, the Group acquired four 41,000 m 3 dual-fuel MGC newbuild contracts from Avance gas, for an amount of USD 165,2 million (see Note 38 – Subsequent events).

NOTE 34 – CONTINGENCIES

Several of the Group’s companies are involved in a number of legal disputes arising from their day-to-day operations. Management does not expect the outcome of these procedures to have any material effect on the Group’s financial position. The operating lease amounts below for the equity accounted investees are limited to EXMAR’s share in the expected operating lease payments.

(In thousands of USD)

	2024	2023
Less than one year	75,365	81,029
One to two years	60,826	65,421
Two to three years	37,070	57,407
Three to four years	22,058	36,714
Four to five years	18,250	22,075
More than five years	73,106	109,500
Total operating leases under IFRS 16 (Subsidiaries)	286,675	372,147

As of December 31

	2024	2023
Less than one year	78,086	77,283
One to two years	20,435	20,524
Two to three years	23,087	5,432
Three to four years	31,008	1,806
Four to five years	29,196	0
More than five years	58,392	0
Total operating leases under IFRS 16 (Equity accounted investees)	240,204	105,045

As of December 31

NOTE 35 - RELATED PARTIES

Ultimate controlling party Saverex NV, the major Belgian shareholder of EXMAR NV prepares IFRS consolidated financial statements which are publicly available. Saverex NV is controlled by Mr. Nicolas Saverys (Executive chairman of the Board of Directors of EXMAR).

Transactions with controlling shareholder and with controlling shareholder related parties

Saverbel NV, controlled by Mr. Nicolas Saverys, recharged administrative expenses for KEUR 105 to the Group in 2024 (2023: KEUR 91). The outstanding balance at December 31, 2024 amounted to KEUR 24 (2023: KEUR 28).

Saverex NV, also controlled by Mr. Nicolas Saverys, charged consulting fees for KEUR 3.400 during 2024 (2023: KEUR 2.400). The outstanding balance at December 31, 2024 amounted to KEUR 2.200 (2023: KEUR 0).

Furthermore, Saverex charged KEUR 0 administrative expenses in 2024 (2023: KEUR 1) and KEUR 108 time-charter revenue for the yacht “Douce France” to EXMAR Yachting (2023: KEUR 0). The balance outstanding at year-end 2024 amounted to KEUR 0 (2023: KEUR 0).EXMAR Shipmanagement charged KEUR 43 to Saverex for shipmanagement services in respect of the yacht “Douce France” in 2024 (2023: KEUR 111), for which KEUR 2 is outstanding (2023: KEUR 4). EXMAR Yachting charged KEUR 5 to Saverex for commission (2023: KEUR 0), of which no amount is outstanding (2023: KEUR 0). Travel PLUS invoiced a total of KEUR 130 to Saverex in respect of travel services provided during 2024 (2023: KEUR 89), of which KEUR 4 is outstanding (2023: KEUR 0). TLH Heliskiing invoiced to group KCAD 329 regarding services rendered of which no amount is outstanding. Furthermore, during 2024, an amount of KEUR 213 (2023: KEUR 204) was invoiced to Mr Nicolas Saverys as a recharge of private expenses. The related outstanding balance amounted to KEUR 0 (2023: KEUR 42). Transactions with related parties are at arm’s length conditions.

Transactions with joint ventures and associated companies

EXMAR provides general, accounting, corporate, site supervision and ship management services to its joint ventures and associates. For these services, fees are charged based on contractual agreements between all parties involved. Below table gives an overview of the significant receivables, significant payables and the related P&L amount of services provided and received.

	December 31, 2024	December 31, 2023
	Receivables	Payables
Ship management services	5,133	1,562
General, accounting and corporate services	1,042	0
Site supervision & plan approval services	0	0
Rental services	0	0
	December 31, 2024	December 31, 2023
	Receivables	Payables
Ship management services	11,840	0
General, accounting and corporate services	1,018	0
Site supervision & plan approval services	0	0
Rental services	0	0

(In thousands of USD)	2024	2023
	Services provided	Services received
	P&L	P&L
Ship management services	10,277	0
General, accounting and corporate services	861	0
Site supervision & plan approval services	0	0
Rental & other services	0	0
	2024	2023
	Services provided	Services received
	P&L	P&L
Ship management services	15,156	0
General, accounting and corporate services	1,112	0
Site supervision & plan approval services	0	0
Rental & other services	2,223	0

EXMAR also provides borrowings to its joint ventures and associates for which an interest income is recognised in the financial statements. We refer to Note 19 - Borrowings to equity accounted investees for an overview of these borrowings and to Note 12 - Finance result for the total amount of interest income.

Transactions with key management personnel

In respect of the transactions with key management personnel, we refer to the Remuneration report of 2024 which is included in this financial report (see Corporate Governance Statement). For information relating to conflicts of interests, we refer to the report Board of Directors. Key management (personnel) recharged KEUR 107 expenses and KEUR 0 transaction fee (2023: KEUR 83). Based on agreement with Chairman Bexco BV made in the past a success fee of KEUR 1.000 was granted to FMO BV pursuant to the sale of Bexco. The relating outstanding amount per December 31, 2024 in respect of these services is KEUR 17 (2023: KEUR 0).

5.2 CONSOLIDATED FINANCIAL STATEMENTS 217

Board of Directors

(In thousands of EUR)	2024	2023
Chairman	100	100
Other members (individual amount)	50	50
Total paid	450	469

The total amount paid to the members of the Board of Directors represents the total payments to all non-executive and independent directors for the activities as members of the Board of Directors. The executive directors of EXMAR are only remunerated in their capacity as executive and not in their capacity as executive director/member of the Board. No loans were granted to the members of the Board in 2024 nor 2023. The outstanding amount in respect of recharged private expenses to Mr. Nicolas Saverys was zero per December 31, 2024 and KEUR 42 per December 31, 2023.

Audit and Risk Committee

(In thousands of EUR)	2024	2023
Chairman	20	20
Other members (individual amount)	10	10
Total paid	50	50

Nomination and Remuneration Committee

(In thousands of EUR)	2024	2023
Members (individual amount)	10	10
Total paid	30	30

Executive Committee

In line with EXMAR’s total reward principles, the form and level of the Company’s executive remuneration are aligned to company performance and individual skills and performance. The remuneration package is composed of three main elements:
■ The fixed annual remuneration;
■ The short-term variable remuneration (STI – short term incentive);
■ The long-term variable remuneration (LTI- long term incentive).

The level and structure of the compensation packages are aligned with market practices for similar functions at comparable companies. End 2024, the Executive Committee consisted of five members. Customary notice periods and severance pay are provided in the agreements with the members of the Executive Committee, taking into account factors such as the position and experience of the executive manager in question, and always within the applicable legal framework.

5.2 CONSOLIDATED FINANCIAL STATEMENTS 218

NOTE 36 - GROUP ENTITIES

	Country of incorporation	Consolidation method	Ownership 2024	Ownership 2023
Joint ventures
Estrela Ltd	Hong Kong	Equity	50.00%	50.00%
EXMAR Gas Shipping Ltd	Hong Kong	Equity	50.00%	50.00%
EXMAR LPG BV	Belgium	Equity	50.00%	50.00%
EXMAR LPG France 1	France	Equity	50.00%	0.00%
EXMAR Shipping BV	Belgium	Equity	50.00%	50.00%
Good Investment Ltd	Hong Kong	Equity	50.00%	50.00%
Monteriggioni Inc	Liberia	Equity	50.00%	50.00%
Associates
ECOS SRL	Italy	Equity	33.30%	33.30%
Electra Offshore Ltd	Hong Kong	Equity	40.00%	40.00%
Exview Hong Kong Ltd	Hong Kong	Equity	40.00%	40.00%
Marpos NV	Belgium	Equity	45.00%	45.00%
Springmarine Nigeria Ltd	Nigeria	Equity	40.00%	40.00%

(In thousands of EUR)	2024	2023
EXECUTIVE COMMITTEE, excluding CEO
Total fixed remuneration	1,725	1,556
of which for insurance and pension plan	0	0
of which value of share options	0	0
Total variable remuneration	1,400	1,205
Nicolas Saverys/Saverex
Total fixed remuneration	1,200	1,200
of which for insurance and pension plan	0	0
of which value of share options	0	0
Total variable remuneration	2,200	1,200
CEO
Total fixed remuneration	350	575
of which for insurance and pension plan	0	0
of which value of share options	0	0
Total variable remuneration	100	288

No loans were granted to the members of the executive committee in 2024 or 2023. No options were granted to key management in 2024 and 2023. A number of key management personnel, or their close family members, hold positions in other companies that result in them having control or joint control over these companies. None of these companies transacted with the Group during the year.

5.2 CONSOLIDATED FINANCIAL STATEMENTS 219

	Country of incorporation	Consolidation method	Ownership 2024	Ownership 2023
CONSOLIDATED COMPANIES
Subsidiaries
Ahlmar Germany GmbH3	Germany	Full	0.00%	100.00%
Bexco NV2	Belgium	Full	0.00%	100.00%
DV Offshore SAS	France	Full	100.00%	100.00%
EXMAR Argentina	Argentina	Full	100.00%	100.00%
EXMAR Energy Hong Kong Ltd	Hong Kong	Full	100.00%	100.00%
EXMAR Energy Netherlands BV	Netherlands	Full	100.00%	100.00%
EXMAR Energy Services BV	Netherlands	Full	100.00%	100.00%
EXMAR Export Netherlands	Netherlands	Full	100.00%	100.00%
EXMAR Fortitude LNG Limited	Netherlands	Full	100.00%	100.00%
EXMAR FSRU Hong Kong Ltd	Hong Kong	Full	100.00%	100.00%
EXMAR Holdings Ltd	Liberia	Full	100.00%	100.00%
EXMAR Hong Kong Ltd	Hong Kong	Full	100.00%	100.00%
EXMAR Import LNG Netherlands BV	Netherlands	Full	100.00%	100.00%
EXMAR LPG Holding BV	Belgium	Full	100.00%	100.00%
EXMAR LNG Investments Ltd	Liberia	Full	100.00%	100.00%
EXMAR Lux SA	Luxembourg	Full	100.00%	100.00%
EXMAR Marine NV	Belgium	Full	100.00%	100.00%
EXMAR Netherlands BV	Netherlands	Full	100.00%	100.00%
EXMAR NV	Belgium	Full	100.00%	100.00%
EXMAR Offshore Company	USA	Full	100.00%	100.00%
EXMAR Offshore Ltd	Bermuda	Full	100.00%	100.00%
EXMAR Offshore Services SA	Luxembourg	Full	100.00%	100.00%
EXMAR Offshore BV	Belgium	Full	100.00%	100.00%
EXMAR Singapore Pte Ltd	Singapore	Full	100.00%	100.00%
EXMAR Shipmanagement BV	Belgium	Full	100.00%	100.00%
EXMAR Shipmanagement India Private Ltd	India	Full	100.00%	100.00%
EXMAR Small Scale LPG NL BV	Netherlands	Full	100.00%	100.00%
EXMAR Small Scale LPG HK Ltd	Hong Kong	Full	100.00%	100.00%
EXMAR Small Scale LPG BE BV	Belgium	Full	100.00%	100.00%
EXMAR (UK) Shipping Company Ltd	Great-Britain	Full	100.00%	100.00%
EXMAR VLGC BV	Belgium	Full	100.00%	100.00%
EXMAR VLGC Netherlands BV	Netherlands	Full	100.00%	100.00%
EXMAR Yachting BV	Belgium	Full	100.00%	100.00%
Franship Offshore Lux SA	Luxembourg	Full	100.00%	100.00%
Internationaal Maritiem Agentschap NV	Belgium	Full	99.03%	99.03%
Seavie Caribean Ltd Jamaica	Jamaica	Full	100.00%	100.00%
Seavie Private Ltd	India	Full	100.00%	100.00%
Solaia Shipping Llc	Liberia	Full	100.00%	100.00%
Tecto Cyprus Ltd	Cyprus	Full	100.00%	100.00%
Tecto Luxembourg SA	Luxembourg	Full	100.00%	100.00%
Travel Plus BV	Belgium	Full	100.00%	100.00%

1 New company in 2024
2 Shares sold
*3 Company liquidated in 2024

5.2 CONSOLIDATED FINANCIAL STATEMENTS 220

NOTE 37 - FEES STATUTORY AUDITOR

The worldwide audit and other fees in respect of services provided by the statutory auditor or companies or persons related to the auditors, can be detailed as follows:

(In thousands of EUR)	2024	2023
Audit services	579	439
Audit related services	178	257
Tax services	54	60
Fees statutory auditor	811	756

For 2024 and 2023, the non-audit fees do not exceed the audit fees.

SIGNIFICANT JUDGEMENTS AND ESTIMATES

The significant judgements and estimates that might have a risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year relate to:

Impairment

Management performs at least annually an impairment analysis for its fleet and this analysis did not reveal any additional impairment risks at year-end 2024. We also refer to Note 14 - Vessels and barges and Note 17 - Investments in equity accounted investees as disclosed in this report for additional information.

NOTE 38 - SUBSEQUENT EVENTS

■ After December 2024 subsequent events occurred.# 5.2 CONSOLIDATED FINANCIAL STATEMENTS

STATEMENT ON THE TRUE AND FAIR VIEW OF THE CONSOLIDATED FINANCIAL STATEMENTS AND THE FAIR OVERVIEW OF THE MANAGEMENT REPORT

The Board of Directors, represented by Nicolas Saverys (Chairman) and Francis Mottrie (representing FMO BV), and the Executive Committee, represented by Carl-Antoine Saverys, CEO (representing CA SAVER BV) and Hadrien Bown, CFO (representing HAX BV), hereby confirm that, to the best of their knowledge,

• the consolidated financial statements for the year ended December 31, 2024, which have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the entities included in the consolidation as a whole, and
• the management report includes a fair overview of the important events that have occurred during the financial period and of the major transactions with the related parties, and their impact on the consolidated financial statements, together with a description of the principal risks and uncertainties they are exposed to.

STATUTORY AUDITOR’S REPORT TO THE SHAREHOLDERS’ MEETING OF EXMAR NV FOR THE YEAR ENDED 31 DECEMBER 2024 - CONSOLIDATED FINANCIAL STATEMENTS

In the context of the statutory audit of the consolidated financial statements of EXMAR NV (“the company”) and its subsidiaries (jointly “the group”), we hereby submit our statutory audit report. This report includes our report on the consolidated financial statements and the other legal and regulatory requirements. These parts should be considered as integral to the report.

We were appointed in our capacity as statutory auditor by the shareholders’ meeting of 16 May 2023, in accordance with the proposal of the board of directors (“bestuursorgaan” / “organe d’administration”) issued upon recommendation of the audit committee. Our mandate will expire on the date of the shareholders’ meeting deliberating on the financial statements for the year ending 31 December 2025.

We have performed the statutory audit of the consolidated financial statements of EXMAR NV for 8 consecutive periods.

Report on the consolidated financial statements

Unqualified opinion

We have audited the consolidated financial statements of the group, which comprise the consolidated statement of financial position as at 31 December 2024, the consolidated statement of profit or loss and consolidated statement of other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, as well as the summary of significant accounting policies and other explanatory notes.

The consolidated statement of financial position shows total assets of 1 020 186 (000) USD and the consolidated statement of comprehensive income shows a profit for the year then ended of 180 991 (000) USD.

In our opinion, the consolidated financial statements give a true and fair view of the group’s net equity and financial position as of 31 December 2024 and of its consolidated results and its consolidated cash flow for the year then ended, in accordance with International Financial Reporting Standards (IFRS Accounting Standards) as adopted by the European Union and with the legal and regulatory requirements applicable in Belgium.

Basis for the unqualified opinion

We conducted our audit in accordance with International Standards on Auditing (ISA), as applicable in Belgium. In addition, we have applied the International Standards on Auditing approved by the IAASB applicable to the current financial year, but not yet approved at national level. Our responsibilities under those standards are further described in the “Responsibilities of the statutory auditor for the audit of the consolidated financial statements” section of our report.

We have complied with all ethical requirements relevant to the statutory audit of consolidated financial statements in Belgium, including those regarding independence. We have obtained from the board of directors and the company’s officials the explanations and information necessary for performing our audit. We believe that the audit evidence obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. 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.

| Key audit matters | How our audit addressed the key audit matters # 5.2 CONSOLIDATED FINANCIAL STATEMENTS

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. During the performance of our audit, we comply with the legal, regulatory and normative framework as applicable to the audit of consolidated financial statements in Belgium. The scope of the audit does not comprise any assurance regarding the future viability of the company nor regarding the efficiency or effectiveness demonstrated by the board of directors in the way that the company’s business has been conducted or will be conducted. As part of an audit in accordance with ISA, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• 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 an error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
• 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 group’s internal control;
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the board of directors;
• Conclude on the appropriateness of the use of the going concern basis of accounting by the board of directors and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our statutory 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 statutory auditor’s report. However, future events or conditions may cause the group to cease to continue as a going concern;
• Evaluate the overall presentation, structure and content of the consolidated financial statements, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities and business activities within the group 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 the audit committee regarding, amongst 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.

We also provide the audit committee with a statement that we have complied with relevant ethical requirements regarding independence, and we communicate with them about all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated to the audit committee, 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 report unless law or regulation precludes any public disclosure about the matter.

Other legal and regulatory requirements

Responsibilities of the board of directors

The board of directors is responsible for the preparation and the content of the directors’ report on the consolidated financial statements, including the sustainability statement and other matters disclosed in the annual report on the consolidated financial statements.

Responsibilities of the statutory auditor

As part of our mandate and in accordance with the Belgian standard complementary to the International Standards on Auditing (ISA) as applicable in Belgium, our responsibility is to verify, in all material respects, the director’s report on the consolidated financial statements and other matters disclosed in the annual report on the consolidated financial statements, as well as to report on these matters.

Aspects regarding the directors’ report on the consolidated financial statements and other information disclosed in the annual report on the consolidated financial statements

The annual report contains the sustainability statement which is the subject of our separate limited assurance report on the sustainability statement. This section does not pertain to the assurance on the consolidated sustainability statement included in the annual report. For this part of the annual report on the consolidated financial statements, we refer to our report on the matter. In our opinion, after performing the specific procedures on the directors’ report on the consolidated financial statements, this report is consistent with the consolidated financial statements for that same year and has been established in accordance with the requirements of article 3:32 of the Code of companies and associations. In the context of our statutory audit of the consolidated financial statements we are also responsible to consider, in particular based on information that we became aware of during the audit, if the directors’ report on the consolidated financial statements is free of material misstatement, either by information that is incorrectly stated or otherwise misleading. In the context of the procedures performed, we are not aware of such material misstatement.

Statements regarding independence

• Our audit firm and our network have not performed any prohibited services and our audit firm has remained independent from the group during the performance of our mandate.
• The fees for the additional non-audit services compatible with the statutory audit, as defined in article 3:65 of the Code of companies and associations, have been properly disclosed and disaggregated in the notes to the consolidated financial statements.

Single European Electronic Format (ESEF)

• In accordance with the draft standard on the audit of the compliance of the financial statements with the Single European Electronic Format ("ESEF"), we have also performed the audit of the compliance of the ESEF format and of the tagging with the technical regulatory standards as defined by the European Delegated Regulation No. 2019/815 of 17 December 2018 ("Delegated Regulation").
• The board of directors is responsible for the preparation, in accordance with the ESEF requirements, of the consolidated financial statements in the form of an electronic file in ESEF format (“digital consolidated financial statements”) included in the annual financial report.
• Our responsibility is to obtain sufficient and appropriate evidence to conclude that the format and the tagging of the digital consolidated financial statements comply, in all material respects, with the ESEF requirements as stipulated by the Delegated Regulation.
• Based on our work, in our opinion, the format and the tagging of information in the digital consolidated financial statements included in the annual financial report of EXMAR NV as of 31 December 2024 are, in all material respects, prepared in accordance with the ESEF requirements as stipulated by the Delegated Regulation.

Other statements

This report is consistent with our additional report to the audit committee referred to in article 11 of Regulation (EU) No 537/2014.

Signed at Zaventem.

The statutory auditor
Deloitte Bedrijfsrevisoren/Réviseurs d’Entreprises BV/SRL
Represented by Fabio De Clercq

5.3 STATUTORY FINANCIAL STATEMENTS EXMAR NV

5.3 Statutory financial statements EXMAR NV

STATUTORY FINANCIAL STATEMENTS

The statutory accounts of EXMAR NV are disclosed hereafter in a summarised version. The full version will be filed with the National Bank of Belgium. The full version is available on the Company’s website (www.exmar.be) and a copy can be obtained free of charge on request. An unqualified audit opinion has been expressed by the statutory auditor.

(In thousands of USD)	31/12/2024	31/12/2023
BALANCE SHEET
Fixed assets	484,689	320,512
(In-)tangible assets	373	192
Financial assets	484,315	320,320
Current assets	320,469	137,269
Amounts receivable within one year	123,445	53,723
Investments	134,811	18,147
Cash and cash equivalents	60,913	64,427
Accrued income and deferred charges	1,300	973
Total assets	805,158	457,781
Equity	599,625	306,609
Capital	88,812	88,812
Share premium	124,634	124,634
Reserves	94,061	87,200
Accumulated profits	292,118	5,964
Provisions and deferred taxes	2,850	13,296
Provisions	2,850	13,296
Liabilities	202,683	137,875
Amounts payable on more than one year	79,855
Amounts payable within one year	122,828	137,875
Total equity and liabilities	805,158	457,781

(In thousands of USD)	01/01/2024	01/01/2023	31/12/2024	31/12/2023
STATEMENT OF PROFIT OR LOSS
Operating income			5,736	6,121
Operating expenses			-9,236	-28,415
Operating result			-3,500	-22,293
Financial income			301,994	36,334
Financial expenses			-4,480	-11,598
Result for the year before tax			294,014	2,443
Income tax			-999	192
Result for the year			293,015	2,634
Appropriation of result
Result to be appropriated			298,979	294,648# 6. Glossary

GLOSSARY

AER Annual Efficiency Ratio
AGM Annual General Meeting
AMA Antwerp Maritime Academy
ASBL Association Sans But Lucratif
BCCA Belgian Code of Companies and Associations
BCMA Billion Cubic Meters per Annum
BIMCO Baltic and International Maritime Council
BOD Board of Directors
BTX Mixtures of benzene, toluene, and the three xylene isomers
BWMP Ballast Water Management Plan
CAPEX Capital Expenditure
CBA Collective Bargaining Agreement
cbm Cubic meters (m³)
CCS Carbon capture and storage
CCU Carbon Capture and Utilisation
CCUS Carbon Capture, Utilisation and Storage
CDI Chemical Distribution Institute
CEO Chief Executive Officer
CFO Chief Financial Officer
CII Carbon Intensity Indicator
CMB Compagnie Maritime Belge
CO 2 Carbon dioxide
COO Chief Operating Officer
COSO Committee of Sponsoring Organizations
CP Charter Party
CSRD Corporate Sustainability Reporting Directive
DCR Document Change Request
DCS IMO Fuel Oil Data Collection System
DOC Document of Compliance
DPA Designated Person Ashore
DVO DV Offshore
EBIT Earnings Before Interest and Taxes
EBITDA Earnings Before Interest, Taxes, Depreciation, and Amortization
Adjusted EBITDA: EBITDA adjusted for certain non-recurring transactions for which management believes that excluding these provides better insights in the actual performance of the Group.
ECA Emission Control Area
ECSA European Community Ship-Owners Association
EEDI Energy Efficiency Design Index
EEXI Energy Efficiency Existing Ship Index
EGM Expert Group Meeting

EOC EXMAR Offshore Company
EPC Engineering, Procurement and Conversion
EPD Environmental Product Declaration
ERP Enterprise Resource Planning
ESG Environment, Social, Governance
ESI Environmental Ship Index
ESM EXMAR Shipmanagement
ESRS European Sustainability Reporting Standards
ETS Emission Trading Scheme
EU European Union
EUA EU Allowances
EU MRV EU Monitoring, Reporting and Verification Regulation
EU ETS EU Emissions Trading System
FID Final Investment Decision
FLNG Floating Liquefaction of Natural Gas
FOC Fuel Oil Consumption
FPS Floating Production System
FPSO Floating Production Storage and Offloading-unit
fr Fully refrigerated
FSIU Floating Storage and Injection Unit
FSO Floating Storage and Offloading
FSPO Floating Storage Production and Offloading
FSRP Floating Storage Regasification and Power generation
FSRU Floating Storage and Regasification Unit
FSU Floating Storage Unit
GDPR General Data Protection Regulation
GHG Greenhouse Gas
GHGi Greenhouse Gas Intensity
HFO Heavy Fuel Oil
HSEEQ Health Safety Environmental Energy and Quality
HSEQ Health Safety Environment and Quality
HSSEQ Health, Safety, Security, Environment and Quality
HyMethShip Hydrogen Methanol Ship
IAS International Accounting Standards
IFRS International Financial Reporting Standards
IHM Inventory of Hazardous Materials
IMO International Maritime Organization
IPCC Intergovernmental Panel on Climate Change
IRA Inflation Reduction Act
IRO Impact, Risk and Opportunity
ISO International Organization for Standardization
JHA Job Hazard Analysis
JV Joint Venture
KPI Key Performance Indicator
LCO 2 Liquid Carbon Dioxide

LDO Light Diesel Oil
LGC Large Gas Carrier
LNG Liquefied Natural Gas
LNG/C Liquefied Natural Gas Carrier
LNGRV Liquefied Natural Gas Regasification Vessel
LOHC Liquid Organic Hydrogen Carrier
LPG Liquefied Petroleum Gas
LSFO Low Sulphur Fuel Oil
LTI Lost Time Injury
LTIF Lost Time Injury Frequency
LWC Lost Workday Case
MAN-ES MAN Energy Solutions SE
MARPOL International Convention for the Prevention of Pollution from Ships
MDO Marine Diesel Oil
MGC Midsize Gas Carrier
MGO Marine Gas Oil
Midsize 20,000 m³ to 40,000 m³
Mio Million
MLC Maritime Labor Convention
MMSCFD Million Standard Cubic Feet / day also mentioned as: mm scf / day
MMT Million Metric Tons
MRV Measurement, Reporting and Verification - EU Regulation No. 757/2015
MT Metric Tons
MTI MTI Network, risk management and crisis response company
MTPA Metric Tons Per Annum
MWh Megawatt hour
NH 3 Ammonia
NM Nautical Miles
NO x Nitrogen Oxides
NPK Nitrogen (N) - Phosphorus (P) - Potassium (K)
NTVRP US Nontank Vessel Response Plan
O&M Operations & Maintenance
OB Order Book
OCIMF Oil Companies Marine International Forum
ODS Ozone Depleting Substances
OIM Offshore Terminal Installation Manager
OPEX Operating Expenditures
OSBIT On Spec, Budget and In Time
PDH Propane DeHydrogenation
Petchems Petrochemicals
PPD Permanent Partial Disability
PPM Parts per million
pr Pressurized

PTD Permanent Total Disability
PVC Polyvinyl chloride
R&D Research and Development
RBSA Royal Belgian Shipowner’s Association
REBITDA Recurring earnings before interests, taxes, depreciations and amortizations
SCF Standard Cubic Foot
SCR Selective Catalytic Reduction
SDG Sustainable Development Goals
SEEMP Ship Energy Efficiency Management Plan
Semi-ref. Semi-refrigerated LPG carrier
SIGTTO Society of International Gas Tanker and Terminal Operators
SMPEP Shipboard Marine Pollution Emergency Plan
SMS Safety Management System
SOLAS International Convention for the Safety of Life at Sea
SOPEP Shipboard Oil Pollution Emergency Plan
SO X Sulphur Oxides
SRDII Second Shareholders’ Rights Directive
SRR EU Ship Recycling Regulation No. 1257/2013
STCW International convention on Standards of Training, Certification and Watchkeeping for Seafarers
STS Ship-to-ship cargo transfer
TC Time Charter
TCE Time Charter Equivalent
TMSA Tanker Manager and Self-Assessment
TRC Total Recordable Case
TRCF Total Recordable Case Frequency
TTSL Taking The Safety Lead
U/C Under Construction
ULCV Ultra Large Container Vessel
ULGC Ultra Large Gas Carrier
UN United Nations
UNCLOS United Nations Convention on the Law of the Sea
USCG United States Coast Guard
USD United States Dollar
US EPA United States Environmental Protection Agency
UV Ultra Violet
VCM Vinyl Chloride Monomer
VLAC Very Large Ammonia Carrier
VLGC Very Large Gas Carrier
VLSFO Very Low Sulphur Fuel Oil
VOC Volatile Organic Compounds

COLOPHON

Board of Directors
* Nicolas Saverys – Executive Chairman
* FMO BV represented by Francis Mottrie
* ACACIA I BV represented by Els Verbraecken
* Maryam Ayati
* Michel Delbaere
* Wouter De Geest
* Carl-Antoine Saverys
* Stephanie Saverys
* Baron Philippe Vlerick
* Isabelle Vleurinck

Executive Committee
* Casaver BV represented by Carl-Antoine Saverys - Chief Executive Officer
* FMO BV represented by Francis Mottrie - Chief Operating Officer
* HAX BV represented by Hadrien Bown - Chief Financial Officer
* FLX Consultancy BV represented by Jonathan Raes - Executive Director Infrastructure
* Lisann AS represented by Jens Ismar - Executive Director Shipping

EXMAR NV
De Gerlachekaai 20
2000 Antwerp
Tel: +32(0)3 247 56 11
Fax: +32(0)3 247 56 01
Business registration number: 0860.409.202 Antwerp – section Antwerp
Website: www.EXMAR.be
E-mail: corporate@EXMAR.be

Auditor
Deloitte Auditors
Represented by Mr. Fabio De Clercq

The Dutch version of this financial report must be considered as the official version.

Contact
All EXMAR press releases can be consulted on the website: www.EXMAR.be
Questions can be asked by telephone at +32(0)3 247 56 11 or by e-mail to corporate@EXMAR.be, for the attention of HAX BV represented by Hadrien Bown (CFO) or Mathieu Verly (secretary)
In case you wish to receive our printed annual or half year report please mail: annualreport@EXMAR.be

FINANCIAL CALENDAR
Annual shareholders meeting: 20 May 2025
Results 1st semester 2025: 4 September 2025