Standards and Interpretations not mandatorily applicable to the Company as of January 1, 2025

Standards and amendments published by the IASB and endorsed by the European Union

The following standards and amendments published by the IASB and endorsed by the European Union are not mandatorily applicable as of January 1, 2025:

  • Amendments to IFRS 9 and IFRS 7 – ‘Classification and Measurement of Financial Instruments’;
  • Amendments to IFRS 9 and IFRS 7 – ‘Contracts Referencing Nature-dependent Electricity’;
  • Annual Improvements to IFRS Accounting Standards - Volume 11; and
  • IFRS 18 - ’Presentation and Disclosure in Financial Statements’.

The Company does not expect a material impact on the financial statements due to the adoption of these standards and amendments, except for the application of the new presentation requirements arising from the adoption of IFRS 18 as described below.

IFRS 18 - Presentation and Disclosure in Financial Statements

IFRS 18 was issued in April 2024, endorsed by the EU in February 2026 and will be mandatory as of January 1, 2027. The new standard will replace IAS 1 – Presentation of Financial Statements, introducing new presentation and disclosure requirements for the primary financial statements and notes to the financial statements. Amendments have also been made to other IFRS Accounting Standards, most notably IAS 7, IAS 8, IAS 33 and IAS 34, in relation to IFRS 18 with the same effective date.

The Company is currently assessing impacts and practical consequences of the standard’s future application. Most significantly, IFRS 18 will introduce structural changes to the Company’s consolidated statement of profit or loss and, to a lesser extent, the consolidated cash flow statement. IFRS 18 does not adjust any accounting recognition or measurement requirements, meaning the Company’s total annual profit or loss and net increase or decrease in cash flows do not change as a result of the new standard.

Under IFRS 18, the consolidated statement of profit or loss will include five categories: operating, investing, financing, income taxes and discontinued  operations (when applicable).

The Company’s business includes leasing activities, namely in the scope of vessel charter contracts, which qualify as finance leases and operating leases according to IFRS 16 – ’Leases’. The Company is assessing whether or not these activities constitute a main business activity of providing finance to customers or a main business activity of investing in assets, as these activities are technically defined in the new standard. In case the Company has either or both specified main business activities, some adjusted presentation requirements might apply.

Standards and amendments published by the IASB and not yet endorsed by the European Union

Other new standards and amendments have been published by the IASB but have not been endorsed yet by the European Commission. Early adoption is not possible until European Commission’s endorsement. Those which may be relevant to the Company are set out below:

  • IFRS 19 - ’Subsidiaries without Public Accountability: Disclosures’;
  • Amendments to IFRS 19; and
  • Amendments to IAS 21 - ’Translation to a Hyperinflationary Presentation Currency’.

The Company does not expect a material impact on the financial statements due to the adoption of these standards and amendments.