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5.
Financial
report
5.1 Annual report of the Board of
Directors to the shareholders 152
5.2 Consolidated financial statements 158
5.3 Statutory financial statements
EXMAR NV 226

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150

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5. FINANCIAL REPORT
151
Contents
5.1 Annual report of the Board of Directors to the shareholders 152
5.2 Consolidated financial statements 158
Consolidated statement of financial position 159
Consolidated statement of profit and loss and other comprehensive income 160
Consolidated statement of cash flows 161
Consolidated statement of changes in equity 162
Note 1 – Accounting policies 164
Note 2 – Segment reporting 175
Note 3 – Reconciliation segment reporting 180
Note 4 – Divestitures 184
Note 5 – Revenue 184
Note 6 – Gain on disposal 185
Note 7 – Vessel and engineering project expenses 186
Note 8 – Purchase of goods 186
Note 9 – General and administrative expenses 186
Note 10 – Personnel expenses 186
Note 11 – Other Operating Expenses 187
Note 12 – Finance result 187
Note 13 – Income taxes 188
Note 14 – Vessels and barges 189
Note 15 – Other property, plant and equipment 191
Note 16 – Right -of- use assets 192
Note 17 – Investments in equity accounted investees 193
Note 18 – Financial information equity accounted investees 194
Note 19 – Borrowings to equity accounted investees 197
Note 20 – Tax assets and liabilities 198
Note 21 – Financial Assets at FVTPL 199
Note 22 – Inventories 199
Note 23 – Trade and other receivables 200
Note 24 – Cash and cash equivalents 200
Note 25 – Share capital and reserves 200
Note 26 – Earnings per share 201
Note 27 – Borrowings 202
Note 28 – Share based payments 205
Note 29 – Employee benefits 205
Note 30 – Trade and other payables 208
Note 31 – Financial risks and financial instruments 208
Note 32 – Leases 214
Note 33 – Capital commitments 215
Note 34 – Contingencies 215
Note 35 – Related parties 215
Note 36 – Group entities 218
Note 37 – Fees statutory auditor 220
Note 38 – Subsequent events 220
Significant judgements and estimates 220
Statement on the true and fair view of the consolidated financial statements and
the fair overview of the management report 221
5.3 Statutory financial statements EXMAR NV 226

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5.1 ANNUAL REPORT OF THE BOARD OF DIRECTORS TO THE SHAREHOLDERS
152
Annual report of the
Board of Directors
to the shareholders
5.1

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5.1 ANNUAL REPORT OF THE BOARD OF DIRECTORS TO THE SHAREHOLDERS
153
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.
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).

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5.1 ANNUAL REPORT OF THE BOARD OF DIRECTORS TO THE SHAREHOLDERS
154
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:
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.

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5.1 ANNUAL REPORT OF THE BOARD OF DIRECTORS TO THE SHAREHOLDERS
155
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). With the large capacity and the dual fuel LPG
engine, these vessels represent the best technology
available today with respect to reducing greenhouse gas
emissions.

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5.1 ANNUAL REPORT OF THE BOARD OF DIRECTORS TO THE SHAREHOLDERS
156
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

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5.1 ANNUAL REPORT OF THE BOARD OF DIRECTORS TO THE SHAREHOLDERS
157

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5.2 CONSOLIDATED FINANCIAL STATEMENTS
158
5.2
Consol idated
financial statements

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5.2 CONSOLIDATED FINANCIAL STATEMENTS
159
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(In thousands of USD) Note
December 31,
2024
December 31,
2023
Non-current assets 601,528 619,437
Vessels and barges 14 368,575 415,747
Other property, plant and equipment 15 2,336 15,970
Intangible assets 175 314
Right-of-use assets 16 4,253 9,661
Investments in equity accounted investees 17 159,687 135,388
Deferred tax assets 20 4,635 4,429
Other non-current receivables 260 0
Derivative financial assets 31 586 0
Financial assets at FVTPL 21 61,021 37,928
Current assets 418,658 307,496
Assets held for sale 14 14,731 0
Derivative financial assets 31 1,072 550
Inventories 22 0 15,134
Trade and other receivables 23 123,886 97,384
Short term borrowings to equity accounted investees 19 48 11,597
Current tax assets 20 4,184 5,900
Cash and cash equivalents 24 274,737 176,930
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 25 88,812 88,812
Share premium 25 125,359 148,796
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 27 277,794 219,831
Derivative financial liabilities 31 1,240 0
Employee benefit obligations 29 785 999
Provisions 19,289 25,006
Deferred tax liabilities 20 0 3,026
Current liabilities 111,452 195,932
Borrowings 27 38,759 45,480
Trade and other payables 30 66,252 146,909
Current tax liability 20 6,441 3,544
Total liabilities 410,560 444,795
Total equity and liabilities 1,020,186 926,933


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5.2 CONSOLIDATED FINANCIAL STATEMENTS
160
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
(In thousands of USD)
For the 12 months ended
31 December,
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
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


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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 99,000 -342,849
Net cash and cash equivalents at 1 January 24 176,930 519,553
Net increase/(decrease) in cash and cash equivalents 99,000 -342,849
Exchange rate fluctuations on cash and cash equivalents -1,193 226
NET CASH AND CASH EQUIVALENTS AT 31 DECEMBER 24 274,737 176,930


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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(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
17 -3 -3 -3
Employee benefits - remeasurement net
defined benefit obligations
29 -41 -41 -41
Other -23 -23 -23
Net change in fair value of cash flow hedges 17 -655 -655 -655
Net change in fair value of cash flow hedges -
share equity accounted investees
17 606 606 606
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 25
-23,437
-24,685 -48,122 0 -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

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5.2 CONSOLIDATED FINANCIAL STATEMENTS
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(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
17 57 57 57
Employee benefits - remeasurement
net defined benefit obligations
29 -456 -456 -456
Other 211 211 211
Net change in fair value of cash flow hedges -
share equity accounted investees
17 -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 0 -391,089
Share-based payments -1,669 6,189 -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


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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.



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5.2 CONSOLIDATED FINANCIAL STATEMENTS
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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 judgements, 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. Although
management believes that the assumptions used to evaluate potential impairment are reasonable and appropriate,
such assumptions are highly subjective. We refer to Note 14 - Vessels and barges for additional information on the
assumptions applied at year-end.
Climate change and sustainability related developments
Climate related matters and measures such as the introduction of emission reduction legislation may have a
significant impact on the EXMAR business and its customers. EXMAR is closely monitoring current developments
and measures related to climate change and sustainability (see also section 3 of this annual report) and believes
these currently do not result in fundamentally changed expectations regarding useful lives or recoverability of our
fleet. In the sensitivity analysis of the annual impairment test of vessels and barges, the age and emission rating of
each particular asset was considered.



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5.2 CONSOLIDATED FINANCIAL STATEMENTS
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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.


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5.2 CONSOLIDATED FINANCIAL STATEMENTS
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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:
Closing rates Average rates
December 31, 2024 December 31, 2023 For the twelve months ended
EXCHANGE RATES
December 31, 2024 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.



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5.2 CONSOLIDATED FINANCIAL STATEMENTS
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(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. 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.




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5.2 CONSOLIDATED FINANCIAL STATEMENTS
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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:
Gas vessel LPG pressurized 1 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:
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




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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.


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5.2 CONSOLIDATED FINANCIAL STATEMENTS
171



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. The calculation is performed
annually by a qualified actuary using the projected unit credit method. When the calculation results in a potential
asset for the Group, the recognized asset is limited to the present value of economic benefits available in the form of
a any future refunds from the plan or reductions in future contributions to the plan. To calculate the present value of
economic benefits, consideration is given to any applicable minimum funding requirements.
Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan
assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognised immediately
in OCI. The Group determines the net interest expense (income) on the net defined benefit liability (asset) for the
period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual
period to the then net defined benefit liability (asset), taking into account any changes in the net defined benefit
liability (asset) during the period as a result of contributions and benefit payments. Net interest expense and other
expenses related to defined benefit plans are recognised in profit or loss.
Belgian defined contribution plans with return guaranteed by law
Belgian defined contribution plans are subject to the Law of April 28, 2003 on occupational pensions (hereafter ‘the
WAP’). According to article 24 of this Law, the employer has to guarantee an average minimum return of 3.75% on
employee contributions and of 3.25% on employer 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
a 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.
Termination benefits
Termination benefits are recognised as an expense when the Group is demonstrably committed, without realistic
possibility or withdrawal, to a formal detailed plan to either terminate employment before the normal retirement
date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination
benefits for voluntary redundancies are recognised as an expense if the Group has made an offer of voluntary
redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably.
If benefits are payable more than 12 months after the reporting date, then they are discounted to their present value.
Short-term employee benefit
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related
service is provided. A liability is recognised for the amount expected to be paid under short-term cash bonus or
profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past
service provided by the employee, and the obligation can be estimated reliably.
j. Provisions
A provision is recognised 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.



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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.



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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. The Group determines its incremental borrowing rate by obtaining interest rates from various external
financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased.
Lease payments included in the measurement of the lease liability comprise the following:
■ Fixed payments, including in-substance fixed payments;
■ Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the
commencement date;
■ Amounts expected to be payable under a residual value guarantee; and
■ The exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an
optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early
termination of a lease unless the Group is reasonably certain not to terminate early.
The lease liability is measured at amortised cost using the effective interest method.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount
of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been
reduced to zero.
The Group presents right-of-use assets separately on the face of the balance sheet and lease liabilities in “Loans and
borrowings” in the statement of financial position.
Short-term leases and leases of low-value assets
The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and
short-term leases, including IT equipment. The Group recognises the lease payments associated with these leases as
an expense on a straight-line basis over the lease term.
As a lessor
At inception or on modification of a contract that contains a lease component, the Group allocates the consideration
in the contract to each lease component on the basis of their relative stand-alone prices.
When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an
operating lease.
To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all of
the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance
lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as
whether the lease is for the major part of the economic life of the asset.
The Group recognises lease payments received under operating leases as income on a straight-line basis over the
lease term as part of “Revenue”.


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5.2 CONSOLIDATED FINANCIAL STATEMENTS
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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.


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5.2 CONSOLIDATED FINANCIAL STATEMENTS
175
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.


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5.2 CONSOLIDATED FINANCIAL STATEMENTS
176
Segment reporting 2024
(In thousands of USD)
CONSOLIDATED STATEMENT OF
PROFIT OR LOSS
Supporting
For the year ended December 31, 2024 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 0
Total revenue 142,831 212,162 90,181 -10,281 434,893
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 -10,281 545,055
Operating result before depreciations,
amortisations & impairment losses 107,375 143,561 22,824 0 273,759
(EBITDA)
Depreciations and amortisations -50,825 -12,250 -1,524 -64,599
Impairment losses and reversals -1 -2,613 -128 -2,742
Loss on disposal 0 1 0 1
Operating result (EBIT) 56,548 128,700 21,172 0 206,419
Interest income (non-intra-segment) 4,522 4,320 4,900 13,742
Interest income intra-segment 2,284 5,182 22,397 -29,863 0
Interest expenses (non-intra-segment) -26,104 -9,834 -218 -36,156
Interest expenses intra-segment -16,261 -7,822 -5,780 29,863 0
Other finance income 590 3,897 7,817 12,304
Other finance expenses -547 -565 -5,752 -6,865
Share of result of equity accounted investees 0 2,471 237 2,708
(net of income tax)
Income tax expense -213 -4,863 -6,084 -11,160
Segment result for the period 20,818 121,485 38,688 0 180,991
Attributable to:
Non-controlling interest 2
Owners of the Company 180,989


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5.2 CONSOLIDATED FINANCIAL STATEMENTS
177
(In thousands of USD)
CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
Supporting
December 31, 2024 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 0
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 1,122,629
Unallocated trade and other receivables 0 137,372
Trade and other receivables intra-segment 7,076 28,909 56,998 -92,983 0
Other unallocated assets 10,866
Total assets -808,855 1,271,828
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 0
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 -715,872 573,764
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 0
Unallocated other liabilities 7,233
Total equity and liabilities -808,855 1,271,828
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 0 0 0 114,908
Additional information
Capital expenditures -45,819 -1,110 -513 -47,441
Proceeds from disposals 43,384 0 125 43,509


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5.2 CONSOLIDATED FINANCIAL STATEMENTS
178
Segment reporting 2023
(In thousands of USD)
CONSOLIDATED STATEMENT OF PROFIT
OR LOSS
For the twelve months ended Supporting
December 31, 2023 Shipping Infrastucture services Eliminations Total
Revenue third party 143,658 372,696 61,136 0 577,490
Revenue intra-segment 187 1,183 9,948 -11,318 -1
Royalty income 0 800 0 0 800
Total revenue 143,845 374,678 71,084 -11,318 578,289
Gain on disposal 6,594 6 836 0 7,436
Other operating income 677 1,908 1,435 0 4,020
Operating income 151,117 376,592 73,355 -11,318 589,746
Operating result before depreciations,
amortisations & impairment losses 82,330 75,746 -3,559 0 154,517
(EBITDA)
Depreciations and amortisations -48,002 -11,823 -2,456 0 -62,281
Impairment losses and reversals 0 2,669 32 0 2,701
Loss on disposal 0 0 -82 0 -82
Operating result (EBIT) 34,328 66,592 -6,065 0 94,855
Interest income (non-intra-segment) 4,357 1,725 16,127 0 22,209
Interest income intra-segment 1,469 1,528 14,744 -17,741 0
Interest expenses (non-intra-segment) -27,407 -662 -368 0 -28,437
Interest expenses intra-segment -7,127 -9,017 -1,597 17,741 0
Other finance income 264 -2,532 894 0 -1,374
Other finance expenses -676 -1,391 -8,966 0 -11,033
Share of result of equity accounted investees 0 0 199 0 199
(net of income tax)
Income tax expense -1,919 -182 -2,310 0 -4,411
Segment result for the period 3,288 56,061 12,658 0 72,007
Attributable to:
Non-controlling interest 36
Owners of the Company 71,971


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5.2 CONSOLIDATED FINANCIAL STATEMENTS
179
(In thousands of USD)
CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
Supporting
December 31, 2023 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 0
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 1,056,943
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 0
Other unallocated assets 11,239
Total assets -595,180 1,175,776
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 0
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 -556,542 521,361
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 0
Unallocated other liabilities 0 7,785
Total equity and liabilities -595,180 1,175,776
CASH FLOW STATEMENT
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 -307,485
Additional information
Capital expenditures -32,864 -3,240 -1,901 -38,005
Proceeds from disposals 46,693 191 62 46,946


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5.2 CONSOLIDATED FINANCIAL STATEMENTS
180
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 Equity
consolidation Difference consolidation
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 189,443 -22,272 167,171
equity accounted investees
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


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5.2 CONSOLIDATED FINANCIAL STATEMENTS
181
(In thousands of USD) Proportionate Equity
December 31, 2024 consolidation Difference consolidation
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 -13,486 123,886
Borrowings to equity accounted investees 2,311 -2,263 48
Current tax assets 4,184 0 4,184
Cash and cash equivalents 355,025 -80,288 274,737
Current assets 532,320 -113,661 418,658
Total assets 1,271,828 -251,642 1,020,186
Equity 609,626 0 609,626
Borrowings 473,494 -195,700 277,794
Other payables & derivatives 1,266 -26 1,240
Employee benefits 785 0 785
Non-current provisions 19,579 -291 19,289
Non-current liabilities 495,125 -196,016 299,109
Borrowings 79,425 -40,666 38,759
Trade and other payables 81,205 -14,953 66,252
Current tax liability 6,447 -6 6,441
Current liabilities 167,077 -55,625 111,452
Total equity and liabilities 1,271,828 -251,642 1,020,186


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5.2 CONSOLIDATED FINANCIAL STATEMENTS
182
Reconciliation segment reporting 2023
(In thousands of USD) Proportionate Equity
consolidation Difference consolidation
For the twelve months ended December 31, 2023
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 76,219 -32,199 44,020
accounted investees
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


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5.2 CONSOLIDATED FINANCIAL STATEMENTS
183
(In thousands of USD) Proportionate Equity
consolidation Difference consolidation
December 31, 2023
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


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


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5.2 CONSOLIDATED FINANCIAL STATEMENTS
185
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.
(In thousands of USD) 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
(In thousands of USD) 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.


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186
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
At year-end 2024 2023
Seagoing 1,219 1,514
Staff 302 409
Number of personnel members 1,521 1,923




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.



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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.




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.
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.


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188


For the period ended December 31, 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.

NOTE 13 - INCOME TAXES
(In thousands of USD) 2024 2023
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 -25.00% -48,027 -25.00% -19,039
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 2,270
no deferred tax asset has been recognised -2,931
Use of tax credits, tax losses carried forward,... 2,655
for which no DTA was recognised before 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 1 -5.8% -11,118 -5.4% -4,149
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%).

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5.2 CONSOLIDATED FINANCIAL STATEMENTS
189



NOTE 14 - VESSELS AND BARGES
(In thousands of USD) Under
Shipping Infrastructure construction Total
Cost - 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.


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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.
The fair value less costs to sell is based upon the average fair market value as determined by two independent
ship brokers or recent market transactions of comparable assets. This market value is corrected with an average
brokerage commission to be paid when a vessel is sold. The value in use is based upon the estimated future cash
flows discounted to their present value and reflecting current market assessments relating to freight rate estimates,
employment, and operating expenses. The value in use model also includes assumptions taken amongst others with
respect to future hire paid, contract duration and number of months’ interval between two contracts. The operating
cash flows are based on internal information and a sensitivity analysis is performed on each assumption. The
discounted cash flow model used by management includes estimated cash flows for the remaining lifetime of the
wholly owned fleet. Three-year cash flow forecasts are estimated by management based upon the past experience
as well as current market expectations regarding volumes and freight rates going forward. Freight rates as well as
operating expenses subsequent to this three-year period are expected to change in line with estimated inflation
afterwards. The discount rate used is a weighted average cost of capital of 11.2% for the Shipping LPG segment (2023:
7.6%), 9.53% for the Shipping LNG segment (2023: 9.0%) and 12.2% for the Infrastructure segment (2023: 11.8%).
For vessels under joint venture ownership, impairment triggers are evaluated in the same way as for the wholly-
owned fleet. We refer to Note 17 - Investments in equity accounted investees in this respect.
In both 2024 and 2023 EXMAR did not record a change in impairments.



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5.2 CONSOLIDATED FINANCIAL STATEMENTS
191






NOTE 15 - OTHER PROPERTY, PLANT AND EQUIPMENT
(In thousands of USD) Land and Machinery Furniture and
buildings and movables Total
Cost equipment
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.


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5.2 CONSOLIDATED FINANCIAL STATEMENTS
192

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.

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193
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.

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5.2 CONSOLIDATED FINANCIAL STATEMENTS
194


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:
Joint ventures Segment JV partner Description activities
Estrela Ltd Infrastructure ASS Owner of the accommodation barge NUNCE
EXMAR Gas Shipping Ltd Shipping SEAPEAK Previously owner of the midsize vessel TOURAINE-
inactive company
EXMAR LPG BV Shipping SEAPEAK Holding company for EXMAR-Seapeak activities
EXMAR Shipping BV Shipping SEAPEAK Owner of 17 midsize carriers, of which six carriers
under finance lease
Good Investment Ltd Shipping SEAPEAK Previously time-charter agreement of the VLGC BW
TOKYO, inactive since 2023
Monteriggioni Inc Shipping MOL Owner of the LNG carrier EXCEL which was sold
during 2017 - inactive company
New company created in 2024, which will own
EXMAR LPG France Shipping SEAPEAK various newbuids of the midsize gas segment in the
coming years (vessels are under construction and
will be delivered in the period 2025-2027).
Associates Segment Ownership% Description activities
Ecos Srl Supporting 33.30% Ship Management and operational services
services
Marpos NV Supporting 45.00% Provides waste solutions for maritime industry
services
Electra Offshore Ltd Infrastructure 40.00% Owner of the accommodation barge WARIBOKO
Exview Hong Kong Ltd Infrastructure 40.00% Bareboat owner of the accommodation barge
WARIBOKO
Springmarine Nigeria Ltd Infrastructure 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.




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5.2 CONSOLIDATED FINANCIAL STATEMENTS
195


(In thousands of USD) Joint ventures Associates
JV partner Seapeak MOL ASS
Ownership percentage 50% 50% 50% 33% 45% 40%
Total Monte- Estrela Total
Entity Seapeak riggioni Ltd ECOS Marpos Wariboko TOTAL
companies
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 143,216 155 5,319 -191 896 1,591 150,986
equivalents
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 44,179 -1,343 1,657 69 475 8,326 53,363
operations
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
0
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, 127,634 19 7,123 84 528 -7,063 128,325
2024
Netting negative equity and 7,063 7,063
impairment on January 1, 2024
Share in net assets of equity
accounted investees on 127,634 19 7,123 84 528 0 135,388
January 1, 2024, after netting
negative equity
Share in total comprehensive 22,680 -672 829 23 214 3,330 26,404
income
Dividends 0 0 -1,623 0 -146 0 -1,769
Foreign currency translation 0 0 1 20 -35 0 -14
differences
Other 0 0 -113 0 0 -113
Netting negative equity and 0 653 0 0 0 -860 -207
impairment in the year 2024
Share in net assets of equity
accounted investees on 150,313 0 6,330 14 561 2,471 159,689
December 31, 2024, after netting
negative equity




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(In thousands of USD) Joint ventures Associates
JV partner Seapeak MOL ASS
Ownership percentage 50% 50% 50% 33% 45% 40%
Total Monte- Estrela Total
Entity Seapeak riggioni Ltd ECOS Marpos Wariboko TOTAL
companies
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 106,993 4,881 6,821 2,036 841 1,446 123,019
equivalents
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 62,069 62 1,743 0 442 -9,539 54,777
operations
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
0
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 98,751 -8 7,882 0 457 -1,961 105,121
January 1, 2023
Share in total comprehensive 28,880 31 872 0 199 0 29,981
income
Increase (Decrease) through
business combinations and other 0 0 0 154 0 0 154
share deals
Dividends 0 0 -1,630 0 -142 0 -1,772
Foreign currency translation 0 0 0 -73 14 0 -59
differences
Other 3 -4 0 3 0 2
Share in net assets of equity
accounted investees 127,634 19 7,123 84 528 -1,961 133,427
on December 31, 2023
Netting negative equity and 0 0 0 0 0 1,961 1,961
impairment
Share in net assets of equity
accounted investees on 127,634 19 7,123 84 528 0 135,388
December 31, 2023, after netting
negative equity




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NOTE 19 - BORROWINGS TO EQUITY ACCOUNTED INVESTEES
(In thousands of USD) Shipping Infrastructure Supporting Total
services
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 0 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.



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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 Liabilities Assets Liabilities
Other tangible assets 4,212 0 3,096 2,597
Employee benefits 131 0 170 0
Financial instruments 0 0 0 138
Tax losses / timing differences 423 0 1,333 0
Other 0 0 0 291
Deferred tax assets / liabilities 4,766 0 4,599 3,026
Tax assets not recognised -131 0 -170 0
Deferred tax assets and liabilities 4,635 4,429 3,026
recognized 0
Deductible temporary differences 131 170
Unused tax losses and investment tax credits 57,818 61,061
Deferred tax assets/ liabilities not 57,949 0 61,232 0
recognised
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.


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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).

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5.2 CONSOLIDATED FINANCIAL STATEMENTS
200

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.


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NOTE 26 - EARNINGS PER SHARE
For the 12 months ended 2024 2023
Result for the period, attributable to owners of the Company 180,471 71,972
(in thousands USD)
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 180,471 71,972
(in thousands USD)
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).


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5.2 CONSOLIDATED FINANCIAL STATEMENTS
202
NOTE 27 – BORROWINGS
Bank loans Other loans Lease liabilities Total
(In thousands of USD) ROU assets
As of 1 January 2023 188,891 19,192 10,264 218,347
New loans and borrowings 100,930 -23 805 101,712
Derecognition upon sale of shares 0 0 -164 -164
Repayments -56,869 -1,520 -2,283 -60,672
Transfers 13,981 -9,447 0 4,533
Amortized transaction costs 339 64 0 403
Exchange differences 174 0 296 470
Accrued interest payable 180 398 0 579
Contract re-measurement/ contract 0 0 104 104
modification
As of 31 December 2023 247,626 8,664 9,022 265,312
More than 1 year 206,878 5,531 7,423 219,831
Less than 1 year 40,748 3,133 1,599 45,480
As of 31 December 2023 247,626 8,664 9,022 265,311
Shipping segment 145,773 8,648 472 154,894
Infrastructure segment 94,746 0 2,029 96,775
Supporting services segment 7,106 15 6,520 13,642
As of 31 December 2023 247,626 8,664 9,022 265,311
As of 1 January 2024 247,626 8,664 9,022 265,311
New loans 100,500 -0 384 100,884
Derecognition upon sale of shares -3,513 0 -4,000 -7,513
Repayments -36,297 -5,766 -1,814 -43,878
Paid transaction cost -1,060 0 0 -1,060
Amortized transaction costs 590 20 0 610
Exchange differences -61 -0 -394 -456
Accrued interest payable 1,285 81 0 1,366
Contract re-measurement/ contract 0 0 1,287 1,287
modification
As of 31 December 2024 309,070 2,998 4,484 316,552
More than 1 year 272,269 2,998 2,527 277,794
Less than 1 year 36,801 0 1,957 38,759
As of 31 December 2024 309,070 2,998 4,484 316,552
Shipping segment 130,873 2,998 394 134,265
Infrastructure segment 178,197 0 2,554 180,751
Supporting services segment 0 0 1,537 1,537
As of 31 December 2024 309,070 2,998 4,484 316,552


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5.2 CONSOLIDATED FINANCIAL STATEMENTS
203


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.



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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 Actual Actual
Ratio facility facilities 1 December 31, December 31,
2024 2 2023 2
Minimum Book equity ≥ USD 300 NA USD 647.0 USD 519.4
million million million
Minimum free cash ≥ USD 25 ≥ USD 20 USD 355.0 USD 240.0
million million million million
Equity ratio (Equity/Total assets) ≥ 25% NA 50.87% 44.18%
Working capital min positive min positive USD 444.7 USD 213.8
million million
Net financial indebtedness ratio NA < 70% 23.42% 32.84%
Outstanding loan amount 8,638 81,851
(in thousands of USD)
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.

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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
Reconciliation of outstanding share Number of Weighted Number of Weighted
options options average options average
exercise price exercise price
Outstanding share options at 1 January 0 0.00 321,250 9.62
New options granted 0 0.00 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 0 0.00
Exercisable share options at 31 December 0 0.00 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.


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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) -101 -131 -119 -116 -154
assets
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 1
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 1
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.

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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%


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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
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.



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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.






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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 0 0 0 0
rwate swaps
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.





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Exposure to risk
Exposure to currency risk, based on notional amounts in thousands of foreign currency:
(In thousands 2024 2023
of local
currency) 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 0 0 0 0 0 0 0 0
loans
Balance sheet -32,117,074 19,978 -223 23,905 1,975,725 -1,734 -96 147,628
exposure
Forward contracts
Net exposure -32,117,074 19,978 -223 23,905 1,975,725 -1,734 -96 147,628
In thousands -50,867 20,755 -163 23 3,328 -1,916 -73 183
of USD
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. 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





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under financial guarantees.
(In thousands of USD) Contractual cash flows
Interest Carrying Total < 1 year 1-2 2-5 > 5
December 31, 2024 Curr. rate Matur. amount years years years
Bank loans VLGC's USD 5,62% 2036 -123,736 -190,631 -13,258 -13,104 -39,026 -125,243
Bank/other loans - USD LIBOR+ 2025 -8,651 -5,872 -5,872 0 0 0
pressurized fleet 2.4%
Bank loan - USD SOFR 3m 2027 -81,851 -92,685 -18,786 -17,699 -56,200 0
EEMSHAVEN +2.16%
Bank loan - USD SOFR 3m 2034 -97,830 -135,951 -17,002 -16,259 -42,250 -60,440
EXCALIBUR +2.2%
Lease liabilities USD -3,777 -2,506 -819 -836 -851 0
Lease liabilities EUR -393 -1,578 -966 -337 -261 -14
Lease liabilities SGD 0 -352 -121 -138 -93 0
Lease liabilities CNY 0 -126 -51 -51 -23 0
Lease liabilities INR -159 -186 -54 -57 -75 0
Lease liabilities XAF -156 -164 -86 -78 0 0
-316,552 -430,050 -57,015 -48,559 -138,779 -185,697
Borrowings to equity USD 700 784 784 0 0 0
accounted investees
Financial guarantees USD 0 -206,283 -30,754 -29,377 -146,153 0
(In thousands of USD) Contractual cash flows
Interest Carrying Total < 1 year 1-2 2-5 > 5
December 31, 2023 Curr. rate Matur. amount years years years
Bank loans VLGC's USD 5,62% 2036 -129,740 -190,631 -13,258 -13,104 -39,026 -125,243
Bank/other loans - USD LIBOR+ 2024 - -15,820 -26,063 -12,586 -13,477 0 0
pressurized fleet 2.4% 2025
Bank loan - USD SOFR 3m 2027 -94,746 -112,735 -20,047 -18,789 -73,899 0
EEMSHAVEN +2.16%
Bank loans - other EUR EURIBOR + 2028 -15,983 -6,598 -6,605 -115 122 0
1.7%
Lease liabilities USD -3,277 -1,880 -464 -463 -953 0
Lease liabilities EUR -4,955 -5,085 -1,400 -1,363 -1,544 -778
Lease liabilities SGD -454 -205 -134 -71 1 0
Lease liabilities CNY 0 -19 -19 0 0 0
Lease liabilities INR -199 -244 -53 -56 -135 0
Lease liabilities XAF -136 -147 -51 -51 -46 0
-265,311 -343,608 -54,618 -47,487 -115,482 -126,022
Borrowings to equity USD 11,597 12,989 12,989 0 0 0
accounted investees
Financial guarantees USD 0 -237,584 -31,301 -30,754 -175,530 0





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Fair values
Carrying amounts versus fair values
(In thousands of USD) 2024 2023
FV Carrying Fair FV Carrying Fair
hierarchy amount value hierarchy amount value
Borrowings to equity accounted 2 48 48 2 11,597 11,597
investees
Other investments - equity instruments 1/2 61,021 61,021 1/2 37,928 37,928
at FVTLP
Derivative financial asset 2 1,658 1,658 2 550 550
Borrowings (excluding lease liabilities) 2 -312,068 -333,285 2 -256,290 -280,280
-249,341 -270,558 -206,214 -230,204
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.






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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.

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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
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).

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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
(In thousands of USD) Receivables Payables Capex Receivables Payables
Ship management services 5,133 1,562 0 11,840 0
General, accounting and corporate services 1,042 0 0 1,018 0
Site supervision & plan approval services 0 0 0 0 0
Rental services 0 0 0 0 0
2024 2023
Services Services Capex Services Services
provided received provided received
(In thousands of USD) P&L P&L P&L P&L
Ship management services 10,277 0 0 15,156 0
General, accounting and corporate services 861 0 0 1,112 0
Site supervision & plan approval services 0 0 0 0 0
Rental & other services 0 0 2,223 0 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).


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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.



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NOTE 36 - GROUP ENTITIES
Country of Consolidation Ownership
CONSOLIDATED COMPANIES incorporation method
2024 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
of which value of share options 0
Total variable remuneration 1,400 1,205
(In thousands of EUR) 2024 2023
Nicolas Saverys/Saverex
Total fixed remuneration 1,200 1,200
of which for insurance and pension plan 0
of which value of share options 0
Total variable remuneration 2,200 1,200
(In thousands of EUR) 2024 2023
CEO
Total fixed remuneration 350 575
of which for insurance and pension plan 0
of which value of share options 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.


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Country of Consolidation Ownership
CONSOLIDATED COMPANIES incorporation method
2024 2023
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



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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.
■ In the equities owned investments several transactions occurred:
• In January 2025 EXMAR took delivery of the 46,000m³ newbuild dual-fuel MGC, named CHAMPAGNY.
• In the 1st quarter of 2025, the group closed the transfer of 4 shipbuilding contracts from Avance gas. These
4 dual-fuel LPG vessels will be equipped with cutting-edge dual-fuel LPG engines, positioning EXMAR as a
pioneer in adopting cleaner and more sustainable maritime fuels. These vessels will be delivered in 2025 & 2026.
(see Note 33 – capital commitments)
• An agreement was reached for the delivery of the MGC WAREGEM in April 2025.
■ On 11 February 2025, Saverex launched its voluntary and conditional public takeover offer for all outstanding
shares in EXMAR NV that are not yet owned by it, at a price of EUR 11.50 per share and would be paid in cash (the
Bid”). The bid price will be reduced on a euro-for-euro basis by the gross amount of any distributions made by
EXMAR to its shareholders (including in the form of a dividend, distribution of share premiums, capital reduction
or in any other form) with a payment date falling after the date of this press release and before the payment date
of the Bid. The Bid is subject to conditions as exposed in the Prospectus and approved by the FSMA.
■ In 2025 EXMAR delivered the vessels HELANE and DEBBIE to its new owners.
■ A sales agreement was signed in March 2025 for the sale of the pressurized vessel FATIME, which will be delivered
in January 2026.
■ The warranty period of the engineering, procurement and construction contracts for the Marine XII project in
Congo ended in February 2025. As a consequence, EXMAR reversed the related provision for warranty claims in
the first quarter of 2025 (positive impact of USD 15 million).
No other subsequent events occurred.

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5.2 CONSOLIDATED FINANCIAL STATEMENTS
221
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.

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5.2 CONSOLIDATED FINANCIAL STATEMENTS
222
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
Impairment of property, plant and equipment –
vessels and barges
■ Property, plant and equipment – vessels and
barges with a carrying amount of
368 575 (000) USD represent 36% of the
consolidated statement of financial position
as at 31 December 2024. Management’s
assessment of the valuation of property, plant
and equipment is significant to our audit
because this process is complex and requires
significant management judgement.
Reference to disclosures
■ We refer to the consolidated financial
statements, including notes to the
consolidated financial statements: note 14 –
Vessels & barges.
■ We considered the process and the internal controls
implemented by management and we carried out
testing relating to the design and implementation of
management’s controls to assess impairment indicators
and perform impairment testing.
■ We validated for each cash generating unit if impairment
indicators, as determined by IAS 36, were considered in
the impairment assessment of management.
■ We obtained the appraisal reports from external brokers
which are used by management to test for impairment
indicators and to determine the fair value less costs to sell
(“FVLCTS”) of the vessels.
■ Where relevant, we tested management’s assumptions
used in the value in use (“VIU”) calculations especially
the most critical assumptions such as the post contract
charter rates and discount rates. In challenging these
assumptions, we took into account actual results,
negotiated contract terms, external data, independent
market reports, market conditions and potential climate
change related impacts.
■ We evaluated the adequacy of the disclosures regarding
the impairments of property, plant and equipment.

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5.2 CONSOLIDATED FINANCIAL STATEMENTS
223
Responsibilities of the board of directors for the preparation of the consolidated
financial statements
The board of directors is responsible for the preparation and fair presentation of the consolidated financial
statements 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 and for such internal
control as the board of directors determines is necessary to enable the preparation of consolidated financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the board of directors is responsible for assessing the group’s
ability to continue as a going concern, disclosing, as applicable, matters to be considered for going concern and
using the going concern basis of accounting unless the board of directors either intends to liquidate the group or to
cease operations, or has no other realistic alternative but to do so.
Responsibilities of the statutory auditor for the audit of the consolidated financial
statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue a statutory auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISA will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.
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.

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5.2 CONSOLIDATED FINANCIAL STATEMENTS
224
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.

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5.2 CONSOLIDATED FINANCIAL STATEMENTS
225
■ 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

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5.3 STATUTORY FINANCIAL STATEMENTS EXMAR NV
226
5.3
Statutory financial
statements EXMAR NV

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5.3 STATUTORY FINANCIAL STATEMENTS EXMAR NV
227
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
STATEMENT OF PROFIT OR LOSS 31/12/2024 31/12/2023
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
Transfer from/(to) capital and reserves
-6,861
88,045
Result to be carried forward
-292,118
-5,964
Distribution of result -376,729

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6.
Glossary

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6. GLOSSARY
230
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

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6. GLOSSARY
231
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

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6. GLOSSARY
232
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
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

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6. GLOSSARY
233
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

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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 1
st
semester 2025 4 September 2025