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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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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