EXMAR report 2025

5.2 Consolidated financial statements 189 IFRS 18, and the amendments to the other standards, are effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively. The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements. In making this assessment, the Group concluded that it has none of the following specified main business activities as defined in IFRS 18: Investing in assets; Providing finance to customers. Although the adoption of IFRS 18 will have no impact on the group’s net profit, the following changes are likely to be reflected:  Profit before financing and income tax will be introduced as a new subtotal in the statement of profit or loss.  Interest income on loans granted and debt instruments will be removed from financial result and classified as part of the investing category  Interest income on cash and cash equivalents will be removed from financial result and classified as part of the investing category  The interest result with respect to our defined benefit plans is not impacted as already part of the financial result  Share of profit or loss of and gains/(losses) on disposal of investments accounted for under the equity method will be classified in the investing category  Foreign exchange difference will be classified in the category where the related income and expense form the item giving rising to the foreign exchange difference is reported. That means that FX differences that result from cash and cash equivalents will be reclassified from financial result to the investing category  The FX gains and losses on third party and intercompany trade receivables/payables currently classified as part our financial result will be classified in the operating category;  Gains and losses on derivatives that are all used to manage identified risks will be classified in the same category as the income and expense affected by the risks the derivative is used to manage, except when it would require the grossing up of gains or losses or when it would involve undue cost or effort. Our current assessment did not reveal a change in current presentation of gains and losses on derivatives in financial result.  Classifications subject to pending IFRIC decisions:  FX on intercompany loans and borrowings are currently presented as part of our financial result, pending final IFRIC decisions, it might be that this will have to be presented as part of operating result.  Changes to the cash flow statement:  Interest received currently classified as part of operating cash flows will have to be presented as part of investing cash flows.  Interest paid currently classified as part of operating cash flows will have to be presented as part of financing cash flows.  Dividends will remain presented as part of investing cash flows. 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.