EXMAR report 2025

5.2 Consolidated financial statements 204 (IN THOUSANDS OF USD) SHIPPING INFRASTRUCTURE SUPPORTING SERVICES ELIMINATIONS TOTAL CONSOLIDATED STATEMENT OF FINANCIAL POSITION DECEMBER 31, 2024 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 financial assets 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 0 0 0 137,372 Trade and other receivables intra-segment 7,076 28,909 56,998 -92,983 0 Other unallocated assets 0 0 0 0 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 114,908 ADDITIONAL INFORMATION Capital expenditures -45,819 -1,110 -513 -47,441 Proceeds from disposals 43,384 0 125 43,509