EXMAR report 2023

5.1 Annual report of the board of directors 120 5.2 Consolidated financial statements 126 Note 1 - Accounting policies 132 Note 2 - Segment reporting 145 Note 3 - Reconciliation segment reporting 150 Note 4 - Revenue 154 Note 5 - Gain on disposal 155 Note 6 - Vessel expenses 155 Note 7 - Purchase of goods 155 Note 8 - General and administrative expenses 155 Note 9 - Personnel expenses 156 Note 10 - Other operating expenses 156 Note 11 - Finance result 157 Note 12 - Income taxes 158 Note 13 - Vessels and barges 159 Note 14 - Other property, plant and equipment 161 Note 15 - Right-of-use assets 162 Note 16 - Investments in equity accounted investees 163 Note 17 - Financial information equity accounted investees 164 Note 18 - Borrowings to equity accounted investees 167 Note 19 - Tax assets and liabilities 168 Note 20 - Other investments 168 Note 21 - Inventories 169 Note 22 - Trade and other receivables 169 Note 23 - Restricted cash and cash and cash equivalents 169 Note 24 - Share capital and reserves 170 Note 25 - Earnings per share 171 Note 26 - Borrowings 172 Note 27 - Share based payments 175 Note 28 - Employee Benefits 176 Note 29 - Trade and other payables 178 Note 30 - Financial risk and financial instruments 179 Note 31 - Leases 184 Note 32 - Capital commitments 185 Note 33 - Contingencies 185 Note 34 - Related parties 186 Note 35 - Group entities 189 Note 36 - Fees statutory auditor 190 Note 37 - Subsequent events 190 Significant judgements and estimates 191 Statement on the true and fair view of the consolidated financial statements and the fair overview of the management report 191 Statutory auditor’s report to the shareholders’ meeting for the year ended 31 December 2023 - Consolidated financial statements 192 5.3 Statutory financial statements Exmar NV 198 Contents FINANCIAL REPORT 119