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Significant accounting policies (Tables)
12 Months Ended
Dec. 31, 2019
Corporate Information And Statement Of IFRS Compliance [Abstract]  
Disclosure of initial application of standards or interpretations
The impact on transition is summarized below.


(in million of USD)
 
 
 
January 1, 2019

 
 
 
 
 
Retained earnings
 
 
 

Right-of-use assets
 
 
 
87.6

Lease receivables
 
 
 
11.4

Lease liabilities
 
 
 
105.3

 
 
 
 
 
(in thousands of USD)
January 1, 2019

 
 
Operating lease commitments at 31 December 2018 as disclosed under IAS 17
120,304

 - Recognition exemption for leases with less than 12 months of lease term at transition
(40
)
 - Separation of non-lease component
(761
)
Lease liabilities, not discounted
119,503

Discount effect
(14,235
)
Lease liabilities recognized at January 1, 2019
105,268

Schedule of FV Determination
 
 
Financial assets at FVTPL
These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss.
Financial assets at amortized cost
These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses (see (ii) below). Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss.
Debt investments at FVOCI
These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss.
Equity investments at FVOCI
These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss.
 
 
Estimated useful lives of property, plant and equipment
The estimated useful lives of significant items of property, plant and equipment are as follows:
tankers
20 years
FSO/FpSO/FPSO
25 years
plant and equipment
5 - 20 years
fixtures and fittings
5 - 10 years
other tangible assets
3 - 20 years
dry-docking
2.5 - 5 years
Vessels are estimated to have a zero residual value.
(in thousands of USD)
 
Vessels
 
Vessels under construction
 
Right-of-use assets
 
Other tangible assets
 
Total PPE
At January 1, 2017
 
 
 
 
 
 
 
 
 
 
Cost
 
3,748,135

 
86,136

 

 
2,373

 
3,836,644

Depreciation & impairment losses
 
(1,364,972
)
 

 

 
(1,596
)
 
(1,366,568
)
Net carrying amount
 
2,383,163

 
86,136

 

 
777

 
2,470,076

 
 
 
 
 
 
 
 
 
 
 
Acquisitions
 
125,486

 
51,201

 

 
1,203

 
177,890

Disposals and cancellations
 
(81,389
)
 

 

 
(9
)
 
(81,398
)
Depreciation charges
 
(229,429
)
 

 

 
(348
)
 
(229,777
)
Transfers
 
73,669

 
(73,669
)
 

 

 

Translation differences
 

 

 

 
40

 
40

Balance at December 31, 2017
 
2,271,500

 
63,668

 

 
1,663

 
2,336,831

 
 
 
 
 
 

 
 
 
 
At January 1, 2018
 
 

 
 

 

 
 

 
 

Cost
 
3,595,692

 
63,668

 

 
3,545

 
3,662,905

Depreciation & impairment losses
 
(1,324,192
)
 

 
 
 
(1,882
)
 
(1,326,074
)
Net carrying amount
 
2,271,500

 
63,668

 

 
1,663

 
2,336,831

 
 
 
 
 
 
 
 
 
 
 
Acquisitions
 
45,750

 
191,726

 

 
588

 
238,064

Acquisitions through business combinations (Note 25)
 
1,704,250

 

 

 
345

 
1,704,595

Disposals and cancellations
 
(7,814
)
 

 

 
(75
)
 
(7,889
)
Disposals and cancellations through business combinations (Note 25)
 
(434,000
)
 

 
 
 

 
(434,000
)
Depreciation charges
 
(270,018
)
 

 

 
(564
)
 
(270,582
)
Transfer to assets held for sale
 
(44,995
)
 

 

 

 
(44,995
)
Transfers
 
255,394

 
(255,394
)
 

 

 

Translation differences
 

 

 

 
(14
)
 
(14
)
Balance at December 31, 2018
 
3,520,067

 

 

 
1,943

 
3,522,010

 
 
 
 
 
 
 
 
 
 
 
At January 1, 2019
 
 
 
 
 
 
 
 
 
 
Cost
 
4,927,324

 

 

 
4,274

 
4,931,598

Depreciation & impairment losses
 
(1,407,257
)
 

 

 
(2,331
)
 
(1,409,588
)
Net carrying amount
 
3,520,067

 

 

 
1,943

 
3,522,010

 
 
 
 
 
 
 
 
 
 
 
Acquisitions
 
7,024

 

 
549

 
1,012

 
8,585

Adoption IFRS 16
 

 

 
87,598

 

 
87,598

Disposals and cancellations
 
(29,386
)
 

 

 
(52
)
 
(29,438
)
Depreciation charges
 
(307,738
)
 

 
(29,265
)
 
(643
)
 
(337,646
)
Transfer to assets held for sale (Note 3)
 
(12,705
)
 

 

 

 
(12,705
)
Translation differences
 

 

 
26

 
5

 
31

Balance at December 31, 2019
 
3,177,262

 

 
58,908

 
2,265

 
3,238,435

 
 
 
 
 
 
 
 
 
 
 
At December 31, 2019
 
 

 
 

 
 
 
 

 
 

Cost
 
4,815,910

 

 
88,182

 
5,042

 
4,909,134

Depreciation & impairment losses
 
(1,638,648
)
 

 
(29,274
)
 
(2,777
)
 
(1,670,699
)
Net carrying amount
 
3,177,262

 

 
58,908

 
2,265

 
3,238,435

Disposal of assets – Gains/losses
(in thousands of USD)
 
Sale price
 
Book Value
 
Gain
 
Loss
TI Topaz - Sale
 
20,790

 
41,817

 

 
(21,027
)
Flandre - Sale
 
45,000

 
24,693.3

 
20,306.7

 

Cap Georges - Sale
 
9,310

 
801.4

 
8,508.6

 

Artois - Sale
 
21,780

 
14,077

 
7,703

 

Other
 
29

 
9

 
20

 

At December 31, 2017
 
96,909

 
81,397.7

 
36,538.3

 
(21,027
)
 
 
 
 
 
 
 
 
 
 
 
Sale price
 
Book Value
 
Gain
 
Loss
Cap Jean - Sale
 
10,175

 

 
10,175

 

Cap Romuald - Sale
 
10,282

 
1,319

 
8,963

 

Gener8 Companion - Sale
 
6,305

 
6,495

 

 
(190
)
Other
 

 

 

 
(83
)
At December 31, 2018
 
26,762

 
7,814

 
19,138

 
(273
)
 
 
 
 
 
 
 
 
 
 
 
Sale price
 
Book Value
 
Gain
 
Loss
Felicity - Sale
 
42,000

 
42,000

 

 

Compatriot - Sale
 
6,615

 
6,173

 
442

 

VK Eddie - Sale
 
37,620

 
23,212

 
14,408

 

Other
 
29

 

 
29

 
(75
)
At December 31, 2019
 
86,264

 
71,385

 
14,879

 
(75
)
As at December 31, 2019 and December 31, 2018 the Group had no capital commitments.