Financial statements

Statement of Cash Flows

For the financial year ended 31 December 2022

Note 2022
Cash flows from operating activities

Profit for the financial year



Adjustments for:
– income tax expense



– gain from liquidation of subsidiary


– dividend income



Operating cash flow before working capital changes



Changes in working capital:

– other receivables



– other payables



Net cash provided by operating activities



Cash flows from investing activities
Interest received


Proceeds from liquidation of subsidiary


Loan to subsidiary


Equity investment in joint venture


Net cash provided by/(used in) investing activities



Cash flows from financing activities

Proceeds from exercise of employee share options


Amount due to subsidiary


Net cash provided by financing activities

1,350 14,213
Net increase/(decrease) in cash and cash equivalents



Cash and cash equivalents at beginning of the financial year


Cash and cash equivalents at end of the financial year




*Amount less than USD 1,000.


Significant non-cash transactions

During 2022, USD 243.7 million of dividends payment to shareholder were settled by subsidiaries for and on behalf of the Company.

On 27 January 2022, the Company acquired Chemical Tank- ers Inc and its subsidiaries (“CTI”) by way of issuance of new shares of the Company together with the Company’s existing treasury shares. The fair value of the net assets of CTI acquired amounted to USD 221.1 million. Refer to Note 3. Immediately following that, a subsidiary, Hafnia Holding II Limited, purchased all of the shares of CTI from the Com- pany at a consideration measured by fair value of the net assets of CTI acquired on the acquisition date. The liability of Hafnia Holding II Limited owing to the Company for CTI has not been settled as at 31 December 2022.

The net proceeds from the issuance of 37,600,000 new com- mon shares on 9 May 2022 were received by a subsidiary on behalf of the Company.

On 26 September 2022, USD 600 million of receivables due from a subsidiary was settled in exchange for the subsidi- ary’s issued share capital.

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