Catom Annual Report 2022 EN

Movements in other provisions are as follows:

Long- service award

Major ship

Clean-up operations

€

maintenance

Total

Balance as at 1 January 2022

0

62,956

54,266

117,222

Addition

24,981

0

3,738

28,719

Provision for acquisition

677,081

0

0

677,081

Withdrawal

0

0

-15,516

-15,516

Release

0

0

0

0

Balance as at 31 December 2022

702,062

62,956

42,488

807,506

• The item major maintenance of vessels concerns a provision created in respect of maintenance of the bunker boats and bunker stations, which is valued at nominal value. In determining the provision, account is taken of future expenditure, balanced composition of the provision and an indexation of 1% per annum. Costs of major maintenance are charged to the provision to the extent that it has been formed for the intended costs. If the costs of major maintenance exceed the provision formed, these (additional) costs are charged to the result. The provision has a predominantly long-term character. • The provision for cleaning up polluted sites relates to the acquisition of two petrol stations and has since been substantiated by further examination. • The provision for long-service awards has been made in connection with payments promised to employees for long service. The provision has been discounted by applying a discount rate of 4%. Out of this provision, an amount of € 29,112 expires after more than one year.

9. Long-term liabilities

The long-term liabilities include money loans entered into with Coöperatieve Rabobank U.A., reduced by capitalised financing costs. The interest is based on 3 months Euribor, increased by a 2% surcharge. Repayments of the long-term liabilities for each loan will take place in amounts of € 1,900,000 on a quarterly basis.

78