Exmar : Report 2021 (PDF)

EXMAR

2021

COLOPHON

Board of Directors

Nicolas Saverys - Executive Chairman

FMO BV represented by Francis Mottrie - CEO ACACIA I BV represented by Els Verbraecken Maryam Ayati

Michel Delbaere Wouter De Geest Carl-Antoine Saverys Stephanie Saverys Baron Philippe Vlerick Isabelle Vleurinck

Executive Committee

FMO BV represented by Francis Mottrie Chief Executive Officer

FINMORE BV represented by Christine Verhaert Chief Financial Officer

FLX Consultancy BV represented by Jonathan Raes Executive Director Infrastructure

LISANN AS represented by Jens Ismar Executive Director Shipping

Auditor

Deloitte Auditors Represented by

Mr. Rik Neckebroeck and Mr. Ben Vandeweyer

EXMAR NV

De Gerlachekaai 20

Tel: [phone]

Fax: [phone]

Business registration number: 0860.409.202 RPR Antwerp - section Antwerp

Website:www.exmar.be

E-mail:[e-mail]

Contact

All EXMAR press releases can be consulted on the website:www.exmar.be

Questions can be asked by telephone at [phone] or by e-mail [e-mail], for the attention of FINMORE BV represented by Christine Verhaert (CFO) or Mathieu Verly (secretary).

In case you wish to receive our printed annual or half year report please mail:[e-mail]

The Dutch version of this financial report must be considered to be the official version

Dear shareholders,

2021 was yet another exceptional year. Our special thanks go out to our colleagues at sea and on shore, who handled the ongoing challenges of the COVID pandemic with great dedication.

At this time of writing, the escalating conflict in Ukraine is already causing great uncertainty to 2022 not only from the human aspect, but also in terms of stability of global energy markets. In this context, EXMAR's floating solutions for the export and import of gas are an asset in the energy value chain.

For LPG and NH3 (ammonia), freight rates remained stable at profitable levels. LNG natural gas prices continued to increase due to geopoliticaltensions and thus rising energy markets. Freight rates in LNG went from highs to lows, and remained very volatile.

For the liquefaction barge TANGO FLNG, EXMAR continued to engage with potential partners in commercial negotiations. The underlying energy and natural gas price is a boost.

The unit can be used to prevent flaring of natural gas. It avoids CO2- and methane emissions as well as serving as a fast, deployable floating terminal for natural gas.

Our regasification barge FSRU S188 received more requests since the second half of 2021 and in the meantime an agreement was reached with GASUNIE for a five-year charter.

EXMAR sold a design of the fourth OPTI®-hull, for deployment in the Gulf of Mexico.

A major highlight in the past year for EXMAR was the delivery of two of the world's first dual-fuel Very Large Gas Carriers (VLGCs), "FLANDERS PIONEER" and "FLANDERS INNOVATION" which are capable of running on LPG as an emissions-reducing fuel. Both have been deployed on long-term charter.

Our other ships and barges performed in line with expectations, and our liquidity position was further strengthened in 2021, due to the YPF settlement and the successful GUNVOR arbitration.

In November, EXMAR signed a three-year credit agreement with Sequoia Economic Infrastructure Income Fund for an amount of USD 50 million.

EXMAR is now actively pursuing innovations and research for energy transition and alternative fuels.

EXMAR concluded partnerships for the design of a new CO2 tanker and new applications for NH3 (ammonia) and H2 (hydrogen) as new opportunities emerge for the transportation of hydrogen.

On behalf of the Board of Directors and the Management of EXMAR, we would like to thank everyone once again for their loyal support to our Company.

Nicolas Saverys - Executive Chairman Francis Mottrie - CEO

5 FINANCIAL REPORT 106

• 5.1 ANNUAL REPORT OF THE BOARD OF DIRECTORS TO THE SHAREHOLDERS 109

• 5.2 CONSOLIDATED FINANCIAL STATEMENTS 115

• 5.3 STATUTORY FINANCIAL STATEMENTS 187

6 GLOSSARY 188

4 CORPORATE GOVERNANCE STATEMENT 74

4.1. CORPORATE GOVERNANCE STATEMENT 76