Attached hereto as Exhibit 1 is a copy of the press release issued by Frontline plc (the “Company”) on April 28, 2023, announcing the filing of its annual report for the year ended December 31, 2022.

Attached hereto as Exhibit 2 is a copy of the Company’s annual report for the year ended December 31, 2022.

EXHIBIT 1

CONTENTS
BOARD OF DIRECTORS AND OTHER OFFICERS	3
STATEMENT OF THE MEMBERS OF THE BOARD OF DIRECTORS AND OTHER RESPONSIBLE PERSONS OF THE COMPANY FOR THE FINANCIAL STATEMENTS	5
CORPORATE GOVERNANCE REPORT	6
REMUNERATION REPORT	14
MANAGEMENT REPORT	18
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS	46
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	47
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION	48
CONSOLIDATED STATEMENTS OF CASH FLOWS	50
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY	52
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS	53
PARENT COMPANY FINANCIAL STATEMENTS AND NOTES	106
INDEPENDENT AUDITOR’S REPORT	124

Total equity attributable to the shareholders of the Company				2,260,371		1,642,513		1,605,337
Non-controlling interest				(472)		(472)		(472)
Total equity				2,259,899		1,642,041		1,604,865
Total liabilities and equity				4,768,443		4,106,597		3,911,533

		Note		2022		2021
Profit (loss) for the period				475,537		(14,961)
Adjustments to reconcile profit (loss) for the period to net cash provided by operating activities:
Net finance expense		7		43,851		44,123
Depreciation		13, 14		165,170		165,205
Other operating gains		5		(4,596)		(3,225)
Loss on lease terminations		5		431		—
Amortization of acquired time charters				(2,806)		(5,045)
Contingent rental income		23		(623)		(3,606)
Gain on marketable securities		10		(58,359)		(7,677)
Share of results from associated company		16		(14,243)		724
Stock option expense		22		4,700		185
Other, net				674		—
Changes in operating assets and liabilities:
Trade accounts receivable		11		(59,581)		(22,449)
Other receivables		11		(6,351)		7,216
Inventories				(26,410)		(22,929)
Voyages in progress				(72,146)		(3,787)
Prepaid expenses and accrued income				(5,356)		(1,174)
Other current assets				(1,435)		(1,128)
Trade accounts payable		17		5,667		(5,533)
Accrued expenses		17		30,022		(3,485)
Related party balances		23		(6,813)		18,968
Other current liabilities				678		135
Change in restricted cash		20		—		14,928
Other				(387)		(2,816)
Interest paid				(83,039)		(60,477)
Debt issuance costs paid		18		(4,349)		(8,050)
Interest received				5,094		119
Net cash provided by operating activities				385,330		85,261
Investing activities
Additions to newbuildings, vessels and equipment		12, 13		(335,815)		(473,761)
Purchase of shares		10		—		(357)
Proceeds from sale of vessels		23		80,000		80,000
Investment in associated company		16		(1,505)		—
Net cash inflow on sale of subsidiary				—		5,625
Proceeds from sale of marketable securities		10		—		14,074
Net cash used in investing activities				(257,320)		(374,419)
Financing activities
Net proceeds from issuance of shares		21		—		52,447
Proceeds from issuance of debt		18		651,248		403,868
Repayment of debt		18		(597,834)		(219,521)
Repayment of obligations under leases				(2,123)		(9,284)

Lease termination payments		23		(4,456)		—
Cash dividends paid		9		(33,393)		—
Net cash provided by financing activities				13,442		227,510
Net change in cash and cash equivalents				141,452		(61,648)
Cash and cash equivalents at beginning of year				113,073		174,721
Cash and cash equivalents at end of year				254,525		113,073
Supplemental disclosure of cash flow information:
Income taxes paid				199		4,986

	Note		2022		2021
Number of shares outstanding
Balance at the beginning of the year			203,530,979		197,692,321
Shares issued on exercise of options	21		—		339,000
Shares issued under ATM program	21		—		5,499,658
Shares issued in connection with Euronav share acquisition	21		19,091,910		—
Balance at the end of the year			222,622,889		203,530,979
Share capital
Balance at the beginning of the year			203,531		197,692
Shares issued on exercise of options	21		—		339
Shares issued under ATM program	21		—		5,500
Shares issued in connection with Euronav share acquisition	21		19,092		—
Balance at the end of the year			222,623		203,531
Additional paid in capital
Balance at the beginning of year			448,291		402,021
Stock compensation expense	22		—		(338)
Shares issued on exercise of options	21		—		1,593
Shares issued under ATM program	21		—		45,015
Shares issued in connection with Euronav share acquisition	21		156,396		—
Balance at the end of year			604,687		448,291
Contributed surplus
Balance at the beginning of year			1,004,094		1,004,094
Balance at the end of year			1,004,094		1,004,094
Accumulated other reserves
Balance at the beginning of year			228		200
Other comprehensive income (loss)			226		28
Balance at the end of year			454		228
Retained earnings (deficit)
Balance at the beginning of year			(13,631)		1,330
Profit (loss) for the period			475,537		(14,961)
Cash dividends	9		(33,393)		—
Balance at the end of year			428,513		(13,631)
Total equity attributable to the shareholders of the Company			2,260,371		1,642,513
Non-controlling interest
Balance at the beginning of year			(472)		(472)
Balance at the end of year			(472)		(472)
Total equity			2,259,899		1,642,041

(i)

66 vessels owned by the Company (21 VLCCs, 27 Suezmax tankers and 18 LR2/Aframax tankers);

(ii)

four vessels that are under the Company’s commercial management (two Suezmax tankers and two Aframax tankers).

•

Note 13 - Depreciation: The cost of the vessels less estimated residual value is depreciated on a straight-line basis over the vessels’ estimated remaining economic useful lives. The selection of an appropriate useful economic life requires significant estimation. In addition, residual value may vary due to changes in market prices on scrap. See policy 8.3. for further details.

•

Note 13 - Vessel impairment: The carrying amounts of the Company’s vessels or right-of-use assets may not represent their fair market value at any point in time since the market prices of secondhand vessels tend to fluctuate with changes in charter rates and the cost of newbuildings. Historically, both charter rates and vessel values tend to be cyclical. When events and changes in circumstances indicate that the carrying amount of the asset or Cash Generating Unit (“CGU”) might not be recovered, the Company performs an impairment test whereby the carrying amount of the asset or CGU is compared to its recoverable amount, which is the greater of its value in use, based on discounted cash flows, and its fair value less cost to sell. In developing estimates of future cash flows in order to assess value in use, the Company must make assumptions about future performance, with significant assumptions being related to charter rates, ship operating expenses, utilization, dry docking and other capital requirements, residual value, the estimated remaining useful lives of the vessels and the probability of lease terminations for right-of-use assets. These assumptions are based on historical trends as well as future expectations. See policy 10.2. for further details.

•

Note 15 - Goodwill impairment: The process of evaluating the potential impairment of goodwill is highly subjective and requires significant judgment at many points during the analysis. Our future operating performance may be affected by potential impairment charges related to goodwill. Events or circumstances may occur that could negatively impact our ordinary share price, including changes in our anticipated revenues and profits and our ability to execute on our strategies. See policy 10.2. for further details.

•

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

•

Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

•

Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

•

Note 10 - Marketable securities

•

Note 13 - Vessel impairment

•

Note 15 - Goodwill impairment

•

Note 20 - Financial instruments; and

•

Note 22 - Share options

•

The cost of materials and direct labour;

•

Any other costs directly attributable to bringing the assets to a working condition for their intended use; and

•

Capitalized borrowing costs.

•

the estimated market values for our vessels received from independent ship brokers have declined during the period significantly more than we would expect as a result of the passage of time or normal use. The ship brokers assess each vessel based on, among others, age, yard, deadweight capacity and compare this to market transactions.

•

significant changes with an adverse effect on the Company have taken place during the period, or will take place in the near future, in the legal and regulatory environment in which the Company operates, and the tanker market, including negative developments in actual and forecasted time charter equivalent rates (“TCE rates”).

•

market interest rates have increased during the period, and the increase is likely to affect the discount rate used in calculating a vessel’s value in use and decrease the asset’s recoverable amount materially.

•

the carrying amount of the net assets of the Company is more than its market capitalization.

•

evidence is available of obsolescence or physical damage of a vessel.

•

significant changes with an adverse effect on the Company have taken place during the period, or are expected to take place in the near future, in the extent to which, or manner in which, a vessel is used or is expected to be used.

•

evidence that the economic performance of a vessel is, or will be, worse than expected, including:

◦

actual or forecasted TCE rates are significantly worse than expected;

◦

cash flows for acquiring a vessel, or subsequent cash needs for operating or maintaining it, are significantly higher than expected;

◦

actual net cash flows or operating profit are significantly worse than expected;

◦

a significant decline in budgeted net cash flows or operating profit; or

◦

operating losses or net cash outflows.

•

Fixed payments;

•

Variable lease payments that depend on an index or a rate;

•

Amounts expected to be payable under a residual value guarantee, and;

•

The exercise price under a purchase option that the Company is reasonably certain to exercise, lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Company is reasonably certain not to terminate early.

•

What is meant by a right to defer settlement

•

That a right to defer must exist at the end of the reporting period

•

That classification is unaffected by the likelihood that an entity will exercise its deferral right

•

That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification

•

The Company has elected not to apply IFRS 3, Business Combinations, retrospectively to business combinations that occurred prior to the adoption of IFRS.

•

The Company has elected to use the practical expedient in IFRS 15, Revenue from Contracts with Customers, to not restate contracts that are completed at the transition date, January 1, 2021. IFRS 1 defines a completed contract as a contract for which the entity has transferred all of the goods or services as identified in accordance with previous GAAP.

•

Our vessels are required by their respective classification societies to go through a dry dock at regular intervals. In general, vessels below the age of 15 years are docked every 5 years and vessels older than 15 years are docked every 2.5 years. Unlike Frontline’s previous accounting policy under U.S. GAAP whereby such costs were expensed as incurred, IFRS requires significant components of property, plant and equipment with differing depreciation methods or lives to be depreciated separately. Under IFRS, major inspection or overhaul costs, such as dry docking, should be identified and accounted for as a separate component and depreciated over the period to the next scheduled dry docking (2.5 - 5 years). A portion of the initial cost of a vessel is allocated to the dry docking component upon delivery and depreciated over the period to the next scheduled dry docking. When a dry docking is performed, the carrying amount of any remaining unamortized dry docking costs related to previous dry docks (due to any difference between the estimated and actual time between dry docks) is derecognized. Costs associated with routine repairs and maintenance are expensed as incurred including routine maintenance performed while the vessel is in dry dock

•

Leases were classified as either operating leases or finance leases under U.S. GAAP, while under IFRS there is only one classification when the Company is a lessee. Under U.S. GAAP, rent expense related to leases classified as operating leases is presented in a single line item depending on the nature of the underlying asset and recorded on a straight-line basis whereas under IFRS, interest expense on lease liabilities and amortization of right-of-use assets are presented separately.

•

Under U.S. GAAP, short-term obligations should be reclassified as non-current at the balance sheet date if the borrower has both the intent and ability to refinance the short-term obligation on a long-term basis. In lieu of actually issuing a new long-term obligation, a borrower can evidence its ability to refinance on a long-term basis by entering into a financing agreement before the financial statements are issued. This accounting treatment is not permitted under IFRS.

(in thousands of $)		Note		U.S. GAAP		Effect of transition to IFRS		IFRS
ASSETS
Current Assets
Cash and cash equivalents				174,721		—		174,721
Restricted cash				14,928		—		14,928
Marketable securities		1		2,639		5,835		8,474
Marketable securities pledged to creditors		1		5,835		(5,835)		—
Trade and other receivables		2		—		63,924		63,924
Trade accounts receivable, net		2		40,974		(40,974)		—
Related party receivables				13,255		—		13,255

Other receivables		2		22,950		(22,950)		—
Inventories				57,858		—		57,858
Voyages in progress				34,705		—		34,705
Prepaid expenses and accrued income				7,725		—		7,725
Other current assets				2,729		—		2,729
Total current assets				378,319		—		378,319
Non-current assets
Newbuildings				48,498		—		48,498
Vessels and equipment		3		3,307,144		(6,688)		3,300,456
Vessels and equipment under finance leases, net		4a		53,518		(53,518)		—
Right-of-use assets under operating leases		4a		8,426		(8,426)		—
Right-of-use assets		4a		—		61,944		61,944
Goodwill				112,452		—		112,452
Investment in associated companies				1,279		—		1,279
Loan notes receivable				1,388		—		1,388
Other non-current assets				7,197		—		7,197
Total assets				3,918,221		(6,688)		3,911,533
LIABILITIES AND EQUITY
Current liabilities
Short-term debt and current portion of long-term debt		6, 8		167,082		67,805		234,887
Current portion of obligations under finance leases		4b		7,810		(7,810)		—
Current portion of obligations under operating leases		4b		4,548		(4,548)		—
Current portion of obligations under leases		4b		—		12,358		12,358
Related party payables				19,853		—		19,853
Trade and other payables		5		—		55,002		55,002
Trade accounts payable		5		7,860		(7,860)		—
Accrued expenses		5, 8		42,529		(42,529)		—
Derivative instruments payable		9		19,261		(19,261)		—
Other current liabilities		5		12,418		(12,418)		—
Total current liabilities				281,361		40,739		322,100
Non-current liabilities
Long-term debt		6		1,968,924		(60,000)		1,908,924
Obligations under finance leases		4c		48,467		(48,467)		—
Obligations under operating leases		4c		4,177		(4,177)		—
Obligations under leases		4c		—		52,644		52,644
Derivative instruments payable		9		—		19,261		19,261
Other non-current payables		7		3,739		—		3,739
Total liabilities				2,306,668		—		2,306,668
Equity
Share capital				197,692		—		197,692
Additional paid in capital				402,021		—		402,021
Contributed surplus				1,004,094		—		1,004,094
Accumulated other reserves		10		200		—		200
Retained earnings		3		8,018		(6,688)		1,330
Total equity attributable to the shareholders of the Company				1,612,025		(6,688)		1,605,337

Non-controlling interest				(472)		—		(472)
Total equity				1,611,553		(6,688)		1,604,865
Total liabilities and equity				3,918,221		(6,688)		3,911,533

1.

“Marketable securities pledged to creditors” of $5.8 million, which were presented separately under U.S. GAAP, were reclassified into “Marketable securities” under IFRS.

2.

“Trade accounts receivable, net” of $41.0 million and “Other receivables” of $23.0 million”, which were presented separately under U.S. GAAP, were reclassified into “Trade and other receivables” under IFRS.

3.

Dry docking costs incurred prior to January 1, 2021 were expensed as incurred within Ship operating expense under Frontline’s historical accounting policy in accordance with U.S. GAAP. Under IFRS, significant components of property, plant and equipment with differing depreciation methods or lives are required to be depreciated separately. A portion of the initial cost of a vessel is allocated to the dry docking component upon delivery and depreciated over the period to the next scheduled dry docking. This resulted in a net measurement and recognition adjustment which decreased Vessels and equipment and Retained earnings by $6.7 million as follows:

a.

the carrying amount of unamortized dry docking costs at January 1, 2021 were capitalized as a separate component of Vessels and equipment which increased Vessels and equipment and Retained earnings by $26.2 million.

b.

a portion of the initial cost of vessels delivered prior to January 1, 2021 was allocated to the dry docking component upon delivery and depreciated over the period to the next scheduled dry docking which decreased Vessels and equipment and Retained earnings by $32.9 million.

4.

Leases were classified as either operating leases or finance leases under U.S. GAAP, while under IFRS there is only one classification when the Company is a lessee which resulted in the following reclassification adjustments:

a.

“Vessels and equipment under finance leases, net” of $53.5 million and “Right-of-use assets under operating leases” of $8.4 million, which were presented separately under U.S. GAAP, were reclassified into “Right-of-use assets” under IFRS.

b.

“Current portion of obligations under finance leases” of $7.8 million and “Current portion of obligations under operating leases” of $4.5 million, which were presented separately under U.S. GAAP, were reclassified into “Current portion of obligations under leases” under IFRS.

c.

“Obligations under finance leases” of $48.5 million and “Obligations under operating leases” of $4.2 million, which were presented separately under U.S. GAAP, were reclassified into “Obligations under leases” under IFRS.

5.

“Trade accounts payable” of $7.9 million, “Accrued expenses” of $42.5 million and “Other current liabilities” of $12.4 million, which were presented separately under U.S. GAAP, were reclassified into “Trade and other payables” under IFRS.

6.

Under U.S. GAAP, short-term obligations should be reclassified as non-current at the balance sheet date if the borrower has both the intent and ability to refinance the short-term obligation on a long-term basis. In lieu of actually issuing a new long-term obligation, a borrower can evidence its ability to refinance on a long-term basis by entering into a financing agreement before the financial statements are issued. In accordance with U.S. GAAP, the Company presented the non-current portion of a loan facility refinanced in February 2021 as long-term debt as of January 1, 2021. This accounting treatment is not permitted under IFRS which resulted in a reclassification adjustment which increased Short-term debt and current portion of long-term debt and decreased Long-term debt by $60.0 million as of January 1, 2021.

7.

“Other long-term liabilities” of $3.7 million under U.S. GAAP was renamed “Other non-current payables” under IFRS.

8.

Accrued interest expense of $7.8 million, which was presented within “Accrued expenses” under U.S. GAAP was reclassified into “Short-term debt and current portion of long-term debt” under IFRS.

9.

“Derivative instruments payable”, which was classified as a current liability in accordance with the Company’s accounting policies under U.S. GAAP, was reclassified to a non-current liability under IFRS based on the contractual maturity dates.

10.

“Accumulated other comprehensive income” of $0.2 million under U.S. GAAP was renamed “Accumulated other reserves” under IFRS.

(in thousands of $)

Note

U.S. GAAP

Effect of transition to IFRS

IFRS

ASSETS
Current Assets
Cash and cash equivalents				113,073		—		113,073
Marketable securities				2,435		—		2,435
Trade and other receivables		1		—		73,532		73,532
Trade accounts receivable, net		1		63,423		(63,423)		—
Related party receivables				11,676		—		11,676
Other receivables		1		10,109		(10,109)		—
Inventories				80,787		—		80,787
Voyages in progress				38,492		—		38,492
Prepaid expenses and accrued income				8,899		—		8,899
Other current assets				3,851		—		3,851
Total current assets				332,745		—		332,745
Non-current assets
Newbuildings				130,633		—		130,633
Vessels and equipment		2		3,477,801		(10,501)		3,467,300
Vessels and equipment under finance leases, net		3a		44,880		(44,880)		—
Right-of-use assets under operating leases		3a		3,914		(3,914)		—
Right-of-use assets		3a		—		48,794		48,794
Goodwill				112,452		—		112,452
Derivative instrument receivable				9,675		—		9,675
Investment in associated companies				555		—		555
Loan notes receivable				1,388		—		1,388
Other non-current assets				3,055		—		3,055
Total assets				4,117,098		(10,501)		4,106,597
LIABILITIES AND EQUITY
Current liabilities
Short-term debt and current portion of long-term debt		7		189,286		9,379		198,665
Current portion of obligations under finance leases		3b		7,601		(7,601)		—
Current portion of obligations under operating leases		3b		1,122		(1,122)		—
Current portion of obligations under leases		3b		—		8,723		8,723
Related party payables				36,250		—		36,250
Trade and other payables		4		—		43,364		43,364
Trade accounts payable		4		2,327		(2,327)		—
Accrued expenses		4, 7		42,836		(42,836)		—
Derivative instruments payable		8		5,673		(5,673)		—
Other current liabilities		4		7,580		(7,580)		—
Total current liabilities				292,675		(5,673)		287,002
Non-current liabilities
Long-term debt				2,126,910		—		2,126,910
Obligations under finance leases		3c		40,865		(40,865)		—
Obligations under operating leases		3c		3,114		(3,114)		—
Obligations under leases		3c		—		43,979		43,979
Derivative instruments payable		8		—		5,673		5,673
Other non-current payables		5		992		—		992
Total liabilities				2,464,556		—		2,464,556

Equity
Share capital				203,531		—		203,531
Additional paid in capital				448,291		—		448,291
Contributed surplus				1,004,094		—		1,004,094
Accumulated other reserves		6		228		—		228
Retained (deficit) earnings		2		(3,130)		(10,501)		(13,631)
Total equity attributable to the shareholders of the Company				1,653,014		(10,501)		1,642,513
Non-controlling interest				(472)		—		(472)
Total equity				1,652,542		(10,501)		1,642,041
Total liabilities and equity				4,117,098		(10,501)		4,106,597

1.

“Trade accounts receivable, net” of $63.4 million and “Other receivables” of $10.1 million”, which were presented separately under U.S. GAAP, were reclassified into “Trade and other receivables” under IFRS.

2.

Dry docking costs incurred prior to January 1, 2021 and in the year ended December 31, 2021 were expensed as incurred within Ship operating expense under Frontline’s historical accounting policy in accordance with U.S. GAAP. Under IFRS, significant components of property, plant and equipment with differing depreciation methods or lives are required to be depreciated separately. A portion of the initial cost of a vessel is allocated to the dry docking component upon delivery and depreciated over the period to the next scheduled dry docking. This resulted in a net measurement and recognition adjustment which decreased Vessels and equipment and Retained earnings by $10.5 million as follows:

a.

the carrying amount of unamortized dry docking costs at January 1, 2021 were capitalized as a separate component of Vessels and equipment which increased Vessels and equipment and Retained earnings by $26.2 million.

b.

a portion of the initial cost of vessels delivered prior to January 1, 2021 was allocated to the dry docking component upon delivery and depreciated over the period to the next scheduled dry docking which decreased Vessels and equipment and Retained earnings by $32.9 million.

c.

the dry docking costs in the year ended December 31, 2021 which were expensed as incurred under U.S GAAP were capitalized as a separate component of Vessels and equipment which increased Vessels and equipment and Retained earnings by $11.4 million.

d.

depreciation expense on capitalized dry docking costs and the write off of the carrying amount of unamortized dry docking costs on vessels sold in the year ended December 31, 2021 resulted in a decrease in Vessels and equipment and Retained earnings of $13.3 million and $1.8 million, respectively.

3.

Leases were classified as either operating leases or finance leases under U.S. GAAP, while under IFRS there is only one classification when the Company is a lessee which resulted in the following reclassification adjustments:

a.

“Vessels and equipment under finance leases, net” of $44.9 million and “Right-of-use assets under operating leases” of $3.9 million, which were presented separately under U.S. GAAP, were reclassified into “Right-of-use assets” under IFRS.

b.

“Current portion of obligations under finance leases” of $7.6 million and “Current portion of obligations under operating leases” of $1.1 million, which were presented separately under U.S. GAAP, were reclassified into “Current portion of obligations under leases” under IFRS.

c.

“Obligations under finance leases” of $40.9 million and “Obligations under operating leases” of $3.1 million, which were presented separately under U.S. GAAP, were reclassified into “Obligations under leases” under IFRS.

4.

“Trade accounts payable” of $2.3 million, “Accrued expenses” of $42.8 million and “Other current liabilities” of $7.6 million, which were presented separately under U.S. GAAP, were reclassified into “Trade and other payables” under IFRS.

5.

“Other long-term liabilities” of $1.0 million under U.S. GAAP was renamed “Other non-current payables” under IFRS.

6.

“Accumulated other comprehensive income” of $0.2 million under U.S. GAAP was renamed “Accumulated other reserves” under IFRS.

7.

Accrued interest expense of $9.4 million, which was presented within “Accrued expenses” under U.S. GAAP was reclassified into “Short-term debt and current portion of long-term debt” under IFRS.

8.

“Derivative instruments payable”, which was classified as a current liability in accordance with the Company’s accounting policies under U.S. GAAP, was reclassified to a non-current liability under IFRS based on the contractual maturity dates.

(in thousands of $)		Note		U.S. GAAP		Effect of transition to IFRS		IFRS
Operating revenues and other income
Voyage charter revenues		1a		663,995		(663,995)		—
Time charter revenues		1a		71,236		(71,236)		—
Revenues		1a, 1b		—		749,381		749,381
Other income		1b, 1c, 2c		14,150		(10,090)		4,060
Total operating revenues and other income				749,381		4,060		753,441
Other operating gains		1c		5,893		(5,893)		—
Operating expenses
Voyage expenses and commission				392,697		—		392,697
Contingent rental income				(3,606)		—		(3,606)
Ship operating expenses		2a		175,607		(11,361)		164,246
Charter hire expenses		3a		2,695		(2,695)		—
Administrative expenses		3b		27,891		(1,467)		26,424
Depreciation		2b, 3		147,774		17,431		165,205
Total operating expenses				743,058		1,908		744,966
Net operating income				12,216		(3,741)		8,475
Other income (expenses)
Finance income		4		—		121		121
Interest income		4		119		(119)		—
Finance expense		5		—		(44,244)		(44,244)
Interest expense		5		(61,435)		61,435		—
Gain on marketable securities				7,677		—		7,677
Share of results of associated company				(724)		—		(724)
Foreign currency exchange loss		5		(116)		116		—
Gain on derivatives		5		17,509		(17,509)		—
Dividends received		6		—		18,367		18,367
Other non-operating items, net		6		18,239		(18,239)		—
Net other expenses				(18,731)		(72)		(18,803)
Loss before income taxes				(6,515)		(3,813)		(10,328)
Income tax expense				(4,633)		—		(4,633)
Loss for the period				(11,148)		(3,813)		(14,961)
Loss attributable to the shareholders of the Company				(11,148)		(3,813)		(14,961)
Basic loss per share attributable to shareholders of the Company				$(0.06)		$(0.02)		$(0.08)
Diluted loss per share attributable to shareholders of the Company				$(0.06)		$(0.02)		$(0.08)

1.

The presentation of operating revenues and other income was adjusted as follows:

a.

“Voyage charter revenues” and “Time charter revenues” under U.S. GAAP were reclassified to “Revenue” under IFRS.

b.

“Administrative income” of $14.2 million presented as “Other income” under U.S. GAAP was reclassified to “Revenue” under IFRS.

c.

“Other operating gains” of $5.9 million under U.S. GAAP was reclassified to “Other income” under IFRS.

2.

Dry docking costs incurred prior to January 1, 2021 and in the year ended December 31, 2021 were expensed as incurred within Ship operating expense under Frontline’s historical accounting policy in accordance with U.S. GAAP. Under IFRS, significant components of property, plant and equipment with differing depreciation methods or lives are required to be depreciated separately. A portion of the initial cost of a vessel is allocated to the dry docking component upon delivery and depreciated over the period to the next scheduled dry docking. This resulted in the following measurement and recognition adjustments:

a.

the dry docking costs in the year ended December 31, 2021 which were expensed as incurred under U.S GAAP were capitalized as a separate component of Vessels and equipment which decreased Ship operating expense by $11.4 million.

b.

depreciation expense on capitalized dry docking costs resulted in an increase in Depreciation of $13.3 million.

c.

the write off of the carrying amount of unamortized dry docking costs on vessels sold in the year ended December 31, 2021 resulted in a $1.8 million decrease in the gains on sales recognized within Other income.

3.

Under U.S. GAAP, rent expense related to leases classified as operating leases is presented in a single line item depending on the nature of the underlying asset and recorded on a straight-line basis whereas under IFRS, interest expense on lease liabilities and amortization of right-of-use assets are presented separately. This resulted in the following reclassification adjustments:

a.

Charterhire expense of $2.7 million under U.S. GAAP in relation to two vessels leased in from a third party on time charters that were classified as leases, was reclassified to Depreciation under IFRS.

b.

Administrative expenses of $1.5 million under U.S. GAAP in relation to office leases was reclassified to Depreciation under IFRS.

4.

“Interest income” of $0.1 million which was presented separately under U.S. GAAP, was reclassified to “Finance income” under IFRS.

5.

“Interest expense” of $61.4 million, “Gain on derivatives” of $17.5 million and “Foreign currency exchange loss” of $0.1 million, which were presented separately under U.S. GAAP, were reclassified to “Finance expense” under IFRS.

6.

“Other non-operating items, net” of $18.4 million under U.S. GAAP was reclassified to “Dividends received” under IFRS.

(in thousands of $)		Note		U.S. GAAP		Effect of transition to IFRS		IFRS
Profit (loss)		1		(11,148)		(3,813)		(14,961)
Items that may be reclassified to profit or loss:
Foreign currency translation gain (loss)				28		—		28
Other comprehensive income (loss)				28		—		28
Comprehensive income (loss)				(11,120)		(3,813)		(14,933)
Comprehensive income (loss) attributable to the shareholders of the Company				(11,120)		(3,813)		(14,933)

1.

Refer to the IFRS adjustments to the Consolidated Statement of Profit or Loss for the year ended December 31, 2021 section above.

(in thousands of $)		Note		U.S. GAAP		Effect of transition to IFRS		IFRS
Net loss for the period		1		(11,148)		(3,813)		(14,961)

Adjustments to reconcile loss for the period with net cash provided by operations:
Net finance expense		6		—		44,123		44,123
Depreciation		2b, 3		147,774		17,431		165,205
Amortization of deferred charges		6a		5,208		(5,208)		—
Other operating gains		2c		(5,058)		1,833		(3,225)
Amortization of acquired time charters				(5,045)		—		(5,045)
Contingent rental income				(3,606)		—		(3,606)
Gain on marketable securities				(7,677)		—		(7,677)
Share of results from associated company				724		—		724
Gain on derivatives		6a		(23,262)		23,262		—
Stock option expense		4		—		185		185
Other, net		4		430		(430)		—
Changes in operating assets and liabilities:
Trade accounts receivable				(22,449)		—		(22,449)
Other receivables				7,216		—		7,216
Inventories				(22,929)		—		(22,929)
Voyages in progress				(3,787)		—		(3,787)
Prepaid expenses and accrued income				(1,174)		—		(1,174)
Other current assets				(1,128)		—		(1,128)
Trade accounts payable				(5,533)		—		(5,533)
Accrued expenses		6b		(1,911)		(1,574)		(3,485)
Related party balances				18,968		—		18,968
Other current liabilities				135		—		135
Change in restricted cash		5		—		14,928		14,928
Other				(2,816)		—		(2,816)
Interest paid		6b		—		(60,477)		(60,477)
Debt issuance costs paid		7		—		(8,050)		(8,050)
Interest received		6b		—		119		119
Net cash provided by operating activities				62,932		22,329		85,261
Investing activities
Additions to newbuildings, vessels and equipment		2a		(462,400)		(11,361)		(473,761)
Purchase of shares				(357)		—		(357)
Net proceeds from sale of vessel				80,000		—		80,000
Net cash inflow on sale of subsidiary				5,625		—		5,625
Proceeds from sale of marketable securities				14,074		—		14,074
Net cash used in investing activities				(363,058)		(11,361)		(374,419)
Financing activities
Net proceeds from issuance of shares				52,447		—		52,447
Proceeds from issuance of debt				403,868		—		403,868
Repayment of debt				(219,521)		—		(219,521)
Repayment of obligations under leases		3		(5,194)		(4,090)		(9,284)
Debt fees paid		7		(8,050)		8,050		—
Net cash provided by financing activities				223,550		3,960		227,510
Net change in cash and cash equivalents		5		(76,576)		14,928		(61,648)
Cash and cash equivalents at beginning of year		5		189,649		(14,928)		174,721
Cash and cash equivalents at end of year				113,073		—		113,073

1.

Refer to the IFRS adjustments to the Consolidated Statement of Profit or Loss for the year ended December 31, 2021 section above.

2.

Dry docking costs incurred prior to January 1, 2021 and in the year ended December 31, 2021 were expensed as incurred within Ship operating expense under Frontline’s historical accounting policy in accordance with U.S. GAAP. Under IFRS, significant components of property, plant and equipment with differing depreciation methods or lives are required to be depreciated separately. Accordingly, the carrying amount of unamortized dry docking costs at December 31, 2021 were capitalized as a separate component of Vessels and equipment and depreciated over the period to the next scheduled dry docking (2.5 - 5). This resulted in the following measurement and recognition adjustments:

a.

the dry docking costs paid in the year ended December 31, 2021 were capitalized as a separate component of Vessels and equipment which increased Additions to newbuildings, vessels and equipment by $11.4 million.

b.

depreciation expense on capitalized dry docking costs resulted in an increase in Depreciation of $13.3 million.

c.

the write off of the carrying amount of unamortized dry docking costs on vessels sold in the year ended December 31, 2021 resulted in a $1.8 million decrease in the gains on sales recognized within Other operating gains.

3.

Under U.S. GAAP, rent expense related to leases classified as operating leases is presented in a single line item depending on the nature of the underlying asset and recorded on a straight-line basis whereas under IFRS, interest expense on lease liabilities and amortization of right-of-use assets are presented separately. This resulted in the following reclassification adjustments:

a.

Charterhire expense of $2.7 million under U.S. GAAP in relation to the leased-in vessels, FPMC Noble and FPMC Melody, was reclassified to Depreciation under IFRS which resulted in a corresponding increase in Repayment of obligations under leases.

b.

Administrative expenses of $1.5 million under U.S. GAAP in relation to office leases was reclassified to Depreciation under IFRS which resulted in a corresponding increase in Repayment of obligations under leases.

4.

“Other, net” of $0.2 million under U.S. GAAP was reclassified to “Stock option expense” under IFRS.

5.

The “Change in restricted cash” of $14.9 million was presented within operating activities under IFRS.

6.

The presentation of net finance expenses was adjusted as follows:

a.

“Amortization of deferred charges” of $5.2 million and “Gain on derivatives” of $23.3 million were reclassified to “Net finance expense”.

b.

“Interest paid” of $60.5 million and “Interest received” of $0.1 million were presented separately, which resulted in an adjustment to accrued expenses of $1.6 million.

7.

“Debt fees paid” of $8.1 million presented within financing activities under U.S. GAAP was presented as “Debt issuance costs paid” within operating activities under IFRS.

(in thousands of $)	Lease	Non-lease	Total
Voyage charter revenues	601,057	744,907	1,345,964
Time charter revenues	45,515	26,276	71,791
Administrative income	—	12,453	12,453
Total revenues	646,572	783,636	1,430,208

(in thousands of $)	Lease	Non-lease	Total
Voyage charter revenues	166,014	497,981	663,995
Time charter revenues	49,785	21,451	71,236
Administrative income	—	14,150	14,150
Total revenues	215,799	533,582	749,381

(in thousands of $)	December 31, 2022	December 31, 2021	January 1, 2021
Voyages in progress	60,620	27,467	23,559
Trade accounts receivable	67,397	45,258	27,814
Related party receivables	9,913	5,397	7,195
Other current assets	2,896	2,748	1,853
Total	140,826	80,870	60,421

(in thousands of $)		2022		2021
Gain on settlement of claims		3,998		—
Other gains		18		519
Gain on sale of vessels		4,596		3,226
Loss on termination of leased vessels		(431)		—
Gain (loss) on pool arrangements		(141)		315
Total		8,040		4,060

(in thousands of $)		2022		2021
Commissions		46,029		22,239
Bunkers		416,830		237,166
Other voyage related expenses		142,685		133,292
		605,544		392,697

(in thousands of $)		2022		2021
Technical management expenses		66,238		56,007
Crew costs		96,283		96,915
Insurances		12,643		11,324
		175,164		164,246

(in thousands of $)		2022		2021
Total compensation to employees and directors		22,442		13,325
Office and administrative expenses		12,105		10,544
Audit, legal and consultancy		12,827		2,555
		47,374		26,424

(in thousands of $)		2022		2021
Directors fees		465		329
Wages and salaries		15,247		9,504
Stock option expense		4,700		153
Social security costs		1,130		1,751
Pension costs		772		1,401
Other staff related costs		128		187
		22,442		13,325

(in thousands of $)		2022		2021
Interest income		1,463		119
Foreign exchange gains		16		—
Other financial income		—		2
Finance income		1,479		121
Interest expense on financial liabilities measured at amortized cost		92,222		52,328
Interest leasing		937		3,968
Gain on interest rate swaps		(53,623)		(17,509)
Foreign exchange losses		—		116
Amortization of debt issuance costs		5,553		5,210
Other financial expenses		241		131
Finance expense		45,330		44,244
Net finance expense		(43,851)		(44,123)

(in thousands of $)		2022		2021
Profit (loss) attributable to the shareholders of the Company		475,537		(14,961)
(in thousands)
Weighted average number of basic and diluted shares		214,011		198,965
Cash dividends per share declared		$0.15		$0.00

(in thousands of $)		2022		2021
Balance at the beginning of the year		2,435		8,475
Marketable securities acquired		167,709		357
Proceeds from sale of marketable securities		—		(14,074)
Gain on sale of marketable securities		—		7,881
Unrealized gain (loss) on marketable securities held at end of the year		66,137		(204)
Balance at the end of the year		236,281		2,435

(in thousands of $)		December 31, 2022		December 31, 2021		January 1, 2021
Receivables from contracts with customers		67,397		45,258		27,814
Lease receivables		55,608		18,165		13,160
Claims receivable		1,489		1,097		3,022
Advances		2,959		1,263		1,911
Agent receivables		843		149		2,229
Other receivables		11,171		7,600		15,788
		139,467		73,532		63,924

(in thousands of $)
Balance at January 1, 2021		48,498
Installments and other costs paid and payable		274,248
Transfer to Vessels and equipment		(194,162)
Capitalized borrowing costs		2,049
Balance at December 31, 2021		130,633
Installments and other costs paid and payable		299,963
Transfer to Vessels and equipment		(386,241)
Capitalized borrowing costs		3,636
Balance at December 31, 2022		47,991

Vessel name		Vessel type		Date of delivery
Front Gaula		VLCC		October 2022
Front Tana		VLCC		August 2022
Front Alta		VLCC		April 2022
Front Tweed		VLCC		June 2022
Front Feature		LR2		November 2021
Front Favour		LR2		September 2021
Front Future		LR2		April 2021
Front Fusion		LR2		March 2021

(in thousands of $)		Vessels and equipment		Dry dock component		Total
Cost
As of January 1, 2022		4,089,351		107,616		4,196,967
Additions		16,483		17,850		34,333
Transferred from new buildings		380,859		5,382		386,241
Disposals		(95,975)		(4,411)		(100,386)
As of December 31, 2022		4,390,718		126,437		4,517,155
Accumulated depreciation
As of January 1, 2022		(666,860)		(62,807)		(729,667)
Charge for the period		(145,623)		(16,324)		(161,947)
Disposals		22,137		2,974		25,111
As of December 31, 2022		(790,346)		(76,157)		(866,503)
Net book value
As of December 31, 2022		3,600,372		50,280		3,650,652
Cost
As of January 1, 2021		3,805,768		94,396		3,900,164
Additions		189,193		12,740		201,933
Transferred from new buildings		189,035		5,127		194,162
Disposals		(94,645)		(4,647)		(99,292)
As of December 31, 2021		4,089,351		107,616		4,196,967
Accumulated depreciation
As of January 1, 2021		(550,082)		(49,626)		(599,708)
Charge for the period		(136,482)		(15,995)		(152,477)
Disposals		19,704		2,814		22,518
As of December 31, 2021		(666,860)		(62,807)		(729,667)
Net book value
As of December 31, 2021		3,422,491		44,809		3,467,300
As of January 1, 2021		3,255,686		44,770		3,300,456

•

completed the installation of Exhaust Gas Cleaning Systems on eight vessels;

•

took delivery of four VLCC newbuildings, Front Alta, Front Tweed, Front Tana and Front Gaula;

•

sold two LR2 tankers, Front Lion and Front Panther; and

•

performed dry docks on 14 vessels.

•

completed the installation of EGCS on two vessels and the installation of BWTS on one vessel;

•

took delivery of two VLCCs, Front Driva and Front Nausta;

•

took delivery of four LR2 newbuildings, Front Favour, Front Feature, Front Fusion and Front Future;

•

sold two LR2 tankers, Front Puma and Front Tiger; and

•

performed dry docks on 11 vessels.

(in thousands of $)		Offices		Vessels		Total
Cost
As of January 1, 2022		11,719		103,888		115,607
Additions		159		—		159
Lease termination		—		(103,888)		(103,888)
Disposals		(483)		—		(483)
As of December 31, 2022		11,395		—		11,395
Accumulated depreciation
As of January 1, 2022		(7,805)		(59,008)		(66,813)
Depreciation charge for the period		(926)		(2,297)		(3,223)
Lease termination		—		61,305		61,305
Disposals		483		—		483
Translation differences		(39)		—		(39)
As of December 31, 2022		(8,287)		—		(8,287)
Net book value
As of December 31, 2022		3,108		—		3,108
Cost
As of January 1, 2021		11,719		113,329		125,048
Lease termination		—		(9,441)		(9,441)
As of December 31, 2021		11,719		103,888		115,607
Accumulated depreciation
As of January 1, 2021		(5,916)		(57,188)		(63,104)
Depreciation charge for the period		(1,467)		(11,261)		(12,728)
Lease termination		—		9,441		9,441
Translation differences		(422)		—		(422)
As of December 31, 2021		(7,805)		(59,008)		(66,813)
Net book value
As of December 31, 2021		3,914		44,880		48,794
As of January 1, 2021		5,803		56,141		61,944

(in thousands of $)	Goodwill	Accumulated impairment losses	Net Carrying Value
Balance as of January 1, 2021, December 31, 2021 and 2022	225,273	(112,821)	112,452

(in thousands of $)		December 31, 2022		December 31, 2021		January 1, 2021
Trade payables		7,994		2,327		7,860
Accrued voyage expenses		38,617		18,306		16,582
Accrued ship operating expenses		16,252		11,063		10,180
Accrued administrative expenses		9,359		3,773		7,293
Deferred charter revenue		—		3,124		5,687
Other		9,311		4,771		7,400
Total current trade and other payables		81,533		43,364		55,002
Other		2,053		992		3,739
Total other non-current payables		2,053		992		3,739

(in thousands of $)		December 31, 2022		December 31, 2021		January 1, 2021
U.S. dollar denominated floating rate debt
$252.4 million term loan facility		242,908		281,009		319,112
$34.8 million term loan facility		34,814		39,348		43,880
$250.7 million term loan facility		129,912		185,627		250,738
$100.8 million term loan facility		85,399		93,075		100,750
$328.4 million term loan facility (CEXIM)		184,981		200,255		215,529
$321.6 million term loan facility (CEXIM)		184,183		203,163		222,145
$110.5 million term loan facility (ING)		84,469		91,709		98,949
$104.0 million term loan facility (Credit Suisse)		100,141		98,166		105,178
$110.5 million term loan facility (Credit Suisse #2)		96,125		103,116		110,107
$544.0 million lease financing (ICBCL)		459,918		490,500		521,071
$42.9 million term loan facility (Credit Suisse)		36,942		39,325		41,708
$62.5 million term loan facility (Credit Agricole)		53,820		57,292		60,764
$133.7 million term loan facility (CEXIM)		123,367		131,229		—
$58.5 million term loan facility (SEB)		55,250		58,500		—
$58.5 million term loan facility (KFW)		55,250		58,500		—
$130.0 million term loan facility (DNB)		127,562		—		—
$65.0 million term loan facility (ABN)		65,000		—		—
$65.0 million term loan facility (ING)		64,187		—		—
Total U.S. dollar denominated floating rate debt		2,184,228		2,130,814		2,089,931
U.S. dollar denominated fixed rate debt
$275.0 million revolving credit facility		209,700		209,700		60,000
Total U.S. dollar denominated fixed rate debt		209,700		209,700		60,000
Secured borrowings		—		—		6,251
Debt issuance costs		(23,113)		(24,318)		(20,176)
Accrued interest expense		19,499		9,379		7,805
Total debt		2,390,314		2,325,575		2,143,811
Short-term debt and current portion of long-term debt		277,854		198,665		234,887
Long-term portion of debt		2,112,460		2,126,910		1,908,924

(in thousands of $)		December 31, 2021		Proceeds		Repayments		December 31, 2022
Total U.S. dollar denominated floating rate debt		2,130,814		651,248		(597,834)		2,184,228
Total U.S. dollar denominated fixed rate debt		209,700		—		—		209,700
Secured borrowings		—		—		—		—
Debt issuance costs		(24,318)						(23,113)
Accrued interest expense		9,379						19,499
Total debt		2,325,575		651,248		(597,834)		2,390,314
Short-term debt and current portion of long-term debt		198,665						277,854
Long-term portion of debt		2,126,910		651,248		(597,834)		2,112,460

(in thousands of $)		January 1, 2021		Proceeds		Repayments		Other		December 31, 2021
Total U.S. dollar denominated floating rate debt		2,089,931		250,687		(209,804)		—		2,130,814
Total U.S. dollar denominated fixed rate debt		60,000		149,700		—		—		209,700
Secured borrowings		6,251		3,481		(9,717)		(15)		—
Debt issuance costs		(20,176)								(24,318)
Accrued interest expense		7,805								9,379
Total debt		2,143,811		403,868		(219,521)		(15)		2,325,575
Short-term debt and current portion of long-term debt		234,887								198,665
Long-term portion of debt		1,908,924		403,868		(219,521)		(15)		2,126,910

(in thousands of $)		December 31, 2022		December 31, 2021		January 1, 2021
Vessels		3,650,325		3,466,782		3,300,176

(in thousands of $)		December 31, 2022		December 31, 2021		January 1, 2021
Debt issuance costs		(46,039)		(41,691)		(31,129)
Accumulated amortization		22,926		17,373		10,953
		(23,113)		(24,318)		(20,176)

(in thousands of $)
2023		1,103
2024		1,206
2025		1,237
Total minimum lease payments		3,546
Less: Imputed interest		(150)
Present value of obligations under leases		3,396

(in thousands of $)
2022		12,235
2023		12,753
2024		12,054
2025		12,810
2026		11,705
Thereafter		1,641
Total minimum lease payments		63,198
Less: Imputed interest		(10,496)
Present value of obligations under leases		52,702

(in thousands of $)
2023		24,090
2024		24,156
2025		15,954
Total minimum lease payments		64,200

(in thousands of $)
2022		28,968
Total minimum lease payments		28,968

	December 31, 2022				December 31, 2021				January 1, 2021
(in thousands of $)	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets measured at fair value through profit or loss
Derivative instruments receivable - non-current	53,993		53,993		9,675		9,675		—		—
Marketable securities	236,281		236,281		2,435		2,435		8,474		8,474
Financial assets not measured at fair value
Cash and cash equivalents	254,525		254,525		113,073		113,073		174,721		174,721
Restricted cash	—		—		—		—		14,928		14,928
Receivables	139,467		139,467		73,532		73,532		63,924		63,924
Loan notes receivable	1,388		1,388		1,388		1,388		1,388		1,388
Financial liabilities measured at fair value
Derivative instruments payable - non current	—		—		5,673		5,673		19,261		19,261
Financial liabilities not measured at fair value
Trade and other payables	81,533		81,533		43,364		43,364		55,002		55,002
Floating rate debt	2,201,543		2,201,543		2,138,009		2,138,009		2,097,110		2,097,110
Fixed rate debt	211,884		212,203		211,884		206,552		66,876		65,348

(in thousands of $)	Dec 31, 2022  Fair Value		Level 1		Level 2		Level 3
Financial assets measured at fair value through profit or loss
Derivative instruments receivable - non-current	53,993		—		53,993		—
Marketable securities	236,281		236,281		—		—
Financial assets not measured at fair value
Cash and cash equivalents	254,525		254,525		—		—
Loan notes receivable	1,388		—		1,388		—
Financial liabilities not measured at fair value
Floating rate debt	2,201,543		—		2,201,543		—
Fixed rate debt	212,203		—		—		212,203

(in thousands of $)	Dec 31, 2021      Fair Value		Level 1		Level 2		Level 3
Financial assets measured at fair value through profit or loss
Derivative instruments receivable - non-current	9,675		—		9,675		—
Marketable securities	2,435		2,435		—		—
Financial assets not measured at fair value
Cash and cash equivalents	113,073		113,073		—		—
Loan notes receivable	1,388		—		1,388		—
Financial liabilities measured at fair value
Derivative instruments payable - non current	5,673		—		5,673		—
Financial liabilities not measured at fair value
Floating rate debt	2,138,009		—		2,138,009		—
Fixed rate debt	206,552		—		—		206,552

(in thousands of $)	Jan 1, 2021 Fair Value		Level 1		Level 2		Level 3
Financial assets measured at fair value through profit or loss
Marketable securities	8,474		8,474		—		—
Financial assets not measured at fair value
Cash and cash equivalents	174,721		174,721		—		—
Restricted cash	14,928		14,928		—		—
Loan notes receivable	1,388		—		1,388		—
Financial liabilities measured at fair value
Derivative instruments payable - non current	19,261		—		19,261		—
Financial liabilities not measured at fair value
Floating rate debt	2,097,110		—		2,097,110		—
Fixed rate debt	65,348		—		6,251		59,097

Financial instruments measured at fair value
Type	Valuation Techniques		Significant unobservable inputs
Interest rate swaps	Fair value was determined based on the market value.		Not applicable.
Marketable securities	Fair value was determined based on the actual trading of the securities.		Not applicable.
Financial instruments not measured at fair value
Type	Valuation Techniques		Significant unobservable inputs
Floating rate debt	Discounted cash flow.		Not applicable.
Fixed rate debt	Discounted cash flow.		Discount rate.

•

Credit risk

•

Liquidity risk

•

Market risk (interest rate risk, foreign currency risk, and price risk)

			Contractual cash flows at December 31, 2022
(in thousands of $)		Carrying Value	Total	Less than 1 year	Between 1 and 5 years	More than 5 years
Non derivative financial liabilities
Floating rate debt		2,178,430	2,201,543	275,670	1,555,143	370,730
Fixed rate debt		211,884	211,884	2,184	209,700	—
Obligations under leases		3,396	3,396	1,024	2,372	—
Trade and other payables		81,533	81,533	81,533	—	—

			Contractual cash flows at December 31, 2021
(in thousands of $)		Carrying Value	Total	Less than 1 year	Between 1 and 5 years	More than 5 years
Non derivative financial liabilities
Floating rate debt		2,113,691	2,138,009	196,481	1,279,839	661,689
Fixed rate debt		211,884	211,884	2,184	209,700	—
Obligations under leases		52,702	52,702	8,723	42,362	1,617
Trade and other payables		43,364	43,364	43,364	—	—
Derivative financial liabilities
Interest rate swaps		5,673	5,673	—	5,673	—

			Contractual cash flows at January 1, 2021
(in thousands of $)		Carrying Value	Total	Less than 1 year	Between 1 and 5 years	More than 5 years
Non derivative financial liabilities
Floating rate debt		2,076,935	2,097,111	168,011	1,294,494	634,606
Fixed rate debt		66,876	66,876	66,876	—	—
Obligations under leases		65,002	65,002	12,358	39,949	12,695
Trade and other payables		55,002	55,002	55,002	—	—
Derivative financial liabilities
Interest rate swaps		19,261	19,261	—	2,991	16,270

Notional Amount	Inception Date	Maturity Date	Fixed Interest Rate
($000s)
150,000	February 2019	February 2026	2.1970%
100,000	March 2020	March 2027	0.9750%
50,000	March 2020	March 2027	0.6000%
100,000	March 2020	March 2025	0.9000%
100,000	April 2020	April 2027	0.5970%
50,000	April 2020	April 2025	0.5000 %
550,000

•

safeguard our ability to continue as a going concern, so that we can continue to provide returns for shareholders and benefits for other stakeholders, and

•

maintain an optimal capital structure to reduce the cost of capital.

Outstanding shares at January 1, 2021		197,692,321
Shares issued under ATM program		5,499,658
Shares issued on exercise of options		339,000
Outstanding shares at December 31, 2021		203,530,979
Shares issued in connection with Euronav share acquisition		19,091,910
Outstanding shares at December 31, 2022		222,622,889

		July 2016	November 2018	December 2021
Risk free interest rate		0.69%	2.78%	1.04%
Expected life (years)		3.5	1.6	3.4
Expected volatility		79.80%	38.24%	58.42%
Expected dividend yield		0.00%	0.00%	0.00%

(in thousands of $)				2022		2021
Charter hire paid (principal and interest)				1,980		7,830
Lease termination (receipts) payments				4,456		—
Lease interest expense				937		3,895
Contingent rental income				(623)		(3,606)
Remaining lease obligation				—		48,466

(in thousands of $)		2022		2021
Seatankers Management Co. Ltd		866		1,810
SFL		3,751		2,555
Golden Ocean		3,061		3,912
Seatankers Management Norway AS		(516)		(461)
Alta Trading UK Limited		5,617		2,942
Seadrill Limited		—		277
Archer Limited		—		143
Flex LNG Ltd		1,242		1,637
Avance Gas		2,191		2,404
TFG Marine		627		786
Front Ocean Management		(1,966)		(252)
Other related parties		9		208

(in thousands of $)		December 31, 2022		December 31, 2021		January 1, 2021
SFL		3,505		3,886		4,835
Seatankers Management Co. Ltd		1,368		1,546		3,578
Archer Limited		—		30		88
Golden Ocean		6,964		3,376		2,336
Seadrill Limited		—		625		25
Alta Trading UK Limited		60		280		1,263
Flex LNG Ltd		303		425		366
TFG Marine		28		199		16
Avance Gas		695		737		540
Front Ocean Management		473		402		—
Other related parties		89		170		208
		13,485		11,676		13,255

(in thousands of $)		December 31, 2022		December 31, 2021		January 1, 2021
SFL		6,702		6,878		8,978
Seatankers Management Co. Ltd		351		2,226		3,147
Golden Ocean		8,470		6,016		2,040
Flex LNG Ltd		158		191		143
TFG Marine		14,831		20,605		5,369
Front Ocean Management		286		—		—
Avance Gas		450		334		176
		31,248		36,250		19,853

(in thousands of $)				2022		2021
Total remuneration				3,767		784
of which:
Paid in capacity as directors				1,678		377
Other remuneration				2,089		407

(in thousands of $)				2022		2021
Total fixed remuneration				863		689
of which:
Cost of pension				22		24
Total variable remuneration				2,904		96
of which:
Share based payments				2,679		96

Name		Country of Incorporation		Ownership and Voting Percentage
Frontline Management (Bermuda) Ltd		Bermuda		100%
Frontline Corporate Services Ltd		United Kingdom		100%
Frontline Management AS		Norway		100%
Frontline 2012 Ltd.		Bermuda		100%
Frontline Chartering Services Inc.		Liberia		100%
Frontline Shipping Singapore Pte Ltd.		Singapore		100%
Frontfleet Ltd		Bermuda		100%
Frontfleet II Ltd		Bermuda		100%
Front Thor Inc.		Liberia		100%
Front Odin Inc.		Liberia		100%
Front Loki Inc.		Liberia		100%
Front Njord Inc.		Liberia		100%
Front Ull Inc		Liberia		100%
Front Idun Inc		Liberia		100%

Front King Inc.		Liberia		100%
Front Queen Inc.		Liberia		100%
Front Sovereign Inc.		Liberia		100%
Front Monarch Inc.		Liberia		100%
Front Eminence Inc.		Liberia		100%
Front Endurance Inc.		Liberia		100%
Front Duke Inc.		Republic of the Marshall Islands		100%
Front Brage Inc.		Liberia		100%
Front Balder Inc.		Liberia		100%
Front Challenger Inc.		Liberia		100%
Front Crown Inc.		Liberia		100%
Front Coral Inc.		Liberia		100%
Front Crystal II Inc.		Liberia		100%
Front Classic Inc.		Liberia		100%
Front Clipper Inc.		Liberia		100%
Front Cosmos Inc.		Liberia		100%
Front Cascade Inc.		Liberia		100%
Front Duchess Inc.		Republic of the Marshall Islands		100%
Sea Hull L0037 Corp.		Liberia		100%
Sea Hull L0044 Corp.		Liberia		100%
Sea Hull L0045 Corp.		Liberia		100%
Sea Hull L0046 Corp.		Liberia		100%
Front Cheetah Inc.		Liberia		100%
Front Cougar Inc.		Liberia		100%
Front Aphrodite Inc.		Liberia		100%
Front Athena Inc.		Liberia		100%
Front Hebe Inc.		Liberia		100%
Front Hera Inc.		Liberia		100%
Front Altair Inc.		Liberia		100%
Front Antares Inc		Liberia		100%
Front Vega Inc.		Liberia		100%
Front Sirius Inc.		Liberia		100%
Front Castor Inc.		Liberia		100%
Front Pollux Inc.		Liberia		100%
Front Capella Inc.		Liberia		100%
Front Polaris Inc.		Liberia		100%
Front Earl Inc.		Liberia		100%
Front Empire Inc.		Liberia		100%
Front Prince I Inc.		Liberia		100%
Front Princess I Inc.		Liberia		100%
Front Defender Inc.		Liberia		100%
Front Discovery Inc.		Liberia		100%
Front Cruiser Inc.		Liberia		100%
Front Dynamic I Inc.		Liberia		100%
Front Favour Inc.		Republic of the Marshall Islands		100%
Front Feature Inc.		Republic of the Marshall Islands		100%
Front Future Inc.		Liberia		100%

Front Fusion Inc.		Liberia		100%
White Flag Ventures XXXVI LLC		Republic of the Marshall Islands		100%
White Flag Ventures XXXIX LLC		Republic of the Marshall Islands		100%
White Flag Ventures XL LLC		Republic of the Marshall Islands		100%
White Flag Ventures XLI LLC		Republic of the Marshall Islands		100%
White Flag Ventures XLII LLC		Republic of the Marshall Islands		100%
White Flag Ventures XLIII LLC		Republic of the Marshall Islands		100%
White Flag Ventures XLIV LLC		Republic of the Marshall Islands		100%
White Flag Ventures XLV LLC		Republic of the Marshall Islands		100%
White Flag Ventures XLVI LLC		Republic of the Marshall Islands		100%
White Flag Ventures XLVII LLC		Republic of the Marshall Islands		100%
Hull 3240 Inc.		Republic of the Marshall Islands		100%
Hull 3241 Inc.		Republic of the Marshall Islands		100%
Hull 3283 Inc.		Republic of the Marshall Islands		100%
Hull 3284 Inc.		Republic of the Marshall Islands		100%
Hull 3285 Inc.		Republic of the Marshall Islands		100%
Hull 3286 Inc.		Republic of the Marshall Islands		100%
Front Driva Inc.		Republic of the Marshall Islands		100%
Front Nausta Inc.		Republic of the Marshall Islands		100%
Frontfleet Chartering Inc.		Republic of the Marshall Islands		100%

Statements of Profit or Loss for the years ended December 31, 2022 and 2021	107
Statements of Comprehensive Income for the years ended December 31, 2022 and 2021	108
Statements of Financial Position as of December 31, 2022 and 2021 and January 1, 2021	109
Statements of Cash Flows for the years ended December 31, 2022 and 2021	110
Statements of Changes in Equity for the years ended December 31, 2022 and 2021	111
Notes to Financial Statements	112

		Note		2022		2021
Share of net profit/(loss) from subsidiaries accounted for using the equity method		8		449,647		(22,047)
Dividends received		5, 6		1,579		18,367
				451,226		(3,680)
Operating expenses
Administrative expenses		3		20,543		5,445
Total operating expenses				20,543		5,445
Net operating income (loss)				430,683		(9,125)
Other expenses
Net finance expense		4		(13,267)		(8,229)
Gain on marketable securities		6		58,129		6,848
Total other expenses				44,862		(1,381)
Profit (loss) before income taxes				475,545		(10,506)
Income tax expense		5		(8)		(4,455)
Profit (loss) for the period				475,537		(14,961)
Profit (loss) attributable to the shareholders of Frontline plc				475,537		(14,961)

		Note		2022		2021
Comprehensive income (loss)
Profit (loss) for the period				475,537		(14,961)
Items that may be reclassified to profit or loss:
Foreign currency translation gain				226		28
Other comprehensive income (loss)				226		28
Comprehensive income (loss)				475,763		(14,933)
Comprehensive income (loss) attributable to the shareholders of Frontline plc				475,763		(14,933)

		Note		December 31, 2022		December 31, 2021		January 1, 2021
ASSETS
Current Assets
Cash and cash equivalents				1,643		3,096		2,396
Restricted cash		10		—		—		1,538
Marketable securities		6		235,511		1,895		5,926
Trade and other receivables		7		568		874		6,002
Total current assets				237,722		5,865		15,862
Non-current assets
Investments in subsidiaries		8		2,244,345		1,853,624		1,660,406
Total assets				2,482,067		1,859,489		1,676,268
LIABILITIES AND EQUITY
Current liabilities
Short-term debt and current portion of long-term debt		10		2,184		2,184		66,876
Trade and other payables		9		8,123		4,736		3,779
Total current liabilities				10,307		6,920		70,655
Non-current liabilities
Long-term debt		10		209,700		209,700		—
Other non-current payables		9		1,689		356		276
Total liabilities				221,696		216,976		70,931
Equity
Share capital				222,623		203,531		197,692
Additional paid in capital				604,687		448,291		402,021
Contributed surplus				1,004,094		1,004,094		1,004,094
Accumulated other reserves				454		228		200
Retained earnings (deficit)				428,513		(13,631)		1,330
Total equity attributable to the shareholders of Frontline plc				2,260,371		1,642,513		1,605,337
Total liabilities and equity				2,482,067		1,859,489		1,676,268

	Note		2022		2021
Profit (loss) for the year			475,537		(14,961)
Adjustments to reconcile profit (loss) for the period to net cash provided by operating activities:
Net finance expense	4		13,267		8,229
Share of results from subsidiaries	8		(449,647)		22,047
Gain on marketable securities	6		(58,129)		(6,848)
Changes in operating assets and liabilities:
Trade and other receivables	7		304		5,130
Trade and other payables	9		4,721		1,036
Change in restricted cash	10		—		1,538
Other			(2,684)		32
Distributions received from subsidiaries	8		113,599		59,923
Interest paid			(13,288)		(6,695)
Interest received			29		1
Net cash provided by (used in) operating activities			83,709		69,432
Investing activities
Purchase of shares	6		—		(357)
Contributions paid to subsidiaries	8		(51,769)		(275,169)
Proceeds from sale of marketable securities	6		—		11,236
Net cash used in investing activities			(51,769)		(264,290)
Financing activities
Net proceeds from issuance of shares	12		—		52,109
Proceeds from issuance of debt	10		—		153,181
Repayment of debt	10		—		(9,732)
Cash dividends paid			(33,393)		—
Net cash provided by financing activities			(33,393)		195,558
Net change in cash and cash equivalents			(1,453)		700
Cash and cash equivalents at beginning of year			3,096		2,396
Cash and cash equivalents at end of year			1,643		3,096
Supplemental disclosure of cash flow information:
Income taxes paid			7		4,455

	Note		2022		2021
Number of shares outstanding
Balance at the beginning of the year			203,530,979		197,692,321
Shares issued on exercise of options	12		—		339,000
Shares issued under ATM program	12		—		5,499,658
Shares issued in connection with Euronav share acquisition	12		19,091,910		—
Balance at the end of the year			222,622,889		203,530,979
Share capital
Balance at the beginning of the year			203,531		197,692
Shares issued on exercise of options	12		—		339
Shares issued under ATM program	12		—		5,500
Shares issued in connection with Euronav share acquisition	12		19,092		—
Balance at the end of the year			222,623		203,531
Additional paid in capital
Balance at the beginning of year			448,291		402,021
Stock compensation expense	13		—		(338)
Shares issued on exercise of options	12		—		1,593
Shares issued under ATM program	12		—		45,015
Shares issued in connection with Euronav share acquisition	12		156,396		—
Balance at the end of year			604,687		448,291
Contributed surplus
Balance at the beginning of year			1,004,094		1,004,094
Balance at the end of year			1,004,094		1,004,094
Accumulated other reserves
Balance at the beginning of year			228		200
Other comprehensive income (loss)			226		28
Balance at the end of year			454		228
Retained earnings (deficit)
Balance at the beginning of year			(13,631)		1,330
Profit (loss) for the period			475,537		(14,961)
Cash dividends			(33,393)		—
Balance at the end of year			428,513		(13,631)
Total equity attributable to the shareholders of Frontline plc			2,260,371		1,642,513
Total equity			2,260,371		1,642,513

(in thousands of $)		2022		2021
Directors fees		465		329
Stock compensation expense		4,700		153
Office and administrative expenses		3,302		3,467
Audit, legal and consultancy		12,076		1,496
		20,543		5,445

(in thousands of $)		2022		2021
Interest income		29		1
Foreign exchange gains		17		36
Finance income		46		37
Interest expense		13,288		8,254
Other financial expenses		25		12
Finance expense		13,313		8,266
Net finance expense		(13,267)		(8,229)

5.	INCOME TAXES

(in thousands of $)		2022		2021
Balance at the beginning of the year		1,895		5,926
Marketable securities acquired		167,709		357
Proceeds from sale of marketable securities		—		(11,236)
Gain on sale of marketable securities		—		7,002
Unrealized gain (loss) on marketable securities held at end of the year		65,907		(154)
Balance at the end of the year		235,511		1,895

(in thousands of $)		December 31, 2022		December 31, 2021		January 1, 2021
Prepaid expenses		509		569		165
Related party receivables		9		252		161
Other receivables		50		53		5,676
Total trade and other receivables		568		874		6,002

(in thousands of $)		2022		2021
Balance at the beginning of the year		1,853,624		1,660,406
Net income/(loss) from subsidiaries		449,647		(22,047)
Foreign currency translation effects		2,904		19
Distributions paid to parent company		(113,599)		(59,923)
Contributions received from parent company		51,769		275,169
Balance at the end of the year		2,244,345		1,853,624

(in thousands of $)		December 31, 2022		December 31, 2021		January 1, 2021
Trade payables		1,345		56		—
Accrued administrative expenses		3,158		1,092		653
Related party payables		—		3,335		1,801
Other		3,620		253		1,325
Total current trade and other payables		8,123		4,736		3,779
Other		1,689		356		276
Total other non-current payables		1,689		356		276

(in thousands of $)		December 31, 2022		December 31, 2021		January 1, 2021
U.S. dollar denominated fixed rate debt
$275.0 million revolving credit facility		209,700		209,700		60,000
Total U.S. dollar denominated fixed rate debt		209,700		209,700		60,000
Secured borrowings		—		—		6,251
Accrued interest expense		2,184		2,184		625
Total debt		211,884		211,884		66,876
Short-term debt and current portion of long-term debt		2,184		2,184		66,876
Long-term portion of debt		209,700		209,700		—

(in thousands of $)		December 31, 2021		Proceeds		Repayments		December 31, 2022
U.S. dollar denominated fixed rate debt
$275.0 million revolving credit facility		209,700		—		—		209,700
Total U.S. dollar denominated fixed rate debt		209,700		—		—		209,700
Accrued interest expense		2,184						2,184
Total debt		211,884		—		—		211,884
Short-term debt and current portion of long-term debt		2,184						2,184
Long-term portion of debt		209,700		—		—		209,700

(in thousands of $)		January 1, 2021		Proceeds		Repayments		December 31, 2021
U.S. dollar denominated fixed rate debt
$275.0 million revolving credit facility		60,000		149,700		—		209,700
Total U.S. dollar denominated fixed rate debt		60,000		149,700		—		209,700
Secured borrowings		6,251		3,481		(9,732)		—
Accrued interest expense		625						2,184
Total debt		66,876		153,181		(9,732)		211,884
Short-term debt and current portion of long-term debt		625						2,184
Long-term portion of debt		66,251		153,181		(9,732)		209,700

	December 31, 2022				December 31, 2021				January 1, 2021
(in thousands of $)	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets measured at fair value through profit or loss
Marketable securities	235,511		235,511		1,895		1,895		5,926		5,926
Financial assets not measured at fair value
Cash and cash equivalents	1,643		1,643		3,096		3,096		2,396		2,396
Restricted cash	—		—		—		—		1,538		1,538
Trade and other receivables	568		568		874		874		6,002		6,002
Financial liabilities not measured at fair value
Trade and other payables	9,812		9,812		5,092		5,092		4,055		4,055
Fixed rate debt	211,884		212,203		211,884		206,552		66,876		65,348

(in thousands of $)	Dec 31, 2022 Fair Value		Level 1		Level 2		Level 3
Financial assets measured at fair value through profit or loss
Marketable securities	235,511		235,511		—		—
Financial assets not measured at fair value
Cash and cash equivalents	1,643		1,643		—		—
Financial liabilities not measured at fair value
Fixed rate debt	212,203		—		—		212,203

(in thousands of $)	Dec 31, 2021 Fair Value		Level 1		Level 2		Level 3
Financial assets measured at fair value through profit or loss
Marketable securities	1,895		1,895		—		—
Financial assets not measured at fair value
Cash and cash equivalents	3,096		3,096		—		—
Financial liabilities not measured at fair value
Fixed rate debt	206,552		—		—		206,552

(in thousands of $)	Jan 1, 2021 Fair Value		Level 1		Level 2		Level 3
Financial assets measured at fair value through profit or loss
Marketable securities	5,926		5,926		—		—
Financial assets not measured at fair value
Cash and cash equivalents	2,396		2,396		—		—
Restricted cash	1,538		1,538		—		—
Financial liabilities not measured at fair value
Fixed rate debt	65,348		—		6,251		59,097

Financial instruments measured at fair value
Type	Valuation Techniques		Significant unobservable inputs
Marketable securities	Fair value was determined based on the actual trading of the securities.		Not applicable.
Financial instruments not measured at fair value
Type	Valuation Techniques		Significant unobservable inputs
Fixed rate debt	Discounted cash flow.		Discount rate.

•

Credit risk

•

Liquidity risk

•

Market risk (interest rate risk, foreign currency risk and price risk)

			Contractual cash flows at December 31, 2022
(in thousands of $)		Carrying Value	Total	Less than 1 year	Between 1 and 5 years	More than 5 years
Non derivative financial liabilities
Fixed rate debt		211,884	211,884	2,184	209,700	—
Trade and other payables		8,123	8,123	8,123	—	—

			Contractual cash flows at December 31, 2021
(in thousands of $)		Carrying Value	Total	Less than 1 year	Between 1 and 5 years	More than 5 years
Non derivative financial liabilities
Fixed rate debt		211,884	211,884	2,184	209,700	—
Trade and other payables		4,736	4,736	4,736	—	—

			Contractual cash flows at January 1, 2021
(in thousands of $)		Carrying Value	Total	Less than 1 year	Between 1 and 5 years	More than 5 years
Non derivative financial liabilities
Fixed rate debt		66,876	66,876	66,876	—	—
Trade and other payables		3,779	3,779	3,779	—	—

Outstanding shares at January 1, 2021		197,692,321
Shares issued under at-the-market offering program		5,499,658
Shares issued on exercise of options		339,000
Outstanding shares at December 31, 2021		203,530,979
Shares issued in connection with Euronav share acquisition		19,091,910
Outstanding shares at December 31, 2022		222,622,889

		July 2016	November 2018	December 2021
Risk free interest rate		0.69%	2.78%	1.04%
Expected life (years)		3.5	1.6	3.4
Expected volatility		79.80%	38.24%	58.42%
Expected dividend yield		0.00%	0.00%	0.00%

(in thousands of $)		December 31, 2022		December 31, 2021		January 1, 2021
SFL		—		171		63
Golden Ocean		—		70		64
Other related parties		9		11		34
		9		252		161

(in thousands of $)		December 31, 2022		December 31, 2021		January 1 , 2021
SFL		—		781		181
Seatankers Management Co. Ltd		—		—		914
Golden Ocean		—		2,255		432
Flex LNG Ltd		—		165		111
Avance Gas		—		134		163
		—		3,335		1,801

(in thousands of $)				2022		2021
Total remuneration				3,144		329

(in thousands of $)				2022		2021
Total fixed remuneration				465		329
Total variable remuneration				2,679		96
of which:
Share based payments				2,679		96