Treasure ASA

Earnings Release • Nov 1, 2023

Change of accounting principle - the investment in Hyundai Glovis Co., Ltd.

Restated financial figures

Restatement period ending December 31, 2021 (full year) - Restated figures are unaudited

USD thousand

Consolidated income statement	2021 as reported	2021 adjustments	2021 restated
Share of profit/(loss) from Hyundai Glovis	-	75 397	75 397
Change in fair value of shares in Hyundai Glovis	(115 440)	115 440	-
Dividend from Hyundai Glovis	12 810	(12 810)	-
Other financial items	493		493
Profit before tax	(102 137)	178 027	75 889
Tax income/(expense)	(2 361)		(2 361)
Profit for the period	(104 498)	178 027	73 529
Profit attributable to the equity holders of the company	(104 498)	178 027	73 529
Other comprehensive income
Other comprehensive income from associates		6 734	6 734
Currency translation differences	(186)	(15 293)	(15 479)
Total comprehensive income	(104 684)	169 467	64 783
Attributable to the equity holders of the company	(104 684)	169 467	64 783
Basic / diluted earnings per share (USD)	(0,49)	0,84	0,35

Consolidated balance sheet	31.12.2020	31.12.2020	31.12.2020	31.12.2021	31.12.2021	31.12.2021
	as reported	adjustments	restated	as reported	adjustments	restated
Investments in associated company	-	532 911	532 911	-	556 263	556 263
Financial assets to fair value	698 567	(698 566)	-	583 127	(583 127)	-
Other non current assets	547		547	172		172
Total non current assets	699 114	(165 655)	533 459	583 299	(26 865)	556 435
Total current assets	64 414		64 414	26 584		26 584
Total assets	763 528	(165 655)	597 873	609 884	(26 865)	583 019
Paid-in capital and own shares	2 652		2 652	2 578		2 578
Retained earnings and other reserves	760 858	(165 655)	595 203	607 217	(26 864)	580 353
Total equity	763 509	(165 655)	597 854	609 795	(26 864)	582 931
Total liabilities	19		19	89		89
Total equity and liabilities	763 528	(165 655)	597 873	609 884	(26 864)	583 020

Consolidated cash flow statement

The restatements does not have an effect on the nominal amounts or presentation of the group's consolidated cash flow statement during the period.

Change of accounting principle - the investment in Hyundai Glovis Co., Ltd.

Restated financial figures

Restatement period ending December 31, 2022 (full year) - Restated figures are unaudited

USD thousand

Consolidated income statement	2022	2022	2022
	as reported	adjustments	restated
Share of profit/(loss) from Hyundai Glovis	-	101 534	101 534
Change in fair value of shares in Hyundai Glovis	(45 600)	45 600	-
Dividend from Hyundai Glovis	12 916	(12 916)	-
Other financial items	111		111
Profit before tax	(32 573)	134 218	101 645
Tax income/(expense)	(2 341)		(2 341)
Profit for the period	(34 914)	134 218	99 304
Profit attributable to the equity holders of the company	(34 914)	134 218	99 304
Other comprehensive income
Other comprehensive income from associates		1 385	1 385
Currency translation differences	(1 250)	(25 979)	(27 229)
Total comprehensive income	(36 164)	109 625	73 461
Attributable to the equity holders of the company	(36 164)	109 625	73 461
Basic / diluted earnings per share (USD)	(0,17)	0,65	0,48
Consolidated balance sheet	31.12.2022	31.12.2022	31.12.2022
	as reported	adjustments	restated
Investments in associated company	-	620 287	620 287
Financial assets to fair value	537 527	(537 527)	-
Other non current assets	-		-
Total non current assets	537 527	82 760	620 287
Total current assets	9 575		9 575
Total assets	547 101	82 760	629 862
Paid-in capital and own shares	2 562		2 562
Retained earnings and other reserves	544 329	82 761	627 090
Total equity	546 891	82 761	629 652
Total liabilities	210		210
Total equity and liabilities	547 101	82 761	629 862

Consolidated cash flow statement

The restatements does not have an effect on the nominal amounts or presentation of the group's consolidated cash flow statement during the period.

Change of accounting principle - the investment in Hyundai Glovis Co., Ltd.

Restated financial figures

Restatement periods ending June 30, 2022 and June 30, 2023 (First-half year)

USD thousand
	First-half	First-half
Consolidated income statement	2022	2023
	restated	restated
Share of profit/(loss) from Hyundai Glovis	53 311	48 293
Other financial items	(263)	(1 729)
Profit before tax	53 047	46 564
Tax income/(expense)	(1 956)	(2 963)
Profit for the period	51 091	43 601
Profit attributable to the equity holders of the company	51 091	43 601
Other comprehensive income
Other comprehensive income from associates	6 686	7 327
Currency translation differences	(50 321)	(28 846)
Total comprehensive income	7 456	22 082
Attributable to the equity holders of the company	7 456	22 082
Basic / diluted earnings per share (USD)	0,25	0,21
Consolidated balance sheet	30.06.2022	30.06.2023
	restated	restated
Investments in associated company	553 874	627 531
Other non current assets	146	0
Total non current assets	554 020	627 531
Total current assets	13 603	12 146
Total assets	567 622	639 678
Paid-in capital and own shares	2 648	2 548
Retained earnings and other reserves	564 971	636 887
Total equity	567 619	639 434
Total liabilities	4	244
Total equity and liabilities	567 623	639 678

Consolidated cash flow statement

The restatements does not have an effect on the nominal amounts or presentation of the group's consolidated cash flow statement during the period.