Treasure ASA

Interim / Quarterly Report • Aug 14, 2023

Report 1st half 2023

CFO / IR contact

Thomas Finnema Phone: +47 67 58 40 00 Mobile: +47 48 15 51 59 info@treasureasa.com www.treasureasa.com

Report for the first half of 2023

Highlights & Financial Summary

• o Net profit of USD 96,1 million, mainly reflecting the revaluation of the shareholding in Hyundai Glovis.
• o The Hyundai Glovis share price moved from KRW 163.500 to KRW 197.700 per share and USDKRW from 1.265 to 1.318 during the first six months of 2023.
• o Hyundai Glovis logistic and shipping performance had increased revenue in domestic and international car transportation from Q1. Tight vessel availability continues to drive strong market conditions. Reduced ship speed complying with CII (Carbon Intensity Indicator) environmental regulations reduces effective capacity. CKD supply is expected to remain robust and still see demand in major overseas regions.
• o Hyundai Glovis' financial performance, closely tied to the light vehicle manufacturing of Hyundai Motor and Kia Motors, has shown significant resilience compared to its peers. The company's balance sheet and dividend capacity remain robust.
• o Treasure ASA paid NOK 0,60 per share dividend in May 2023.
• o Following the deletion of 2.594.566 own shares in May 2023, the company now holds 517.771 own shares.

Prospects

Treasure ASA's dominating asset are shares in Hyundai Glovis Co. Ltd., incorporated and listed in Korea, whose share price will fluctuate with the full range of variables impacting global trade and logistics dynamics, as well as company specific and otherwise relevant news flow.

Lysaker, 14 August 2023 The board of directors of Treasure ASA

Forward-looking statements presented in this report are based on various assumptions. These assumptions were reasonable when made, but as assumptions are inherently subject to uncertainties and contingencies which are difficult or impossible to predict. Treasure ASA cannot give assurances that expectations regarding the future outlook will be achieved or accomplished.

Income statement | TREASURE GROUP

USD thousand	Note	First-half 2023	First-half 2022	Full year
				2022
Dividend from Hyundai Glovis		19 374	12 916	12 916
Other income		166	168	608
Change in fair value of shares in Hyundai Glovis	2	81 447	(12 990)	(45 600)
Foreign currency gain/loss		(1 800)	(171)
Other expenses		(95)	(260)	(497)
Profit/(loss) before tax		99 093	(337)	(32 573)
Tax income/(expense)	2	(2 963)	(1 956)	(2 341)
Profit/(loss) for the year		96 130	(2 294)	(34 914)
Basic / diluted earnings per share (USD)	1	0,47	(0,01)	(0,17)

Comprehensive income | TREASURE GROUP

Profit/(loss) for the year	96 130	(2 294)	(34 914)
Items that will not be reclassified to the income statement
Currency translation differences	156	(853)	(1 250)
Other comprehensive income, net of tax	156	(853)	(1 250)
Total comprehensive income for the year	96 285	(3 147)	(36 164)

USD thousand	Note	30.06.2023	30.06.2022	31.12.2022

ASSETS

Non current assets

Deferred tax asset	0	145
Financial assets to fair value 4	618 974	570 137	537 527
Total non current assets	618 974	570 282	537 527
Current assets
Other current assets	72	106	139
Cash and cash equivalents	12 075	13 496	9 436
Total current assets	12 146	13 603	9 575
Total assets	631 121	583 885	547 101
EQUITY AND LIABILITIES
Equity
Paid-in capital	2 562	2 648	2 586
Own shares	(14)		(24)
Retained earnings and other reserves	628 329	581 233	544 329
Attributable to equity holders of the parent	630 877	583 881	546 891
Current liabilities
Current period corporation tax	172		187
Other current liabilities	71	4	23
Total current liabilities	244	4	210
Total equity and liabilities	631 121	583 885	547 101

USD thousand Note	First-half 2023	First-half 2022	Full year 2022
Cash flow from operating activities
Dividend from Hyundai Glovis	19 374	12 916	12 916
Other income	166	168	336
Change in working capital	(1 796)	(1 219)	(1 730)
Tax paid	(2 963)	(1 956)	(1 998)
Net cash provided by operating activities	14 782	9 909	9 524
Cash flow from investing activities
Financial income	221	157	189
Financial expenses	(64)	(373)	(106)
Net cash flow from investing activities	156	(216)	82
Cash flow from financing activities
Purchase of own shares	(935)		(3 973)
Dividend to shareholders (net)	(11 365)	(22 767)	(22 767)
Net cash flow from financing activities	(12 300)	(22 767)	(26 740)
Net increase/(decrease) in cash and cash equivalents	2 639	(13 074)	(17 134)
Cash and cash equivalents at the beginning of the period	9 436	26 570	26 570
Cash and cash equivalents at the end of the period 1	12 075	13 496	9 436

The group has bank accounts in different currencies. The cash flow effect from revaluation of cash and cash equivalents is included in net cash flow provided by operating activities.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

USD thousand	Share	capital Own shares	Retained earnings	Total equity
Balance 31.12.2022	2 586	(24)	544 329	546 891
Purchase of own shares		(4)	(931)	(935)
Liquidation of own shares	(24)	24		-
Currency translation effect from liquidation of own shares		(11)	11	-
Profit/(loss) for the period			96 130	96 130
Dividend to shareholders			(11 367)	(11 367)
Reversal of dividend			3	3
Other comprehensive income			156	156
Balance 30.06.2023	2 562	(14)	628 329	630 877

	Share		Retained
USD thousand		capital Own shares	earnings	Total equity
Balance 31.12.2021	2 648	(70)	607 213	609 795
Liquidation of own shares		70	(70)	-
Profit/(loss) for the period			(2 294)	(2 294)
Paid dividends to shareholders			(22 767)	(22 767)
Comprehensive income			(853)	(853)
Balance 30.06.2022	2 648	-	581 230	583 882

Statement of changes in equity - Full year

USD thousand

Balance 31.12.2021	2 652	(70)	607 213	609 795
Purchase of own shares		(24)	(3 949)	(3 973)
Liquidation of own shares	(66)	66	-	-
Currency translation effect from liquidation of own shares		4	(4)
Profit/(loss) for the period			(34 914)	(34 914)
Dividend to shareholders			(22 767)	(22 767)
Other comprehensive income			(1 250)	(1 250)
Balance 31.12.2022	2 586	(24)	544 329	546 891

Notes - quarterly financial report

Note 1 - Shares

The share capital is as follows with a nominal value of NOK 0.10

Ordinary shares	204 722 663
Own shares	517 771
Total oustanding shares	205 240 434

Earnings per share taking into consideration the number of outstanding shares in the period. The group own 517 771 shares at the end of June 2023.

Basic earnings per share is calculated by dividing profit for the period after minority interests, by average number of total outstanding shares.

Note 2 Financial assets to fair value

Financial asset is investment in Hyundai Glovis Ltd and the fair value is denominated in KRW

The fair value of the investment has increased from previous quarter and recognized in income statement.

	30.06.2023	30.06.2022
Fair value at 01.01	537 527	583 127
Change in fair value through income statement	81 447	(12 990)
Fair value at 30.06	618 974	570 137

Note 3 - Financial level

		30.06.2023
USD thousand	Level 1	Total
Financial assets to fair value
Financial assets to fair value	618 974	618 974
Total financial assets 30.06.2023	618 974	618 974
		30.06.2022
USD thousand	Level 1	Total
Financial assets to fair value
Financial assets to fair value	570 137	570 137

The fair value of financial instruments traded in an active market is based on quoted market prices at the balance sheet date.

Note 4 - Dividend

The proposed dividend for fiscal year 2022 was NOK 0.60 per share, and was approved by the annual general meeting on 16 March 2023, and paid to the shareholders in May 2023. The dividend had effect on retained earnings in first half year 2023.

Responsibility statement

We confirm, to the best of our knowledge, that the condensed set of financial statements for the period 1 January to 30 June 2023 have been prepared in accordance with IAS 34 – Interim Financial Reporting, and gives a true and fair view of the group's assets, liabilities, financial position and profit as a whole. We also confirm, to the best of our knowledge, that the interim management report includes a fair review of important events that have occurred during the first six months of the financial year and their impact on the set of financial statements, a description of the principal risks and uncertainties for the remaining six months of the financial year, and major related parties transactions.

Lysaker, 14 August 2023 The board of directors of Treasure ASA

Thomas Wilhelmsen Chair	Christian Berg	Marianne Hagen	Benedicte Bakke Agerup
Sign	Sign	Sign	Sign

Magnus A.K. Sande CEO Sign