Annual Report (ESEF) • Feb 9, 2022
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Download Source FileUntitled Treasure ASA Annual report 2021 Group Directors’ report 2 Treasure ASA Annual Report 2021 Content 3 3 3 3 4 4 4 4 5 5 6 6 6 6 7 8 9 10 11 18 18 19 20 21 26 31 32 32 Directors’ report Main development Financial summary – the group nancial accounts Risk Corporate governance, control and compliance Health, working environment, gender diversity and safety Sustainability Directors and ocers liability insurance Allocation of prot, dividend and buy-back Prospects and outlook Accounts and notes Treasure ASA group Income statement Comprehensive income Balance sheet Cash ow statement Equity Accounting policies Notes Treasure ASA parent company Income statement Balance sheet Cash ow statement Notes Auditor’s report Responsibility statement Corporate structure Treasure Group GroupDirectors’ report 3Treasure ASA Annual Report 2021 Directors’ report for 2021 Treasure ASA MAIN DEVELOPMENT AND STRATEGIC DIRECTION The group owns 4 125 000 (11.0%) shares in Hyundai Glovis, a global transportation and logistics provider based in Seoul, Republic of Korea. The group’s ambition is to generate significant shareholder return from investments within the maritime and logistics industries, either by increasing the market value of its shares, through dividends or other distributions to shareholders. During 2021, the company distributed NOK 1.5 per share per share in cash dividend and bought back 6 million own shares. Whereas the primary focus is on managing the shareholding in Hyundai Glovis, the financial capability of the group is strong. The board and management continue to enhance the relationship with the Hyundai Group and other stakeholders. FINANCIAL SUMMARY – THE GROUP FINANCIAL ACCOUNTS Going concern assumption Pursuant to section 4, sub-section 5, confer section 3, sub-section 3a of the Norwegian Accounting Act, it is confirmed that the annual accounts have been prepared under the assumption that the enterprise is a going concern and that the conditions are present. Income statement The Treasure ASA group’s main source of income is the dividend received as a shareholder of Hyundai Glovis. The group’s financial accounts for 2021 showed an income of USD 12.8 million (2020: USD 12.3 million) and a loss before tax of USD 102.1 million (2020: profit of USD 215.2 million). The profit before tax is including net change in fair value of the shares in Hyundai Glovis with a loss of USD 115.4 million (2020: gain of USD 201.4 million). Tax was included with an expense of USD 2.4 million (2020: USD 1.6 million) and net loss after tax was USD 104.5 million (2020: Net gain of USD 213.7 million) in 2021. Financial asset The shareholding in Hyundai Glovis is classified as financial assets to fair value with the change in fair value accounted for through the income statement. Balance sheet Total assets for Treasure ASA group at the end of 2021 was USD 609.9 million (2020: USD 763.5 million), of which USD 26.6 million (2020: USD 64.4 million) was cash and cash equivalents. The group has no interest- bearing debt. Hyundai Glovis Revenues and profitability of Hyundai Glovis are intricately linked to the performance of the main customer, Hyundai Motor Group. The Hyundai Glovis share price decreased 8.7% during 2021, performing on par with the Korean Stock Market. Cash ow, liquidity, and debt The Treasure ASA group had a net decrease in cash and cash equivalents of USD 37.8 million (2020: USD increase of 60.8 million) for the year, reflecting received dividend from Hyundai Glovis, payment of dividend, and share buy-backs during 2021. RISK The shareholding in Hyundai Glovis, through its capital intensity and cyclical exposure to demand and supply of vehicles, dominates the risk of Treasure ASA group. Changes in trade conditions and global demand for Hyundai and Kia vehicles may affect transportation flows and thereby the financial performance and the volatility in the share price of Hyundai Glovis. Group Directors’ report 4 Treasure ASA Annual Report 2021 Operational risk The group has no employees. Corporate functions such as general management, accounting, investor relations, legal, tax, communication etc. are covered via detailed Service Level Agreements (SLA) with Wilh Wilhelmsen Holding ASA group (WWH). The board is familiar and confident with the quality of these services. Financial risk The group remains exposed to a range of financial risk factors, particularly stemming from the equity market conditions as well as from movements in the Korean Won. Internal control and risk management The group is committed to manage risks related to its investments in a sound and professional manner. This commitment spans monitoring of the current environment, implementation of measures to mitigate risks and responding to risks to mitigate consequences. The group’s exposure to and management of financial risk are further described in Note 8 of the accounts. This includes foreign exchange rate risk, credit risk and liquidity risk. While the main investment is of a long-term nature, any fluctuations in values will have impact on the net asset value and solidity of the group and may affect profitability. CORPORATE GOVERNANCE, CONTROL AND COMPLIANCE Treasure ASA group observes the Norwegian Code of Practice for corporate governance, in addition to requirements as specified in the Norwegian Public Companies Act and the Norwegian Accounting Act. It is the board’s view that, given the company’s business model, the company has an appropriate governance structure and that it is managed in a satisfactory way. The board’s corporate governance report can be found on treasureasa.com. HEALTH, WORKING ENVIRONMENT, GENDER DIVERSITY, AND SAFETY With no employees, the board considers health and working environment based on the services provided by WWH. The board is unaware of any material issues concerning work related issues nor is it aware of any material alleged violations stemming from the SLAs between the company and WWH. Two of four board members are female, while the CEO and CFO are both male. The company has a clear policy stating that employees have the right to equal opportunities. Harassment and discrimination based on race, gender or similar grounds, or other behavior that may be perceived as threatening or degrading, is not acceptable. A separate remuneration report has been prepared by the board and can be found on treasureasa.com. The report will be proposed to the Annual General Meeting for an advisory vote. SUSTAINABILITY The company has for 2021 developed a separate sustainability report and intend to continue to do so. This deviates from previous years practice with no sustainability report developed due to the argument that the group’s main asset is a shareholding in a listed company. The company builds its social responsibility guidelines on the foundation set by its majority shareholder and includes environmental, social, and corporate governance issues in its investment analysis, business decisions, ownership practices, and financial reporting. Through clearly expressed expectations to Hyundai Glovis, the group contribute to promote human rights, sound working standards, reduce environmental impact, and work towards eliminating corruption in own operations and investments, as well as the operations of suppliers and business partners. The sustainability report can be found on treasureasa.com. DIRECTORS AND OFFICERS LIABILITY INSURANCE The directors and officers of Treasure ASA are covered by Wilh Wilhelmsen Holding ASA’s Directors and Officers Liability Insurance (D&O) placed with AIG, AXA XL and Risk Point. The insurance comprises the directors’ and officers’ personal legal liabilities, including defence- and legal costs. The cover also includes employees in managerial positions or employees who become named in a claim or investigation, or is named co-defendant, and is extended to include members of the company’s steering committee, audit committee, compensation committee, litigation committee, advisory committee or other management or board committees. GroupDirectors’ report 5Treasure ASA Annual Report 2021 ALLOCATION OF PROFIT, DIVIDEND AND BUY BACK The board’s proposal for allocation of the net profit for the year is as follows: The board is proposing to the Annual General Meeting a NOK 1.00 dividend per share payable during the first half of 2022, representing a total payment of NOK 207.8 million. PROSPECTS AND OUTLOOK Treasure ASA is an investment company with currently one asset. The prospects for the group correlates strongly with the general development of the Hyundai Glovis financial and share price performance. The main customers of Hyundai Glovis - Hyundai Motor Group and Kia Motor Group - are experiencing an increasing global demand for their vehicles. Hyundai Glovis is continuously extending its maritime footprint into zero-emission and hydrogen initiatives, new value chain and energy segments through a combination of partnerships and direct investments, which is viewed as positive. Extensive information on Hyundai Glovis can be found on ir.glovis.net. In 2022, Treasure ASA will continue to build and extend its strategic relationship with Hyundai Glovis. The board expects the value of the group’s main asset to fluctuate in line with the general equity indexes of the Korean Stock Exchange. Parent company accounts (NOK thousand) Prot for the year 2 557 From equity (205 278) Proposed Dividend 207 835 Total Allocation 2 557 Lysaker, 9 February 2022 The board of directors of Treasure ASA Thomas Wilhelmsen Chair Benedicte Bakke Agerup Marianne Hagen Christian Berg Magnus Sande CEO Group Account and notes 6 Treasure ASA Annual Report 2021 USD thousand Note 2021 2020 Dividend from Hyundai Glovis 4 12 810 12 287 Other income 1 1 017 1 809 Change in fair value of shares in Hyundai Glovis 4 (115 440) 201 568 Other expenses 1 (525) (424) Prot/(loss) before tax (102 137) 215 240 Tax income/(expense) 2 (2 361) (1 576) Prot/(loss) for the year (104 498) 213 664 Basic / diluted earnings per share (USD) 3 (0.49) 0.99 Prot/(loss) for the year (104 498) 213 664 Items that will not be reclassied to the income statement Currency translation dierences (186) (166) Other comprehensive income, net of tax (186) (166) Total comprehensive income for the year (104 684) 213 498 Income statement Treasure group Comprehensive income Treasure group Notes 1 to 10 on the next pages are an integral part of these consolidated nancial statements. GroupAccount and notes 7 Treasure ASA Annual Report 2021 USD thousand Note 31.12.2021 31.12.2020 ASSETS Non current assets Deferred tax asset 2 172 547 Financial assets to fair value 4/5/8 583 127 698 567 Total non current assets 583 299 699 114 Current assets Other current assets 8 14 10 Cash and cash equivalents 8 26 570 64 405 Total current assets 26 584 64 414 Total assets 609 884 763 528 EQUITY AND LIABILITIES Equity Paid-in capital 2 648 2 694 Own shares (70) (42) Retained earnings and other reserves 607 217 760 858 Attributable to equity holders of the parent 609 795 763 509 Current liabilities Other current liabilities 89 19 Total current liabilities 89 19 Total equity and liabilities 609 884 763 528 Notes 1 to 10 on the next pages are an integral part of these consolidated nancial statements. Balance sheet Treasure group Lysaker, 9 February 2022 The board of directors of Treasure ASA Thomas Wilhelmsen Chair Benedicte Bakke Agerup Marianne Hagen Christian Berg Magnus Sande CEO Group Account and notes 8 Treasure ASA Annual Report 2021 USD thousand Note 2021 2020 Cash ow from operating activities Dividend from Hyundai Glovis 4 12 810 12 287 Net proceed from sale of shares in Hyundai Glovis 4 62 635 Other income 360 3 010 Change in working capital 102 (517) Tax paid 2 (2 001) (1 923) Net cash provided by operating activities 11 271 75 491 Cash ow from investing activities Financial income 1 2 11 Financial expenses 1 (77) (1 262) Net cash ow from investing activities (75) (1 252) Cash ow from nancing activities Purchase of own shares (11 033) (4 143) Dividend to shareholders (37 998) (9 239) Net cash ow from nancing activities (49 030) (13 381) Net increase/(decrease) in cash and cash equivalents (37 834) 60 858 Cash and cash equivalents at the beginning of the period 64 405 3 547 Cash and cash equivalents at 31.12 26 570 64 405 Cash ow statement Treasure group The group has bank accounts in dierent currencies. The cash ow eect from revaluation of cash and cash equivalents is included in net cash ow provided by operating activities. Notes 1 to 10 on the next pages are an integral part of these consolidated nancial statements. GroupAccount and notes 9 Treasure ASA Annual Report 2021 Equity Treasure group Dividend for scal year 2020 was NOK 1.50 per share and was paid in May 2021. The proposed dividend for scal year 2021 is NOK 1.00 per share, payable in 1. half year of 2022. A decision on this proposal will be taken by the annual general meeting on 15 March 2022. The proposed dividend is not accrued in the year-end balance sheet. The dividend will have eect on retained earnings in 1. half year of 2022. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY USD thousand Share capital Own shares Retained earnings Total equity Balance 31.12.2020 2 694 (42) 760 858 763 509 Purchase of own shares (70) (10 963) (11 033) Liquidation of own shares (42) 42 0 Prot/(loss) for the period (104 498) (104 498) Dividend to shareholders (37 998) (37 998) Other comprehensive income (186) (186) Balance 31.12.2021 2 652 (70) 607 213 609 795 USD thousand Share capital Own shares Retained earnings Total equity Balance 31.12.2019 2 694 (5) 560 704 563 393 Purchase of own shares (37) (4 106) (4 143) Prot for the period 213 664 213 664 Dividend to shareholders (9 239) (9 239) Other comprehensive income (166) (166) Balance 31.12.2020 2 694 (42) 760 858 763 509 Notes 1 to 10 on the next pages are an integral part of these consolidated nancial statements. Group Account and notes 10 Treasure ASA Annual Report 2021 Accounting policies Treasure ASA group and Treasure ASA GENERAL INFORMATION Treasure ASA (referred to as the parent company) is domiciled in Norway. The parent company’s consolidated accounts for scal year 2021 include the parent company and its subsidiary (referred to collectively as the group). The annual accounts for the group and the parent company were issued by the board of directors on 9 February 2022. The parent company is a public limited liability company which is listed on the Oslo Stock Exchange. BASIC POLICIES The main assets of the Treasure group are shares held in Hyundai Glovis, which are accounted as nancial assets to fair value through the income statement. The share price of Hyundai Glovis is quoted in KRW and traded on the Korean Stock Exchange. The consolidated accounts have been prepared in accordance with the International Financial Reporting Standards (IFRS), as endorsed by the European Union. The separate nancial statements for the parent company have been prepared and presented in accordance with simplied IFRS as approved by Ministry of Finance 10 December 2019. In the separate statements the exception from IFRS for recognition of dividends and group contributions is applied. Otherwise, the accounting policy for the group also apply to the separate statements, and the notes to the consolidated nancial statements will to a large degree also cover the separate statements. The Group also provides additional disclosures in accordance with requirements in the Norwegian Accounting Act related to remuneration to the board. Background The principal activity of the Company is investment in nancial assets and investments in other companies with similar activities. The group accounts are presented in US dollars (USD), rounded o to the nearest thousand. Treasure ASA is a subsidiary of Wilh. Wilhelmsen Holding ASA (own 74.82% of the shares). Since Wilh. Wilhelmsen Holding group presents its group accounts in USD, the same presentation currency is chosen for Treasure’s group accounts. The parent company accounts are presented in its functional currency NOK, rounded o to the nearest thousand. The income statements and balance sheets for group companies with a functional currency which diers from the presentation currency (USD) are translated as follows: • the balance sheet is translated at the closing exchange rate on the balance sheet date • income and expense items are translated at a rate that is representative as an average exchange rate for the period, unless the exchange rates uctuate signicantly for that period, in which case the exchange rates at the dates of transaction are used • the translation dierence is recognised in other comprehensive income Preparing nancial statements in conformity with IFRS and simplied IFRS requires the management to make use of estimates and assumptions which aect the application of the accounting policies and the reported amounts of assets and liabilities, revenues and expenses. Estimates and associated assumptions are based on historical experience and other factors regarded as reasonable in the circumstances. The actual result can vary from these estimates. SUMMARY OF FINANCIAL REPORTING PRINCIPLES The nancial reporting principles are described in the relevant notes in the consolidated nancial statements and in the notes in the nancial statements of the parent company. Signicant accounting policies adopted in the preparation of these consolidated nancial statements are included below to the extent they have not already been disclosed in other relevant notes. These policies have been consistently applied to all the years presented, unless otherwise stated. The nancial reporting principles described in the consolidated nancial statements also apply to the nancial statements of the parent company, unless otherwise stated. New and amended standards adopted by the group The following are new or amended to standards and interpretations have been issued and become eective during the current period: No new standards or amendments were implemented for the rst time in the annual reporting period commencing 1 January 2021. There was no impact on the amounts recognised in prior periods and no expected signicant eect on the current or future periods. New standards and interpretations not yet adopted • Amendment to IAS 1 Classication of Liabilities as Current or Non-current applicable for annual periods beginning on or after 1 January 2022. The amendment changes the guidance for the classication of liabilities as current or non-current depending on the rights that exist at the end of the reporting period. Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2021 reporting periods and have not been early adopted by the group. These standards are not expected to have an impact on the entity in the current or future reporting periods. CONSOLIDATION POLICIES The group consolidate the 100% owned subsidiary Den Norske Amerikalinje AS. FOREIGN CURRENCY TRANSACTION AND TRANSLATION Transactions Transactions in foreign currencies are initially recorded in the functional currency by applying the rate of exchange as of the transaction. Monetary assets and liabilities denominated in foreign currencies are subsequently retranslated into the functional currency at the rate of the exchange at the balance sheet date. The realised and unrealised currency gains or losses are included in nancial income or expense. Translations In the consolidated nancial statements, the assets and liabilities of non USD functional currency subsidiaries, including any related goodwill, are translated into USD using the rate of exchange as of the balance sheet date. The results and cash ow of non USD functional currency subsidiaries, are translated into USD using exchange rate for the period reported (unless this average is not a reasonable approximation of the cumulative eect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions). Exchange adjustments arising when the opening net assets and the net income for the year retained by non USD operation are translated into USD are recognised in other comprehensive income. On disposals of a non USD functional currency subsidiary, the deferred cumulative amount recognised in equity relating to that particular entity is recognised in the income statement. CONTINGENT LIABILITIES Contingent liabilities are possible obligations that arises from past events and whose existence will be conrmed only by the occurrence or non- occurrence of one or more uncertain future events. No contingent liabilities have been recognized per the reporting date, as it is not probable that outow of resources will be required to settle any possible obligations. See note 8 for further description of the group's o-balance sheet items. CASH AND CASH EQUIVALENTS Cash and cash equivalents include, deposits held at call with banks, other current highly liquid investments with original maturities of three months or less. DIVIDEND DISTRIBUTION IN THE GROUP ACCOUNTS Dividend payments to the parent company’s shareholders are recognised as a liability in the group’s nancial statements from the date when the dividend is approved by the general meeting. DIVIDEND AND GROUP CONTRIBUTION IN PARENT ACCOUNTS Proposed dividend for the parent company’s shareholders is recognised in the parent company account as a liability at 31 December in the current year. GroupAccount and notes 11 Treasure ASA Annual Report 2021 Note 1 Combined items, Income statement USD thousand Note 2021 2020 OTHER INCOME Advisory fee 363 346 Interest income 2 11 Currency gain 652 1 452 Total other income 1 017 1 809 OPERATING EXPENSES Personnel expenses (45) (39) Audit fee (25) (21) Consultant and legal fees (56) (24) Other operating expenses (52) (40) Management fee 9 (269) (238) Other nancial expenses (77) (61) Total operating expenses (525) (424) EXPENSED AUDIT FEE USD thousand 2021 2020 Statutory audit (25) (21) Total expensed audit fee (25) (21) REMUNERATION Treasure ASA does not have any employees. The CEO and CFO who composes the management of Treasure ASA are employed by Wilh.Wilhelmsen Holding ASA (WWH) and are hired in on the basis of an Service Level Agreement. See note 9 and the remuneration report for further details. The remuneration report can be found on treasureasa.com. Group Account and notes 12 Treasure ASA Annual Report 2021 Note 2 Tax Ordinary taxation The ordinary rate of corporation tax in Norway is 22% of net prot for 2021 (analogous for 2020). Norwegian limited liability companies are encompassed by the participation exemption method for share income. Thus, share dividends The permanent dierences are principally due to unrealized gain on nancial asset and dividends received. The eective tax rate for the group will, from period to period, change dependent on the group gains and losses from investments inside the exemption method. and gains are tax free for the receiving company. Corresponding losses on shares are not deductible. The participation exemption method does not apply to share income from companies considered low taxed and that are located outside the European Economic Area (EEA), and on share income from companies owned by less than 10% resident outside the EEA. For group companies located in the same country and within the same tax regime, taxable prots in one company can be oset against tax losses and tax loss carry forwards in other group companies. Deferred tax/deferred tax asset has been calculated on temporary dierences to the extent that it is likely that these can be utilised in each country and for Norwegian entities the group has applied a rate of 22%. The eective tax rate for the group will, from period to period, change dependent on the group gains and losses from investments inside the exemption method. The ownership of Hyundai Glovis is 11.00% at the end of 2021 and the share income is thus considered tax free. Dividends from Hyundai Glovis Co Ltd are subject to 15% withholding tax in Republic of Korea. The tax expense for 2021 and 2020 is mainly driven by the witholding tax on received dividend. USD thousand 2021 2020 Allocation of tax income/(expense) for the year Witholding tax (2 001) (1 923) Change in deferred tax (360) 347 Total tax income/(expense) (2 361) (1 576) Reconciliation of actual tax expense against expected tax expense in accordance with the ordinary Norwegian income tax rate of 22% Prot/(loss) before tax (102 137) 215 240 22% tax 22 470 (47 353) Tax eect from: Permanent dierences (22 494) 47 129 Currency translation from USD to NOK for Norwegian tax purpose (336) 571 Withholding tax (2 001) (1 923) Calculated tax income/(expense) (2 361) (1 576) Eective tax rate neg. 0.7% FINANCIAL REPORTING PRINCIPLES Deferred tax is calculated using the liability method on all temporary dierences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated nancial statements. Deferred tax is determined using tax rates and laws which have been enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised, or when the deferred income tax liability is settled. Deferred tax assets are recognised to the extent that it is probable that future taxable prot will be available, and that the temporary dierences can be deducted from this prot. Deferred tax is calculated on temporary dierences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary dierence is controlled by the group. GroupAccount and notes 13 Treasure ASA Annual Report 2021 Cont. note 2 Tax Note 3 Earnings per share USD thousand 2021 2020 Deferred tax assets to be recovered after more than 12 months 172 547 Net deferred tax assets 172 547 Opening balance 01.01 547 177 Currency translation dierences (15) 23 Income statement charge (360) 347 Net deferred tax assets at 31.12 172 547 The movement in deferred income tax assets and liabilities during the year, without taking into consideration the osetting of balances within the same tax jurisdiction, is as follows: USD thousand Tax losses carried forward Tax losses carried forward Deferred tax assets Deferred tax assets 01.01 547 177 Through income statement (360) 347 Currency translations (15) 23 Deferred tax assets 31.12 172 547 Earnings per share Earnings per share take into consideration the number of outstanding shares in the period. EPS is based on average weighted oustanding shares of 213 085 000 for 2021 (2020: 215 335 000). At 31 December 2021 Treasure ASA had 6 000 000 own shares (31 December 2020: 3 965 000). FINANCIAL REPORTING PRINCIPLES Basic/diluted earnings per share (EPS) is calculated by dividing prot for the period, by average number of total outstanding shares. The calculation of basic and diluted earnings per share is based on the income attributable to ordinary shareholders and a weighted average number of ordinary shares outstanding. Treasury shares are not included in the weighted average number of ordinary shares. Weighted average number of diluted and ordinary shares is the same, as the company does not have any dilutive instruments. Group Account and notes 14 Treasure ASA Annual Report 2021 Note 5 Financial level USD thousand 2021 2020 Level 1 Level 1 Financial assets at fair value Financial assets 583 127 698 567 Total nancial assets 31.12 583 127 698 567 The fair value of nancial instruments traded in an active market is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm's length basis. The quoted market price used for nancial assets held by the group is the current close price. These instruments are included in level 1. Instruments included in level 1 at the end of 2021 are liquid listed equities. Note 4 Financial assets to fair value USD thousand 2021 2020 Financial assets to fair value Opening balance 31.12 698 567 559 634 Sale of shares (62 635) Change in value nancial assets (115 440) 201 568 Total nancial assets to fair value 583 127 698 567 Financial assets to fair value Hyundai Glovis Ltd 583 127 698 567 The fair value of the investment has decreased from previous year and recognised in the income statement. The group holds 4 125 000 shares per 31 December 2021. Dividend received was KRW 3 500 per share, totally USD 12 810 thousand before withholding tax (2020: 3 500 per share). Financial assets are denominated in KRW. Financial assets to fair value Equity investments in listed companies: The nancial asset is classied and measured as equity instruments designated at fair value through income statement. Change in fair value during the period is recognised in the income statement. Financial assets to fair value are included in non-current assets unless the investment matures or management intends to dispose of it within 12 months of the end of the reporting period. Dividend income Dividend income is recognised when it is probable that a transaction will generate a future economic benet that will accrue to the entity and the size of the amount can be reliably estimated. Dividend from the investment in Hyundai Glovis is recognised when it is conrmed at a shareholder’s meeting. Dividend income are recognised at fair value and presented net of value added tax and discounts. Other income is mainly consultant fee to Hyundai Glovis, see note 1. FINANCIAL REPORTING PRINCIPLES The group classies its nancial assets in the following measurement categories: • nancial assets measured subsequently at fair value through the income statement • nancial assets measured subsequently at amortised cost Management determines the classication of nancial assets at their initial recognition. Financial assets subsequently carried at fair value are initially recognised at fair value, and transaction costs are expensed in the income statement. GroupAccount and notes 15 Treasure ASA Annual Report 2021 Sensitivities (20%) (10%) 0% 10% 20% Share price of Hyundai Glovis (KRW) 134 400 151 200 168 000 184 800 201 600 Change in Value (117) (58) 58 117 Sensitivities (20%) (10%) 0% 10% 20% USDKRW exchange rate 951 1 070 1 188 1 307 1 426 Change in Value 146 65 (53) (97) Note 7 Segment reporting SEGMENT The group's chief operating decision makers, being the Board of Directors and CEO Group Management team, measures the nancial and operating performance of the group on a consolidated level. The group's chief operating decision makers does not review a measure of operating result on a lower level than the consolidated group, therefore the group have one reportable segment being it's investment in Hyundai Glovis Ltd. Refer to note 4 for additional information regarding the investment in Hyundai Glovis Ltd. The group has exposure to the following nancial risks from its ordinary operations: • Market risk – Hyundai Glovis share price risk – Foreign exchange rate risk • Credit risk • Liquidity risk MARKET RISK Share price risk The group has exposure to risk connected with the movements in the share price of Hyundai Glovis. Although nancial fundamentals have been stable and reecting the underlying business model of Hyundai Glovis, valuation has been volatile, causing the share price to periodically exhibit elevated levels of volatility and not always in sync with the broader Korean Equity Market. The COVID-19 pandemic may aect the economic conditions and the share price of Hyundai Glovis. The ultimate severity of the pandemic is uncertain and therefore the group cannot predict the impact it may have on the group’s nancial investment. Foreign exchange rate risk The group has exposure to currency risk mainly on balance sheet items denominated in currencies other than non-functional currencies (translation risk, mainly share price of Hyundai Glovis, denominated in KRW), and to a much lesser extent on revenues and costs in non-functional currencies (transaction risk, mainly dividends from Hyundai Glovis, denominated in KRW). The group has not established hedging strategies to mitigate risks originating from movements in share price and/or currencies. Credit risk The group has very limited exposure to credit risk due to lack of material receivables. O-balance sheet item The Norwegian Company Act Law § 14-11, section 3 decides that the company under certain conditions will support repayment of debt issued by its former parent company Wallenius Wilhelmsen ASA at the date of the demerger. The nominal size of this joint liability – which is treated as an o-balance sheet item – has been signicantly reduced since the demerger, due to debt restructuring at Wallenius Wilhelmsen ASA. Liquidity Risk The group’s liquidity risk is low in that it holds liquid assets in operational bank accounts. The group’s management approach is to have adequate liquidity to meet its liabilities under both normal and stressed conditions. CAPITAL RISK MANAGEMENT The group’s policy is to maintain a strong capital base to maintain investor, creditor, and market condence and to sustain future investment capabilities. The Group’s main source of liquidity is the annual dividend payment from its shares in Hyundai Glovis and sale of shares in Hyundai Glovis and will utilize these proceeds in addition to available liquidity to cover operational payments and the proposed dividend distribution to its shareholders. Note 8 Financial risk Note 6 Principal subsidiaries Business oce/country Nature of business Proportion of ordinary shares directly held by parent (%) Proportion of ordinary shares held by the group (%) Den Norske Amerikalinje AS Lysaker, Norway Investments 100% 100% The group’s subsidiary at 31 December 2021 are set out above, and has share capital consisting solely of ordinary shares that are held directly by the group, and the proportion of ownership interests held equals the voting rights held by the group. The country of incorporation or registration is also their principal place of business. Group Account and notes 16 Treasure ASA Annual Report 2021 Financial instruments by category USD thousand Note Financial assets at amortised cost Fair value through the income statement Total Assets Financial assets to fair value 4 583 127 583 127 Other current assets 14 14 Cash and cash equivalent 26 570 26 570 Assets at 31.12.2021 26 584 583 127 609 712 USD thousand Note Financial assets at amortised cost Fair value through the income statement Total Assets Financial assets to fair value 4 698 567 698 567 Other current assets 10 10 Cash and cash equivalent 64 405 64 405 Assets at 31.12.2020 64 414 698 567 762 981 Note 8 Financial risk Note 9 Related party transactions Note 10 Events after the balance sheet date No material events occurred between the balance sheet date and the date when the accounts were presented which provide new information about conditions prevailing on the balance sheet date. Material related parties for Treasure group are: Business oce, country Wilh Wilhelmsen Holding ASA (WWH) Lysaker, Norway Owns 74.82% of Treasure ASA Wilhelmsen Accounting Services AS Lysaker, Norway Owned 100% by WWH Wilhelmsen Ships Service AS Lysaker, Norway Owned 100% by WWH USD thousand 2021 2020 OPERATING EXPENSES FROM RELATED PARTY Management and accounting services (269) (238) Operating expenses from related party (269) (238) The ultimate owner of the group Treasure ASA is Tallyman AS, which controls about 60% of voting shares of the group Wilh. Wilhelmsen Holding ASA. Wilh. Wilhelmsen Holding ASA controls 74.82% of the Treasure group. Tallyman AS is controlled by Thomas Wilhelmsen. The services provided by related parties are: • Management team (CEO and CFO) • Shared services (Accounting, Financial Reporting and Internal Control Services) FINANCIAL REPORTING PRINCIPLES Related parties are dened as entities outside of the group that are under control directly or indirectly, joint control or signicant inuence by the owners of Treasure ASA. All transactions with related parties are entered into on marked terms based on arm’s length principles. Transactions with related parties include shared services and other services provided by the Wilh. Wilhelmsen Holding ASA group. Shared Services are priced in accordance with the principles set out in the OECD Transfer Pricing Guidelines and are delivered according to agreements that are renewed annually. GroupAccount and notes 17 Treasure ASA Annual Report 2021 Parent company Account and notes 18 Treasure ASA Annual Report 2021 NOK thousand Note 2021 2020 Operating income Dividend and group contribution from subsidiary 7 0 641 327 Other income Reversal impairment subsidiary 4 1 178 271 Consultant fee Hyundai Glovis 3 121 3 257 Total income 3 121 1 822 856 Operating expenses Other expenses 1 (3 565) (3 125) Total operating expenses (3 565) (3 125) Operating prot (444) 1 819 731 Financial income/(expenses) Net nancial income 1 5 360 101 Net nancial expenses 1 (655) (7 751) Financial income/(expenses) 4 705 (7 649) Prot before tax 4 261 1 812 081 Tax income/(expenses) 3 (1 703) 898 Prot for the year 2 557 1 812 979 Transfers and allocations To equity 5 (205 278) 1 492 227 Proposed dividend 5 207 835 320 753 Total transfers and allocations 2 557 1 812 979 Income statement Treasure ASA Notes 1 to 8 on the next pages are an integral part of these nancial statements. Parent companyAccount and notes 19 Treasure ASA Annual Report 2021 NOK thousand Note 31.12.2021 31.12.2020 ASSETS Non current assets Deferred tax asset 3 2 139 3 159 Investments in subsidiaries 4 5 906 857 5 906 857 Total non current assets 5 908 996 5 910 016 Current assets Other current assets 111 82 Cash and cash equivalents 6 234 636 549 384 Total current assets 234 747 549 466 Total assets 6 143 743 6 459 482 EQUITY AND LIABILITIES Equity Paid-in capital 5 21 384 21 780 Own shares 5 (600) (397) Retained earnings 5 5 805 270 6 104 713 Total equity 5 826 054 6 126 097 Current liabilities Account payables 131 60 Account payables related parties 7 652 Cash pool payables 6/7 109 071 12 481 Accrued dividend 5 207 835 320 753 Other current liabilities 92 Total current liabilities 317 689 333 386 Total equity and liabilities 6 143 743 6 459 482 Balance sheet Treasure ASA Notes 1 to 8 on the next pages are an integral part of these nancial statements. Lysaker, 9 February 2022 The board of directors of Treasure ASA Thomas Wilhelmsen Chair Benedicte Bakke Agerup Marianne Hagen Christian Berg Magnus Sande CEO Parent company Account and notes 20 Treasure ASA Annual Report 2021 NOK thousand Note 2021 2020 Cash ow from operating activities Prot before tax 4 261 1 812 081 Financial (income)/expenses 1 (4 705) 7 649 Reversal impairment subsidiary 4 (1 178 271) Change in working capital 5 295 (1 359) Tax paid (withholding tax) 3 (684) (756) Tax paid (withholding tax) 3 (684) (756) Cash ow from investing activities Interest received 1 15 101 Financial income/expenses 1 (655) (7 751) Net cash ow from investing activities (640) (7 649) Cash ow from nancing activities Dividend to shareholders 5 (320 753) (86 934) Changes in cash pool 97 242 12 481 Purchase of own shares 5 (94 765) (38 983) Net cash ow from nancing activities (318 276) (113 435) Net increase in cash and cash equivalents (314 748) 518 260 Cash and cash equivalents, at the beginning of the period 549 384 31 124 Cash and cash equivalents at 31.12 234 636 549 384 Cash ow statement Treasure ASA The company has bank accounts in both USD and NOK. Unrealised currency eects are included in net cash provided by operating activities. Notes 1 to 8 on the next pages are an integral part of these nancial statements. Parent companyAccount and notes 21 Treasure ASA Annual Report 2021 Note 1 Combined items, income statement Note 2 Expensed audit fee NOK thousand Note 2021 2020 OTHER EXPENSES Board of directors fee (incl soc. sec.) 2 (377) (320) Expenses to related parties 7 (2 088) (2 053) External services 2 (662) (391) Other administration expenses (439) (361) Total other expenses (3 565) (3 125) FINANCIAL INCOME/(EXPENSES) Financial income Interest income 15 101 Net currency gain 5 345 Net nancial income 5 360 101 Financial expenses Other nancial items 6 (655) (667) Net currency loss (7 084) Net nancial expenses (655) (7 751) Net nancial income/(expenses) 4 705 (7 649) EXPENSED AUDIT FEE (EXCLUDING VAT) NOK thousand 2021 2020 Statutory audit (178) (159) Total audit fee expenses (178) (159) Parent company Account and notes 22 Treasure ASA Annual Report 2021 NOK thousand Business oce country Nature of business Voting share/ ownership share 2021 Book value 2020 Book value Den Norske Amerikalinje AS Lysaker, Norway Investment 100% 5 906 857 5 906 857 Total investments in subsidiaries 5 906 857 5 906 857 Note 4 Investments in subsidiaries The company's subsidiary at 31 December 2021 is set out above. The share capital consist solely of ordinary shares that are held directly by the company, and the propotion of ownership interest held equals the voting rights held by the company. The country of incorporation or registration is also their prinsipal place of business. NOK thousand 2021 2020 Allocation of tax income/(expense) Withholding tax (684) (756) Change in deferred tax (1 020) 1 654 Total tax income/(expense) (1 703) 898 Basis for tax computation Prot before tax 4 261 1 812 081 22% tax (937) (398 658) Tax eect from Permanent dierences (82) 141 092 Withholding tax (684) (756) Reversal impairement subsidiaries 259 220 Current year calculated tax (1 703) 898 Eective tax rate 40.0% 0.0% Deferred tax asset Tax losses carried forward 2 139 3 159 Deferred tax asset 2 139 3 159 Deferred tax asset 01.01 3 159 1 505 Change of deferred tax through income statement (1 020) 1 654 Deferred tax asset 31.12 2 139 3 159 Note 3 Tax FINANCIAL REPORTING PRINCIPLES Investments in subsidiaries are recorded at cost. Where a reduction in the value of shares in subsidiaries is considered to be permanent and signicant, an impairment to net realisable value is recorded. Parent companyAccount and notes 23 Treasure ASA Annual Report 2021 NOK thousand Share capital Own shares Retained earnings Total Current year's change in equity Equity 31.12.2020 21 780 (397) 6 104 713 6 126 097 Purchase of own shares (600) (94 165) (94 765) Liquidation of own shares (397) 397 0 Prot for the year 2 557 2 557 Proposed dividend (207 835) (207 835) Equity 31.12.2021 21 384 (600) 5 805 270 5 826 054 NOK thousand Share capital Own shares Retained earnings Total 2020 change in equity Equity 31.12.2019 21 780 (47) 4 651 119 4 672 852 Purchase of own shares (350) (38 633) (38 983) Prot for the year 1 812 979 1 812 979 Proposed dividend (320 753) (320 753) Equity 31.12.2020 21 780 (397) 6 104 713 6 126 097 Note 5 Equity Dividend The proposed dividend for scal year 2021 is NOK 1.00 per share, payable in rst half of 2022. A decision on this proposal will be taken by the annual general meeting on 15 March 2022. Dividend for scal year 2020 was NOK 1.50 per share paid in 2021. At 31 December 2021 Treasure ASA had 6 000 000 own shares (corresponding gures at 31 December 2020 was 3 965 000 own shares). At 31 December 2021 Treasure ASA’s share capital comprises 213 835 000 shares with a nominal value of NOK 0.10 each. Parent company Account and notes 24 Treasure ASA Annual Report 2021 Cont. note 5 Equity The largest shareholders at 31 December 2021 Shareholders Total number of shares % of total shares Wilh. Wilhelmsen Holding ASA 160 000 000 74.82% VPF Nordea Norge Verdi 13 929 763 6.51% Folketrygdfondet 7 618 031 3.56% Treasure ASA 6 000 000 2.81% VJ Invest AS 2 167 123 1.01% Verdipapirfondet Nordea Kapital 1 837 433 0.86% Verdipapirfondet SR-Utbytte 1 529 220 0.72% VPF Nordea Avkastning 1 306 502 0.61% Varner Equities AS 1 303 044 0.61% Tallyman AS 1 109 095 0.52% Verdipapirfondet Nordea Norge Plus 939 564 0.44% Kvaal Invest AS 900 800 0.42% Verdipapirfondet Storebrand Norge 775 137 0.36% J.P. Morgan Bank Luxembourg S.A. (nominee) 544 205 0.25% J.P. Morgan Bank Luxembourg S.A. (nominee) 461 202 0.22% Bergen Kommunale Pensjonskasse 450 000 0.21% Stiftelsen Tom Wilhelmsen 400 000 0.19% UBS Switzerland AG (nominee) 386 498 0.18% UBS AG London Branch 364 100 0.17% Others 11 813 283 5.52% Total number of shares 213 835 000 100.00% Shares on foreigners hands At 31. December 2021 - 4 797 396 (2.24%) shares were owned by foreign owners. Corresponding gures at 31. December 2020 - 6 116 287 (2.81%) shares. SHARES OWNED OR CONTROLLED BY REPRESENTATIVES OF TREASURE ASA AT 31 DECEMBER 2021 Board of directors Total % of total shares Thomas Wilhelmsen 56 000 0.03% Benedicte Bakke Agerup 585 Christian Berg Marianne Hagen Magnus Sande (CEO) Parent companyAccount and notes 25 Treasure ASA Annual Report 2021 No material events occurred between the balance sheet date and the date when the accounts were presented which provide new information about conditions prevailing on the balance sheet date. Note 8 Events after the balance sheet date NOK thousand Note 2021 2020 OPERATING EXPENSES TO RELATED PARTIES Wilhelmsen Ships Service AS (131) Wilhelmsen Accounting Services AS (131) (258) Wilh. Wilhelmsen Holding ASA (1 826) (1 796) Operating expenses to related parties 1 (2 088) (2 053) DIVIDEND AND GROUP CONTRIBUTION FROM SUBSIDIARIES Den Norske Amerikalinje AS 641 327 Dividend and group contribution from subsidiary 0 641 327 INTEREST INCOME FROM GROUP COMPANIES Den Norske Amerikalinje AS 1 Interest income from group companies 0 1 INTEREST EXPENSES TO GROUP COMPANIES Den Norske Amerikalinje AS (92) Interest expenses to group companies 0 (92) ACCOUNT PAYABLES Wilhelmsen Ships Service AS (82) Wilh. Wilhelmsen Holding ASA (571) Account payables to related parties (652) 0 CASH POOL PAYABLES Den Norske Amerikalinje AS (109 071) (12 481) Cash pool payables (109 071) (12 481) Note 7 Related party transaction The ultimate owner of Treasure ASA is Tallyman AS, which controls the company through its ownership in Wilh. Wilhelmsen Holding ASA. Tallyman AS control about 60% of voting shares of Wilh. Wilhelmsen Holding ASA who has an ownership of approximately 75% in Treasure ASA. In addition, Tallyman AS directly owns 1% of Treasure ASA. Tallyman AS is controlled by Thomas Wilhelmsen. The company has undertaken several transactions with related parties within the Wilh. Wilhelmsen Holding group. All transactions are entered into in the ordinary course of business of the company and the agreements pertaining to the transactions are all entered into on market terms. Shared Services delived to Treasure ASA relates to management, tax, communication, treasury, legal services, accounting and rent of oce facilities. Generally, Shared Services are priced using a cost plus 5% margin calculation, in accordance with the principles set out in the OECD Transfer Pricing Guidelines and are delivered according to agreements that are renewed annually. Note 6 Financial risk CREDIT RISK O-balance sheet item According to The Norwegian Company Act Law § 14-11 section 3, the company will under certain conditions support repayment of debt issued by its former parent company Wallenius Wilhelmsen ASA at the date of the demerger. This joint liability is treated as an o-balance sheet item. The company's general policy is that no nancial guarantees are provided by the parent company. Cash and bank deposits The company's exposure to credit risk on cash and bank deposits is considered to be very limited as the company maintain banking relationships with a selection of well-known banks. The company is the owner of the cash pool with the subsidiary Den Norske Amerikalinje AS (NAL) as participant. Bank balances in NAL is presented as intercompany receivable/ liability in the parent nancial statements. LIQUIDITY RISK The company’s approach to managing liquidity is to ensure, as far as possible, that it will always have sucient liquidity to at all times meet its liabilities, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the company and the group’s reputation. Parent company Account and notes 26 Treasure ASA Annual Report 2021 Auditor’s Report PricewaterhouseCoopers AS, Dronning Eufemias gate 71, Postboks 748 Sentrum, NO-0106 Oslo T: 02316, org. no.: 987 009 713 MVA, www.pwc.no Statsautoriserte revisorer, medlemmer av Den norske Revisorforening og autorisert regnskapsførerselskap To the General Meeting of Treasure ASA Independent Auditor’s Report Report on the Audit of the Financial Statements Opinion We have audited the financial statements of Treasure ASA, which comprise: • The financial statements of the parent company Treasure ASA (the Company), which comprise the balance sheet as at 31 December 2021, the income statement and cash flow statement for the year then ended, and notes to the financial statements, including a summary of significant accounting policies, and • The consolidated financial statements of Treasure ASA and its subsidiaries (the Group), which comprise the balance sheet as at 31 December 2021, the income statement, comprehensive income, consolidated statement of changes in equity and cash flow statement for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion: • the financial statements comply with applicable statutory requirements, • the financial statements give a true and fair view of the financial position of the Company as at 31 December 2021, and its financial performance and its cash flows for the year then ended in accordance with simplified application of international accounting standards according to section 3-9 of the Norwegian Accounting Act, and • the financial statements give a true and fair view of the financial position of the Group as at 31 December 2021, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the EU. Our opinion is consistent with our additional report to the Audit Committee. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company and the Group as required by laws and regulations and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in Parent companyAccount and notes 27 Treasure ASA Annual Report 2021 Auditor’s Report Independent Auditor's Report - Treasure ASA (2) accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation (537/2014) Article 5.1 have been provided. We have been the auditor of the Company for 6 years from the election by the general meeting of the shareholders on 12.02.2016 for the accounting year 2016. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined that there are no key audit matters to communicate in our report. Other Information The Board of Directors and the Managing Director (management) are responsible for the information in the Board of Directors’ report and the other information presented with the financial statements. The other information comprises information in the annual report, but does not include the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the information in the Board of Directors’ report and the other information presented with the financial statements. In connection with our audit of the financial statements, our responsibility is to read the Board of Directors’ report and the other information presented with the financial statements. The purpose is to consider if there is material inconsistency between the Board of Directors’ report and the other information presented with the financial statements and the financial statements or our knowledge obtained in the audit, or whether the Board of Directors’ report and the other information presented with the financial statements otherwise appears to be materially misstated. We are required to report if there is a material misstatement in the Board of Directors’ report and the other information presented with the financial statements. We have nothing to report in this regard. Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report • is consistent with the financial statements and • contains the information required by applicable legal requirements. Our opinion on the Board of Director’s report applies correspondingly for the statements on Corporate Governance and Corporate Social Responsibility. Parent company Account and notes 28 Treasure ASA Annual Report 2021 Auditor’s Report Independent Auditor's Report - Treasure ASA (3) Responsibilities of Management for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with simplified application of international accounting standards according to the Norwegian Accounting Act section 3-9, and for the preparation and true and fair view of the consolidated financial statements of the Group in accordance with International Financial Reporting Standards as adopted by the EU, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Company’s and the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: • identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. We design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's or the Group's internal control. • evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • conclude on the appropriateness of management’s use of the going concern basis of accounting, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company and the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. Parent companyAccount and notes 29 Treasure ASA Annual Report 2021 Independent Auditor's Report - Treasure ASA (4) However, future events or conditions may cause the Company and the Group to cease to continue as a going concern. • evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves a true and fair view. • obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with the Board of Directors, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on Other Legal and Regulatory Requirements Report on compliance with Regulation on European Single Electronic Format (ESEF) Opinion We have performed an assurance engagement to obtain reasonable assurance that the financial statements with file name 5967007LIEEXZXFNUW59-2021-12-31-en.zip have been prepared in accordance with Section 5-5 of the Norwegian Securities Trading Act (Verdipapirhandelloven) and the accompanying Regulation on European Single Electronic Format (ESEF). In our opinion, the financial statements have been prepared, in all material respects, in accordance with the requirements of ESEF. Management’s Responsibilities Management is responsible for preparing, tagging and publishing the financial statements in the single electronic reporting format required in ESEF. This responsibility comprises an adequate process and the internal control procedures which management determines is necessary for the preparation, tagging and publication of the financial statements. Auditor’s Report Parent company Account and notes 30 Treasure ASA Annual Report 2021 Auditor’s Report Independent Auditor's Report - Treasure ASA (5) Auditor’s Responsibilities For a description of the auditor’s responsibilities when performing an assurance engagement of the ESEF reporting, see: https://revisorforeningen.no/revisjonsberetninger Oslo, 9 February 2022 PricewaterhouseCoopers AS Thomas Fraurud State Authorised Public Accountant (electronically signed) Parent companyAccount and notes 31 Treasure ASA Annual Report 2021 Responsibility statement We conrm, to the best of our knowledge, that the nancial statements for the period from 1 January to 31 December 2021 have been prepared in accordance with current applicable accounting standards and give a true and fair view of the assets, liabilities, nancial position and prot for the entity and the group taken as a whole. We also conrm that the Board of Directors’ Report includes a true and fair review of the development and performance of the business and the position of the entity and the group, together with a description of the principal risks and uncertainties facing the entity and the group. Lysaker, 9 February 2022 The board of directors of Treasure ASA Thomas Wilhelmsen Chair Benedicte Bakke Agerup Marianne Hagen Christian Berg Magnus Sande CEO Group Corporate structure 32 Treasure ASA Annual Report 2021 Corporate structure As of 31 December 2021 TREASURE group Den Norske Amerikalinje AS Norway Hyundai Glovis Ltd Republic of Korea, 11% Unless otherwise stated, the company is wholly-owned Treasure ASA, Norway www.treasureasa.com Treasure ASA P O Box 33 NO-1324 Lysaker, NORWAY Tel: +47 67 58 40 00 Org no 916 803 222 MVA 5967007LIEEXZXFNUW592021-01-012021-12-315967007LIEEXZXFNUW592020-01-012020-12-315967007LIEEXZXFNUW592021-12-315967007LIEEXZXFNUW592020-12-315967007LIEEXZXFNUW592019-12-315967007LIEEXZXFNUW592020-12-31ifrs-full:IssuedCapitalMember5967007LIEEXZXFNUW592021-01-012021-12-31ifrs-full:IssuedCapitalMember5967007LIEEXZXFNUW592021-12-31ifrs-full:IssuedCapitalMember5967007LIEEXZXFNUW592020-12-31ifrs-full:TreasurySharesMember5967007LIEEXZXFNUW592021-01-012021-12-31ifrs-full:TreasurySharesMember5967007LIEEXZXFNUW592021-12-31ifrs-full:TreasurySharesMember5967007LIEEXZXFNUW592020-12-31TRE:RetainedEarningsAndOtherReservesMember5967007LIEEXZXFNUW592021-01-012021-12-31TRE:RetainedEarningsAndOtherReservesMember5967007LIEEXZXFNUW592021-12-31TRE:RetainedEarningsAndOtherReservesMember5967007LIEEXZXFNUW592019-12-31ifrs-full:IssuedCapitalMember5967007LIEEXZXFNUW592019-12-31ifrs-full:TreasurySharesMember5967007LIEEXZXFNUW592020-01-012020-12-31ifrs-full:TreasurySharesMember5967007LIEEXZXFNUW592019-12-31TRE:RetainedEarningsAndOtherReservesMember5967007LIEEXZXFNUW592020-01-012020-12-31TRE:RetainedEarningsAndOtherReservesMemberiso4217:USDiso4217:USDxbrli:shares
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