Annual
report 2021
Group Directors’ report
2 Treasure ASA Annual Report 2021
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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
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
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.
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 T rea s u re AS A
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 L ysaker , Nor way 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
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
