SEMI-ANNUAL REPORT 1ST HALF CFO / IR contact:

Transcription

1 SEMI-ANNUAL REPORT 1ST HALF 2018 CFO / IR cntact: Mrten Lertrø Phne: Mbile: inf@treasureasa.cm

2 Reprt fr the first half f 2018 Highlights & Financial Summary Net Lss f USD 96,6 millin, mainly reflecting the revaluatin f the sharehlding in Hyundai Glvis. The Hyundai Glvis share price mved frm KRW t KRW per share and USDKRW frm 1067 t 1115 during the first six mnths f The increased vlatility in the share price f Hyundai Glvis is mainly due t the nging restructuring f the Hyundai Grup, invlving several Hyundai entities, including Hyundai Glvis. An initial restructuring prpsal frm late March was viewed psitive by the equity markets, bth frm a gvernance imprvement and a valuatin pint-f-view. Hwever, caused by lack f sharehlder supprt, the prpsal was withdrawn late May. The Hyundai Grup is expected t return t their sharehlders with a new restructuring prpsal within the next quarters. NAV per share at the end f the half: 17,5 NOK Treasure ASA paid 0,30 NOK per share dividend in May Investment Case & Strategy Treasure ASA hlds (via the whlly-wned subsidiary Den Nrske Amerikalinje AS) 12,04% f Hyundai Glvis C. Ltd., a glbal lgistics cmpany listed n the KRX Krea Exchange. The hlding in Hyundai Glvis is strategic in nature twards the HMC Grup in Krea and Treasure ASA is represented n the Bard f Directrs f Hyundai Glvis with tw bard members. Treasure ASA shall create sharehlder value thrugh a cmbinatin f increased value f the shares and dividends, where the primary surce f incme fr Treasure ASA is dividend frm Hyundai Glvis. The cmpany is debt-free. Prspects Treasure ASA s dminating asset are shares in Hyundai Glvis C Ltd., incrprated and listed in Krea, whse share price will fluctuate with the full range f variables impacting glbal trade and lgistics dynamics, as well as cmpany specific and therwise relevant news flw.. Lysaker, 9 August 2018 The bard f directrs f Treasure ASA Frward-lking statements presented in this reprt are based n varius assumptins. These assumptins were reasnable when made, but as assumptins are inherently subject t uncertainties and cntingencies which are difficult r impssible t predict. Treasure ASA cannt give assurances that expectatins regarding the future utlk will be achieved r accmplished.

3 Incme statement - half year financial reprt USD thusand Nte First-half First-half Full year Dividend frm Hyundai Glvis Other incme Change in fair value f shares in Hyundai Glvis 2 ( ) - - Freign currency gain/(lss) (315) (132) (138) Other expenses (251) (269) (366) Impairment shares in Hyundai Glvis - ( ) Prfit/(lss) befre tax (94 642) ( ) Tax incme/(expense) (1 919) (1 831) (2 036) Prfit fr the perid (96 561) ( ) Attributable t: wners f the parent (96 561) ( ) Basic earnings per share (USD) 1 (0,44) 0,04 (0,58) Cmprehensive incme - financial reprt USD thusand First-half First-half Full year Prfit fr the perid (96 561) ( ) Items that will be reclassified t incme statement Changes in fair value f financial asset (4 779) Changes in fair value f financial asset reclassified t incme statement Currency translatin Other cmprehensive incme, net f tax Ttal cmprehensive incme fr the perid (96 282) Ttal cmprehensive incme attributable t the wners f the parent (96 282) The abve cnslidated incme statement shuld be read in cnjunctin with the accmpanying ntes.

4 Balance sheet - half year reprt USD thusand Nte Nn current assets Deferred tax asset Financial assets Ttal nn current assets Current assets Other current assets Cash and cash equivalents Ttal current assets Ttal assets Equity Paid-in capital Retained earnings Attributable t equity hlders f the wners Current liabilities Other current liabilities Ttal current liabilities Ttal equity and liabilities The abve cnslidated balance sheet shuld be read in cnjunctin with the accmpanying ntes.

5 Cash flw statement - half year financial reprt USD thusand First-half First-half Full year Nte Cash flw frm perating activities Dividend frm Hyundai Glvis Other incme Change in wrking capital (250) Tax paid (1 919) (1 831) (2 036) Net cash prvided by perating activities Cash flw frm investing activities Financial incme Financial expenses (44) (58) (101) Net cash flw frm investing activities (32) (7) (5) Cash flw frm financing activities Dividend t sharehlders 4 (8 323) (7 789) (25 172) Net cash flw frm financing activities (8 323) (7 789) (25 172) Net increase in cash and cash equivalents (14 284) Cash and cash equivalents at the beg. f the perid Cash and cash equivalents at the end f the perid Excluding restricted cash. The grup has bank accunts in different currencies. Unrealised currency effects are included in net cash prvided by perating activities. Statement f changes in equity - financial reprt Statement f changes in equity - year t date USD thusand Share capital Retained earnings Ttal Balance Prfit fr the perid (96 561) (96 561) Paid dividends t sharehlders (8 323) (8 323) Cmprehensive incme Balance USD thusand Share capital Retained earnings Ttal Balance Prfit fr the perid Paid dividends t sharehlders (7 789) (7 789) Cmprehensive incme Balance Statement f changes in equity - Full year USD thusand Share capital Retained earnings Ttal Balance Prfit fr the perid ( ) ( ) Paid dividends t sharehlders (25 172) (25 172) Cmprehensive incme Balance The abve cnslidated statement f cash flws shuld be read in cnjunctin with the accmpanying ntes.

6 Ntes - half year financial reprt Nte 1 - Shares The share capital is as fllws with a nminal value f NOK 0.10 Ordinary shares Ttal shares Earnings per share taking int cnsideratin the number f utstanding shares in the perid. Basic earnings per share is calculated by dividing prfit fr the perid after minrity interests, by average number f ttal utstanding shares. Earnings per share is calculated based n shares fr 2017 and Nte 2 Financial assets at fair value USD thusand Available-fr-sale financial assets At 1 January Mark t market valuatin Reversal mark t market valuatin Impairment charge thrugh incme statement ( ) Ttal available-fr-sale financial assets Financial asset at fair value is denminated in KRW The fair value f the investment has increased frm previus quarter. Increased fair value is recgnized in incme statement in accrdance with IFRS 9 financial asset thrugh incme statement. Fair value at 1. January Change in fair value thrugh incme statement ( ) Fair value at Nte 3 - Financial level USD thusand Level 1 Ttal Financial assets at fair value Financial assets at fair value Ttal financial assets USD thusand Level 1 Ttal Financial assets at fair value Financial assets at fair value Ttal financial assets The fair value f financial instruments traded in an active market is based n quted market prices at the balance sheet date. Nte 4 - Dividend The prpsed dividend fr fiscal year 2017 in 2018 is NOK 0.30 per share, was apprved by the annual general meeting n 26 April 2018, and paid t the shareshlders in May The dividend had effect n retained earnings in secnd quarter f 2018.

7 Respnsibility statement We cnfirm, t the best f ur knwledge, that the cndensed set f financial statements fr the perid 1 January t 30 June 2018 have been prepared in accrdance with IAS 34 Interim Financial Reprting, and gives a true and fair view f the grup s assets, liabilities, financial psitin and prfit as a whle. We als cnfirm, t the best f ur knwledge, that the interim management reprt includes a fair review f imprtant events that have ccurred during the first six mnths f the financial year and their impact n the set f financial statements, a descriptin f the principal risks and uncertainties fr the remaining six mnths f the financial year, and majr related parties transactins. Lysaker, 9 August 2018 The bard f directrs f Treasure ASA Thmas Wilhelmsen Christian Berg Marianne Lie Benedicte Bakke Agerup Chair Sign Sign Sign Sign Magnus A.K. Sande CEO Sign