SEMI-ANNUAL REPORT 1ST HALF 2018 CFO / IR cntact: Mrten Lertrø Phne: +47 67 58 40 00 Mbile: +47 90 41 99 94 inf@treasureasa.cm www.treasureasa.cm www.wilhelmsen.cm
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 136.000 KRW t 115.500 KRW per share and USDKRW frm 1067 t 1115 during the first six mnths f 2018. 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 Hwever, caused by lack f sharehlder supprt, the prpsal was withdrawn late May.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 2018. 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.
Incme statement - half year financial reprt USD thusand Nte First-half First-half Full year 2018 2017 2017 Dividend frm Hyundai Glvis 12 529 11 780 11 780 Other incme 200 229 461 Change in fair value f shares in Hyundai Glvis 2 (106 806) - - Freign currency gain/(lss) (315) (132) (138) Other expenses (251) (269) (366) Impairment shares in Hyundai Glvis - (137 354) Prfit/(lss) befre tax (94 642) 11 608 (125 617) Tax incme/(expense) (1 919) (1 831) (2 036) Prfit fr the perid (96 561) 9 777 (127 653) Attributable t: wners f the parent (96 561) 9 777 (127 653) Basic earnings per share (USD) 1 (0,44) 0,04 (0,58) Cmprehensive incme - financial reprt USD thusand First-half First-half Full year 2018 2017 2017 Prfit fr the perid (96 561) 9 777 (127 653) Items that will be reclassified t incme statement Changes in fair value f financial asset 40 362 (4 779) Changes in fair value f financial asset reclassified t incme statement 137 354 Currency translatin 279 1 022 Other cmprehensive incme, net f tax 279 40 362 133 597 Ttal cmprehensive incme fr the perid (96 282) 50 139 5 943 Ttal cmprehensive incme attributable t the wners f the parent (96 282) 50 139 5 943 The abve cnslidated incme statement shuld be read in cnjunctin with the accmpanying ntes.
Balance sheet - half year reprt USD thusand Nte 30.06.2018 30.06.2017 31.12.2017 Nn current assets Deferred tax asset 317 470 316 Financial assets 2 468 610 619 998 575 415 Ttal nn current assets 468 927 620 468 575 731 Current assets Other current assets 28 23 6 Cash and cash equivalents 4 324 19 135 2 132 Ttal current assets 4 352 19 158 2 138 Ttal assets 473 279 639 626 577 869 Equity Paid-in capital 1 2 719 2 719 2 719 Retained earnings 470 486 636 775 575 091 Attributable t equity hlders f the wners 473 206 639 494 577 811 Current liabilities Other current liabilities 73 132 59 Ttal current liabilities 73 132 59 Ttal equity and liabilities 473 279 639 626 577 869 The abve cnslidated balance sheet shuld be read in cnjunctin with the accmpanying ntes.
Cash flw statement - half year financial reprt USD thusand First-half First-half Full year Nte 2018 2017 2017 Cash flw frm perating activities Dividend frm Hyundai Glvis 12 529 11 780 11 780 Other incme 188 178 364 Change in wrking capital (250) 387 784 Tax paid (1 919) (1 831) (2 036) Net cash prvided by perating activities 10 548 10 515 10 893 Cash flw frm investing activities Financial incme 12 51 97 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 1 2 192 2 719 (14 284) Cash and cash equivalents at the beg. f the perid 1 2 132 16 416 16 416 Cash and cash equivalents at the end f the perid 1 4 324 19 135 2 132 1 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 31.12.2017 2 719 575 091 577 811 Prfit fr the perid (96 561) (96 561) Paid dividends t sharehlders (8 323) (8 323) Cmprehensive incme 279 279 Balance 30.06.2018 2 719 470 486 473 206 USD thusand Share capital Retained earnings Ttal Balance 31.12.2016 2 719 594 425 597 144 Prfit fr the perid 9 777 9 777 Paid dividends t sharehlders (7 789) (7 789) Cmprehensive incme 40 362 40 362 Balance 30.06.2017 2 719 636 775 639 494 Statement f changes in equity - Full year USD thusand Share capital Retained earnings Ttal Balance 31.12.2016 2 719 594 425 597 144 Prfit fr the perid (127 653) (127 653) Paid dividends t sharehlders (25 172) (25 172) Cmprehensive incme 133 492 133 492 Balance 31.12.2017 2 719 575 091 577 811 The abve cnslidated statement f cash flws shuld be read in cnjunctin with the accmpanying ntes.
Ntes - half year financial reprt Nte 1 - Shares The share capital is as fllws with a nminal value f NOK 0.10 Ordinary shares 220 000 000 Ttal shares 220 000 000 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 220 000 000 shares fr 2017 and 2018. Nte 2 Financial assets at fair value USD thusand 31.12.2017 Available-fr-sale financial assets At 1 January 580 194 Mark t market valuatin Reversal mark t market valuatin 132 576 Impairment charge thrugh incme statement (137 354) Ttal available-fr-sale financial assets 575 415 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 2018 575 415 Change in fair value thrugh incme statement (106 806) Fair value at 30.06. 2018 468 610 Nte 3 - Financial level 30.06.2018 USD thusand Level 1 Ttal Financial assets at fair value Financial assets at fair value 468 610 468 610 Ttal financial assets 30.06.2018 468 610 468 610 30.06.2017 USD thusand Level 1 Ttal Financial assets at fair value Financial assets at fair value 619 998 619 998 Ttal financial assets 30.06.2017 619 998 619 998 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 2018. The dividend had effect n retained earnings in secnd quarter f 2018.
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