Beskrivning
| Land | Norge |
|---|---|
| Lista | Oslo Bors |
| Sektor | Tjänster |
| Industri | Shipping & Offshore |
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2023-11-01 18:00:00
The Treasure group has previously recognized the investment as financial assets
at fair value ("FV") measurement with changes in FV recognized in profit or loss
in accordance with IFRS 9 - Financial Instruments. The group investment in
Hyundai Glovis Co., Ltd. ("Hyundai Glovis") is 11.0%.
The group has changed the accounting method to consider Hyundai Glovis as an
associated company and recognize the investment according to the equity method
in accordance with IAS 28 - Investments in Associates and Joint Ventures, with
the group's share of changes in net assets of Hyundai Glovis reported as share
of profit from associates and dividends from associates. This change comes as a
result from discussions with Financial Supervisory Authority of Norway (the
"NFSA").
In September 2023, the group received a preliminary notice from the NFSA
regarding its accounting treatment of the Hyundai Glovis investment in the
group's consolidated financial statements for the period ending December 31,
2020. In the notice, the NFSA has concluded the group has significant influence
over Hyundai Glovis and is therefore required to classify the investment as an
associated company, and to measure the investment using the equity method in
accordance with IAS 28 Investments in Associates and Joint Ventures. The change
in classification should be corrected retrospectively as an error according to
IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors.
Impact of the change on accounting method on the groups consolidated financial
statements:
The impact on the consolidated balance sheet as of June 30, 2023 is an increase
in total equity and retained earnings of USD 8.6 million.
The group's financial statements on and after the period ending June 30, 2023
will show comparable figures. See attachment.
For further information, please contact:
Thomas Finnema, CFO
Tel: (+47) 481 55 159 - email: thomas.finnema@wilhelmsen.com
Magnus Sande, CEO
Tel: (+47) 915 55 51 - email: magnus.sande@wilhelmsen.com
This information is subject to the disclosure requirements pursuant to section
of 5-12 of the Norwegian Securities Trading Act.