Annual report 2023
Hunter Group ASA – Annual report 2023
2
Table of contents
Highlights 03
Corporate governance policy 04
Corporate social responsibility policy 11
Responsibility statement 16
Board of Directors’ report 17
Consolidated financial statements 21
Financial statements for Hunter Group ASA 48
Auditor’s report 62
Hunter Group ASA - 2023
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Highlights
Financial highlights in 2023
• Total revenues and other income from
continuing operations of USD 1.95m
- Time charter margin of USD 52k
- Unrealized gain on time charter
contracts of USD 1.8m
• Total operating expenses from continuing
operations USD 1.41m
• Net loss from continuing operations of
negative USD 1.47m
• Net loss, including discontinued operations
of negative USD 0.58m
• Average daily VLCC earnings of USD 54,190
per day achieved in December 2023
Key events in 2023 (cont’d)
• Annual general meeting AGM held 30 June
2023, which approved the 20:1 reverse stock
split effectuated on 3 July 2023
• Entered into a three-year back-to-back time-
charter for an eco scrubber fitted VLCC, which
was delivered on 1 December 2023. The VLCC
was chartered in on a fixed rate of USD 52,500
per day and chartered out on a floating index-
linked rate
• Completed a NOK 21.5 million equity private
placement on 30 November 2023, in
connection with the back-to-back time-charter
transaction effective from 1 December 2023
Subsequent events
• Completed a USD 12 million equity private
placement on 10 January 2024
• Entered into a second three-year back-to-back
time-charter for an eco scrubber fitted VLCC,
which was delivered on [] March 2024. The
VLCC was chartered in on a fixed rate of USD
51,000 per day and chartered out on a floating
index-linked rate
• Extraordinary general meeting held on 2
February 2024, which approved the USD 12
million equity private placement and the
subsequent offerings
• Completed two subsequent offerings on []
• Average rates achieved on the VLCCs… []
Key events in 2023
• Extraordinary general meeting held on 19
January 2023, which approved two dividends
of i) NOK 0.51 per share as repayment of paid-
in capital and ii) NOK 1.80 per share as
ordinary dividend
• Extraordinary general meeting held on 16
February 2023, which rejected a proposed
ordinary dividend of NOK 0.04 per share
• Entered into a joint cooperation agreement
with DNV for the development of a low
pressure mid-stream shipping solution for
Carbon Capture, Transportation and Storage
(“CCTS”)
• Extraordinary general meeting held on 21
March 2023, which approved the election of
new board members
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Corporate governance policy
Hunter Group ASA’s Board of Directors approved this updated Corporate Governance Policy on 27 March 2024.
1. Introduction
Corporate Governance regulates the responsibilities of the executive personnel and the Board of Directors of
Hunter Group ASA and its subsidiaries. The subsidiaries adopts the relevant governing documents.
Hunter Group ASA (“HUNT”, “the Company” or “the Group”) is a Norwegian public limited liability company which
shares are listed on Euronext Expand Oslo and it is therefore subject to the corporate governance requirements as
set out in the Norwegian Code of Practice for Corporate Governance. HUNT works according the Norwegian Code
of Practice for Corporate Governance dated 14th October 2021 (www.nues.no). Where HUNT does not fully
comply with the recommendations, an explanation or comment is given.
Oslo Stock Exchange prescribes that companies listed on the Oslo Stock Exchange must publish a report in their
annual report on the Company’s corporate governance.
HUNT aims to have effective systems in place for communication, monitoring, accountability, and incentives that
also enhance the market value, corporate profit, long-term strength, continuity and overall success of the
business of HUNT. In addition to strengthen the confidence amongst its shareholders.
HUNT is a small company with limited resources available within the organization. The number of employees
(including managers) were 3 at year-end 2023. This limits the ability to allocate resources to report and follow up
on Corporate Governance and Corporate social responsibility (CSR). On the other hand, a limited organization in
combination with an external board and a transparency culture is a strength in the company`s daily work with
Corporate Governance and CSR. The principles, rules and regulations are outlined to meet both today`s business
model and complexity and future, more complex business environments. The board will monitor the need for
increased capacity to fulfill external and internal rules and regulation as the business develops.
2. Reporting on Corporate Governance
Hunter Group ASA’s Board of Directors review and approves this Corporate Governance Policy annually, which can
also be found on its website (www.huntergroup.no) and is included in the annual report.
The Company’s basic corporate values are incorporated in the Company’s management system. The Board of
Directors has implemented ethical guidelines and a corporate social responsibility policy, which are reviewed and
re-issued annually.
3. Business
In the Articles of Association HUNT’s business is described as follows:
Hunter group is a publicly traded investment company focusing on shipping and oil service investments.
The Company’s primary business currently consists of chartering in and chartering out of oil tankers. The Company
currently has two three-year contracts for eco scrubber-fitted VLCCs, chartered in on fixed rates and chartered
out on floating index-linked rates.
The main investment between 2018 and 2022 was Hunter Tankers AS, a wholly owned ship owning company.
Hunter Tanker AS’ fleet consisted originally of eight identical VLCCs. The VLCC fleet was gradually divested
throughout 2021 and 2022. The Company was dissolved in 2023.
The Badger Explorer technology for exploring and mapping of hydrocarbon resources is organized in the subsidiary
Indicator AS. It has no employees and there has been no activity in the company in 2023. The cash burn is down to
a bare minimum and is close to zero.
4. Equity and Dividends
The development of the Group’s equity up to 31 December 2023 is described in the “Statement of change in
equity” in the financial statements of the annual report.
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HUNT’s dividend policy aims to yield a competitive return on invested capital to the shareholders through a
combination of dividends, share buybacks and share price appriciation. In 2023. the Company distributed a total
of NOK 2.31 per share in dividends (NOK 46.2 per share adjusted for the 20:1 reverse stock split in July 2023).
At the Company’s annual general meeting on 30 June 2023 the Board of Directors was granted a mandate to
increase the Company's share capital by up to NOK 549,999 to fund investments. Furthermore, the Board of
Directors were granted a mandate to acquire, on behalf of the Company, up to 57 536 200 of the Company’s own
shares.
The mandates granted by the Company’s annual general meeting on 30 June 2023 are valid until 30 June 2024.
The authorizations are in accordance with Norwegian Code of Practice for Corporate Governance.
5. Equal Treatment of Shareholders and Transactions with Close Associates
HUNT has one class of shares and is dedicated to applying equal treatment to all shareholders.
The decision to waiver the existing shareholders’ pre-emption rights in the event of an increase in the share
capital must be justified. The Board of Directors will disclose such a justification in the stock exchange
notification in connection with the increase in share capital.
If a transaction between the Company and a shareholder of the Company, a shareholder’s parent company, a
member of the Board of Directors or a member of executive personnel (or related parties to such persons) is
considered to be material in accordance with the Norwegian Code of Practice for Corporate Governance, the
Board will obtain an evaluation from an independent third party. This will not apply if the GM’s approval for such
transactions is required according to the Norwegian Public Limited Companies Act §3-8.
Board members and the executive personnel shall notify the Board of any material direct or indirect interest in
any transaction entered into by HUNT.
Deviation from the Norwegian Code of Practice for Corporate Governance:
The shareholders’ pre-emptive rights are exempted because the Group wishes to be able to (i) use share issues for
its employees, Directors and others important stakeholders with the Group as a part of the Group’s share
incentive scheme and (ii) issue shares towards certain specifically chosen institutional investors or others if
required or desired in conjunction with the Group’s expansion, development and/or strategic acquisitions.
6. Freely Negotiable Shares
All HUNT shares carry equal rights and are freely negotiable. Each share represents one vote at the GMs. The
nominal value per share amounts to NOK 0.0038 (rounded). At the date of this annual report, there are no
restrictions regarding transferability in the Group’s Articles of Association or any other transfer restrictions
related to HUNT’s shares.
7. General Meetings (“GM”)
The shareholders exercise the highest authority in HUNT through AGMs.
In 2024 the Annual General Meeting of HUNT will be held on 25 April. The Group’s financial calendar has been
published in a notice to the Oslo Stock Exchange and is available on HUNT’s website. The GMs shall approve the
annual accounts, the annual report, distribution of dividend, and otherwise make such resolutions as required
under the Corporate Governance Policy and the applicable law.
The Board shall publish notices of GMs and any supporting material, such as the agenda, recommendations of the
Nomination Committee, the information about the shareholder’s right to propose resolutions in respect of matters
to be dealt with by the General Meeting and other documents as set out in the bye-laws of the Group, no later
than 21 days prior to the day of the GM, on the Group’s website (www.huntergroup.no). The Board will also
ensure that the distributed notice and all supporting material are sufficiently detailed. The Board will make
reasonable efforts to enable as many shareholders as possible to attend.
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The notice shall also include information on the procedure of representation through proxy, as well as a proxy
that allows giving separate voting instructions for each matter to be considered by the General Meeting and for
each candidate nominated for election. The Group will nominate a person who will be available to vote on the
shareholder’s behalf if the shareholder has not appointed a proxy.
The Board shall make such notices of General Meetings and the relevant supporting material available through the
notification system of Oslo Stock Exchange and on the Group’s website no later than 21 days prior to the day of
the GM.
Every shareholder has the right to put matters on the agenda of a General Meeting along with a proposed
resolution within the statutory timeframe.
The shareholders may be asked to notify their attendance prior to the GM. The deadline for the notification of
attendance for the AGM will be as close to the meeting as possible. Shareholders who are unable to attend may
vote by proxy. A proxy form shall be attached to the notice of the GM.
The Company’s Board and the chairperson of the GM shall ensure that the shareholders vote separately for each
candidate nominated for a corporate body. HUNT will publish the minutes of GMs (alternatively only such
resolutions that were not made in accordance with the proposals made in the notice to the GM) through the
notification system of Oslo Stock Exchange and on its website no later than 15 days after a GM has been held and
will maintain them available for inspection in the Company's offices. The Annual General Meeting in 2023 was held
in Oslo on June 30
th
where 20.87% of all shares were represented.
Deviation from the Norwegian Code of Practice for Corporate Governance:
The Norwegian Code of Practice for Corporate Governance demands that the Board of Directors as a whole, the
members of the Nomination Committee and the Auditor are present at the General Meetings. HUNT considers it
sufficient that only the chairperson of the Board attend GMs.
8. Nomination Committee
HUNT’s Nomination Committee consists of two to three members, elected by the Company’s General Meeting. The
majority of the members shall be independent of the Board of Directors and the Company’s executive personnel.
No more than one member of the Board of Directors shall be member of the Nomination Committee and should
not offer himself for re-election to the Board. The members of the Nomination Committee are elected by the
shareholders in a GM for a period of no longer than two years.
The Nomination Committee proposes to the GM candidates for election to the Board. The composition of the
Board of Directors should reflect the provisions of the Group’s Corporate Governance Policy, commitment to
shareholder return, independence and experience in relevant sectors (technology and business development,
financing and accounting, disclosure and regulatory, etc.). The Nomination Committee also proposes the
remuneration to be paid to the members of the Board of Directors.
The Nomination Committee’s recommendations shall include justification as to how the recommendations take
into account the shareholder interests and the Group’s requirements. The following information about the
proposed candidates, in particular each person’s age, education, business experience, term of appointment to the
Board (if applicable), ownership interest in the Company, independence, any assignments (other than the
proposed Directorship) for the Company and material appointments with other companies and organizations will
be disclosed. In the event that the Nomination Committee recommends re-electing current Directors, the
recommendation will include information on when the Directors were appointed the Board and their attendance
records.
The Nomination Committee shall elect its own chairperson according to the Group’s Articles of Association.
Meetings of the Nomination Committee shall be convened when deemed necessary by any of its members to
adequately fulfill its assigned duties. Notice of a meeting shall be issued by the chairperson of the Nomination
Committee no later than one week prior to the meeting, unless all members approve a shorter notice period.
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Hunter Group ASA - 2023
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The Group will provide information on its website regarding the membership of the Committee and any deadlines
for submitting proposals to the Nomination Committee.
The
Nomination Committee consists of:
Jacob Iqbal (chairperson) – elected until AGM in 2024
Kristin Hellebust – elected until AGM in 2024
One member of the Nomination Committee is considered independent of the Board of Directors.
Deviation
from the Norwegian Code of Practice for Corporate Governance:
The Group’s Articles of Association regulate the election of the chairperson of the Nomination Committee.
According to §6 of the Articles of Association of Hunter Group ASA the Nomination Committee elects its own
chairperson.
The Norwegian Code of Practice for Corporate Governance requires guidelines regarding the Nomination
Committee’s duties to be set out by the General Meeting. At HUNT, the Committee itself sets out its duties in
accordance with the duties presented in chapter 8 of the Group’s Corporate Governance Policy.
9. Board of Directors: Composition and Independence
HUNT shall be headed by a Board with collective responsibility for the success of the Group.
The Board shall comprise between three and eight Directors according to §5 of HUNT's Articles of Association.
Currently the Board consists of three Directors, who have all been elected by the shareholders and are not
representatives of HUNT's executive personnel. The members of the Board of Directors are elected for a period of
two years.
The members of the Board of Directors consists of:
Morten Eivindssøn Astrup (Chairman) – elected until AGM in 2025
Kristin Hellebust – elected until AGM in 2025
Bertel Steen – elected until AGM in 2025
All members of the Company’s Board of Directors are considered independent according to the Norwegian Code of
Practice for Corporate Governance. Detailed information on the individual Board member can be found in the
Group’s website (www.huntergroup.no) and in the Annual Report.
Board members and close associates’ ownership as of 31 December 2023:
Morten Eivindssøn Astrup owns 5,410,835 shares, through Surfside Holding AS, which represents 12.6% of the
shares in the Company.
Bertel Steen owns [4,686,667] privately and through B.O Steen Shipping AS and Skarris Kapital AS, which
represents 10.9% of the shares in the Company.
Kristin Hellebust owns zero shares.
According to the Norwegian Public Limited Companies Act § 6-35 and the Norwegian Code of Practice for
Corporate Governance a Group with more than 200 employees is required to elect a corporate assembly. The
Group has less than 200 employees and has therefore not yet elected a corporate assembly.
10. The Work of the Board of Directors
The Board shall ensure that the Group is well organized and that operations are carried out in accordance with
applicable laws and regulations, and in accordance with the objects of HUNT as specified in its Articles of
Association and guidelines given by the shareholders through resolutions in GMs.
HUNT’s Board of Directors has the ultimate responsibility for inter alia the Group’s executive personnel,
supervision of its activities and the Group’s budgets and strategic planning. The Board of Directors produces an
annual plan of its work.
Corporate governance policy
Hunter Group ASA - 2023
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To fulfill its duties and responsibilities, the Board has full access to the Group’s relevant information. The Board
shall also consider for example obtaining such advice, opinions and reports from third party advisors as it deems
necessary to fulfill its responsibilities.
The “Rules of Procedure for the Board of Directors of HUNT and the Relation to CEO” were approved by the Board
on 31st October 2017 and were implemented.
All of the board members are also members of the Audit Committee and Remuneration Committee.
The Board of Directors evaluates its own performance and expertise once a year.
The Board of Directors arranged 13 board meeting during the fiscal year 2023.
Deviation
from the Norwegian Code of Practice for Corporate Governance:
The Norwegian Code of Practice for Corporate Governance requires the Board of Directors to consider appointing
a remuneration committee. At HUNT, the Board itself prepares all matters relating to compensation paid to the
Group’s executive management.
11. Risk Management and Internal Control
HUNT has implemented internal control and risk management systems appropriate to the size and nature of the
Group’s activities. The Group’s core values, ethical guidelines and the corporate social responsibility policy are
incorporated in the internal control and risk management systems.
The Board of Directors carries out an annual review of the control and risk management systems and the Group’s
most significant exposures.
In the annual report, the Board of Directors describes the main features of the Group’s internal control and risk
management systems in relation to the Group’s financial reporting.
12. Remuneration of the Board of Directors
The remuneration of the members of the Board of Directors reflects the Board’s responsibilities, expertise, the
committed time and the complexity of the Group’s activities.
The Board Members’ remuneration (form and amount) will be reviewed annually by the Nomination Committee
and is not linked to the Group’s performance. It is the Nomination Committee’s responsibility to prepare a
proposal for the Annual General Meeting regarding the above-mentioned remuneration.
13. Remuneration of the Executive Personnel
The Board of Directors establishes, as required by law, guidelines for the remuneration of the members of the
executive personnel. The AGM will vote on these guidelines which help ensure convergence of the financial
interest of the executive personnel and the shareholders.
The guidelines for remuneration of the executive personnel are published in the Annual report 2023 in note 20.
Performance related remuneration of the Group’s executive personnel shall aim for value creation for HUNT’s
shareholders or the Group’s earnings performance. Such arrangements shall encourage performance and be based
on quantifiable factors which can be influenced by the employee. Performance related remuneration shall be
subject to an absolute limit.
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Hunter Group ASA - 2023
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As of 31
st
December 2023, the executive personnel’s private and affiliated holdings of shares are the following:
Name Shares
Erik A.S. Frydendal 2,049,166
Sujoy K. Seal 1,772,916
Lars M. Brynildsrud 1,754,937
Total 5,577,019
14. Information and Communications
HUNT provides its shareholders, Oslo Stock Exchange and the financial markets generally (through Oslo Børs’/Oslo
Stock Exchange’s Distribution Network) with timely and accurate information. Such information takes the form of
annual reports, quarterly interim reports, stock exchange notifications and investor presentations as applicable.
HUNT communicates its long-term potential, including its strategy, value drivers and risk factors, maintains an
open and proactive investor relations policy and a best-practice website, and gives presentations regularly in
connection with annual and interim results in Oslo and Stavanger, Norway.
The Company’s current financial calendar with dates of important events including the Annual General Meeting,
publishing of quarterly reports and its presentations, etc. are accessible for all shareholders on
https://live.euronext.com/ and on the Company’s website www.huntergroup.no. Subscription to news about
HUNT can be made on the Company’s website www.huntergroup.no.
Generally, HUNT, as a company listed on Oslo Stock Exchange, discloses all required information as defined by
law. Certain resolutions and circumstances will in any event be disclosed, including but not limited to Board and
GM resolutions regarding dividends, mergers/de-mergers or changes in share capital, issue of warrants, issue of
convertible or other loans, any changes in the rights vested in the shares of the Company (or other financial
instruments issued by HUNT) and all agreements of material importance that are entered into between the
Company and a shareholder, member of the executive personnel, or related parties thereof, or any other company
in the Hunter Group ASA.
HUNT will disclose all material information to all recipients equally in terms of timing and content.
15. Takeovers
The Group has not implemented any specific guidelines on how to act in the event of a takeover bid.
Deviation
from the Norwegian Code of Practice for Corporate Governance:
The Group has not yet implemented guidelines in case of a takeover. Any bid will be dealt with by the Board of
Directors in accordance with applicable laws and regulations, the Norwegian Code of Practice for Corporate
Governance and based on their recommendation the shareholders’ approval will be requested.
16. Auditor
Under Norwegian law the auditor of the Company (the “Auditor”) is elected by the shareholders in a GM. The
current Auditor serves until a new auditor has been elected.
The Auditor participates in meeting(s) of the Board that deal with the annual accounts as well as the General
Meetings. At these meetings the Auditor reviews any variations in the accounting principles applied, comments on
material accounting estimates and issues of special interest to the Auditor, including possible disagreements
between the Auditor and the management.
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Hunter Group ASA - 2023
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At least once a year the Auditor and the Board of Directors meet without any members of the Group’s executive
personnel present.
The Auditor presents annually to the Audit Committee/Board of Directors the main features of its plan for the
audit of the Group, as well as a review of the Group’s internal control procedures.
The Board of Directors established guidelines in respect to the use of the auditor by the Group’s executive
personnel for services other than the audit.
The remuneration of the Auditor and all details regarding the fees of the audit work and other specific
assignments are presented at the AGM.
The Company’s auditor shall annually submit a written confirmation that the Auditor still continues to satisfy with
the requirements for independence and a summary of all services in addition to audit work that has been
undertaken for the Company.
Corporate governance policy
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Corporate social responsibility policy
1. General
The purpose of this policy is to provide information to all our stakeholders about Hunter Group ASA’s (“HUNT”,
“the Company” or “the Group”) approach to ethical and corporate social responsibility and how we as a Company
propose to work towards achieving it. HUNT is committed to enhancing shareholder value in an ethical and
socially responsible manner.
By implementing this policy, the Company aims to be responsible and an exemplar of good practice. Honesty,
integrity and respect for people underpin everything we as employees do and are the foundation of the Company’s
business practice. We are judged by how we act, and the Company’s reputation will be upheld if each one of us
acts in accordance with the law and the Company’s social responsibility and ethical standards set out herein. The
Company’s reputation and future success are critically dependent on compliance, not just with the law, but also
with high ethical and social standards. A reputation for integrity is a priceless asset. This policy is a further
commitment to integrity for all of us and will help to safeguard that asset.
This document applies to staff, Board members, temporary employees, consultants and any person or entity
acting on behalf of Hunter Group ASA and its subsidiaries. We encourage our business partners to strive for similar
performance.
We are committed to continuous improvement in our corporate social and ethical responsibility and the Board of
Directors and the Company will therefore review this policy regularly.
This policy was approved by the Board of Directors on 27 February 2023 and shall apply until revised and re-
approved.
2. Business practice
2.1 Correct Information, Accounting and Reporting
HUNT’s business information is disclosed accurately, timely and entirely. According to the applicable laws and
regulations and stock exchange listing standards, HUNT provides complete and precise accounts in all its periodic
financial reports, in its public communication and documents submitted to regulatory authorities and agencies.
No information shall be withheld from the external or internal auditor.
All employees who draw up such documents are expected to apply the utmost care, and caution and will use the
applicable accounting standards.
2.2 Fair Competition
HUNT performs its business in such a manner that customers, partners and suppliers can trust in the Group and
competes in a fair and open way.
2.3 Anti - Corruption
Corruption diminishes legitimate business activities, destroys reputations and distorts competition. The Group
opposes all forms of corruption. Through Group procedures, tight internal control and this policy all employees
have to comply with, HUNT acts to prevent corruption within the Group.
Bribery, trading in influence, facilitation payments and all forms of corruption are prohibited. HUNT promotes its
policy on corruption amongst its business partners, contractors and suppliers.
Bribery is defined as an attempt to influence individuals when performing their duties through offering
improper advantages.
Trading in influence exists when an improper advantage (cash, loans, travel, services or similar) is offered to
an individual to influence the performance a third party’s duties.
A facilitation payment is small payment to a public official to enable or speed up a process, which is the
official’s job to arrange.
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Corporate social responsibility policy
HUNT complies with all applicable national and international laws and regulations (for example the OECD
Guidelines for Multinational Enterprises and the International Chamber of Commerce Rules of Conduct to Combat
Extortion and Bribery) with respect to improper payments to local and foreign officials.
2.4 Money laundering
Money laundering is when proceeds from criminal activity which appear to be legitimate sources is converted into
assets.
HUNT employees shall ensure financial transactions and business activities involve funds from legitimate sources
and are not used to launder money.
2.5 Business Communications
HUNT opposes inappropriate, inaccurate or careless communications as it can create serious liability and
compliance risks for the Group. All employees are required to exercise due care when communicating both
internally and externally and particularly when the communication is a written document (including email).
2.6 Political Activity
HUNT does not support any political party. An individual employee may become involved politically as a private
person without referencing to their relationship with the Group.
3. Personal conduct
3.1 Human Rights
HUNT respects the principles of the UN’s Universal Declaration of Human Rights and is guided by its provisions in
the conduct of the Group’s business. The Board of Directors adopted this policy to express the Group’s
requirements for business practice and personal conduct and to demonstrate the Group’s commitment to
maintaining a high standard of social responsibility, ethics and integrity.
Relations with employees are based on respect. HUNT is committed to a working environment with mutual trust
and where everyone is accountable for their own actions and share responsibility for the performance and
reputation of HUNT.
3.2 Equal Opportunity
HUNT does not tolerate any kind of discrimination of employees, customers and partners on account of religion,
gender, sexual orientation, age, nationality, political views, disability or other circumstances. HUNT does not
tolerate unlawful employment discrimination of any kind.
The Group expects all of its employees to treat others they come in contact with through work with respect and
courtesy, and to refrain from harassment, discrimination and any other behavior that may be regarded
threatening or degrading.
It is everyone’s responsibility to create and contribute to a positive working environment for all employees.
3.3 Protection of HUNT’s Property and Possessions
HUNT assets are of considerable value, whether financial or physical assets or intellectual property, and may
therefore only be used to advance HUNT business purposes and goals. These assets must be secured and protected
in order to preserve their value.
All employees are entrusted with Group assets in order to do their jobs and are personally responsible for
safeguarding and using these appropriately. Such assets include buildings and sites, equipment, tools and supplies,
communication facilities, funds, accounts, computer programs and data, information, technology, documents, and
know-how, patents, trademarks, copyrights, time, and any other resources or property of HUNT.
Employees are responsible for protecting Group assets against waste, loss, damage, misuse, theft,
misappropriation or infringement and for using those assets in responsible ways. Use of Group assets without
direct relation to HUNT requires the prior authorization of the employee’s supervisor.
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Corporate social responsibility policy
3.4 Confidentiality
To protect the Group’s legitimate interests and the individual’s privacy and integrity, every employee shall apply
the utmost care to prevent disclosure of confidential information. The Group’s property or information gained
through the employee’s position in HUNT may never be used for personal benefit.
The duty of confidentiality continues after the termination of the employment.
3.5 Conflict of Interest
Individuals acting on behalf of HUNT shall behave objectively and without any kind of favoritism. Companies,
organizations or individuals the Group does business with shall not be given any improper advantages.
No employee may work on any matter or participate in any decision in which they, their spouse, partner, close
relative or any other person with whom they have close relations has a material direct or indirect financial
interest or where there are other circumstances that may undermine the trust in the employee’s impartiality or
the integrity of their work.
Closely related parties shall not have positions within the Group where one is the other’s supervisor without the
CEO’s prior approval.
No employee may participate through employment, directorship or any other assignment in companies in the
same line of business as HUNT without the prior written approval of the CEO or the Chairman of the Board.
Members of the Company’s Board shall inform the chairman of the Board of their involvement in other companies.
3.6 Gifts and Hospitality
No employee may, directly or indirectly, accept gifts from any of the Group’s associates. This rule applies also to
ongoing negotiations. If an employee is offered or may be offered such a gift, he/she shall immediately contact
his/her supervisor, who will decide if the gift will affect the employee’s independence should it be accepted.
Token gifts in connection with Christmas, anniversaries and the like may be exempted from this rule.
Social events, meals or entertainment may be acceptable if there is a clear business reason, and provided the cost
is within reasonable limits.
4. Health, safety and environment (HSE)
HUNT is committed to achieving excellence in all business activities, including health, safety and environmental
performance.
HUNT’s overriding goal is to operate safely, in environmentally and socially responsible ways, and thereby:
Do no harm to people
Protect the environment
Comply with all applicable HSE laws and regulations.
HUNT aims to provide a safe, secure and healthy working environment for all its employees, contractors and
suppliers. We believe that accidents and occupational illnesses and injuries are preventable, and hence apply our
efforts and resources to achieving the goals listed above.
HUNT requires its subsidiaries to implement HSE systems relevant to their industry in compliance with
internationally recognized standards.
HUNT is paying for insurance for all sub-contracted workers involved with the production of ordered vessels at
DSME.
HUNT has adopted the Norwegian “inkluderende arbeidsliv” (equal opportunity rights) scheme, incorporating
procedures for an active follow-up on employees’ sick leave and cooperating with the Group’s health service.
During 2023 absence due to sickness in HUNT was approximately 0%.
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Corporate social responsibility policy
HUNT aims to reduce the Company’s carbon footprint and its impact on the environment through a commitment
to continual improvement. It is the responsibility of the Company’s management and subsidiaries to meet the
Company’s ambition and to comply with all applicable legislation and regulations.
No injuries or accidents have been reported in 2023.
5. The Transparency Act
5.1 The Transparency Act
A general description of the enterprise's structure and area of operations is given under “Corporate Governance”
policy on page 4 and forward.
As an integrated part of our Corporate social responsibility, HUNT as a company and our employees will respect
and work to promote human rights and decent working conditions within the laws and regulations that apply to
our business.
HUNT’s Board of Directors has approved a Responsible Business Conduct to reflect and emphasize this corporate
responsibility. The Business Conduct is incorporated in our guidelines. We have established specific guidelines for
both accepting new clients, new suppliers, new business partners, and follow up ongoing contracts and operations.
Risk of violation of human rights and decent working conditions have always been relevant criteria for accepting
new clients, suppliers, or business partners. It is also reflected in how we negotiate new contracts and in the
wording of those contracts we enter.
Further, we have an ongoing due diligence process of all our suppliers and business partners based on three
parameters that might indicate risk. When we have all considered all, each will have a risk profile. We will
continue further investigation based on the highest risk.
If situations arises and an employee sees that human rights and decent working conditions may come under
pressure, the CEO shall be notified in written. CEO will determine appropriate measures to further investigate the
situation based on the severity of the situation and the probability of adverse impacts on fundamental human
rights and decent working conditions. If the situation is not solved through information, dialogue or other
measures, Hunter Group has reserved the right to withdraw from the contract as a last resort.
So far, our due diligence has not indicated any situations where there have been actual or potential adverse
impacts on fundamental human rights and decent working conditions. Hence, it has not been necessary to
implement suitable measures.
HUNT will continue to have focus on the ongoing due diligence work according to the Transparency Act.
Hunter Group ASA - 2023
15
Corporate social responsibility policy
6. Follow-up
6.1 Personal Follow-Up
Everyone to whom this policy applies shall make themselves familiar with the same and carry out their duties
accordingly.
6.2 Handling Cases of Doubt and Breach
All employees shall without undue delay contact their supervisor, the CEO or the chairman of the Board in the
event of ethical doubts, breaches of this policy or when discovering anything illegal or unethical.
6.3 Manager’s Responsibility
Managers shall ensure that this Group policy is communicated to their staff, and shall give advice on how they are
to be interpreted. Operations within their department shall be conducted according to this policy.
6.4 Outlook
HUNT will work with and assign priority to corporate social responsibility in 2024. HUNT aims to keep absence due
to sick leave low in 2024. With further emphasis on HSE, the Group works towards another accident and injury
free year at HUNT.
Hunter Group ASA - 2023
16
Responsibility Statement
The Board of Directors and the CEO confirm that to the best of our knowledge the financial statements as of 31
December 2023, which have been prepared in accordance with IFRS as adopted by the European Union and
generally accepted accounting practice in Norway, provides a true and fair view on the Group’s consolidated
assets, liabilities, financial position and result.
We also confirm, to the best of our knowledge that the Board of Directors’ report includes a true and fair
overview of the development, performance and financial position of the Group, together with a description of the
principal risks and uncertainties they face.
Oslo, 27 March 2024
The board of directors and Chief Executive Director
Hunter Group ASA
Erik A. S. Frydendal
CEO
Morten Eivindssøn Astrup
Chairman of the board
Bertel Steen
Member of the board
Kristin Hellebust
Member of the board
Hunter Group ASA - 2023
17
Board of Directors’ report 2023
Operations and locations
HUNT is a public limited liability company pursuant to the Norwegian Public Limited Companies Act,
incorporated under the laws of Norway. The legal and commercial name of the Company is Hunter Group ASA.
The Company was established on 20 June 2003 and is registered in the Norwegian Register of Business
Enterprises under the organization number 985 955 107. The Company changed its name to Hunter Group ASA in
in April 2017 and also moved the Company’s registered office to Oslo. The Company's registered business
address is Dronningen 1, N-0287 Oslo, Norway.
In April 2018 Hunter Group entered into a definitive VLCC contract transfer agreement with Apollo Asset Ltd.
Subsequently, Hunter Tankers AS was established. In the May 2018 AGM, the shareholders of Hunter Group ASA
approved taking over the four VLCC construction contracts and three options from Apollo Asset Ltd on a “back-
to-back” basis as contracted with Daewoo Shipbuilding Marine Engineering Co., LTD whereby the Company
assumed the obligations versus the Shipyard. All the VLCCs were divested during 2021 and 2022 and the
Company have since distributed the investment return to the shareholders.
Following the sale of the last remaining tanker vessel in late November 2022, the group has discontinued its
On 30 November 2023, the Company announced that it had entered into a three-year back-to-back time-charter
contract for an eco scrubber fitted VLCC, where the VLCC will be chartered in on a USD 52,500 per day fixed
rate contract and chartered out on a floating index-linked contract. The VLCC was delivered on 1 December
2023.
At present, there are no business activities in Indicator AS (containing the Badger-technology).
The Company's shares are listed on Oslo Euronext Expand, a regulated market operated by the Euronext Group
under the ticker "HUNT".
Going concern
In accordance with the Accounting Act § 3-3a, we confirm that the financial statements have been prepared
under the assumption of going concern. This assumption is based on the sound financial position of the
Company. The Company is classified as an investment Company and has recently divested a major oil tanker
investment project. Most recently, the Company has invested in two three year back-to-back time charter for
ECO scrubber fitted VLCCs. Simultaneously with the investment in the VLCC charters, the Company has worked
with the development of a maritime infrastructure solution to serve an expected increase in activity in the
carbon capture market.
Comments related to the financial statements
The Group’s revenues and other income decreased from USD 74.8 million in 2022 to USD 1.95 million in 2023.
Net income from operations in 2023 was USD 0.41 million compared to USD 47.4 million in 2022. The profit in
2022 is mainly due to discontinued operations relating to Hunter Tankers AS.
Hunter Group ASA - 2023
18
Board of Directors’ report 2023
Total cash flow from operating activities was negative USD 0.7 million in 2023 mainly due by limited revenue
generating business operations during the year. Net cash flow to financing activities for 2023 was negative USD
130.4 million, mainly related to dividend payments. Net cash flow from investments were negative USD 2.5
million, mainly related to investments in working capital in connection with VLCC chartering.
Total consolidated adjusted cash position as per 31 December 2023 was USD 3.2 million.
Total assets at year-end 2023 amounted to USD 8.5 million, compared to USD 139.2 million last year. The equity
ratio was 96.3% as of 31 December 2023, compared to 99.4 % the year before.
Financial risk
Overall view on objectives and strategy
HUNT’s main objective for the management of its capital structure is to maximize value creation for
shareholders, while at the same time maintaining a sound financial position.
HUNT manages its capital structure and adjusts it in light of changes in economic conditions. To maintain or
adjust the capital structure, the Company may issue equity, take up debt or a combination of the two. No
changes were made in the objectives policies or processes during the financial year.
Market risk
The Group is currently in the process of developing new investment projects, but is not directly involved in any
business operations. The general economic and financial market conditions may affect the Company’s ability to
execute and finance the contemplated investment projects.
The Group’s exposure towards currency fluctuations is limited, and the Company has zero financial
indebtedness.
Credit risk
The Company only trades with recognized, creditworthy third parties. It is the Group’s policy that all customers
that wish to trade on credit terms are subject to credit verification procedures. All cash in the Group is
currently deposited in the Norwegian bank DNB. Credit risk is managed through a framework that sets out
policies and procedures covering the measurement and management of credit risk.
Liquidity risk
The Company monitors its liquidity on a regular basis and produces rolling liquidity forecasts in order to identify
liquidity requirements in future periods. The policy for HUNT’s management of liquidity risk is to maintain a
minimum liquidity corresponding to its net liquidity requirements for 12 months.
The Company was at year end in the process of establishing a new business segment within oil tanker
chartering, in which certain investments in working capital has been made. The Group had one VLCC on a fixed
three-year charter at USD 52,500 per day, at year end 2023. The VLCC is chartered out on a floating index-
linked time three-year time-charter. The VLCC chartering market is volatile, and the Group may experience
periods of negative cash flow. The Group estimates that it has sufficient liquidity to meet potential periods of
negative cash flow.
Hunter Group ASA - 2023
19
Board of Directors’ report 2023
The working environment, the employees and equal opportunities
The Company has not registered any critical incidents or leave of absence due to incidents. The percentage of
days lost through illness was 0 % in 2023 and 2022.
Relations with employees are based on respect. The Company is committed to a working environment with
mutual trust and where everyone is accountable for their own actions and share responsibility for the
performance and reputation of the Company.
The Company had 3 employees by the end of 2023.
We kindly refer to our corporate governance and corporate social responsibility documents on page 4 to 16 for
further information.
There is an insurance in place for the members of the Board.
Discrimination
The Discrimination Act’s objective is to promote gender equality, ensure equal opportunities and rights, and to
prevent discrimination due to ethnicity, national origin, descent, skin color, language, religion and faith. The
Company does not tolerate any kind of discrimination of employees, customers and partners on account of
religion, gender, sexual orientation, age, nationality, political views, disability or other circumstances. The
Company does not tolerate unlawful employment discrimination of any kind. The Group expects all of its
employees to treat others they come in contact with through work with respect and courtesy, and to refrain
from harassment, discrimination and any other behavior that may be regarded threatening or degrading.
Environmental report
There have been no incidents reported related to emissions that has resulted in a breach of the pollution act or
other pollution of significance.
Research and development
All R&D activities in Indicator has been put on hold.
Subsequent events
Completed a USD 12 million equity private placement on 10 January 2024
Entered into a second three-year back-to-back time-charter for a eco scrubber fitted VLCC, which was delivered
on [] December 2023. The VLCC was chartered in on a fixed rate of USD 51,000 per day and chartered out on a
floating index-linked rate
Extraordinary general meeting held on 2 February, which approved the USD 12 million equity private placement
and the subsequent offerings
Completed two subsequent offerings on in March 2024, raising a total of approx. NOK 35 million through the
issuance of 20.9 million new shares
As of the date of this report, the Company has achieved average VLCC spot rates of USD [] per day for [] days
Hunter Group ASA - 2023
20
Board of Directors’ report 2023
Future challenges
For the Group, the future challenges relates to the successful development and execution of new investment
projects.
Allocation of net income
The Board of Directors has proposed the net income of Hunter Group ASA of USD 2.4 million to be attributed to
retained earnings.
Oslo, 27 March 2024
Erik A. S. Frydendal
CEO
Morten Eivindssøn Astrup
Chairman of the board
Bertel Steen
Member of the board
Kristin Hellebust
Member of the board
Hunter Group ASA - 2023
21
Consolidated statement of profit and loss
For the year ended 31 December
(Figures in USD 1 000) Note 2023 2022
Revenues and other income
Net realized time chartering result 15 52 0
Unrealized change in fair value of time charters 15 1 782 0
Other income 15 121 0
Total revenues and other income 1 955 0
Operating expenses
Depreciation and amortisation expense 4, 5 74 0
General and administrative expenses 14, 16, 20 1 341 0
Total operating expenses 1 415 0
Operating profit (loss) from continuing operations 540 0
Net financial income (loss) 17 -134 0
Profit (loss) before taxes from continuing operations 406 0
Tax on ordinary result 18 0 0
Net profit (loss) from continuing operations 406 0
Discontinued operations
Net profit (loss) from discontinued operations 22 893 47 376
Net profit (loss) 1 299 47 376
Earnings per share discontinued operations 19
Earnings per share diluted discontinued operations 19
Earnings per share continuing operations 19
Earnings per share diluted continuing operations 19
Consolidated statement of comprehensive income
(Figures in USD 1 000) 2023 2022
Profit (loss) for the year 1 299 0
Other comprehensive income, items to be reclassified to profit & loss
Translation differences 0 0
Total compehensive income 1 299 0
Total comprehensive income attributable to:
Equity holders of the parent company 1 299 47 376
Total comprehensive income 1 299 47 376
Hunter Group ASA - 2023
22
Consolidated statement of financial position
As at 31 December
(Figures in USD 1 000)
Note 2023
2022
NON-CURRENT ASSETS
Investment in shares
10
Other tangible assets
4, 5
TOTAL NON-CURRENT ASSETS
CURRENT ASSETS
Trade and other receivables
6, 13
Other short-term financial assets
7, 13, 15 2 500 0
Back-to-back time charters
13
Other short-term assets
7, 13
Total current assets
Cash and cash equivalents 8, 13
TOTAL CURRENT ASSETS
TOTAL ASSETS
Hunter Group ASA - 2023
23
Consolidated statement of financial position
Oslo, 27 March 2024
Erik A. S. Frydendal
CEO
Morten Eivindssøn Astrup
Chairman of the board
Bertel Steen
Member of the board
Kristin Hellebust
Member of the board
As at 31 December
(Figures in USD 1 000)
Note 2023 2022
EQUITY
Share capital
(43 101 434 shares)
21 180 126
Own shares 21 0 -2
Share premium 1 897 0
Other equity 6 118 138 314
TOTAL EQUITY 8 195 138 438
LIABILITIES
Interest-bearing debt 5, 9, 10 11 74
Total non-current liabilities 11 74
Trade payables 11, 13 121 71
Accrued public charges and indirect taxes 13 41 44
Current portion of interest-bearing debt 9, 10 67 78
Other current liabilities 12, 13 77 523
Total current liabilities 306 716
TOTAL LIABILITIES 317 790
TOTAL EQUITY AND LIABILITIES 8 512 139 228
Hunter Group ASA - 2023
24
Consolidated statement of cash flows
For the year ended 31 December
(Figures in USD 1 000) Note 2023 2022
Profit (loss) before tax from continuing operations 406 0
Profit (loss) before tax discontinued operations 22 893 47 376
Profit (loss) before tax 1 299 47 376
Depreciation 74 8 033
Gain on sale of VLCC 2 0 -56 418
Financial income -454 -1 614
Financial expenses 6 4 386
Change in accounts receivables and accounts payables 2 209 3 230
Net foreign exchange differences 0 6 941
Change in other receivables and payables and other -3 851 1 258
Net cash flow from operating activities -717 13 190
Investments in PP & E 4 -4 0
Interest received 17 454 1 614
Sale of VLCC* 4 0 383 000
Investments in other financial investments 7, 15 -2 992 0
Net cash flow from investment activities -2 542 384 614
Interest paid 17 -6 -4 168
Installments other interest-bearing debt 9, 10 0 -193 769
Ins tallment leasing-debt (IFR S 16) 5 -74 -92
Capital contribution Equity 1 951 0
Purchase of own shares Equity 0 -4 311
Dividend paid Equity -132 243 -81 296
Net cash flow from financing activities -130 372 -283 636
Total change in cash and cash equivalents -133 630 114 168
Currency effect on cash 0 -6 941
Cash and cash equivalents beginning of year 136 866 29 639
Cash and cash equivalents end of year 8 3 236 136 866
* Includes broker commision related to the sale of VLCC of TUSD -1,995 in 2022.
Hunter Group ASA - 2023
25
Consolidated statement of changes in equity
Share Own Share Currency Retained Total
(Figures in USD 1 000) Note Capital Shares premium translation earnings equity
Equity as of 01.01.2022 82 625 -1 660 15 034 -2 289 82 811 176 521
Net profit 2022 0 47 376 47 376
Other comprehensive income 0 0 0
Total comprehensive income 2022 0 47 376 47 376
Repayment of capital *) -82 499 1 319 -12 794 0 12 677 -81 297
Purchase of own shares -2 071 -2 240 0 0 -4 311
Awarded of own shares 2 410 0 0 -2 410 0
Share based payment 0 0 149 149
Equity as of 31.12.2022 126 -2 0 -2 289 140 603 138 438
Net profit 2023 0 1 299 1 299
Other comprehensive income 0 0 0
Total comprehensive income 2023 0 1 299 1 299
Dividend paid 21 0 -132 243 -132 243
Private placement 6 December 2023 21 54 0 1 897 0 0 1 951
Share based payment 0 0 40 40
Exercise of options 20, 21 0 2 0 0 -1 291 -1 289
Equity as of 31.12.2023 180 0 1 897 -2 289 8 408
*) Repayment of capital per share is USD 0.14 in 2022.
Hunter Group ASA - 2023
26
Notes to the consolidated financial statements 2023
Hunter Group ASA - 2023
27
Note 1 - Significant accounting principles cont.
Notes to the consolidated financial statements 2023
Hunter Group ASA - 2023
28
Note 1 - Significant accounting principles cont.
Notes to the consolidated financial statements 2023
Hunter Group ASA - 2023
29
Note 1 - Significant accounting principles cont.
Notes to the consolidated financial statements 2023
Hunter Group ASA - 2023
30
Note 1 - Significant accounting principles cont.
Notes to the consolidated financial statements 2023
Hunter Group ASA - 2023
31
Notes to the consolidated financial statements 2023
Hunter Group ASA - 2023
32
Notes to the consolidated financial statements 2023
Hunter Group ASA - 2023
33
Notes to the consolidated financial statements 2023
Hunter Group ASA - 2023
34
Notes to the consolidated financial statements 2023
Note 9 - Current interest-bearing loans and borrowings cont.
Hunter Group ASA - 2023
35
Notes to the consolidated financial statements 2023
Hunter Group ASA - 2023
36
Notes to the consolidated financial statements 2023
Note 13 - Financial instruments risk management objectives and policies cont.
Hunter Group ASA - 2023
37
Notes to the consolidated financial statements 2023
Note 13 - Financial instruments risk management objectives and policies cont.
Hunter Group ASA - 2023
38
Notes to the consolidated financial statements 2023
Note 13 - Financial instruments risk management objectives and policies cont.
Hunter Group ASA - 2023
39
Notes to the consolidated financial statements 2023
Note 15 – Revenues and other income cont.
Hunter Group ASA - 2023
40
Notes to the consolidated financial statements 2023
Hunter Group ASA - 2023
41
Notes to the consolidated financial statements 2023
Note 18 - Income tax cont.
Hunter Group ASA - 2023
42
Notes to the consolidated financial statements 2023
Hunter Group ASA - 2023
43
Notes to the consolidated financial statements 2023
Note 20 - Payroll and related expenses cont.
Hunter Group ASA - 2023
44
Notes to the consolidated financial statements 2023
Note 20 - Payroll and related expenses cont.
Hunter Group ASA - 2023
45
Notes to the consolidated financial statements 2023
Note 20 - Payroll and related expenses cont.
Hunter Group ASA - 2023
46
Notes to the consolidated financial statements 2023
Note 21 - Share capital and shareholder information cont.
59,15 %
40,85 %
100,0 %
Hunter Group ASA - 2023
47
Notes to the consolidated financial statements 2023
Hunter Group ASA - 2023
48
Statement of profit and loss – Hunter Group ASA
(Figures in USD 1 000) Note 2023 2022
Revenues and other income
Net realized time chartering result 19 35 0
Unrealized change in fair value of time charters 19 1 782 0
Other income 10 134 590
Total Revenues and other income 1 951 590
Operating expenses
Depreciation and amortisation expense 2, 3 74 80
General and administrative expenses 11, 14 1 330 1 361
Total operating expenses 1 405 1 440
Operating profit (loss) 547 -850
Net financial income (loss) 12 1 846 124 164
Profit (loss) before taxes 2 393 123 314
Tax on ordinary result 13 0 0
Net profit (loss) 2 393 123 314
(Figures in USD 1 000) 2023 2022
Total comprehensive income
Profit (loss) for the period 2 393 123 314
Comprehensive income for the period 2 393 123 314
Total comprehensive income attributable to:
Equity holders of the parent 2 393 123 314
Total comprehensive income 2 393 123 314
Hunter Group ASA - 2023
49
Statement of financial positions – Hunter Group ASA
Oslo, 27 March 2024
Morten Eivindssøn Astrup Bertel Steen
Chief of Board Board member
Kris tin H ellebust Erik Andreas Skaurum Frydendal
Board member CEO
(Figures in USD 1 000) Note 31.12.2023 31.12.2022
NON-CURRENT ASSETS
Property, plant & equipment 2, 3 74 144
Total tangible assets 74 144
Investment in subsidiaries 2, 17 8 200
Investment in shares 17 492 0
Long-term receivable subsidiaries 18 40 4 104
Total finacial long-term assets 540 4 304
TOTAL NON-CURRENT ASSETS 614 4 448
CURRENT ASSETS
Other short-term financial assets 19 2 500 0
Back-to-back time charters 8 1 782 0
Other short-term assets 4 464 28
Total current receivables 4 747 28
Cash and cash equivalents 5 3 230 134 299
TOTAL CURRENT ASSETS 7 977 134 327
TOTAL ASSETS 8 591 138 776
(Figures in USD 1 000) Note 31.12.2023 31.12.2022
EQUITY
Share capital 15 180 126
Own shares 0 -2
Share premium 1 897 0
Other equity 6 163 5 022
TOTAL EQUITY 8 240 5 147
LIABILITIES
Long-term lease liabilities 3 3 74
Total non-current liabilities 3 74
Trade creditors 121 102
Accrued public charges and indirect taxes 41 55
Short-term lease liabilities 3, 6 67 71
Other current liabilities 7 118 133 327
Total current liabilities 348 133 555
TOTAL LIABILITIES 351 133 629
TOTAL EQUITY AND LIABILITIES 8 591 138 776
Hunter Group ASA - 2023
50
Statement of cash flows – Hunter Group ASA
(Figures in USD 1 000) Note 2023 2022
Profit (loss) attributable to equity holders
of the parent 2 393 123 314
Depreciation 74 80
Financial income -454 -1 334
Financial expenses 6 1 051
Change in accounts receivables and accounts payables 19 43
Change in other receivables and payables and other -3 198 1 121
Net cash flow from operating activities -1 160 124 275
Investments in PP & E -4 0
Interest received 12 454 1 334
Investments in other financial investments -3 000 0
Divestment of subsidiary 1 707 0
Increase in long-term interest bearing receivable subsidiaries 0 -117 527
Repayment of long-term interest bearing receivable subsidiaries 1 305 206 008
Net cash flow from investment activities 463 88 481
Interest paid 12 -6 -1 051
Ins tallment leas ing-debt 3 -74 -67
Purchase of own shares Equity 0 -4 311
Capital contribution Equity 1 951 0
Dividend paid Equity -132 243 -81 296
Net cash flow from financing activities -130 372 -85 391
Total net changes in cash flow -131 068 127 365
Currency effect on cash 0 0
Cash and cash equivalents beginning of period 134 299 6 933
Cash and cash equivalents end of period 5 3 230 134 299
Hunter Group ASA - 2023
51
Statement of changes in equity – Hunter Group ASA
Share
Own
Share
Currency Retained Total
(Figures in USD 1 000) Note
Capital
shares
premium transl. adj. earnings equity
Equity as of 01.01.2022 82 625 -1 660 20 859 -2 289 0 99 536
Net profit (loss) 0 0 123 314 123 314
Total comprehensive income 2022 0 0 123 314 123 314
Repayment of capital * 19 -82 499 1 319 -12 794 0 12 678 -81 296
Purchase of own shares -2 071
-2 240 0
0 -4 311
Awarded of own shares 2 411 0 0 -2 411 0
Option plan payment 0 0 148 148
Dividend payable * -5 824 -126 417 -132 241
Equity as of 31.12.2022 126 -2 0 -2 289 7 311 5 146
Net profit (loss) 0 0 2 393 2 393
Total comprehensive income 2023 0 0 2 393 2 393
Private placement 6 December 2023
54
1 897 0
0 1 951
Share based payment 0
0 40 40
Exercise of options 2 0
-1 291
-1 289
Equity as of 31.12.2023 180 0 1 897 -2 289 8 454 8 241
* As of 29 December 2022 the Board of Directors proposed two dividends totaling NOK 1,310 million as a
combination of repayment of capital and extraordinary dividend.
Hunter Group ASA - 2023
52
Note 1 - Accounting principles
Hunter Group ASA (HUNT) is the parent company of the Hunter Group, consisting of Hunter Group ASA and its
subsidiaries Indicator AS and Hunter Carbon Carriers AS. Hunter Group ASA's main activities are shareholding in
group companies and corporate functions, focus on the development of a low-pressure mid-stream shipping solution
for Carbon Capture and Storage through a joint cooperation agreement with DNV, and back-to-back charterparties
on Very Large Crude Carriers ("VLCC") based on fixed rates per day charter-in and floating index-linked spot rates
charter-out.
The financial statements of Hunter Group ASA are prepared in accordance with simplified IFRS pursuant to the
Norwegian Accounting Act § 3-9 and regulations regarding simplified application of IFRS issued by the Norwegian
Ministry of Finance on 3 November 2014.
These parent company financial statements should be read in connection with the Consolidated financial statements
of Hunter Group, published together with these financial statements. With the exceptions described below, Hunter
Group ASA applies the accounting policies of the group, as described in Hunter Group’s disclosure note 2 Significant
Accounting Policies, and reference is made to the Hunter Group note for further details.
Subsidiaries
Shareholdings in subsidiaries are accounted for using the cost method. It is annually evaluated if there exist
indicators for impairment.
Dividends and group contributions
Dividends will be reflected as Dividends payable within current liabilities. Group contributions to other entities
within Hunter Group are reflected in the balance sheet as current liabilities within Liabilities to group companies.
Under simplified IFRS the presentation of dividends payable and payable group contributions would differ from the
presentation under full IFRS, as it would also include dividend and group contributions payable which at the date of
the balance sheet would be subject to a future general assembly approval before distribution.
Notes to the financial statements 2023 - Hunter Group ASA
Note 2 - Property, plant and equipment
The Company has recognized the following assets in the statement of financial position (including internal built-up
assets such as development costs).
Property, Property,
plant & equip. plant & equip.
(Figures in USD 1 000)
2023 2022
Cost price at 1 January
21 21
Additions
4 0
Cost price at 31 December
25 21
Accumulated depreciations at 31 December
-21 -21
Booked value at 31 December
4
0
Deprec iation
0 6
Impairme n t c h ar ge s
0 0
Estimated useful life
3-5 years
3-5 years
Depreciation method
straight-line straight-line
Hunter Group ASA - 2023
53
Notes to the financial statements 2023 - Hunter Group ASA
Note 3 – Lease liability
IFRS ® 16 requires that all leases, except for short-term and low-value leases are reflected in the balance sheet as a
lease liability and a Right of Use (RoU) asset. The weighted average discount rate used to calculate the IFRS 16
opening balance lease liability was 5 %.
Note 4 - Other receivables
Note 5 - Cash and cash equivalents
Lease liabilites
(Figures in USD 1 000) 2023 2022
Right of use assets 01.01 144 219
Additions 0 0
Deprec iation -74 -74
Right of use assets 31.12 70 144
Other interest-bearing debt 01.01 144 218
Additions 0 0
Installments -74 -67
Foreign currency adjustment 0 -7
Other interest-bearing debt 31.12 70 144
Interest expense 6 11
Operating leasing costs (figures in USD 1000)
2023 2022
Operational leasing costs
2 2
Total operating leasing costs
2 2
(Figures in USD 1 000)
2023 2022
Prepaid expenses
241 28
Other short term receivables
223 0
Total other receivables 464 28
(Figures in USD 1 000)
2023 2022
Cash at bank
3 230 134 299
Total cash at bank
3 230 134 299
Restricted bank deposits for employee withholding taxes
49 50
Hunter Group ASA - 2023
54
Notes to the financial statements 2023 - Hunter Group ASA
Note 7 - Other current liabilities
Note 8 - Financial instruments risk management objectives and policies
HUNT has been subject to market risks (foreign currency exchange risk and interest rate risk), credit risk and
liquidity risk.
The Company’s management oversees the management of these risks and assures that HUNT’s financial risk-taking
activities are governed by appropriate policies and procedures and that financial risks are identified, measured and
managed in accordance with the Company’s policies. It is the Company’s policy that no trading in derivatives for
speculative purposes shall be undertaken. The Board of Directors reviews and agrees on policies for managing each
of these risks, which are summarized below.
Foreign currency risk
The Company’s cash reserves of USD 3,230 thousand are deposited in the Norwegian bank DNB. The main
transactions for the Company has been in USD. As commercial operations were in a large scale, a foreign currency
exchange risk policy has been introduced.
Interest rate risk
The Company’s financial income and financial costs in the statement of profit or loss are influenced by changes in
interest rates as the interest on debit facility with DNB is on a floating basis. The Company had USD 454 thousand in
interest income in 2023 related to cash and cash equivalents.
Credit risk
HUNT only trades with recognized, creditworthy third parties. It is the Company’s policy that all customers that
wish to trade on credit terms are subject to credit verification procedures. All cash in the Company is deposited in
the Norwegian bank DNB. Credit risk is managed through a framework that sets out policies and procedures covering
the measurement and management of credit risk.
Liquidity risk
HUNT monitors its liquidity on a regular basis and produces rolling liquidity forecasts on a monthly basis in order to
identify liquidity requirements in future periods. The target for HUNT’s management of liquidity risk is to maintain
a liquidity corresponding to its net liquidity requirements for 12 months. The cash position of HUNT at year end
2023 was USD 3,230 thousand, compared to USD 134,299 thousand in 2022. The Company expects to retain a level of
net liquidity, which will sufficiently cover operating costs and periods of time charter rates below the fixed rates.
Should the time charter rates decline and stay at levels below the fixed charter rates, the Company may need to
strengthen its liquidity. In January 2024 the Company raised NOK 124 million in gross proceeds through a private
placement strengthen the liquidity in connection with the two three-year back-to-back charterparties on eco-design
and scrubber fitted Very Large Crude Carriers ("VLCC"). The liquidity is considered to be sufficient the date of this
annual report.
Note 6 - Short-term liabilities
(Figures in USD 1 000)
2023 2022
Short-term lease liabilities
67 71
Short-term liabilities
67
71
(Figures in USD 1 000)
2023 2022
Unpaid vac ation pay 72 60
Dividend payable 0 132 241
Other accrued costs 46 1 026
Total other short-term liabilities
118 133 327
Hunter Group ASA - 2023
55
Notes to the financial statements 2023 - Hunter Group ASA
Capital management
HUNT’s main objective for the management of its capital structure is to maximize value creation for shareholders,
while at the same time maintaining a sound financial position and a good credit rating. The increase in equity as of
31 December 2023 is in all material aspects due to a private placement of approximately USD 2 million.
HUNT manages its capital structure and makes adjustments to it in light of changes in economic conditions. To
maintain or adjust the capital structure, the Company may issue new shares. No changes were made in the
objectives policies or processes during the financial year.
Furthermore, Hunter Group ASA has guaranteed for the continued operation of the wholly-owned subsidiary
Indicator AS, which is an empty company with negligible debt to Hunter Group ASA. There is no external debt in
Indicator AS as of 31 December 2023.
Note 8 - Financial instruments risk management objectives and policies cont.
The management has focused on efficient operations, good planning and close monitoring of the liquidity situation
and maintaining a clear business development strategy.
The table below shows a maturity analysis for HUNT’s total short-term liabilities:
within within within
2023 (figures in USD 1 000) 3 months 3-9 months 9-12 months
Ac counts payable
121 0 0
Public duties payables 41 0 0
Other short-term liabilities (including dividend payable) 118 0 0
within within within
2022 (figures in USD 1 000) 3 months 3-9 months 9-12 months
Ac counts payable 102 0 0
Public duties payables 55 0 0
Other short-term liabilities (including dividend payable) 133 327 0 0
(Figures in USD 1 000)
2023
2022
Trade and other payables
281 1 243
Dividend payable 0
132 241
Bank deposits -3 230 -134 299
Net debt
-2 949 -815
Equity
8 240 5 147
Capital and net debt
5 290
4 332
Gearing ratio
-55,7 % -18,8 %
Equity ratio
95,9 % 3,7 %
Hunter Group ASA - 2023
56
Notes to the financial statements 2023 - Hunter Group ASA
The Investment in shares were acquired at the end of 2023. There has not occurred significant changes in the
market conditions at the end of 2023, which indicates that the acquisition cost in all material aspects equal the fair
value less cost to sell as of 31 December 2023. Back-to-back time charters are measured at the net present value of
the charter-out rates based on reported time charter rates from recognized analysts less the charter-in rates for the
applicable period. The Group does not use hedge accounting.
Note 9 - Transactions with related parties
Please see note 18 below and note 14 in the consolidated financial statements for further information. Interest
expense related to the net interest-bearing payable to the subsidiary Hunter Tankers AS was an expense of
USD -1,040 thousand in 2022. Furthermore, Hunter Group ASA invoiced Hunter Tankers USD 590 thousand in 2022
and USD 12 thousand for management services in 2023.
Note 10 – Revenue and other income
Note 8 - Financial instruments risk management objectives and policies cont.
Type of goods or service (figures in USD 1 000) 2023 2022
Net realized time chartering result 35 0
Unrealized change in fair value of time charters 1 782 0
Other income 134 590
Total oher income 1 951 590
Geographical m arket (figures in USD 1 000) 2023 2022
Sales in Norway 134 590
Sales abroad 1 817 0
Total other income 1 951 590
Tim ing of revenue recognition 2023 2022
Goods transferred at a point in time 0 0
Services transferred over time 1 951 590
Total other income 1 951 590
Carrying Fair Carrying Fair
Financial assets (figures in USD 1 000)
amount value amount value
Investment in shares
492 492 0 0
Other financial investments 2 500 2 500 0 0
Back-to-back time charters 1 782 1 782 0 0
Current receivables 464 464 28 28
Cash and cash equivalents 3 230 3 230 134 299 134 299
Carrying Fair Carrying Fair
Financial liabilities
(figures in USD 1 000)
amount value amount value
Long-term lease liabilities 3 3 74 74
Short-term lease liabilities 67 67 71 71
Trade and other payables 281 281 133 484 133 484
2022
2023
2023
2022
Hunter Group ASA - 2023
57
Notes to the financial statements 2023 - Hunter Group ASA
Note 11 – Other operating expenses
Note 12 - Finance income and finance expenses
This section provides additional information about individual line items of finance income and finance expense in
the statement of profit and loss by type.
TUSD -1,040 of interest expense in 2022 relates to an internal balance from/to Hunter Tankers AS.
Note 13 - Income tax
(Figures in USD 1 000)
2023 2022
Payroll expenses 755 977
IT and office-related expenses 77 103
Audit, audit-related services and accounting fees 166 165
Various legal fees 232 52
Insurance, car, travel and other expenses 100 63
Total 1 330 1 361
Finance income (figures in USD 1 000) 2023
2022
Interest income
454 1 334
Dividend reveived from subsidiaries 1 614 166 562
Repayment of capital contribution in subsidiaries -192
-38 669
Other financial income 485 2 918
Currency gain 0
0
Total finance income
2 361
132 146
Finance expenses (figures in USD 1 000) 2023
2022
Interest expense -6 -1 051
Other financial expenses
0 -1 040
Currency losses -510
-6 931
Total finance expenses -515
-9 022
Total finance income (loss) 1 846 123 124
Income tax expense
(figures in USD 1 000) 2023 2022
Payable tax 0 0
Change in utilized tax asset 0 0
Total tax expense 0 0
Hunter Group ASA - 2023
58
Notes to the financial statements 2023 - Hunter Group ASA
Note 13 - Income tax cont.
The company has not recognized a deferred tax asset in the statement of financial position for 2023 and 2022 as the
Company has limited taxable income.
Calculation of basis for tax 2023 2022
Earnings before tax
2 393
123 314
Permanent differences -1 782
0
Dividend received -1 422 -130 805
Currency adjustments due to NOK as tax basis -654 3 042
Changes in temporary differences -6 -2
Transfer to tax loss brought forward
1 472 4 450
Total basis for tax 0
0
Summary of temporary differences: 2023
2022
Fixed assets -13 -19
Accruals 0 0
Loss carried forward -26 155 -25 284
Total -26 167 -25 303
Calculated deferred tax asset (22 %)
-5 757
-5 567
Statement of financial position
Deferred tax asset (figures in USD 1 000) 2023 2022
Loss carried forward -5 754 -5 562
Accruals 0 0
Fixed assets -3 -4
Total deferred tax asset
-5 757
-5 567
Not recognized deferred tax asset
5 757 5 567
Total deferred tax asset recognised in the statement of financial position 0 0
Loss carried forward as of 31 December 2023 2022
Unlimited carrying forward 26 155 25 284
Hunter Group ASA - 2023
59
Notes to the financial statements 2023 - Hunter Group ASA
Note 13 - Income tax cont.
Note 14 - Payroll and related expenses
Pension scheme
The Company has a defined contribution pension scheme that complies with the Norwegian occupational pension
legislation (called “OTP”). The pension contributions range from 4 % 0 - 7.1 G to 7 % 7.1 -12 G of the employee’s
salary - maximized to a percentage of 12 G (NOK 1,423,440). The National Insurance scheme basic amount for 2023
is NOK 118,620. The retirement age for all employees, including the management, is 67 years.
Please refer to note 20 in the consolidated financial statements for further information about remuneration and
option program for the management and board of directors.
Effective tax rate
2023 2022
Profit / (loss) before tax 2 393
123 314
22% tax of earnings before tax 527
27 129
Permanent differences and other
-705
-28 777
Changes in deferred tax asset not recognised in the statement of financial position
-190
979
Currency effect due to NOK as tax basis
369 669
Calculated tax c ost
0 0
Effec tive tax rate 0 % 0 %
Payroll and related expenses (figures in USD 1 000)
2023 2022
Salaries and vacation pay 611 646
Soc ial sec urity tax 123
103
Pension expense (“OTP”) 28 43
Employee share option program expense (incl. national insurance contributions) 40 148
Other benefits -47 38
Total payroll an related expenses 755 977
2023 2022
Number of employees (average work years) 3 3
(Figures in USD 1 000) 2023 2022
Contributions expensed during the year 28 43
Hunter Group ASA - 2023
60
Notes to the financial statements 2023 - Hunter Group ASA
Auditor's fee
The following table shows remuneration related to professional services rendered by the Company’s principal
auditor, EY, for fiscal year 2022 and 2021. The amounts shown are exclusive of value added tax.
Note 15 - Share capital and shareholder information
Please see note 21 in the consolidated financial statements.
Note 16 - Provisions, commitments and contingent liabilities/assets
There do not exist any material provisions or contingent liabilities/assets for Hunter Group ASA.
Note 17 - Investment in subsidiaries and other investments
The Group invested USD 492 thousand for 4 % in Njord Bay AS. Njord Bay AS owns the vessel MV Baltic Bay.
Note 18 - Intercompany receivables/payables
(Figures in USD 1 000)
2023 2022
Audit fee 102 100
Assurance services 0 0
Other assistance 0 0
Total 102 100
(Figures in USD 1000) Voting Book value
Equity at
Net
Company Location Share rights Cost 31.12.2023 31.12.2023
income 2023
Indicator AS Stavanger 100 % 100 %
91 0 -34 -3
Hunter Carbon Carriers AS Oslo 100 % 100 %
8 8 6 0
Receivables (figures in USD 1 000) 2023 2022
Long-term receivable subsidiaries 40
4 104
Short-term receivable subsidiaries 0 0
Payables (figures in USD 1 000) 2023 2022
Other current liabilities subsidiaries 0 -1 040
Dividend payable 0 -132 241
Hunter Group ASA - 2023
61
Notes to the financial statements 2023 - Hunter Group ASA
Note 19 - Financial assets
Financial assets at fair value through profit or loss consist of a three-year back-to-back charterparty on an eco-
design and scrubber fitted Very Large Crude Carrier built in 2016, with an internationally renowned counterparty
(the "Charterparty"). The Company charters in the Vessel on a fixed rate of USD 52,500 per day, and immediately
charters the Vessel out on a floating index-linked spot rate. The index-linked spot rate is based on the recognized
VLCC benchmark TD3C, and enables the Company to capture every daily VLCC spot market movement with
maximum utilization. Delivery of the Vessel was made on 1 December 2023.
In connection with this contract, the Company has provided a security deposit of USD 2.5 million in an account at
Mercuria. The security deposit is earning interests and is restricted until the end of the charter party as of 30
November 2026.
The fair values of the back-to-back charterparty is based on the present value of the expected floating index-linked
spot rate less the present value of the fixed rated for the remaining period of the two contracts.
Note 20 - Events after the reporting date
Completed a USD 12 million equity private placement on 10 January 2024
Entered into a second three-year back-to-back time-charter for a eco scrubber fitted VLCC, which was delivered on
[] December 2023. The VLCC was chartered in on a fixed rate of USD 51,000 per day and chartered out on a floating
index-linked rate
Extraordinary general meeting held on 2 February, which approved the USD 12 million equity private placement and
the subsequent offerings
Completed two subsequent offerings on in March 2024, raising a total of approx. NOK 35 million through the
issuance of 20.9 million new shares
As of the date of this report, the Company has achieved average VLCC spot rates of USD [] per day for [] days
Financial assets at fair value through profit or loss 2023 2022
Three-year back-to-back charterparty eco-designed and scrubber fitted VLCC 1 782 0
2023 2022
Realized floating index-linked spot rates 1 655 0
Paid fixed rates -1 603 0
Broker c ommision (1 % of realized floating index-linked spot rates) -17 0
Net realized result from lease-leaseback 35 0
Change in fair value of the three-year bac k-to-back charterparty 1 782 0
Net result from lease-leaseback 1 817 0
