Independent auditors’ report
To Members of Hafnia Limited
Report on the audit of the financial statements
We have audited the financial statements of Hafnia Limited (the “Company”) and its subsidiaries (the “Group”). The financial statements comprise:
- The balance sheet of the Company as at 31 December 2021, the statements of comprehensive income, changes in equity and cash flows for the year then ended, and notes to the financial statements, comprising significant accounting policies and other explanatory information; and
- The consolidated balance sheet of the Group as at 31 December 2021, the consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, and notes to the consolidated financial statements comprising significant accounting policies and other explanatory information.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company and the Group as at 31 December 2021, and their financial performance, changes in equity and cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRS).
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the Company and the Group in accordance with the International Ethics Standards Board for Accountants, The International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), the Singapore Accounting and Corporate Regulatory Authority Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (ACRA Code), together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements, the IESBA Code and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Management is responsible for the other information. Other information is defined as all information in the annual report, other than the financial statements and our auditors’ report thereon.
We have obtained all other information prior to the date of this auditors’ report.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRS, and for such internal control as management determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s and the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or the Group or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s and the Group’s financial reporting process.
Report on Other Legal and Regulatory Requirements
Report on compliance with Regulation on European Single Electronic Format (ESEF)
We were engaged by the Board of Directors of Hafnia Limited to report on the “5493001KCFT0SCGJ2647-2021-12-31-en” (the “ESEF file”) in the form of an independent reasonable assurance conclusion about whether the ESEF file has been prepared in accordance with Section 5-5 of the Norwegian Securities Trading Act (Verdipapirhandelloven) and the accompanying Regulation on European Single Electronic Format (ESEF).
Our conclusion has been formed on the basis of, and is subject to, the matters outlined in this report. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Based on the procedures performed described in this report and evidence obtained, in our opinion, the ESEF file have been prepared, in all material respects, in accordance with the requirements of ESEF.
Management is responsible for preparing, tagging and publishing the Group’s consolidated financial statements in the single electronic reporting format required in ESEF, that is free from material misstatement.
This responsibility includes designing, implementing and maintaining internal control relevant to the preparation and presentation of the ESEF file that is free from material misstatement whether due to fraud or error and those internal controls relevant to the processes over the preparation, tagging and publication of the ESEF file. It also includes ensuring that the Group complies with the requirements of ESEF, selecting and applying appropriate policies and procedures in relation to the financial information; making judgements and estimates that are reasonable in the circumstances; and maintaining adequate records in relation to the ESEF file.
Our responsibility is examine the ESEF file prepared by Management and to report thereon in the form of an independent reasonable assurance conclusion based on the evidence obtained. We conducted our work in accordance with the International Standard on Assurance Engagements (ISAE) 3000 – “Assurance Engagements Other Than Audits or Reviews of Historical Financial Information”. The standard requires us to plan and perform procedures to obtain reasonable assurance about whether the Group’s consolidated financial statements have been prepared in accordance with the ESEF, in all material respects.
The firm applies International Standard on Quality Control 1 and accordingly maintains a comprehensive system of quality control including documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.
We have complied with the independence and other ethical requirements of the IESBA Code and the ACRA Code, which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour.
The procedures selected depend on our judgment. As part of our work, we performed procedures to obtain an understanding of the Group’s processes for preparing its consolidated financial statements in the ESEF. We evaluated the completeness and accuracy of the iXBRL tagging and assessed Management’s use of judgement. Our work comprised reconciliation of the consolidated financial statements tagged under the ESEF with the audited consolidated financial statements in human-readable format.
Public Accountants and
30 March 2022