• |
TCE for Q1 2023: USD/day 41,717 (Q1 2022: USD/day 16,743)
|
• |
Profit before tax for Q1 2023: USD 155.1m (Q1 2022: USD 10.7m)
|
• |
EPS: Q1 2023: USD 1.87/share, DKK 12.99/share
(Q1 2022: USD 0.13/share, DKK 0.86/share) |
• |
Return on Invested Capital: Q1 2023: 29.2%
(Q1 2022: 4.4%) |
• |
Declared dividends for Q1 2023 of USD 1.46/share, with an expected total dividend of USD 121.1m. Expected payment date is 06 June 2023 based on shareholders on record
on 23 May 2023. Ex-dividend date will be 22 May 2023.
|
• |
As of 05 May 2023, the coverage for the second quarter of 2023 was 64% at USD/day 40,086
|
• |
LR2: 51% at USD/day 59,197
|
• |
LR1: 62% at USD/day 45,578
|
• |
MR: 68% at USD/day 35,804
|
• |
As previously announced we completed acquisitions of seven second-hand LR1 vessels and three second-hand MR vessels, increasing TORM’s total fleet size to 88 vessels
on a fully delivered basis.
|
• |
As of 11 May 2023, we had taken delivery of the seven LR1 vessels. The three MR vessels are expected to be delivered before the end of May 2023.
|
• |
As previously announced we obtained commitment for refinancing of USD 433m bank and leasing agreements, thereby extending debt maturities until 2028 with a
possibility to extend most of the debt expiration to 2029. Further, we have obtained commitment for financing of additional second-hand vessels for up to USD 123m with the same expiration terms. The transactions are expected to be
completed before the end of Q2 2023.
|
• |
We reached a total of 59 installed scrubbers during Q1 2023 out of 77 planned across the fleet.
|
• |
Based on broker valuations, TORM’s fleet had a market value of USD 2,893.3m including delivered vessels as of 31 March 2023, an increase since 31 December 2022 of USD
243m or 9%.
|
• |
Based on broker valuations, TORM’s consolidated Net Asset Value (NAV) excluding charter commitments was estimated at USD 2,560.2m.
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER 2023
|
2 |
USDm
|
Q1 2023
|
Q1 2022
|
FY 2022
|
Income statements (USDm)
|
|||
Revenue
|
390.2
|
209.4
|
1,443.4
|
Time charter equivalent earnings (TCE) ¹⁾ ⁵⁾
|
265.0
|
123.4
|
981.5
|
Gross profit ¹⁾
|
216.2
|
74.1
|
781.8
|
EBITDA ¹⁾
|
198.5
|
60.4
|
743.1
|
Operating profit/(loss) (EBIT)
|
163.5
|
22.6
|
601.4
|
Financial items
|
-8.4
|
-11.9
|
-44.7
|
Profit/(loss) before tax
|
155.1
|
10.7
|
556.7
|
Net profit/(loss) for the year/period
|
153.6
|
10.4
|
562.6
|
Net profit/(loss) ex. non-recurrent items¹⁾
|
153.6
|
13.0
|
548.4
|
Balance sheet and cash flow (USDm)
|
|||
Non-current assets
|
2,065.6
|
1,959.9
|
1,874.5
|
Total assets
|
2,864.4
|
2,315.8
|
2,614.2
|
Equity
|
1,656.9
|
1,094.5
|
1,503.7
|
Total liabilities
|
1,207.5
|
1,221.3
|
1,110.5
|
Invested capital ¹⁾
|
2,291.7
|
2,081.5
|
2,142.3
|
Net interest-bearing debt ¹⁾
|
646.5
|
999.8
|
649.6
|
Net Asset Value (NAV) (USDm) ²⁾
|
2,560.2
|
1,110.9
|
2,329.8
|
Cash and cash equivalents incl. restricted cash
|
410.7
|
94.6
|
323.8
|
Investment in tangible fixed assets
|
215.1
|
46.9
|
119.3
|
Free cash flow
|
-26.9
|
-21.8
|
513.2
|
¹⁾ For definition of the calculated key figures, please refer
to the glossary on pages 27-32.
|
|||
²⁾ Based on broker valuations, excluding charter commitments.
|
Q1 2023
|
Q1 2022
|
FY 2022
|
|
Key financial figures ¹⁾
|
|||
Gross margins:
|
|||
Gross profit
|
55.4%
|
35.4%
|
54.2%
|
EBITDA
|
50.9%
|
28.8%
|
51.5%
|
Operating profit/(loss)
|
41.9%
|
10.8%
|
41.6%
|
Return on Equity (RoE)
|
38.9%
|
3.9%
|
44.0%
|
Return on Invested Capital (RoIC)
|
29.2%
|
4.4%
|
29.2%
|
Adjusted RoIC
|
28.8%
|
4.4%
|
28.1%
|
Equity ratio ³⁾
|
57.8%
|
47.3%
|
57.5%
|
TCE per day (USD) ⁵⁾
|
41,717
|
16,743
|
34,154
|
OPEX per day (USD) ⁵⁾
|
7,299
|
6,445
|
6,825
|
Loan-to-value (LTV) ratio ³⁾
⁵⁾
|
25.9%
|
51.2%
|
24.8%
|
Share-related key figures ¹⁾
|
|||
Basic earnings/(loss) per share
|
1.87
|
0.13
|
6.92
|
Diluted earnings/(loss) per share
|
1.80
|
0.12
|
6.80
|
Declared dividend per share (USD)
|
1.46
|
-
|
4.63
|
Declared dividend (USDm)
|
121.1
|
-
|
378.7
|
Dividend paid per share (USD)
|
-
|
-
|
2.04
|
Net Asset Value per share (NAV/share) ³⁾
|
30.9
|
13.7
|
28.5
|
Share price in DKK ³⁾ ⁶⁾
|
210.8
|
58.1
|
198.4
|
Share price in USD ³⁾ ⁷⁾
|
31.1
|
8.9
|
29.2
|
Number of shares ³⁾ ⁴⁾
|
82.8
|
80.9
|
81.8
|
Number of shares, weighted average (million) ⁴⁾
|
81.9
|
80.8
|
81.3
|
³⁾ End of period
|
|||
⁴⁾ Excluding treasury shares
|
|||
⁵⁾ For Tanker segment
|
|||
⁶⁾ Source: Nasdaq OMX Nordic
|
|||
⁷⁾ Source: Nasdaq US
|
|||
TORM INTERIM RESULTS FOR THE FIRST QUARTER 2023
|
3 |
TORM INTERIM RESULTS FOR THE FIRST QUARTER 2023
|
4 |
TORM INTERIM RESULTS FOR THE FIRST QUARTER 2023
|
5 |
Disclaimer on financial outlook
The purpose of this Financial Outlook for 2023 is to comply with reporting requirements for Companies listed in Denmark. Actual results
may vary, and this information may not be accurate or appropriate for other purposes. Information about our financial outlook for 2023, including the various assumptions underlying it, is forward-looking and should be read in
conjunction with the Safe Harbor Statements on page 11, and the related disclosure and information about various economic, competitive, and regulatory assumptions, factors, and risks that may cause our actual future financial
and operating results to differ materially from what we currently expect.
The information included in this Financial Outlook for 2023 is preliminary, unaudited and based on estimates and information available to
us at this time. TORM has not finalized its financial statements for the periods presented. During the course of the financial statement closing process, TORM may identify items that would require it to make adjustments, which
may be material to the information provided in this section. As mentioned above, the provided information constitutes forward-looking statements and is subject to risks and uncertainties, including possible adjustments to the
financial outlook
for 2023. |
TORM INTERIM RESULTS FOR THE FIRST QUARTER 2023
|
6 |
2023
|
2024
|
2025
|
|
Total earning days
|
|||
LR2
|
4,509
|
4,671
|
4,661
|
LR1
|
4,727
|
5,366
|
5,184
|
MR
|
20,691
|
21,597
|
21,364
|
Total
|
29,927
|
31,635
|
31,210
|
Covered days
|
|||
LR2
|
1,631
|
-
|
-
|
LR1
|
2,475
|
65
|
-
|
MR
|
9,854
|
521
|
-
|
Total
|
13,960
|
586
|
-
|
2023
|
2024
|
2025
|
|
Covered, %
|
|||
LR2
|
36
|
-
|
-
|
LR1
|
52
|
1.2
|
-
|
MR
|
48
|
2.4
|
-
|
Total
|
47
|
1.9
|
-
|
Coverage rates, USD/day
|
|||
LR2
|
63,029
|
-
|
-
|
LR1
|
45,027
|
46,108
|
-
|
MR
|
36,623
|
40,503
|
-
|
Total
|
41,198
|
41,125
|
-
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER 2023
|
7 |
USDm
|
Q1 2022
|
Q2 2022
|
Q3 2022
|
Q4 2022
|
Q1 2023
|
Change Q1 22 – Q1 23
|
LR2 vessels
|
||||||
Available earning days
|
1,340
|
1,306
|
1,184
|
1,096
|
1,071
|
-20%
|
Spot rates ¹⁾
|
17,220
|
39,027
|
52,595
|
64,485
|
65,245
|
279%
|
TCE per earning day ²⁾
|
18,432
|
30,741
|
55,532
|
58,889
|
65,551
|
256%
|
Operating days
|
1,346
|
1,331
|
1,220
|
1,196
|
1,170
|
-13%
|
Operating expenses per operating day
|
6,615
|
6,961
|
7,196
|
7,469
|
7,637
|
15%
|
LR1 vessels
|
||||||
Available earning days
|
694
|
691
|
685
|
621
|
758
|
9%
|
Spot rates ¹⁾
|
20,201
|
36,535
|
51,089
|
50,287
|
44,141
|
119%
|
TCE per earning day ²⁾
|
16,424
|
33,269
|
51,102
|
48,067
|
42,047
|
156%
|
Operating days
|
810
|
729
|
736
|
736
|
810
|
0%
|
Operating expenses per operating day
|
6,668
|
6,588
|
6,640
|
7,236
|
6,709
|
1%
|
MR vessels
|
||||||
Available earning days
|
5,254
|
5,309
|
5,161
|
5,138
|
4,903
|
-7%
|
Spot rates ¹⁾
|
16,525
|
34,115
|
43,284
|
47,876
|
37,058
|
124%
|
TCE per earning day ²⁾
|
16,462
|
29,174
|
40,968
|
45,029
|
36,461
|
121%
|
Operating days
|
5,310
|
5,347
|
5,315
|
5,244
|
5,130
|
-3%
|
Operating expenses per operating day
|
6,391
|
6,808
|
7,055
|
6,901
|
7,314
|
14%
|
Handy vessels
|
||||||
Available earning days
|
180
|
92
|
6
|
-
|
-
|
-100%
|
Spot rates ¹⁾
|
13,391
|
12,602
|
12,505
|
-
|
-
|
-100%
|
TCE per earning day ²⁾
|
13,614
|
12,196
|
6,397
|
-
|
-
|
-100%
|
Operating days
|
180
|
103
|
7
|
-
|
-
|
-100%
|
Operating expenses per operating day
|
5,762
|
6,455
|
11,462
|
-
|
-
|
-100%
|
Tanker segment
|
||||||
Available earning days
|
7,468
|
7,398
|
7,035
|
6,855
|
6,732
|
-10%
|
Spot rates ¹⁾
|
16,884
|
34,844
|
45,646
|
50,818
|
42,476
|
152%
|
TCE per earning day ²⁾
|
16,743
|
29,622
|
44,376
|
47,520
|
41,717
|
149%
|
Operating days
|
7,646
|
7,510
|
7,278
|
7,176
|
7,110
|
-7%
|
Operating expenses per operating day
|
6,445
|
6,809
|
7,041
|
7,030
|
7,299
|
13%
|
¹⁾ Spot rates = Time Charter Equivalent Earnings for
all charters with less than six months' duration = Gross freight income less bunker, commissions and port expenses.
|
||||||
²⁾ TCE = Time Charter Equivalent Earnings = Gross
freight income less bunker, commissions and port expenses.
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER 2023
|
8 |
Q4 2022
|
Changes
|
Q1 2023
|
Changes
|
Q2 2023
|
Changes
|
FY 2023
|
|
Owned vessels
|
|||||||
LR2
|
7
|
-
|
7
|
-
|
7
|
-
|
7
|
LR1
|
8
|
-
|
8
|
-
|
8
|
-
|
8
|
MR
|
40
|
-
|
40
|
5
|
45
|
-
|
45
|
Handysize
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Total
|
55
|
-
|
55
|
5
|
60
|
-
|
60
|
Leaseback vessels
|
|||||||
LR2
|
6
|
-
|
6
|
-
|
6
|
-
|
6
|
LR1
|
-
|
5
|
5
|
2
|
7
|
-
|
7
|
MR
|
17
|
-
|
17
|
-2
|
15
|
-
|
15
|
Handysize
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Total
|
23
|
5
|
28
|
0
|
28
|
-
|
28
|
Total fleet
|
78
|
5
|
83
|
5
|
88
|
-
|
88
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER 2023
|
9 |
• |
The condensed consolidated set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting (“IAS 34”) as
adopted in the UK and also in accordance with IAS 34 as issued by the International Accounting Standards Board (”IASB”) and IAS 34 as adopted by the EU, as applied to the financial periods beginning on or after 01
January 2023 and additional Danish disclosure requirements for interim reports of listed companies.
|
• |
The interim report gives a true and fair view of the Group’s financial position as of 31 March 2023 as well as of the Group’s financial
performance and cash flow for the period 01 January – 31 March 2023.
|
• |
The interim management report includes a fair review of the development and performance of the Group’s business and of the financial position as
a whole and a description of the principal risks and uncertainties for the remaining nine months of 2023.
|
• |
The interim management report includes a fair review of the material related party transactions which have taken place in the period and
material changes to those described in the last annual report.
|
Disclaimer
The interim report has been prepared solely to provide additional information to shareholders to assess the Group’s
strategies and the potential for those strategies to succeed. The interim report should not be relied on by any other party or for any other purpose.
The interim report contains certain forward-looking statements. These statements are made by the Directors in good faith
based on the information available to them up to the time of their approval of this report. Such statements should be treated with caution due to the inherent uncertainties, including both economic and business
risk factors, underlying any such forward-looking statements.
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER 2023
|
10 |
|
Safe harbor statement
as to the future Matters discussed in this release may constitute forward looking statements. The Private Securities Litigation Reform
Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements reflect our current
views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements,
which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbor legislation. Words such as, but not limited to, “believe”, “anticipate”, “intend”, “estimate”, “forecast”, “project”, “plan”, “potential”, “may”, “should”, “expect”,
“pending” and similar expressions or phrases may identify forward-looking statements.
The forward-looking statements in this release are based upon various assumptions, many of which are, in turn, based
upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties.
Although the Company believes that these assumptions were reasonable when made, because these assumptions are
inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control, the Company cannot guarantee that it will achieve or accomplish these
expectations, beliefs, or projections.
Important factors that, in our view, could cause actual results to differ materially from those discussed in the
forward-looking
|
|
statements include, but are not limited to, the strength of the world economy and currencies including central bank
policies intention to combat overall inflation and rising interest rates, inflationary pressure, the general domestic and international political conditions or events, including “trade wars” and the conflict between
Russia and Ukraine, including the end of the conflict, the highly cyclical natures of our business causing fluctuations in charter hire rates and vessel values caused by changes in supply vessels and constructions of
newbuildings and changes in “ton-mile” demand caused by changes in worldwide OPEC petroleum production, consumption and storage, the duration and severity of the ongoing COVID-19 pandemic, including its impact on the
demand for petroleum products and the seaborne transportation of clean products, the operations of our customers including, losses of large customers, failures of our contract counterparties to meet their obligations
and changes in their credit risks, the operations of our business including availability of skilled crew members, labor disruptions, our ability to attract and retain employees, adequacy of insurance coverage,
arrests of our vessels, disruption of shipping routes due to adverse weather, accidents and political events, the length and number of off-hire periods our ability to complete vessel transactions as planned, the
changes in governmental rules and regulations including changes to US trade policies, applicable regulations related to bribery, our limitations under incorporation under the laws of England and Wales, the new
environmental regulations and increasing scrutiny towards our ESG policies, the potential for technological innovation to reduce vessel value and charter income, the interruption or failure of our information
technology and communication system including cyber-attacks, the
increased cost of capital or limited access to funding due to EU taxonomy and the potential liability from future
litigation and future costs due to environmental damage and vessel collision, the potential conflicts of interest involving our board of directors and senior management .
|
|
In light of these risks and uncertainties, undue reliance should not be placed on forward-looking statements
contained in this release because they are statements about events that are not certain to occur as described or at all. These forward-looking statements are not guarantees of our future performance, and actual
results and future developments may vary materially from those projected in the forward-looking statements.
Except to the extent required by applicable law or regulation, the Company undertakes no obligation to release
publicly any revisions or updates to these forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. Please see TORM’s filings
with the U.S. Securities and Exchange Commission for a more complete discussion of certain of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the
Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.
|
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER 2023
|
11 |
USDm
|
Note
|
Q1 2023
|
Q1 2022
|
FY 2022
|
Revenue
|
390.2
|
209.4
|
1,443.4
|
|
Port expenses, bunkers, commissions, and other cost of goods and
services sold
|
-122.1
|
-86.0
|
-459.5
|
|
Operating expenses
|
1
|
-51.9
|
-49.3
|
-202.1
|
Profit from sale of vessels
|
2
|
-
|
-
|
10.2
|
Administrative expenses
|
1, 2
|
-17.6
|
-13.4
|
-55.0
|
Other operating income and expenses
|
-0.1
|
-0.3
|
5.8
|
|
Share of profit/(loss) from joint ventures
|
-
|
-
|
0.2
|
|
Impairment losses on tangible assets
|
2
|
-
|
-2.6
|
-2.6
|
Depreciation and amortization
|
2
|
-35.0
|
-35.2
|
-139.0
|
Operating profit (EBIT)
|
163.5
|
22.6
|
601.4
|
|
Financial income
|
4.1
|
-
|
4.1
|
|
Financial expenses
|
-12.5
|
-11.9
|
-48.8
|
|
Profit before tax
|
155.1
|
10.7
|
556.7
|
|
Tax
|
-1.5
|
-0.3
|
5.9
|
|
Net profit for the period
|
153.6
|
10.4
|
562.6
|
|
Net profit for the period attributable to:
|
||||
TORM plc shareholders
|
153.6
|
10.4
|
562.8
|
|
Non-controlling interest
|
-
|
-
|
-0.2
|
|
Net profit for the period
|
153.6
|
10.4
|
562.6
|
|
Earnings per share
|
||||
Basic earnings per share (USD)
|
1.87
|
0.13
|
6.92
|
|
Diluted earnings per share (USD)
|
1.80
|
0.12
|
6.80
|
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER 2023
|
12
|
USDm
|
Q1 2023
|
Q1 2022
|
FY 2022
|
Net profit for the year
|
153.6
|
10.4
|
562.6
|
Other comprehensive income:
|
|||
Items that may be reclassified to profit or loss:
|
|||
Exchange rate adjustment arising from translation of entities
using a functional currency different from USD
|
-
|
-0.1
|
-0.5
|
Reclassification of exchange rate adjustments on disposal of
joint venture
|
-
|
-
|
0.1
|
Fair value adjustment on hedging instruments
|
-6.2
|
27.0
|
54.8
|
Fair value adjustment on hedging instruments transferred to
income statement
|
-4.8
|
3.0
|
1.7
|
Tax on other comprehensive income
|
2.7
|
-
|
-13.2
|
Other comprehensive income after tax
|
-8.3
|
29.9
|
42.9
|
Total comprehensive income for the period
|
145.3
|
40.3
|
605.5
|
Total comprehensive income for the period
attributable to:
|
|||
TORM plc shareholders
|
145.3
|
40.3
|
605.6
|
Non-controlling interest
|
-
|
-
|
-0.1
|
Total comprehensive income for the period
|
145.3
|
40.3
|
605.5
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER 2023
|
13
|
31 March
|
31 March
|
31 December
|
||
USDm
|
Note
|
2023
|
2022
|
2022
|
ASSETS
|
||||
Non-current Assets
|
||||
Intangible assets
|
||||
Goodwill
|
1.8
|
-
|
1.8
|
|
Other intangible assets
|
1.8
|
-
|
2.0
|
|
Total intangible assets
|
3.6
|
-
|
3.8
|
|
Tangible fixed assets
|
||||
Land and buildings
|
5.2
|
4.3
|
3.8
|
|
Vessels and capitalized dry-docking
|
2
|
2,025.3
|
1,942.8
|
1,855.9
|
Prepayments on vessels
|
3
|
19.6
|
-
|
-
|
Other plant and operating equipment
|
5.2
|
6.0
|
5.6
|
|
Total tangible fixed assets
|
2,055.3
|
1,953.1
|
1,865.3
|
|
Financial assets
|
||||
Investments in joint ventures
|
0.1
|
1.4
|
0.1
|
|
Loan receivables
|
4.6
|
4.6
|
4.6
|
|
Deferred tax asset
|
0.5
|
0.6
|
0.5
|
|
Other investments
|
1.5
|
0.2
|
0.2
|
|
Total financial assets
|
6.7
|
6.8
|
5.4
|
|
Total non-current assets
|
2,065.6
|
1,959.9
|
1,874.5
|
|
Current Assets
|
||||
Inventories
|
70.9
|
58.6
|
72.0
|
|
Trade receivables
|
226.3
|
100.4
|
259.5
|
|
Other receivables
|
64.6
|
64.5
|
74.0
|
|
Prepayments
|
26.3
|
7.2
|
10.4
|
|
Cash and cash equivalents incl. restricted cash
|
410.7
|
94.6
|
323.8
|
|
Current assets, excl. assets held-for-sale
|
798.8
|
325.3
|
739.7
|
|
Assets held-for-sale
|
2
|
-
|
30.6
|
-
|
Total current assets
|
798.8
|
355.9
|
739.7
|
|
Total Assets
|
2,864.4
|
2,315.8
|
2,614.2
|
31 March
|
31 March
|
31 December
|
||
USDm
|
Note
|
2023
|
2022
|
2022
|
EQUITY AND LIABILITIES
|
||||
Equity
|
||||
Common shares
|
0.8
|
0.8
|
0.8
|
|
Share premium
|
173.1
|
160.9
|
167.5
|
|
Treasury shares
|
-4.2
|
-4.2
|
-4.2
|
|
Hedging reserves
|
31.6
|
26.4
|
39.9
|
|
Translation reserves
|
-0.5
|
0.1
|
-0.5
|
|
Retained profit
|
1,453.7
|
910.5
|
1,297.8
|
|
Equity attributable to TORM plc shareholders
|
1,654.5
|
1,094.5
|
1,501.3
|
|
Non-controlling interests
|
2.4
|
-
|
2.4
|
|
Total equity
|
1,656.9
|
1,094.5
|
1,503.7
|
|
LIABILITIES
|
||||
Non-current Liabilities
|
||||
Non-current tax liability related to held-over gains
|
45.2
|
45.2
|
45.2
|
|
Deferred tax liability
|
4.4
|
-
|
6.1
|
|
Borrowings
|
4
|
913.6
|
954.6
|
849.8
|
Other non-current liabilities
|
2.9
|
-
|
3.0
|
|
Total non-current liabilities
|
966.1
|
999.8
|
904.1
|
|
Current Liabilities
|
||||
Borrowings
|
4
|
136.5
|
131.6
|
117.1
|
Trade payables
|
46.0
|
35.6
|
48.5
|
|
Current tax liabilities
|
1.0
|
0.9
|
2.0
|
|
Other liabilities
|
50.9
|
35.1
|
31.1
|
|
Provisions
|
6
|
6.8
|
18.3
|
6.8
|
Deferred income
|
0.2
|
-
|
0.9
|
|
Total current liabilities
|
241.4
|
221.5
|
206.4
|
|
Total liabilities
|
1,207.5
|
1,221.3
|
1,110.5
|
|
Total Equity and Liabilities
|
2,864.4
|
2,315.8
|
2,614.2
|
|
Note 5 and 7-11 on page 21 to 22-23.
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER 2023
|
14
|
USDm
|
Common shares
|
Share premium
|
Treasury shares
|
Hedging reserves
|
Translation reserves
|
Retained profit
|
Equity
attributable to shareholders of TORM plc |
Non-controlling interest
|
Total
|
Equity as of 01 January 2023
|
0.8
|
167.5
|
-4.2
|
39.9
|
-0.5
|
1,297.8
|
1,501.3
|
2.4
|
1,503.7
|
Comprehensive income/loss for the period
|
|||||||||
Net profit for the period
|
-
|
-
|
-
|
-
|
-
|
153.6
|
153.6
|
-
|
153.6
|
Other comprehensive income for the period
|
-
|
-
|
-
|
-11.0
|
-
|
-
|
-11.0
|
-
|
-11.0
|
Tax on other comprehensive income
|
-
|
-
|
-
|
2.7
|
-
|
-
|
2.7
|
-
|
2.7
|
Total comprehensive income/(loss) for the period
|
-
|
-
|
-
|
-8.3
|
-
|
153.6
|
145.3
|
-
|
145.3
|
Capital increase ¹⁾
|
-
|
5.6
|
-
|
-
|
-
|
-
|
5.6
|
-
|
5.6
|
Share-based compensation
|
-
|
-
|
-
|
-
|
-
|
2.3
|
2.3
|
-
|
2.3
|
Total changes in equity for the period
|
-
|
5.6
|
-
|
-8.3
|
-
|
155.9
|
153.2
|
-
|
153.2
|
Equity as of 31 March 2023
|
0.8
|
173.1
|
-4.2
|
31.6
|
-0.5
|
1,453.7
|
1,654.5
|
2.4
|
1,656.9
|
¹⁾ During the year, the share
capital was increased amounting to USD 5.6m as a result of the exercise of Restricted Share Units.
|
USDm
|
Common shares
|
Share premium
|
Treasury shares
|
Hedging reserves
|
Translation reserves
|
Retained profit
|
Equity
attributable to shareholders of TORM plc |
Non-controlling interest
|
Total
|
Equity as of 01 January 2022
|
0.8
|
159.6
|
-4.2
|
-3.6
|
0.1
|
899.5
|
1,052.2
|
-
|
1,052.2
|
Comprehensive income/(loss) for the period:
|
|||||||||
Net profit/(loss) for the period
|
-
|
-
|
-
|
-
|
-
|
10.4
|
10.4
|
-
|
10.4
|
Other comprehensive income/(loss) for the period
|
-
|
-
|
-
|
30.0
|
-
|
-
|
30.0
|
-
|
30.0
|
Total comprehensive income/(loss) for the period
|
-
|
-
|
-
|
30.0
|
-
|
10.4
|
40.4
|
-
|
40.4
|
Capital increase ¹⁾
|
-
|
1.3
|
-
|
-
|
-
|
-
|
1.3
|
-
|
1.3
|
Transaction costs of capital increase
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Share-based compensation
|
-
|
-
|
-
|
-
|
-
|
0.6
|
0.6
|
-
|
0.6
|
Total changes in equity for the period
|
-
|
1.3
|
-
|
30.0
|
-
|
11.0
|
42.3
|
-
|
42.3
|
Equity as of 31 March 2022
|
0.8
|
160.9
|
-4.2
|
26.4
|
0.1
|
910.5
|
1,094.5
|
-
|
1,094.5
|
¹⁾ During the year, the share
capital was increased amounting to USD 1.3m as a result of the exercise of Restricted Share Units.
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER 2023
|
15
|
USDm
|
Q1 2023
|
Q1 2022
|
FY 2022
|
Cash flow from operating activities
|
|||
Net profit for the year
|
153.6
|
10.4
|
562.6
|
Reversals:
|
|||
Profit from sale of vessels
|
-
|
-
|
-10.2
|
Depreciation and amortization
|
35.0
|
35.2
|
139.0
|
Impairment losses on tangible assets
|
-
|
2.6
|
2.6
|
Share of profit/(loss) from joint ventures
|
-
|
-
|
-0.2
|
Financial income
|
-4.1
|
-
|
-4.0
|
Financial expenses
|
12.5
|
11.9
|
48.8
|
Tax expenses
|
1.5
|
0.3
|
-5.9
|
Other non-cash movements
|
18.3
|
2.4
|
-3.6
|
Interest received and realized exchange gains
|
4.2
|
-
|
4.0
|
Interest paid and realized exchange losses
|
-13.2
|
-14.2
|
-49.6
|
Income taxes paid
|
-1.4
|
-0.3
|
-0.7
|
Change in inventories, receivables and payables,
etc.
|
8.3
|
-30.4
|
-180.9
|
Net cash flow from operating activities
|
214.7
|
17.9
|
501.9
|
USDm
|
Q1 2023
|
Q1 2022
|
FY 2022
|
Cash flow from investing activities
|
|||
Investment in tangible fixed assets
|
-215.1
|
-46.9
|
-119.3
|
Investment in intangible fixed assets
|
-
|
-
|
-0.6
|
Acquisition of subsidiaries, net of cash acquired
|
-
|
-
|
1.1
|
Sale of tangible fixed assets
|
-
|
-
|
106.6
|
Change in restricted cash
|
-26.5
|
7.2
|
23.5
|
Net cash flow from investing activities
|
-241.6
|
-39.7
|
11.3
|
Cash flow from financing activities
|
|||
Proceeds, borrowings
|
112.0
|
38.2
|
96.3
|
Repayment, borrowings
|
-30.3
|
-87.6
|
-275.1
|
Dividend paid
|
-
|
-
|
-166.7
|
Capital increase
|
5.6
|
1.3
|
8.0
|
Net cash flow from financing activities
|
87.3
|
-48.1
|
-337.5
|
Net cash flow from operating, investing
and financing activities
|
60.4
|
-69.9
|
175.7
|
Cash and cash equivalents beginning balance
|
320.5
|
144.8
|
144.8
|
Cash and cash equivalents ending balance
|
380.9
|
74.9
|
320.5
|
Restricted cash equivalents ending balance
|
29.8
|
19.7
|
3.3
|
Cash and cash equivalents including
restricted cash ending balance
|
410.7
|
94.6
|
323.8
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER 2023
|
16
|
Q1 2023
|
Q1 2022
|
FY 2022
|
||||||||||
USDm
|
Tanker segment
|
Marine Exhaust segment
|
Inter-segment
elimina-tion
|
Total
|
Tanker segment
|
Marine Exhaust segment
|
Inter-segment
elimina-tion
|
Total
|
Tanker segment
|
Marine Exhaust segment
|
Inter-segment
elimina-tion
|
Total
|
Revenue
|
383.9
|
9.3
|
-3.0
|
390.2
|
209.4
|
-
|
-
|
209.4
|
1,440.4
|
5.9
|
-2.9
|
1,443.4
|
Port expenses, bunkers and commissions
|
-118.9
|
-
|
-
|
-118.9
|
-86.0
|
-
|
-
|
-86.0
|
-458.9
|
-
|
-
|
-458.9
|
Other cost of goods and services sold
|
-
|
-5.6
|
2.4
|
-3.2
|
-
|
-
|
-
|
-
|
-
|
-3.0
|
2.4
|
-0.6
|
Operating expenses
|
-51.9
|
-
|
-
|
-51.9
|
-49.3
|
-
|
-
|
-49.3
|
-202.1
|
-
|
-
|
-202.1
|
Profit from sale of vessels
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
10.2
|
-
|
-
|
10.2
|
Administrative expenses
|
-14.9
|
-2.7
|
-
|
-17.6
|
-13.4
|
-
|
-
|
-13.4
|
-52.4
|
-2.6
|
-
|
-55.0
|
Other operating income and expenses
|
-0.2
|
0.1
|
-
|
-0.1
|
-0.3
|
-
|
-
|
-0.3
|
5.8
|
-
|
-
|
5.8
|
Share of profit/(loss) from joint ventures
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
0.2
|
-
|
-
|
0.2
|
Impairment losses on tangible assets
|
-
|
-
|
-
|
-
|
-2.6
|
-
|
-
|
-2.6
|
-2.6
|
-
|
-
|
-2.6
|
Depreciation and amortization
|
-34.7
|
-0.3
|
-
|
-35.0
|
-35.2
|
-
|
-
|
-35.2
|
-138.7
|
-0.3
|
-
|
-139.0
|
Operating profit (EBIT)
|
163.3
|
0.8
|
-0.6
|
163.5
|
22.6
|
-
|
-
|
22.6
|
601.9
|
-
|
-0.5
|
601.4
|
Financial income
|
4.1
|
-
|
-
|
4.1
|
-
|
-
|
-
|
-
|
4.0
|
0.1
|
-
|
4.1
|
Financial expenses
|
-12.4
|
-0.1
|
-
|
-12.5
|
-11.9
|
-
|
-
|
-11.9
|
-48.7
|
-0.1
|
-
|
-48.8
|
Profit before tax
|
155.0
|
0.7
|
-0.6
|
155.1
|
10.7
|
-
|
-
|
10.7
|
557.2
|
-
|
-0.5
|
556.7
|
Tax
|
-1.5
|
-
|
-
|
-1.5
|
-0.3
|
-
|
-
|
-0.3
|
5.9
|
-
|
-
|
5.9
|
Net profit for the period
|
153.5
|
0.7
|
-0.6
|
153.6
|
10.4
|
-
|
-
|
10.4
|
563.1
|
-
|
-0.5
|
562.6
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER 2023
|
17 |
31 March 2023
|
31 March 2022
|
31 December 2022
|
||||||||||
USDm
|
Tanker segment
|
Marine Exhaust segment
|
Inter-segment elimination
|
Total
|
Tanker segment
|
Marine Exhaust segment
|
Inter-segment elimination
|
Total
|
Tanker segment
|
Marine Exhaust segment
|
Inter-segment elimination
|
Total
|
ASSETS
|
||||||||||||
Non-current Assets
|
||||||||||||
Intangible assets
|
||||||||||||
Goodwill
|
-
|
1.8
|
-
|
1.8
|
-
|
-
|
-
|
-
|
-
|
1.8
|
-
|
1.8
|
Other intangible assets
|
0.6
|
1.2
|
-
|
1.8
|
-
|
-
|
-
|
-
|
0.7
|
1.3
|
-
|
2.0
|
Total intangible assets
|
0.6
|
3.0
|
-
|
3.6
|
-
|
-
|
-
|
-
|
0.7
|
3.1
|
-
|
3.8
|
Tangible fixed assets
|
||||||||||||
Land and buildings
|
4.3
|
0.9
|
-
|
5.2
|
4.3
|
-
|
-
|
4.3
|
2.8
|
1.0
|
-
|
3.8
|
Vessels and capitalized dry-docking
|
2,033.9
|
-
|
-8.6
|
2,025.3
|
1,942.8
|
-
|
-
|
1,942.8
|
1,863.4
|
-
|
-7.5
|
1,855.9
|
Prepayments on vessels
|
15.8
|
3.8
|
-
|
19.6
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Other plant and operating equipment
|
3.8
|
1.4
|
-
|
5.2
|
6.0
|
-
|
-
|
6.0
|
4.1
|
1.5
|
-
|
5.6
|
Total tangible fixed assets
|
2,057.8
|
6.1
|
-8.6
|
2,055.3
|
1,953.1
|
-
|
-
|
1,953.1
|
1,870.3
|
2.5
|
-7.5
|
1,865.3
|
Financial assets
|
||||||||||||
Investments in joint ventures
|
0.1
|
-
|
-
|
0.1
|
1.4
|
-
|
-
|
1.4
|
0.1
|
-
|
-
|
0.1
|
Loan receivables
|
4.6
|
-
|
-
|
4.6
|
4.6
|
-
|
-
|
4.6
|
4.6
|
-
|
-
|
4.6
|
Deferred tax asset
|
0.5
|
-
|
-
|
0.5
|
0.6
|
-
|
-
|
0.6
|
0.5
|
-
|
-
|
0.5
|
Other investments
|
1.5
|
-
|
-
|
1.5
|
0.2
|
-
|
-
|
0.2
|
0.2
|
-
|
-
|
0.2
|
Total financial assets
|
6.7
|
-
|
-
|
6.7
|
6.8
|
-
|
-
|
6.8
|
5.4
|
-
|
-
|
5.4
|
Total non-current assets
|
2,065.1
|
9.1
|
-8.6
|
2,065.6
|
1,959.9
|
-
|
-
|
1,959.9
|
1,876.4
|
5.6
|
-7.5
|
1,874.5
|
Current Assets
|
||||||||||||
Inventories
|
65.5
|
5.4
|
-
|
70.9
|
58.6
|
-
|
-
|
58.6
|
61.1
|
11.0
|
-0.1
|
72.0
|
Trade receivables
|
223.3
|
3.8
|
-0.8
|
226.3
|
100.4
|
-
|
-
|
100.4
|
255.7
|
4.2
|
-0.4
|
259.5
|
Other receivables
|
62.9
|
1.7
|
-
|
64.6
|
64.5
|
-
|
-
|
64.5
|
72.7
|
1.3
|
-
|
74.0
|
Prepayments
|
25.6
|
0.7
|
-
|
26.3
|
7.2
|
-
|
-
|
7.2
|
9.7
|
0.7
|
-
|
10.4
|
Cash and cash equivalents incl. restricted cash
|
405.9
|
4.8
|
-
|
410.7
|
94.6
|
-
|
-
|
94.6
|
321.4
|
2.4
|
-
|
323.8
|
Current assets, excl. assets held-for-sale
|
783.2
|
16.4
|
-0.8
|
798.8
|
325.3
|
-
|
-
|
325.3
|
720.6
|
19.6
|
-0.5
|
739.7
|
Assets held-for-sale
|
-
|
-
|
-
|
-
|
30.6
|
-
|
-
|
30.6
|
-
|
-
|
-
|
-
|
Total current assets
|
783.2
|
16.4
|
-0.8
|
798.8
|
355.9
|
-
|
-
|
355.9
|
720.6
|
19.6
|
-0.5
|
739.7
|
Total Assets
|
2,848.3
|
25.5
|
-9.4
|
2,864.4
|
2,315.8
|
-
|
-
|
2,315.8
|
2,597.0
|
25.2
|
-8.0
|
2,614.2
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER 2023
|
18 |
31 March 2023
|
31 March 2022
|
31 December 2022
|
||||||||||
USDm
|
Tanker segment
|
Marine Exhaust segment
|
Inter-segment elimination
|
Total
|
Tanker segment
|
Marine Exhaust segment
|
Inter-segment elimination
|
Total
|
Tanker segment
|
Marine Exhaust segment
|
Inter-segment elimination
|
Total
|
Total equity
|
1,651.0
|
7.0
|
-1.1
|
1,656.9
|
1,094.5
|
-
|
-
|
1,094.5
|
1,498.0
|
6.2
|
-0.5
|
1,503.7
|
LIABILITIES
|
||||||||||||
Non-current Liabilities
|
||||||||||||
Non-current tax liability related to held-over gains
|
45.2
|
-
|
-
|
45.2
|
45.2
|
-
|
-
|
45.2
|
45.2
|
-
|
-
|
45.2
|
Deferred tax liability
|
4.2
|
0.2
|
-
|
4.4
|
-
|
-
|
-
|
-
|
5.8
|
0.3
|
-
|
6.1
|
Borrowings
|
908.9
|
4.7
|
-
|
913.6
|
954.6
|
-
|
-
|
954.6
|
844.6
|
5.2
|
-
|
849.8
|
Other non-current liabilities
|
2.2
|
0.7
|
-
|
2.9
|
-
|
-
|
-
|
-
|
2.2
|
0.8
|
-
|
3.0
|
Total non-current liabilities
|
960.5
|
5.6
|
-
|
966.1
|
999.8
|
-
|
-
|
999.8
|
897.8
|
6.3
|
-
|
904.1
|
Current Liabilities
|
||||||||||||
Borrowings
|
133.4
|
3.1
|
-
|
136.5
|
131.6
|
-
|
-
|
131.6
|
115.7
|
1.3
|
-
|
117.1
|
Trade payables
|
45.1
|
2.2
|
-1.3
|
46.0
|
35.6
|
-
|
-
|
35.6
|
46.4
|
3.5
|
-1.4
|
48.5
|
Current tax liabilities
|
1.0
|
-
|
-
|
1.0
|
0.9
|
-
|
-
|
0.9
|
1.6
|
0.4
|
-
|
2.0
|
Other liabilities
|
50.8
|
0.2
|
-0.1
|
50.9
|
35.1
|
-
|
-
|
35.1
|
31.0
|
0.3
|
-0.2
|
31.1
|
Provisions
|
6.5
|
0.3
|
-
|
6.8
|
18.3
|
-
|
-
|
18.3
|
6.5
|
0.3
|
-
|
6.8
|
Deferred income
|
-
|
7.1
|
-6.9
|
0.2
|
-
|
-
|
-
|
-
|
-
|
6.8
|
-5.9
|
0.9
|
Total current liabilities
|
236.8
|
12.9
|
-8.3
|
241.4
|
221.5
|
-
|
-
|
221.5
|
201.2
|
12.7
|
-7.5
|
206.4
|
Total liabilities
|
1,197.3
|
18.5
|
-8.3
|
1,207.5
|
1,221.3
|
-
|
-
|
1,221.3
|
1,099.0
|
19.0
|
-7.5
|
1,110.5
|
Total Equity and Liabilities
|
2,848.3
|
25.5
|
-9.4
|
2,864.4
|
2,315.8
|
-
|
-
|
2,315.8
|
2,597.0
|
25.2
|
-8.0
|
2,614.2
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER 2023
|
19 |
USDm
|
Q1 2023
|
Q1 2022
|
FY 2022
|
Included in operating expenses
|
2.1
|
2.3
|
7.7
|
Included in administrative expenses
|
14.0
|
10.8
|
42.0
|
Total staff costs
|
16.1
|
13.1
|
49.7
|
31 March
|
31 March
|
31 December
|
|
USDm
|
2023
|
2022
|
2022
|
Cost:
|
|||
Balance as of beginning of period
|
2,421.2
|
2,443.3
|
2,443.3
|
Additions
|
185.8
|
8.0
|
77.2
|
Disposals
|
-7.3
|
-
|
-14.2
|
Transferred from prepayments
|
17.1
|
50.8
|
55.1
|
Transferred to assets held-for-sale
|
-
|
-36.4
|
-140.2
|
Balance
|
2,616.8
|
2,465.7
|
2,421.2
|
Depreciation:
|
|||
Balance as of beginning of period
|
543.8
|
475.0
|
475.0
|
Disposals
|
-7.3
|
-
|
-14.2
|
Depreciation for the period
|
33.5
|
34.0
|
133.7
|
Transferred to assets held-for-sale
|
-
|
-13.3
|
-50.7
|
Balance
|
570.0
|
495.7
|
543.8
|
Impairment:
|
|||
Balance as of beginning of period
|
21.5
|
30.5
|
30.5
|
Impairment losses on tangible fixed assets
|
-
|
2.6
|
2.7
|
Transferred to assets held-for-sale
|
-
|
-5.9
|
-11.7
|
Balance
|
21.5
|
27.2
|
21.5
|
Carrying amount
|
2,025.3
|
1,942.8
|
1,855.9
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER 2023
|
20 |
31 March
|
31 March
|
31 December
|
|
USDm
|
2023
|
2022
|
2022
|
Balance as of beginning of period
|
-
|
12.0
|
12.0
|
Additions
|
36.7
|
38.8
|
43.1
|
Transferred to vessels
|
-17.1
|
-50.8
|
-55.1
|
Carrying amount
|
19.6
|
-
|
-
|
31 March
|
31 March
|
31 December
|
|
USDm
|
2023
|
2022
|
2022
|
Mortgage debt and bank loans to be repaid as follows:
|
|||
Falling due within one year
|
136.4
|
132.0
|
117.3
|
Falling due between one and two years
|
145.9
|
128.5
|
128.4
|
Falling due between two and three years
|
200.9
|
138.6
|
126.9
|
Falling due between three and four years
|
120.6
|
218.2
|
185.6
|
Falling due between four and five years
|
169.8
|
97.5
|
161.4
|
Falling due after five years
|
281.9
|
379.2
|
253.4
|
Total
|
1,055.5
|
1,094.0
|
973.0
|
Borrowing costs
|
-11.7
|
-12.8
|
-11.1
|
Right-of-use lease liabilities
|
6.3
|
5.0
|
5.0
|
Total borrowings
|
1,050.1
|
1,086.2
|
966.9
|
31 March
|
31 March
|
31 December
|
|
USDm
|
2023
|
2022
|
2022
|
Fair value of derivatives:
|
|||
Derivative financial instruments regarding freight and bunkers:
|
|||
Forward freight agreements - fair value through profit and loss
|
-10.8
|
-5.8
|
-
|
Bunker swaps - fair value through profit and loss
|
-5.0
|
4.7
|
-
|
Bunker swaps - hedge accounting
|
-0.8
|
1.4
|
-
|
Derivative financial instruments regarding interest and
currency exchange rate:
|
|||
Forward exchange contracts - hedge accounting
|
1.0
|
-1.8
|
0.4
|
Interest rate swaps - hedge accounting
|
42.6
|
26.9
|
53.7
|
Total
|
27.0
|
25.4
|
54.1
|
31 March
|
31 March
|
31 December
|
|
USDm
|
2023
|
2022
|
2022
|
Other receivables
|
43.6
|
33.0
|
54.5
|
Other liabilities
|
-16.6
|
-7.6
|
-0.4
|
Total
|
27.0
|
25.4
|
54.1
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER 2023
|
21
|
• |
IFRS 17 Insurance Contracts
|
• |
IAS 12 amendments Deferred Tax related to Assets and liabilities arising from a Single Transaction
|
• |
IAS 8 amendments Definition of Accounting Estimates
|
• |
IAS 1 and IFRS Practice Statement 2 amendments Disclosure of Accounting Policies
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER 2023
|
22
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER 2023
|
23
|
USDm
|
Q1 2023
|
Q4 2022
|
Q3 2022
|
Q2 2022
|
Q1 2022
|
Revenue
|
390.2
|
447.4
|
448.1
|
338.5
|
209.4
|
Port expenses, bunkers, commissions, and other cost of goods and services
sold
|
-122.1
|
-114.2
|
-130.4
|
-128.9
|
-86.0
|
Operating expenses
|
-51.9
|
-50.4
|
-51.3
|
-51.1
|
-49.3
|
Profit from sale of vessels
|
-
|
0.2
|
9.2
|
0.8
|
-
|
Administrative expenses
|
-17.6
|
-15.7
|
-13.4
|
-12.5
|
-13.4
|
Other operating income and expenses
|
-0.1
|
-0.3
|
-0.3
|
6.7
|
-0.3
|
Share of profit/(loss) from joint ventures
|
-
|
-
|
0.3
|
-0.1
|
-
|
Impairment losses on tangible assets
|
-
|
-
|
0.2
|
-0.2
|
-2.6
|
Depreciation and amortization
|
-35.0
|
-35.5
|
-33.8
|
-34.5
|
-35.2
|
Operating profit (EBIT)
|
163.5
|
231.5
|
228.6
|
118.7
|
22.6
|
Financial income
|
4.1
|
2.6
|
1.2
|
0.3
|
-
|
Financial expenses
|
-12.5
|
-12.4
|
-12.5
|
-12.0
|
-11.9
|
Profit/ before tax
|
155.1
|
221.7
|
217.3
|
107.0
|
10.7
|
Tax
|
-1.5
|
6.8
|
-0.2
|
-0.4
|
-0.3
|
Net profit for the period
|
153.6
|
228.5
|
217.1
|
106.6
|
10.4
|
EARNINGS PER SHARE
|
|||||
Basic earnings per share (USD)
|
1.87
|
2.80
|
2.66
|
1.31
|
0.13
|
Diluted earnings per share (USD)
|
1.80
|
2.75
|
2.63
|
1.31
|
0.12
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER 2023
|
24
|
USDm
|
Q1 2023
|
Q4 2022
|
Q3 2022
|
Q2 2022
|
Q1 2022
|
CASH FLOW FROM OPERATING ACTIVITIES
|
|||||
Net profit for the year
|
153.6
|
228.5
|
217.1
|
106.6
|
10.4
|
Reversals:
|
|||||
Profit from sale of vessels
|
-
|
-0.2
|
-9.2
|
-0.8
|
-
|
Depreciation and amortization
|
35.0
|
35.5
|
33.8
|
34.5
|
35.2
|
Impairment losses on tangible assets
|
-
|
-
|
-0.2
|
0.2
|
2.6
|
Share of profit/(loss) from joint ventures
|
-
|
-
|
-0.3
|
0.1
|
-
|
Financial income
|
-4.1
|
-2.6
|
-1.2
|
-0.3
|
-
|
Financial expenses
|
12.5
|
12.4
|
12.5
|
12.0
|
11.9
|
Tax expenses
|
1.5
|
-6.8
|
0.2
|
0.4
|
0.3
|
Other non-cash movements
|
18.3
|
-5.2
|
-4.3
|
3.6
|
2.4
|
Interest received and realized exchange gains
|
4.2
|
2.6
|
1.3
|
0.1
|
-
|
Interest paid and realized exchange losses
|
-13.2
|
-11.4
|
-12.1
|
-11.9
|
-14.2
|
Income taxes paid
|
-1.4
|
-0.3
|
-0.1
|
-
|
-0.3
|
Change in inventories, receivables and payables, etc.
|
8.3
|
-4.9
|
-72.2
|
-73.4
|
-30.4
|
Net cash flow from operating activities
|
214.7
|
247.6
|
165.3
|
71.1
|
17.9
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER 2023
|
25 |
USDm
|
Q1 2023
|
Q4 2022
|
Q3 2022
|
Q2 2022
|
Q1 2022
|
CASH FLOW FROM INVESTING ACTIVITIES
|
|||||
Investment in tangible fixed assets
|
-215.1
|
-12.6
|
-47.1
|
-12.7
|
-46.9
|
Investment in intangible fixed assets
|
-
|
-0.6
|
-
|
-
|
-
|
Acquisition of subsidiaries, net of cash acquired
|
-
|
0.1
|
1.0
|
-
|
-
|
Sale of tangible fixed assets
|
-
|
0.2
|
63.5
|
42.9
|
-
|
Change in restricted cash
|
-26.5
|
11.1
|
9.9
|
-4.7
|
7.2
|
Net cash flow from investing activities
|
-241.6
|
-1.8
|
27.3
|
25.5
|
-39.7
|
CASH FLOW FROM FINANCING ACTIVITIES
|
|||||
Proceeds, borrowings
|
112.0
|
-0.0
|
38.1
|
20.0
|
38.2
|
Repayment, borrowings
|
-30.3
|
-31.2
|
-94.0
|
-62.3
|
-87.6
|
Dividend paid
|
-
|
-119.4
|
-47.3
|
-
|
-
|
Capital increase
|
5.6
|
1.3
|
1.3
|
4.1
|
1.3
|
Net cash flow from financing activities
|
87.3
|
-149.3
|
-101.9
|
-38.2
|
-48.1
|
Net cash flow from operating, investing and
financing activities
|
60.4
|
96.5
|
90.7
|
58.4
|
-69.9
|
Cash and cash equivalents beginning balance
|
320.5
|
224.0
|
133.3
|
74.9
|
144.8
|
Cash and cash equivalents, ending balance
|
380.9
|
320.5
|
224.0
|
133.3
|
74.9
|
Restricted cash equivalents ending balance
|
29.8
|
3.3
|
14.5
|
24.4
|
19.7
|
Cash and cash equivalents including restricted
cash, ending balance
|
410.7
|
323.8
|
238.5
|
157.7
|
94.6
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER 2023
|
26 |
TCE per day
|
=
|
TCE excluding unrealized gains/losses on derivatives
Available earning days
|
||
Gross profit %
|
=
|
Gross profit
Revenue
|
||
EBITDA %
|
=
|
EBITDA
Revenue
|
||
Operating profit/(loss) %
|
=
|
Operating profit/(loss) (EBIT)
Revenue
|
||
Return on Equity (RoE) %
|
=
|
Net profit/(loss) for the year
Average equity
|
||
Return on Invested Capital
(RoiC) % |
=
|
Operating profit/(loss) less tax
Average invested capital
|
||
Equity ratio
|
=
|
Equity
Total assets
|
||
Earnings per share, EPS
|
=
|
Net profit/(loss) for the year
Average number of shares
|
||
Diluted earnings/(loss) per share, EPS (USD)
|
=
|
Net profit/(loss) for the year
Average number of shares less average number of treasury shares
|
||
TORM INTERIM RESULTS FOR THE FIRST QUARTER 2023
|
27 |
USDm
|
Q1 2023
|
Q1 2022
|
FY 2022
|
Reconciliation
to net profit/(loss)
|
|||
Net profit/(loss) for
the period
|
153.6
|
10.4
|
562.6
|
Profit from sale of
vessels
|
-
|
-
|
-10.2
|
Impairment losses and
reversals on tangible assets
|
-
|
2.6
|
2.6
|
Provisions
|
-
|
-
|
-6.3
|
Step up gain related
to acquisition
|
-
|
-
|
-0.3
|
Net
profit/(loss) for the year ex. non-recurrent items
|
153.6
|
13.0
|
548.4
|
USDm
|
Q1 2023
|
Q1 2022
|
FY 2022
|
Reconciliation
to revenue
|
|||
Revenue
|
390.2
|
209.4
|
1,443.4
|
Port expenses,
bunkers, commissions and other cost of goods and services sold
|
-122.1
|
-86.0
|
-459.5
|
Operating expenses
|
-51.9
|
-49.3
|
-202.1
|
Gross
profit
|
216.2
|
74.1
|
781.8
|
USDm
|
Q1 2023
|
Q1 2022
|
FY 2022
|
Operating
profit/(loss) (EBIT)
|
163.5
|
22.6
|
601.4
|
Tax
|
-1.5
|
-0.3
|
5.9
|
EBIT less
Tax
|
162.0
|
22.3
|
607.3
|
EBIT less
Tax - Full year equivalent
|
648.0
|
89.2
|
607.3
|
Invested capital,
opening balance
|
2,142.3
|
2,011.3
|
2,011.3
|
Invested capital,
ending balance
|
2,291.7
|
2,081.5
|
2,142.3
|
Average
invested capital
|
2,217.0
|
2,046.4
|
2,076.8
|
Return on
Invested Capital (RoIC)
|
29.2%
|
4.4%
|
29.2%
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER 2023
|
28 |
USDm
|
Q1 2023
|
Q1 2022
|
FY 2022
|
EBIT less
Tax - Full year equivalent
|
648.0
|
89.2
|
607.3
|
Profit from
sale of vessels
|
-
|
-
|
-10.2
|
Impairment
losses on tangible assets
|
-
|
2.6
|
2.6
|
Provisions
|
-
|
-
|
-6.3
|
Step-up
gain related to acquisition
|
-
|
-
|
-0.3
|
EBIT
less tax and impairment
|
648.0
|
91.8
|
593.1
|
Average
invested capital¹⁾
|
2,217.0
|
2,046.4
|
2,076.8
|
Average
impairment ²⁾
|
32.9
|
40.3
|
37.4
|
Average
invested capital adjusted for impairment
|
2,249.9
|
2,086.7
|
2,114.2
|
Adjusted
RoIC
|
28.8%
|
4.4%
|
28.1%
|
¹⁾ Average invested capital is calculated as the average of the opening and closing balance of invested capital.
|
|||
²⁾ Average impairment is calculated as the average of the opening and closing balances of impairment charges on vessels and goodwill in the
balance sheet.
|
USDm
|
Q1 2023
|
Q1 2022
|
FY 2022
|
Reconciliation
to net profit/(loss)
|
|||
Net
profit/(loss) for the period
|
153.6
|
10.4
|
562.6
|
Tax
|
1.5
|
0.3
|
-5.9
|
Financial
expenses
|
12.5
|
11.9
|
48.8
|
Financial
income
|
-4.1
|
-
|
-4.0
|
Depreciation
|
35.0
|
35.2
|
139.0
|
Impairment
losses and reversal of impairment on tangible assets
|
-
|
2.6
|
2.6
|
EBITDA
|
198.5
|
60.4
|
743.1
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER 2023
|
29 |
31 March
|
31 March
|
31 December
|
|
USDm
|
2023
|
2022
|
2022
|
Tangible
and intangible fixed assets
|
2,058.9
|
1,953.1
|
1,869.1
|
Investments
in joint ventures
|
0.1
|
1.4
|
0.1
|
Deferred
tax asset
|
0.5
|
0.6
|
0.6
|
Other
investments
|
1.5
|
0.2
|
0.2
|
Inventories
|
70.9
|
58.6
|
72.0
|
Accounts
receivables
|
317.2
|
172.1
|
343.9
|
Assets
held-for-sale
|
-
|
30.6
|
-
|
Non-current
tax liability related to held over gains
|
-45.2
|
-45.2
|
-45.2
|
Deferred
tax liability
|
-4.4
|
-
|
-6.1
|
Trade
payables ²⁾
|
-99.8
|
-70.7
|
-82.6
|
Current
tax liabilities
|
-1.0
|
-0.9
|
-2.0
|
Provisions
|
-6.8
|
-18.3
|
-6.8
|
Deferred
income
|
-0.2
|
-
|
-0.9
|
Invested capital
|
2,291.7
|
2,081.5
|
2,142.3
|
¹⁾ Accounts receivables includes Trade receivables, Other receivables and Prepayments.
|
|||
²⁾ Trade payables includes Trade payables, Other non-current liabilities and Other liabilities.
|
31 March
|
31 March
|
31 December
|
|
USDm
|
2023
|
2022
|
2022
|
Borrowings¹⁾
|
1,061.8
|
1,099.0
|
978.0
|
Loan
receivables
|
-4.6
|
-4.6
|
-4.6
|
Cash
and cash equivalents, including restricted cash
|
-410.7
|
-94.6
|
-323.8
|
Net interest-bearing debt
|
646.5
|
999.8
|
649.6
|
¹⁾ Borrowings include long-term and short-term borrowings, excluding capitalized loan costs of USD 11.7m.
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER 2023
|
30 |
31 March
|
31 March
|
31 December
|
|
USDm
|
2023
|
2022
|
2022
|
Cash and cash
equivalents, including restricted cash
|
410.7
|
94.6
|
323.8
|
Undrawn
credit facilities and committed facilities incl. sale & leaseback financing transactions
|
163.9
|
45.0
|
92.6
|
Liquidity
|
574.6
|
139.6
|
416.4
|
USDm
|
Q1 2023
|
Q1 2022
|
FY 2022
|
Net cash flow
from operating activities
|
214.7
|
17.9
|
501.9
|
Net cash flow
from investing activities
|
-241.6
|
-39.7
|
11.3
|
Free
cash flow
|
-26.9
|
-21.8
|
513.2
|
31 March
|
31 March
|
31 December
|
|
USDm
|
2023
|
2022
|
2022
|
Vessel values
(broker values)
|
2,893.3
|
1,957.4
|
2,650.3
|
Vessel values
of purchased secondhand vessel not delivered (broker values)
|
166.9
|
-
|
-
|
Other
committed investment CAPEX
|
17.4
|
13.3
|
18.4
|
Committed
liability CAPEX
|
-160.5
|
-13.3
|
-18.4
|
Goodwill
|
1.8
|
-
|
1.8
|
Other
intangible assets
|
1.8
|
-
|
2.0
|
Land and
buildings
|
5.2
|
4.3
|
3.8
|
Other plant
and operating equipment
|
5.2
|
6.0
|
5.6
|
Investments
in joint ventures
|
0.1
|
1.4
|
0.1
|
Loan
receivables
|
4.6
|
4.6
|
4.6
|
Deferred tax
asset
|
0.5
|
0.6
|
0.5
|
Other
investments
|
1.5
|
0.2
|
0.2
|
Inventories
|
70.9
|
58.6
|
72.0
|
Accounts
receivables ¹⁾
|
317.2
|
172.1
|
343.9
|
Cash and cash
equivalents incl. restricted cash
|
410.7
|
94.6
|
323.8
|
Deferred tax
liability
|
-4.4
|
-
|
-6.1
|
Borrowings ²⁾
|
-1,061.8
|
-1,099.0
|
-978.0
|
Trade
payables ³⁾
|
-99.8
|
-70.7
|
-82.6
|
Current tax
liabilities
|
-1.0
|
-0.9
|
-2.0
|
Provisions
|
-6.8
|
-18.3
|
-6.8
|
Deferred
income
|
-0.2
|
-
|
-0.9
|
Total
Net Asset Value (NAV)
|
2,562.6
|
1,110.9
|
2,332.2
|
Non-controlling
interest
|
-2.4
|
-
|
-2.4
|
Total
Net Asset Value (NAV) excl. non-controlling interest
|
2,560.2
|
1,110.9
|
2,329.8
|
Total number
of shares, end of period excluding treasury shares (million)
|
82.8
|
80.9
|
81.8
|
Total
Net Asset Value per share (NAV/share)
|
30.9
|
13.7
|
28.5
|
¹⁾ Accounts receivables includes Trade receivables, Other receivables and Prepayments.
|
|||
²⁾ Borrowings include long-term and short-term borrowings, excluding capitalized loan costs of USD 11.7m.
|
|||
³⁾ Trade payables includes Trade payables, Other non-current liabilities and Other liabilities.
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER 2023
|
31 |
USDm
|
Q1 2023
|
Q1 2022
|
FY 2022
|
Reconciliation
to revenue
|
|||
Revenue
|
383.9
|
209.4
|
1,440.4
|
Port
expenses, bunkers and commissions
|
-118.9
|
-86.0
|
-458.9
|
TCE
earnings
|
265.0
|
123.4
|
981.5
|
31 March
|
31 March
|
31 December
|
|
USDm
|
2023
|
2022
|
2022
|
Vessel values
(broker values)
|
2,893.3
|
1,957.4
|
2,650.3
|
Vessel values
of purchased secondhand vessel not delivered (broker values)
|
166.9
|
-
|
-
|
Other
committed investment CAPEX
|
17.4
|
13.3
|
18.4
|
Total
vessel values
|
3,077.6
|
1,970.6
|
2,668.7
|
Borrowings ¹⁾
|
1,054.0
|
1,099.0
|
971.4
|
- Debt
regarding Land and buildings & Other plant and operating equipment
|
-6.3
|
-5.0
|
-3.2
|
Committed
liability CAPEX
|
160.5
|
13.3
|
18.4
|
Loan
receivable
|
-4.6
|
-4.6
|
-4.6
|
Cash and cash
equivalents, including restricted cash
|
-405.9
|
-94.6
|
-321.4
|
Total
(loan)
|
797.7
|
1,008.1
|
660.6
|
Net
Loan-to-value (LTV) ratio
|
25.9%
|
51.2%
|
24.8%
|
¹⁾ Borrowings include long-term and short-term borrowings, excluding capitalized loan costs of USD 11.7m.
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER 2023
|
32 |