RESULT
|
In Q1 2022, TORM achieved TCE rates of USD/day 16,743 (2021, same period: USD/day 13,493) and an EBITDA of USD 60.4m (2021, same period: USD
18.9m). The profit before tax amounted to USD 10.7m (2021, same period a loss of USD 21.1m), and profit per share (EPS) was USD 0.13 or DKK 0.86 (2021, same period loss per share: USD 0.29 or DKK 1.80). Cash flow from operating activities
was positive at USD 17.9m in Q1 2022 (2021, same period: USD 9.8m), and Return on Invested Capital (RoIC) was 4.4% (2021, same period: -2.7%).
|
MARKET CONDITIONS
|
At the start of Q1 2022, the product tanker market was negatively influenced by declining volumes of long-haul trade, resulting in LR rates falling below MR
rates. In late February 2022, Russia’s invasion of Ukraine led to a partial re-routing of trade flows towards longer haul trade, resulting in freight rate hikes to levels last seen in the Spring of 2020. Self-sanctioning by Western oil
majors and ship owners resulted in lower product flows, primarily diesel, from Russia to Europe, while high arbitrage spreads incentivized Middle Eastern and US diesel flows to Europe, increasing ton-mile demand for vessels.
|
OPERATIONAL UPDATE
|
None of TORM’s vessels have been in any of the critical areas since Russia’s invasion of Ukraine, and, thus, we have been able to maintain
operational safety.
|
In Q1 2022, many countries lifted COVID-19-related restrictions despite significantly increasing numbers of infections from time to
time. Despite a few non-severe cases on our vessels, TORM has been able to safeguard the health of both our shore-based employees and our seafarers due to high vaccination rates. We expect that restrictions worldwide will be lifted
further in the coming quarters.
|
|
DISTRIBUTION POLICY
|
TORM’s distribution policy will be adjusted from Q1 2022 onwards to ensure a more direct link from cash generation to shareholder distribution.
Going forward, TORM intends to distribute on a quarterly basis excess liquidity above a fixed threshold cash level as at the balance sheet day. For each quarter, the threshold cash level will be determined as the product of cash requirement
per vessel and the number of owned and leased vessels in TORM’s fleet as at the balance sheet day.
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2022
|
331
|
Excess liquidity is determined as TORM’s readily available liquidity less the threshold cash level. The readily available liquidity is defined as
i) TORM’s cash balance at the last day of the quarter preceding the relevant distribution date excluding restricted cash, plus ii) undrawn amounts on TORM’s working capital facilities, minus iii) proceeds received from vessel sales, or
additional proceeds from vessel refinancing, or securities offerings in the past 12 months earmarked for share repurchases, debt prepayment, vessel acquisitions, or general corporate purposes.
|
|
The cash requirement per vessel is fixed at USD 1.5m for 30 June 2022 and USD 1.8m for 30 September 2022 and onwards.
|
|
TORM’s distribution policy will be periodically reviewed and the actual distribution for each quarter will be at the Board of Director’s
discretion. No dividend will be paid in connection with the first quarter report of 2022.
|
|
In addition to or instead of dividends, TORM will also consider share repurchases. Currently, TORM has authorization to acquire A-shares equivalent to a total of up
to 9% of TORM’s share capital.
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2022
|
332
|
VESSEL TRANSACTIONS
|
During Q1 2022, TORM entered into agreements to sell TORM Horizon (MR) and TORM Tevere (Handy) with delivery and expected delivery to the new buyers during Q2
2022.
|
After the end of Q1 2022, TORM has purchased a second-hand LR2 vessel. The vessel will be financed by a sale and leaseback agreement with a Chinese leasing
company. TORM expects to take delivery of the vessel during Q3 2022. TORM sold its oldest LR2 vessel, TORM Gudrun, which we expect to deliver to the new owner during Q2 2022. In addition, as a part of TORM’s strategic decision to
gradually exit from the handy vessel class, TORM sold the last remaining Handysize vessel in April 2022. The vessel is expected to be delivered to the buyer during Q3 2022. Since 2017, TORM has sold a total of 11 Handysize vessels.
|
|
The LR1 vessel TORM Emilie which was sold in Q4 2021 was delivered to its new owner in early April 2022.
|
|
LIQUIDITY
|
As of 31 March 2022, TORM’s available liquidity was USD 139.6m consisting of USD 94.6m in cash and cash equivalents and USD 45.0m undrawn credit facility. TORM
repaid USD 45m on RCF facilities during Q1 2022. Cash and cash equivalents include USD 19.7 m in restricted cash, primarily related to collateral for financial instruments. As of 31 March 2022, net interest-bearing debt amounted to USD
999.8m (2021: USD 743.4), and TORM's net loan-to-value (LTV) ratio was 51.5% (2021: 55.5%).
|
VESSEL VALUES
|
Based on broker valuations, TORM’s fleet had a market value of USD 1,957.4m including asset-held-for-sale as of end March 2022. Compared
to broker valuations as of 31 December 2021, the market value of the fleet increased by USD 31.4m when adjusted for acquired and sold vessels in Q1 2021. The book value of TORM’s fleet was USD 1,973.4m as of 31 March 2022. The fleet was
not impaired 31 March 2022, as TORM has assessed that were no indications of impairment and the book value were in line with the market value. Please refer to note 2 for further reference.
|
NET ASSET VALUE
|
Based on broker valuations, TORM’s Net Asset Value (NAV) excluding charter commitments was estimated at USD 1,097.6m as of 31 March 2022
corresponding to a NAV/share of USD 13.6 (DKK 91.1). TORM’s book equity amounted to USD 1,094.5m as of 31 March 2022 corresponding to a book equity/share of USD 13.4 (DKK 90.0).
|
SCRUBBER UPDATE
|
As of 31 March 2022, TORM had installed 52 scrubbers out of 60 planned including scrubbers installed on purchased second-hand vessels. The remaining scrubbers
are expected to be installed before the end of Q3 2023.
|
COVERAGE
|
As of 31 March 2022, 16% of the earning days in 2022 were covered at an average rate of USD/day 19,694. As of 08 May 2022, the coverage
for Q2 2022 was 65% at USD/day 28,348. For the individual vessel classes, the coverage was 65% at USD/day 32,123 for LR2, 58% at USD/day 29,915 for LR1, 66% at USD/day 27,424 for MR and 48% at USD/day 12,490 for Handysize. Recent trading
has been made at significantly higher levels.
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2022
|
333
|
|
SAFE HARBOR STATEMENTS 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 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, general market conditions, including fluctuations in charter hire rates and vessel values, the duration and severity of the ongoing COVID-19
pandemic, including its impact on the demand for petroleum products and the seaborne transportation of these and the ability to change crew and operate a vessel with COVID-19 infected crew, the operations of our customers and our
business in general, the failure of our contract counterparties to meet their obligations, changes in demand for “ton-miles” of oil carried by oil tankers and changes in demand for tanker vessel capacity, the effect of changes in OPEC’s
petroleum production levels and worldwide oil consumption and storage, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled dry-docking, changes in TORM’s operating expenses, including bunker
prices, dry-docking and insurance costs, changes in the regulation of shipping operations, including actions taken by regulatory authorities including but not limited to CO2 tariffs or trade tariffs , potential liability from pending or
future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents, weather, political events including “trade wars”, or acts of terrorism.
|
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 THREE MONTHS ENDED 31 MARCH 2022
|
334
|
USDm
|
Q1 2022
|
Q1 2021
|
FY 2021
|
INCOME STATEMENT
|
|||
Revenue
|
209.4
|
124.1
|
619.5
|
Time charter equivalent earnings (TCE) ¹⁾
|
123.4
|
76.7
|
378.6
|
Gross profit ¹⁾
|
74.1
|
32.4
|
188.1
|
EBITDA ¹⁾
|
60.4
|
18.9
|
136.9
|
Operating profit/(loss) (EBIT)
|
22.6
|
-11.6
|
1.4
|
Financial items
|
-11.9
|
-9.5
|
-42.2
|
Profit/(loss) before tax
|
10.7
|
-21.1
|
-40.8
|
Net profit/(loss) for the year/period
|
10.4
|
-21.3
|
-42.1
|
Net profit/(loss) ex. non-recurrent items¹⁾
|
13.0
|
-21.3
|
-36.4
|
BALANCE SHEET AND CASH FLOW
|
|||
Non-current assets
|
1,959.9
|
1,763.9
|
1,967.7
|
Total assets
|
2,315.8
|
1,999.3
|
2,331.0
|
Equity
|
1,094.5
|
1,003.6
|
1,052.2
|
Total liabilities
|
1,221.3
|
995.7
|
1,278.8
|
Invested capital ¹⁾
|
2,081.5
|
1,735.6
|
2,011.3
|
Net interest-bearing debt ¹⁾
|
999.8
|
743.4
|
972.1
|
Net Asset Value (NAV) (USDm) ²⁾
|
1,097.6
|
788.8
|
1,007.5
|
Cash and cash equivalents incl. restricted cash
|
94.6
|
116.5
|
171.7
|
Free cash flow
|
-21.8
|
-22.1
|
-242.7
|
¹⁾ For definition of the calculated key figures, please
refer to the glossary on pages 25-30.
|
Q1 2022
|
Q1 2021
|
FY 2021
|
|
KEY FINANCIAL FIGURES ¹⁾
|
|||
Gross margins:
|
|||
Gross profit
|
35.4%
|
26.1%
|
30.4%
|
EBITDA
|
28.8%
|
15.2%
|
22.1%
|
Operating profit/(loss)
|
10.8%
|
-9.3%
|
0.2%
|
Return on Equity (RoE)
|
3.9%
|
-8.4%
|
-4.1%
|
Return on Invested Capital (RoIC)
|
4.4%
|
-2.7%
|
0.0%
|
Adjusted RoIC
|
4.4%
|
-2.7%
|
0.2%
|
Equity ratio ³⁾
|
47.3%
|
50.2%
|
45.1%
|
TCE per day (USD)
|
16,743
|
13,493
|
13,703
|
OPEX per day (USD)
|
6,445
|
6,767
|
6,633
|
Loan-to-value (LTV) ratio ³⁾
|
51.5%
|
55.5%
|
52.3%
|
SHARE-RELATED KEY FIGURES ¹⁾
|
|||
Basic earnings/(loss) per share
|
0.13
|
-0.29
|
-0.54
|
Diluted earnings/(loss) per share
|
0.12
|
-0.28
|
-0.54
|
Dividend per share
|
-
|
-
|
-
|
Net Asset Value per share (NAV/share) ³⁾
|
13.6
|
10.6
|
12.5
|
Stock price in DKK, end of period ³⁾
|
58.1
|
57.8
|
51.7
|
Number of shares ³⁾ ⁴⁾
|
80.9
|
74.4
|
80.7
|
Number of shares, weighted average (million) ⁴⁾
|
80.8
|
74.4
|
78.1
|
²⁾ Based on broker valuations, excluding charter
commitments.
|
|||
³⁾ End of period
|
|||
⁴⁾ Excluding treasury shares
|
|||
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2022
|
335
|
•
|
LR2 fleet at USD/day 18,432 (12% up year on year)
|
•
|
LR1 fleet at USD/day 16,424 (11% up year on year)
|
•
|
MR fleet at USD/day 16,462 (27% up year on year)
|
•
|
Handysize fleet at USD/day 13,614 (85% up year on year)
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2022
|
336
|
•
|
As of 31 March 2022, TORM had covered 16% of the earning days in Q2 2022 at USD/day 19,694
|
•
|
As of 08 May 2022, the coverage for the second quarter of 2022 was 65% at USD/day 28,348
|
•
|
Recent trading has been made at significantly higher levels
|
1H 2022
|
2H 2022
|
FY 2022
|
|
Earning days
|
14,760
|
14,617
|
29,378
|
Open days
|
2,563
|
12,886
|
15,448
|
Coverage Ratio
|
82.6%
|
11.8%
|
47.4%
|
PBT effect
|
USD 3m
|
USD 13m
|
USD 15m
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2022
|
337
|
TOTAL PHYSICAL AND COVERED DAYS IN TORM – DATA AS OF 31 MARCH 2022
|
2022
|
2023
|
2024
|
|
Total physical days
|
|||
LR2
|
4,208
|
5,620
|
5,791
|
LR1
|
2,081
|
2,838
|
2,879
|
MR
|
15,752
|
20,650
|
20,761
|
Handysize
|
280
|
363
|
331
|
Total
|
22,321
|
29,472
|
29,762
|
Covered days
|
|||
LR2
|
506
|
-
|
-
|
LR1
|
340
|
-
|
-
|
MR
|
2,778
|
2
|
-
|
Handysize
|
19
|
-
|
-
|
Total
|
3,643
|
2
|
-
|
2022
|
2023
|
2024
|
|
Covered, %
|
|||
LR2
|
12
|
-
|
-
|
LR1
|
16
|
-
|
-
|
MR
|
18
|
-
|
-
|
Handysize
|
7
|
-
|
-
|
Total
|
16
|
-
|
-
|
Coverage rates, USD/day
|
|||
LR2
|
19,710
|
-
|
-
|
LR1
|
24,430
|
-
|
-
|
MR
|
19,160
|
16,024
|
-
|
Handysize
|
12,537
|
-
|
-
|
Total
|
19,694
|
16,024
|
-
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2022
|
338
|
USDm
|
Q1 2021
|
Q2 2021
|
Q3 2021
|
Q4 2021
|
Q1 2022
|
Change Q1 21 - Q1 22
|
12-month avg.
|
LR2 vessels
|
|||||||
Available earning days
|
847
|
788
|
1,143
|
1,201
|
1,340
|
58%
|
|
Spot rates ¹⁾
|
10,221
|
11,716
|
13,217
|
16,658
|
17,220
|
68%
|
15,444
|
TCE per earning day ²⁾
|
16,455
|
14,303
|
15,315
|
15,529
|
18,432
|
12%
|
16,128
|
Operating days
|
900
|
931
|
1,148
|
1,228
|
1,346
|
50%
|
|
Operating expenses per operating day
|
6,779
|
7,019
|
6,833
|
7,276
|
6,615
|
-2%
|
6,924
|
LR1 vessels
|
|||||||
Available earning days
|
805
|
813
|
760
|
828
|
694
|
-14%
|
|
Spot rates ¹⁾
|
13,710
|
12,954
|
11,694
|
15,196
|
20,201
|
47%
|
14,931
|
TCE per earning day ²⁾
|
14,750
|
14,914
|
11,211
|
16,347
|
16,424
|
11%
|
14,726
|
Operating days
|
810
|
819
|
828
|
828
|
810
|
0%
|
|
Operating expenses per operating day
|
7,527
|
6,329
|
6,271
|
6,527
|
6,668
|
-11%
|
6,448
|
MR vessels
|
|||||||
Available earning days
|
4,378
|
4,750
|
5,227
|
5,348
|
5,254
|
20%
|
|
Spot rates ¹⁾
|
11,838
|
14,009
|
12,578
|
13,194
|
16,525
|
40%
|
13,974
|
TCE per earning day ²⁾
|
12,935
|
14,566
|
12,785
|
13,329
|
16,462
|
27%
|
14,276
|
Operating days
|
4,663
|
4,997
|
5,407
|
5,428
|
5,310
|
14%
|
|
Operating expenses per operating day
|
6,656
|
6,523
|
6,402
|
6,694
|
6,391
|
-4%
|
6,503
|
Handy vessels
|
|||||||
Available earning days
|
176
|
182
|
184
|
184
|
180
|
2%
|
|
Spot rates ¹⁾
|
7,382
|
14,916
|
6,283
|
10,444
|
13,391
|
81%
|
11,117
|
TCE per earning day ²⁾
|
7,362
|
15,062
|
6,304
|
10,060
|
13,614
|
85%
|
11,237
|
Operating days
|
180
|
182
|
184
|
184
|
180
|
0%
|
|
Operating expenses per operating day
|
6,159
|
5,637
|
7,007
|
6,387
|
5,762
|
-6%
|
6,202
|
Tanker segment
|
|||||||
Available earning days
|
6,206
|
6,533
|
7,314
|
7,561
|
7,468
|
20%
|
|
Spot rates ¹⁾
|
11,889
|
13,760
|
12,350
|
13,805
|
16,884
|
42%
|
14,164
|
TCE per earning day ²⁾
|
13,493
|
14,591
|
12,854
|
13,929
|
16,743
|
24%
|
14,534
|
Operating days
|
6,553
|
6,929
|
7,567
|
7,668
|
7,646
|
17%
|
|
Operating expenses per operating day
|
6,767
|
6,543
|
6,467
|
6,762
|
6,445
|
-5%
|
6,555
|
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 THREE MONTHS ENDED 31 MARCH 2022
|
339
|
Q3 2021
|
Changes
|
Q4 2021
|
Changes
|
Q1 2022
|
Changes
|
Q2 2022
|
Changes
|
2022
|
|
Owned vessels
|
|||||||||
LR2
|
10
|
-
|
10
|
-
|
10
|
-1
|
9
|
-
|
9
|
LR1
|
9
|
-
|
9
|
-
|
9
|
-1
|
8
|
-
|
8
|
MR
|
51
|
-8
|
43
|
-1
|
42
|
-1
|
41
|
-
|
41
|
Handysize
|
2
|
-
|
2
|
-
|
2
|
-1
|
1
|
-1
|
-
|
Total
|
72
|
-8
|
64
|
-1
|
63
|
-4
|
59
|
-1
|
58
|
Chartered-in and leaseback vessels
|
|||||||||
LR2
|
3
|
1
|
4
|
1
|
5
|
-
|
5
|
1
|
6
|
LR1
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
MR
|
8
|
8
|
16
|
1
|
17
|
-
|
17
|
-
|
17
|
Handysize
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Total
|
11
|
9
|
20
|
2
|
22
|
-
|
22
|
1
|
23
|
Total fleet
|
83
|
1
|
84
|
1
|
85
|
-4
|
81
|
-
|
81
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2022
|
3310
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2022
|
3311
|
•
|
Tanker freight rates – The risk of sustained low tanker freight rates or of TORM not being able to predict and act on the development of these. Further,
TORM is active in the cyclical product tanker industry where earnings may also be affected by seasonality and geopolitical events. The outbreak of COVID-19 and the oil demand, supply and price development underpin the risk
|
•
|
The geopolitical risk increased significantly following Russia’s invasion of Ukraine in February 2022. The sanctions imposed on Russia by the Western
nations increased uncertainty on the general energy market. Due to the continuous development and complexity of the situation, the impact on the tanker markets going forward is uncertain.. We do not expect any direct impact on our
operations although we
|
|
expect increased volatility in freight rates, bunker cost, foreign exchange rates and vessel values.
|
•
|
Bunker price – The risk of unexpected bunker price increases not covered by corresponding freight rate increases
|
•
|
Timing of sale and purchase of vessels – The risk of TORM not selling and purchasing vessels timely relative to market developments and business
requirements
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2022
|
3312
|
•
|
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 1 January 2022 and additional
Danish disclosure requirements for interim reports of listed companies.
|
•
|
The interim report give a true and fair view of the Group’s financial position as of 31 March 2022 as well as of Group’s financial performance and cash
flow for the period 1 January – 31 March 2022.
|
•
|
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 the year.
|
•
|
The interim management report includes a fair review of the material related party transactions that have taken place in the period and material changes
to those described in the last annual report
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2022
|
3313
|
USDm
|
Note
|
Q1 2022
|
Q1 2021
|
FY 2021
|
Revenue
|
209.4
|
124.1
|
619.5
|
|
Port expenses, bunkers and commissions
|
-86.0
|
-47.4
|
-240.9
|
|
Operating expenses
|
1
|
-49.3
|
-44.3
|
-190.5
|
Administrative expenses
|
1, 2
|
-13.4
|
-13.6
|
-51.5
|
Other operating income and expenses
|
-0.3
|
-
|
0.4
|
|
Share of profit/(loss) from joint ventures
|
-
|
0.1
|
-0.1
|
|
Impairment losses and reversal of impairment on tangible assets
|
2
|
-2.6
|
-
|
-4.6
|
Depreciation
|
2
|
-35.2
|
-30.5
|
-130.9
|
Operating profit/(loss) (EBIT)
|
22.6
|
-11.6
|
1.4
|
|
Financial income
|
-
|
0.1
|
0.2
|
|
Financial expenses
|
-11.9
|
-9.6
|
-42.4
|
|
Profit/(loss) before tax
|
10.7
|
-21.1
|
-40.8
|
|
Tax
|
-0.3
|
-0.2
|
-1.3
|
|
Net profit/(loss) for the period
|
10.4
|
-21.3
|
-42.1
|
|
EARNINGS PER SHARE
|
||||
Basic earnings/(loss) per share (USD)
|
0.13
|
-0.29
|
-0.54
|
|
Diluted earnings/(loss) per share (USD)
|
0.12
|
-0.28
|
-0.54
|
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2022
|
3314
|
USDm
|
Q1 2022
|
Q1 2021
|
FY 2021
|
Net profit/(loss) for the year
|
10.4
|
-21.3
|
-42.1
|
Other comprehensive income/(loss):
|
|||
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
|
-
|
-0.2
|
Fair value adjustment on hedging instruments
|
27.0
|
4.7
|
8.4
|
Fair value adjustment on hedging instruments transferred to income statement
|
3.0
|
1.3
|
8.7
|
Items that may not be reclassified to profit or loss:
|
|||
Remeasurements of net pension and other post-retirement benefit liability or asset
|
-
|
-
|
-
|
Other comprehensive income/(loss) after tax ¹⁾
|
29.9
|
6.0
|
16.9
|
Total comprehensive income/(loss) for the year
|
40.3
|
-15.3
|
-25.2
|
¹⁾ No income tax was incurred relating to other
comprehensive income/(loss) items.
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2022
|
3315
|
31 March
|
31 March
|
31 December
|
||
USDm
|
Note
|
2022
|
2021
|
2021
|
ASSETS
|
||||
NON-CURRENT ASSETS
|
||||
Tangible fixed assets
|
||||
Land and buildings
|
4.3
|
5.9
|
4.8
|
|
Vessels and capitalized dry-docking
|
2
|
1,942.8
|
1,719.2
|
1,937.8
|
Prepayments on vessels
|
3
|
-
|
24.8
|
12.0
|
Other plant and operating equipment
|
6.0
|
7.2
|
6.3
|
|
Total tangible fixed assets
|
1,953.1
|
1,757.1
|
1,960.9
|
|
Financial assets
|
||||
Investments in joint ventures
|
1.4
|
1.6
|
1.5
|
|
Loan receivables
|
4.6
|
4.6
|
4.6
|
|
Deferred tax asset
|
0.6
|
0.6
|
0.7
|
|
Other investments
|
0.2
|
-
|
-
|
|
Total financial assets
|
6.8
|
6.8
|
6.8
|
|
Total non-current assets
|
1,959.9
|
1,763.9
|
1,967.7
|
|
CURRENT ASSETS
|
||||
Bunkers
|
58.6
|
30.0
|
48.8
|
|
Freight receivables
|
100.4
|
52.2
|
84.0
|
|
Other receivables
|
64.5
|
33.7
|
40.0
|
|
Prepayments
|
7.2
|
3.0
|
5.6
|
|
Cash and cash equivalents incl. restricted cash
|
94.6
|
116.5
|
171.7
|
|
Current assets, excluding assets held-for-sale
|
325.3
|
235.4
|
350.1
|
|
Assets held-for-sale
|
2
|
30.6
|
-
|
13.2
|
Total current assets
|
355.9
|
235.4
|
363.3
|
|
TOTAL ASSETS
|
2,315.8
|
1,999.3
|
2,331.0
|
|
31 March
|
31 March
|
31 December
|
||
USDm
|
Note
|
2022
|
2021
|
2021
|
EQUITY AND LIABILITIES
|
||||
EQUITY
|
||||
Common shares
|
0.8
|
0.7
|
0.8
|
|
Share premium
|
160.9
|
102.8
|
159.6
|
|
Treasury shares
|
-4.2
|
-4.2
|
-4.2
|
|
Hedging reserves
|
26.4
|
-14.7
|
-3.6
|
|
Translation reserves
|
0.1
|
0.4
|
0.1
|
|
Retained profit
|
910.5
|
918.6
|
899.5
|
|
Total equity
|
1,094.5
|
1,003.6
|
1,052.2
|
|
LIABILITIES
|
||||
NON-CURRENT LIABILITIES
|
||||
Non-current tax liability related to held over gains
|
45.2
|
45.2
|
45.2
|
|
Borrowings
|
4
|
954.6
|
743.5
|
926.4
|
Total non-current liabilities
|
999.8
|
788.7
|
971.6
|
|
CURRENT LIABILITIES
|
||||
Borrowings
|
4
|
131.6
|
109.6
|
209.0
|
Trade payables
|
35.6
|
18.7
|
35.3
|
|
Current tax liabilities
|
0.9
|
1.1
|
0.9
|
|
Other liabilities
|
35.1
|
59.3
|
43.7
|
|
Provisions
|
5
|
18.3
|
18.3
|
18.3
|
Total current liabilities
|
221.5
|
207.0
|
307.2
|
|
Total liabilities
|
1,221.3
|
995.7
|
1,278.8
|
|
TOTAL EQUITY AND LIABILITIES
|
2,315.8
|
1,999.3
|
2,331.0
|
|
Contingent liabilities
|
6
|
|||
Post balance sheet date events
|
7
|
|||
Related party transactions
|
8
|
|||
Accounting policies
|
9
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2022
|
3316
|
USDm
|
Common shares
|
Share premium
|
Treasury shares
|
Hedging reserves
|
Translation reserves
|
Retained profit
|
Total
|
Equity as of 1 January 2022
|
0.8
|
159.6
|
-4.2
|
-3.6
|
0.1
|
899.5
|
1,052.2
|
Comprehensive income/loss for the period
|
|||||||
Net profit/(loss) for the period
|
-
|
-
|
-
|
-
|
-
|
10.4
|
10.4
|
Other comprehensive income/(loss) for the period
|
-
|
-
|
-
|
30.0
|
-
|
-
|
30.0
|
Total comprehensive income/(loss) for the period
|
-
|
-
|
-
|
30.0
|
-
|
10.4
|
40.4
|
Capital increase
|
-
|
1.3
|
-
|
-
|
-
|
-
|
1.3
|
Share-based compensation
|
-
|
-
|
-
|
-
|
-
|
0.6
|
0.6
|
Total changes in equity for the period
|
-
|
1.3
|
-
|
30.0
|
-
|
11.0
|
42.3
|
Equity as of 31 March 2022
|
0.8
|
160.9
|
-4.2
|
26.4
|
0.1
|
910.5
|
1,094.5
|
USDm
|
Common shares
|
Share premium
|
Treasury shares
|
Hedging reserves
|
Translation reserves
|
Retained profit
|
Total
|
Equity as of 1 January 2021
|
0.7
|
102.0
|
-4.2
|
-20.7
|
0.4
|
939.3
|
1,017.5
|
Comprehensive income/(loss) for the period:
|
|||||||
Net profit/(loss) for the period
|
-
|
-
|
-
|
-
|
-
|
-21.3
|
-21.3
|
Other comprehensive income/(loss) for the period
|
-
|
-
|
-
|
6.0
|
-
|
-
|
6.0
|
Total comprehensive income/(loss) for the period
|
-
|
-
|
-
|
6.0
|
-
|
-21.3
|
-15.3
|
Capital increase
|
-
|
0.8
|
-
|
-
|
-
|
-
|
0.8
|
Share-based compensation
|
-
|
-
|
-
|
-
|
-
|
0.6
|
0.6
|
Total changes in equity for the period
|
-
|
0.8
|
-
|
6.0
|
-
|
-20.7
|
-13.9
|
Equity as of 31 March 2021
|
0.7
|
102.8
|
-4.2
|
-14.7
|
0.4
|
918.6
|
1,003.6
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2022
|
3317
|
USDm
|
Q1 2022
|
Q1 2021
|
FY 2021
|
CASH FLOW FROM OPERATING ACTIVITIES
|
|||
Net profit/(loss) for the year
|
10.4
|
-21.3
|
-42.1
|
Reversals:
|
|||
Depreciation
|
35.2
|
30.5
|
130.9
|
Impairment losses and reversal of impairment losses on tangible assets
|
2.6
|
-
|
4.6
|
Share of profit/(loss) from joint ventures
|
-
|
-0.1
|
0.1
|
Financial income
|
-
|
-0.1
|
-0.2
|
Financial expenses
|
11.9
|
9.6
|
42.4
|
Tax expenses
|
0.3
|
0.2
|
1.3
|
Other non-cash movements
|
2.4
|
7.0
|
1.3
|
Dividends received from joint ventures
|
-
|
0.3
|
0.3
|
Interest received and realized exchange gains
|
-
|
0.1
|
0.2
|
Interest paid and realized exchange losses
|
-14.2
|
-10.0
|
-41.0
|
Income taxes paid
|
-0.3
|
-0.2
|
-1.4
|
Change in bunkers, receivables and payables, etc.
|
-30.4
|
-6.2
|
-48.5
|
Net cash flow from operating activities
|
17.9
|
9.8
|
47.9
|
USDm
|
Q1 2022
|
Q1 2021
|
FY 2021
|
CASH FLOW FROM INVESTING ACTIVITIES
|
|||
Investment in tangible fixed assets ¹⁾
|
-46.9
|
-41.0
|
-319.8
|
Sale of tangible fixed assets
|
-
|
-
|
10.0
|
Change in restricted cash
|
7.2
|
9.1
|
19.2
|
Net cash flow from investing activities
|
-39.7
|
-31.9
|
-290.6
|
CASH FLOW FROM FINANCING ACTIVITIES
|
|||
Proceeds, borrowings
|
38.2
|
38.4
|
548.8
|
Repayment, borrowings
|
-87.6
|
-27.0
|
-253.4
|
Capital increase ¹⁾
|
1.3
|
0.8
|
2.9
|
Transaction costs share issue
|
-
|
-
|
-0.3
|
Net cash flow from financing activities
|
-48.1
|
12.2
|
298.0
|
Net cash flow from operating, investing and financing activities
|
-69.9
|
-9.9
|
55.3
|
Cash and cash equivalents beginning balance
|
144.8
|
89.5
|
89.5
|
Cash and cash equivalents ending balance
|
74.9
|
79.6
|
144.8
|
Restricted cash equivalents ending balance
|
19.7
|
36.9
|
26.9
|
Cash and cash equivalents including restricted cash ending balance
|
94.6
|
116.5
|
171.7
|
¹⁾ In Q2 and Q3 2021 share capital was increased by USD
57.9m in total including a USD 55.0m non-cash share issue in relation to acquisition of eight vessels.
|
|||
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2022
|
3318
|
USDm
|
Q1 2022
|
Q1 2021
|
FY 2021
|
Included in operating expenses
|
2.3
|
2.4
|
9.7
|
Included in administrative expenses
|
10.8
|
11.3
|
42.4
|
Total staff costs
|
13.1
|
13.7
|
52.1
|
31 March
|
31 March
|
31 December
|
|
USDm
|
2022
|
2021
|
2021
|
Cost:
|
|||
Balance as of beginning of period
|
2,443.3
|
2,160.1
|
2,160.1
|
Additions
|
8.0
|
24.4
|
290.3
|
Disposals
|
-
|
-2.2
|
-40.9
|
Transferred from prepayments
|
50.8
|
1.6
|
78.6
|
Transferred to assets held-for-sale
|
-36.4
|
-
|
-44.8
|
Balance
|
2,465.7
|
2,183.9
|
2,443.3
|
Depreciation:
|
|||
Balance as of beginning of period
|
475.0
|
406.2
|
406.2
|
Disposals
|
-
|
-2.2
|
-40.9
|
Depreciation for the period
|
34.0
|
29.3
|
126.2
|
Transferred to assets held-for-sale
|
-13.3
|
-
|
-16.5
|
Balance
|
495.7
|
433.3
|
475.0
|
Impairment:
|
|||
Balance as of beginning of period
|
30.5
|
31.4
|
31.4
|
Impairment losses on tangible fixed assets
|
2.6
|
-
|
4.6
|
Transferred to assets held-for-sale
|
-5.9
|
-
|
-5.5
|
Balance
|
27.2
|
31.4
|
30.5
|
Carrying amount
|
1,942.8
|
1,719.2
|
1,937.8
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2022
|
3319
|
31 March
|
31 March
|
31 December
|
|
USDm
|
2022
|
2021
|
2021
|
Balance as of beginning of period
|
12.0
|
12.0
|
12.0
|
Additions
|
38.8
|
14.4
|
78.6
|
Transferred to vessels
|
-50.8
|
-1.6
|
-78.6
|
Carrying amount
|
-
|
24.8
|
12.0
|
31 March
|
31 March
|
31 December
|
|
USDm
|
2022
|
2021
|
2021
|
Mortgage debt and bank loans to be repaid as follows:
|
|||
Falling due within one year
|
132.0
|
109.5
|
209.2
|
Falling due between one and two years
|
128.5
|
109.6
|
128.1
|
Falling due between two and three years
|
138.6
|
108.8
|
138.3
|
Falling due between three and four years
|
218.2
|
116.8
|
134.1
|
Falling due between four and five years
|
97.5
|
189.5
|
181.3
|
Falling due after five years
|
379.2
|
223.0
|
351.8
|
Total
|
1,094.0
|
857.2
|
1,142.8
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2022
|
3320
|
•
|
Annual Improvements to IFRS 2018-2020 relating to IFRS 1, IFRS 9 and IAS 41
|
•
|
Amendments to IFRS 3 – Reference to the Conceptual Framework
|
•
|
Amendments to IAS 16 – Property, Plant and Equipment: Proceeds before intended use
|
•
|
Amendments to IAS 37 – Onerous Contracts – Cost of Fulfilling a Contract.
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2022
|
3321
|
USDm
|
Q1 2022
|
Q4 2021
|
Q3 2021
|
Q2 2021
|
Q1 2021
|
Revenue
|
209.4
|
189.1
|
155.5
|
150.8
|
124.1
|
Port expenses, bunkers and commissions
|
-86.0
|
-82.3
|
-63.9
|
-47.3
|
-47.4
|
Operating expenses
|
-49.3
|
-51.9
|
-48.9
|
-45.4
|
-44.3
|
Administrative expenses
|
-13.4
|
-12.4
|
-12.3
|
-13.2
|
-13.6
|
Other operating income and expenses
|
-0.3
|
0.4
|
0.1
|
-0.1
|
-
|
Share of profit/(loss) from joint ventures
|
-
|
-
|
-0.1
|
-0.1
|
0.1
|
Impairment losses and reversal of impairment on tangible assets
|
-2.6
|
-3.8
|
-
|
-0.8
|
-
|
Depreciation
|
-35.2
|
-34.8
|
-34.1
|
-31.5
|
-30.5
|
Operating profit/(loss) (EBIT)
|
22.6
|
4.3
|
-3.7
|
12.4
|
-11.6
|
Financial income
|
-
|
-
|
0.1
|
-
|
0.1
|
Financial expenses
|
-11.9
|
-12.3
|
-10.5
|
-10.0
|
-9.6
|
Profit/(loss) before tax
|
10.7
|
-8.0
|
-14.1
|
2.4
|
-21.1
|
Tax
|
-0.3
|
-0.2
|
-0.6
|
-0.3
|
-0.2
|
Net profit/(loss) for the period
|
10.4
|
-8.2
|
-14.7
|
2.1
|
-21.3
|
EARNINGS PER SHARE
|
|||||
Basic earnings/(loss) per share (USD)
|
0.13
|
-0.10
|
-0.18
|
0.03
|
-0.29
|
Diluted earnings/(loss) per share (USD)
|
0.12
|
-0.10
|
-0.19
|
0.03
|
-0.28
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2022
|
3322
|
USDm
|
Q1 2022
|
Q4 2021
|
Q3 2021
|
Q2 2021
|
Q1 2021
|
CASH FLOW FROM OPERATING ACTIVITIES
|
|||||
Net profit/(loss) for the year
|
10.4
|
-8.2
|
-14.7
|
2.1
|
-21.3
|
Reversals:
|
|||||
Depreciation
|
35.2
|
34.8
|
34.1
|
31.5
|
30.5
|
Impairment losses and reversal of impairment losses on tangible assets
|
2.6
|
3.8
|
-
|
0.8
|
-
|
Share of profit/(loss) from joint ventures
|
-
|
-
|
0.1
|
0.1
|
-0.1
|
Financial income
|
-
|
-
|
-0.1
|
-
|
-0.1
|
Financial expenses
|
11.9
|
12.3
|
10.5
|
10.0
|
9.6
|
Tax expenses
|
0.3
|
0.2
|
0.6
|
0.3
|
0.2
|
Other non-cash movements
|
2.4
|
-1.0
|
2.9
|
-7.6
|
7.0
|
Dividends received from joint ventures
|
-
|
-
|
-
|
-
|
0.3
|
Interest received and realized exchange gains
|
-
|
-
|
-
|
0.1
|
0.1
|
Interest paid and realized exchange losses
|
-14.2
|
-8.9
|
-12.2
|
-9.9
|
-10.0
|
Income taxes paid
|
-0.3
|
-1.1
|
-0.2
|
0.1
|
-0.2
|
Change in bunkers, receivables and payables, etc.
|
-30.4
|
-19.2
|
-9.0
|
-14.1
|
-6.2
|
Net cash flow from operating activities
|
17.9
|
12.7
|
12.0
|
13.4
|
9.8
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2022
|
3323
|
USDm
|
Q1 2022
|
Q4 2021
|
Q3 2021
|
Q2 2021
|
Q1 2021
|
CASH FLOW FROM INVESTING ACTIVITIES
|
|||||
Investment in tangible fixed assets
|
-46.9
|
-47.5
|
-61.8
|
-169.5
|
-41.0
|
Sale of tangible fixed assets
|
-
|
-
|
-
|
10.0
|
-
|
Change in restricted cash
|
7.2
|
-21.2
|
1.5
|
29.8
|
9.1
|
Net cash flow from investing activities
|
-39.7
|
-68.7
|
-60.3
|
-129.7
|
-31.9
|
CASH FLOW FROM FINANCING ACTIVITIES
|
|||||
Proceeds, borrowings
|
38.2
|
210.2
|
128.1
|
172.2
|
38.4
|
Repayment, borrowings
|
-87.6
|
-114.5
|
-80.8
|
-31.2
|
-27.0
|
Capital increase
|
1.3
|
0.9
|
1.0
|
0.2
|
0.8
|
Transaction costs capital increase
|
-
|
-
|
-
|
-0.3
|
-
|
Net cash flow from financing activities
|
-48.1
|
96.6
|
48.3
|
140.9
|
12.2
|
Net cash flow from operating, investing and financing activities
|
-69.9
|
40.6
|
-
|
24.6
|
-9.9
|
Cash and cash equivalents, beginning balance
|
144.8
|
104.2
|
104.2
|
79.6
|
89.5
|
Cash and cash equivalents, ending balance
|
74.9
|
144.8
|
104.2
|
104.2
|
79.6
|
Restricted cash, ending balance
|
19.7
|
26.9
|
5.7
|
7.1
|
36.9
|
Cash and cash equivalents including restricted cash, ending balance
|
94.6
|
171.7
|
109.9
|
111.3
|
116.5
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2022
|
3324
|
TCE %
|
=
|
TCE
Revenue
|
||
TCE per day
|
=
|
TCE
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 THREE MONTHS ENDED 31 MARCH 2022
|
3325
|
USDm
|
Q1 2022
|
Q1 2021
|
FY 2021
|
Reconciliation to net profit/(loss) for the year
|
|||
Net profit/(loss) for the year
|
10.4
|
-21.3
|
-42.1
|
Impairment losses and reversals on tangible assets
|
2.6
|
-
|
4.6
|
Expense of capitalized bank fees at refinancing
|
-
|
-
|
1.1
|
Net profit/(loss) for the year ex.non-recurrent items
|
13.0
|
-21.3
|
-36.4
|
USDm
|
Q1 2022
|
Q1 2021
|
FY 2021
|
Reconciliation to revenue
|
|||
Revenue
|
209.4
|
124.1
|
619.5
|
Port expenses, bunkers and commissions
|
-86.0
|
-47.4
|
-240.9
|
TCE earnings
|
123.4
|
76.7
|
378.6
|
USDm
|
Q1 2022
|
Q1 2021
|
FY 2021
|
Reconciliation to revenue
|
|||
Revenue
|
209.4
|
124.1
|
619.5
|
Port expenses, bunkers and commissions
|
-86.0
|
-47.4
|
-240.9
|
Operating expenses
|
-49.3
|
-44.3
|
-190.5
|
Gross profit
|
74.1
|
32.4
|
188.1
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2022
|
3326
|
USDm
|
Q1 2022
|
Q1 2021
|
FY 2021
|
Reconciliation to net profit/(loss)
|
|||
Net profit/(loss) for the year
|
10.4
|
-21.3
|
-42.1
|
Tax
|
0.3
|
0.2
|
1.3
|
Financial expenses
|
11.9
|
9.6
|
42.4
|
Financial income
|
-
|
-0.1
|
-0.2
|
Depreciation
|
35.2
|
30.5
|
130.9
|
Impairment losses and reversal of impairment on tangible assets
|
2.6
|
-
|
4.6
|
EBITDA
|
60.4
|
18.9
|
136.9
|
USDm
|
Q1 2022
|
Q1 2021
|
FY 2021
|
Operating profit/(loss) (EBIT)
|
22.6
|
-11.6
|
1.4
|
Tax
|
-0.3
|
-0.2
|
-1.3
|
EBIT less Tax
|
22.3
|
-11.8
|
0.1
|
EBIT less Tax - Full year equivalent
|
89.2
|
-47.2
|
0.1
|
Invested capital, opening balance
|
2,011.3
|
1,719.7
|
1,719.7
|
Invested capital, ending balance
|
2,081.5
|
1,735.6
|
2,011.3
|
Average invested capital
|
2,046.4
|
1,727.7
|
1,865.5
|
Return on Invested Capital (RoIC)
|
4.4%
|
-2.7%
|
0.0%
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2022
|
3327
|
USDm
|
Q1 2022
|
Q1 2021
|
FY 2021
|
EBIT less Tax - Full year equivalent
|
89.2
|
-47.2
|
0.1
|
Impairment losses and reversals on tangible assets
|
2.6
|
-
|
4.6
|
EBIT less tax and impairment
|
91.8
|
-47.2
|
4.7
|
Average invested capital¹⁾
|
2,046.4
|
1,727.7
|
1,865.5
|
Average impairment ²⁾
|
40.3
|
42.8
|
42.3
|
Average invested capital adjusted for impairment
|
2,086.7
|
1,770.5
|
1,907.8
|
Adjusted RoIC
|
4.4%
|
-2.7%
|
0.2%
|
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.
|
31 March
|
31 March
|
31 December
|
|
USDm
|
2022
|
2021
|
2021
|
Tangible and intangible fixed assets
|
1,953.1
|
1,757.1
|
1,960.9
|
Investments in joint ventures
|
1.4
|
1.6
|
1.5
|
Deferred tax asset
|
0.6
|
0.6
|
0.7
|
Other investments
|
0.2
|
-
|
-
|
Bunkers
|
58.6
|
30.0
|
48.8
|
Accounts receivables
|
172.1
|
88.9
|
129.6
|
Assets held-for-sale
|
30.6
|
-
|
13.2
|
Non-current tax liability related to held over gains
|
-45.2
|
-45.2
|
-45.2
|
Trade payables ²⁾
|
-70.7
|
-78.0
|
-79.0
|
Provisions
|
-18.3
|
-18.3
|
-18.3
|
Current tax liabilities
|
-0.9
|
-1.1
|
-0.9
|
Invested capital
|
2,081.5
|
1,735.6
|
2,011.3
|
¹⁾ Accounts receivables includes Freight receivables,
Other receivables and Prepayments.
|
|||
²⁾ Trade payables includes Trade payables and Other
liabilities.
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2022
|
3328
|
31 March
|
31 March
|
31 December
|
|
USDm
|
2022
|
2021
|
2021
|
Borrowings¹⁾
|
1.099,0
|
864,5
|
1.148,4
|
Loan receivables
|
-4,6
|
-4,6
|
-4,6
|
Cash and cash equivalents, including restricted cash
|
-94,6
|
-116,5
|
-171,7
|
Net interest-bearing debt
|
999,8
|
743,4
|
972,1
|
¹⁾ Borrowings include long-term and short-term
borrowings, excluding capitalized loan costs.
|
31 March
|
31 March
|
31 December
|
|
USDm
|
2022
|
2021
|
2021
|
Vessel values including newbuildings (broker values)
|
1,957.4
|
1,705.1
|
1,926.0
|
Total (value)
|
1,957.4
|
1,705.1
|
1,926.0
|
Borrowings ¹⁾
|
1,099.0
|
864.5
|
1,148.4
|
- Hereof debt regarding Land and buildings & Other plant and operating equipment
|
-5.0
|
-7.4
|
-5.6
|
Committed CAPEX
|
13.3
|
209.7
|
39.9
|
Loan receivable
|
-4.6
|
-4.6
|
-4.6
|
Cash and cash equivalents, including restricted cash
|
-94.6
|
-116.5
|
-171.7
|
Total (loan)
|
1,008.1
|
945.7
|
1,006.4
|
Net Loan-to-value (LTV) ratio
|
51.5%
|
55.5%
|
52.3%
|
¹⁾ Borrowings include long-term and short-term
borrowings, excluding lease liabilities related to right-of-use assets, as well as capitalized loan costs.
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2022
|
3329
|
31 March
|
31 March
|
31 December
|
|
USDm
|
2022
|
2021
|
2021
|
Total vessel values (broker values)
|
1,957.4
|
1,705.1
|
1,926.0
|
Committed CAPEX
|
-13.3
|
-209.7
|
-39.9
|
Land and buildings
|
4.3
|
5.9
|
4.8
|
Other plant and operating equipment
|
6.0
|
7.2
|
6.3
|
Investments in joint ventures
|
1.4
|
1.6
|
1.5
|
Loan receivables
|
4.6
|
4.6
|
4.6
|
Deferred tax asset
|
0.6
|
0.6
|
0.7
|
Other investments
|
0.2
|
-
|
-
|
Bunkers
|
58.6
|
30.0
|
48.8
|
Freight receivables
|
100.4
|
52.2
|
84.0
|
Other receivables
|
64.5
|
33.7
|
40.0
|
Prepayments
|
7.2
|
3.0
|
5.6
|
Cash position
|
94.6
|
116.5
|
171.7
|
Borrowings ¹⁾
|
-1,099.0
|
-864.5
|
-1,148.4
|
Trade payables
|
-35.6
|
-18.7
|
-35.3
|
Current tax liabilities
|
-0.9
|
-1.1
|
-0.9
|
Other liabilities
|
-35.1
|
-59.3
|
-43.7
|
Provisions
|
-18.3
|
-18.3
|
-18.3
|
Total Net Asset Value (NAV)
|
1,097.6
|
788.8
|
1,007.5
|
Total number of shares, end of period excluding treasury shares (million)
|
80.9
|
74.4
|
80.7
|
Total Net Asset Value per share (NAV/share)
|
13.6
|
10.6
|
12.5
|
¹⁾ Borrowings include long-term and short-term
borrowings, excluding capitalized loan costs.
|
31 March
|
31 March
|
31 December
|
|
USDm
|
2022
|
2021
|
2021
|
Cash and cash equivalents, including restricted cash
|
94.6
|
116.5
|
171.7
|
Undrawn credit facilities and committed facilities incl. sale & leaseback financing transactions
|
45.0
|
212.9
|
38.2
|
Liquidity
|
139.6
|
329.4
|
209.9
|
USDm
|
Q1 2022
|
Q1 2021
|
FY 2021
|
Net cash flow from operating activities
|
17.9
|
9.8
|
47.9
|
Net cash flow from investing activities
|
-39.7
|
-31.9
|
-290.6
|
Free cash flow
|
-21.8
|
-22.1
|
-242.7
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2022
|
3330
|