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“In the first quarter of 2021, TORM
achieved an EBITDA of USD 19m, in a market which continues to be impacted by the pandemic. Further I am pleased that we have just purchased three LR2 vessels on top of the eight MR vessels acquired earlier this year” says Executive Director Jacob
Meldgaard.|
RESULT
|
In the first quarter of 2021, TORM achieved TCE rates of USD/day 13,493 (2020, same period: USD/day 23,642) and an EBITDA of USD 18.9m
(2020, same period: USD 101.5m). The loss before tax amounted to USD -21.1m (2020, same period a profit of USD 56.8m), and earnings per share (EPS) was negative by USD -0.29 or DKK -1.8 (2020, same period: USD 0.76 or DKK 5.1). The result
includes an unrealized loss from freight derivatives of USD 7m. Cash flow from operating activities was positive at USD 9.8m in the first quarter of 2021 (2020, same period: USD 49.8m), and Return on Invested Capital (RoIC) was -2.7% (2020,
same period: 15.4%).
|
|
MARKET CONDITIONS
|
The weak conditions in the product tanker market continued from the end of 2020 into the start of 2021. Global oil demand recovery was negatively affected by
increasing COVID-19 cases in many regions and the OPEC+ quota regime continued to suppress the tanker market, however with product tankers performing stronger than crude tankers. As the quarter progressed, the Texas winter storm and the
blocking of the Suez Canal supported the product tanker market, especially the larger vessels, with LR2 spot rate benchmarks reaching levels above USD/day 20,000 by the end of the quarter.
|
|
OPERATIONAL UPDATE
|
During the COVID-19 pandemic, TORM has fully maintained its excellent operations thanks to the One TORM platform. As vaccines are rolled out all over the world
and the COVID-19 situation improves, operations will further normalize. However, with the recent increase in COVID-19 cases in India, TORM is implementing additional precautionary measures in the region with the aim of safeguarding both the
shore-based organization and TORM’s crew to the largest extent. None of these measures will impact TORM’s overall operations.
|
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2021
|
1 |
|
VESSEL TRANSACTIONS
|
During the first quarter of 2021, TORM entered into an agreement to purchase eight 2007-2012 built MR product tanker vessels from Team Tankers Deep Sea Ltd. for a
total cash consideration of USD 82.5m and the issuance of 5.97 million shares. The vessels were all built at the Croatian shipyard Brodotrogir and have high technical specifications with six of the vessels having specialized cargo tank
configurations and extended tank segregations (IMO 2), allowing for enhanced trading flexibility through chemical trading options. TORM has taken delivery of two vessels so far in the second quarter and the remaining vessels are scheduled
to be delivered during the remainder of the second quarter and in the third quarter of 2021. In connection with each delivery, TORM is issuing shares to Team Tankers in tranches based on the individual vessel’s relative value. So far in the
second quarter 1.70 million shares have been issued to Team Tankers.
|
|
TORM has financed the Team Tanker vessels on attractive terms with maturities in 2026.The 2009-2012 built vessels will be financed by increasing TORM’s existing
Syndicated Term Facility with a new Revolving Facility of up to USD 64m provided pro rata by the existing syndicate banks (ABN AMRO, Danske Bank, ING, Nordea, Credit Agricole, Société Générale and Swedbank), and the 2007-2008 built vessels
will be financed through a new term facility with Hamburg Commercial Bank amounting up to USD 28m. During the second quarter to date TORM has drawn USD 26.9m on the new facilities.
|
|
|
After the end of the quarter, TORM has purchased the three 2015-built scrubber-fitted and fuel-efficient LR2 vessels Nissos Schinoussa, Nissos Heraclea and Nissos
Therassia from Okeanis Eco Tankers Corp. for a total consideration of USD 120.8m. The vessels are expected to be delivered during the remainder of the second quarter and in the third quarter of 2021.
|
|
|
TORM has obtained commitment for the financing of two of the vessels from Danish Ship Finance for USD 60.0m subject to finalization of the documentation. The
third vessel is expected to be financed through a sale and leaseback agreement with a Chinese financial institution for proceeds of USD 32.2m. In this connection, TORM expects to enter into two additional sale and leaseback agreements
providing USD 24m in net liquidity. TORM has agreed key terms for the three sale and leaseback agreements.
|
|
|
After the end the quarter, TORM has also sold the MR vessel TORM Carina. Net of debt repayment, the sale will generate USD 6m in liquidity. The vessel is expected
to be delivered to the new owner during the second quarter of 2021.
|
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2021
|
2 |
|
LIQUIDITY
|
As of 31 March 2021, TORM’s available liquidity was USD 329.4m consisting of USD 116.5m in cash and cash equivalents, USD 136.9m in undrawn credit facilities and
USD 76.0m of sale and leaseback financing related to TORM’s two LR2 newbuildings. Cash and cash equivalents include USD 36.9m in restricted cash, primarily related to collateral for financial instruments. As of 31 March 2021, net
interest-bearing debt amounted to USD 743.4m, and TORM's net loan-to-value (LTV) ratio was 55%.
|
|
VESSEL VALUES
|
Based on broker valuations, TORM’s fleet including newbuildings had a market value of USD 1,705.1m as of end March 2021. Compared to broker
valuations as of 31 December 2020, the market value of the fleet decreased by USD 27.9m when adjusted for acquired and sold vessels. The book value of TORM’s fleet was USD 1,744.0m as of 31 March 2021 excluding outstanding payments on the
two LR2 newbuildings and the eight MR vessels acquired from Team Tankers of a total of USD 209.7m. The outstanding installments include payment for scrubbers related to the two LR2 newbuildings.
|
|
NET ASSET VALUE
|
Based on broker valuations, TORM’s Net Asset Value (NAV) excluding charter commitments was estimated at USD 788.2m as of 31 March 2021
corresponding to a NAV/share of USD 10.6 (DKK 67.3). TORM’s book equity amounted to USD 1,003.6m as of 31 March 2021 corresponding to a book equity/share of USD 13.5 (DKK 85.7).
|
|
SCRUBBER UPDATE
|
As of 31 March 2021, TORM had installed 46 scrubbers out of 50 planned and the remaining 4 are expected to be installed during the remainder of 2021 and the first
quarter of 2022, including two on the LR2 newbuildings. With the purchase of the three 2015-built scrubber-fitted LR2 vessels, TORM will have a total of 53 scrubbers installed.
|
|
COVERAGE
|
As of 31 March 2021, 32% of the remaining total earning days in 2021 were covered at an average rate of USD/day 14,982. As of 07 May 2021,
the coverage for the second quarter of 2021 was 78% at USD/day 14,821. For the individual segments, the coverage was 112% at USD/day 15,781 for LR2, 87% at USD/day 14,781 for LR1, 72% at USD/day 14,660 for MR and 47% at USD/day 11,624 for
Handysize.
|
|
On behalf of TORM plc
|
|
Christopher H. Boehringer, Chairman of the Board of Directors
12 May 2021
|
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2021
|
3 |
|
SAFE HARBOR STATEMENTS AS TO THE FUTURE
Matters discussed in this release may constitute forward-looking statements. 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 statements other than statements of historical facts. The
words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions generally identify forward-looking statements.
The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, 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 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 COVID-19, including its impact on the demand for
petroleum products and the seaborne transportation thereof, the operations of our customers and our business in general, 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, potential liability from pending or future litigation, domestic and
international political conditions, potential disruption of shipping routes due to accidents, political events including “trade wars,” or acts by terrorists.
|
In light of these risks and uncertainties, you should not place undue reliance 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.
|
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2021
|
4 |
|
USDm
|
Q1 2021
|
Q1 2020
|
FY 2020
|
|
INCOME STATEMENT
|
|||
|
Revenue
|
124.1
|
242.6
|
747.4
|
|
Time charter equivalent earnings (TCE) ¹⁾
|
76.7
|
158.2
|
519.5
|
|
Gross profit ¹⁾
|
32.4
|
115.1
|
341.1
|
|
EBITDA ¹⁾
|
18.9
|
101.5
|
271.9
|
|
Operating profit/(loss) (EBIT)
|
-11.6
|
70.1
|
138.9
|
|
Financial items
|
-9.5
|
-13.3
|
-49.4
|
|
Profit/(loss) before tax
|
-21.1
|
56.8
|
89.5
|
|
Net profit/(loss) for the year/period
|
-21.3
|
56.4
|
88.1
|
|
Net profit/(loss) ex. non-recurrent items¹⁾
|
-21.3
|
57.9
|
122.1
|
|
BALANCE SHEET
|
|||
|
Non-current assets
|
1,763.9
|
1,825.2
|
1,754.9
|
|
Total assets
|
1,999.3
|
2,101.4
|
1,998.6
|
|
Equity
|
1,003.6
|
1,045.5
|
1,017.5
|
|
Total liabilities
|
995.7
|
1,055.9
|
981.1
|
|
Invested capital ¹⁾
|
1,735.0
|
1,831.9
|
1,719.4
|
|
Net interest-bearing debt ¹⁾
|
743.4
|
797.8
|
713.1
|
|
Net Asset Value (NAV) (USDm) ²⁾
|
788.2
|
993.2
|
801.4
|
|
Cash and cash equivalents
|
116.5
|
129.3
|
135.6
|
|
¹⁾ For definition of the calculated key figures, please refer to the glossary on pages 25-30.
|
|||
|
Q1 2021
|
Q1 2020
|
FY 2020
|
|
|
KEY FINANCIAL FIGURES ¹⁾
|
|||
|
Gross margins:
|
|||
|
EBITDA
|
15.2%
|
41.8%
|
36.4%
|
|
Operating profit/(loss)
|
-9.3%
|
28.9%
|
18.6%
|
|
Return on Equity (RoE)
|
-8.4%
|
22.0%
|
8.7%
|
|
Return on Invested Capital (RoIC)
|
-2.7%
|
15.4%
|
7.8%
|
|
Adjusted RoIC
|
-2.7%
|
15.2%
|
9.3%
|
|
Equity ratio
|
50.2%
|
49.8%
|
50.9%
|
|
TCE per day (USD)
|
13,493
|
23,643
|
19,800
|
|
OPEX per day (USD)
|
6,767
|
6,089
|
6,398
|
|
Net Loan-to-value (LTV) ratio
|
55.5%
|
49.1%
|
50.8%
|
|
SHARE-RELATED KEY FIGURES ¹⁾
|
|||
|
Basic earnings/(loss) per share
|
-0.29
|
0.76
|
1.19
|
|
Diluted earnings/(loss) per share
|
-0.28
|
0.75
|
1.19
|
|
Dividend per share
|
-
|
-
|
0.85
|
|
Net Asset Value per share (NAV/share) ³⁾
|
10.6
|
13.3
|
10.8
|
|
Stock price in DKK, end of period ³⁾
|
57.8
|
57.8
|
45.0
|
|
Number of shares ex. treasury shares (mill.)³⁾
|
74.4
|
74.8
|
74.4
|
|
Number of shares (excluding treasury shares), weighted average (million)
|
74.4
|
75.2
|
74.3
|
|
¹⁾ For definition of the calculated key figures, please refer to the Glossary on pages 25-30.
|
|||
|
²⁾ Based on broker valuations, excluding charter commitments.
|
|||
|
³⁾ End of period
|
|||
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2021
|
5 |
|
•
|
LR2 at USD/day 16,455 (43% down year on year)
|
|
•
|
LR1 at USD/day 14,750 (39% down year on year)
|
|
•
|
MR at USD/day 12,935 (42% down year on year)
|
|
•
|
Handysize at USD/day 7,362 (64% down year on year)
|
|
•
|
As of 31 March 2021, TORM had covered 32% of the remaining earning days in 2021 at USD/day 14,982
|
|
•
|
As of 7 May 2021, the coverage for the second quarter of 2021 was 78% at USD/day 14,821
|
|
•
|
As 14,236 earning days in 2021 are unfixed as of 31 March 2021, a change in freight rates of USD/day 1,000 will impact the full-year profit before tax by
USD 14.2m
|
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2021
|
6 |
|
COVERED AND CHARTERED-IN DAYS IN TORM – DATA AS OF 31 MARCH 2021
|
|
2021
|
2022
|
2023
|
|
|
Owned days
|
|||
|
LR2
|
2,605
|
3,630
|
3,485
|
|
LR1
|
2,430
|
3,093
|
3,234
|
|
MR
|
13,250
|
18,316
|
18,203
|
|
Handysize
|
547
|
725
|
698
|
|
Total
|
18,832
|
25,764
|
25,621
|
|
Chartered-in and leaseback days at fixed rate
|
|||
|
LR2
|
31
|
695
|
726
|
|
LR1
|
-
|
-
|
-
|
|
MR
|
2,188
|
2,903
|
2,899
|
|
Handysize
|
-
|
-
|
-
|
|
Total
|
2,219
|
3,598
|
3,625
|
|
Total physical days
|
|||
|
LR2
|
2,636
|
4,325
|
4,211
|
|
LR1
|
2,430
|
3,093
|
3,234
|
|
MR
|
15,439
|
21,219
|
21,102
|
|
Handysize
|
547
|
725
|
698
|
|
Total
|
21,051
|
29,362
|
29,246
|
|
2021
|
2022
|
2023
|
|
|
Covered, %
|
|||
|
LR2
|
74%
|
3%
|
0%
|
|
LR1
|
34%
|
0%
|
0%
|
|
MR
|
26%
|
2%
|
0%
|
|
Handysize
|
5%
|
0%
|
0%
|
|
Total
|
32%
|
2%
|
0%
|
|
Covered days
|
|||
|
LR2
|
1,947
|
136
|
-
|
|
LR1
|
830
|
-
|
-
|
|
MR
|
4,011
|
323
|
-
|
|
Handysize
|
26
|
-
|
-
|
|
Total
|
6,815
|
459
|
-
|
|
Coverage rates, USD/day
|
|||
|
LR2
|
16,236
|
16,776
|
-
|
|
LR1
|
14,776
|
-
|
-
|
|
MR
|
14,445
|
15,241
|
-
|
|
Handysize
|
10,717
|
-
|
-
|
|
Total
|
14,982
|
15,695
|
-
|
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2021
|
7 |
|
USDm
|
Q1 2020
|
Q2 2020
|
Q3 2020
|
Q4 2020
|
Q1 2021
|
Change Q1 20 - Q1 21
|
12-month avg.
|
|
LR2 vessels
|
|||||||
|
Available earning days
|
1,019
|
1,002
|
901
|
873
|
847
|
-17%
|
|
|
Spot rates ¹⁾
|
31,013
|
37,677
|
21,495
|
18,510
|
10,221
|
-67%
|
25,233
|
|
TCE per earning day ²⁾
|
29,108
|
32,732
|
23,854
|
19,632
|
16,455
|
-43%
|
23,562
|
|
Operating days
|
1,092
|
1,092
|
984
|
920
|
900
|
-18%
|
|
|
Operating expenses per operating day ³⁾
|
6,273
|
6,864
|
7,756
|
7,274
|
6,779
|
8%
|
7,167
|
|
LR1 vessels
|
|||||||
|
Available earning days
|
779
|
812
|
811
|
826
|
805
|
3%
|
|
|
Spot rates ¹⁾
|
25,421
|
30,116
|
20,703
|
13,081
|
13,710
|
-46%
|
19,526
|
|
TCE per earning day ²⁾
|
24,329
|
31,655
|
20,629
|
14,931
|
14,750
|
-39%
|
20,481
|
|
Operating days
|
812
|
819
|
828
|
828
|
810
|
0%
|
|
|
Operating expenses per operating day ³⁾
|
6,343
|
5,787
|
6,530
|
6,752
|
7,527
|
19%
|
6,647
|
|
MR vessels
|
|||||||
|
Available earning days
|
4,703
|
4,791
|
4,663
|
4,372
|
4,378
|
-7%
|
|
|
Spot rates ¹⁾
|
22,974
|
23,297
|
15,259
|
11,082
|
11,838
|
-48%
|
15,596
|
|
TCE per earning day ²⁾
|
22,461
|
23,012
|
15,077
|
11,243
|
12,935
|
-42%
|
15,730
|
|
Operating days
|
4,992
|
5,069
|
4,987
|
4,715
|
4,663
|
-7%
|
|
|
Operating expenses per operating day ³⁾
|
5,992
|
5,910
|
6,595
|
6,681
|
6,656
|
11%
|
6,452
|
|
Handy vessels
|
|||||||
|
Available earning days
|
182
|
182
|
183
|
116
|
176
|
-4%
|
|
|
Spot rates ¹⁾
|
19,535
|
15,872
|
7,193
|
9,051
|
7,382
|
-62%
|
9,946
|
|
TCE per earning day ²⁾
|
20,649
|
15,270
|
7,628
|
8,257
|
7,362
|
-64%
|
9,786
|
|
Operating days
|
190
|
182
|
184
|
184
|
180
|
-5%
|
|
|
Operating expenses per operating day ³⁾
|
6,518
|
5,097
|
6,186
|
6,826
|
6,159
|
-6%
|
6,069
|
|
Tanker segment
|
|||||||
|
Available earning days
|
6,684
|
6,787
|
6,558
|
6,187
|
6,206
|
-7%
|
|
|
Spot rates ¹⁾
|
24,116
|
25,528
|
16,220
|
11,717
|
11,889
|
-51%
|
16,698
|
|
TCE per earning day ²⁾
|
23,643
|
25,274
|
16,762
|
12,863
|
13,493
|
-43%
|
17,281
|
|
Operating days
|
7,086
|
7,162
|
6,983
|
6,647
|
6,553
|
-8%
|
|
|
Operating expenses per operating day ³⁾
|
6,089
|
6,021
|
6,740
|
6,776
|
6,767
|
11%
|
6,567
|
|
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.
|
|||||||
|
³⁾ Operating expenses are related to owned vessels and vessels
on bareboat charter-in.
|
|||||||
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2021
|
8 |
|
Q4 2020
|
Changes
|
Q1 2021
|
Changes
|
2021
|
Changes
|
2022
|
|
|
Owned vessels
|
|||||||
|
LR2
|
10
|
-
|
10
|
2
|
12
|
-
|
12
|
|
LR1
|
9
|
-
|
9
|
-
|
9
|
-
|
9
|
|
MR
|
43
|
1
|
44
|
7
|
51
|
-
|
51
|
|
Handysize
|
2
|
-
|
2
|
-
|
2
|
-
|
2
|
|
Total
|
64
|
1
|
65
|
9
|
74
|
-
|
74
|
|
Chartered-in and leaseback vessels
|
|||||||
|
LR2
|
-
|
-
|
-
|
2
|
2
|
1
|
3
|
|
LR1
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
MR
|
8
|
-
|
8
|
-
|
8
|
-
|
8
|
|
Handysize
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Total
|
8
|
-
|
8
|
2
|
10
|
1
|
11
|
|
Total fleet
|
72
|
1
|
73
|
11
|
84
|
1
|
85
|
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2021
|
9 |
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2021
|
10 |
|
•
|
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.
Furthermore, TORM is active in the cyclical product tanker industry where earnings may also be affected by seasonality and geopolitical events. The outbreak of the COVID-19 and the oil demand, supply and price development underpin
the risk
|
|
•
|
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 2021
|
11 |
|
•
|
The condensed consolidated set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and as
issued by the International Accounting Standards Board (”IASB”)
|
|
•
|
The interim management report includes a fair review of the important events during the first three months of the financial year 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 2021
|
12 |
|
USDm
|
Note
|
Q1 2021
|
Q1 2020
|
FY 2020
|
|
Revenue
|
124.1
|
242.6
|
734.4
|
|
|
Port expenses, bunkers and commissions
|
-47.4
|
-84.4
|
-214.9
|
|
|
Operating expenses
|
1
|
-44.3
|
-43.1
|
-178.4
|
|
Profit from sale of vessels
|
-
|
-
|
1.1
|
|
|
Administrative expenses
|
1, 2
|
-13.6
|
-13.8
|
-50.8
|
|
Other operating income and expenses
|
-
|
0.2
|
-19.3
|
|
|
Share of profit/(loss) from joint ventures
|
0.1
|
-
|
-0.2
|
|
|
Impairment losses and reversal of impairment on tangible assets
|
2, 4
|
-
|
-
|
-11.1
|
|
Depreciation
|
2
|
-30.5
|
-31.4
|
-121.9
|
|
Operating profit/(loss) (EBIT)
|
-11.6
|
70.1
|
138.9
|
|
|
Financial income
|
0.3
|
0.9
|
0.5
|
|
|
Financial expenses
|
-9.8
|
-14.2
|
-49.9
|
|
|
Profit/(loss) before tax
|
-21.1
|
56.8
|
89.5
|
|
|
Tax
|
-0.2
|
-0.4
|
-1.4
|
|
|
Net profit/(loss) for the period
|
-21.3
|
56.4
|
88.1
|
|
|
EARNINGS PER SHARE
|
||||
|
Basic earnings/(loss) per share (USD)
|
-0.29
|
0.76
|
1.19
|
|
|
Diluted earnings/(loss) per share (USD)
|
-0.28
|
0.75
|
1.19
|
|
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2021
|
13 |
|
USDm
|
Q1 2021
|
Q1 2020
|
FY 2020
|
|
Net profit/(loss) for the year
|
-21.3
|
56.4
|
88.1
|
|
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
|
-
|
-0.2
|
0.0
|
|
Fair value adjustment on hedging instruments
|
3.3
|
-18.3
|
-2.1
|
|
Fair value adjustment on hedging instruments transferred to income statement
|
2.7
|
0.7
|
-6.9
|
|
Items that may not be reclassified to profit or loss:
|
|||
|
Remeasurements of net pension and other post-retirement benefit liability or asset
|
-
|
-
|
0.1
|
|
Other comprehensive income/(loss) after tax ¹⁾
|
6.0
|
-17.8
|
-8.8
|
|
Total comprehensive income/(loss) for the year
|
-15.3
|
38.6
|
79.3
|
|
¹⁾ No income tax was incurred relating to other
comprehensive income/(loss) items.
|
|||
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2021
|
14 |
|
CONDENSED CONSOLIDATED BALANCE SHEET
|
|
31 March
|
31 March
|
31 December
|
||
|
USDm
|
Note
|
2021
|
2020
|
2020
|
|
ASSETS
|
||||
|
NON-CURRENT ASSETS
|
||||
|
Tangible fixed assets
|
||||
|
Land and buildings
|
5.9
|
8.4
|
7.1
|
|
|
Vessels and capitalized dry-docking
|
2
|
1,719.2
|
1,789.5
|
1,722.5
|
|
Prepayments on vessels
|
3
|
24.8
|
16.9
|
12.0
|
|
Other plant and operating equipment
|
7.2
|
4.7
|
6.8
|
|
|
Total tangible fixed assets
|
1,757.1
|
1,819.5
|
1,748.4
|
|
|
Financial assets
|
||||
|
Investments in joint ventures
|
1.6
|
1.1
|
1.6
|
|
|
Loan receivables
|
4.6
|
4.6
|
4.6
|
|
|
Deferred tax asset
|
0.6
|
-
|
0.3
|
|
|
Total financial assets
|
6.8
|
5.7
|
6.5
|
|
|
Total non-current assets
|
1,763.9
|
1,825.2
|
1,754.9
|
|
|
CURRENT ASSETS
|
||||
|
Bunkers
|
30.0
|
38.2
|
22.5
|
|
|
Freight receivables
|
52.2
|
97.3
|
58.6
|
|
|
Other receivables
|
33.7
|
6.1
|
24.8
|
|
|
Prepayments
|
3.0
|
5.3
|
2.2
|
|
|
Cash and cash equivalents including restricted cash
|
116.5
|
129.3
|
135.6
|
|
|
Current assets, excluding assets held-for-sale
|
235.4
|
276.2
|
243.7
|
|
|
Total current assets
|
235.4
|
276.2
|
243.7
|
|
|
TOTAL ASSETS
|
1,999.3
|
2,101.4
|
1,998.6
|
|
|
31 March
|
31 March
|
31 December
|
||
|
USDm
|
Note
|
2021
|
2020
|
2020
|
|
EQUITY AND LIABILITIES
|
||||
|
EQUITY
|
||||
|
Common shares
|
0.7
|
0.7
|
0.7
|
|
|
Share premium
|
102.8
|
101.4
|
102.0
|
|
|
Treasury shares
|
-4.2
|
-4.2
|
-4.2
|
|
|
Hedging reserves
|
-14.7
|
-29.4
|
-20.7
|
|
|
Translation reserves
|
0.4
|
0.1
|
0.4
|
|
|
Retained profit
|
918.6
|
976.9
|
939.3
|
|
|
Total equity
|
1,003.6
|
1,045.5
|
1,017.5
|
|
|
LIABILITIES
|
||||
|
NON-CURRENT LIABILITIES
|
||||
|
Non-current tax liability related to held over gains
|
45.2
|
44.9
|
44.9
|
|
|
Borrowings
|
4
|
743.5
|
812.2
|
739.6
|
|
Total non-current liabilities
|
788.7
|
857.1
|
784.5
|
|
|
CURRENT LIABILITIES
|
||||
|
Borrowings
|
4
|
109.6
|
108.1
|
102.9
|
|
Trade payables
|
18.7
|
29.3
|
14.4
|
|
|
Current tax liabilities
|
1.1
|
1.2
|
1.4
|
|
|
Other liabilities
|
59.3
|
60.2
|
59.6
|
|
|
Provisions
|
5
|
18.3
|
-
|
18.3
|
|
Total current liabilities
|
207.0
|
198.8
|
196.6
|
|
|
Total liabilities
|
995.7
|
1,055.9
|
981.1
|
|
|
TOTAL EQUITY AND LIABILITIES
|
1,999.3
|
2,101.4
|
1,998.6
|
|
|
Contingent liabilities
|
6
|
|||
|
Contractual obligations and rights
|
7
|
|||
|
Post balance sheet date events
|
8
|
|||
|
Related party transactions
|
9
|
|||
|
Accounting policies
|
10
|
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2021
|
15 |
|
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
|
|
Transaction costs capital increase
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Share-based compensation
|
-
|
-
|
-
|
-
|
-
|
0.6
|
0.6
|
|
Acquisition treasury shares, cost
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
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
|
|
USDm
|
Common shares
|
Share premium
|
Treasury shares
|
Hedging reserves
|
Translation reserves
|
Retained profit
|
Total
|
|
Equity as of 1 January 2020
|
0.7
|
101.3
|
-2.9
|
-11.8
|
0.3
|
920,0
|
1,007.6
|
|
Comprehensive income/(loss) for the period:
|
|||||||
|
Net profit/(loss) for the period
|
-
|
-
|
-
|
-
|
-
|
56.4
|
56.4
|
|
Other comprehensive income/(loss) for the period
|
-
|
-
|
-
|
-17.6
|
-0.2
|
-
|
-17.8
|
|
Total comprehensive income/(loss) for the period
|
-
|
-
|
-
|
-17.6
|
-0.2
|
56.4
|
38.6
|
|
Capital increase
|
-
|
0.1
|
-
|
-
|
-
|
-
|
0.1
|
|
Transaction costs capital increase
|
-
|
-
|
-
|
-
|
-
|
0.5
|
0.5
|
|
Share-based compensation
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Acquisition treasury shares, cost
|
-
|
-
|
-1.3
|
-
|
-
|
-
|
-1.3
|
|
Total changes in equity for the period
|
-
|
0.1
|
-1.3
|
-17.6
|
-0.2
|
56.9
|
37.9
|
|
Equity as of 31 March 2020
|
0.7
|
101.4
|
-4.2
|
-29.4
|
0.1
|
976.9
|
1,045.5
|
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2021
|
16 |
|
USDm
|
Q1 2021
|
Q1 2020
|
FY 2020
|
|
CASH FLOW FROM OPERATING ACTIVITIES
|
|||
|
Net profit/(loss) for the year
|
-21.3
|
56.4
|
88.1
|
|
Reversals:
|
|||
|
Profit from sale of vessels
|
-
|
-
|
-1.1
|
|
Depreciation
|
30.5
|
31.4
|
121.9
|
|
Impairment losses and reversal of impairment losses on tangible assets
|
-
|
-
|
11.1
|
|
Share of profit/(loss) from joint ventures
|
-0.1
|
-
|
0.2
|
|
Financial income
|
-0.3
|
-0.9
|
-0.5
|
|
Financial expenses
|
9.8
|
14.2
|
49.9
|
|
Tax expenses
|
0.2
|
0.4
|
1.4
|
|
Other non-cash movements
|
7.0
|
0.6
|
1.1
|
|
Dividends received from joint ventures
|
0.3
|
0.3
|
0.3
|
|
Interest received and realized exchange gains
|
0.1
|
0.1
|
0.6
|
|
Interest paid and realized exchange losses
|
-10.0
|
-18.7
|
-52.9
|
|
Income taxes paid
|
-0.2
|
-0.2
|
-0.2
|
|
Change in bunkers, receivables and payables, etc.
|
-6.2
|
-33.8
|
15.9
|
|
Net cash flow from operating activities
|
9.8
|
49.8
|
235.8
|
|
USDm
|
Q1 2021
|
Q1 2020
|
FY 2020
|
|
CASH FLOW FROM INVESTING ACTIVITIES
|
|||
|
Investment in tangible fixed assets
|
-41.0
|
-68.6
|
-173.1
|
|
Sale of tangible fixed assets
|
-
|
9.2
|
83.7
|
|
Change in restricted cash
|
9.1
|
-3.7
|
-30.4
|
|
Net cash flow from investing activities
|
-31.9
|
-63.1
|
-119.8
|
|
CASH FLOW FROM FINANCING ACTIVITIES
|
|||
|
Proceeds, borrowings
|
38.4
|
526.3
|
734.3
|
|
Repayment, borrowings
|
-27.0
|
-458.7
|
-746.5
|
|
Dividend paid
|
-
|
-
|
-70.6
|
|
Capital increase
|
0.8
|
0.1
|
0.8
|
|
Purchase/disposal of treasury shares
|
-
|
-1.3
|
-1.3
|
|
Net cash flow from financing activities
|
12.2
|
66.4
|
-83.3
|
|
Net cash flow from operating, investing and financing activities
|
-9.9
|
53.1
|
32.7
|
|
Cash and cash equivalents as of 1 January
|
89.5
|
56.8
|
56.8
|
|
Cash and cash equivalents as of 31 March
|
79.6
|
109.9
|
89.5
|
|
Restricted cash equivalents as of 31 March
|
36.9
|
19.4
|
46.1
|
|
Cash and cash equivalents including restricted cash as of 31 March
|
116.5
|
129.3
|
135.6
|
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2021
|
17 |
|
USDm
|
Q1 2021
|
Q1 2020
|
FY 2020
|
|
Included in operating expenses
|
2.4
|
1.9
|
9.2
|
|
Included in administrative expenses
|
11.3
|
11.0
|
41.5
|
|
Total staff costs
|
13.7
|
12.9
|
50.7
|
|
31 March
|
31 March
|
31 December
|
|
|
USDm
|
2021
|
2020
|
2020
|
|
Cost:
|
|||
|
Balance as of beginning of period
|
2,160.1
|
2,064.2
|
2,064.2
|
|
Additions
|
24.4
|
30.9
|
102.5
|
|
Disposals
|
-2.2
|
-7.0
|
-29.8
|
|
Transferred from prepayments
|
1.6
|
114.4
|
148.1
|
|
Transferred to assets held-for-sale
|
-
|
-
|
-124.9
|
|
Balance
|
2,183.9
|
2,202.5
|
2,160.1
|
|
Depreciation:
|
|||
|
Balance as of beginning of period
|
406.2
|
360.6
|
360.6
|
|
Disposals
|
-2.2
|
-7.0
|
-29.8
|
|
Depreciation for the period
|
29.3
|
30.6
|
118.4
|
|
Transferred to assets held-for-sale
|
-
|
-
|
-43.0
|
|
Balance
|
433.3
|
384.2
|
406.2
|
|
Impairment:
|
|||
|
Balance as of beginning of period
|
31.4
|
28.8
|
28.8
|
|
Impairment losses on tangible fixed assets
|
-
|
-
|
11.1
|
|
Transferred to assets held-for-sale
|
-
|
-
|
-8.5
|
|
Balance
|
31.4
|
28.8
|
31.4
|
|
Carrying amount
|
1,719.2
|
1,789.5
|
1,722.5
|
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2021
|
18 |
|
31 March
|
31 March
|
31 December
|
|
|
USDm
|
2021
|
2020
|
2020
|
|
Balance as of beginning of period
|
12.0
|
95.0
|
95.0
|
|
Additions
|
14.4
|
36.3
|
65.1
|
|
Transferred to vessels
|
-1.6
|
-114.4
|
-148.1
|
|
Carrying amount
|
24.8
|
16.9
|
12.0
|
|
31 March
|
31 March
|
31 December
|
|
|
USDm
|
2021
|
2020
|
2020
|
|
Mortgage debt and bank loans to be repaid as follows:
|
|||
|
Falling due within one year
|
109.5
|
108.2
|
101.8
|
|
Falling due between one and two years
|
109.6
|
182.7
|
101.9
|
|
Falling due between two and three years
|
108.8
|
103.2
|
102.1
|
|
Falling due between three and four years
|
116.8
|
91.0
|
114.4
|
|
Falling due between four and five years
|
189.5
|
101.8
|
106.9
|
|
Falling due after five years
|
223.0
|
335.8
|
315.3
|
|
Total
|
857.2
|
922.7
|
842.4
|
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2021
|
19 |
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2021
|
20 |
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2021
|
21 |
|
USDm
|
Q1 2021
|
Q4 2020
|
Q3 2020
|
Q2 2020
|
Q1 2020
|
|
Revenue
|
124.1
|
116.3
|
160.7
|
227.8
|
242.6
|
|
Port expenses, bunkers and commissions
|
-47.4
|
-39.3
|
-50.8
|
-53.4
|
-84.4
|
|
Operating expenses
|
-44.3
|
-45.0
|
-47.1
|
-43.2
|
-43.1
|
|
Profit from sale of vessels
|
-
|
0.1
|
0.8
|
0.2
|
-
|
|
Administrative expenses
|
-13.6
|
-13.1
|
-11.7
|
-12.2
|
-13.8
|
|
Other operating income and expenses
|
-
|
-10.9
|
-8.4
|
-0.1
|
0.2
|
|
Share of profit/(loss) from joint ventures
|
0.1
|
-0.0
|
-0.1
|
-0.1
|
-
|
|
Impairment losses and reversal of impairment on tangible assets
|
-
|
-6.3
|
-1.5
|
-3.3
|
-
|
|
Depreciation
|
-30.5
|
-30.4
|
-29.5
|
-30.6
|
-31.4
|
|
Operating profit/(loss) (EBIT)
|
-11.6
|
-28.7
|
12.4
|
85.1
|
70.1
|
|
Financial income
|
0.3
|
-0.8
|
0.1
|
0.3
|
0.9
|
|
Financial expenses
|
-9.8
|
-10.2
|
-11.5
|
-14.0
|
-14.2
|
|
Profit/(loss) before tax
|
-21.1
|
-39.7
|
1.0
|
71.4
|
56.8
|
|
Tax
|
-0.2
|
-0.3
|
-0.4
|
-0.3
|
-0.4
|
|
Net profit/(loss) for the period
|
-21.3
|
-40.0
|
0.6
|
71.1
|
56.4
|
|
EARNINGS PER SHARE
|
|||||
|
Basic earnings/(loss) per share (USD)
|
-0.29
|
-0.54
|
0.01
|
0.96
|
0.76
|
|
Diluted earnings/(loss) per share (USD)
|
-0.28
|
-0.54
|
0.01
|
0.96
|
0.75
|
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2021
|
22 |
|
USDm
|
Q1 2021
|
Q4 2020
|
Q3 2020
|
Q2 2020
|
Q1 2020
|
|
CASH FLOW FROM OPERATING ACTIVITIES
|
|||||
|
Net profit/(loss) for the year
|
-21.3
|
-40.0
|
0.6
|
71.1
|
56.4
|
|
Reversals:
|
|||||
|
Profit from sale of vessels
|
-
|
-0.1
|
-0.8
|
-0.2
|
-
|
|
Depreciation
|
30.5
|
30.4
|
29.5
|
30.6
|
31.4
|
|
Impairment losses and reversal of impairment losses on tangible assets
|
-
|
6.3
|
1.5
|
3.3
|
-
|
|
Share of profit/(loss) from joint ventures
|
-0.1
|
-
|
0.1
|
0.1
|
-
|
|
Financial income
|
-0.3
|
0.8
|
-0.1
|
-0.3
|
-0.9
|
|
Financial expenses
|
9.8
|
10.2
|
11.5
|
14.0
|
14.2
|
|
Tax expenses
|
0.2
|
0.3
|
0.4
|
0.3
|
0.4
|
|
Other non-cash movements
|
7.0
|
0.4
|
-0.3
|
0.4
|
0.6
|
|
Dividends received from joint ventures
|
0.3
|
-
|
-
|
-
|
0.3
|
|
Interest received and realized exchange gains
|
0.1
|
0.1
|
0.1
|
0.3
|
0.1
|
|
Interest paid and realized exchange losses
|
-10.0
|
-10.6
|
-11.4
|
-12.2
|
-18.7
|
|
Income taxes paid
|
-0.2
|
-
|
-
|
-
|
-0.2
|
|
Change in bunkers, receivables and payables, etc.
|
-6.2
|
22.4
|
21.4
|
5.9
|
-33.8
|
|
Net cash flow from operating activities
|
9.8
|
20.2
|
52.5
|
113.3
|
49.8
|
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2021
|
23 |
|
USDm
|
Q1 2021
|
Q4 2020
|
Q3 2020
|
Q2 2020
|
Q1 2020
|
|
CASH FLOW FROM INVESTING ACTIVITIES
|
|||||
|
Investment in tangible fixed assets
|
-41.0
|
-37.8
|
-18.9
|
-47.8
|
-68.6
|
|
Sale of tangible fixed assets
|
-
|
18.4
|
46.3
|
9.8
|
9.2
|
|
Change in restricted cash
|
9.1
|
-17.2
|
-8.6
|
-0.8
|
-3.7
|
|
Net cash flow from investing activities
|
-31.9
|
-36.6
|
18.8
|
-38.8
|
-63.1
|
|
CASH FLOW FROM FINANCING ACTIVITIES
|
|||||
|
Proceeds, borrowings
|
38.4
|
150.3
|
35.0
|
22.7
|
526.3
|
|
Repayment, borrowings
|
-27.0
|
-172.2
|
-76.5
|
-39.1
|
-458.7
|
|
Dividend paid
|
-
|
-
|
-63.2
|
-7.4
|
-
|
|
Capital increase
|
0.8
|
0.2
|
-
|
0.5
|
0.1
|
|
Purchase/disposal of treasury shares
|
-
|
-
|
-
|
-
|
-1.3
|
|
Net cash flow from financing activities
|
12.2
|
-21.7
|
-104.7
|
-23.3
|
66.4
|
|
Net cash flow from operating, investing and financing activities
|
-9.9
|
-38.1
|
-33.4
|
51.2
|
53.1
|
|
Cash and cash equivalents, beginning balance
|
89.5
|
127.7
|
161.1
|
109.9
|
56.8
|
|
Cash and cash equivalents, ending balance
|
79.6
|
89.5
|
127.7
|
161.1
|
109.9
|
|
Restricted cash, ending balance
|
36.9
|
46.1
|
28.8
|
20.2
|
19.4
|
|
Cash and cash equivalents including restricted cash, ending balance
|
116.5
|
135.6
|
156.5
|
181.3
|
129.3
|
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2021
|
24 |
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2021
|
25 |
|
USDm
|
Q1 2021
|
Q1 2020
|
FY 2020
|
|
Reconciliation to net profit/(loss) for the year
|
|||
|
Net profit/(loss) for the year
|
-21.3
|
56.4
|
88.1
|
|
Profit from sale of vessels
|
-
|
-
|
-1.1
|
|
Impairment losses and reversals on tangible assets
|
-
|
-
|
11.1
|
|
Expense of capitalized bank fees at refinancing
|
-
|
1.5
|
2.8
|
|
Termination of finance leases
|
-
|
-
|
2.7
|
|
Provisions
|
-
|
-
|
18.5
|
|
Net profit/(loss) for the year ex.non-recurrent items
|
-21.3
|
57.9
|
122.1
|
|
USDm
|
Q1 2021
|
Q1 2020
|
FY 2020
|
|
Reconciliation to revenue
|
|||
|
Revenue
|
124.1
|
242.6
|
734.4
|
|
Port expenses, bunkers and commissions
|
-47.4
|
-84.4
|
-214.9
|
|
TCE earnings
|
76.7
|
158.2
|
519.5
|
|
USDm
|
Q1 2021
|
Q1 2020
|
FY 2020
|
|
Reconciliation to revenue
|
|||
|
Revenue
|
124.1
|
242.6
|
734.4
|
|
Port expenses, bunkers and commissions
|
-47.4
|
-84.4
|
-214.9
|
|
Operating expenses
|
-44.3
|
-43.1
|
-178.4
|
|
Gross profit
|
32.4
|
115.1
|
341.1
|
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2021
|
26 |
|
USDm
|
Q1 2021
|
Q1 2020
|
FY 2020
|
|
Reconciliation to net profit/(loss)
|
|||
|
Net profit/(loss) for the year
|
-21.3
|
56.4
|
88.1
|
|
Tax
|
0.2
|
0.4
|
1.4
|
|
Financial expenses
|
9.8
|
14.2
|
49.9
|
|
Financial income
|
-0.3
|
-0.9
|
-0.5
|
|
Depreciation
|
30.5
|
31.4
|
121.9
|
|
Impairment losses and reversal of impairment on tangible assets
|
-
|
-
|
11.1
|
|
EBITDA
|
18.9
|
101.5
|
271.9
|
|
USDm
|
Q1 2021
|
Q1 2020
|
FY 2020
|
|
Operating profit/(loss) (EBIT)
|
-11.6
|
70.1
|
138.9
|
|
Tax
|
-0.2
|
-0.4
|
-1.4
|
|
EBIT less Tax
|
-11.8
|
69.7
|
137.5
|
|
EBIT less Tax - Full year equivalent
|
-47.2
|
278.8
|
137.5
|
|
Invested capital, opening balance
|
1,719.4
|
1,786.0
|
1,786.0
|
|
Invested capital, ending balance
|
1,735.0
|
1,831.9
|
1,719.4
|
|
Average invested capital
|
1,727.2
|
1,809.0
|
1,752.7
|
|
Return on Invested Capital (RoIC)
|
-2.7%
|
15.4%
|
7.8%
|
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2021
|
27 |
|
USDm
|
Q1 2021
|
Q1 2020
|
FY 2020
|
|
EBIT less Tax - Full year equivalent
|
-47.2
|
278.8
|
137.5
|
|
Profit from sale of vessels
|
-
|
-
|
-1.1
|
|
Impairment losses and reversals on tangible assets
|
-
|
-
|
11.1
|
|
Provisions
|
-
|
-
|
18.5
|
|
EBIT less tax and impairment
|
-47.2
|
278.8
|
166.0
|
|
Average invested capital¹⁾
|
1,727.2
|
1,809.0
|
1,752.7
|
|
Average impairment ²⁾
|
-
|
28.8
|
41.5
|
|
Average invested capital less average impairment
|
1,727.2
|
1,837.8
|
1,794.2
|
|
Adjusted RoIC
|
-2.7%
|
15.2%
|
9.3%
|
|
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
|
2021
|
2020
|
2020
|
|
Tangible and intangible fixed assets
|
1,757.1
|
1,819.5
|
1,748.4
|
|
Investments in joint ventures
|
1.6
|
1.1
|
1.6
|
|
Bunkers
|
30.0
|
38.2
|
22.5
|
|
Accounts receivables ¹⁾
|
88.9
|
108.7
|
85.6
|
|
Non-current tax liability related to held over gains
|
-45.2
|
-44.9
|
-44.9
|
|
Trade payables ²⁾
|
-78.0
|
-89.5
|
-74.1
|
|
Provisions
|
-18.3
|
-
|
-18.3
|
|
Current tax liabilities
|
-1.1
|
-1.2
|
-1.4
|
|
Invested capital
|
1,735.0
|
1,831.9
|
1,719.4
|
|
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 2021
|
28 |
|
31 March
|
31 March
|
31 December
|
|
|
USDm
|
2021
|
2020
|
2020
|
|
Borrowings
|
864.5
|
931.7
|
853.3
|
|
Loan receivables
|
-4.6
|
-4.6
|
-4.6
|
|
Cash and cash equivalents, including restricted cash
|
-116.5
|
-129.3
|
-135.6
|
|
Net interest-bearing debt
|
743.4
|
797.8
|
713.1
|
|
31 March
|
31 March
|
31 December
|
|
|
USDm
|
2021
|
2020
|
2020
|
|
Net Asset Value per share
|
|||
|
Total vessel values including newbuildings (broker values)
|
1,705.1
|
1,832.1
|
1,585.3
|
|
Committed CAPEX on newbuildings
|
-209.7
|
-111.5
|
-100.6
|
|
Cash position
|
116.5
|
129.3
|
135.6
|
|
Loan receivables
|
4.6
|
4.6
|
4.6
|
|
Bunkers
|
30.0
|
38.2
|
22.5
|
|
Freight receivables
|
52.2
|
97.3
|
58.6
|
|
Other receivables
|
33.7
|
6.1
|
24.9
|
|
Other plant and operating equipment
|
7.2
|
4.7
|
6.8
|
|
Land and buildings
|
5.9
|
8.4
|
7.1
|
|
Investments in joint ventures
|
1.6
|
1.1
|
1.6
|
|
Prepayments
|
3.0
|
5.3
|
2.2
|
|
Outstanding debt ¹⁾
|
-864.5
|
-931.7
|
-853.3
|
|
Trade payables
|
-18.7
|
-29.3
|
-14.4
|
|
Provisions
|
-18.3
|
-
|
-18.3
|
|
Other liabilities
|
-59.3
|
-60.2
|
-59.8
|
|
Current tax liabilities
|
-1.1
|
-1.2
|
-1.4
|
|
Total Net Asset Value (NAV)
|
788.2
|
993.2
|
801.4
|
|
Total number of shares, end of period excluding treasury shares (million)
|
74.4
|
74.8
|
74.4
|
|
Total Net Asset Value per share (NAV/share)
|
10.6
|
13.3
|
10.8
|
|
¹⁾ Outstanding debt includes long-term and short-term
borrowings, excluding capitalized loan costs.
|
|||
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2021
|
29 |
|
31 March
|
31 March
|
31 December
|
|
|
USDm
|
2021
|
2020
|
2020
|
|
Vessel values including newbuildings (broker values)
|
1,705.1
|
1,832.1
|
1,585.3
|
|
Total (value)
|
1,705.1
|
1,832.1
|
1,585.3
|
|
Outstanding debt regarding vessels ¹⁾
|
864.5
|
931.7
|
853.3
|
|
- Hereof debt regarding Land and buildings & Other plant and operating equipment
|
-7.4
|
-9.0
|
-8.3
|
|
Committed CAPEX on newbuildings
|
209.7
|
111.5
|
100.6
|
|
Loan receivable
|
-4.6
|
-4.6
|
-4.6
|
|
Cash and cash equivalents
|
-116.5
|
-129.3
|
-135.6
|
|
Total (loan)
|
945.7
|
900.3
|
805.4
|
|
Net Loan-to-value (LTV) ratio
|
55.5%
|
49.1%
|
50.8%
|
|
¹⁾ Outstanding debt regarding vessels includes long-term and short-term borrowings, excluding lease liabilities
related to right-of-use assets, as well as capitalized loan costs.
|
|||
|
USDm
|
Q1 2021
|
Q1 2020
|
FY 2020
|
|
Cash and cash equivalents, including restricted cash
|
116.5
|
129.3
|
135.6
|
|
Undrawn credit facilities and committed facilities incl. sale & leaseback financing transactions
|
212.9
|
143.7
|
132.2
|
|
Liquidity
|
329.4
|
273.0
|
267.8
|
|
TORM INTERIM RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2021
|
30 |
