TORM PLC
|
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Dated: May 9, 2024
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By:
|
/s/ Jacob Meldgaard
|
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Jacob Meldgaard
|
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Executive Director and Principal Executive Officer
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TORM INTERIM RESULTS FOR THE FIRST QUARTER OF 2024
|
2 |
USDm
|
Q1 2024
|
Q1 2023
|
FY 2023
|
Income statements
|
|||
Revenue
|
444.1
|
390.2
|
1,520.4
|
Time charter equivalent earnings (TCE) ¹⁾ ⁵⁾
|
330.7
|
265.0
|
1,083.8
|
Gross profit ¹⁾
|
275.2
|
216.2
|
874.1
|
EBITDA ¹⁾
|
265.8
|
198.5
|
847.9
|
Adjusted EBITDA ¹⁾
|
267.2
|
214.3
|
846.4
|
Operating profit (EBIT)
|
222.7
|
163.5
|
698.6
|
Financial items
|
-11.9
|
-8.4
|
-46.6
|
Profit/(loss) before tax
|
210.8
|
155.1
|
652.0
|
Net profit/(loss) for the year/period
|
209.2
|
153.6
|
648.0
|
Net profit/(loss) ex. non-recurring items¹⁾
|
192.7
|
153.6
|
595.9
|
Unrealized gain/(loss) on financial instruments related to
|
|||
freight and bunker
|
-1.4
|
-15.8
|
1.5
|
Balance sheet and cash flow
|
|||
Non-current assets
|
2,546.0
|
2,065.6
|
2,178.9
|
Total assets
|
3,507.8
|
2,864.4
|
2,870.1
|
Equity
|
2,065.0
|
1,656.9
|
1,666.0
|
Total liabilities
|
1,442.8
|
1,207.4
|
1,204.1
|
Invested capital ¹⁾
|
2,806.7
|
2,291.7
|
2,425.1
|
Net interest-bearing debt ¹⁾
|
757.9
|
646.5
|
773.4
|
Net Asset Value (NAV) ²⁾
|
3,176.6
|
2,560.2
|
2,858.0
|
Cash and cash equivalents incl. restricted cash
|
559.6
|
410.7
|
295.6
|
Investment in tangible fixed assets
|
410.0
|
222.9
|
608.3
|
Free cash flow
|
25.7
|
-26.9
|
434.5
|
|
Q1 2024
|
Q1 2023
|
FY 2023
|
Key financial figures ¹⁾
Gross margin
|
62.0%
|
55.4%
|
57.5%
|
EBITDA margin
|
59.9%
|
50.9%
|
55.8%
|
Adjusted EBITDA margin
|
60.2%
|
54.9%
|
55.7%
|
Operating profit/(loss) (EBIT) margin
|
50.1%
|
41.9%
|
45.9%
|
Return on Equity (RoE)
|
44.9%
|
38.9%
|
40.9%
|
Return on Invested Capital (ROIC)
|
33.8%
|
29.2%
|
30.4%
|
Adjusted ROIC
|
32.8%
|
28.8%
|
27.6%
|
Equity ratio ³⁾
|
58.9%
|
57.8%
|
58.0%
|
TCE per day (USD)
|
43,152
|
41,717
|
37,124
|
OPEX per day (USD)
|
7,260
|
7,299
|
7,069
|
Net Loan-to-value (LTV) ratio ³⁾ ⁵⁾
|
21.6%
|
25.9%
|
27.6%
|
Share-related key figures ¹⁾
|
|||
Basic earnings/(loss) per share
|
2.34
|
1.87
|
7.75
|
Diluted earnings/(loss) per share
|
2.26
|
1.80
|
7.48
|
Declared dividend per share (USD) ⁸⁾
|
1.50
|
1.46
|
4.42
|
Declared dividend (USDm) ⁸⁾
|
140.9
|
121.1
|
370.9
|
Dividend paid per share (USD)
|
-
|
-
|
7.01
|
Net Asset Value per share (NAV/share) (USD) ³⁾
|
34.5
|
30.9
|
33.3
|
Share price in DKK ³⁾ ⁶⁾
|
234.2
|
210.8
|
204.2
|
Share price in USD ³⁾ ⁷⁾
|
35.0
|
31.1
|
30.4
|
Number of shares ³⁾ ⁴⁾
|
92.2
|
82.8
|
85.7
|
No. of shares, weighted average (million) ⁴⁾
|
89.8
|
81.9
|
83.6
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER OF 2024
|
3 |
TORM INTERIM RESULTS FOR THE FIRST QUARTER OF 2024
|
4 |
TORM INTERIM RESULTS FOR THE FIRST QUARTER OF 2024
|
5 |
•
|
Geopolitical conflicts including the war between Russia and Ukraine and the conflicts in the Middle East region
|
•
|
Global economic growth or recession, consumption of refined oil products, and inflationary pressure
|
•
|
Location of closing and opening refineries and temporary shutdowns due to maintenance
|
•
|
Oil price development
|
•
|
Oil trading activity and developments in ton-mile
|
•
|
Bunker price developments
|
•
|
Global fleet growth and newbuilding ordering activity
|
•
|
Potential difficulties of major business partners
|
•
|
One-off market-shaping events such as strikes, conflicts, embargoes, political instability, weather conditions, etc.
|
Disclaimer on Financial Outlook
The purpose of this Financial Outlook for 2024 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 2024, 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 2024 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 2024.
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TORM INTERIM RESULTS FOR THE FIRST QUARTER OF 2024
|
6 |
Q2 2024
|
Q3 2024
|
Q4 2024
|
FY 2024
|
|
Total earning days
|
||||
LR2
|
1,797
|
1,867
|
1,848
|
6,986
|
LR1
|
907
|
885
|
865
|
3,549
|
MR
|
5,059
|
5,092
|
5,209
|
20,691
|
Total
|
7,763
|
7,844
|
7,922
|
31,226
|
Covered days
|
||||
LR2
|
1,044
|
302
|
276
|
3,094
|
LR1
|
465
|
—
|
—
|
1,361
|
MR
|
2,726
|
353
|
275
|
8,654
|
Total
|
4,235
|
655
|
551
|
13,109
|
Q2 2024
|
Q3 2024
|
Q4 2024
|
FY 2024
|
|
Covered, %
|
||||
LR2
|
58
|
16
|
15
|
44
|
LR1
|
51
|
—
|
—
|
38
|
MR
|
54
|
7
|
5
|
42
|
Total
|
55
|
8
|
7
|
42
|
Coverage rates, USD/day
|
||||
LR2
|
51,078
|
42,105
|
43,284
|
51,933
|
LR1
|
45,975
|
—
|
—
|
46,858
|
MR
|
40,477
|
33,854
|
34,958
|
39,485
|
Total
|
43,695
|
37,664
|
39,130
|
43,189
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER OF 2024
|
7 |
Change Q1-23
|
||||||
USDm
|
Q1 2023
|
Q2 2023
|
Q3 2023
|
Q4 2023
|
Q1 2024
|
- Q1-24
|
LR2 vessels
|
||||||
Available earning days 1)
|
1,071
|
1,074
|
1,190
|
1,155
|
1,475
|
38%
|
Spot rates 2)
|
65,245
|
48,775
|
33,374
|
44,524
|
59,792
|
-8%
|
TCE per earning day 3)
|
65,551
|
47,918
|
35,054
|
44,048
|
54,443
|
-17%
|
Operating days
|
1,170
|
1,183
|
1,196
|
1,158
|
1,512
|
29%
|
Operating expenses per operating day
|
7,637
|
7,490
|
6,826
|
7,247
|
7,186
|
-6%
|
LR1 vessels
|
||||||
Available earning days 1)
|
758
|
1,249
|
1,280
|
1,020
|
891
|
18%
|
Spot rates 2)
|
44,141
|
35,060
|
25,997
|
34,038
|
47,985
|
9%
|
TCE per earning day 3)
|
42,047
|
36,674
|
32,641
|
40,498
|
48,583
|
16%
|
Operating days
|
810
|
1,277
|
1,288
|
1,176
|
927
|
14%
|
Operating expenses per operating day
|
6,709
|
7,534
|
7,230
|
6,449
|
7,184
|
7%
|
MR vessels
|
||||||
Available earning days 1)
|
4,903
|
5,127
|
5,188
|
5,137
|
5,331
|
9%
|
Spot rates 2)
|
37,058
|
33,336
|
31,730
|
36,793
|
39,972
|
8%
|
TCE per earning day 3)
|
36,461
|
33,862
|
32,632
|
36,122
|
39,121
|
7 %
|
Operating days
|
5,130
|
5,306
|
5,465
|
5,446
|
5,368
|
5%
|
Operating expenses per operating day
|
7,314
|
6,839
|
6,724
|
7,249
|
7,294
|
-%
|
Tanker segment
|
||||||
Available earning days 1)
|
6,732
|
7,451
|
7,658
|
7,312
|
7,697
|
14%
|
Spot rates 2)
|
42,476
|
35,875
|
31,013
|
37,505
|
44,274
|
4%
|
TCE per earning day 3)
|
41,717
|
36,360
|
33,010
|
37,985
|
43,152
|
3%
|
Operating days
|
7,110
|
7,766
|
7,949
|
7,780
|
7,807
|
10%
|
Operating expenses per operating day
|
7,299
|
7,053
|
6,821
|
7,128
|
7,260
|
-1%
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER OF 2024
|
8 |
The table shows recent and expected developments in TORM’s operating fleet. In addition
to 64 owned product tankers as of 31 March 2024, TORM had 24 vessels under sale-and-leaseback agreements with options to buy back the vessels (financially reported as owned vessels in accordance with our accounting policies).
In Q4 2023, TORM acquired four 2015-2016 built fuel-efficient eco MR vessels. Two were delivered in Q4 2023
(TORM Diana and TORM Dagmar) and two were delivered in January 2024 (TORM Denise and TORM Danica).
Also in Q4 2023, TORM acquired eight 2010-12 built fuel efficient LR2 vessels, and in
early 2024 acquired one 2011 built LR2 vessel. Seven of the vessels were delivered in Q1 2024 and two vessels were delivered in the following quarter.
In late December 2023, TORM sold two LR1 vessels (TORM Sofia and TORM Signe) as well as one MR vessel (TORM
Loke) that were all delivered to the new owners in the beginning of January 2024.
After the end of Q1 2024, TORM has entered into
agreement to sell one MR vessel (TORM Eric) with expected delivery to the new owner in the second quarter of
this year.
|
___________
TORM Fleet Development
|
||||||||
Q3 2023
|
Changes
|
Q4 2023
|
Changes
|
Q1 2024
|
Changes
|
Q2 2024
|
|||
Owned vessels
|
|||||||||
LR2
|
7
|
-1
|
6
|
7
|
13
|
2
|
15
|
||
LR1
|
7
|
-2
|
5
|
-2
|
3
|
—
|
3
|
||
MR
|
48
|
-1
|
47
|
1
|
48
|
-1
|
47
|
||
Total
|
62
|
-4
|
58
|
6
|
64
|
1
|
65
|
||
Leaseback vessels
|
|||||||||
LR2
|
6
|
—
|
6
|
—
|
6
|
—
|
6
|
||
LR1
|
7
|
—
|
7
|
—
|
7
|
—
|
7
|
||
MR
|
11
|
—
|
11
|
—
|
11
|
—
|
11
|
||
Total
|
24
|
—
|
24
|
—
|
24
|
—
|
24
|
||
Total fleet
|
86
|
-4
|
82
|
6
|
88
|
1
|
89
|
||
TORM INTERIM RESULTS FOR THE FIRST QUARTER OF 2024
|
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 2024 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 2024 as well as of the Group’s financial performance and cash flow
for the period 01 January – 31 March 2024.
|
•
|
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 three 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 OF 2024
|
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 statements 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, “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “targets,” “projects,” “forecasts,” “potential,” “continue,” “possible,” “likely,” “may,” “could,” “should” 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, the 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, our future operating or financial results; changes in governmental rules and
regulations or actions taken by regulatory authorities; the central bank policies intended to combat overall inflation and rising interest rates and foreign exchange rates; inflationary pressure; increased cost of capital or limited access
to funding due to EU Taxonomy or
|
relevant territorial taxonomy regulations; the length and severity of epidemics and pandemics and their impact on the demand for
seaborne transportation of petroleum products; general domestic and international political conditions or events, including sanctions, “trade wars”, and the conflict between Russia and Ukraine, the developments in the Middle East, including
the conflicts in Israel and the Gaza Strip, and the conflict regarding the Houthi attacks in the Red Sea; changes in economic and competitive conditions affecting our business, including market fluctuations in charter rates and charterers’
abilities to perform under existing time charters; changes in the supply and demand for vessels comparable to ours and the number of newbuildings under construction; the highly cyclical nature of the industry that we operate in; the loss of
a large customer or significant business relationship; changes in worldwide oil production and consumption and storage; risks associated with any future vessel construction; our expectations regarding the availability of vessel acquisitions
and our ability to complete acquisition transactions planned; availability of skilled crew members other employees and the related labor costs; work stoppages or other labor disruptions by our employees or the employees of other companies
in related industries; the impact of increasing scrutiny and changing expectations from investors, lenders and other market participants with respect to our ESG policies; Foreign Corrupt Practices Act of 1977 or other applicable regulations
relating to bribery; effects of new products and new technology in our industry, including the potential for technological innovation to reduce the value of our vessels and charter income derived therefrom; new environmental regulations and
restrictions, whether at a global level stipulated by the International Maritime Organization, and/or imposed by regional or national authorities such as the European Union or individual countries; the impact of an interruption in or
failure of our information technology and communications systems, including the impact of cyber-attacks, upon our ability to operate; potential conflicts of interest involving members of our Board of Directors and Senior Management; the
failure of counterparties to fully perform their contracts with us; changes in credit risk with respect to our counterparties on contracts; our dependence on key personnel and our ability to attract, retain and motivate key
|
employees; adequacy of insurance coverage; our ability to obtain indemnities from customers; changes in laws, treaties or
regulations; our incorporation under the laws of England and Wales and the different rights to relief that may be available compared to other countries, including the United States; government requisition of our vessels during a period of
war or emergency; the arrest of our vessels by maritime claimants; any further changes in U.S. trade policy that could trigger retaliatory actions by the affected countries; potential disruption of shipping routes due to accidents,
climate-related incidents, environmental factors, political events, public health threats, acts by terrorists or acts of piracy on ocean-going vessels; the impact of adverse weather and natural disasters; damage to storage and receiving
facilities; potential liability from future litigation and potential costs due to environmental damage and vessel collisions; and the length and number of off-hire periods and dependence on third-party managers. In the 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 OF 2024
|
11 |
USDm
|
Note
|
Q1 2024
|
Q1 2023
|
FY 2023
|
Revenue
|
444.1
|
390.2
|
1,520.4
|
|
Port expenses, bunkers, commissions, and other cost of goods and services sold
|
-112.3
|
-122.1
|
-430.3
|
|
Operating expenses
|
1
|
-56.6
|
-51.9
|
-216.0
|
Profit from sale of vessels
|
2
|
17.0
|
—
|
50.4
|
Administrative expenses
|
1, 2
|
-26.2
|
-17.6
|
-82.9
|
Other operating income and expenses
|
-0.2
|
-0.1
|
6.3
|
|
Depreciation and amortization
|
2
|
-43.1
|
-35.0
|
-149.3
|
Operating profit (EBIT)
|
222.7
|
163.5
|
698.6
|
|
Financial income
|
6.4
|
4.1
|
14.3
|
|
Financial expenses
|
-18.3
|
-12.5
|
-60.9
|
|
Profit before tax
|
210.8
|
155.1
|
652.0
|
|
Tax
|
-1.6
|
-1.5
|
-4.0
|
|
Net profit for the period
|
209.2
|
153.6
|
648.0
|
|
Net profit for the period attributable to:
|
||||
TORM plc shareholders
|
209.7
|
153.6
|
648.3
|
|
Non-controlling interest
|
-0.5
|
—
|
-0.3
|
|
Net profit for the period
|
209.2
|
153.6
|
648.0
|
|
Earnings per share
|
||||
Basic earnings per share (USD)
|
6
|
2.34
|
1.87
|
7.75
|
Diluted earnings per share (USD)
|
6
|
2.26
|
1.80
|
7.48
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER OF 2024
|
12 |
USDm
|
Q1 2024
|
Q1 2023
|
FY 2023
|
Net profit for the period
|
209.2
|
153.6
|
648.0
|
Other comprehensive income: |
|||
Items that may be reclassified to profit or loss:
|
|||
Exchange rate adjustment arising from translation of entities having a functional currency different from USD
|
-0.2
|
—
|
-0.1
|
Fair value adjustment on hedging instruments
|
6.5
|
-6.2
|
3.1
|
Fair value adjustment on hedging instruments transferred to income statement
|
-4.9
|
-4.8
|
-22.0
|
Tax on other comprehensive income
|
-0.5
|
2.7
|
4.6
|
Other comprehensive income/(loss) after tax
|
0.9
|
-8.3
|
-14.4
|
Total comprehensive income for the period
|
210.1
|
145.3
|
633.6
|
Total comprehensive income for the period attributable to:
|
|||
TORM plc shareholders
|
210.7
|
145.3
|
634.0
|
Non-controlling interest
|
-0.6
|
—
|
-0.4
|
Total comprehensive income for the period
|
210.1
|
145.3
|
633.6
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER OF 2024
|
13 |
31 March
|
31 March
|
31 December
|
||
USDm
|
Note
|
2024
|
2023
|
2023
|
ASSETS
|
||||
Non-current
Assets
|
||||
Intangible
assets
|
||||
Goodwill
|
1.8
|
1.8
|
1.8
|
|
Other intangible assets
|
1.9
|
1.8
|
1.8
|
|
Total
intangible assets
|
3.7
|
3.6
|
3.6
|
|
Tangible
fixed assets
|
||||
Land and buildings
|
4.8
|
5.2
|
5.5
|
|
Vessels and capitalized dry-docking
|
2
|
2,463.5
|
2,025.3
|
2,070.2
|
Prepayments on vessels
|
3
|
60.4
|
19.6
|
86.0
|
Other non-current assets under construction
|
4.2
|
—
|
4.2
|
|
Other plant and operating equipment
|
3.9
|
5.2
|
4.4
|
|
Total tangible fixed assets
|
2,536.8
|
2,055.3
|
2,170.3
|
|
Financial assets
|
||||
Investments in joint ventures
|
0.1
|
0.1
|
0.1
|
|
Loan receivables
|
4.5
|
4.6
|
4.5
|
|
Deferred tax asset
|
0.3
|
0.5
|
0.4
|
|
Other investments
|
0.6
|
1.5
|
—
|
|
Total financial assets
|
5.5
|
6.7
|
5.0
|
|
Total non-current assets
|
2,546.0
|
2,065.6
|
2,178.9
|
|
Current Assets
|
||||
Inventories
|
70.4
|
70.9
|
61.7
|
|
Trade receivables
|
258.2
|
226.3
|
211.0
|
|
Other receivables
|
63.9
|
64.6
|
60.5
|
|
Prepayments
|
9.7
|
26.3
|
15.2
|
|
Cash and cash equivalents incl. restricted cash
|
559.6
|
410.7
|
295.6
|
|
Current assets, excl. assets held-for-sale
|
961.8
|
798.8
|
644.0
|
|
Assets held-for-sale
|
2
|
—
|
—
|
47.2
|
Total current assets
|
961.8
|
798.8
|
691.2
|
|
Total Assets
|
3,507.8
|
2,864.4
|
2,870.1
|
31 March
|
31 March
|
31 December
|
||
USDm
|
Note
|
2024
|
2023
|
2023
|
EQUITY AND LIABILITIES
|
||||
Equity
|
||||
Common shares
|
1.0
|
0.8
|
0.9
|
|
Share premium
|
439.7
|
173.1
|
260.0
|
|
Treasury shares
|
-4.2
|
-4.2
|
-4.2
|
|
Hedging reserves
|
26.7
|
31.6
|
25.6
|
|
Translation reserves
|
-0.5
|
-0.5
|
-0.5
|
|
Retained profit
|
1,600.9
|
1,453.7
|
1,382.2
|
|
Equity attributable to TORM plc shareholders
|
2,063.6
|
1,654.5
|
1,664.0
|
|
Non-controlling interests
|
1.4
|
2.4
|
2.0
|
|
Total equity
|
2,065.0
|
1,656.9
|
1,666.0
|
|
LIABILITIES
|
||||
Non-current Liabilities
|
||||
Non-current tax liability related to held-over gains
|
45.2
|
45.2
|
45.2
|
|
Deferred tax liability
|
4.7
|
4.4
|
3.6
|
|
Borrowings
|
4
|
1,122.9
|
913.6
|
886.9
|
Other non-current liabilities
|
4.9
|
2.9
|
3.0
|
|
Total non-current liabilities
|
1,177.7
|
966.1
|
938.7
|
|
Current Liabilities
|
||||
Borrowings
|
4
|
182.9
|
136.5
|
172.7
|
Trade payables
|
41.7
|
46.0
|
43.0
|
|
Current tax liabilities
|
1.1
|
1.0
|
0.6
|
|
Other liabilities
|
37.4
|
50.9
|
45.2
|
|
Provisions
|
7
|
0.5
|
6.8
|
0.6
|
Deferred income
|
1.5
|
0.2
|
3.3
|
|
Total current liabilities
|
265.1
|
241.4
|
265.4
|
|
Total liabilities
|
1,442.8
|
1,207.5
|
1,204.1
|
|
Total Equity and Liabilities
|
3,507.8
|
2,864.4
|
2,870.1
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER OF 2024
|
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 2024
|
0.9
|
260.0
|
-4.2
|
25.6
|
-0.4
|
1,382.2
|
1,664.1
|
2.0
|
1,666.1
|
Comprehensive income/loss for the period:
|
|||||||||
Net profit for the period
|
—
|
—
|
—
|
—
|
—
|
209.7
|
209.7
|
-0.5
|
209.2
|
Other comprehensive income for the period
|
—
|
—
|
—
|
1.6
|
-0.1
|
—
|
1.5
|
-0.1
|
1.4
|
Tax on other comprehensive income
|
—
|
—
|
—
|
-0.5
|
—
|
—
|
-0.5
|
—
|
-0.5
|
Total comprehensive income/(loss) for the period
|
—
|
—
|
—
|
1.1
|
-0.1
|
209.7
|
210.7
|
-0.6
|
210.1
|
Capital increase 1)
|
0.1
|
180.0
|
—
|
—
|
—
|
—
|
180.1
|
—
|
180.1
|
Transaction costs of capital increase
|
—
|
-0.3
|
—
|
—
|
—
|
—
|
-0.3
|
—
|
-0.3
|
Share-based compensation
|
—
|
—
|
—
|
—
|
—
|
9.0
|
9.0
|
—
|
9.0
|
Total changes in equity for the period
|
0.1
|
179.7
|
—
|
1.1
|
-0.1
|
218.7
|
399.5
|
-0.6
|
398.9
|
Equity as of 31 March 2024
|
1.0
|
439.7
|
-4.2
|
26.7
|
-0.5
|
1,600.9
|
2,063.6
|
1.4
|
2,065.0
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER OF 2024
|
15 |
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/(loss) 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
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER OF 2024
|
16 |
USDm
|
Q1 2024
|
Q1 2023
|
FY 2023
|
Cash flow from operating activities
|
|||
Net profit for the period
|
209.2
|
153.6
|
648.0
|
Reversals:
|
|||
Profit from sale of vessels
|
-17.0
|
—
|
-50.4
|
Depreciation and amortization
|
43.1
|
35.0
|
149.3
|
Financial income
|
-6.4
|
-4.1
|
-14.3
|
Financial expenses
|
18.3
|
12.5
|
60.9
|
Tax
|
1.6
|
1.5
|
4.0
|
Other non-cash movements
|
10.2
|
18.3
|
14.5
|
Interest received and realized exchange gains
|
6.4
|
4.2
|
14.3
|
Interest paid and realized exchange losses
|
-16.8
|
-13.2
|
-66.0
|
Income taxes paid
|
-0.5
|
-1.4
|
-3.1
|
Change in inventories, receivables and payables, etc.
|
-61.5
|
8.3
|
47.8
|
Net cash flow from operating activities
|
186.6
|
214.7
|
805.0
|
USDm
|
Q1 2024
|
Q1 2023
|
FY 2023
|
Cash flow from investing activities
|
|||
Investment in tangible fixed assets 1)
|
-241.5
|
-215.1
|
-509.7
|
Investment in intangible fixed assets
|
-0.2
|
—
|
-0.6
|
Sale of tangible fixed assets
|
66.3
|
—
|
166.4
|
Change in restricted cash
|
14.5
|
-26.5
|
-26.7
|
Net cash flow from investing activities
|
-160.9
|
-241.6
|
-370.6
|
Cash flow from financing activities
|
|||
Proceeds, borrowings
|
302.3
|
112.0
|
676.4
|
Repayment, borrowings
|
-54.0
|
-30.3
|
-585.4
|
Dividend paid
|
—
|
—
|
-586.4
|
Capital increase1)
|
4.8
|
5.6
|
6.2
|
Transaction costs share issue
|
-0.3
|
—
|
-0.2
|
Net cash flow from financing activities
|
252.8
|
87.3
|
-489.4
|
Net cash flow from operating, investing and financing activities
|
278.5
|
60.4
|
-55.0
|
Cash and cash equivalents beginning balance
|
265.5
|
320.5
|
320.5
|
Cash and cash equivalents ending balance
|
544.0
|
380.9
|
265.5
|
Restricted cash equivalents ending balance
|
15.6
|
29.8
|
30.1
|
Cash and cash equivalents including restricted cash ending balance
|
559.6
|
410.7
|
295.6
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER OF 2024
|
17 |
USDm
|
Q1 2024
|
Q1 2023
|
FY 2023
|
|||||||||
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
|
|
Revenue
|
440.3
|
5.7
|
-1.9
|
444.1
|
383.9
|
9.3
|
-3.0
|
390.2
|
1,491.4
|
48.0
|
-19.0
|
1,520.4
|
Port expenses, bunkers and commissions
|
-109.6
|
—
|
—
|
-109.6
|
-118.9
|
—
|
—
|
-118.9
|
-407.6
|
—
|
—
|
-407.6
|
Other cost of goods and services sold
|
—
|
-3.8
|
1.1
|
-2.7
|
—
|
-5.6
|
2.4
|
-3.2
|
—
|
-36.6
|
13.9
|
-22.7
|
Operating expenses
|
-56.7
|
—
|
0.1
|
-56.6
|
-51.9
|
—
|
—
|
-51.9
|
-216.4
|
—
|
0.4
|
-216.0
|
Profit from sale of vessels
|
17.0
|
—
|
—
|
17.0
|
—
|
—
|
—
|
—
|
50.4
|
—
|
—
|
50.4
|
Administrative expenses
|
-24.2
|
-2.0
|
—
|
-26.2
|
-14.9
|
-2.7
|
—
|
-17.6
|
-76.5
|
-6.4
|
—
|
-82.9
|
Other operating income and expenses
|
-0.3
|
0.1
|
—
|
-0.2
|
-0.2
|
0.1
|
—
|
-0.1
|
6.0
|
0.3
|
—
|
6.3
|
Depreciation and amortization
|
-43.0
|
-0.1
|
—
|
-43.1
|
-34.7
|
-0.3
|
—
|
-35.0
|
-148.2
|
-1.1
|
—
|
-149.3
|
Operating profit (EBIT)
|
223.5
|
-0.1
|
-0.7
|
222.7
|
163.3
|
0.8
|
-0.6
|
163.5
|
699.1
|
4.2
|
-4.7
|
698.6
|
Financial income
|
6.3
|
0.1
|
—
|
6.4
|
4.1
|
—
|
—
|
4.1
|
14.3
|
—
|
—
|
14.3
|
Financial expenses
|
-18.2
|
-0.1
|
—
|
-18.3
|
-12.4
|
-0.1
|
—
|
-12.5
|
-60.5
|
-0.4
|
—
|
-60.9
|
Profit before tax
|
211.6
|
-0.1
|
-0.7
|
210.8
|
155.0
|
0.7
|
-0.6
|
155.1
|
652.9
|
3.8
|
-4.7
|
652.0
|
Tax
|
-1.1
|
-0.5
|
—
|
-1.6
|
-1.5
|
—
|
—
|
-1.5
|
-4.0
|
—
|
—
|
-4.0
|
Net profit for the period
|
210.5
|
-0.6
|
-0.7
|
209.2
|
153.5
|
0.7
|
-0.6
|
153.6
|
648.9
|
3.8
|
-4.7
|
648.0
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER OF 2024
|
18 |
USDm
|
31 March 2024
|
31 March 2023
|
31 December 2023
|
|||||||||
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
|
—
|
1.8
|
—
|
1.8
|
Other intangible assets
|
1.0
|
0.9
|
—
|
1.9
|
0.6
|
1.2
|
—
|
1.8
|
0.9
|
0.9
|
—
|
1.8
|
Total intangible assets
|
1.0
|
2.7
|
—
|
3.7
|
0.6
|
3.0
|
—
|
3.6
|
0.9
|
2.7
|
—
|
3.6
|
Tangible fixed assets
|
||||||||||||
Land and buildings
|
4.4
|
0.4
|
—
|
4.8
|
4.3
|
0.9
|
—
|
5.2
|
4.9
|
0.6
|
—
|
5.5
|
Vessels and capitalized dry-docking
|
2,478.9
|
—
|
-15.4
|
2,463.5
|
2,033.9
|
—
|
-8.6
|
2,025.3
|
2,081.7
|
—
|
-11.5
|
2,070.2
|
Prepayments on vessels
|
60.4
|
—
|
—
|
60.4
|
15.8
|
3.8
|
—
|
19.6
|
86.0
|
—
|
—
|
86.0
|
Other non-current assets under construction
|
—
|
4.5
|
-0.3
|
4.2
|
—
|
—
|
—
|
—
|
—
|
4.5
|
-0.3
|
4.2
|
Other plant and operating
equipment |
3.0
|
0.9
|
—
|
3.9
|
3.8
|
1.4
|
—
|
5.2
|
3.3
|
1.1
|
—
|
4.4
|
Total tangible fixed assets
|
2,546.7
|
5.8
|
-15.7
|
2,536.8
|
2,057.8
|
6.1
|
-8.6
|
2,055.3
|
2,175.9
|
6.2
|
-11.8
|
2,170.3
|
Financial assets
|
||||||||||||
Investments in joint ventures
|
0.1
|
—
|
—
|
0.1
|
0.1
|
—
|
—
|
0.1
|
0.1
|
—
|
—
|
0.1
|
Loan receivables
|
4.5
|
—
|
—
|
4.5
|
4.6
|
—
|
—
|
4.6
|
4.5
|
—
|
—
|
4.5
|
Deferred tax asset
|
0.4
|
-0.1
|
—
|
0.3
|
0.5
|
—
|
—
|
0.5
|
0.4
|
—
|
—
|
0.4
|
Other investments
|
0.6
|
—
|
—
|
0.6
|
1.5
|
—
|
—
|
1.5
|
—
|
—
|
—
|
—
|
Total financial assets
|
5.6
|
-0.1
|
—
|
5.5
|
6.7
|
—
|
—
|
6.7
|
5.0
|
—
|
—
|
5.0
|
Total non-current assets
|
2,553.3
|
8.4
|
-15.7
|
2,546.0
|
2,065.1
|
9.1
|
-8.6
|
2,065.6
|
2,181.8
|
8.9
|
-11.8
|
2,178.9
|
Current Assets
|
||||||||||||
Inventories
|
65.6
|
4.8
|
—
|
70.4
|
65.5
|
5.4
|
—
|
70.9
|
58.0
|
3.7
|
—
|
61.7
|
Trade receivables
|
253.6
|
4.6
|
—
|
258.2
|
223.3
|
3.8
|
-0.8
|
226.3
|
206.2
|
5.0
|
-0.2
|
211.0
|
Other receivables
|
58.9
|
5.0
|
—
|
63.9
|
62.9
|
1.7
|
—
|
64.6
|
58.8
|
1.7
|
—
|
60.5
|
Prepayments
|
9.1
|
0.6
|
—
|
9.7
|
25.6
|
0.7
|
—
|
26.3
|
10.7
|
4.5
|
—
|
15.2
|
Cash and cash equivalents incl. restricted cash
|
552.3
|
7.3
|
—
|
559.6
|
405.9
|
4.8
|
—
|
410.7
|
290.7
|
4.9
|
—
|
295.6
|
Current assets, excl. assets held-for-sale
|
939.5
|
22.3
|
—
|
961.8
|
783.2
|
16.4
|
-0.8
|
798.8
|
624.4
|
19.8
|
-0.2
|
644.0
|
Assets held-for-sale
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
47.2
|
—
|
—
|
47.2
|
Total current assets
|
939.5
|
22.3
|
—
|
961.8
|
783.2
|
16.4
|
-0.8
|
798.8
|
671.6
|
19.8
|
-0.2
|
691.2
|
Total Assets
|
3,492.8
|
30.7
|
-15.7
|
3,507.8
|
2,848.3
|
25.5
|
-9.4
|
2,864.4
|
2,853.4
|
28.7
|
-12.0
|
2,870.1
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER OF 2024
|
19 |
USDm
|
31 March 2024
|
31 March 2023
|
31 December 2023
|
|||||||||
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
|
2,061.6
|
9.3
|
-5.9
|
2,065.0
|
1,651.0
|
7.0
|
-1.1
|
1,656.9
|
1,661.3
|
9.9
|
-5.2
|
1,666.0
|
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
|
4.5
|
0.2
|
—
|
4.7
|
4.2
|
0.2
|
—
|
4.4
|
3.3
|
0.3
|
—
|
3.6
|
Borrowings
|
1,121.0
|
1.9
|
—
|
1,122.9
|
908.9
|
4.7
|
—
|
913.6
|
884.0
|
2.9
|
—
|
886.9
|
Other non-current liabilities
|
4.3
|
0.6
|
—
|
4.9
|
2.2
|
0.7
|
—
|
2.9
|
2.2
|
0.8
|
—
|
3.0
|
Total non-current liabilities
|
1,175.0
|
2.7
|
—
|
1,177.7
|
960.5
|
5.6
|
—
|
966.1
|
934.7
|
4.0
|
—
|
938.7
|
Current Liabilities
|
||||||||||||
Borrowings
|
179.1
|
3.8
|
—
|
182.9
|
133.4
|
3.1
|
—
|
136.5
|
169.7
|
3.0
|
—
|
172.7
|
Trade payables
|
38.9
|
2.8
|
—
|
41.7
|
45.1
|
2.2
|
-1.3
|
46.0
|
39.6
|
3.4
|
—
|
43.0
|
Current tax liabilities
|
0.8
|
0.3
|
—
|
1.1
|
1.0
|
—
|
—
|
1.0
|
0.6
|
—
|
—
|
0.6
|
Other liabilities
|
37.4
|
—
|
—
|
37.4
|
50.8
|
0.2
|
-0.1
|
50.9
|
44.8
|
0.5
|
-0.1
|
45.2
|
Provisions
|
—
|
0.5
|
—
|
0.5
|
6.5
|
0.3
|
—
|
6.8
|
—
|
0.6
|
—
|
0.6
|
Deferred income
|
—
|
11.3
|
-9.8
|
1.5
|
—
|
7.1
|
-6.9
|
0.2
|
2.7
|
7.3
|
-6.7
|
3.3
|
Total current liabilities
|
256.2
|
18.7
|
-9.8
|
265.1
|
236.8
|
12.9
|
-8.3
|
241.4
|
257.4
|
14.8
|
-6.8
|
265.4
|
Total liabilities
|
1,431.2
|
21.4
|
-9.8
|
1,442.8
|
1,197.3
|
18.5
|
-8.3
|
1,207.5
|
1,192.1
|
18.8
|
-6.8
|
1,204.1
|
Total Equity and Liabilities
|
3,492.8
|
30.7
|
-15.7
|
3,507.8
|
2,848.3
|
25.5
|
-9.4
|
2,864.4
|
2,853.4
|
28.7
|
-12.0
|
2,870.1
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER OF 2024
|
20 |
USDm
|
Q1 2024
|
Q1 2023
|
FY 2023
|
Included in operating expenses
|
21.6
|
2.1
|
8.6
|
Included in administrative expenses
|
2.2
|
14.0
|
69.3
|
Total staff costs
|
23.8
|
16.1
|
77.9
|
31 March
|
31 March
|
31 December
|
|
USDm
|
2024
|
2023
|
2023
|
Cost:
|
|||
Balance as of beginning of period
|
2,622.1
|
2,421.2
|
2,421.2
|
Additions
|
354.6
|
185.8
|
476.0
|
Disposals
|
-1.8
|
-7.3
|
-31.9
|
Transferred from prepayments
|
80.6
|
17.1
|
40.6
|
Transferred to assets held-for-sale
|
—
|
—
|
-283.8
|
Balance
|
3,055.5
|
2,616.8
|
2,622.1
|
Depreciation:
|
|||
Balance as of beginning of period
|
536.3
|
543.8
|
543.8
|
Disposals
|
-1.8
|
-7.3
|
-31.9
|
Depreciation for the period
|
41.9
|
33.5
|
143.7
|
Transferred to assets held-for-sale
|
—
|
—
|
-119.3
|
Balance
|
576.4
|
570.0
|
536.3
|
Impairment:
|
|||
Balance as of beginning of period
|
15.6
|
21.5
|
21.5
|
Transferred to assets held-for-sale
|
—
|
—
|
-5.9
|
Balance
|
15.6
|
21.5
|
15.6
|
Carrying amount
|
2,463.5
|
2,025.3
|
2,070.2
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER OF 2024
|
21 |
31 March
|
31 March
|
31 December
|
|
USDm
|
2024
|
2023
|
2023
|
Balance as of beginning of period
|
86.0
|
—
|
—
|
Additions
|
55.0
|
36.7
|
126.6
|
Transferred to vessels
|
-80.6
|
-17.1
|
-40.6
|
Carrying amount
|
60.4
|
19.6
|
86.0
|
31 March
|
31 March
|
31 December
|
|
USDm
|
2024
|
2023
|
2023
|
Mortgage debt and bank loans to be repaid
as follows:
|
|||
Falling due within one year
|
183.1
|
136.4
|
172.5
|
Falling due between one and two years
|
153.8
|
145.9
|
146.5
|
Falling due between two and three years
|
153.3
|
200.9
|
147.2
|
Falling due between three and four years
|
120.5
|
120.6
|
110.8
|
Falling due between four and five years
|
334.4
|
169.8
|
119.8
|
Falling due after five years
|
371.2
|
281.9
|
370.1
|
Total
|
1,316.3
|
1,055.5
|
1,066.9
|
Borrowing costs
|
-16.2
|
-11.7
|
-13.9
|
Right-of-use lease liabilities
|
5.7
|
6.3
|
6.6
|
Total borrowings
|
1,305.8
|
1,050.1
|
1,059.6
|
31 March
|
31 March
|
31 December
|
|
USDm
|
2024
|
2023
|
2023
|
Fair value of derivatives:
|
|||
Derivative financial instruments regarding freight and bunkers:
|
|||
Forward freight agreements - fair value through profit and loss
|
0.1
|
-10.8
|
1.7
|
Bunker swaps - fair value through profit and loss
|
—
|
-5.0
|
-0.2
|
Bunker swaps - hedge accounting
|
0.1
|
-0.8
|
-0.5
|
Derivative financial instruments regarding interest and currency exchange rate:
|
|||
Forward exchange contracts - hedge accounting
|
-0.5
|
1.0
|
0.5
|
Interest rate swaps - hedge accounting
|
37.5
|
42.6
|
35.3
|
Total
|
37.2
|
27.0
|
36.8
|
Derivative financial instruments are recognized in the following balance sheet items: |
|||
31 March
|
31 March
|
31 December
|
|
USDm
|
2024
|
2023
|
2023
|
Other receivables
|
37.7
|
43.6
|
37.6
|
Other liabilities
|
-0.5
|
-16.6
|
-0.8
|
Total
|
37.2
|
27.0
|
36.8
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER OF 2024
|
22 |
Q1 2024
|
Q1 2023
|
FY 2023
|
|
EARNINGS PER SHARE
Net profit for the year attributable to TORM plc shareholders (USDm)
Million shares
|
209.7
|
153.6
|
648.3
|
Weighted average number of shares
Weighted average number of treasury
shares
|
90.3
-0.5
|
82.4
-0.5
|
84.1
-0.5
|
Average number of shares outstanding
|
89.8
|
81.9
|
83.6
|
Dilutive effect of outstanding share options
|
2.8
|
3.3
|
3.1
|
Weighted average number of shares outstanding incl. dilutive effect of share options
|
92.6
|
85.2
|
86.7
|
Basic earnings per share (USD)
|
2.34
|
1.87
|
7.75
|
Diluted earnings per share (USD)
|
2.26
|
1.80
|
7.48
|
Q1 2024
|
Q1 2023
|
FY 2023
|
|
DIVIDEND PER SHARE
|
|||
Declared dividend per share (USD)
|
1.50
|
1.46
|
4.42
|
Declared dividend during the period (USDm)
|
140.9
|
121.1
|
370.9
|
Proposed dividend per share for approval at
|
|||
Annual General Meeting (USD)
|
—
|
—
|
1.36
|
Proposed dividend for approval at Annual
|
|||
General Meeting (USDm)
|
—
|
—
|
126.3
|
Dividend paid per share (USD)
|
—
|
—
|
7.01
|
Dividend paid during the period (USDm)
|
—
|
—
|
586.4
|
Number of shares, end of period (million)
|
92.7
|
83.3
|
86.2
|
Number of treasury shares, end of period (million)
|
-0.5
|
-0.5
|
-0.5
|
Number of shares outstanding, end of period (million)
|
92.2
|
82.8
|
85.7
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER OF 2024
|
23 |
TORM INTERIM RESULTS FOR THE FIRST QUARTER OF 2024
|
24 |
TORM INTERIM RESULTS FOR THE FIRST QUARTER OF 2024
|
25 |
USDm
|
Q1 2024
|
Q4 2023
|
Q3 2023
|
Q2 2023
|
Q1 2023
|
Revenue
|
444.1
|
387.8
|
358.1
|
384.3
|
390.2
|
Port expenses, bunkers, commissions, and other cost of goods and services sold
|
-112.3
|
-120.7
|
-113.4
|
-74.1
|
-122.1
|
Operating expenses
|
-56.6
|
-55.1
|
-54.2
|
-54.8
|
-51.9
|
Profit from sale of vessels
|
17.0
|
39.9
|
7.0
|
3.5
|
—
|
Administrative expenses
|
-26.2
|
-24.4
|
-19.0
|
-21.9
|
-17.6
|
Other operating income and expenses
|
-0.2
|
6.9
|
-0.3
|
-0.2
|
-0.1
|
Depreciation and amortization
|
-43.1
|
-39.1
|
-38.2
|
-37.0
|
-35.0
|
Operating profit (EBIT)
|
222.7
|
195.3
|
140.0
|
199.8
|
163.5
|
Financial income
|
6.4
|
3.4
|
4.2
|
2.6
|
4.1
|
Financial expenses
|
-18.3
|
-13.9
|
-16.5
|
-18.0
|
-12.5
|
Profit before tax
|
210.8
|
184.8
|
127.7
|
184.4
|
155.1
|
Tax
|
-1.6
|
-0.1
|
-3.4
|
1.0
|
-1.5
|
Net profit for the period
|
209.2
|
184.7
|
124.3
|
185.4
|
153.6
|
EARNINGS PER SHARE
|
|||||
Basic earnings per share (USD)
|
2.34
|
2.18
|
1.47
|
2.23
|
1.87
|
Diluted earnings per share (USD)
|
2.26
|
2.10
|
1.42
|
2.14
|
1.80
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER OF 2024
|
26 |
USDm
|
Q1 2024
|
Q4 2023
|
Q3 2023
|
Q2 2023
|
Q1 2023
|
CASH FLOW FROM OPERATING ACTIVITIES
|
|||||
Net profit for the period
|
209.2
|
184.7
|
124.3
|
185.4
|
153.6
|
Reversals:
|
|||||
Profit from sale of vessels
|
-17.0
|
-39.9
|
-7.0
|
-3.5
|
—
|
Depreciation and amortization
|
43.1
|
39.1
|
38.2
|
37.0
|
35.0
|
Financial income
|
-6.4
|
-3.4
|
-4.2
|
-2.6
|
-4.1
|
Financial expenses
|
18.3
|
13.9
|
16.5
|
18.0
|
12.5
|
Tax
|
1.6
|
0.1
|
3.4
|
-1.0
|
1.5
|
Other non-cash movements
|
10.2
|
11.6
|
15.3
|
-30.7
|
18.3
|
Interest received and realized exchange gains
|
6.4
|
3.5
|
4.0
|
2.6
|
4.2
|
Interest paid and realized exchange losses
|
-16.8
|
-15.9
|
-17.7
|
-19.2
|
-13.2
|
Income taxes paid
|
-0.5
|
-1.5
|
-0.1
|
-0.1
|
-1.4
|
Change in inventories, receivables and payables, etc.
|
-61.5
|
2.6
|
30.2
|
6.7
|
8.3
|
Net cash flow from operating activities
|
186.6
|
194.8
|
202.9
|
192.6
|
214.7
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER OF 2024
|
27 |
USDm
|
Q1 2024
|
Q4 2023
|
Q3 2023
|
Q2 2023
|
Q1 2023
|
CASH FLOW FROM INVESTING ACTIVITIES
|
|||||
Investment in tangible fixed assets
|
-241.5
|
-152.1
|
-23.9
|
-118.5
|
-215.1
|
Investment in intangible fixed assets
|
-0.2
|
-0.4
|
—
|
-0.2
|
—
|
Sale of tangible fixed assets
|
66.3
|
132.1
|
18.3
|
16.0
|
—
|
Change in restricted cash
|
14.5
|
0.3
|
-0.5
|
-0.1
|
-26.5
|
Net cash flow from investing activities
|
-160.9
|
-20.1
|
-6.1
|
-102.8
|
-241.6
|
CASH FLOW FROM FINANCING ACTIVITIES
|
|||||
Proceeds, borrowings
|
302.3
|
110.5
|
126.4
|
327.5
|
112.0
|
Repayment, borrowings
|
-54.0
|
-136.9
|
-195.2
|
-223.0
|
-30.3
|
Dividend paid
|
—
|
-123.2
|
-126.6
|
-336.6
|
—
|
Capital increase
|
4.8
|
—
|
—
|
0.6
|
5.6
|
Transaction costs share issue
|
-0.3
|
—
|
-0.2
|
—
|
—
|
Net cash flow from financing activities
|
252.8
|
-149.6
|
-195.6
|
-231.5
|
87.3
|
Net cash flow from operating, investing and financing activities
|
278.5
|
25.1
|
1.2
|
-141.7
|
60.4
|
Cash and cash equivalents beginning balance
|
265.5
|
240.4
|
239.1
|
380.9
|
320.5
|
Cash and cash equivalents, ending balance
|
544.0
|
265.5
|
240.4
|
239.1
|
380.9
|
Restricted cash equivalents ending balance
|
15.6
|
30.1
|
30.4
|
29.9
|
29.8
|
Cash and cash equivalents including restricted cash, ending balance
|
559.6
|
295.6
|
270.8
|
269.0
|
410.7
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER OF 2024
|
28 |
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
|
=
|
Operating profit/(loss) less tax
|
||
(RoiC) %
|
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
|
=
|
Net profit/(loss) for the year
|
||
(USD)
|
Average number of shares less average number of treasury shares
|
|||
TORM INTERIM RESULTS FOR THE FIRST QUARTER OF 2024
|
29 |
USDm
|
Q1 2024
|
Q1 2023
|
FY 2023
|
Reconciliation to net profit/(loss)
|
|||
Net profit/(loss) for the period
|
209.2
|
153.6
|
648.0
|
Profit from sale of vessels
|
-17.0
|
—
|
-50.4
|
Provisions
|
—
|
—
|
-6.5
|
Expense of capitalized bank fees at refinancing
|
0.5
|
—
|
3.5
|
Termination of leaseback arrangement
|
—
|
—
|
1.3
|
Net profit for the year ex. non-recurring
items
|
192.7
|
153.6
|
595.9
|
USDm
|
Q1 2024
|
Q1 2023
|
FY 2023
|
Reconciliation to revenue
|
|||
Revenue
|
444.1
|
390.2
|
1,520.4
|
Port expenses, bunkers, commissions and other cost of goods and services sold
|
-112.3
|
-122.1
|
-430.3
|
Operating expenses
|
-56.6
|
-51.9
|
-216.0
|
Gross profit
|
275.2
|
216.2
|
874.1
|
USDm
|
Q1 2024
|
Q1 2023
|
FY 2023
|
Operating profit/(loss) (EBIT)
|
222.7
|
163.5
|
698.6
|
Tax
|
-1.6
|
-1.5
|
-4.0
|
EBIT less Tax
|
221.1
|
162.0
|
694.6
|
EBIT less Tax - Full year equivalent
|
884.4
|
648.0
|
694.6
|
Invested capital, opening balance
|
2,425.1
|
2,142.3
|
2,142.3
|
Invested capital, ending balance
|
2,806.7
|
2,291.7
|
2,425.1
|
Average invested capital
|
2,615.9
|
2,217.0
|
2,283.7
|
Return on Invested Capital (ROIC) |
33.8 %
|
29.2 %
|
30.4 %
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER OF 2024
|
30 |
USDm
|
Q1 2024
|
Q1 2023
|
FY 2023
|
EBIT less Tax - Full year equivalent
|
884.4
|
648.0
|
694.6
|
Profit from sale of vessels
|
-17.0
|
—
|
-50.4
|
Provisions
|
—
|
—
|
-6.5
|
EBIT less tax and impairment
|
867.4
|
648.0
|
637.7
|
Average invested capital1)
|
2,615.9
|
2,217.0
|
2,283.7
|
Average impairment 2)
|
27.0
|
32.9
|
29.9
|
Average invested capital adjusted for impairment
|
2,642.9
|
2,249.9
|
2,313.6
|
Adjusted ROIC
|
32.8 %
|
28.8 %
|
27.6 %
|
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 2024
|
Q1 2023
|
FY 2023
|
Net profit / (loss) for the period
|
209.2
|
153.6
|
648.0
|
Tax
|
1.6
|
1.5
|
4.0
|
Financial expenses
|
18.3
|
12.5
|
60.9
|
Financial income
|
-6.4
|
-4.1
|
-14.3
|
Depreciation and amortization
|
43.1
|
35.0
|
149.3
|
EBITDA
|
265.8
|
198.5
|
847.9
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER OF 2024
|
31 |
USDm
|
Q1 2024
|
Q1 2023
|
FY 2023
|
EBITDA
|
265.8
|
198.5
|
847.9
|
Fair value adjustments on freight and bunker derivatives
|
1.4
|
15.8
|
-1.5
|
Adjusted EBITDA
|
267.2
|
214.3
|
846.4
|
USDm
|
31 March
2024
|
31 March
2023
|
31 December
2023
|
Tangible and intangible fixed assets
|
2,540.5
|
2,058.9
|
2,173.8
|
Investments in joint ventures
|
0.1
|
0.1
|
0.1
|
Deferred tax asset
|
0.3
|
0.5
|
0.4
|
Other investments
|
0.6
|
1.5
|
—
|
Inventories
|
70.4
|
70.9
|
61.7
|
Accounts receivables 1)
|
331.8
|
317.2
|
286.7
|
Assets held-for-sale
|
—
|
—
|
47.2
|
Non-current tax liability related to held over
gains
|
-45.2
|
-45.2
|
-45.2
|
Deferred tax liability
|
-4.7
|
-4.4
|
-3.6
|
Trade payables 2)
|
-84.0
|
-99.8
|
-91.3
|
Current tax liabilities
|
-1.1
|
-1.0
|
-0.7
|
Provisions
|
-0.5
|
-6.8
|
-0.6
|
Deferred income
|
-1.5
|
-0.2
|
-3.4
|
Invested capital
|
2,806.7
|
2,291.7
|
2,425.1
|
1)
|
Accounts receivables includes Trade receivables, Other receivables and Prepayments.
|
2)
|
Trade payables includes Trade payables, Other non-current liabilities and Other liabilities.
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER OF 2024
|
32 |
USDm
|
31 March
2024
|
31 March
2023
|
31 December
2023
|
Borrowings1)
|
1,322.0
|
1,061.8
|
1,073.5
|
Loan receivables
Cash and cash equivalents, including
restricted cash
|
-4.5
-559.6
|
-4.6
-410.7
|
-4.5
-295.6
|
Net interest-bearing debt
|
757.9
|
646.5
|
773.4
|
USDm
|
31 March
2024
|
31 March
2023
|
31 December
2023
|
Cash and cash equivalents, including
restricted cash
|
559.6
|
410.7
|
295.6
|
Undrawn credit facilities and committed
facilities
|
159.4
|
163.9
|
342.5
|
Liquidity
|
719.0
|
574.6
|
638.1
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER OF 2024
|
33 |
USDm
|
Q1 2024
|
Q1 2023
|
FY 2023
|
Net cash flow from operating activities
|
186.6
|
214.7
|
805.0
|
Net cash flow from investing activities
|
-160.9
|
-241.6
|
-370.6
|
Free cash flow
|
25.7
|
-26.9
|
434.4
|
USDm
|
31 March
2024
|
31 March
2023
|
31 December
2023
|
Total vessel values (broker values)
|
3,501.5
|
2,893.3
|
3,080.9
|
Vessel values of purchased secondhand vessels not delivered (broker values)
|
110.6
|
166.9
|
479.9
|
Committed investment capital expenditure
|
31.8
|
17.4
|
35.7
|
Committed liability capital expenditure
|
-31.8
|
-160.5
|
-226.1
|
Goodwill
|
1.8
|
1.8
|
1.8
|
Other intangible assets
|
1.9
|
1.8
|
1.9
|
Land and buildings
|
4.8
|
5.2
|
5.5
|
Other plant and operating equipment
|
3.9
|
5.2
|
4.4
|
Investments in joint ventures
|
0.1
|
0.1
|
0.1
|
Loan receivables
|
4.5
|
4.6
|
4.5
|
Deferred tax asset
|
0.3
|
0.5
|
0.4
|
Other investments
|
0.6
|
1.5
|
—
|
Inventories
|
70.4
|
70.9
|
61.7
|
Accounts receivables 1)
|
331.8
|
317.2
|
286.7
|
Cash and cash equivalents incl. restricted
cash |
559.6
|
410.7
|
295.6
|
Deferred tax liability
|
-4.7
|
-4.4
|
-3.6
|
Borrowings 2)
|
-1,322.0
|
-1,061.8
|
-1,073.5
|
Trade payables 3)
|
-84.0
|
-99.8
|
-91.3
|
Current tax liabilities
|
-1.1
|
-1.0
|
-0.6
|
Provisions
|
-0.5
|
-6.8
|
-0.6
|
Prepayments from customers
|
-1.5
|
-0.2
|
-3.4
|
Total Net Asset Value (NAV)
|
3,178.0
|
2,562.6
|
2,860.0
|
Non-controlling interest
|
-1.4
|
-2.4
|
-2.0
|
Total Net Asset Value (NAV) excl. non-controlling interest
|
3,176.6
|
2,560.2
|
2,858.0
|
Total number of shares, end of period excluding treasury shares (million)
|
92.2
|
82.8
|
85.7
|
Total Net Asset Value per share (NAV/share)
|
34.5
|
30.9
|
33.3
|
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 16.2m.
|
3)
|
Trade payables includes Trade payables, Other non-current liabilities and Other
liabilities.
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER OF 2024
|
34 |
USDm
|
Q1 2024
|
Q1 2023
|
FY 2023
|
Reconciliation to revenue
|
|||
Revenue
|
440.3
|
383.9
|
1,491.4
|
Port expenses, bunkers and commissions
|
-109.6
|
-118.9
|
-407.6
|
TCE earnings
|
330.7
|
265.0
|
1,083.8
|
Fair value adjustments on freight and bunker derivatives
|
1.4
|
15.8
|
-1.5
|
Adjusted TCE earnings
|
332.1
|
280.8
|
1,082.3
|
Available earning days
|
7,697
|
6,732
|
29,152
|
TCE per earning day (USD)
|
43,152
|
41,717
|
37,124
|
31 March
|
31 March
|
31 December
|
|
USDm
|
2024
|
2023
|
2023
|
Vessel values (broker values)
|
3,501.5
|
2,893.3
|
3,080.9
|
Vessel values of purchased secondhand vessel not delivered (broker values)
|
110.6
|
166.9
|
479.9
|
Other committed investment CAPEX
|
31.8
|
17.4
|
35.7
|
Total vessel values
|
3,643.9
|
3,077.6
|
3,596.5
|
Borrowings 1)
|
1,316.3
|
1,054.0
|
1,067.6
|
- Debt regarding Land and buildings & Other plant and operating equipment
|
-4.8
|
-6.3
|
-5.4
|
Committed liability capital expenditure
|
31.8
|
160.5
|
226.1
|
Loan receivable
|
-4.5
|
-4.6
|
-4.5
|
Cash and cash equivalents, including restricted cash
|
-552.3
|
-405.9
|
-290.7
|
Total (loan)
|
786.5
|
797.7
|
993.1
|
Net Loan-to-value (LTV) ratio
|
21.6 %
|
25.9 %
|
27.6 %
|
TORM INTERIM RESULTS FOR THE FIRST QUARTER OF 2024
|
35 |
COMPANY ANNOUNCEMENT
|
USDm
|
Q1 2024
|
Q1 2023
|
change
|
FY 2023
|
Time charter equivalent earnings (TCE)
|
330.7
|
265.0
|
+65.7
|
1,083.8
|
EBITDA
|
265.8
|
198.5
|
+67.3
|
847.9
|
Net profit/(loss) for the period
|
209.2
|
153.6
|
+55.6
|
648.0
|
TCE per day (USD)1
|
43,152
|
41,717
|
+1,435
|
37,124
|
Return on invested capital
|
33.8%
|
29.2%
|
+4.6ppt
|
30.4%
|
Basic earnings/(loss) per share (USD)
|
2.34
|
1.87
|
+0.47
|
7.75
|
Declared dividend per share (USD)
|
1.50
|
1.46
|
+0.04
|
5.78
|
Dividend pay-out ratio
|
73%
|
79%
|
-6ppt
|
83%
|
TORM PLC | OFFICE 105 | 20 ST DUNSTAN’S HILL
LONDON, EC3R 8HL, UNITED KINGDOM | COMPANY: 09818726
|
COMPANY ANNOUNCEMENT NO. 20
08 MAY 2024
|
PAGE 1 / 3
|
COMPANY ANNOUNCEMENT
|
TORM PLC | OFFICE 105 | 20 ST DUNSTAN’S HILL
LONDON, EC3R 8HL, UNITED KINGDOM | COMPANY: 09818726
|
COMPANY ANNOUNCEMENT NO. 20
08 MAY 2024
|
PAGE 2 / 3
|
COMPANY ANNOUNCEMENT
|
TORM PLC | OFFICE 105 | 20 ST DUNSTAN’S HILL
LONDON, EC3R 8HL, UNITED KINGDOM | COMPANY: 09818726
|
COMPANY ANNOUNCEMENT NO. 20
08 MAY 2024
|
PAGE 3 / 3
|