FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of May, 2004
A/S STEAMSHIP COMPANY TORM
(Translation of registrant's name into English)
Marina Park
Sundkrogsgade 10
DK-2100 Copenhagen 0
Denmark
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F |X| Form 40-F |_|
Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes |_| No |X|
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Set forth herein 1) as Exhibit 1 is a copy of a Announcement No. 9 -
2004 TORM - Results for first quarter 2004 issued by A/S STEAMSHIP COMPANY TORM
(the "Company") to The Copenhagen Stock Exchange (the "Exchange") on May 19,
2004, 2) as Exhibit 2 is a copy of a Share Statement No. 9 - 2004 issued by the
Company to the Exchange on May 24, 2004 and 3) as Exhibit 3 is a copy of a Share
Statement No. 10 - 2004 issued by the Company to the Exchange on May 25, 2004.
Exhibit 1
---------
ANNOUNCEMENT NO. 9- 2004
19 May 2004
TORM - results for first quarter 2004 - Expectations for 2004 of profit before
tax on own activities of minimum DKK 750-800 mill.
o Profit from own activities was DKK 249 mill., which was better than
expected and is considered highly satisfactory.
o Profit after tax for the first quarter of 2004 was DKK 1.096 mill.,
including value adjustment on the NORDEN shares of DKK 847 mill. The value
adjustment on the NORDEN shares has from the end of first quarter 2004 to
18 May 2004 decreased to DKK 506 mill.
o Profit before depreciation was DKK 317 mill. for the first quarter 2004
(DKK 139 mill. for the first quarter of 2003).
o Profit before financial items was DKK 267 mill. for the quarter (DKK 87
mill.).
o Cash flow from operating activities was DKK 308 mill. (DKK 95 mill.).
o Return on invested capital was 31.9% p.a. and return on equity was 145.6%
p.a. for the quarter. Shareholders' equity totalled DKK 3,559 mill. as at
31 March 2004.
o Freight rates in the Tanker division have for the first quarter and into
the second quarter 2004 been above the expectations in the Annual Report
2003. In the Bulk Division, freight rates have been in line with the
expectations in the first quarter 2004 but below expectations in the
beginning of the second quarter.
o Pre tax profit expectations for 2004 are minimum DKK 750-800 mill. before
any value adjustments related to the shares in Dampskibsselskabet `NORDEN'
A/S.
A telephone conference reviewing the results will take place on Monday 24 May
2004 at 17.00 hours Danish time to review the results. The telephone conference
will also be accessible via the Internet (www.torm.com). In order to participate
please call 10 minutes prior to the start of the telephone conference on +45 32
71 46 11 (from Europe) or +1 334 420 4950 from the U.S.
A/S Dampskibsselskabet TORM
Contact persons: Klaus Kjaerulff, CEO (tel.: +45 39 17 92 00)
Klaus Nyborg, CFO (tel.: +45 39 17 92 00)
KEY FIGURES FOR THE GROUP
---------------------------------------------------------------------------------------
DKK mill.
q1 q1 Change q1 Full year
2004 2003 2003-04 2003
---------------------------------------------------------------------------------------
INCOME STATEMENT
Net revenue 610 502 22% 1,928
Time Charter equivalent earnings 487 317 54% 1,307
Gross profit 333 153 118% 647
Profit before depreciation 317 139 128% 572
Profit before financial items 267 95 181% 395
Net gain/(loss) from other investments and
securities 851 10 8725% 682
Other financial items -22 -4 548% -25
Profit/(loss) before tax 1,096 101 985% 1,052
Net profit after tax for the period 1,096 101 985% 1,051
---------------------------------------------------------------------------------------
BALANCE SHEET
Total assets 6,228 4,159 50% 4,894
Shareholders' equity 3,559 1,674 113% 2,464
Liabilities 2,669 2,485 7% 2,430
Invested capital 3,509 2,932 20% 3,186
Net interest bearing debt 1,774 1,562 14% 1,698
---------------------------------------------------------------------------------------
CASH FLOW
From operating activities 308 87 254% 494
From investing activities -311 -217 43% -1,008
thereof investment in tangible fixed assets -311 -328 -5% -1,122
From financing activities 154 182 -15% 471
--- --- ---
Net cash flow 151 52 190% -43
---------------------------------------------------------------------------------------
KEY FIGURES
Gross margin 54.6% 30.5% 33.6%
Profit before depreciation/Net revenue 52.0% 27.7% 29.7%
Profit before financial items/Net revenue 43.8% 18.9% 20.5%
RoE (p.a.) 145.6% 24.5% 51.4%
RoIC (p.a.) 31.9% 13.2% 13.1%
Equity ratio 57.1% 40.3% 50.3%
Share price, end of period (DKK) 356.4 65.8 442% 180.5
Millions of shares, end of period 18.2 18.2 0% 18.2
Earnings per share (DKK) 63.2 5.8 984% 60.7
Exchange rate USD/DKK, end of period 6.09 6.82 -11% 5.96
Exchange rate USD/DKK, average 5.96 6.92 -14% 6.59
---------------------------------------------------------------------------------------
FIRST QUARTER 2004 RESULTS
Profit from own activities was DKK 249 mill. Profit after tax for first quarter
2004 was DKK 1,096 mill., including value adjustment on the NORDEN investment of
DKK 847 mill.
Gross profit for the first quarter of 2004 was DKK 333 mill. (as against DKK 153
mill. for the first quarter 2003). The increase was primarily the result of the
net effect of higher freight rates achieved by the Tanker Division, a strong
increase in freight rates in the Bulk Division, an increased number of available
operating days for both the Tanker and Bulk divisions due to the delivery of
vessels, countered by a 14% reduction in the USD/DKK exchange rate in comparison
with first quarter 2003.
Profit before depreciation was DKK 317 mill. (DKK 139 mill.).
Depreciation was DKK 50 mill. (DKK 44 mill.). The increased depreciation is
brought about by an increase in the Company's fleet through the delivery of
three product tanker newbuildings and two second hand bulk carriers in the
period April 2003 to March 2004, offset by the lower USD/DKK exchange rate.
Net financial items were positive by DKK 829 mill. (DKK 6 mill.). These included
net gains on securities - primarily the NORDEN shares - of DKK 851 mill., net
interest expense of DKK 16 mill. less other financial items of minus DKK 6 mill.
Profit before tax was DKK 1,096 mill. (DKK 101 mill.).
Profit after tax was DKK 1,096 mill. (DKK 101 mill.)
The Tanker Division's net profit was DKK 125 mill. whilst the Bulk division
showed a net profit of DKK 121 mill. Other activities - primarily unallocated
financial items - generated after tax profits of DKK 850 mill.
Cash flow from operating activities was positive by DKK 308 mill. during the
first quarter of 2004 and consisted primarily of cash operating earnings.
Cash flow from investments was negative by DKK 311 mill., mainly consisting of
investments in fixed assets, primarily vessels.
Cash flow from financing activities was DKK 154 mill. for the first quarter of
2004. This amount consists primarily of loan draw-downs in connection with the
delivery of newbuildings and second hand vessels totalling DKK 425 mill., less
repayments of mortgage and leasing debt of DKK 250 mill.
Net cash flow for the first quarter of 2004 was DKK 151 mill. The Company's cash
and bond holdings totalled DKK 630 mill. against DKK 479 mill. at the end of
2003.
Total assets rose during the quarter from DKK 4,894 mill. to DKK 6,228 mill.
primarily due to an increase in fixed assets during the period from DKK 4,169
mill. to DKK 5,354 mill. This positive effect was principally the result of the
delivery in January 2004 of TORM Estrid, the increase in the value of the NORDEN
investment and the increase in the USD/DKK exchange, offset by depreciation
during the period. The investment in NORDEN is valued at a price of DKK 2,469
per share, which was the closing price on the Copenhagen Stock Exchange as at 31
March 2004.
The Company's net interest bearing debt increased during the first quarter of
2004 from DKK 1,698 mill. to DKK 1,774 mill. The increase is primarily the
result of net loan draw-downs in connection with the delivery of newbuildings,
countered by the positive cash flow for the period.
During the first quarter of 2004, equity rose from DKK 2,464 mill. to DKK 3,559
mill. mainly brought about by earnings during the period. The percentage of
equity to total assets rose from 50.3% as at 31 December 2003 to 57.1% as at 31
March 2004.
As at 31 March 2004, TORM owned 787,376 own shares, which is equivalent to 4.3%
of the Company's share capital. The number of owned shares decreased from
881,368 shares as at 31 December 2003 as a result of exercise of options under
the Company's share incentive programme.
--------------------------------------------------------------------------------------------------
Q1 2004 - segment information (DKK mill.)
Tanker Bulk
division division Unallocated Total
--------------------------------------------------------------------------------------------------
Net revenue 354 256 0 610
Port expenses and bunker -85 -38 0 -123
--- --- - ----
Time charter equivalent earnings 269 218 0 487
Charter hire -19 -65 0 -84
Operating expenses -55 -15 0 -70
--- --- - ---
Gross Profit 195 138 0 333
Profit on sale of vessels and interest 0 0 0 0
Administrative expenses -24 -8 -1 -33
Other Operating income 17 0 0 17
-- - - --
Profit before depreciation 188 130 - 1 317
Depreciation -42 -8 0 -50
--- -- - ---
Profit before financial items 146 122 -1 267
Net gain/(loss) from other investments and securities 0 0 851 851
Other financial items -21 -1 0 -22
--- -- - ---
Profit/(Loss) before tax 125 121 850 1,096
Tax 0 0 0 0
- - - -
Net profit for the period 125 121 850 1,096
--------------------------------------------------------------------------------------------------
TANKER DIVISION
Profit after tax in the Tanker Division was DKK 125 mill. for the first quarter.
Freight rates were at a high level during the first quarter of 2004, which
usually is the case during the winter season. Economic growth and a high oil
price contributed to keeping continually low stocks of refined products, which
combined with a relatively cold winter in parts of North America all contributed
to healthy freight rate levels for the Tanker Division.
Compared with the first quarter of 2003, rates were respectively 2% lower and
20% and 17% higher for the LR2, the LR1 and the MR segments. The first three
months of 2004 compared with the same period in 2003 were not affected to the
same degree by individual factors but still resulted in very firm rates.
The combined activity level for the Tanker Division expressed in terms of
available earning days rose by 21% during the first quarter of 2004 as against
the same period last year. In the LR2 segment, the number of available earning
days rose by 69% from first quarter 2003 to first quarter 2004 as a result of
the delivery of two newbuildings towards the end of 2003. In the LR1 segment,
the increase was 37%, reflecting the delivery of the TORM Estrid in January
2004, whilst a marginal increase in the number of earning days in the MR segment
was brought about by the delivery of two newbuildings during the first quarter
of 2003, and the delivery of TORM Alice in February 2004.
Earnings data for the Tanker division
2003
------------------ 2004 Change
Full year q1 q1 q1-q1
LR2/Aframax vessels
-----------------------------------------------------------------------------------
Available earning days 1,231 270 455 69%
TCE per earning days (USD/Day)*) 27,185 31,237 32,012 2%
OPEX per earning days (USD/Day)**) -5,799 -5,651 -4,453 21%
Operating C/F per earning days (USD/Day)***) 13,911 16,931 21,697 28%
-----------------------------------------------------------------------------------
LR1/Panamax vessels
-----------------------------------------------------------------------------------
Available earning days 847 210 288 37%
TCE per earning days (USD/Day)*) 22,429 23,630 28,270 20%
OPEX per earning days (USD/Day)**) -6,458 -5,691 -6,141 -8%
Operating C/F per earning days (USD/Day)***) 15,883 17,939 22,130 -23%
-----------------------------------------------------------------------------------
MR vessels
-----------------------------------------------------------------------------------
Available earning days 4,015 1,004 1,047 4%
TCE per earning days (USD/Day)*) 17,307 18,355 21,491 17%
OPEX per earning days (USD/Day)**) -5,257 -5,701 -5,927 -4%
Operating C/F per earning days (USD/Day)***) 12,051 12,653 15,565 23%
-----------------------------------------------------------------------------------
*) TCE = Time Charter Equivalent Earnings = Gross freight income less bunker,
commissions and port expenses.
**) Operating expenses for own vessels.
***) TCE earnings less operating expenses and charter hire.
THE BULK DIVISION
The Bulk Division achieved profits after tax of DKK 121 mill. for the first
quarter of 2004. Freight rates in the dry bulk market were at an exceptionally
high level during the first quarter of 2004 albeit there was a decreasing trend
towards the end of the quarter and into the second quarter. The high rates for
the period were primarily the result of very strong demand from China coupled
with a significant increase in waiting time in many ports.
Freight rates for the first quarter were 153% and 112% respectively higher for
TORM's Panamax and Handysize vessels compared to first quarter 2003.
When freight rates began to rise significantly towards the end of September
2003, TORM began to cover available earning days for 2004. This has contributed
to ensuring less volatile earnings for the current year.
The number of available earning days during first quarter 2004 as compared with
first quarter of 2003 increased by 19% for TORM's Panamax fleet as a result of
the chartering-in of additional tonnage, whilst in the Handysize segment, one
vessel was redelivered during 2003, which accounts for the decrease of 15% in
the number of available earning days in this segment.
Earnings data for the Bulk Division
2003 2004 Change
---------------------------
Full year q1 q1 q1-q1
Panamax vessels
----------------------------------------------------------------------------------
Available earning days 5,147 1,161 1,383 19%
TCE per earning day (USD/day)*) 11,695 9,166 23,219 153%
OPEX per earning day (USD/day)**) -5,109 -5,208 -5,501 6%
Operating C/F per earning day (USD/day)***) 2,929 606 14,327 2264%
----------------------------------------------------------------------------------
Handysize vessels
----------------------------------------------------------------------------------
Available earning days 1,258 356 303 -15%
TCE per earning day (USD/day)*) 8,706 7,526 15,963 112%
OPEX per earning day (USD/day) **) -3,058 -3,442 -3,112 -10%
Operating C/F per earning day (USD/day)***) 4,135 2,664 11,187 320%
----------------------------------------------------------------------------------
*) TCE = Time Charter Equivalent Earnings = Gross freight income less bunker,
commissions and port expenses
**) Operating expenses for own vessels.
***) TCE earnings less operating expenses and charter hire.
UNALLOCATED
Unallocated items consist of an amount of DKK 850 mill. which is made up of
unallocated financial items including the unrealised gain on the NORDEN holding
of DKK 847 mill. Unallocated items furthermore consist of minor items connected
with adjustments related to the Liner activity, which was sold in 2002.
FLEET DEVELOPMENT
During the first quarter of 2004, TORM took delivery of the LR1 product tanker
TORM Estrid, and during the same period exercised purchase options on two
time-chartered vessels, TORM Baltic and TORM Marlene at favourable prices. These
two vessels will be delivered in the second quarter 2004. During the period,
TORM also purchased the MR product tanker TORM Alice from the Company's pool
partner Rederi AB Gotland.
TORM's order book currently consists of six newbuildings (one LR1 product tanker
due for delivery in the summer of 2004 and five LR2 product tankers for delivery
during 2006-2008) with a total value of more than USD 200 mill.
Since the end of 2003, vessel values have generally increased substantially both
for tankers and bulk carriers.
The certification of the Company's ships to conform to the so-called ISPS code,
which consists of a number of security requirements aimed at the risk of
terrorism described in the Annual Report 2003, is proceeding according to plan.
As such, more than two thirds of vessels under TORM's technical management are
already certified, with the remainder expected to have certification in place
well ahead of the 1 July 2004 deadline.
CHINA
In recent years, ship owners have placed great emphasis on the Chinese market.
Within the dry bulk segment, the primary reason for the significant increases in
freight rates have to a very large degree been the result of a vast increase in
the import to China of raw materials, especially iron ore. China is now also the
world's second largest consumer of oil and a gradual liberalisation in the
import of clean petroleum products is expected to lead to an increase in the
import of refined products to the country. In 2003 alone, the import of clean
petroleum products to China increased by 50%. China's demand is, however, not as
crucial in the product tanker market, as the import of refined products is
limited, though rapidly increasing.
After the end of the first quarter of 2004, the Chinese authorities adopted a
number of measures aimed at avoiding the risk of overheating in the Chinese
economy. These measures are expected to result in a more modest Chinese growth
for the remainder of 2004, but in the medium to long term, the outlook for both
the Chinese and far eastern markets generally continue to look promising for
shipping.
TORM has during the first quarter of 2004 strengthened the Company's existing
organisation in Singapore. The majority of the Company's activities today is in
the Far East and Middle East and as such, an increased presence will support
continued growth in this market.
CREWING
In order to achieve greater control over key elements of ship operations, TORM
has decided to open its own office in the Philippines and thereby even better
than previously control the recruitment and training of Filipino officers and
seamen. To date, this has been handled by a local crewing agency.
PRODUCT TANKER POOLS
The three product tanker pools consisted of a total of 63 ships as per 31 March
2004. During the first quarter 2004, the net increase in the three pools was two
vessels. Based on the delivery of vessels already on order, the three pools will
consist of 76 vessels by the end of 2004.
There are on-going discussions with a number of potential partners about the
possibility of participating in the three pools.
EXPECTATIONS FOR 2004
Freight rates for the first quarter of 2004 and the beginning of the second
quarter of 2004 for the Tanker Division has been higher than expected in the
2003 Annual Report. The improved freight rate picture is due to the combination
of satisfactory economic growth, historically low inventories for refined oil
products, together with the removal from the market of a significant number of
older, single hulled tankers due for demolition. The increase in demolition is
due not only to the less favourable trading conditions for this type of vessel,
but also to the very high scrap prices - reflecting the strong demand for steel.
In the Bulk Division, freight rates for the first quarter 2004 was in line with
the expectations expressed in the 2003 Annual Report, but were below
expectations in the beginning of the second quarter 2004. Due to a slow start to
the grain export from South America combined with Chinese action to dampen the
rapid growth in the economy freight rates were falling towards the end of first
quarter and into second quarter 2004. However, freight rates are still at an
attractive level.
76% of the available earning days of the Company's Panamax bulk vessels in 2004
were covered at an average rate of USD 24,750 per day, as at 30 April 2004. The
measures taken in China lead to expectations of a continued strong demand and
thereby attractive freight rate levels, as the addition of newbuildings to the
world fleet in the period 2004-06 in both Panamax and Handysize is limited.
Expectations for TORM's profit before tax is minimum DKK 750-800 mill.,
excluding value adjustments to the NORDEN shareholding. The unrealised gain on
the NORDEN holding in 2004 was as at 18 May 2004 DKK 506 mill., based on a
NORDEN shares price of DKK 2,000/share.
The forecast is based on a USD/DKK exchange rate of 6.00.
--------------------------------------------------------------------------------
SAFE HARBOUR STATEMENT - FORWARD LOOKING STATEMENTS
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 other statements, which are other than statements of historical
facts.
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 TORM believes that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond our control, TORM cannot assure you 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 world economies and currencies, changes in charter hire rates and
vessel values, changes in demand for "tonne miles" of crude oil carried by oil
tankers, 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 governmental rules and regulations including requirements for
double hull tankers or 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
and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by TORM with the
US Securities and Exchange Commission, including the TORM Annual Report on Form
20-F and its reports on Form 6-K.
--------------------------------------------------------------------------------
ACCOUNTING POLICIES
The accounts for the first quarter 2004 have been prepared using the same
accounting policies as for the 2003 Annual Report.
The accounting policies are described in more detail in the 2003 annual report.
The quarterly report for the first quarter of 2004 is unaudited, in line with
normal practice.
TELEPHONE CONFERENCE AND WEBCAST
TORM invites financial analysts and investors to a telephone conference, where
the quarterly report for first quarter 2004 will be discussed, on Monday 24 May
2004 at 17.00 hours Danish time. The telephone conference will be conducted in
English and will be hosted by Klaus Kjaerulff, CEO and Klaus Nyborg, CFO. To
participate please call 10 minutes prior to the start of the telephone
conference on +45 32 71 46 11 (from Europe) or +1 334 420 4950 from the U.S. The
telephone conference will also be accessible via the Internet (www.torm.com),
from where the presentation used in the telephone conference can also be
downloaded.
Income statement
--------------------------------------------------------------------------------
GROUP
-------------------------
First First
quarter quarter 2003
2004 2003
DKK mill.
--------------------------------------------------------------------------------
Net revenue 610 502 1,928
Port expenses and bunkers -123 -185 -621
-------------------------
Time Charter Equivalent Earnings 487 317 1,307
Charter hire -84 -95 -405
Technical running costs -70 -69 -255
-------------------------
Gross profit 333 153 647
Profit on sale of vessels and interests 0 0 0
Administrative expenses -33 -27 -126
Other operating income 17 13 51
-------------------------
Profit before depreciation 317 139 572
Depreciation -50 -44 -177
-------------------------
Profit before financial items 267 95 395
Net gain/(loss) from other investments
and securities 851 10 682
Other financial items -22 -4 -25
-------------------------
Profit before tax 1,096 101 1,052
Tax 0 0 -1
-------------------------
Net profit 1,096 101 1,051
=========================
--------------------------------------------------------------------------------
Balance sheet
--------------------------------------------------------------------------------
GROUP
-------------------------------------
31 March 2004 31 December 2003
DKK mill.
--------------------------------------------------------------------------------
ASSETS
FIXED ASSETS
Tangible fixed assets
Leasehold improvements 1 2
Land and buildings 2 3
Vessels and capitalized dry-docking 3,314 2,944
Prepayment on vessels under construction 199 229
Other plant and operating equipment 14 15
-------------------------------------
3,530 3,193
-------------------------------------
Financial fixed assets
Other investments 1,824 976
-------------------------------------
1,824 976
-------------------------------------
TOTAL FIXED ASSETS 5,354 4,169
-------------------------------------
CURRENT ASSETS
Inventories
Inventories of bunkers 29 26
-------------------------------------
Accounts receivables
Freight receivables, etc. 142 147
Other receivables 62 51
Prepayments 11 22
-------------------------------------
215 220
-------------------------------------
Securities
Bonds 338 316
-------------------------------------
Cash at bank and in hand 292 163
-------------------------------------
TOTAL CURRENT ASSETS 874 725
-------------------------------------
TOTAL ASSETS 6,228 4,894
=====================================
--------------------------------------------------------------------------------
Balance sheet
--------------------------------------------------------------------------------
GROUP
-----------------------
31 March 31 December
2004 2003
DKK mill.
--------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY
Common shares 182 182
Own shares -46 -52
Retained profit 3,205 2,116
Proposed dividend 218 218
-----------------------
TOTAL SHAREHOLDERS' EQUITY 3,559 2,464
-----------------------
LIABILITIES
Long-term liabilities
Mortgage debt and bank loans 2,096 1,701
Capitalized lease obligations 0 0
-----------------------
2,096 1,701
-----------------------
Current liabilities
Next year's repayments on mortgage debt and bank loans 308 295
Capitalized lease obligations 0 181
Trade accounts payable 78 96
Other liabilities 135 102
Accruals 52 55
-----------------------
573 729
-----------------------
TOTAL LIABILITIES 2,669 2,430
-----------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 6,228 4,894
=======================
--------------------------------------------------------------------------------
Cash flow statement
---------------------------------------------------------------------------
-------------
First quarter
2004
DKK mill.
---------------------------------------------------------------------------
CASH FLOW FROM OPERATING ACTIVITIES
Profit before financial items 267
Interest income, exchange rate gains and dividends received 6
Interest expenses -22
-------------
251
Adjustments:
Reversal of depreciation and impairment loss 50
Reversal of other non-cash movements -6
Change in inventories, accounts receivables and payables 13
-------------
Net cash inflow from operating activities 308
-------------
CASH FLOW FROM INVESTING ACTIVITIES
Investment in tangible fixed assets -311
Investment in equity interests and securities 0
Sale of fixed assets 0
including profit on sale of vessels 0
(included in operating activities)
-------------
Net cash inflow/(outflow) from investing activities -311
-------------
CASH FLOW FROM FINANCING ACTIVITIES
Borrowing, mortgage debt 425
Repayment/redemption, mortgage debt -181
Repayment/redemption, lease liabilities -69
Dividends paid 0
Purchase/disposals of own shares 6
Settlement share options -27
-------------
Cash inflow/(outflow) from financing activities 154
-------------
Increase/(decrease) in cash and cash equivalents 151
Cash and cash equivalents,
including bonds, at 1 January 479
-------------
Cash and cash equivalents,
including bonds, at 31 March 630
---------------------------------------------------------------------------
Shareholders' equity
--------------------------------------------------------------------------------
GROUP
-------------
First quarter
DKK mill. 2004
--------------------------------------------------------------------------------
Balance at 1 January 2004 2,464
Exchange rate adjustment arose upon translation from
measurement currency to presentation currency 31
Fair value adjustment of derivative financial instruments -11
Exercise share options -27
Disposal of own shares at cost 6
Net profit for the period 1,096
-------------
Balance at 31 March 2004 3,559
--------------------------------------------------------------------------------
Reconciliation to United States Generally Accepted Accounting Policies (US
GAAP), as of 31 March 2004:
--------------------------------------------------------------------------------
Net Income Shareholders'
Equity
--------------------------
DKK mill.
Income/Shareholders' equity as reported under
Danish GAAP 1,096 3,559
Dry-docking costs 0 -42
Write-down on vessels 0 -11
Unrealized gain on marketable securities -850 0
Derivative financial instruments -12 0
Share options -64 -41
Deferred tax -1 -356
--------------------------
Income/Shareholders' equity in accordance with
US GAAP 169 3,109
--------------------------------------------------------------------------------
Exhibit 2
---------
SHARE STATEMENT No. 9 - 2004
24 May 2004
This is to notify you of changes in the shareholdings of the company's insiders
pursuant according to the Danish Securities Trading Act.
--------------------------------------------------------------------------------
Securities Trade date Holding Market Total Holding Total market
code number value number value
--------------------------------------------------------------------------------
DK0010281468 21.05.2004 -12,170 1,992,925.12 1,182,022 193,768,864.00
--------------------------------------------------------------------------------
A/S Dampskibsselskabet TORM
Contact person: Klaus Nyborg, CFO (tel.: +45 39 17 92 00)
Exhibit 3
---------
SHARE STATEMENT No. 10 -2004
25 May 2004
This is to notify you of changes in the shareholdings of the company's insiders
pursuant according to the Danish Securities Trading Act.
--------------------------------------------------------------------------------
Securities Trade date Holding Market Total Holding Total market
code number value number value
--------------------------------------------------------------------------------
DK0010281468 19.05.2004 -1,900 304,950.00 2,370,126 358,315,520.00
--------------------------------------------------------------------------------
DK0010281468 24.05.2004 -6,000 912,000.00 2,370,126 358,315,520.00
--------------------------------------------------------------------------------
A/S Dampskibsselskabet TORM
Contact person: Klaus Nyborg, CFO (tel.: +45 39 17 92 00)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
A/S STEAMSHIP COMPANY TORM
(registrant)
Dated: May 27, 2004 By: /s/ Klaus Nyborg
-----------------------
Klaus Nyborg
Chief Financial Officer
03810.0001 #489519