“TORM’s
leading presence in the product tanker market has ensured an exceptional
result for the first nine months, and we maintain our profit forecast for
2008,” states Mikael Skov, CEO.
|
||
·
|
Profit
before tax for the first three quarters of 2008 was USD 290
million.
|
|
·
|
TORM
forecasts a pre-tax profit for 2008 of USD 355 – 370 million as announced
on 11 August 2008, when the full-year forecast was upgraded (announcement
no. 16/2008).
|
|
·
|
TORM
has unutilised credit facilities and cash in excess of USD 700
million.
|
|
·
|
Due
to the sharp fall in oil prices from the peak in July 2008 TORM has in the
third quarter unrealized mark-to-market adjustments on FFA and bunker
hedge of USD 6 million and on financial derivatives of USD 11
million.
|
|
·
|
Equity
amounted to USD 1,269 million (DKK 6,622 million) as at 30 September 2008,
equivalent to USD 18.3 per share (DKK 95.6 per share), excluding treasury
shares.
|
|
·
|
The
market value of TORM’s fleet, including the order book, exceeded book
value by USD 1,589 million at 30 September 2008, equalling USD 23.0 per
share (DKK 119.8 per share), excluding treasury shares.
|
|
·
|
The
market for transport of crude oil was firm during the first part of the
third quarter, while earnings in the latter part were better for transport
of refined oil products. Product tanker earnings have dropped in the
fourth quarter, although they remain at seasonably high levels. As at 31
October 2008, TORM had covered 63% of the remaining earning days for 2008
in the Tanker Division at USD 25,299 per day.
|
|
·
|
Bulk
freight rates dropped towards the end of the third and into the fourth
quarter, primarily due to lower demand for coal and iron ore and concern
of the global economic development. As at 31 October 2008, TORM had
covered 78% of the remaining earning days for 2008 in the Bulk Division at
USD 45,550 per day.
|
|
·
|
At
the end of the third quarter, the Company’s net interest bearing debt
totalled USD 1,575 million. More than half of the debt falls due in or
after 2013.
|
|
·
|
As
at 31 October 2008, TORM had covered approximately 32% of the total
fleet’s earning days in 2009.
|
|
·
|
The
historically good result in combination with the development of the share
price has led TORM to propose an interim dividend of DKK 4.50 per share.
The company will call in for an extraordinary general
meeting.
|
·
|
“Although
the product tanker market, TORM’s principal business area, is currently
doing well, we have taken a number of risk precautions both internally and
vis-à-vis customers, suppliers and financial counterparties in order to
limit the effects if the financial crisis continues. Our strong balance
sheet and financial resources provide a solid foundation for the Company
to manoeuvre in more difficult market conditions in 2009,” announces CEO
Mikael Skov.
|
|
Teleconference
|
A
teleconference and webcast (www.torm.com) will take place today, 21
November 2008, at 17:00 Copenhagen time (CET). To participate, please call
10 minutes before the call on tel.: +45 3271 4607 (from Europe) or +1 334
323 6201 (from the USA). A replay of the conference will be available from
TORM’s website.
|
|
Contact
|
A/S
Dampskibsselskabet TORM
Tuborg
Havnevej 18
DK-2900
Hellerup
Denmark
|
Telephone:
+45 39 17 92 00
Mikael
Skov, CEO
Roland
M. Andersen, CFO
|
Million
USD
|
Q3 2008 | Q3 2007 | Q1-Q3 2008 | Q1-Q3 2007 |
2007
|
|||||||||||||||
Income
statement
|
||||||||||||||||||||
Net
revenue
|
336.6 | 208.1 | 878.2 | 549.4 | 773.6 | |||||||||||||||
Time
charter equivalent earnings (TCE)
|
244.2 | 162.4 | 680.2 | 427.4 | 604.3 | |||||||||||||||
Gross
profit
|
152.3 | 90.1 | 409.3 | 238.6 | 333.9 | |||||||||||||||
EBITDA
|
144.8 | 78.8 | 421.0 | 209.3 | 294.1 | |||||||||||||||
Operating
profit
|
119.6 | 48.1 | 339.6 | 147.2 | 199.0 | |||||||||||||||
Profit
before tax
|
91.3 | 37.7 | 289.8 | 776.9 | 804.2 | |||||||||||||||
Net
profit
|
90.8 | 34.8 | 288.4 | 775.2 | 791.7 | |||||||||||||||
Balance
sheet
|
||||||||||||||||||||
Total
assets
|
3,242.5 | 2,875.5 | 3,242.5 | 2,875.5 | 2,958.9 | |||||||||||||||
Equity
|
1,268.5 | 1,062.7 | 1,268.5 | 1,062.7 | 1,081.2 | |||||||||||||||
Total
liabilities
|
1,974.0 | 1,812.8 | 1,974.0 | 1,812.8 | 1,877.7 | |||||||||||||||
Invested
capital
|
2,833.3 | 2,556.5 | 2,833.3 | 2,556.5 | 2,618.5 | |||||||||||||||
Net
interest bearing debt
|
1,574.7 | 1,504.8 | 1,574.7 | 1,504.8 | 1,548.3 | |||||||||||||||
Cash
flow
|
||||||||||||||||||||
From
operating activities
|
111.2 | 6.3 | 264.1 | 126.2 | 187.9 | |||||||||||||||
From
investing activities
|
3.4 | 113.8 | -225.2 | -251.5 | -356.6 | |||||||||||||||
Thereof investment in tangible
fixed assets
|
-112.6 | -16.5 | -293.7 | -160.5 | -252.2 | |||||||||||||||
From
financing activities
|
-59.5 | -455.2 | -10.5 | 180.2 | 242.1 | |||||||||||||||
Net
cash flow
|
55.1 | -335.1 | 28.4 | 54.9 | 73.4 | |||||||||||||||
Key
financial figures
|
||||||||||||||||||||
Margins:
|
||||||||||||||||||||
TCE
|
72.5 | % | 78.0 | % | 77.5 | % | 77.8 | % | 78.1 | % | ||||||||||
Gross profit
|
45.2 | % | 43.3 | % | 46.6 | % | 43.4 | % | 43.2 | % | ||||||||||
EBITDA
|
43.0 | % | 37.9 | % | 47.9 | % | 38.1 | % | 38.0 | % | ||||||||||
Operating
profit
|
35.5 | % | 23.1 | % | 38.7 | % | 26.8 | % | 25.7 | % | ||||||||||
Return
on Equity (RoE) (p.a.)*)
|
26.7 | % | 11.4 | % | 30.9 | % | 69.9 | % | 67.1 | % | ||||||||||
Return
on Invested Capital (RoIC) (p.a.)**)
|
15.6 | % | 7.8 | % | 15.8 | % | 10.2 | % | 10.2 | % | ||||||||||
Equity
ratio
|
39.1 | % | 37.0 | % | 39.1 | % | 37.0 | % | 36.5 | % | ||||||||||
Exchange
rate USD/DKK, end of period
|
5.22 | 5.26 | 5.22 | 5.26 | 5.08 | |||||||||||||||
Exchange
rate USD/DKK, average
|
4.97 | 5.41 | 4.91 | 5.54 | 5.44 | |||||||||||||||
Share
related key figures
|
||||||||||||||||||||
Earnings
per share,
EPS USD
|
1.3 | 0.5 | 4.2 | 11.2 | 11.4 | |||||||||||||||
Diluted
earnings per share, DEPS
USD
|
1.3 | 0.5 | 4.2 | 11.2 | 11.4 | |||||||||||||||
Cash
flow per share, CFPS
USD
|
1.6 | 0.1 | 3.8 | 1.8 | 2.7 | |||||||||||||||
Share
price, end of period
(per
share of DKK 5 each)
DKK
|
126.2 | 214.2 | 126.2 | 214.2 | 178.2 | |||||||||||||||
Number
of shares, end of period
Mill.
|
72.8 | 72.8 | 72.8 | 72.8 | 72.8 | |||||||||||||||
Number
of shares (excl. treasury shares),
average
Mill.
|
69.2 | 69.2 | 69.2 | 69.2 | 69.2 |
*)
|
The
gain from the sale of the Norden shares is not annualized when calculating
the Return on Equity for Q1-Q3 2007,and the gain from sale
of vessels not is annualized when calculating the Return on
Equity in 2008.
|
**)
|
The
gain from sale of vessels is not annualized when calculating the Return on
Invested Capital for Q1-Q3
2008.
|
Million
USD
|
Q3
2008
|
Q1-Q3
2008
|
||||||
Tanker
|
Bulk
|
Not
|
Tanker
|
Bulk
|
Not
|
|||
Division
|
Division
|
Allocated
|
Total
|
Division
|
Division
|
Allocated
|
Total
|
|
Revenue
|
263.3
|
73.3
|
0.0
|
336.6
|
679.1
|
199.1
|
0.0
|
878.2
|
Port
expenses, bunkers and commissions
|
-74.0
|
-2.5
|
0.0
|
-76.5
|
-182.7
|
-7.7
|
0.0
|
-190.4
|
Freight
and bunkers derivatives
|
-15.9
|
0.0
|
0.0
|
-15.9
|
-7.6
|
0.0
|
0.0
|
-7.6
|
Time
charter equivalent earnings
|
173.4
|
70.8
|
0.0
|
244.2
|
488.8
|
191.4
|
0.0
|
680.2
|
Charter
hire
|
-35.2
|
-15.2
|
0.0
|
-50.4
|
-96.9
|
-43.8
|
0.0
|
-140.7
|
Operating
expenses
|
-38.2
|
-3.3
|
0.0
|
-41.5
|
-119.0
|
-11.2
|
0.0
|
-130.2
|
Gross
Profit
|
100.0
|
52.3
|
0.0
|
152.3
|
272.9
|
136.4
|
0.0
|
409.3
|
Profit
from sale of vessels
|
10.8
|
0.0
|
0.0
|
10.8
|
10.8
|
52.0
|
0.0
|
62.8
|
Administrative
expenses
|
-20.7
|
-1.9
|
0.0
|
-22.6
|
-56.9
|
-5.2
|
0.0
|
-62.1
|
Other
operating income
|
4.3
|
0.0
|
0.0
|
4.3
|
11.0
|
0.0
|
0.0
|
11.0
|
Depreciation
and impairment losses
|
-29.6
|
-1.7
|
0.0
|
-31.3
|
-87.6
|
-5.5
|
0.0
|
-93.1
|
Share
of results of jointly controlled entities
|
3.0
|
0.0
|
3.1
|
6.1
|
5.8
|
0.0
|
5.9
|
11.7
|
Operating
profit
|
67.8
|
48.7
|
3.1
|
119.6
|
156.0
|
177.7
|
5.9
|
339.6
|
Financial
items
|
-
|
-
|
-28.3
|
-28.3
|
-
|
-
|
-49.8
|
-49.8
|
Profit/(Loss)
before tax
|
-
|
-
|
-25.2
|
91.3
|
-
|
-
|
-43.9
|
289.8
|
Tax
|
-
|
-
|
-0.5
|
-0.5
|
-
|
-
|
-1.4
|
-1.4
|
Net
profit
|
-
|
-
|
-25.7
|
90.8
|
-
|
-
|
-45.3
|
288.4
|
Tanker
Division
|
The
Tanker Division achieved an operating profit of USD 67.8 million in the
third quarter of 2008 against USD 52.5 million in the second quarter of
2008. The share of results of jointly controlled entities, which for the
year amounted to USD 11.7 million, FR8 contributed a profit of USD 12.5
million and OMI a loss of USD 6.6 million.
|
The
market for transport of crude oil was very positive in the first part of
the third quarter. This primarily benefited the LR2 fleet. In the latter
part of the quarter, earnings were highest for transport of refined oil
products. The LR2 and LR1 vessels’ earnings were very high, but MR and SR
vessels also enjoyed good earnings during the quarter. At the beginning of
the fourth quarter, product tanker rates have dropped, but still remain at
seasonably high levels.
|
|
The
tanker market was affected by the following significant factors in the
third quarter of 2008:
Positive
impact:
|
|
·
|
The
drop in fuel prices from USD 700 per ton to USD 550 per ton positively
affected earnings measured in terms of TCE levels, equalling an
improvement of earnings of approximately USD 6.000 per day for an LR1
vessel.
|
· |
Following
hurricanes Gustav and Ike, up to 160 vessels were waiting to load and
discharge in the Gulf of Mexico, a major factor in the balance between
supply and demand for the MR fleet, in
particular.
|
· |
Increased
European demand for gas oil and diesel fuel meant more cargoes from Japan
and South Korea, increasing transport distances for the large LR1 and LR2
vessels.
|
· |
Increased
imports of refined oil products to Western Africa meant longer transport
distances and longer chargeable waiting times, primarily benefiting the
LR1 fleet.
|
·
|
The
financial crisis and declining economic growth have reduced the number of
arbitrage-based transports.
|
·
|
Rising
stocks of naphtha in the Far East negatively affected the LR2
fleet.
|
Tanker
Division
|
Q3
07
|
Q4
07
|
Q1
08
|
Q2
08
|
Q3
08
|
Change
Q3
07
-
Q3 08
|
12
month avg.
|
|
LR2 (Aframax 90-110,000
DWT)
|
||||||||
Available
earning days
|
906
|
903
|
908
|
926
|
970
|
7%
|
||
TCE
per earning day1)
|
21,841
|
23,316
|
28,538
|
32,084
|
48,4213)
|
122%
|
33,354
|
|
Operating
days
|
818
|
864
|
865
|
896
|
967
|
18%
|
||
Operating
expenses per operating day2)
|
6,471
|
6,466
|
8,270
|
7,906
|
7,226
|
12%
|
7,464
|
|
LR1
(Panamax 75-85,000 DWT)
|
||||||||
Available
earning days
|
1,577
|
1,702
|
1,822
|
1,764
|
1,804
|
14%
|
||
TCE
per earning day1)
|
27,448
|
26,548
|
23,533
|
27,036
|
23,6484)
|
-14%
|
25,157
|
|
Operating
days
|
685
|
695
|
682
|
687
|
690
|
1%
|
||
Operating
expenses per operating day2)
|
4,955
|
5,336
|
6,538
|
7,028
|
6,942
|
40%
|
6,458
|
|
MR
(45,000 DWT)
|
||||||||
Available
earning days
|
2,223
|
2,497
|
2,490
|
2,576
|
2,668
|
20%
|
||
TCE
per earning day1)
|
22,978
|
21,715
|
22,716
|
23,158
|
26,4585)
|
15%
|
23,559
|
|
Operating
days
|
2,089
|
2,393
|
2,368
|
2,533
|
2,525
|
21%
|
||
Operating
expenses per operating day2)
|
6,147
|
8,224
|
8,260
|
7,885
|
7,482
|
22%
|
7,954
|
|
SR
(35,000 DWT)
|
||||||||
Available
earning days
|
732
|
1,104
|
1,088
|
1,092
|
1,100
|
50%
|
||
TCE
per earning day1)
|
16,129
|
17,121
|
21,034
|
21,036
|
20,078
|
24%
|
19,809
|
|
Operating
days
|
732
|
1,104
|
910
|
911
|
917
|
25%
|
||
Operating
expenses per operating day2)
|
5,460
|
7,255
|
8,182
|
7,898
|
7,478
|
37%
|
7,680
|
1)
|
Time
Charter Equivalent (TCE) = Gross freight income less bunker, commissions
and port expenses. In the second quarter un-allocated earnings amounts to
USD -9.2 million and comprise of fair value adjustment of freight and
bunkers derivatives, which are not designated as hedges, and gains and
losses on freight and bunkers derivatives, which are not entered for hedge
purposes.
|
2)
|
Operating
expenses is related owned vessels. In the second quarter un-allocated
expenses amounted to USD 0.6 million and comprised expenses not relating
to the daily operation of our
vessels.
|
3)
|
Positively
affected by realised FFA and bunker hedges corresponding to USD 2,158
totalling USD 2.1 million.
|
4)
|
Negatively
affected by realised FFA and bunker hedges corresponding to USD 7,881
totalling USD 14.2 million.
|
5)
|
Negatively
affected by realised FFA and bunker hedges corresponding to USD 248
totalling USD 0.7 million.
|
Bulk
Division
|
The
Bulk Division achieved an operating profit of USD 48.7 million for the
third quarter of 2008.
|
Bulk
freight rates collapsed towards the end of the third and into the
beginning of the fourth quarter. At the beginning of the third quarter,
earnings per day for a Panamax bulk carrier amounted to approximately USD
79,000, whereas at the end of the third quarter the same earnings had
dropped to approximately USD 32,000 per day. At the beginning of the
fourth quarter, freight rates have dropped further to approximately USD
12-15,000 per day for a one-year T/C agreement. The outlook for bulk
freight rates remains negatively impacted by the US and European recession
and by large iron ore stocks in China.
|
|
The
number of available earning days in TORM’s Panamax segment was 13% higher
in the third quarter of 2008 than in the third quarter of 2007. Similarly,
earnings were 85% up on the same quarter of
2007.
|
Bulk
Division
|
Q3
07
|
Q4
07
|
Q1
08
|
Q2
08
|
Q3
08
|
Change
Q3
07
-
Q3 08
|
12
month avg.
|
|
Panamax
(60-80,000 DWT)
|
||||||||
Available
earning days
|
1,258
|
1,287
|
1,394
|
1,367
|
1,421
|
13%
|
||
TCE
per earning day1)
|
27,019
|
27,443
|
36,909
|
50,568
|
49,888
|
85%
|
41,468
|
|
Operating
days
|
546
|
559
|
565
|
585
|
556
|
2%
|
||
Operating
expenses per operating day2)
|
4,580
|
5,392
|
6,940
|
6,647
|
5,521
|
21%
|
6,134
|
1) | TCE = Gross freight income less bunker, commissions and port expenses. |
2)
|
Operating
expenses is related owned vessels. In the second quarter un-allocated
expenses amounted to USD 0.2 million and comprised expenses not relating
to the daily operation of our
vessels.
|
Other
activities
|
Other
(non-allocated) activities for the first nine months of 2008 consist of
investments in joint ventures of USD 11.7 million, financial items of USD
-49.8 million and tax of USD -1.4 million.
|
Fleet
development
|
At
the end of the third quarter of 2008, TORM’s owned fleet totalled 64
vessels, 58 of which were tankers and six bulk carriers. For the remaining
part of 2008, TORM has chartered in approximately 18 product tankers and
approximately 11 bulk carriers, totalling a fleet of 93 vessels. During
the third quarter of 2008, TORM sold and delivered TORM Wabash, realising
a profit of USD 11 million. In the third quarter, TORM Gotland was sold
for delivery at the beginning of the fourth quarter. As previously
announced, the Company will realise a profit of USD 20 million from this
sale.
|
Own
vessels
|
T/C
vessels
|
Total
|
||||||||||||||||||||||
30
June 2008
|
Additions
|
Disposals
|
30
Sep 2008
|
30
Sep 2008
|
||||||||||||||||||||
LR2
/ Aframax
|
10.5 | 1 | - | 11.5 | 1.4 | 12.9 | ||||||||||||||||||
LR1
/ Panamax
|
7.5 | - | - | 7.5 | 13.5 | 21.0 | ||||||||||||||||||
MR
|
30.0 | - | 1 | 29.0 | 1.0 | 30.0 | ||||||||||||||||||
SR
|
10.0 | - | - | 10.0 | 2.0 | 12.0 | ||||||||||||||||||
Tanker
|
58.0 | 1 | 1 | 58.0 | 17.9 | 75.9 | ||||||||||||||||||
Panamax
|
6.0 | - | - | 6.0 | 11.0 | 17.0 | ||||||||||||||||||
Bulk
|
6.0 | - | - | 6.0 | 11.0 | 17.0 | ||||||||||||||||||
total
|
64.0 | 1 | 1 | 64.0 | 28.9 | 92.9 |
Planned
fleet
changes
|
TORM
has reconfirmed four MR vessels in the third quarter for delivery in 2011
and 2012, respectively.
|
|
|
30
September 2008
|
2009
|
2010
|
2011
|
2012
|
Total
|
||||||||||||||||||||
Q4
|
Q1
|
Q2
|
Q3
|
Q4
|
Q1
|
Q2
|
Q3
|
Q4
|
Q1
|
Q2
|
Q3
|
Q4
|
Q1
|
Q2
|
Q3
|
Q4
|
Order
|
||||||||
book
|
|||||||||||||||||||||||||
Tanker
|
|||||||||||||||||||||||||
LR2
|
11.5
|
1
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1
|
||||||
LR1
|
7.5
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
0
|
||||||
MR
|
29
|
1
|
1
|
1
|
2
|
-
|
3
|
2
|
1
|
1
|
-
|
-
|
1
|
-
|
1
|
2
|
-
|
-
|
16
|
||||||
SR
|
10
|
-
|
1
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1
|
||||||
Bulk
|
|||||||||||||||||||||||||
Kamsarmax
|
0
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1
|
1
|
2
|
-
|
-
|
-
|
-
|
-
|
-
|
4
|
||||||
Panamax
|
6
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
0
|
||||||
Total
|
64
|
2
|
2
|
1
|
2
|
0
|
3
|
2
|
1
|
2
|
1
|
2
|
1
|
0
|
1
|
2
|
0
|
0
|
22
|
||||||
Pools
|
As
at 30 September 2008, the three product tanker pools
in which TORM participates comprised a total of 86 vessels, 50 of which
were TORM vessels. To this should be added 23 vessels which TORM operates
outside pools. By the end of 2008, the three pools are expected to
comprise a total of 91 vessels, of which 56 will be TORM
vessels.
|
Results | |
Third
quarter
2008
|
The
third quarter of 2008 showed a gross profit of USD 152 million, against
USD 90 million for the corresponding quarter of 2007. Profit before
depreciation (EBITDA) for the period was USD 145 million, against USD 79
million for the third quarter of 2007. The increase in both gross profit
and EBITDA was primarily due to increased earnings as a result of a larger
number of earning days and higher freight rates in the Tanker Division and
higher freight rates in the Bulk Division.
|
In the third quarter of 2008, depreciation amounted to USD 31 million. | |
The
operating profit for the third quarter of 2008 was USD 120 million,
against USD 48 million in the same quarter of 2007. The Tanker and Bulk
Divisions contributed USD 68 million and USD 49 million respectively,
whereas USD 3 million is unallocated.
|
|
In
the third quarter of 2008, financial items amounted to USD -28 million,
against USD -10 million in the corresponding quarter of 2007. Financial
expenses for the third quarter of 2008 were impacted by an expense of
approximately USD 11 million relating to fair value adjustment of
financial derivatives (interest rate swaps, forward exchange contracts,
etc.).
|
|
Profit
after tax for the third quarter was USD 91 million, including a profit of
USD 11 million from the sale of vessels, against USD 35 million in the
third quarter of 2007.
|
|
Assets
|
Total
assets rose from USD 3,211 million to USD 3,243 million in the third
quarter of 2008.
|
Liabilities
|
During
the third quarter of 2008, the Company’s net interest bearing debt was
reduced from USD 1,689 million to USD 1,575 million. The item mainly
comprised net borrowing in connection with the delivery of vessels and
positive cash earnings during the period. More than half of the debt falls
due in or after 2013. The Company has unutilised credit facilities and
cash in excess of USD 700 million.
|
Equity
|
During
the third quarter of 2008, equity rose from USD 1,211 million to USD 1,269
million as a result of earnings during the period. Equity as a percentage
of total assets increased from 37.7% at 39 June 2008 to 39.1% as at 30
September 2008.
|
As
at 30 September 2008, TORM held 3,556,364 treasury shares, corresponding
to 4.9% of the Company’s share capital, which is unchanged compared with
30 June 2008.
|
|
Subsequent
events
|
During
the fourth quarter of 2008, TORM has delivered TORM Gotland to the buyer,
realising a profit of USD 20 million in this quarter.
|
Expectations
|
TORM
maintains a forecast pre-tax profit for 2008 of USD 355 – 370 million as
announced on 11 August 2008 (announcement no. 16/2008).
|
Sensitivity
|
At
31 October 2008, approximately 63% of the earning days of the Company’s
product tankers were covered for the remainder of the year. For the Bulk
Division, approximately 78% of the remaining operating days were covered
for the rest of the year. In the Bulk Division, TORM solely uses physical
agreements for hedging purposes, and has thus not been involved in the
market for forward purchases or sales of freight
agreements.
|
Hedging
as of 31 October 2008
|
|||||||||
Total
days
|
Days
covered
|
Covered
in %
|
Covered in USD/day | ||||||
2008
|
2009
|
2008
|
2009
|
2008
|
2009
|
2008
|
2009
|
||
Tanker
|
|||||||||
LR2
|
885
|
5,627
|
309
|
966
|
35%
|
17%
|
43,066
|
30,033
|
|
LR1
|
1,281
|
7,886
|
1,032
|
3,410
|
81%
|
43%
|
28,175
|
23,897
|
|
MR
|
1,958
|
14,621
|
1,154
|
4,719
|
59%
|
32%
|
21,613
|
21,822
|
|
SR
|
732
|
4,684
|
549
|
1,927
|
75%
|
41%
|
17,658
|
18,029
|
|
Bulk
|
|||||||||
Panamax
|
966
|
6,070
|
758
|
1,341
|
78%
|
22%
|
44,550
|
55,350
|
At
31 October, TORM had hedged the price of 20% of the remaining bunker
requirement for 2008 and 12% for 2009. The market value of the contracts
for 2008 was USD -4.1 million and for 2009 USD -21.1
million
|
|
Safe
Harbor
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 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.
Forward
looking statements are based on management’s current evaluation, and TORM
is only under obligation to update and change the listed expectations to
the extent required by law.
|
Management
|
Board
of Directors
|
Mikael
Skov, CEO
|
Niels
Erik Nielsen, Chairman
|
Roland M. Andersen, CFO |
Christian
Frigast, Deputy Chairman
|
Peter
Abildgaard
|
|
Lennart
Arrias
|
|
Margrethe
Bligaard
|
|
Bo
Jagd
|
|
Gabriel
Panayotides
|
|
Michael
Steimler
|
|
Nicos
Zouvelos
|
About
TORM
|
TORM
is one of the world’s leading carriers of refined oil products as well as
a significant participant in the dry bulk market. The Company operates a
combined fleet of more than 130 modern vessels, principally through a
pooling cooperation with other respected shipping companies who share
TORM’s commitment to safety, environmental responsibility and customer
service.
|
TORM
was founded in 1889. The Company conducts business worldwide and is
headquartered in Copenhagen. TORM’s shares are listed on the OMX Nordic
Exchange Copenhagen (symbol: TRMD). For further information, please visit
www.torm.com.
|
Million
USD
|
Q3 2008 | Q3 2007 | Q1-Q3 2008 | Q1-Q3 2007 |
2007
|
|||||||||||||||
Revenue
|
336.6 | 208.1 | 878.2 | 549.4 | 773.6 | |||||||||||||||
Port
expenses, bunkers and commissions
|
-76.5 | -46.0 | -190.4 | -122.5 | -172.2 | |||||||||||||||
Freight
and bunkers derivatives
|
-15.9 | 0.3 | -7.6 | 0.5 | 2.9 | |||||||||||||||
Time
charter equivalent earnings
|
244.2 | 162.4 | 680.2 | 427.4 | 604.3 | |||||||||||||||
Charter
hire
|
-50.4 | -42.4 | -140.7 | -112.9 | -154.9 | |||||||||||||||
Operating
expenses
|
-41.5 | -29.9 | -130.2 | -75.9 | -115.5 | |||||||||||||||
Gross
profit (Net earnings from shipping activities)
|
152.3 | 90.1 | 409.3 | 238.6 | 333.9 | |||||||||||||||
Profit
from sale of vessels
|
10.8 | 0.0 | 62.8 | 0.0 | 0.0 | |||||||||||||||
Administrative
expenses
|
-22.6 | -14.3 | -62.1 | -38.3 | -55.0 | |||||||||||||||
Other
operating income
|
4.3 | 3.0 | 11.0 | 9.0 | 15.2 | |||||||||||||||
Depreciation
and impairment losses
|
-31.3 | -26.6 | -93.1 | -56.5 | -89.1 | |||||||||||||||
Share
of results of jointly controlled entities
|
6.1 | -4.1 | 11.7 | -5.6 | -6.0 | |||||||||||||||
Operating
profit
|
119.6 | 48.1 | 339.6 | 147.2 | 199.0 | |||||||||||||||
Financial
items
|
-28.3 | -10.4 | -49.8 | 629.7 | 605.2 | |||||||||||||||
Profit
before tax
|
91.3 | 37.7 | 289.8 | 776.9 | 804.2 | |||||||||||||||
Tax
|
-0.5 | -2.9 | -1.4 | -1.7 | -12.5 | |||||||||||||||
Net
profit
|
90.8 | 34.8 | 288.4 | 775.2 | 791.7 | |||||||||||||||
Earnings
per share, EPS
|
||||||||||||||||||||
Earnings
per share, EPS (USD)
|
1.3 | 0.5 | 4.2 | 11.2 | 11.4 | |||||||||||||||
Earnings
per share, EPS (DKK) *)
|
6.5 | 2.7 | 20.4 | 62.0 | 62.3 |
*) | The key figures have been translated from USD to DKK using the average USD/DKK exchange change rate for the period in question. |
Million
USD
|
Q3 07 | Q4 07 | Q1 08 | Q2 08 | Q3 08 | |||||||||||||||
Revenue
|
208.1 | 224.2 | 255.0 | 286.6 | 336.6 | |||||||||||||||
Port
expenses, bunkers and commissions
|
-46.0 | -49.7 | -54.5 | -59.4 | -76.5 | |||||||||||||||
Freight
and bunkers derivatives
|
0.3 | 2.4 | -0.4 | 8.7 | -15.9 | |||||||||||||||
Time
charter equivalent earnings
|
162.4 | 176.9 | 200.1 | 235.9 | 244.2 | |||||||||||||||
Charter
hire
|
-42.4 | -42.0 | -46.0 | -44.3 | -50.4 | |||||||||||||||
Operating
expenses
|
-29.9 | -39.6 | -43.5 | -45.2 | -41.5 | |||||||||||||||
Gross
profit (Net earnings from shipping activities)
|
90.1 | 95.3 | 110.6 | 146.4 | 152.3 | |||||||||||||||
Profit
from sale of vessels
|
0.0 | 0.0 | 0.0 | 52.0 | 10.8 | |||||||||||||||
Administrative
expenses
|
-14.3 | -16.7 | -19.7 | -19.8 | -22.6 | |||||||||||||||
Other
operating income
|
3.0 | 6.2 | 3.6 | 3.1 | 4.3 | |||||||||||||||
Depreciation
and impairment losses
|
-26.6 | -32.6 | -30.7 | -31.1 | -31.3 | |||||||||||||||
Share
of results of jointly controlled entities
|
-4.1 | -0.4 | -1.8 | 7.4 | 6.1 | |||||||||||||||
Operating
profit
|
48.1 | 51.8 | 62.0 | 158.0 | 119.6 | |||||||||||||||
Financial
items
|
-10.4 | -24.5 | -9.9 | -11.6 | -28.3 | |||||||||||||||
Profit
before tax
|
37.7 | 27.3 | 52.1 | 146.4 | 91.3 | |||||||||||||||
Tax
|
-2.9 | -10.8 | 0.1 | -1.0 | -0.5 | |||||||||||||||
Net
profit
|
34.8 | 16.5 | 52.2 | 145.4 | 90.8 |
Million
USD
|
30
Sep. 2008
|
30
Sep.
2007
|
31
Dec.
2007
|
|||||||||
NON-CURRENT
ASSETS
|
||||||||||||
Intangible
assets
|
||||||||||||
Goodwill
|
89.2 | 87.9 | 89.2 | |||||||||
Other
intangible assets
|
3.1 | 10.5 | 7.5 | |||||||||
Total
intangible assets
|
92.3 | 98.4 | 96.7 | |||||||||
Tangible
fixed assets
|
||||||||||||
Land
and buildings
|
3.8 | 0.4 | 4.2 | |||||||||
Vessels
and capitalized dry-docking
|
2,.240.6 | 2,189.3 | 2,169.8 | |||||||||
Prepayments
on vessels
|
308.1 | 180.2 | 259.4 | |||||||||
Other
plant and operating equipment
|
7.6 | 7.0 | 5.9 | |||||||||
Total
tangible fixed assets
|
2,560.1 | 2,376.9 | 2,439.3 | |||||||||
Financial
fixed assets
|
||||||||||||
Investment
in jointly controlled entities
|
113.8 | 0.0 | 0.0 | |||||||||
Loans
to jointly controlled entities
|
49.4 | 107.0 | 110.0 | |||||||||
Other
investments
|
9.9 | 11.0 | 11.0 | |||||||||
Other
financial assets
|
46.0 | 46.0 | 46.0 | |||||||||
Total
financial assets
|
219.1 | 164.0 | 167.0 | |||||||||
TOTAL
NON-CURRENT ASSETS
|
2,871.5 | 2,639.3 | 2,703.0 | |||||||||
CURRENT
ASSETS
|
||||||||||||
Bunkers
|
29.0 | 17.8 | 19.7 | |||||||||
Freight
receivables, etc.
|
127.6 | 77.4 | 90.0 | |||||||||
Other
receivables
|
56.7 | 44.1 | 37.0 | |||||||||
Prepayments
|
9.2 | 10.4 | 4.2 | |||||||||
Cash
and cash equivalents
|
133.4 | 86.5 | 105.0 | |||||||||
355.9 | 236.2 | 255.9 | ||||||||||
Non-current
assets held for sale
|
15.1 | 0.0 | 0.0 | |||||||||
TOTAL
CURRENT ASSETS
|
371.0 | 236.2 | 255.9 | |||||||||
TOTAL
ASSETS
|
3,242.5 | 2,875.5 | 2,958.9 |
Million
USD
|
30
Sep.
2008
|
30
Sep.
2007
|
31
Dec.
2007
|
|||||||||
EQUITY
|
||||||||||||
Common
shares
|
61.1 | 61.1 | 61.1 | |||||||||
Treasury
shares
|
-18.1 | -18.1 | -18.1 | |||||||||
Revaluation
reserves
|
3.4 | 7.4 | 7.3 | |||||||||
Retained
profit
|
1,247.0 | 999.7 | 953.6 | |||||||||
Proposed
dividends
|
0.0 | 0.0 | 64.5 | |||||||||
Hedging
reserves
|
-29.0 | 8.5 | 8.7 | |||||||||
Translation
reserves
|
4.1 | 4.1 | 4.1 | |||||||||
TOTAL
EQUITY
|
1,268.5 | 1,062.7 | 1,081.2 | |||||||||
LIABILITIES
|
||||||||||||
Non-current
liabilities
|
||||||||||||
Deferred
tax liability
|
55.3 | 55.9 | 55.6 | |||||||||
Mortgage
debt and bank loans
|
1,514.6 | 829.1 | 884.6 | |||||||||
Acquired
liabilities related to options on vessels
|
20.9 | 31.6 | 31.6 | |||||||||
Acquired
time charter contracts
|
6.5 | 19.1 | 16.0 | |||||||||
TOTAL
NON-CURRENT LIABILITIES
|
1,597.3 | 935.7 | 987.8 | |||||||||
Current
liabilities
|
||||||||||||
Mortgage
debt and bank loans
|
193.5 | 762.2 | 768.7 | |||||||||
Trade
payables
|
61.6 | 24.5 | 42.6 | |||||||||
Current
tax liabilities
|
15.2 | 14.3 | 14.5 | |||||||||
Other
liabilities
|
93.1 | 40.8 | 44.2 | |||||||||
Acquired
time charter contracts
|
11.5 | 20.2 | 16.0 | |||||||||
Deferred
income
|
1.8 | 15.1 | 3.9 | |||||||||
TOTAL
CURRENT LIABILITIES
|
376.7 | 877.1 | 889.9 | |||||||||
TOTAL
LIABILITIES
|
1,974.0 | 1,812.8 | 1,877.7 | |||||||||
TOTAL
EQUITY AND LIABILITIES
|
3,242.5 | 2,875.5 | 2,958.9 |
Million
USD
|
Common
|
Treasury
|
Retained
|
Proposed
|
Revaluation
|
Hedging
|
Translation
|
Total
|
||||||||||||||||||||||||
shares
|
shares
|
profit
|
dividends
|
reserves
|
reserves
|
reserves
|
||||||||||||||||||||||||||
Equity
at 1 January 2008
|
61.1 | -18.1 | 953.6 | 64.5 | 7.3 | 8.7 | 4.1 | 1,081.2 | ||||||||||||||||||||||||
Changes
in equity Q1-Q3 2008:
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Exchange
rate adjustment arising on translation of entities using a
measurement currency different from
USD
|
- | - | - | - | - | - | 0.0 | 0.0 | ||||||||||||||||||||||||
Reversal
of deferred gain/loss on hedge instruments at the beginning of
year
|
- | - | - | - | - | -8.7 | - | -8.7 | ||||||||||||||||||||||||
Deferred
gain/loss on hedge instruments at the end of the
period
|
- | - | - | - | - | -29.0 | - | -29.0 | ||||||||||||||||||||||||
Fair
value adjustment on available for sale investments
|
- | - | - | - | -1.3 | - | - | -1.3 | ||||||||||||||||||||||||
Transfer
to profit or loss on sale of available for
sale investments
|
- | - | - | - | -2.6 | - | - | -2.6 | ||||||||||||||||||||||||
Net
gains/losses recognised directly in equity
|
0.0 | 0.0 | 0.0 | 0.0 | -3.9 | -37.7 | 0.0 | -41.6 | ||||||||||||||||||||||||
Net
profit for the period
|
288.4 | 288.4 | ||||||||||||||||||||||||||||||
Total
recognized income/expenses for the period
|
0.0 | 0.0 | 288.4 | 0.0 | -3.9 | -37.7 | 0.0 | 246.8 | ||||||||||||||||||||||||
Purchase
treasury shares, cost
|
- | - | - | - | - | - | - | 0.0 | ||||||||||||||||||||||||
Disposal
treasury shares, cost
|
- | - | - | - | - | - | - | 0.0 | ||||||||||||||||||||||||
Dividends
paid
|
- | - | - | -68.6 | - | - | - | -68.6 | ||||||||||||||||||||||||
Dividends
paid on treasury shares
|
- | - | 3.3 | - | - | - | - | 3.3 | ||||||||||||||||||||||||
Exchange
rate adjustment on dividends paid
|
- | - | -4.1 | 4.1 | - | - | - | 0.0 | ||||||||||||||||||||||||
Share-based
compensation
|
- | - | 5.8 | - | - | - | - | 5.8 | ||||||||||||||||||||||||
Total
changes in equity Q1-Q3 2008:
|
0.0 | 0.0 | 293.4 | -64.5 | -3.9 | -37.7 | 0.0 | 187.3 | ||||||||||||||||||||||||
Equity
at 30 September 2008
|
61.1 | -18.1 | 1,247.0 | 0.0 | 3.4 | -29.0 | 4.1 | 1,268.5 |
Million
USD
|
Common
|
Treasury
|
Retained
|
Proposed
|
Revaluation
|
Hedging
|
Translation
|
Total
|
||||||||||||||||||||||||
shares
|
shares
|
profit
|
dividends
|
reserves
|
reserves
|
reserves
|
||||||||||||||||||||||||||
Equity
at 1 January 2007
|
61.1 | -18.1 | 574.5 | 73.9 | 579.8 | 5.6 | 4.0 | 1,280.8 | ||||||||||||||||||||||||
Changes
in equity Q1-Q3 2007:
|
||||||||||||||||||||||||||||||||
Exchange
rate adjustment arising on translation of entities using
a measurement currency different from
USD
|
- | - | - | - | - | - | 0.1 | 0.1 | ||||||||||||||||||||||||
Reversal
of deferred gain/loss on hedge instruments at the
beginning of year
|
- | - | - | - | - | -5.6 | - | -5.6 | ||||||||||||||||||||||||
Deferred
gain/loss on hedge instruments at the end of the
period
|
- | - | - | - | - | 8.5 | - | 8.5 | ||||||||||||||||||||||||
Fair
value adjustment on available for sale investments
|
- | - | - | - | 70.9 | - | - | 70.9 | ||||||||||||||||||||||||
Transfer
to profit or loss on sale of available for
sale investments
|
- | - | - | - | -643.3 | - | - | -643.3 | ||||||||||||||||||||||||
Net
gains/losses recognised directly in equity
|
0.0 | 0.0 | 0.0 | 0.0 | -572.4 | 2.9 | 0.1 | -569.4 | ||||||||||||||||||||||||
Net
profit for the period
|
775.2 | 775.2 | ||||||||||||||||||||||||||||||
Total
recognized income/expenses for the period
|
0.0 | 0.0 | 775.2 | 0.0 | -572.4 | 2.9 | 0.1 | 205.8 | ||||||||||||||||||||||||
Purchase
treasury shares, cost
|
- | - | - | - | - | - | - | 0.0 | ||||||||||||||||||||||||
Disposal
treasury shares, cost
|
- | - | - | - | - | - | - | 0.0 | ||||||||||||||||||||||||
Extraordinary
dividends paid
|
- | - | -369.2 | - | - | - | - | -369.2 | ||||||||||||||||||||||||
Dividends
paid
|
- | - | - | -76.4 | - | - | - | -76.4 | ||||||||||||||||||||||||
Dividends
paid on treasury shares
|
- | - | 21.7 | - | - | - | - | 21.7 | ||||||||||||||||||||||||
Exchange
rate adjustment on dividends paid
|
- | - | -2.5 | 2.5 | - | - | - | 0.0 | ||||||||||||||||||||||||
Total
changes in equity Q1-Q3 2007:
|
0.0 | 0.0 | 425.2 | -73.9 | -572.4 | 2.9 | 0.1 | -218.1 | ||||||||||||||||||||||||
Equity
at 30 September 2007
|
61.1 | -18.1 | 999.7 | 0.0 | 7.4 | 8.5 | 4.1 | 1,062.7 |
Million
USD
|
Q3 2008 | Q3 2007 | Q1-Q3 2008 | Q1-Q3 2007 |
2007
|
|||||||||||||||
Cash
flow from operating activities
|
||||||||||||||||||||
Operating
profit
|
119.7 | 48.1 | 339.7 | 147.2 | 199.0 | |||||||||||||||
Adjustments:
|
||||||||||||||||||||
Reversal
of profit from sale of vessels
|
-10.8 | 0.0 | -62.8 | 0.0 | 0.0 | |||||||||||||||
Reversal
of depreciation and impairment losses
|
31.3 | 26.6 | 93.1 | 56.5 | 89.1 | |||||||||||||||
Reversal
of share of results of jointly controlled entities
|
-6.1 | 4.1 | -11.7 | 5.6 | 6.0 | |||||||||||||||
Reversal
of other non-cash movements
|
-0.8 | 0.5 | -7.8 | 3.3 | 2.7 | |||||||||||||||
Dividends
received
|
0.0 | 0.0 | 1.4 | 1.3 | 1.3 | |||||||||||||||
Dividends
received from joint controlled entities
|
1.5 | 0.1 | 3.0 | 2.1 | 2.6 | |||||||||||||||
Interest
received and exchange rate gains
|
3.7 | 9.1 | 16.2 | 23.4 | 19.9 | |||||||||||||||
Interest
paid
|
-20.2 | -27.4 | -62.5 | -50.9 | -70.8 | |||||||||||||||
Income
taxes paid
|
0.4 | -0.2 | -1.2 | 0.6 | -9.5 | |||||||||||||||
Change
in inventories, accounts receivables and payables
|
-7.5 | -54.6 | -43.3 | -62.9 | -52.4 | |||||||||||||||
Net
cash inflow/(outflow) from operating activities
|
111.2 | 6.3 | 264.1 | 126.2 | 187.9 | |||||||||||||||
Cash
flow from investing activities
|
||||||||||||||||||||
Investment
in tangible fixed assets
|
-112.6 | -16.5 | -293.7 | -160.5 | -252.2 | |||||||||||||||
Investment
in equity interests and securities
|
0.0 | 0.2 | -133.5 | 0.0 | 0.0 | |||||||||||||||
Loans
to jointly controlled entities
|
64.0 | 906.0 | 64.0 | -19.4 | -31.3 | |||||||||||||||
Payment
of liability related to options on vessels
|
-11.0 | 0.0 | -11.0 | 0.0 | 0.0 | |||||||||||||||
Acquisition
of enterprises and activities
|
0.0 | -808.6 | 0.0 | -808.6 | -810.2 | |||||||||||||||
Sale
of equity interests and securities
|
0.0 | 32.7 | 17.4 | 736.9 | 736.9 | |||||||||||||||
Sale
of non-current assets
|
63.0 | 0.0 | 131.6 | 0.1 | 0.2 | |||||||||||||||
Net
cash inflow/(outflow) from investing activities
|
3.4 | 113.8 | -225.2 | -251.5 | -356.6 | |||||||||||||||
Cash
flow from financing activities
|
||||||||||||||||||||
Borrowing,
mortgage debt and other financial liabilities
|
0.0 | 873.8 | 1,007.4 | 1,694.7 | 1,807.9 | |||||||||||||||
Repayment/redemption,
mortgage debt
|
-59.5 | -977.7 | -952.6 | -1,090.5 | -1,141.8 | |||||||||||||||
Dividends
paid
|
0.0 | -351.3 | -65.3 | -424.0 | -424.0 | |||||||||||||||
Purchase/disposals
of treasury shares
|
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||
Cash
inflow/(outflow) from financing activities
|
-59.5 | -455.2 | -10.5 | 180.2 | 242.1 | |||||||||||||||
Increase/(decrease)
in cash and cash equivalents
|
55.1 | -335.1 | 28.4 | 54.9 | 73.4 | |||||||||||||||
Cash
and cash equivalents, beginning balance
|
78.3 | 421.6 | 105.0 | 31.6 | 31.6 | |||||||||||||||
Cash
and cash equivalents, ending balance
|
133.4 | 86.5 | 133.4 | 86.5 | 105.0 |
Million
USD
|
Q3 07 | Q4 07 | Q1 08 | Q2 08 | Q3 08 | |||||||||||||||
Cash
flow from operating activities
|
||||||||||||||||||||
Operating
profit
|
48.1 | 51.8 | 62.0 | 158.0 | 119.7 | |||||||||||||||
Adjustments:
|
||||||||||||||||||||
Reversal
of profit from sale of vessels
|
0.0 | 0.0 | 0.0 | -52.0 | -10.8 | |||||||||||||||
Reversal
of depreciation and impairment losses
|
26.6 | 32.6 | 30.7 | 31.1 | 31.3 | |||||||||||||||
Reversal
of share of results of jointly controlled entities
|
4.1 | 0.4 | 1.8 | -7.4 | -6.1 | |||||||||||||||
Reversal
of other non-cash movements
|
0.5 | -0.6 | -4.6 | -2.4 | -0.8 | |||||||||||||||
Dividends
received
|
0.0 | 0.0 | 0.2 | 1.2 | 0.0 | |||||||||||||||
Dividends
received from joint controlled entities
|
0.1 | 0.5 | 1.3 | 0.2 | 1.5 | |||||||||||||||
Interest
received and exchange rate gains
|
9.1 | -3.5 | 9.7 | 2.8 | 3.7 | |||||||||||||||
Interest
paid
|
-27.4 | -19.9 | -23.9 | -18.4 | -20.2 | |||||||||||||||
Income
taxes paid
|
-0.2 | -10.1 | -1.3 | -0.3 | 0.4 | |||||||||||||||
Change
in inventories, accounts receivables and payables
|
-54.6 | 10.5 | -12.2 | -23.6 | -7.5 | |||||||||||||||
Net
cash inflow/(outflow) from operating activities
|
6.3 | 61.7 | 63.7 | 89.2 | 111.2 | |||||||||||||||
Cash
flow from investing activities
|
||||||||||||||||||||
Investment
in tangible fixed assets
|
-16.5 | -91.7 | -102.9 | -78.2 | -112.6 | |||||||||||||||
Investment
in equity interests and securities
|
0.2 | 0.0 | -118.4 | -15.1 | 0.0 | |||||||||||||||
Loans
to jointly controlled entities
|
906.0 | -11.9 | 0.0 | 0.0 | 64.0 | |||||||||||||||
Payment
of liability related to options on vessels
|
0.0 | 0.0 | 0.0 | 0.0 | -11.0 | |||||||||||||||
Acquisition
of enterprises and activities
|
-808.6 | -1.6 | 0.0 | 0.0 | 0.0 | |||||||||||||||
Sale
of equity interests and securities
|
32.7 | 0.0 | 0.0 | 17.4 | 0.0 | |||||||||||||||
Sale
of non-current assets
|
0.0 | 0.1 | 0.1 | 68.5 | 63.0 | |||||||||||||||
Net
cash inflow/(outflow) from investing activities
|
113.8 | -105.1 | -221.2 | -7.4 | 3.4 | |||||||||||||||
Cash
flow from financing activities
|
||||||||||||||||||||
Borrowing,
mortgage debt and other financial liabilities
|
873.8 | 113.2 | 137.6 | 869.8 | 0.0 | |||||||||||||||
Repayment/redemption,
mortgage debt
|
-977.7 | -51.3 | -8.3 | -884.8 | -59.5 | |||||||||||||||
Dividends
paid
|
-351.3 | 0.0 | 0.0 | -65.3 | 0.0 | |||||||||||||||
Purchase/disposals
of treasury shares
|
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||
Cash
inflow/(outflow) from financing activities
|
-455.2 | 61.9 | 129.3 | -80.3 | -59.5 | |||||||||||||||
Increase/(decrease)
in cash and cash equivalents
|
-335.1 | 18.5 | -28.2 | 1.5 | 55.1 | |||||||||||||||
Cash
and cash equivalents, beginning balance
|
421.6 | 86.5 | 105.0 | 76.8 | 78.3 | |||||||||||||||
Cash
and cash equivalents, ending balance
|
86.5 | 105.0 | 76.8 | 78.3 | 133.4 |
By:
|
/s/ Mikael
Skov
|
|
Name:
Mikael Skov
Title: Interim
Chief Executive Officer
|