Assets
| Type | Time | Amount | Unit |
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Revenue
| Type | Start date | End date | Amount | Unit |
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XML
See the xml submitted here:
XML: INVALID
Separator
The full data:
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report</gsd:InformationOnTypeOfSubmittedReport><cmn:TypeOfAuditorAssistance contextRef="duration_CY_only">Auditor's report on audited financial statements</cmn:TypeOfAuditorAssistance><sob:TheReportingEntityAppliesTheExceptionConcerningOptingOutOfTheStatementByManagementEtc contextRef="duration_CY_only">false</sob:TheReportingEntityAppliesTheExceptionConcerningOptingOutOfTheStatementByManagementEtc><fsa:ClassOfReportingEntity contextRef="duration_CY_only">Reporting class C, large enterprise</fsa:ClassOfReportingEntity><fsa:SelectedElementsFromReportingClassC contextRef="duration_CY_only">false</fsa:SelectedElementsFromReportingClassC><fsa:SelectedElementsFromReportingClassD contextRef="duration_CY_only">false</fsa:SelectedElementsFromReportingClassD><fsa:AccountingPoliciesAreUnchangedFromPreviousPeriod contextRef="duration_CY_only">false</fsa:AccountingPoliciesAreUnchangedFromPreviousPeriod><gsd:NameOfReportingEntity contextRef="duration_CY_only">TORM A/S</gsd:NameOfReportingEntity><gsd:AddressOfReportingEntityStreetName contextRef="duration_CY_only">Tuborg Havnevej</gsd:AddressOfReportingEntityStreetName><gsd:AddressOfReportingEntityStreetBuildingIdentifier contextRef="duration_CY_only">18</gsd:AddressOfReportingEntityStreetBuildingIdentifier><gsd:AddressOfReportingEntityPostCodeIdentifier contextRef="duration_CY_only">2900</gsd:AddressOfReportingEntityPostCodeIdentifier><gsd:AddressOfReportingEntityDistrictName contextRef="duration_CY_only">Hellerup</gsd:AddressOfReportingEntityDistrictName><gsd:HomepageOfReportingEntity contextRef="duration_CY_only">www.torm.com</gsd:HomepageOfReportingEntity><gsd:IdentificationNumberCvrOfReportingEntity contextRef="duration_CY_only">22460218</gsd:IdentificationNumberCvrOfReportingEntity><gsd:RegisteredOfficeOfReportingEntity contextRef="duration_CY_only">Gentofte, Denmark</gsd:RegisteredOfficeOfReportingEntity><gsd:ReportingPeriodStartDate contextRef="duration_CY_only">2016-01-01</gsd:ReportingPeriodStartDate><gsd:ReportingPeriodEndDate contextRef="duration_CY_only">2016-12-31</gsd:ReportingPeriodEndDate><gsd:PrecedingReportingPeriodStartDate contextRef="duration_CY_only">2015-01-01</gsd:PrecedingReportingPeriodStartDate><gsd:PredingReportingPeriodEndDate contextRef="duration_CY_only">2015-12-31</gsd:PredingReportingPeriodEndDate><gsd:DateOfGeneralMeeting contextRef="duration_CY_only">2017-04-19</gsd:DateOfGeneralMeeting><gsd:NameAndSurnameOfChairmanOfGeneralMeeting contextRef="duration_CY_only">Ukendt</gsd:NameAndSurnameOfChairmanOfGeneralMeeting><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardDimension_memberOfBoardIdentifier_only_1">Christian Søgaard-Christensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardDimension_memberOfBoardIdentifier_only_2">Jacob Balslev Meldgaard</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardDimension_memberOfBoardIdentifier_only_3">Christian Gorrissen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardDimension_memberOfBoardIdentifier_only_4">Rasmus Johannes Skaun Hoffmann</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardDimension_memberOfBoardIdentifier_only_5">Kári Millum Garðarnar</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:TitleOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardDimension_memberOfBoardIdentifier_only_1">Chairman</cmn:TitleOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="duration_CY_IdentificationOfMemberOfExecutiveBoardDimension_memberOfBoardIdentifier_only_1">Jacob Balslev Meldgaard</cmn:NameAndSurnameOfMemberOfExecutiveBoard><cmn:NameOfAuditFirm contextRef="duration_CY_IdentificationOfAuditorDimension_auditorIdentifier_only_1">Deloitte Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm><gsd:AddressOfAuditorStreetName contextRef="duration_CY_IdentificationOfAuditorDimension_auditorIdentifier_only_1">Weidekampsgade</gsd:AddressOfAuditorStreetName><gsd:AddressOfAuditorStreetBuildingIdentifier contextRef="duration_CY_IdentificationOfAuditorDimension_auditorIdentifier_only_1">6</gsd:AddressOfAuditorStreetBuildingIdentifier><gsd:AddressOfAuditorPostCodeIdentifier contextRef="duration_CY_IdentificationOfAuditorDimension_auditorIdentifier_only_1">2300</gsd:AddressOfAuditorPostCodeIdentifier><gsd:AddressOfAuditorDistrictName contextRef="duration_CY_IdentificationOfAuditorDimension_auditorIdentifier_only_1">København S</gsd:AddressOfAuditorDistrictName><cmn:IdentificationNumberCvrOfAuditFirm contextRef="duration_CY_IdentificationOfAuditorDimension_auditorIdentifier_only_1">33963556</cmn:IdentificationNumberCvrOfAuditFirm><gsd:NameOfSubmittingEnterprise contextRef="duration_CY_only">Deloitte Statsautoriseret Revisionspartnerselskab</gsd:NameOfSubmittingEnterprise><gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="duration_CY_only">Weidekampsgade 6</gsd:AddressOfSubmittingEnterpriseStreetAndNumber><gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="duration_CY_only">2300 København S</gsd:AddressOfSubmittingEnterprisePostcodeAndTown><gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="duration_CY_only">33963556</gsd:IdentificationNumberCvrOfSubmittingEnterprise><sob:StatementByExecutiveAndSupervisoryBoards contextRef="duration_CY_only">The Executive Board and Board of Directors have today considered and adopted the Annual Report of TORM A/S for the financial year 1 January - 31 December 2016.<br/><br/>The Annual Report is prepared in accordance with the Danish Financial Statements Act.<br/><br/>In our opinion, the Financial Statements give a true and fair view of the financial position at 31 December 2016 of the Company and of the results of the Companyâs operations for 2016.<br/><br/>In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review.<br/><br/>We recommend that the Annual Report be adopted at the Annual General Meeting.</sob:StatementByExecutiveAndSupervisoryBoards><sob:PlaceOfSignatureOfStatement contextRef="duration_CY_only">Hellerup</sob:PlaceOfSignatureOfStatement><sob:DateOfApprovalOfAnnualReport contextRef="duration_CY_only">2017-04-19</sob:DateOfApprovalOfAnnualReport><arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="duration_CY_only">To the shareholder of TORM A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements><arr:OpinionOnAuditedFinancialStatements contextRef="duration_CY_only">We have audited the financial statements of TORM A/S for the financial year 1 January 2016 - 31 December 2016, which comprise the income statement, balance sheet, statement of changes in equity, and notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial State-ments Act.<br/><br/>In our opinion, the financial statements give a true and fair view of the Entityâs financial position at 31 December 2016 and of the results of its operations for the financial year 1 January 2016 - 31 December 2016 in accordance with the Danish Financial Statements Act.</arr:OpinionOnAuditedFinancialStatements><arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="duration_CY_only">We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements ap-plicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditorâs responsibilities for the audit of the financial statements section of this auditorâs report. We are independent of the Entity in accordance with the International Ethics Standards Board of Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements><arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="duration_CY_only">Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.<br/><br/>In preparing the financial statements, Management is responsible for assessing the Entityâs ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements><arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="duration_CY_only">Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from mate-rial misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.<br/><br/>As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exer-cise professional judgement and maintain professional scepticism throughout the audit. We also: <br/><br/>⢠Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suffi-cient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, in-tentional omissions, misrepresentations, or the override of internal control.<br/>⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entityâs internal control. <br/>⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.<br/>⢠Conclude on the appropriateness of Managementâs use of the going concern basis of accounting in prepar-ing the financial statements, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Entityâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Entity to cease to continue as a going concern.<br/>⢠Evaluate the overall presentation, structure and content of the financial statements, including the disclo-sures in the notes, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.<br/><br/>We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed><arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="duration_CY_only">Management is responsible for the management review.<br/><br/>Our opinion on the financial statements does not cover the management review, and we do not express any form of as-surance conclusion thereon.<br/><br/>In connection with our audit of the financial statements, our responsibility is to read the management review and, in do-ing so, consider whether the management review is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.<br/><br/>Moreover, it is our responsibility to consider whether the management review provides the information required under the Danish Financial Statements Act.<br/><br/>Based on the work we have performed, we conclude that the management review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the management review.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements><arr:SignatureOfAuditorsPlace contextRef="duration_CY_only">Copenhagen</arr:SignatureOfAuditorsPlace><arr:SignatureOfAuditorsDate contextRef="duration_CY_only">2017-04-19</arr:SignatureOfAuditorsDate><cmn:NameAndSurnameOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_auditorIdentifier_only_1">Sumit Sudan</cmn:NameAndSurnameOfAuditor><cmn:DescriptionOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_auditorIdentifier_only_1">State-Authorised Public Accountant</cmn:DescriptionOfAuditor><mrv:DescriptionOfPrimaryActivitiesOfEntity contextRef="duration_CY_only">The TORM Group is a pure-play product tanker organization and one of the worldâs leading carriers of refined oil products such as gasoline, jet fuel, naphtha and diesel oil. With vessels varying in size from 35,000-110,000 dwt, TORM operates a large and modern fleet of product tankers.</mrv:DescriptionOfPrimaryActivitiesOfEntity><mrv:DescriptionOfDevelopmentInActivitiesAndFinancialAffairs contextRef="duration_CY_only">In the financial year, several important events have transpired within the Company.<br/><br/>On 15 April 2016, TORM established a new corporate structure of the TORM Group including the insertion of a UK parent company, TORM plc ( the âCorporate Reorganizationâ). For TORM A/S this meant a delisting from the Danish stock exchange in favor of a listing of TORM plc.<br/><br/>In the wake of the Corporate Reorganization, the TORM Group also established new entities and moved activity to these. The entities were placed under TORM plc and the assets were moved from TORM A/S subsidiaries, which meant a decrease in the subsidiary investments in TORM A/S.<br/><br/>At year-end, the TORM Group determined that the vessels were impaired, mainly due to a 25% decrease in broker values. This meant that the recoverable amount was measured as the value in use, rather than fair value less cost to sell. In turn, this caused an impairment charge of USD 698 million on investments in subsidiaries.<br/><br/>Please refer to the Annual Report for TORM plc for further explanation of the Corporate Reorganization, delisting and impairment.</mrv:DescriptionOfDevelopmentInActivitiesAndFinancialAffairs><mrv:DescriptionOfExpectedDevelopment contextRef="duration_CY_only">For 2017 management expects a minor but positive result before tax excluding impairment charges or reversals and div-idends if any. The result is mainly driven by the freight rates which have historically been very volatile.<br/><br/>Due to the Corporate Reorganization in 2016 the results expected in TORM A/S for 2017 will not be comparable to the TORM plc Group. This guidance is therefore only subject to TORM A/S on a stand-alone basis.</mrv:DescriptionOfExpectedDevelopment><mrv:DescriptionOfNetProfitRelationToExpectedDevelopmentAssumedInPreviousReport contextRef="duration_CY_only">No expectations were made for TORM A/S on a parent company level, but these were instead included in the total ex-pectations for the Group. For further information, please see the Annual Report of the TORM plc Group for 2016.</mrv:DescriptionOfNetProfitRelationToExpectedDevelopmentAssumedInPreviousReport><mrv:StatementOfCorporateSocialResponsibility contextRef="duration_CY_only">The Companyâs policies for corporate social responsibility, as well as climate policies, are described in the Annual Re-port of the TORM plc Group for 2016.</mrv:StatementOfCorporateSocialResponsibility><mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="duration_CY_only">TORM has an obligation to its customers, shareholders, employees and other stakeholders to develop the Companyâs talent pool irrespective of attributes such as gender, religion, sexuality, nationality, ethnicity or disabilities. As stated in TORMâs Business Principles under "Respecting People", the Company does not accept discrimination with respect to any of the above. TORM works towards a diverse workplace, in which everyone is included and respected, and in which well-being at work is regarded as a shared responsibility.<br/><br/>For further information on TORMâs Business Principles, please visit: http://csr.torm.com/torm-s-way-of-doing-busness. <br/><br/>The Company, along with other major Danish-based shipowners, has signed the Charter on more women on boards, and the Board of Directors has formulated an ambition for females to constitute at least 20% of the Board of Directors by 2018.</mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender><mrv:LinkToStatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="duration_CY_only">http://csr.torm.com/torm-s-way-of-doing-busness</mrv:LinkToStatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender><fsa:DisclosureOfAccountingPolicies contextRef="duration_CY_only">The Annual Report of TORM A/S for 2016 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C.<br/><br/>The financial statements for 2016 are presented in USD â000.<br/><br/>Consolidated financial statements<br/>With reference to Section 112(3) (2) of the Danish Financial Statements Act, the Company has not prepared consolidated financial statements as these are included in the consolidated financial statements of TORM plc.<br/><br/>Changes in accounting policies<br/>The financial statements for 2016 has been prepared in accordance with the Danish Financial Statements Act, compared with preparation in accordance with International Financial Reporting Standards (IFRS) in prior years. The transition has been made in accordance with the Danish Executive Order of transition to reporting in accordance with the Danish Financial Statements Act, see the Danish Executive Order no 319 of 12/04/2011.<br/><br/>As a consequence no change has been implemented in relation to recognition and measurement:<br/><br/>Recognition and measurement<br/>Revenues are recognized in the income statement as earned. Furthermore, value adjustments of financial assets and lia-bilities measured at fair value or amortized cost are recognized in the income statement. Moreover, all expenses incurred to achieve the earnings for the year are recognized in the income statement, including depreciation, amortization, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previ-ously been recognized in the income statement.<br/><br/>Assets are recognized in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.<br/><br/>Liabilities are recognized in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.<br/><br/>Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.<br/><br/>Certain financial assets and liabilities are measured at amortized cost, which involves the recognition of a constant ef-fective interest rate over the maturity period. Amortized cost is calculated as original cost less any repayments and with addition/deduction of the cumulative amortization of any difference between cost and the nominal amount. In this way, capital losses and gains are allocated over the maturity period.<br/><br/>Recognition and measurement take into account predictable losses and risks occurring before the presentation of the Annual Report which confirm or invalidate affairs and conditions existing at the balance sheet date.<br/><br/>The used USD/DKK exchange rate at 31 December 2016 is 705.3 (2015: 683.0). US Dollar is used as the measurement currency. All other currencies are regarded as foreign currencies.<br/><br/>Translation policies<br/>Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses aris-ing due to differences between the transaction date rates and the rates at the dates of payment are recognized in financial income and expenses in the income statement.<br/><br/>Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognized in financial income and expenses in the income statement.<br/><br/>Fixed assets acquired in foreign currencies are measured at the transaction date rates.<br/><br/>Derivative financial instruments<br/>Derivative financial instruments, primarily forward currency exchange contracts, forward freight agreements and forward contracts regarding bunker purchases, are entered to hedge future committed or anticipated transactions. TORM applies hedge accounting under the specific rules on cash flow hedges when appropriate.<br/><br/>Derivative financial instruments are initially recognized in the balance sheet at fair value at the date when the derivative contract is entered into and are subsequently measured at their fair value as other receivables or other liabilities, respect-ively.<br/><br/>Changes in the fair values of financial instruments that are designated and qualify as fair value hedges of a recognized asset or a recognized liability are recognized in the income statement as are any changes in the fair value of the hedged asset or the hedged liability related to the hedged risk.<br/><br/>Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of expected fu-ture transactions are recognized in retained earnings under equity as regards the effective portion of the hedge. The inef-fective portion is recognized in the income statement. If the hedged transaction results in an asset or a liability, the amount deferred in equity is transferred from equity and recognized in the cost of the asset or the liability, respectively. If the hedged transaction results in an income or an expense, the amount deferred in equity is transferred from equity to the income statement in the period in which the hedged transaction is recognized. The amount is recognized in the same item as the hedged transaction.</fsa:DisclosureOfAccountingPolicies><fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfIncomeStatementItems contextRef="duration_CY_only">Revenue<br/>Income, including Revenue, is recognized in the income statement when:<br/>⢠The income generating activities have been carried out on the basis of a binding agreement<br/>⢠The income can be measured reliably<br/>⢠It is probable that the economic benefits associated with the transaction will flow to the Company<br/>⢠Costs relating to the transaction can be measured reliably<br/><br/>Revenue comprises freight, charter hire and demurrage revenues from the vessels and gains and losses on forward freight agreements designated as hedges. Revenue is recognized when it meets the general criteria mentioned above, and when the stage of completion can be measured reliably. Accordingly, freight, charter hire and demurrage revenue are recognized at selling price upon delivery of the service as per the charter parties concluded.<br/><br/>Port expenses, bunkers and commissions<br/>Port expenses, bunker fuel consumption and commissions are recognized as incurred. Gains and losses on forward bun-ker contracts designated as hedges and write-down and provisions for losses on freight receivables are included in this line.<br/><br/>Charter hire<br/>Charter hire comprises expenses related to the chartering in of vessels under operating leases which have been incurred in order to achieve the net revenue for the period.<br/><br/>Operating expenses<br/>Operating expenses, which comprise crew expenses, repair and maintenance expenses and tonnage duty, are expensed as incurred.<br/><br/>Administrative expenses<br/>Administrative expenses, which comprise administrative staff costs, management costs, office expenses and other ex-penses relating to administration, are expensed as incurred.<br/><br/>Other operating income<br/>Other operating income comprises revenue from commissions and technical management fee.<br/><br/>Other operating expenses<br/>Other operating expenses primarily comprise chartering commissions and management fees paid to commercial and technical managers for managing the fleet and to a lesser extent profits and losses deriving from the disposal of other plant and operating equipment.<br/><br/>Depreciation and impairment losses<br/>Depreciation and impairment losses comprise depreciation of tangible fixed assets for the period as well as the write-down of the value of assets by the amount by which the carrying amount of the asset exceeds its recoverable amount. In the event of indication of impairment, the carrying amount is assessed, and the value of the asset is written down to its recoverable amount equal to the higher of value in use based on net present value of future earnings from the assets and its net selling price.<br/><br/>Financial income<br/>Financial income comprises interest income, realized and unrealized exchange rate gains relating to transactions in cur-rencies other than the functional currency, realized gains from other equity investments and securities, unrealized gains from securities, dividends received and other financial income including value adjustments of certain financial instru-ments not accounted for as hedges of future transactions.<br/><br/>Interest is recognized in accordance with the accrual basis of accounting taking into account the effective interest rate. Dividends from other investments are recognized when the right to receive payment has been decided, which is typically when the dividend has been declared and can be received without conditions.<br/><br/>Financial expenses<br/>Financial expenses comprise interest expenses, financing costs of finance leases, realized and unrealized exchange rate losses relating to transactions in currencies other than the functional currency, realized losses from other equity invest-ments and securities, unrealized losses from securities and other financial expenses including value adjustments of cer-tain financial instruments not accounted for as hedges of future transactions.<br/><br/>Interest is recognized in accordance with the accrual basis of accounting taking into account the effective interest rate.<br/><br/>Tax<br/>The Company is jointly taxed with wholly-owned Danish subsidiaries. The tax effect of the joint taxation is allocated to Danish enterprises in proportion to their taxable incomes. TORM A/S provides for and pays the aggregate Danish tax on the taxable income of these companies, but recovers the relevant portion of taxes paid from the subsidiaries based on each entityâs portion of the aggregate taxable income. <br/><br/>Tax expenses comprise the expected tax including tonnage tax on the taxable income for the year, adjustments relating to previous years and the change in deferred tax for the year. </fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfIncomeStatementItems><fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfAssetsAndLiabilities contextRef="duration_CY_only">Vessels<br/>Vessels are measured at cost less accumulated depreciation and accumulated impairment losses. Cost comprises acqui-sition cost and costs directly related to the acquisition up until the time when the asset is ready for use, including inter-est expenses incurred during the period of construction based on the loans obtained for the vessels. All major compo-nents of vessels except for dry-docking costs are depreciated on a straight-line basis to the estimated residual value over their estimated useful lives, which TORM estimates to be 25 years. The Company considers that a 25-year depreciable life is consistent with what is used by other shipowners with comparable tonnage. Depreciation is based on cost less the estimated residual value. Residual value is estimated as the lightweight tonnage of each vessel multiplied by scrap value per ton. The useful life and the residual value of the vessels are reviewed at least at each financial year-end based on market conditions, regulatory requirements and the Companyâs business plans.<br/><br/>The Company also evaluates the carrying amounts to determine if events have occurred that indicate impairment and would require a modification of the carrying amounts. Prepayment on vessels is measured at costs incurred.<br/><br/>Other plant and operating equipment<br/>Operating equipment is measured at cost less accumulated depreciation.<br/><br/>Computer equipment is depreciated on a straight-line basis over three years, and other operating equipment is depreciat-ed on a straight-line basis over five years.<br/><br/>Leasehold improvements are measured at cost less accumulated amortization and impairment losses, and leasehold im-provements are amortized on a straight-line basis over the shorter of the term of the lease and the estimated useful life. Cost comprises acquisition cost and costs directly related to the acquisition up until the time when the asset is ready for use.<br/><br/>Investment in subsidiaries<br/>Investment in subsidiaries are recognized and measured at cost and classified as "fixed assets". Dividends are recog-nized under âFinancial income".<br/><br/>The carrying amount of investments in subsidiaries is increased to its recoverable amount, if there have been changes in the estimates used to determine the recoverable amount since the last impairment loss was recognized. <br/><br/>Reversal of impairment losses on investments in subsidiaries is recognized in âFinancial incomeâ.<br/><br/>Investments in joint ventures<br/>Investments in joint ventures comprise investments in companies which by agreement are managed jointly with one or more companies and therefore subject to joint control and in which the parties have rights to the net assets of the joint venture. Joint ventures are accounted for using the equity method. Under the equity method, the investment in joint ven-tures is initially recognized at cost and thereafter adjusted to recognize TORMâs share of the profit or loss in the joint venture. When TORMâs share of losses in a joint venture exceeds the investment in the joint venture, TORM discontin-ues recognizing its share of further losses. Additional losses are recognized only to the extent that TORM has incurred legal or constructive obligations or made payments on behalf of the joint venture.<br/><br/>Reversal of impairment losses on investments in joint ventures is recognized in âFinancial incomeâ.<br/><br/>Receivables<br/>Outstanding freight receivables and other receivables that are expected to be realized within 12 months from the balance sheet date are classified as loans and receivables and presented as current assets.<br/><br/>Receivables are measured at the lower of amortized cost and net realizable values, which corresponds to nominal value less provision for bad debts. Derivative financial instruments included in other receivables are measured at fair value.<br/><br/>Impairment of assets<br/>Fixed assets are reviewed quarterly to determine any indication of impairment due to a significant decline in either the assetsâ market value or in the cash flows generated by the assets. In case of such indication, the recoverable amount of the asset is estimated as the higher of the assetâs fair value less costs to sell and its value in use. The value in use is the present value of the future cash flows expected to derive from a cash generating unit, utilizing a pre-tax discount rate that reflects current market estimates of the time value of money and the risks specific to the unit for which the estimates of future cash flows have not been adjusted. If the recoverable amount is less than the carrying amount of the cash generating unit, the carrying amount is reduced to the recoverable amount. The impairment loss is recognized im-mediately in the income statement. Where an impairment loss subsequently reverses, the carrying amount of the cash generating unit is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized in prior years.<br/><br/>For the purpose of assessing impairment, assets including time charter and bareboat contracts are grouped at the lowest levels at which it is monitored for internal management purposes.<br/><br/>The two cash generating units of the Company are the Tanker Segment and the Bulk Segment. In 2016, there was only one cash generating unit since the Bulk segment has been without activity.<br/><br/>Bunkers<br/>Bunkers and luboil are stated at the lower of cost and net realizable value. Cost is determined using the FIFO method and includes expenditures incurred in acquiring the bunkers and luboil and delivery cost less discounts.<br/><br/>Treasury shares<br/>Treasury shares are recognized as a separate component of equity at cost. Upon subsequent disposal of treasury shares, any consideration is also recognized directly in equity.<br/><br/>Share-based payments<br/>The Company makes equity settled share-based payments to certain employees, which are measured at fair value at the date of grant and expensed on a straight-line basis over the vesting period, based on the Companyâs estimate of shares that will eventually vest. The fair value of the share schemes is calculated using the Black Scholes method at grant date.<br/><br/>Dividend<br/>Dividend is recognized as a liability at the time of declaration at the Annual General Meeting. Dividend proposed for the year is moved from âRetained profit/lossâ and presented as a separate component of equity.<br/><br/>Mortgage debt and bank loans<br/>At the time of borrowing, mortgage debt and bank loans are measured at fair value less transaction costs. Mortgage debt and bank loans are subsequently measured at amortized cost. This means that the difference between the net proceeds at the time of borrowing and the nominal amount of the loan is recognized in the income statement as a financial expense over the term of the loan applying the effective interest method.<br/><br/>When terms of existing financial liabilities are renegotiated, or other changes regarding the effective interest rate occur, TORM performs a test to evaluate whether the new terms are substantially different from the original terms. If the new terms are substantially different from the original terms, TORM accounts for the change as an extinguishment of the original financial liability and the recognition of a new financial liability. TORM considers the new terms to be substan-tially different from the original terms if the present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability.<br/><br/>Leases<br/>Agreements to charter in vessels, for which TORM A/S substantially has all the risks and rewards of ownership, are recongnized in the balance sheet as finance leases. Lease assets are measured at the lower of fair value and the present value of minimum lease payments determined in the leases. <br/><br/>For the purpose of calculating the present value, the interest rate implicit in the lease or and incremental borrowing rate is used as discount factor. The lease assets are depreciated and written down under the same accounting policy as the vessels owned by the Company.<br/><br/>The corresponding lease obligations are recognized as a liability in the balance sheet, and the interest element of the lease payment is charged to the income statement as incurred.<br/><br/>Deferred tax<br/>Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. In addition, the deferred tax also constitutes the reserve in relation to the transition balance in connection with the Danish tonnage tax scheme.<br/><br/>Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realized, based on the laws that have been enacted by the reporting day. The deferred tax is charged through the in-come statement except when it relates to other comprehensive income items.<br/><br/>Other liabilities<br/>Liabilities are generally measured at amortized cost. Derivative financial instruments included in other liabilities are measured at fair value.</fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfAssetsAndLiabilities><fsa:ExplanationOfNotDisclosingCashFlowsStatements contextRef="duration_CY_only">With reference to section 86(4) of the Danish Financial Statements Act, the Company has not prepared a cash flow statement.</fsa:ExplanationOfNotDisclosingCashFlowsStatements><fsa:Revenue contextRef="duration_CY_only" decimals="-3" unitRef="USD">666993000</fsa:Revenue><fsa:Revenue contextRef="duration_LY_RetrospectiveInformationDimension_PreviousYearMember_only" decimals="-6" unitRef="USD">626000000</fsa:Revenue><fsa:Revenue contextRef="duration_2Y_RetrospectiveInformationDimension_TwoYearsAgoMember_only" decimals="-6" unitRef="USD">624000000</fsa:Revenue><fsa:Revenue contextRef="duration_3Y_RetrospectiveInformationDimension_ThreeYearsAgoMember_only" decimals="-6" unitRef="USD">993000000</fsa:Revenue><fsa:Revenue 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unitRef="pure">-0.003</mrv:OperatingMargin><mrv:EquityRatio contextRef="duration_CY_only" decimals="3" unitRef="pure">0.246</mrv:EquityRatio><mrv:EquityRatio contextRef="duration_LY_RetrospectiveInformationDimension_PreviousYearMember_only" decimals="3" unitRef="pure">0.590</mrv:EquityRatio><mrv:EquityRatio contextRef="duration_2Y_RetrospectiveInformationDimension_TwoYearsAgoMember_only" decimals="3" unitRef="pure">-0.206</mrv:EquityRatio><mrv:EquityRatio contextRef="duration_3Y_RetrospectiveInformationDimension_ThreeYearsAgoMember_only" decimals="3" unitRef="pure">0.000</mrv:EquityRatio><mrv:EquityRatio contextRef="duration_4Y_RetrospectiveInformationDimension_FourYearsAgoMember_only" decimals="3" unitRef="pure">0.058</mrv:EquityRatio><mrv:ReturnOnEquity contextRef="duration_CY_only" decimals="3" unitRef="pure">-0.943</mrv:ReturnOnEquity><mrv:ReturnOnEquity contextRef="duration_LY_RetrospectiveInformationDimension_PreviousYearMember_only" decimals="3" unitRef="pure">1.333</mrv:ReturnOnEquity><mrv:ReturnOnEquity contextRef="duration_2Y_RetrospectiveInformationDimension_TwoYearsAgoMember_only" decimals="3" unitRef="pure">2.117</mrv:ReturnOnEquity><mrv:ReturnOnEquity contextRef="duration_3Y_RetrospectiveInformationDimension_ThreeYearsAgoMember_only" decimals="3" unitRef="pure">-2.010</mrv:ReturnOnEquity><mrv:ReturnOnEquity contextRef="duration_4Y_RetrospectiveInformationDimension_FourYearsAgoMember_only" decimals="3" unitRef="pure">-1.834</mrv:ReturnOnEquity><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_CY_IdentificationOfKeyFigureOrFinancialRatioDimension_keyFigureOrFinancialRatioIdentifier_only_21" decimals="3" unitRef="pure">0.674</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_LY_IdentificationOfKeyFigureOrFinancialRatioDimension_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_PreviousYearMember_only_21" decimals="3" unitRef="pure">0.683</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_2Y_IdentificationOfKeyFigureOrFinancialRatioDimension_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_TwoYearsAgoMember_only_21" decimals="3" unitRef="pure">0.522</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_3Y_IdentificationOfKeyFigureOrFinancialRatioDimension_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_ThreeYearsAgoMember_only_21" decimals="3" unitRef="pure">0.446</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_4Y_IdentificationOfKeyFigureOrFinancialRatioDimension_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_FourYearsAgoMember_only_21" decimals="3" unitRef="pure">0.413</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_CY_IdentificationOfKeyFigureOrFinancialRatioDimension_keyFigureOrFinancialRatioIdentifier_only_22" decimals="3" unitRef="pure">-0.153</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_LY_IdentificationOfKeyFigureOrFinancialRatioDimension_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_PreviousYearMember_only_22" decimals="3" unitRef="pure">0.147</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_2Y_IdentificationOfKeyFigureOrFinancialRatioDimension_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_TwoYearsAgoMember_only_22" decimals="3" unitRef="pure">-0.001</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_3Y_IdentificationOfKeyFigureOrFinancialRatioDimension_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_ThreeYearsAgoMember_only_22" decimals="3" unitRef="pure">-0.001</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_4Y_IdentificationOfKeyFigureOrFinancialRatioDimension_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_FourYearsAgoMember_only_22" decimals="3" unitRef="pure">-0.002</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:DescriptionOfKeyFiguresAndFinancialRatios contextRef="duration_CY_only">The ratios have been prepared in accordance with the âRecommendations & Financial Ratios 2015â issued by the Danish Society of Financial Analysts.</mrv:DescriptionOfKeyFiguresAndFinancialRatios><fsa:CostOfSales contextRef="duration_CY_only" decimals="-3" unitRef="USD">217193000</fsa:CostOfSales><fsa:CostOfSales contextRef="duration_LY_only" decimals="-3" unitRef="USD">198734000</fsa:CostOfSales><fsa:OtherOperatingIncome contextRef="duration_CY_only" decimals="-3" unitRef="USD">1157000</fsa:OtherOperatingIncome><fsa:OtherOperatingIncome contextRef="duration_LY_only" decimals="-3" unitRef="USD">0</fsa:OtherOperatingIncome><fsa:AdministrativeExpenses contextRef="duration_CY_only" decimals="-3" unitRef="USD">41335000</fsa:AdministrativeExpenses><fsa:AdministrativeExpenses contextRef="duration_LY_only" decimals="-3" unitRef="USD">32712000</fsa:AdministrativeExpenses><fsa:RawMaterialsAndConsumablesUsed contextRef="duration_CY_only" decimals="-3" unitRef="USD">324873000</fsa:RawMaterialsAndConsumablesUsed><fsa:RawMaterialsAndConsumablesUsed contextRef="duration_LY_only" decimals="-3" unitRef="USD">179984000</fsa:RawMaterialsAndConsumablesUsed><fsa:OtherExternalExpenses contextRef="duration_CY_only" decimals="-3" unitRef="USD">186572000</fsa:OtherExternalExpenses><fsa:OtherExternalExpenses contextRef="duration_LY_only" decimals="-3" unitRef="USD">135998000</fsa:OtherExternalExpenses><fsa:GrossProfitLoss contextRef="duration_CY_only" decimals="-3" unitRef="USD">-61645000</fsa:GrossProfitLoss><fsa:GrossProfitLoss contextRef="duration_LY_only" decimals="-3" unitRef="USD">125551000</fsa:GrossProfitLoss><fsa:DepreciationAmortisationExpenseAndImpairmentLossesOfPropertyPlantAndEquipmentAndIntangibleAssetsRecognisedInProfitOrLoss contextRef="duration_CY_only" decimals="-3" unitRef="USD">7488000</fsa:DepreciationAmortisationExpenseAndImpairmentLossesOfPropertyPlantAndEquipmentAndIntangibleAssetsRecognisedInProfitOrLoss><fsa:DepreciationAmortisationExpenseAndImpairmentLossesOfPropertyPlantAndEquipmentAndIntangibleAssetsRecognisedInProfitOrLoss contextRef="duration_LY_only" decimals="-3" unitRef="USD">2428000</fsa:DepreciationAmortisationExpenseAndImpairmentLossesOfPropertyPlantAndEquipmentAndIntangibleAssetsRecognisedInProfitOrLoss><fsa:OtherOperatingExpenses contextRef="duration_CY_only" decimals="-3" unitRef="USD">207000</fsa:OtherOperatingExpenses><fsa:OtherOperatingExpenses contextRef="duration_LY_only" decimals="-3" unitRef="USD">668000</fsa:OtherOperatingExpenses><fsa:OtherFinanceIncome contextRef="duration_CY_only" decimals="-3" unitRef="USD">50474000</fsa:OtherFinanceIncome><fsa:OtherFinanceIncome contextRef="duration_LY_only" decimals="-3" unitRef="USD">729657000</fsa:OtherFinanceIncome><fsa:ImpairmentOfFinancialAssets contextRef="duration_CY_only" decimals="-3" unitRef="USD">698489000</fsa:ImpairmentOfFinancialAssets><fsa:ImpairmentOfFinancialAssets contextRef="duration_LY_only" decimals="-3" unitRef="USD">0</fsa:ImpairmentOfFinancialAssets><fsa:OtherFinanceExpenses contextRef="duration_CY_only" decimals="-3" unitRef="USD">36946000</fsa:OtherFinanceExpenses><fsa:OtherFinanceExpenses contextRef="duration_LY_only" decimals="-3" unitRef="USD">72298000</fsa:OtherFinanceExpenses><fsa:ProfitLossFromOrdinaryActivitiesBeforeTax contextRef="duration_CY_only" decimals="-3" unitRef="USD">-794479000</fsa:ProfitLossFromOrdinaryActivitiesBeforeTax><fsa:ProfitLossFromOrdinaryActivitiesBeforeTax contextRef="duration_LY_only" decimals="-3" unitRef="USD">747102000</fsa:ProfitLossFromOrdinaryActivitiesBeforeTax><fsa:TaxExpense contextRef="duration_CY_only" decimals="-3" unitRef="USD">419000</fsa:TaxExpense><fsa:TaxExpense contextRef="duration_LY_only" decimals="-3" unitRef="USD">224000</fsa:TaxExpense><fsa:FixturesFittingsToolsAndEquipment contextRef="instant_CY_only" decimals="-3" unitRef="USD">1250000</fsa:FixturesFittingsToolsAndEquipment><fsa:FixturesFittingsToolsAndEquipment contextRef="instant_LY_only" decimals="-3" unitRef="USD">1820000</fsa:FixturesFittingsToolsAndEquipment><fsa:Ships contextRef="instant_CY_only" decimals="-3" unitRef="USD">15227000</fsa:Ships><fsa:Ships contextRef="instant_LY_only" decimals="-3" unitRef="USD">12048000</fsa:Ships><fsa:PrepaymentsForPropertyPlantAndEquipment contextRef="instant_CY_only" decimals="-3" unitRef="USD">0</fsa:PrepaymentsForPropertyPlantAndEquipment><fsa:PrepaymentsForPropertyPlantAndEquipment contextRef="instant_LY_only" decimals="-3" unitRef="USD">19200000</fsa:PrepaymentsForPropertyPlantAndEquipment><fsa:PropertyPlantAndEquipment contextRef="instant_CY_only" decimals="-3" unitRef="USD">16477000</fsa:PropertyPlantAndEquipment><fsa:PropertyPlantAndEquipment contextRef="instant_LY_only" decimals="-3" unitRef="USD">33068000</fsa:PropertyPlantAndEquipment><fsa:LongtermInvestmentsInGroupEnterprises contextRef="instant_CY_only" decimals="-3" unitRef="USD">1065740000</fsa:LongtermInvestmentsInGroupEnterprises><fsa:LongtermInvestmentsInGroupEnterprises contextRef="instant_LY_only" decimals="-3" unitRef="USD">1845146000</fsa:LongtermInvestmentsInGroupEnterprises><fsa:LongtermReceivablesFromGroupEnterprises contextRef="instant_CY_only" decimals="-3" unitRef="USD">0</fsa:LongtermReceivablesFromGroupEnterprises><fsa:LongtermReceivablesFromGroupEnterprises contextRef="instant_LY_only" decimals="-3" unitRef="USD">280419000</fsa:LongtermReceivablesFromGroupEnterprises><fsa:OtherLongtermInvestments contextRef="instant_CY_only" decimals="-3" unitRef="USD">59000</fsa:OtherLongtermInvestments><fsa:OtherLongtermInvestments contextRef="instant_LY_only" decimals="-3" unitRef="USD">59000</fsa:OtherLongtermInvestments><fsa:LongtermInvestmentsAndReceivables contextRef="instant_CY_only" decimals="-3" unitRef="USD">1065799000</fsa:LongtermInvestmentsAndReceivables><fsa:LongtermInvestmentsAndReceivables contextRef="instant_LY_only" decimals="-3" unitRef="USD">2125624000</fsa:LongtermInvestmentsAndReceivables><fsa:NoncurrentAssets contextRef="instant_CY_only" decimals="-3" unitRef="USD">1082276000</fsa:NoncurrentAssets><fsa:NoncurrentAssets contextRef="instant_LY_only" decimals="-3" unitRef="USD">2158692000</fsa:NoncurrentAssets><fsa:ShorttermTradeReceivables contextRef="instant_CY_only" decimals="-3" unitRef="USD">60029000</fsa:ShorttermTradeReceivables><fsa:ShorttermTradeReceivables contextRef="instant_LY_only" decimals="-3" unitRef="USD">60366000</fsa:ShorttermTradeReceivables><fsa:ContractWorkInProgress contextRef="instant_CY_only" decimals="-3" unitRef="USD">31462000</fsa:ContractWorkInProgress><fsa:ContractWorkInProgress contextRef="instant_LY_only" decimals="-3" unitRef="USD">21133000</fsa:ContractWorkInProgress><fsa:ShorttermReceivablesFromGroupEnterprises contextRef="instant_CY_only" decimals="-3" unitRef="USD">12052000</fsa:ShorttermReceivablesFromGroupEnterprises><fsa:ShorttermReceivablesFromGroupEnterprises contextRef="instant_LY_only" decimals="-3" unitRef="USD">0</fsa:ShorttermReceivablesFromGroupEnterprises><fsa:ShorttermTaxReceivables contextRef="instant_CY_only" decimals="-3" unitRef="USD">304000</fsa:ShorttermTaxReceivables><fsa:ShorttermTaxReceivables contextRef="instant_LY_only" decimals="-3" unitRef="USD">0</fsa:ShorttermTaxReceivables><fsa:OtherShorttermReceivables contextRef="instant_CY_only" decimals="-3" unitRef="USD">5925000</fsa:OtherShorttermReceivables><fsa:OtherShorttermReceivables contextRef="instant_LY_only" decimals="-3" unitRef="USD">4382000</fsa:OtherShorttermReceivables><fsa:DeferredIncomeAssets contextRef="instant_CY_only" decimals="-3" unitRef="USD">2332000</fsa:DeferredIncomeAssets><fsa:DeferredIncomeAssets contextRef="instant_LY_only" decimals="-3" unitRef="USD">4653000</fsa:DeferredIncomeAssets><fsa:CashAndCashEquivalents contextRef="instant_CY_only" decimals="-3" unitRef="USD">36268000</fsa:CashAndCashEquivalents><fsa:CashAndCashEquivalents contextRef="instant_LY_only" decimals="-3" unitRef="USD">96787000</fsa:CashAndCashEquivalents><fsa:CurrentAssets contextRef="instant_CY_only" decimals="-3" unitRef="USD">148372000</fsa:CurrentAssets><fsa:CurrentAssets contextRef="instant_LY_only" decimals="-3" unitRef="USD">187321000</fsa:CurrentAssets><fsa:ContributedCapital contextRef="instant_CY_only" decimals="-3" unitRef="USD">141946000</fsa:ContributedCapital><fsa:ContributedCapital contextRef="instant_LY_only" decimals="-3" unitRef="USD">141946000</fsa:ContributedCapital><fsa:OtherReserves contextRef="instant_CY_only" decimals="-3" unitRef="USD">5896000</fsa:OtherReserves><fsa:OtherReserves contextRef="instant_LY_only" decimals="-3" unitRef="USD">47646000</fsa:OtherReserves><fsa:RetainedEarnings contextRef="instant_CY_only" decimals="-3" unitRef="USD">154567000</fsa:RetainedEarnings><fsa:RetainedEarnings contextRef="instant_LY_only" decimals="-3" unitRef="USD">1192755000</fsa:RetainedEarnings><fsa:HedgeFund contextRef="instant_CY_only" decimals="-3" unitRef="USD">388000</fsa:HedgeFund><fsa:HedgeFund contextRef="instant_LY_only" decimals="-3" unitRef="USD">1398000</fsa:HedgeFund><fsa:ProvisionsForDeferredTax contextRef="instant_CY_only" decimals="-3" unitRef="USD">45176000</fsa:ProvisionsForDeferredTax><fsa:ProvisionsForDeferredTax contextRef="instant_LY_only" decimals="-3" unitRef="USD">45176000</fsa:ProvisionsForDeferredTax><fsa:Provisions contextRef="instant_CY_only" decimals="-3" unitRef="USD">45176000</fsa:Provisions><fsa:Provisions contextRef="instant_LY_only" decimals="-3" unitRef="USD">45176000</fsa:Provisions><fsa:LongtermDebtToOtherCreditInstitutions contextRef="instant_CY_only" decimals="-3" unitRef="USD">567731000</fsa:LongtermDebtToOtherCreditInstitutions><fsa:LongtermDebtToOtherCreditInstitutions contextRef="instant_LY_only" decimals="-3" unitRef="USD">717530000</fsa:LongtermDebtToOtherCreditInstitutions><fsa:LongtermLeaseCommitments contextRef="instant_CY_only" decimals="-3" unitRef="USD">0</fsa:LongtermLeaseCommitments><fsa:LongtermLeaseCommitments contextRef="instant_LY_only" decimals="-3" unitRef="USD">11522000</fsa:LongtermLeaseCommitments><fsa:LongtermLiabilitiesOtherThanProvisions contextRef="instant_CY_only" decimals="-3" unitRef="USD">567731000</fsa:LongtermLiabilitiesOtherThanProvisions><fsa:LongtermLiabilitiesOtherThanProvisions contextRef="instant_LY_only" decimals="-3" unitRef="USD">729052000</fsa:LongtermLiabilitiesOtherThanProvisions><fsa:ShorttermDebtToOtherCreditInstitutions contextRef="instant_CY_only" decimals="-3" unitRef="USD">73087000</fsa:ShorttermDebtToOtherCreditInstitutions><fsa:ShorttermDebtToOtherCreditInstitutions contextRef="instant_LY_only" decimals="-3" unitRef="USD">48728000</fsa:ShorttermDebtToOtherCreditInstitutions><fsa:ShorttermTradePayables contextRef="instant_CY_only" decimals="-3" unitRef="USD">25915000</fsa:ShorttermTradePayables><fsa:ShorttermTradePayables contextRef="instant_LY_only" decimals="-3" unitRef="USD">18687000</fsa:ShorttermTradePayables><fsa:ShorttermPayablesToGroupEnterprises contextRef="instant_CY_only" decimals="-3" unitRef="USD">172263000</fsa:ShorttermPayablesToGroupEnterprises><fsa:ShorttermPayablesToGroupEnterprises contextRef="instant_LY_only" decimals="-3" unitRef="USD">85152000</fsa:ShorttermPayablesToGroupEnterprises><fsa:ShorttermTaxPayables contextRef="instant_CY_only" decimals="-3" unitRef="USD">0</fsa:ShorttermTaxPayables><fsa:ShorttermTaxPayables contextRef="instant_LY_only" decimals="-3" unitRef="USD">392000</fsa:ShorttermTaxPayables><fsa:OtherShorttermPayables contextRef="instant_CY_only" decimals="-3" unitRef="USD">30927000</fsa:OtherShorttermPayables><fsa:OtherShorttermPayables contextRef="instant_LY_only" decimals="-3" unitRef="USD">34017000</fsa:OtherShorttermPayables><fsa:ShorttermDeferredIncome contextRef="instant_CY_only" decimals="-3" unitRef="USD">196000</fsa:ShorttermDeferredIncome><fsa:ShorttermDeferredIncome contextRef="instant_LY_only" decimals="-3" unitRef="USD">440000</fsa:ShorttermDeferredIncome><fsa:ShorttermLeaseCommitments contextRef="instant_CY_only" decimals="-3" unitRef="USD">12556000</fsa:ShorttermLeaseCommitments><fsa:ShorttermLeaseCommitments contextRef="instant_LY_only" decimals="-3" unitRef="USD">624000</fsa:ShorttermLeaseCommitments><fsa:ShorttermLiabilitiesOtherThanProvisions contextRef="instant_CY_only" decimals="-3" unitRef="USD">314944000</fsa:ShorttermLiabilitiesOtherThanProvisions><fsa:ShorttermLiabilitiesOtherThanProvisions contextRef="instant_LY_only" decimals="-3" unitRef="USD">188040000</fsa:ShorttermLiabilitiesOtherThanProvisions><fsa:LiabilitiesAndEquity contextRef="instant_CY_only" decimals="-3" unitRef="USD">1230648000</fsa:LiabilitiesAndEquity><fsa:LiabilitiesAndEquity contextRef="instant_LY_only" decimals="-3" unitRef="USD">2346013000</fsa:LiabilitiesAndEquity><fsa:DisclosureOfUncertaintiesRelatingToGoingConcern contextRef="duration_CY_only">As part of the business model in TORM, TORM A/S has bareboat agreements with group companies, which are nullified on a continuing basis through dividends, capital increases, etc. Consequently, the current intercompany liability is expected to be nullified during 2017.<br/><br/>Based on this and the future outlook for operations and earnings, Management deems that the Annual Report for 2016 is prepared on a going concern basis. </fsa:DisclosureOfUncertaintiesRelatingToGoingConcern><fsa:DisclosureOfEmployeeBenefitsExpense contextRef="duration_CY_only">Staff costs included in operating expenses 15,742 11,958<br/>Staff costs included in administrative expenses 19,762 23,042<br/>Total 35,504 42,230<br/> <br/>Staff costs comprise the following: <br/>Wages and salaries 37,646 39,428<br/>Pension costs 2,673 2,646<br/>Other social security costs 127 155<br/>Total 40,445 42,230<br/> <br/>Of which salaries to the Executive Management and remuneration to the Board of Directors:<br/>Executive Management, salaries 876 812<br/>Executive Management, bonus 0 1,316<br/>Board of Directors 199 834<br/>Total 1,153 2,962</fsa:DisclosureOfEmployeeBenefitsExpense><fsa:AverageNumberOfEmployees contextRef="duration_CY_only" decimals="0" unitRef="pure">271</fsa:AverageNumberOfEmployees><fsa:AverageNumberOfEmployees contextRef="duration_LY_only" decimals="0" unitRef="pure">288</fsa:AverageNumberOfEmployees><fsa:DisclosureOfOtherFinanceIncome contextRef="duration_CY_only">Dividends from subsidiaries 39,594 13,284<br/>Debt cancellations from subsidiaries 0 113,438<br/>Reversal of impairment losses on subsidiaries 0 79,458<br/>Gain on sale of subsidiary 10,000 0<br/>Unrealized gain from joint ventures 188 0<br/>Interest from subsidiaries 586 2,420<br/>Cancellation of mortgage debt and bank loans 0 505,805<br/>Other financial income 106 15,251<br/>Total 50,474 729,657</fsa:DisclosureOfOtherFinanceIncome><fsa:DisclosureOfOtherFinanceExpenses contextRef="duration_CY_only">Disposal of subsidiaries 0 1,301<br/>Interest to subsidiaries 3,221 991<br/>Other financial expenses 33,725 70,006<br/>Total 36,946 72,298</fsa:DisclosureOfOtherFinanceExpenses><fsa:DisclosureOfPropertyPlantAndEquipment contextRef="duration_CY_only">Tangible Assets Vessels Prepayments<br/>on vessels Other plant and<br/>operating equipment<br/>Cost <br/>Balance as of 1 January 15,077 19,200 18,230<br/>Additions 8,769 0 890<br/>Disposals 0 -19,200 0<br/>Balance as of 31 December 23,846 0 19,120<br/> <br/>Depreciation and impairment losses <br/>Balance as of 1 January 3,029 0 16,410<br/>Depreciation for the year 5,590 0 1,461<br/>Balance as of 31 December 8,619 0 17,870<br/><br/>Carrying amount as of 31 December 15,227 0 1,250<br/> <br/>Of which finance leases 9,367 0 0</fsa:DisclosureOfPropertyPlantAndEquipment><fsa:DisclosureOfInvestments contextRef="duration_CY_only">Financial Assets Investments in<br/>subsidiaries Investments in joint<br/>ventures<br/>Cost <br/>Balance as of 1 January 2,004,818 112,625<br/>Additions 125,855 0<br/>Disposals -206,769 -112,569<br/>Balance as of 31 December 1,923,904 56<br/> <br/>Value adjustment <br/>Balance as of 1 January -159,676 -112,569<br/>Impairment losses -698,489 0<br/>Disposals 0 112,569<br/>Balance as of 31 December -858,164 0<br/> <br/><br/>Carrying amount as of 31 December 1,065,740 56<br/><br/><br/>Investments in subsidiaries<br/>Entity Ownership Voting rights Country Profit/(loss)<br/>for the year Equity<br/>VesselCo A ApS 100% 100% Denmark 4 15<br/>VesselCo C ApS 100% 100% Denmark 4 15<br/>DK Vessel HoldCo GP ApS 100% 100% Denmark 4 15<br/>DK Vessel HoldCo K/S 100% 100% Denmark 179,806 332,475<br/>OCM Njord Midco Ltd 100% 100% Gibraltar 47,592 275,168<br/>OMI Holding Ltd. 100% 100% Mauritius -42 638<br/>TORM Crewing Service Ltd 100% 100% Bermuda 151 -3,212<br/>TORM Shipping (Phils.), Inc. 25% 100% Philippines -38 531<br/>TORM Shipping India Private ltd. 100% 100% India 571 2,692<br/>TORM Singapore Pte. Ltd. 100% 100% Singapore 117,872 -9,944<br/>TORM USA LLC 100% 100% United States 156 -148<br/>VesselCo 8 Pte. Ltd 100% 100% Singapore 51,171 322,133<br/><br/><br/>Investments in joint ventures<br/>Entity Ownership Voting rights Country Profit/(loss) for the year Equity<br/>Long Range 2 A/S 50% 50% Denmark 3 68<br/>LR2 Management K/S 50% 50% Denmark -26 955</fsa:DisclosureOfInvestments><fsa:DisclosureOfEquity contextRef="duration_CY_only">USD â000 Common shares Special reserves Treasury shares Revaluation<br/>reserves Hedging reserves Translation<br/>Reserves Retained <br/>profit/(loss) Total<br/> <br/>Equity as of 1 January 2015 1,247 60,974 -19,048 5,458 -6,188 5,896 -311,575 -263,236<br/> <br/>Changes in equity for 2015 <br/>Net profit/(loss) for the year - - - - - - 746,878 746,878<br/>Financial instruments, net - - - - 7,586 - - 7,586<br/>Fair value adjustment on other<br/>investments available-for-sale - - - -5,458 - - - -5,458<br/>Debt cancellation 52,817 - - - - - 259,658 312,475<br/>Issued consideration warrants to<br/>extinguish debt written down - - - - - - 18,000 18,000<br/>Contribution in kind 87,882 - - - - - 482,517 570,399<br/>Acquisition of treasury shares, cost - - -176 - - - - -176<br/>Transaction costs share issue - - - - - - -2,723 -2,723<br/>Total changes in equity 2015 140,699 0 -176 -5,458 7,586 0 1,504,330 1,646,981<br/> <br/>Equity as of 31 December 2015 141,946 60,974 -19,224 0 1,398 5,896 1,192,755 1,383,745<br/> <br/>Changes in equity for 2016 <br/>Net profit/(loss) for the year - - - - - - -794,898 -794,898<br/>Financial instruments, net - - - - -1,010 - - -1,010<br/>Redistribution of capital reserves - -60,974 19,224 - - - 41,750 0<br/>Share-based compensation - - - - - - 2,029 2,029<br/>Extraordinary dividend - - - - - - -287,069 -287,069<br/>Total changes in equity 2016 0 -60,974 19,224 0 -1,010 0 -1,038,188 -1,080,948<br/> <br/>Equity as of 31 December 2016 141,946 0 0 0 388 5,896 154,567 302,797</fsa:DisclosureOfEquity><fsa:DisclosureOfContributedCapital contextRef="duration_CY_only">Common shares consist of:<br/> Number of shares Nominal value (DKKâ000)<br/>A-shares 63,836,249 957,397<br/>B-shares 1 0<br/>C-shares 1 0<br/> 957,397<br/><br/><br/>Common shares has developed as follows:<br/> 2016 2015 2014 2013 2012<br/> DKK â000 DKK â000 DKK â000 DKK â000 DKK â000<br/>Common shares at 1 January 957,397 7,280 7,280 7,280 364,000<br/>Capital decrease - -147 - - -363,272<br/>Conversion of debt - - - - 6,552<br/>Contribution in kind - 593,544 - - - <br/>Contribution in kind - 363,853 - - - <br/>Common shares at 31 December 957,397 957,397 7,280 7,280 7,280</fsa:DisclosureOfContributedCapital><fsa:DisclosureOfProvisionsForDeferredTax contextRef="duration_CY_only">All deferred tax liabilities relate to vessels included in the transition account under the Danish tonnage tax scheme.</fsa:DisclosureOfProvisionsForDeferredTax><fsa:DisclosureOfLongtermLiabilities contextRef="duration_CY_only">Non-current liabilities are due:<br/> 2016 2015<br/> USD â000 USD â000<br/><br/>Mortgage debt and bank loans* <br/>After 5 years 16,938 382,862<br/>Between 1 and 5 years 551,381 334,668<br/>Within 1 year 73,285 48,728<br/>Total 641,604 766,258<br/> <br/>Finance lease liabilities <br/>After 5 years 0 0<br/>Between 1 and 5 years 0 11,522<br/>Within 1 year 12,556 624<br/>Total 12,556 12,146<br/><br/>* The presented amounts to be repaid do not include directly related costs arising from the issuing of the loans of USD 785k (2015: USD 1.0m), which are amortized over the term of the loans.</fsa:DisclosureOfLongtermLiabilities><fsa:DisclosureOfRelatedParties contextRef="duration_CY_only">Parent entities<br/>The Company is controlled by the following entities:<br/><br/>Name Type Place of incorporation<br/>TORM plc Immediate parent entity United Kingdom<br/>Oaktree Capital Group. LLC Ultimate parent entity United States<br/><br/>Transactions with related parties<br/>All transactions with related parties were made on terms equivalent to those that prevail in armâs length transactions.<br/><br/>Consolidated Financial Statements<br/>The Company is included in the consolidated financial statements of the Parent Company TORM plc, United Kingdom.</fsa:DisclosureOfRelatedParties><fsa:InformationOnConsolidatedFinancialStatements contextRef="duration_CY_only">The Company is included in the consolidated financial statements of TORM plc. The consolidated financial statements of TORM plc may be obtained at the following address:<br/><br/>TORM plc<br/>20 Birchin Court<br/>London EC3V 9DU<br/>United Kingdom<br/>VAT 239 53 53 87</fsa:InformationOnConsolidatedFinancialStatements><fsa:OtherDisclosures contextRef="duration_CY_only">Financial instruments<br/><br/>The table below shows the fair value of the derivative financial instruments:<br/><br/> Fair value as of 31 Decem-ber 2016<br/>USDâ000 Fair value as of 31 Decem-ber 2015<br/>USDâ000<br/>Fair value of derivatives <br/>Derivative financial instruments regarding freight and bunkers: <br/>Forward freight agreements -140 0<br/>Bunker swaps 761 -200<br/> <br/>Derivative financial instruments regarding interest and currency exchange rate: <br/>Forward exchange contracts -4,516 828<br/>Interest rate swaps 2,357 766<br/>Total 1,538 1,394<br/> <br/>Of which included in: <br/> <br/>Current assets <br/>Other receivables 3,274 1,644<br/> <br/>Current liabilities <br/>Other liabilities -4,812 -251<br/>Total 1,538 1,394<br/><br/><br/>In 2016, 93% (2015: 100%) of TORMâs forward freight agreements (FFAs) and fuel swaps were cleared through NASDAQ, effectively reducing counterparty credit risk by daily clearing of balances. Over-the-counter fuel swaps have restrictively been entered into with major oil companies, banks or highly reputed partners with a satisfactory credit rat-ing. TORM also trades FX and interest derivatives. In 2016, all such derivatives were done with investment grade coun-terparties.<br/><br/>Methods and assumptions in determining fair value of financial instruments<br/>The fair value of derivatives in other receivables and other payables is measured using accepted valuation methods with input variables such as yield curves, forward curves, spreads, etc. The valuation methods discount the future fixed and estimated cash flows and valuation of any option elements.</fsa:OtherDisclosures><fsa:DisclosureOfContingentLiabilities contextRef="duration_CY_only">Collateral Security and Guarantees <br/>Carrying amount of vessels in subsidiaries collateralized 1,115<br/>Total 1,115<br/><br/><br/>Contingent liabilities <br/>Chartered-in vessels (operating lease) 13,491<br/>Other operating leases 3,146<br/>Total 16,637<br/><br/>The guarantee commitments of the Company are less than USD 0.1m and relate to guarantee commitments to the Danish Shipowners' Association.<br/><br/>The Company is involved in some legal proceedings and disputes. It is Management's opinion that the outcome of these proceedings and disputes will not have any material impact on the Company's financial position and results of opera-tions.<br/><br/><br/>Joint taxation<br/>The Danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report, as the Company is the management company of the joint taxation purposes. Moreover, the Danish group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subse-quent adjustments of corporation taxes and withholding taxes may increase the Companyâs liability.</fsa:DisclosureOfContingentLiabilities></xbrli:xbrl>